The Forex trading scenario in India is a bit rigid compared to many other countries in the world. This is largely due to the fact that the market is relatively new to Indian traders as well as the legal complexities present. The main regulatory body responsible for controlling FX trading activity in the country is the Securities and Exchange Board of India (SEBI). Therefore, most forex brokers operating in India are registered with the SEBI.
SEBI rules state that Indian forex brokers can only allow traders to trade INR based currency pairs on the Metropolitan Stock Exchange, Bombay Stock Exchange and National Stock Exchange. But traders wanting to engage in trading other currencies such as CHF, AUD and CAD need to open an account with an international broker. There are a number of international brokers that allow Indian traders to open accounts and access currency pairs that they would normally not be able to. In fact, several brokers provide reliable automated forex trading in India, some of which are listed below.
OctaFX
Founded back in 2011, OctaFX is a CFD, forex and copy trading broker which offers cTrader, MT4 and MT5 trading. Headquartered in Saint Vincent and the Grenadines, the broker has amassed a customer base exceeding 1.5 million trading accounts. Some of the features of OctaFX include the following.
- The broker offers 28 currency pairs to trade, including USD/JPY and EUR/USD.
- There are 10 CFD indices available, such as NASDAQ and US30. It also offers commodity trading, including spot trading in gold and silver contracts.
- It also allows access to 3 major cryptocurrencies: Litecoin, Ethereum and Bitcoin.
- OctaFX is regulated by the Cyprus Securities and Exchange Commission(CySec).
- It provides copy trading facilities via its desktop and Android mobile app.
- You can choose any one of three account types: Micro for MT4, Pro for MT5 and ECN for cTrader.
- The minimum withdrawal and deposit amount is 50 EUR for cards, 0.00096000 BTC for Bitcoin and $5 for Perfect Money.
Visit OctaFX for more information.
HYCM
HYCM or Henyep Markets is a multi regulated forex broker with experience of over 40 years in the market. It offers MT4 and MT5 integration alongside several deposit bonus schemes and competitive spreads for traders. As an automated trading brokerage, HYCM also supports 5 base currencies such as uSD, GBP, EUR, RUB and AUD. It provides Negative balance protection to all its clients. Some of the brokers features are as follows.
- The broker’s CFD and forex trading services are available in over 140 countries.
- Traders can access over 60 currency pairs, CFDs on 28 global indices, ten commodities, ten popular stock CFDs, and a host of cryptocurrencies.
- The broker offers 3 types of live trading accounts: Fixed, Classic and Raw. Additionally, it also provides a demo account free of cost.
- Clients can make deposits via WebMoney, Neteller, China UnionPay, Skrill, Interac, wire transfer, and Visa/Mastercard debit/credit cards.
- HYCM’s vast educational resources include articles on forex education, webinars, workshops and seminars aimed at educating novice and intermediate level traders.
- HYCM is regulated by the Cayman Islands Monetary Authority, Cyprus Securities and Exchange Commission of Cyprus, Dubai Financial Services Authority and Financial Conduct Authority.
Visit HYCM for more information.
ZuluTrade
ZuluTrade is probably one of the best known social and automated trading platforms in the market right now. It essentially allows traders to copy the trades of experienced traders and apply them as their own. The broker provides their proprietary web-based trading platform called Full Pack Complete Trading Platform. Some of the features of this broker are as follows.
- ZuluTrade’s myriad of social trading features can lead to significant earnings if applied correctly.
- The broker charges relatively low ongoing fees, zero entry costs and a low minimum deposit of a couple of hundred dollars.
- ZuluTrade only provides trading services within their market hours: Sunday at 22:00 UTC and shuts by Friday 22:00 UTC.
- ZuluTrade provides customer support via live chat on a 24/7 basis. Support is also provided via email.
- The broker allows maximum leverage of up to 1:500.
- ZuluTrade’s demo account provides clients with $100,000 virtual money to trade with.
- As a copy trading platform, ZuluTrade has a license from the Triple-A Experts SA license from Greece’s Hellenic Capital Market Commission (HCMC). It is fully compliant with the EU legal framework for auto trading services.
Visit ZuluTrade for more information.
IC Markets
IC Markets is a reputed global forex broker based out of Australia. The online broker has a reputation of being one of the best investment solutions that aim to bridge the gap between retail clients and big institutional clients. The broker provides three trading platforms: c Trader, MetaTrader 4 and MetaTrader 5. Some of the features of this broker are as follows.
- IC Markets provides traders with 3 different account types to choose from Standard, True ECN and cTrader ECN.
- The brokerage provides trading in several CFDs on indices, commodities, stocks, futures, precious metals and cryptocurrencies in addition to currency pairs.
- Currency pairs account for the majority of the 90 plus assets available on the platform.
- IC Markets allows maximum leverage of 1:500.
- The broker accepts ten base currencies: AUD, USD, EUR, CAD, GBP, CHF, SGD, NZD, JPY and HKD.
- Deposit options at IC Markets include BPay Deposit, PayPal, Skrill, Neteller, WebMoney, QIWI, China Union Pay, FasaPay, Credit and Debit Cards, Bank Wire Transfers, Broker to Broker transfer and Branch Cash Deposit.
- The broker is regulated by the Australian Securities & Investments Commission (ASIC) and is a member of the Financial Ombudsman Service (FOS).
Visit IC Markets for more information.
How Does Automated Trading Work?
Automated forex trading allows traders to participate in the forex market via a programme that executes pre-set rules for entering and exiting trades. A forex trader typically needs to combine technical analysis with parameters for their positions, such as order to open, guaranteed stops and trailing stops.
With automatic trading, traders can execute trades within a small period of time, taking the emotion out of trading. The software does the work for you or at least assists you to a large extent. To take part in automated trading, traders have to simply choose a platform and set the parameters of their trading strategy. There are many types of automated trading platforms, with some allowing automated trading software to take part in trading, while others allow social trading facilities.
To ensure that you’ve chosen a reliable automated forex trading broker, you should always consider the following factors.
- Regulation: Make sure that the automated broker you choose comes under the jurisdiction of any one of the major financial regulatory bodies in the world. Look for brokers who comply with the U.K.’s Financial Conduct Authority (FCA) or Cyprus’ Securities and Exchange Commission (CySEC) just to name a few.
- Affordable minimum deposit: Look for a forex broker that offers a minimum deposit ranging from around $5 to $200.
- Trading assets: Make sure that the broker offers you a range of tradable instruments besides forex trading, such as cryptocurrencies, commodities, indexes and global stocks. This can help you diversify your portfolio.
- Leverage: You can go for brokers who allow a high leverage ratio of 1:1000, but that also amplifies your risks.
- Trading Platforms: Brokers who support automated trading normally support or come integrated with MT4, MT5 and cTrader.
- Negative Balance Protection: Because of the risk involved in forex trading, always choose brokers which provide some sort of negative balance protection to its clients.
Final Thoughts
Indian traders are now more interested than ever to access the profitable forex market. With many online forex brokers offering their services to Indian citizens, they should always conduct their own research and try to sign up for the most reliable brands in the market.