To trade forex, one needs a dependable forex broker which is high-performance. Several legitimate forex brokers all over the world cater to millions of clients regularly. Some of these offer their brokerage services to interested traders based in India. Forex traders in India especially those who are new to the concept of forex trading through an online broker, are often left with many questions. The most frequently asked question is how to choose the best forex broker in India? To answer this question we must look into the features that make any broker the best forex broker for beginners in India.
Features to look for while choosing the best forex brokers in India
Unlimited demo account for testing your limits
Demo trial period is one of the best characteristics that one can find on the best forex brokers’ platform. It is a trial period provided to new traders who sign up on the broker’s website to help them familiarise themselves with their various functionalities. With access to a demo account, the broker also offers some amount of virtual money directly deposited into the trader’s account to be utilised for opening positions and trying out several trading strategies without having to put their actual funds at risk.
Properly regulated by authoritative agencies
The most important thing that makes any forex broker, the best of them all is being a legitimate business. The Securities and Exchange Board of India (or SEBI) has issued guidelines to be followed by all forex brokerages in the country so Indian forex traders always prefer to work with a SEBI-complaint broker. As a beginner in this field, you could easily be fooled by the hundreds of scam forex brokers and services. This is why experts recommend associating yourself with a regulated forex broker only.
The low minimum deposit for lower money risk
Like stock trading, forex trading also comes with certain risks for beginners in India. It is best not to deal with a huge amount of money right at the beginning of your forex trading career. For this reason, some of the best forex brokers for Indian traders offer affordable and the lowest minimum deposit amount. When you deposit a considerably lower amount than the initial fund used for trading it automatically lowers the risk factor for traders who do not have much idea about how inconsistent forex trading could be.
Educational resources for guidance
More than half of beginner forex traders indeed tend to lose money when they trade even if they are associated with the best forex broker. It happens due to inexperience, improper planning, lack of judgement, and especially due to no prior knowledge about trading. In the world of forex, traders are given several opportunities to make a profit but sometimes passionate new traders tend to thus suffer from losses. The best forex traders understand the significance of educating their clients and have a large source of educational content on their website.
Dependable customer service
When a forex trader who is somewhat new to this concept, begins to trade and use a trading platform they might get stuck in a situation where they need guidance and help from customer support. Only proper forex brokers have an expert to help out their clients at all times. They possess extensive knowledge about the platform and how forex works to solve little or huge problems that new forex traders usually get into.
The unique feature of Copytrading
If you have not heard of copytrading then you are certainly missing out on one of the most profitable features. These days, as forex gets more popular, tech-savvy and unique investment strategies are being developed for the benefit of forex traders. Copytrading is also that kind of feature which has been trending among new investors in forex. It allows anyone to replicate the actions of another (more experienced) trader to reap more benefits from a certain trade. It requires a social trading network.
Spotting scam forex brokers
Choosing the best forex broker for beginners in India is one thing and staying away from illegal or scam brokers is another.
Any scam brokerage service provider has the following characteristics that one should look out for:
- Offering a 100% guarantee in forex which is impossible.
- Heavy marketing all over the internet.
- Unbelievable percentage growth returns.
- Shady trading system and education without proof.
- Emailing spam asking for newly-sign up traders’ personal information.
- Uncertain leverage is provided to traders at any time.
- No physical address to ascertain where the broker is based.
- No performance history to prove efficiency to interested traders.
- Inexistent or bad customer support team which can’t be reached.
- No information proving they are a registered company.
Some of the best forex brokers in India for beginners
IG
This forex broker was founded in 1974 and currently has a total of 6 tier-1 jurisdictions that authorise it to operate as a legitimate forex broker for its millions of clients around the globe. IG acts as an all-rounder forex broker for those who are new to the forex world.
Why is it great for beginners?
- Expert educational content and various guides are available on the website of IG that helps beginner forex traders based in India to know what they can achieve through this platform.
- The most beginner-friendly trading platform which is MetaTrader 4 is available on IG including its premium add-ons.
- More than 76 financial instruments are available for trading on IG which has been selected keeping user-friendliness in mind.
- The mobile trading platform of IG is a convenient feature for traders who wish to trade on the go.
Visit the IG Markets website to know more.
AvaTrade
Best known for its choice of expert trading platforms, AvaTrade is a globally renowned name in the forex industry. Since 2006 this forex broker has receives licenses from renowned regulatory bodies. Many experts as well as newcomer traders see AvaTrade as the best-in-class forex broker.
Why is it great for beginners?
- AvaTrade platform’s DupliTrade is a great match for new forex traders who are interested in copytrading. The prices on this forex broker are also not too high or too low to maintain the industry standard.
- AvaTrade usually has a special offer going on its customers that includes extra-low spreads and bonuses for traders based in eligible countries.
- Through AvaTrade, beginners can venture into forex, CFD, and even cryptocurrency trading with a considerably low minimum deposit and standard spreads.
- The demo account of AvaTrade provides traders with a virtual trading experience with all the necessary features and functionalities to trade without risking real money.
Visit the AvaTrade website to know more.
IC Markets
This international forex broker is often chosen by traders of all kinds because it is built to serve retail forex traders with high-frequency execution of trades and reliable asset management functionality. In recent years, IC Markets has turned into a one-stop destination for all forex trading requirements.
Why is it great for beginners?
- IC Markets maintains an outstanding education section to guide new and old clients regarding basic to important know-how of their trading platform. Expert research and guiding blogs are available for free for IC Market’s clients.
- Beginners tend to incline towards IC Market’s automated trading solutions more than anything else because it is easy to understand and navigate to make profitable trades.
- IC Markets comes with competitive prices which are an industry-standard and an extensive asset selection to let traders diversify their portfolio.
- This regulated forex broker additionally has a popular social trading platform that is known for its performance and exclusivity.
Visit the IC Markets website to know more.
To start forex trading in India, you do not need a Demat account but a forex trading account and a bank account.