Many citizens based in India who decide to begin their journey of forex trading try to gain as much knowledge as they can about the background of any convincing forex broker. A country as economically resilient as India is an ideal place to venture into one of the most significant financial markets in the world that is forex. The consistent growth of opportunities in forex trading has captured the attention of millions of Indian investors who wish to trade forex. Fortunately, some of the best trusted forex brokers in India fulfil the demand of providing a suitable means to trade forex as per SEBI guidelines.
Why should your forex broker be SEBI compliant?
Securities and Exchange Board of India or SEBI in short is the regulatory body in India that issues legal licenses to forex brokers as well as regulate companies and their shares. SEBI is responsible for allowing only the best forex brokers to Indian investors and also to bar shady businesses that could harm novice forex traders. Indian forex traders prefer to deal in currency markets as well as currency futures through a reputed broker who has been authorised by SEBI directly.
Below are some restrictions put in place on SEBI compliant forex brokers in India:
- Traders cannot partake in a currency pair that does not include INR as the base currency.
- Registered forex brokers only deal in the conversion options for USD, EUR, GBP, and JPY.
- Being SEBI compliant means that the forex broker must have a valid license and registration.
- Traders are not allowed to transfer INR into foreign countries for investment.
For this reason, only a few compliant brokerage companies are considered to be the best trusted forex brokers in India. Finding a secure brokerage service provider in India is more common than you think. All one needs to do is research properly and avoid dealing with a scam brokers who does not have the required legal support to provide Indian investors with brokerage services in any way. The complicated regulatory climate of India regarding forex trading can make things difficult for novice forex traders, causing them to open an account with an unsafe forex broker or lose their capital making bad choices. To see if a forex broker is regulated or not simply visit the SEBI website.
Some of the Best Trusted Forex Brokers in India
1. FXTM
Forex traders based in India see FXTM as the most reputed forex broker which is licensed by several government regulatory agencies. Since entering the forex market in 2011, FXTM quickly became a top-tier authority’s license holder. In the year 2019, this broker received several honours and awards from the industry for consistent performance.
Features overview of FXTM:
- FXTM is known for its record average client approval time which is even less than 12 minutes and thus has a high client approval rating.
- FXTM clients can trade more than 250 types of rewarding financial instruments that include forex pairs and stocks.
- The trading platform allows traders to utilise their top-notch intuitive copy trading feature for their benefit.
- FXTM is known to use segregated accounts to store client funds with only top-tier banks in the EU to keep it safe.
- Although FXTM is appropriately regulated by authorities, it does not accepts clients from 8 countries so make sure to check the list of supported countries before opening an account.
2. eToro
eToro is a globally renowned broker which is among the best-performing ones that provide a unique set of offerings. The hype around eToro can be associated with its social trading feature that offers clients a chance to trade cryptocurrencies, stocks, commodities, forex pairs, Exchange-traded funds (ETFs), and Indices. eToro works under the stringent regulations of ASIC, FCA, and CySEC to protect old and new investors.
Features overview of eToro:
- Trading with eToro does not require a mandatory minimum deposit but investors are advised to start trading with a sufficient amount up to $200 and see the results.
- eToro’s social trading feature is unparalleled by any of the competitor brokers available in the market.
- Opening a trading account on this platform is pretty straightforward and easy. One could open their account within minutes and start trading quickly.
- eToro has been functional since 2007 when it was launched to increase the accessibility of trading to all kinds of traders around the world.
3. OctaFX
Based in St. Vincent and the Grenadines, OctaFX is a broker that has been operational since 2011. In a relatively short amount of time, this forex broker has accumulated over 1.5 million loyal clients belonging to various countries on its trading platform. The reason for adopting OctaFX is its best-in-class trading platform and generous bonuses.
Features Overview of OctaFX:
- Traders are offered leading MT4, MT5, and cTrader platforms for trading actively and securely on OctaFX.
- OctaFX market maker utilises a simple straight-through processing (STP) model to allow retail traders to make the most out of their trading platform.
- The cost structure of this broker is quite competitive as compared to other brokers that do not impose commissions on traders.
- For traders interested in social trading, OctaFX supports Copytrading and for manual traders proficient at forex trading, there is Autochartist Pro.
4. AvaTrade
This brokerage company was founded in 2006 and has been operating as a reputed forex/CFD broker ever since. The parent company of AvaTrade is Ava Group which is located in Australia and has a remarkable track record. AvaTrade holds regulatory licenses from 6 different jurisdictions according to their website.
Features Overview of AvaTrade:
- AvaTrade offers both professional as well as retail trading services with 55 different forex pairs, including some CFDs, equity indices, and cryptocurrencies on its platform.
- AvaTrade functions as an ECN/STP type of broker that supports every trader’s favourite MetaTrader 4, MetaTrader 5, Web-based, and a proprietary trading platform.
- Like all trusted forex brokers, AvaTrade also offers its clients the opportunity to open a demo account.
5. Forex.com
This forex broker is regulated and famous for its brilliant performance within the U.S. and the U.K. which makes it an ideal forex companion for Indians living in those countries. Forex.com offers a unique retail account to new traders who already gotten familiarised with their demo account.
Features Overview of Forex.com:
- With this broker, you can trade more than 80 different forex pairs on a 24/5 basis when forex markets are open.
- Forex.com offers the lowest spreads as compared to several alternative forex brokers available for Indian traders. They have MT5, MT4, and their customisable trading platform for users.
- It has a standard account easy enough for new traders and a DMA account with a depth of liquidity and low commissions which is suitable for experts.
6. Alpari
Home to millions of forex traders, Alpari is a great option for Indian investors. Many say that this expert forex broker is compliant with SEBI so make sure to check that before opening an account. Alpari has been up and running since 1998 and then expanded in the year 2000. The trading platform offers up to 60 forex pairs, various commodities, and crypto CFDs.
Features Overview of Alpari:
- On Alpari, you get 3 commission-free and 1 commission-based account to trade the asset of your choice.
- Alpari International supports an MT4/MT5 forex ECN account which is renowned for its performance with maximum leverage of 1:1000.
- Interested individuals can use Alpari’s in-house portfolio management system for trading named Alpari CopyTrade.