Forex trading is one of the fastest-growing financial markets which has caught the attention of Indian traders as well. There are several ways to go about forex trading if you are interested and based in India. Several renowned forex brokers headquartered in Europe, UK, and even Australia allow online forex trading to their global clients such as IG Markets.
In this article, we shall discuss IG, a UK-based well-known broker, and guide Indian traders regarding how to open account with IG forex from India.
Role of International CFD Forex Brokers for Indian Traders
The Indian government has placed a strict yet uncertain regulatory framework over the brokerage services providers based in the country to limit illegal trading using Reserve Bank of India’s foreign currency reserves. But forex trading is legal under certain conditions of the RBI and Securities Exchange Board of India (SEBI). Therefore, to trade CFD (contract for difference) forex, Indian investors need to choose a reliable broker located outside India which maintains its transparency and provides a legal way to trade forex to its clients. As long as CFD forex trading is regulated in the broker’s country of origin and it accepts Indian clients on its platform, you are good to go.
Everything Indian Traders You Need to Know About IG Markets
Company background:
- IG Markets formerly known as IG Markets Ltd. is a reputed broker which has been a part of the industry since 1974.
- Online dealings on the IG platform started in 1998 and it has now spread to 13 different countries which is an achievement in itself.
- IG’s holding company IG Group Holding plc is registered with the London Stock Exchange (LSE) and a member of FTSE 250.
Visit IG Markets to know more.
Regulations:
- Being an age-old establishment, IG is known as a heavily regulated brokerage services provider with acknowledgment from FCA, MAS, CFTC, ASIC, and FINMA.
- IG is headquartered in London, UK but also operates through the USA, New Zealand, Australia, and Japan.
Visit IG Markets to know more.
Platform Features:
- IG Trading platform is flexible and easy-to-use where you can participate in nearly 17,000 global markets including CFDs, forex, commodities, stocks, and indices that support fast execution of trades.
Check the available markets for trading at IG
- IG markets offer users fast and highly responsive real-time charts that keep traders informed about every single price fluctuations through adjustable alerts built with state-of-the-art technology of HTML5.
- IG Trading platform is available in every trader’s favourite MetaTrader 4, its unique proprietary platform, and an award-winning platform app for users who are always on the go.
- For educating new traders, IG provides a bunch of online resources by the name IG Academy with free trading courses and webinars. Their customer support team is said to be available 24/7 to solve any issue faced by platform users.
Have a look at the IG educational resources.
IG Demo Account
- IG provides a hassle-free way for all individuals interested in utilising its platform through its best-in-class Demo Account. On the demo account, traders get $20,000 virtual funds to utilise IG’s web trading platform in a less risky environment and test out strategies using their free mobile applications.
- The best part about opting for a demo account before a live trading account is that you can make use of all the live platform features without any worries because trades made using demo accounts are free of slippage, dividend adjustments, etc.
- Normally, IG charges a nominal fee for using its chart package but it is free when you work on demo accounts. If traders do not have the sufficient funds required to open new trades then their trades might be rejected.
A Step-by-Step Guide for Indian Traders to Create an Account on IG to Trade Forex
At first, while opening the IG official website, visitors get detailed information regarding the features of the trading platform. The process of creating an account on IG is easy and not at all time-consuming for any new user.
- 1. Step
First, you have to click on the option “create account” found on the official IG website. The option is available on the sign-in page but users who do not have an account with the broker are navigated to fill in a simple-looking online form. This form is meant to assess your trading knowledge and requirements to provide them the best experience on the IG platform.
- 2. Step
The form asks a few basic yet important questions to start your CFD forex journey quickly. For example, country of residence, name, email ID, a unique username, and account type. Make sure to fill in the form carefully and submit it in the end.
- 3. Step
Once you have successfully registered your personal details as required by the form, you would need to confirm the attempt of creating an account on IG through a link. This link is sent from IG to the email address which you provided in the registration form in Step-2. Post confirmation, you will be able to access the IG demo account.
- 4. Step
When you click on the confirmation link, the broker would ask you to verify the information provided in Step. 2 and wait till the review is being processed. For some traders, IG might require the submission of few pieces of documentation (like identity and residential proof) to finish reviewing quickly.
- 5. Step
After some time, the team assigned by IG to check and review each of the requests for live trading account creation, would finish processing and inform the user through email and other provided channels that their account has been activated and is easy to use following money deposit required for trades execution.
CFD Forex Trading Alternatives for Indian Traders
India has emerged as a thriving capitalist economy where a majority of people are desperate to find legal ways to trade forex, CFDs, and other financial instruments. For those, international CFD forex brokers like IG Markets are rewarding opportunities to access the world of forex.
The following a list of alternatives for CFD forex trading in India just to be on the safe side:
1. eToro
eToro is famous as an easy copy-trading platform that supports over 2300 markets. It is regulated by two tier-1 jurisdictions and one tier-2 jurisdiction. But according to some regulatory changes, this broker is not directly available for Indian forex traders.
2. FXTM
The reason why FXTM is a good choice for traders based in India is its track record which is as long as it’s spotless. The fee structure offered on the FXTM platform is designed to keep the cost of trading low.
3. Olymp Trade
Olymp Trade is one of the most openly advertised international brokers in India which is not directly illegal to use if traders abide by all the rules and regulations by SEBI. Olymp Trade platform offers a free demo account to individuals interested in its functionalities and features.
Tip: Indian forex traders should keep in mind that brokers that are based outside of India are not necessarily monitored or controlled by SEBI and the RBI. It means that if users suffer from any losses through such brokers then authorities would not be able to help them in any way.
Final thoughts
In recent years, the net disposable income of the country has increased and thus Indian investors find themselves in an appropriate position to delve into financial markets other than stocks like leveraged CFD forex trading as long as you are doing it legally.