One of the many growing financial markets in the world is Forex. Indians have always been more inclined towards stock trading. But in the past year, stock market uncertainty, dire economic conditions, and the pandemic situation have presented forex trading as a favourable choice for Indian investors. There are many international full-service brokerage companies available for India-based traders that function as no deposit forex brokers for India.
Regulatory Overview
Online trading has always been a hot topic for the Reserve Bank of India and there have been many discussions to limit this service for individual and retail investors. But despite uncertain limitations, currency trading is becoming more popular in India. Many international companies have opened their services and started accepting Indian clients.
Tip: Before delving into forex trading in India, make sure that the forex broker has authorisation by the local Securities and Exchange Board of India (SEBI) and check their details on www.sebi.gov.in.
Facts Regarding No Deposit Forex Brokers for Indian Traders
Forex brokers are those regulated market participants who act as middle-man between a trader and a network of banks to facilitate buying and selling of foreign currencies. To start forex trading, any individual based in India has to decide which forex broker to go through. While choosing a suitable no deposit forex broker in India, make sure to keep the following factors in mind:
- Choice of trading assets
- Minimum deposit
- Demo account availability
- User-friendly interface
- Educational content
Pros and Cons of Minimum Deposit Requirements
- Almost all online forex brokerage service providers have a fixed minimum deposit amount to let traders utilise their platform and open positions using their initial investment. This amount is required to make initial trades and as a margin for leveraged trading.
- Some forex brokers do not follow the aforementioned rule and allow traders to either skip a mandatory minimum deposit. But traders should deposit a sufficient amount ($100 to $200) to be able to trade various forex pairs available via the broker of their choice.
- The risk of having an insufficient amount required for trading forex through a broker is that people might lose all the money due to the risks associated with high leverage trading unless your broker has negative balance protection.
- Having sufficient balance deposited in your account also comes in handy to pay off various fees to your broker such as the conversion fee. It is levied when traders deposit a currency that is not supported by the broker.
Top 7 No Deposit Forex Brokers for Indian Traders
1. IQ Option
This popular online brokerage company is regulated by the Cyprus Securities Exchange Commission (CySEC) where forex traders from India can also trade 14 types of cryptocurrency pairs for a minimum amount of $1.
Features:
- Unlike other CFDs and binary brokers, IQ Option has three different types of trading accounts available on its platform. There is a standard, VIP, and a demo account for the ease of forex traders.
- Potential traders associated with IQ Option stand a chance to participate in several weekly competitions to win bonuses and rewards.
- As an options trading platform, their FX Options is a considerably new product. Interested traders located in the EU region are offered fixed risk investments.
2. Olymp Trade
Olymptrade is an age-old renowned forex broker available for traders residing in many countries including India. It is a member of the International Financial Commission and is managed by Saledo Global LLC.
Features:
- Using the Olymp Trade platform, you can trade not only forex but also commodities, stocks, indices, ETFs, and cryptocurrencies.
- Leverage offered by Olymp Trade is nearly up to 1:500 with a demo account for practice.
- Besides many functionalities, Olymp Trade allows a unique Fixed Time Trading where a forex trader could profit by forecasting currency exchange rates.
Note: In addition to the aforementioned features, the Olymp Trade platform also levies an inactivity commission if a trader does not trade for more than one month.
Visit Olymp Trade to know more.
3. Interactive Brokers
Considered one of the best brokers for professionals, interactive brokers offer a range of global products to traders based in India along with competitive commissions. It is publicly listed on NASDAQ and regulated by many notable jurisdictions.
Features
- It is a considerably low-risk forex broker which provides access to many other tradable assets as well such as stocks, options to future, etc. to traders based in 200 countries.
- Even though more than 125 markets are available for traders using this trading platform, non-US residents are barred from retail forex.
- Interactive Brokers has a complicated interface that comes with several advanced tools suitable for experienced traders only.
4. OCTAFX
With more than 28 different currency pairs, metals, CFDs, indices, and cryptocurrencies, OctaFX is the kind of online brokerage service that could help diversify your portfolio. The company behind it is registered by the Law of Saint-Vincent and the Grenadines.
Features
- Visitors and potential clients can open an account at a low minimum deposit amount to experience OctaFX fast execution trades.
- This trading platform supports several payment gateways for deposits such as Neteller, Skrill, Local Banks, UPI, and Paytm. Traders can also use their Mastercard for deposit/withdrawals.
- On OctaFX, depending on a trader’s experience in trading they get to choose a trading account supporting MT4, MT5, and cTrader.
5. AvaTrade
AvaTrade is another renowned name among safe forex brokers which has received many industry awards in the past for its best-in-class commissions and fees structure. Extra bonuses are available on the AvaTrade platform for traders in eligible countries.
Features
- On AvaTrade, users get to access its proprietary platform based on WebTrader, ZuluTrade, and DupliTrade (for social copy trading) alongside the original MetaTrader.
- The range of markets available is vast and features forex, CFDs, cryptocurrencies, etc.
- A virtual trading environment is accessible to users who sign up for a demo account which allows them to get accustomed to AvaTrade’s various trading platforms.
6. FXTM (ForexTime)
FXTM is a brand owned by Forex Time Ltd which is regulated under CySEC, FCA, and South African FSCA. The platform caters to around 2 million clients who trade with forex, CFDs, stocks, cryptocurrencies, and commodities.
Features
- It supports MT4 and MT5 trading platforms compatible with web, desktop, and even mobile platforms so that users can trade from wherever and whenever.
- FXTM offers a pivot point strategy and trading signals to aid its users’ trading strategies.
- FXTM accepts deposits through a plethora of payment services like Skrill, Maestro, VISA, Neteller, Webmoney, and Bank Transfers.