If you are a forex broker residing in India, then you must know that there are a number of rules and restrictions about trading in this country, be it about the currency pairs, the type of trading, or the broker you can trade through. These rules are imposed to protect the value of INR, as well as the foreign reserves of the RBI. The SEBI and the RBI play a major role in regulating the trading activities in this country. So, if you want to trade forex, you will have to do it only through a SEBI and RBI approved forex trading company in India.
What Is a Forex Trading Company?
A forex trading company or a forex broker is a financial services provider that offers traders access to a platform where they can buy and sell currencies. Brokers offer different types of accounts so any kind of trader; big or small, can open an account with whatever capital they have and start trading easily. The traders are provided with powerful tools, charts, and indicators by the brokers that help them in analysing the markets and placing the right trade. While choosing a forex broker, you must check if it fits your trading goals and style.
Top 10 Forex Trading Companies Approved by the RBI
There are many brokers that are approved by the RBI and SEBI. It is illegal to trade through any other broker apart from those in India. These are the top ten of the RBI approved brokers an Indian trader can trade forex with –
eToro
Apart from being a leading fintech company, eToro is a popular social trading broker founded in 2007. The broker is regulated by ASIC, FCA, and CySEC. It offers free stock and ETF trading to its clients, along with seamless account opening. Social and copy trading are two of the most important features of the broker. The broker also offers low fees which makes it ideal for many traders, especially beginners.
Features:
- Trading at zero commissions
- A wide range of financial markets
- CopyTrader technology to copy others’ trading portfolio automatically
- Privacy and industry-leading security protocols
Visit the official website of eToro.
Forex.com
Forex.com is an award winning name in the forex industry. The company offers forex and CFD trading across the globe in a wide range of tradable assets. The broker is well-known for its advanced platform, secured web encryption protocols, and multiple risk management tools. High volume traders prefer Forex.com over other brokers due to its efficient trading services.
Features:
- FSCS funds protection plan
- Availability of DMA accounts
- Intuitive trading platform
- Availability of a wide range of forex crosses
Visit the official website of Forex.com.
XM
From providing multiple platforms to low-cost solutions, XM is suitable for all types of traders. Beginners can benefit from easy and hassle-free account opening, comprehensive education section, and demo accounts. Advanced traders also find it ideal due to high leverage, a wide range of assets, good conditions, and low spreads.
Features:
- A wide range of tradable assets
- Sophisticated educational and research tools
- No fee on withdrawals
- Multiple deposit and withdrawal options
Visit the official website of XM.
IG
IG is one of the leading CFD trading providers that offer the perfect platform for traders that want to take advantage of rising and falling markets. The company is licensed and authorised by top-tier regulators like ASIC, FCA, JFSA, CFTC, MAS, and FINMA. With its competitive price structure, it is an ideal broker for both beginners and advanced traders.
Features:
- A wide range of financial assets
- Brilliant research and educational tools
- Strong regulatory framework
- Easy deposit and withdrawal options
Visit the official website of IG Markets.
Saxo Bank
Founded in 1992, Saco Bank offers top-notch online trading and investment services. The broker is regulated by many top-tier authorities; including FSA and FCA. Traders consider the trading company safe because of its long track record, and the banking background. The broker also offers a broad product portfolio, great trading platforms, and sophisticated research tools.
Features:
- Fast execution of trades
- Accessibility to all platforms from a single account
- Connectivity and APIs to connect to capital market infrastructure
- Advanced trading platforms SaxoTraderGO and SaxoTraderPRO
Visit the official website of Saxo Bank.
Pepperstone
Regulated by three top-tier financial authorities FCA, BaFin, and ASIC, Pepperstone is a leading CFD services provider. The broker offers many advantages to its users, including fast and fully digital account opening, great customer service, and seamless and free deposit and withdrawal. Another great benefit of Pepperstone is that traders do not need to fund a minimum deposit to open a trading account. The broker does not charge inactivity fee either.
Features:
- Competitive spreads, reduced commissions, and low margins
- A broad range of tradable assets
- Industry-leading analysis tools
- Free educational tools and resources
Visit the official website of Pepperstone.
OctaFX
OctaFX is one of the best brokers for Indian traders as the team speaks both languages; Hindi and English. Apart from currency, you can trade metals, stocks, commodities, CFDs, metals, and indices. The broker offers superior platforms like MetaTrader 4 and MetaTrader 5 to its users. The traders are also provided with advanced tools like trading calculator, and profit calculator.
Features:
- Instant deposits with electronic wallets
- Low minimum deposit of $20 only
- The benefit of leverage trading with up to 1:500 leverage
- Trade with zero commissions
Visit the official website of OctaFX.
HotForex
Regulated by top-tier authorities like FSA, FSCA, CySEC, CIF, and DFSA, HotForex is the best option for traders that are looking for competitive fee structure and low-risk trading exposure. At the same time, the broker also offers advanced trading tools, multiple account types, and an extensive collection of rich educational resources. The Direct Market Access (DMA) accounts of HotForex offer great potential for high volume traders, and they also come with attractive bonus deals.
Features:
- Fast trade execution
- Swap free Islamic account
- Availability of DMA accounts
- Funds insurance under CLIP
Visit the official website of HotForex.
AvaTrade
Established in 2006, AvaTrade is one of the leading CFD and forex broker globally. The broker offers great research tools, fast and easy account opening, and free deposit and withdrawal options. Apart from forex, AvaTrade offers various CFDs for commodities, stocks, and indices. You may choose the broker if you are looking for low trading fees.
Features:
- Next generation trading tools
- Intuitive mobile app AvaTradeGo
- Safe trading with strict regulations
- Educational materials including eBooks, and video tutorials
Visit the official website of AvaTrade.
Plus500
Plus500 is a leading forex trading company that offers regulated trading services in different financial derivatives. It is one of the most preferred options of forex traders due to its intuitive trading platform, low trading costs, and risk management tools. The company offers multiple regulations from world’s leading authorities like FCA, FSA, FSCA, CySEC, and MSA.
Features:
- A variety of tradable assets
- Investors’ funds protection – FSCS
- Easy-to-use trading platforms
- Well-regulated by strict financial bodies
Visit the official website of Plus500.
How to Choose a Forex Trading Company?
The first step of being a successful trader is choosing the right forex broker. There are certain factors that you need to consider choosing your ideal broker, such as –
- Your trading requirements
- Regulations and reliability of the broker
- Brokerage account offerings
- Commissions and fees
- Online security and funds protection
- Required minimum deposit
- Demo account
Conclusion
No matter which broker you choose, make sure to open a demo account first so you can practise trading without the risk of losing real money. The demo account offers virtual cash so a trader can test new strategies and test the platforms of their preferred broker in a risk-free space. It will help you gather enough knowledge and experience so you can start trading with a live account.