Abstract:Trading forex is increasingly popular in India, but is also somewhat unique and fairly heavily regulated. Top 7 picks for the best forex brokers.
Forex trading anywhere can be risky, but that seems especially true in India if you're unfamiliar with the country‘s legal restrictions on currency transactions. If you live in India and want to trade the Indian rupee exclusively against USD, GBP, JPY or EUR, then you can legally trade through one of the 3 SEBI-regulated Indian stock exchanges that act as forex brokers.It’s against the law to use an account from a bank or other India-based financial institution to fund a trading account and make forex market transactions in currency pairs that do not include the INR. If you still wish to trade non-INR currency pairs, then you must make a margin deposit to a foreign broker by transferring funds from an electronic payment service such as PayPal or Neteller.
To find the best forex brokers in India, we created a list of all brokers that accept new customers from India and ranked them by their Overall ranking,Here is our list of the best forex brokers in India.
IG - Best overall broker, most trusted
Saxo Bank - Best web-based trading platform
Interactive Brokers - Great overall, best for professionals
FOREX.com - Excellent all-round offering
AvaTrade - Great for beginners and copy trading
Admiral Markets - Great for MetaTrader
IC Markets - Best MetaTrader broker overall
What makes a top forex broker for beginners?
First of all, fair forex fees.
A lot of currency pairs.
A great platform with advanced charting.
Educational tools to guide you through the basics of trading.
If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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