Today, India is witnessing a surge in interest among beginners looking to venture into the world of Forex trading. The allure of potential profits combined with the accessibility of online trading platforms has piqued the curiosity of many. However, navigating the complex Forex market necessitates a reliable partner or a Forex broker.
Selecting the right broker can make or break your trading journey, especially if you're just starting. The choices might seem overwhelming, with a plethora of options available. That's why we've compiled a list of the best Forex brokers for beginners in India in 2024 to help you make an informed decision and kickstart your trading journey confidently.
The Most Reliable Brokers India by TU include the following:
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
IC Markets Trading Company is a great broker for scalping enthusiasts, automated trading lovers, and beginner traders.
Deriv specializes in three markets - Forex, CFDs, and options. Thanks to its extensive network of representatives, its services are available worldwide, and its multi-regulatory approach ensures high reliability.
NPBFX is a universal broker providing services on off-exchange financial markets. Trading conditions are suitable for traders with any level of knowledge and opportunities. Investors have access to ZuluTrade social trading.
Best forex brokers for beginners in India in 2024
| RoboForex | Exness | IC Markets | Deriv | NPBFX | |
|---|---|---|---|---|---|
Trading platform |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
MetaTrader 4, MetaTrader 5, TradingView and cTrader |
MetaTrader 5, Deriv Trader |
МТ4 |
Min deposit |
$10 |
$10 |
$200 |
$5 |
$10 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 1.0 points |
From 0.0 points |
From 0.4 points |
From 0.4 points |
Level of margin call / stop out |
60% / 40% |
0% / 60% |
100% / 50% |
100% / 50% |
0% / 30% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Instant Execution, Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
Yes |
No |
No |
No |
No |
There are certain specifics in trading, which novice traders residing in the territory of India need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
-
When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in India - RoboForex
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
👍 Advantages of trading with RoboForex for traders from India:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from India:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
RoboForex Commissions & Fees for traders from India
RoboForex charges trading fees. The fees are charged as the spread. In the fees review for traders from India, you can learn about their rates depending on the account type.
RoboForex Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Pro |
$13 |
No |
Pro-Cent |
$13 |
No |
ECN |
$3 |
No |
Prime |
$1 |
No |
2
Best Forex broker for beginners in India - Exness
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
👍 Advantages of trading with Exness for traders from India:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from India:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
Exness Commissions & Fees for traders from India
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from India, you can learn about their rates depending on the account type.
Exness Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard Cent |
$0.3 |
No |
Standard |
$3 |
No |
Standard Plus |
$10 |
No |
Raw Spread |
$0 |
No |
Zero |
$0 |
No |
Pro |
$1 |
No |
3
Best Forex broker for beginners in India - IC Markets
IC Markets stands out as a highly reputable broker offering trading with 2,250+ instruments across Forex, stocks, commodities, cryptocurrencies, and more.
The broker provides ultra-fast execution with order speeds up to 40 milliseconds facilitated by its top-tier liquidity partners and processes over $29 billion in Forex trades daily. With a strong focus on active traders, it offers ECN accounts with raw spreads from 0 pips and leverage up to 1:500 (based on which regulator's rules apply to a trader's account). Copy trading is also well-supported through integration with ZuluTrade, cTrader Copy, and other platforms.
IC Markets clients benefit from robust security and regulatory licenses from ASIC, CySEC, and others.
👍 Advantages of trading with IC Markets for traders from India:
•Availability of three licenses;
•Wide range of assets;
•Standard and ECN account types for trading on different platforms;
•Mobile apps for Android and iOS-based devices;
•Scalping, hedging, and algorithmic trading are allowed;
•Minimum delay when executing orders and ultra-fast market execution;
•Competitive trading fees;
•Wide choice of social trading and copy trading platforms;
•24/7 support via live chat;
•Demo accounts on MT4, MT5, and cTrader;
•Swap-free accounts are available for Muslim traders.
👎 Disadvantages of IC Markets for traders from India:
•Education materials available on the website are not very informative or diverse;
•Rebates are available outside Australia and the European Economic Area;
•Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.
IC Markets Commissions & Fees for traders from India
IC Markets charges trading fees. The fees are charged as the spread. In the fees review for traders from India, you can learn about their rates depending on the account type.
IC Markets Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
$8 |
Bank fees apply |
Raw spread MT4/MT5 |
$0 |
Bank fees apply |
Raw spread cTrader |
$0 |
Bank fees apply |
Islamic |
$0 |
Bank fees apply |
4
Best Forex broker for beginners in India - Deriv
Deriv, formerly known as Binary.com until 2020, is part of the Regent Markets Group financial group founded in 1999. The broker operates on an STP model with MT5 platforms and offers proprietary software for trading options called Deriv Trader. Today, traders from 190 countries around the world use Deriv's services. The company's multi-regulatory approach provides free access to its products. Its activities are regulated by MFSA (The Malta Financial Services Authority), Labuan Financial Services Authority, VFSC (Vanuatu Financial Services Commission), and BVI FSC (British Virgin Islands Financial Services Commission). Deriv specializes in leveraged trading of Forex and CFD instruments and trades in options contracts with multiples.
👍 Advantages of trading with Deriv for traders from India:
•Membership in The Financial Commission, which provides investment protection of up to €20,000;
•Zero trading fees and a wide range of derivatives with floating and fixed spreads;
•The minimum amount to trade options is $5.
•Initial deposit starting from 5 units of the account's base currency - EUR, USD, GBP, AUD;
•Trading platforms are customized to specific markets;
•Client funds are held in segregated accounts in major banks;
•Accounts are protected with two-factor authentication.
👎 Disadvantages of Deriv for traders from India:
•The broker does not offer the more user-friendly MetaTrader 4 platform for beginners;
•Investment in PAMM or MAM accounts is not available;
•There is limited educational content on the company's website.
Deriv Commissions & Fees for traders from India
Deriv charges trading fees. The fees are charged as the spread. In the fees review for traders from India, you can learn about their rates depending on the account type.
Deriv Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
STP MT5 |
From $4 |
Banks and payment providers may deduct fees |
5
Best Forex broker for beginners in India - NPBFX
NPBFX is a long-standing broker offering competitive spreads starting from 0.4 pips and leverage up to 1:1000. Traders can access a variety of markets including Forex, oil, stocks, and indices. Account types range from beginner-friendly Master account to more advanced options like Expert and VIP accounts.
NPBFX has fast order execution speeds (50-70 ms), making it suitable for scalping and high-frequency trading. Moreover, the broker explicitly indicates that these approaches are welcomed. However, clients should note that the only available trading platform is MetaTrader 4.
NPBFX doesn't hold licenses from major regulators, but the broker is a member of the Financial Commission, offering some level of deposit insurance and dispute resolution.
👍 Advantages of trading with NPBFX for traders from India:
•The broker provides traders with best market prices supported by liquidity from Tier 1 banks and ECN systems, such as Integral, Currenex, and Hotspot;
•Membership in the Financial Commission provides up to EUR 20,000 insurance coverage on deposits of traders;
•social trading with access to the independent ZuluTrade platform;
•Loyal trading conditions. Minimum deposit is $10 with leverage up to 1:1000;
•all strategies are allowed, including scalping, hedging/locking, and algorithmic high-frequency trading on all types of accounts.
👎 Disadvantages of NPBFX for traders from India:
•compared to other brokers, the speed of copying trades on ZuluTrade is not the fastest;
•no MT5 trading platform, which has unique advantages over MT4;
•There are no licenses from regulators. The broker is a member of the Financial Commission, which does not always support traders and is not authorized to recover fines imposed on brokers;
•no cent accounts.
NPBFX Commissions & Fees for traders from India
NPBFX charges trading fees. The fees are charged as the spread. In the fees review for traders from India, you can learn about their rates depending on the account type.
NPBFX Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Master |
from $8 |
Yes |
Expert |
from $6 |
Yes |
VIP |
from $4 |
Yes |
Zero |
from $8 |
Yes |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
How to choose Forex broker for beginners in India
Your broker will be your primary source of information and support in the Forex market. They will be responsible for executing your trades, providing market analysis, and ensuring timely deposits and withdrawals. Hence, it is crucial to choose a broker that suits your trading needs and has a strong reputation in the industry. Other factors to consider while choosing a Forex broker for beginners in India include:
Regulation and safety. Consider the broker's regulation status in India. Are they registered with the Securities and Exchange Board of India (SEBI)? This regulatory body ensures that brokers follow ethical trading practices, providing a layer of protection for traders. Additionally, check if the broker offers secure payment methods and data encryption to safeguard your personal information and funds.
Ease of use. As a beginner, you should opt for a broker offering a user-friendly platform. This includes straightforward navigation, intuitive design, and educational resources to help you understand the market. Test their platform through a demo account before committing to a live account and ensure it meets your trading needs.
Payment options. Look for a broker that offers multiple payment options, including bank transfers, credit/debit cards, and e-wallets. This will give you flexibility in managing your funds and avoid any delays in deposits or withdrawals. It's also an indicator of the broker's financial stability and reliability.
Market analysis tools. Analysis resources such as advanced charting tools, market insights, and economic calendars can help beginners make informed trading decisions. So, look for a broker that provides these tools along with educational resources to support your learning journey.
Customer support. As a beginner, you may encounter technical difficulties or have questions about the platform or market. You may also not be conversant with the trading platform's features and may require additional assistance. Therefore, choose a broker with responsive customer support that offers multiple communication channels, such as live chat, phone, or email.
Is Forex trading legal in India 2024?
Yes, Forex trading is legal in India in 2024, but it is highly regulated and comes with strict limitations and restrictions. The Reserve Bank of India (RBI) prohibits leveraged Forex transactions from margin accounts, and traders cannot engage in speculative Forex trading, including spot Forex trading, even when using a broker regulated by the Securities and Exchange Board of India (SEBI).
Forex trading in India is primarily restricted to exchange-traded products and Indian residents are limited to trading only four currency pairs with the Indian rupee (INR) as the quote or base currency. These currency pairs are GBP/USD, EUR/USD, USD/JPY, and INR/USD or USD/INR. Forex derivatives, such as futures and options, are legal in India.
Is Forex trading taxable in India 2024?
Yes, Forex trading is taxable in India. However, the tax liability of anyone involved in Forex trading in India depends on the applicable tax rates, their tax residency status, and the nature of their trading activity (business income or capital gains).
If Forex trading income is considered business income, it is taxed at the individual's applicable income tax slab rates, which vary based on the total income earned. The rates can range from 5% to 30% plus applicable surcharges and cess. On the other hand, if the income is considered capital gains, it's taxed at a flat rate of 20% plus applicable surcharges and cess.
Forex derivatives such as futures and options are taxed using the 60/40 rule, with 60% of gains or losses treated as long-term capital gains and 40% as short-term. Spot Forex traders are considered "988 traders" and can deduct all of their losses for the year. Currency traders in the spot Forex market can choose to be taxed under the same tax rules as regular commodities 1256 contracts or under the special rules of IRC Section 988 for currencies.
Pros and cons of Forex trading for beginners
Everything has its advantages and disadvantages, and Forex trading is no exception. Here are some pros and cons of Forex trading for beginners.
Pros of Forex trading
Low cost of entry. Forex trading has a low cost of entry, and you can start trading with a small amount of capital. This makes it accessible for beginners who may not have a lot of money to invest.
24-hour market. The Forex market is open 24 hours a day, five days a week, allowing traders to trade at any time of the day or night. This flexibility can be beneficial for those with busy schedules.
High liquidity. With trillions of dollars being traded daily, the Forex market is highly liquid, and there are always buyers and sellers available. This means that it's easy to buy and sell currencies quickly without affecting market prices.
Potential for fast returns. Forex trading offers the potential for quick returns, especially when using leverage, which allows traders to control larger positions with a smaller amount of capital. This can be both beneficial and risky for beginners as it can lead to large profits and losses.
Access to a global marketplace. Forex trading allows investors to trade in different currencies worldwide. This provides opportunities to take advantage of different economic conditions and events in various countries, potentially diversifying risk.
Cons of Forex trading
High risk. As with any form of trading, risk is always involved, and Forex is a high-risk investment. The market can be volatile, and currency values can change rapidly, leading to potential losses for traders.
Complexity. Forex trading can be quite complex, especially for beginners. The market is influenced by various economic, political, and social factors that can be difficult to understand and predict. Additionally, there are various trading strategies and technical analysis involved that can be overwhelming for beginners.
High volatility. The Forex market is highly volatile, and prices can fluctuate rapidly, making it difficult to predict market movements. What may seem like a profitable trade can quickly turn into a loss due to unexpected market changes, leaving you vulnerable to losses.
Steep learning curve. Learning the ins and outs of Forex trading can be challenging and time-consuming, with a steep learning curve. Traders need to understand various terms, charts, analysis methods, and strategies before making informed decisions in the market.
Requires discipline and emotional control. Forex trading requires discipline and emotional control from traders. It is easy to get carried away by emotions such as fear, greed, and excitement, which can lead to impulsive and irrational trading decisions.
How to start Forex trading in India?
Step 1: Educate yourself
Before diving into Forex trading, you must equip yourself with the necessary knowledge. Learn about currency pairs, market trends, economic indicators, and risk management strategies. Various online platforms offer free resources, webinars, and courses to get you started.
Step 2: Choose a reliable broker
Choose a reliable Forex broker who is registered with SEBI. The broker should offer a user-friendly trading platform, competitive spreads, and good customer service. Once you select a broker, complete the account opening process, which typically includes providing your personal details, submitting identity proof, and depositing your initial investment or margin.
Step 3: Practice with a demo account
Most brokers offer demo accounts for beginners to practice trading without risking real money. This helps you better understand the market and test out different strategies without any financial consequences. Demo accounts also allow you to get familiar with the trading platform.
Step 4: Formulate a trading strategy
Use your demo account to practice your strategy before trading with real money. Develop a robust trading strategy based on your financial goals, risk tolerance, and trading style. Your strategy should include parameters like the currency pairs you intend to trade, the amount to invest per trade, when to enter and exit trades, and how to manage risks.
Step 5: Start trading
You are ready to start trading once you've completed all the above steps. Remember to start small, manage your risk, and only invest what you can afford to lose. Never trade with money meant for your daily expenses or long-term investments. Keep a journal to track your trades and continuously analyze your performance to make necessary adjustments. It's also crucial to stay updated on market news and events that can impact currency prices.
Can I start Forex trading in India without investment?
You can start Forex trading in India without making an initial financial investment. There are two primary ways to do this, which include demo accounts and prop firms:
Demo Accounts. Demo accounts provide virtual funds to help you practice trading in real market conditions without risking your own money. It's an excellent way to learn the ropes, understand the trading platform, and develop your trading skills. But remember that any profits you make in a demo account are not real and cannot be withdrawn.
Proprietary Trading Firms (Prop Firms). Some proprietary trading firms, also known as prop firms, offer trading challenges or programs that allow you to trade their capital. In such arrangements, you are given a set amount of the firm's money to trade and keep a portion of the profits you generate. These firms often require you to pass specific trading tests or challenges to qualify for their programs, which can be a great way to gain practical experience and potentially earn money without using your own capital.
What are the alternatives to active Forex trading in India?
There are several alternatives to active Forex trading in India, particularly for those who may not have the time or expertise to actively oversee trades. Some of these alternatives include:
Copy trading software
With copy trading platforms, you can copy the trades made by experienced traders. When they make a trade, the same trade is automatically executed in your account. This allows you to benefit from the knowledge and experience of successful traders, but it's crucial to understand that their past performance doesn't guarantee your future success.
Percentage allocation management module (PAMM)
PAMM is a form of pooled money Forex trading. Here, an experienced trader handles the trading on the investors' behalf. The profits and losses are divided among investors based on their share in the total pot. This is a more passive form of trading where your capital is managed by a more experienced trader or money manager.
Forex position trading
This is a longer-term trading strategy where you hold positions for weeks, months, or even years. The idea is to capture a major price movement. The key to success in position trading is understanding macroeconomic trends and data and being patient.
Remember, all these alternatives still carry risk, similar to active trading. Always do your research and consider your financial situation and risk tolerance before getting involved in Forex trading. Furthermore, it's always advisable to diversify your investments and not put all your eggs in one basket.
Summary
Choosing the right broker is not a simple task for new traders in India, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from India, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from India
| RoboForex | Exness | IC Markets | Deriv | NPBFX | |
|---|---|---|---|---|---|
Overall score |
8.86 |
7.69 |
8.43 |
8.37 |
7.51 |
Execution of orders |
8.95 |
9.6 |
9.45 |
9.55 |
8.55 |
Investment instruments |
9.73 |
9.43 |
8.95 |
8.11 |
7.72 |
Withdrawal speed |
9.71 |
8.79 |
9.43 |
9.54 |
8.29 |
Customer Support work |
9.17 |
9.29 |
7.19 |
5.94 |
6.83 |
Variety of instruments |
8.75 |
8.02 |
8.02 |
9.27 |
7.67 |
Trading platform |
6.86 |
1 |
7.51 |
7.82 |
5.99 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker India?
According to the requirements of country India, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from India.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from India.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).