Forex trading has gained huge popularity in India, with over 500,000 people now turning to it to earn an income. From students to working professionals, the Forex market is open to everyone looking to explore the financial market. However, to trade effectively and efficiently, choosing the right broker is crucial. Below, we'll explore the best Forex brokers for day trading in India and what sets them apart from the rest.
1
RoboForex - Best for day trading in India
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
2
Exness - Best for day trading in India
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.
3
FxPro - Best for day trading in India
FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.
👍 Advantages of trading with FxPro for traders from India:
•Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;
•insurance of client funds at the expense of the broker participation in an investor compensation fund;
•beginner traders will be able to access tested advisors;
•a full package of services is available to the client regardless of the balance of his account;
•VIP account holders are offered a personal manager and get a Free VPS;
•company capital exceeds 100 million euros;
•offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;
•the reliable trading environment provided by the competent educational and research department.
👎 Disadvantages of FxPro for traders from India:
•it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;
•difficulties registering in an affiliate program.
4
Forex4you - Best for day trading in India
Forex4you caters to a wide range of traders, offering different account types, including cent accounts and ECN accounts with tight spreads from 0.1 pips. The broker provides leverage of up to 1:1000, order execution speed from 0.1 sec, and access to over 150 trading instruments, including Forex pairs, indices, commodities, and stocks. Its proprietary copy trading platform, Share4you, allows traders to earn additional income by sharing their strategies or copying successful traders. Additional features like cashback, bonuses, and partnership programs further enhance the trading experience.
Forex4you doesn't accept clients from the U.S., Canada, Japan, and EU countries, but it presents a compelling option for eligible traders seeking a well-rounded trading experience.
👍 Advantages of trading with Forex4you for traders from India:
•best trading conditions for novice traders;
•no trading restrictions on scalping and algorithmic trading;
•the possibility of passive income - social trading platform Share4you;
•the broker has an insurance for $10 million on a contingency basis;
•there are cent accounts with a minimum transaction amount of 2 cents.
•customer support responds to customer inquiries within 8 hours, even on weekends.
👎 Disadvantages of Forex4you for traders from India:
•Relatively high fixed fees on Pro accounts.
•Traders from the U.S, Canada, Japan, and EU countries cannot use services of the broker.
5
Admirals - Best for day trading in India
Admirals was founded in 2001. In more than 20 years of operation, a regional Estonian broker has grown into an international financial group of companies providing access to over-the-counter markets in more than 130 countries, as well as to exchange-traded stock instruments. Following the 2021 rebranding, Admirals became Admirals. The updated platform received new integrated risk management solutions.
The Admirals group of companies comprises:
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Admirals AU Pty Ltd.
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Admirals UK Ltd.
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Admirals Cyprus Ltd.
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Admirals AS Jordan Ltd.
Regulators of the Admirals group of companies include FCA (UK, 595450), CySEC (Cyprus, 201/13), ASIC (Australia, 410681), JSC (Jordan, 57026), and CIPC (South Africa, 2019 / 620981 / 07).
👍 Advantages of trading with Admirals for traders from India:
•5,000+ trading assets, with stock assets trading on exchange markets available.
•The company’s proprietary social trading platform (copy trading).
•Relatively tight spreads on most assets.
•The company’s own Supreme Edition plug-in for MT4 and MT5, which expands their technical and chart functionality.
•FCA and CySec licenses, which are the most reputable regulators.
•Compensation fund with insurance coverage of up to €20,000 per trader.
•Relatively low initial deposit that provides for opening trades within risk management subject to leverage.
👎 Disadvantages of Admirals for traders from India:
•Restrictions on leverage for retail traders without the “professional” status as required by regulators.
•Withdrawal fee is charged.
TOP 5 Comparison
This table makes it easy to compare the best forex brokers for day trading in India for 2024 by placing their information side by side all in one place. The table includes the categories that are most important when deciding on a broker to work with. The data contained in this table is verified and only includes the most reputable brokers.
| RoboForex | Exness | FxPro | Forex4you | Admirals | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, Mobile Trading, MT5, cTrader, FxPro Edge |
MT4, Mobile Trading, MT5 |
MT4, MT5, WebTrader, Mobile platforms |
|
Min deposit |
$10 |
$10 |
$100 |
No |
$250 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:10 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0 points |
From 0.1 points |
From 0.5 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Exchange execution, Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
Yes |
No |
No |
Yes |
No |
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
RoboForex Commissions and Fees
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Pro |
$13 |
No |
|
Pro-Cent |
$13 |
No |
|
ECN |
$3 |
No |
|
Prime |
$1 |
No |
Exness Commissions and Fees
Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.
| 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 |
FxPro Commissions and Fees
Traders Union professional team has analyzed FxPro trading conditions for commissions. For comparison and reference convenience, the results have been presented in the table.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
FxPro MT4 Instant |
From $10 |
No |
|
FxPro MT4 Fixed |
From $5 |
No |
|
FxPro MT5 |
From $5 |
No |
|
FxPro cTrader |
From $3 |
No |
|
FxPro Platform |
From $1 |
No |
Forex4you Commissions and Fees
Traders Union experts analyzed Forex4you trading conditions. Cent Pro and Classic Pro have fixed fees per each full lot of $0.1 and $8 respectively in addition to spreads. There are no deposit fees, but withdrawal fees are 0.8-2.5% subject to the payment method.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Cent Fixed |
from $0.2 |
Yes |
|
Cent Pro |
From $0.01 |
Yes |
|
Classic Fixed |
From $20 |
Yes |
|
Classic Pro |
From $1 |
Yes |
|
Classic Standard |
from $9 |
Yes |
Admirals Commissions and Fees
TU experts have analyzed trading conditions (spreads and fees) of the Admirals group of companies. Results are provided as a list:
-
Spreads and fees are not subject to the broker. It means that liquidity providers are the same for the entire group.
-
The Zero MT4/MT5 account has a fixed fee per 1 full standard lot. Forex and metals are charged with a fee ranging from $1.8 to $3 per 1 lot. Energies are charged with a $1 fee per lot. The fee is indicated per one transaction, thus it is doubled when closing a trade.
-
There is a $0.02 fee per transaction for trading stocks and ETFs.
-
There is a withdrawal fee which is subject to the payment system and the broker. Its minimum ranges from $1 to $15. All withdrawal fees are discussed in detail in the following blocks.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Trade MT4/MT5 |
from $5 |
Yes |
|
Zero MT4/MT5 |
from $0 |
Yes |
|
Zero MT4/MT5 |
from $0 |
Yes |
How to choose Forex broker for Day Trading in India
Before jumping into making trades and investing your hard-earned money, it's essential to carefully select a broker that meets your specific needs as a day trader. Here are some essential factors to consider:
Regulatory compliance
One of the most critical factors when choosing the best Forex brokers for day trading in India is to ensure they are regulated by a recognized financial authority. Regulatory compliance is not just a sign of legitimacy but also a safeguard for your investments. The Securities and Exchange Board of India (SEBI) is the regulatory body for Forex trading in India, and any broker operating in the country must be registered with them. This provides traders with a level of protection against fraud and scams.
User-friendly trading platform
The trading platform is the software used to execute trades. It should be user-friendly, reliable, and have the necessary analysis and strategy development tools. Some popular trading platforms include MetaTrader 4 and MetaTrader 5, cTrader, and TradingView. Make sure to choose a broker that offers a platform that you are comfortable and familiar with. Additionally, some brokers may offer their own proprietary trading platforms with unique features and tools.
Customer support
As a day trader, you may need quick and efficient support from your broker in case of any issues or concerns. So, you should settle for a broker with responsive customer support that’s available 24/7. This ensures that you can get assistance whenever needed and quickly resolve any problems that may arise.
Fees and commissions
Each Forex broker has different account offerings, fees and commissions. Remember to compare these features among brokers to find the best fit for your trading needs. Some areas to consider include leverage and margin, commissions and spread, initial deposit requirements, and ease of deposits and withdrawals. Keep in mind that the cheapest option may not always be the best, as some brokers with low fees may have limited services or poor execution speeds.
Safety of funds
Regulated brokers must comply with a set of rules that are meant to safeguard investor assets. Every regulated broker is subject to a "Net Capital Rule”, which prescribes a minimum amount of capital to be kept in liquid form. This way, investors are protected with a “safety net” in the event that a broker is forced to close their doors.
Is Day Trading legal in India 2024?
Yes, day trading is legal in India. The Securities and Exchange Board of India (SEBI) has specific rules and regulations for day trading activities to ensure fair and transparent practices in the Indian market. The Reserve Bank of India (RBI) has also implemented rules and guidelines for foreign exchange trading to protect investors from fraudulent activities.
Is Day Trading taxable in India 2024?
Yes, day trading is indeed taxable in India. Profitable traders are obligated to pay taxes on their earnings, which can significantly reduce potential profits. The income from trading is subject to capital gains taxes, with two categories: long-term and short-term. Long-term rates apply if you hold investments for more than a year, offering lower tax rates ranging from 0% to 20%.
If a day trader qualifies as a "trader in securities" and hasn't made the Sec. 475(f) election, their sales of securities result in capital gains and losses, subject to preferential capital gains rates, but also subject to limitations on capital losses and wash-sale rules.
For those who don't qualify as a business, taxes on day trading profits generally range from 10% to 37% of the gains. In essence, it's vital to comprehend the tax implications of day trading, maintain accurate records of trades and expenses, and be prepared to pay taxes on the income generated from day trading activities.
Pros and cons of Day Trading for beginners
Pros:
Potential for high returns: When done correctly, Day trading can yield high returns. Traders can make substantial profits by leveraging the small price movements of highly liquid stocks.
Flexibility: Day trading offers flexibility, as it does not require traders to hold positions overnight. This allows for the freedom to enter and exit trades throughout the day.
Access to advanced trading platforms: Many of the best Forex brokers for day trading offer highly advanced trading platforms with real-time market data, technical analysis tools, and other features that can enhance trading strategies.
Cons:
High risk: Day trading is inherently risky. It involves making quick decisions, which, if not well-informed, can lead to substantial losses.
Stressful: Day trading can be stressful, particularly for beginners. It requires constant monitoring of market movements and quick decision-making.
Requires experience and knowledge: Successful day trading requires a deep understanding of the markets, knowledge about the best Forex brokers for day trading, and experience in technical analysis. Beginners may find this overwhelming.
How to start Day Trading in India?
Success in day trading comes with experience, discipline, and continuous learning. Here are some steps to help you get started:
Step 1: Take time to start learning
Before you start day trading in India, it's crucial to acquire a strong foundation in trading concepts. Consider taking online courses, reading books, and staying updated with financial news. Take time to understand the basics of technical and fundamental analysis, as well as various trading strategies. This education will be invaluable in developing a successful trading plan.
Step 2: Choose a reliable broker
With so many brokers available, it can take time to find the best Forex brokers for day trading. Look for brokers that offer low spreads and commissions, access to advanced trading platforms, and excellent customer support. It's also essential to ensure that the broker is regulated by SEBI and other necessary authorities.
Step 3: Create a trading plan
A well-defined trading plan is essential for day trading success. Determine your risk tolerance, profit goals, and strategies. Document your plan, specifying which markets and instruments you'll trade, and set clear entry and exit points to minimize emotions while trading.
Step 4: Practice with a demo account
Before risking real capital, practicing with a demo trading account provided by your chosen broker can help you implement your trading plan and strategies. This allows you to familiarize yourself with the trading platform, test your strategies, and gain confidence without financial risk.
Step 5: Start trading with a small capital
Start trading with a small amount of capital to minimize risk. As you gain experience and see consistent profits, gradually increase your capital. As a rule of thumb, never risk more than 1-2% of your trading capital on a single trade.
Step 6: Monitor market news and events
Always stay updated with economic news and events that may impact the markets you're trading. This could include interest rate decisions, employment reports, and geopolitical news. Understanding how these events can affect currency movements can help you make more informed trading decisions and avoid unexpected losses.
What are the alternatives to active Day Trading in India?
There are numerous alternatives to active day trading in India. These include copy trading software, PAMM, and Forex position trading.
Copy trading software: Using copy trading software involves copying the trades of successful traders and replicating them in your own trading account. The software automatically executes trades on your behalf based on the trades of the chosen trader.
PAMM: PAMM or Percentage Allocation Management Module is a type of investment where an investor allocates funds to a professional trader who manages the funds on their behalf. The profits are then shared between the investor and the trader depending on the agreed-upon terms.
Forex position trading: This involves holding positions for a longer period, typically weeks or months, in order to profit from long-term price movements. However, the strategy requires a lot of patience and is better suited for those with a long-term view.
Summary
Many brokers are available for traders from India, but not all of them offer good conditions. In this review, TU experts chose the Best forex brokers for day trading in India 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Forex Brokers For Day Trading in India
| RoboForex | Exness | FxPro | Forex4you | Admirals | |
|---|---|---|---|---|---|
|
Overall score |
9.71 |
9.34 |
8.74 |
8.57 |
8 |
|
Execution of orders |
8.95 |
9.6 |
8.25 |
8.65 |
7.65 |
|
Investment instruments |
8.2 |
8.79 |
8.9 |
6.1 |
9.31 |
|
Withdrawal speed |
9.71 |
8.79 |
6.5 |
6.4 |
8.57 |
|
Customer Support work |
9.17 |
9.29 |
8.9 |
8.5 |
8.2 |
|
Variety of instruments |
8.75 |
8.02 |
9.27 |
5.77 |
8.75 |
|
Trading platform |
6.86 |
1 |
9.2 |
9.22 |
8.09 |
|
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FAQ
Is Forex Day Trading Legal in India?
Forex day trading is legal in India but is subject to specific regulations and restrictions imposed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Indian residents can trade in the foreign exchange market through recognized exchanges and authorized brokers. It's essential to adhere to the rules and guidelines set by these regulatory bodies to ensure compliance with the law.
Who Is the Best Forex Day Trader?
The title of "best" forex day trader is subjective and can change over time. Success in forex trading depends on various factors, including skill, strategy, risk management, and market conditions. Traders like George Soros, Paul Tudor Jones, Stanley Druckenmiller, and Stanley Druckenmiller have been successful in forex trading, each with their unique approach and style.
Who Is the Richest Forex Trader in India?
Radhakishan Damani is a self-made billionaire with a net worth of $17.8 billion, making him the richest forex trader in India. He earned his fortune through stock market trading, investing, and forex. He is also the founder of D-Mart, one of India's largest retail chains. Other successful forex traders in India include Rakesh Jhunjhunwala, Raamdeo Agrawal, and Rishi Khosla.
Is Day Trading Profitable?
Yes, day trading can be quite profitable, but it is also associated with a high level of risk. Success in day trading depends on a trader's skills, strategies, risk management, and ability to adapt to changing market conditions. Some traders make consistent profits, while others experience significant losses. It's essential to approach day trading with caution, proper education, and a clear trading plan.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
What is a demo account and why is it important?
On a demo account, you trade by using virtual funds. It is important to choose a broker offering a demo account both for beginners, who are only learning, and for experienced traders, who can use this account type to test new strategies or EAs risk-free.
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
Can you earn passive income in the financial markets?
Yes, the best brokers in India offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
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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.