Best Apps for Forex Trading in India
Forex trading has become increasingly popular in India as a way to earn passive income and diversify investment portfolios. With the advancement of technology, Forex trading apps have made it easier than ever for individuals to trade Forex on-the-go from their mobile devices. However, with so many Forex trading apps available in the market, it can be challenging to determine which one is the best fit for your needs. So, in this article, the experts at TU will compare some of the best Forex trading apps in India for both beginners and professional traders to help you choose the right one according to your style. Whether you're looking for a user-friendly interface, advanced trading tools, or access to real-time market data, there's an app for you. So, let's dive in and explore the top Forex trading apps available in India.
According to Traders Union’s experts, the 7 best Forex trading apps in India in 2023 are:
RoboForex
IC Markets
Exness
XM Group
AMarkets
MultiBank
FxPro
7 Best apps for trading in India
Best Cryptocurrency Apps in IndiaThe experts at TU have briefly discussed the 7 Best apps for trading in India along with their key features and pros and cons.
RoboForex - best at all
RoboForex is a well-established brokerage firm that has been operating since 2009 and has a presence in 169 countries. With over 3.5 million users, RoboForex offers trading services in the financial markets and is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker specializes in trading Forex and contracts for difference (CFDs) in 35 Forex pairs, including exotic pairs. One of the significant advantages of trading with RoboForex is that there are no commission fees on CFDs, and the broker does not charge any deposit or inactivity fees. However, withdrawal fees are dependent on the payment method used.
In addition to being a reliable and award-winning partner in the financial markets, RoboForex provides traders with a variety of tools to aid them in making informed trading decisions. These tools include a historical volatility indicator, pivot points, a Fibonacci calculator, a Deal Size Calculator, a Correlation Calculator, a currency converter, a currency heatmap, and various Forex calculators. The brokerage firm also offers a free VPS server, leverage up to 1:1000, and an advanced copy trading platform that allows traders to copy trades from experienced traders.
Furthermore, RoboForex offers an all-in-one trading account, which makes it convenient for investors to manage their trades. The brokerage firm provides access to over 12,000 trading instruments, including over 3000+ US stocks, and offers huge bonuses for beginners.
Key features
Advanced copy trading platform.
Free VPS server.
High leverage up to 1:1000.
Wide range of 12,000+ trading instruments.
Low minimum trade size of $1.
35+ Forex pairs offered, including exotic pairs.
No commission on CFDs.
No deposit fees.
Demo account available.
👍 Pros
•Convenient trading tools for investors.
•Complete and transparent trading control.
•Option for traders on Profits/Commissions.
•All-in-one trading account.
👎 Cons
•Limited filters.
•High commissions on instruments other than CFDs.
•Registered offshore.
IC Markets - best for active traders (extra tight spreads, best liquidity, vps etc)
IC Markets is a Forex broker that is based in Sydney, Australia, and operates in accordance with regulations from the Australian Securities and Investments Commission and the Seychelles Financial Services Authority. They offer competitive effective spreads with an average spread of 0.02 pips for the popular EUR/USD currency pair. For their cTrader account, the all-in cost is 0.62 pips after the commission equivalent of 0.6 pips is added (0.72 pips on MetaTrader). Their Standard account is commission-free and has an average spread of 0.62 pips.
Key features
The average spread for EUR/USD is highly competitive at 0.02 pips.
ASIC and FSA regulation.
Provision of a free VPS server.
Supports trading platforms such as MT4/MT5/cTrader.
Access to a vast selection of over 2200 markets.
👍 Pros
•Efficient connectivity to more than 70 top brokers.
•Provision of an all-in-one trading account with the integration of EA and VPS.
•Dedicated crypto copy trading section.
•A simple and fast account opening process.
•Availability of standard and raw spread accounts.
👎 Cons
•The selection of products is limited.
•The live chat support is slow.
Exness
Exness is a prominent online Forex broker founded by Igor Lychagov and Petr Valov in 2008. The broker offers retail foreign exchange services, partnerships, and corporate solutions worldwide. Exness has become well-regarded among investors, rating agencies, financial journals, and online publications, owing to its honesty and transparency, attracting clients from around the globe. Traders can use the user-friendly MT4 platform provided by them to access a variety of financial services, such as trading CFDs and futures in various markets. The company offers tight spreads and does not impose any undisclosed commission fees on traders. Additionally, traders can benefit from a maximum leverage of 1:2000 and a calculator that determines the maximum leverage and margin requirements based on the trader's current account equity level.
Key features
MetaTrader 4 and 5 compatibility.
Tick History feature for transparent trading.
Trader’s Calculator for accurate cost evaluation.
Expert Advisors for instant trading alerts.
VPS Solutions for improved connection.
Exness Academy for trading resources.
Best Rates via ECN account.
👍 Pros
•107 supported currency pairs.
•Lowest Forex commissions.
•60+ base money options.
•Archived Tick data since 2015.
•Fast deposit and withdrawal process.
•24/7 customer protection service.
•Regulated by FCA, CySEC, and FSA.
👎 Cons
•Seychelles jurisdiction risk.
•No passive investment instruments.
•Limited research materials.
•Limited range of financial instruments.
AMarkets
AMarkets is a broker that provides advanced trading conditions to its clients by using innovative technologies. The company offers a range of modern trading platforms, including STP, ECN, and liquidity aggregation technologies, enabling traders to execute algorithmic and independent online trading. Clients can open an ECN account with a minimum deposit of $200 and benefit from no swaps on commodities and indices, and improved swaps that allow them to save 30% on swap fees for metals, currency pairs, and cryptocurrencies. Additionally, AMarkets runs regular promotions to increase trading profitability and offers an exclusive welcome bonus to new clients who choose a Standard or Fixed account type in the MetaTrader 4 platform. The broker provides two types of trading platforms, MetaTrader4 and xStation, to trade Forex and other asset classes such as CFDs on stocks, stock indices, precious metals, and cryptocurrencies, allowing traders to choose the platform that suits their trading preferences.
Key features
30 technical indicators.
9 timeframes.
One-click trading.
Wide platform compatibility.
Autochartist, economic calendar, trader calculator.
RAMM account for copy-trading.
👍 Pros
•Founded in 2007.
•Low minimum deposit ($1).
•Regulated by IFC.
•Popular with over 10,000 traders.
•Multiple trading platforms offered.
•High leverage options available.
•Bonus promotions offered.
👎 Cons
•Relatively lenient regulation.
•Not regulated by FCA.
•High initial deposit for ECN account.
•Restricted in certain countries (e.g. Great Britain).
MultiBank
MultiBank Group, established in 2005, is a regulated multi-asset broker offering Forex, CFDs, and crypto trading via MetaTrader and cTrader platforms. They have multiple brands and are regulated in various jurisdictions worldwide. MultiBank provides three options for social copy trading and offers commission-free Forex trading with low markups. Their ECN account has the best deal, providing zero-pip raw spreads with a $3.00 commission per round trip. In addition, the in-house copy trading platform and MetaTrader Trading Signals are the better options for copy trading at MultiBank, and the group is continuously developing this technology. For this broker, commission-free Forex mark-ups start from 0.8 pips or $8.00 per round lot in the Pro account and equity CFD trading is commission-free.
Key features
Regulatory licenses across Trust Scores.
Competitive pricing in ECN.
Proprietary social copy trading.
Regulated crypto exchange.
Indemnity insurance up to $1M.
News headlines from Dow Jones and FXStreet.
👍 Pros
•20K assets and 1:500 leverage.
•MAM/PAMM accounts and copy trading.
•ECN with deep liquidity and no requotes.
•Wide selection of indices and competitive spreads.
👎 Cons
FxPro
FxPro is a regulated UK-based CFD and Spread broker operating in 173 countries. They are well-known for their trustworthiness and reliability with more than 1.8 million client accounts.
They have competitive spreads on their cTrader platform, featuring commission-based pricing with an effective spread of 1.27 pips for EUR/USD. FxPro offers six asset categories, along with market information, educational resources, economic calendar, and proprietary trading platforms. Their variable spreads are available on MT4 and MT5.
Key features
Safe, regulated broker since 2006.
Variety of pricing options.
Popular MT and cTrader platforms.
Fully-transparent execution methods.
Wide range of trading tools and products.
👍 Pros
•Up-to-date market information.
•Wide selection of trading products.
•Transparent pricing policy.
•Exceptional customer service.
👎 Cons
•Relatively high fees.
•Unable to use demo account anonymously.
•Limited educational resources.
XM Group
XM Group offers a range of features to make trading easier, including advanced platforms, robust indicators, margin reminders, and automated trading. Their user-friendly platforms and powerful charting tools provide traders with detailed insights into the markets, while high-level security and data protection ensure clients' safety. Moreover, the XM VPS service grants clients access to a private server located near the London data center for faster execution speeds. However, this service is only available to account holders with a minimum total balance of $500 and a volume of 2 lots or 200 micro lots in turnover per month. XM also offers several account types, such as Standard, Micro, Ultra-Low, and Shares, which do not charge commissions, and the XM Zero account, which has a commission of $3.5 per $100,000 traded.
Key features
1,230 CFDs, 57 Forex pairs.
Autochartist, Trading Central.
XM Shares account: $10,000 deposit.
Daily research content, videos, podcasts.
In-house broadcasting with TV-quality video.
Comprehensive education selection.
Full MetaTrader suite with signal market.
👍 Pros
•Wide range of assets.
•High leverage up to 1000:1 (not available for all entities).
•Multilingual accessible support via live chat.
•No commissions.
👎 Cons
•ETF trading not available.
•PayPal funding not supported.
Best Forex trading apps in India compared
Forex trading, in particular, has seen a significant boost in popularity with the availability of trading apps. In this section, the experts at TU have compared some of the best Forex trading apps available in India through crucial factors such as the minimum deposit, application support, bonuses, geographic flexibility, and maximum leverage offered.
| Broker | Minimum Deposit | Forex Trading Apps | Forex bonuses | Accepting Indian Clients | Max Leverage |
|---|---|---|---|---|---|
RoboForex |
$10 |
MT4, MT5, cTrader, R Stock Trader |
$30 no-deposit bonus, 50% deposit bonus |
Yes |
1:1000 |
IC Markets |
$200 |
MT4, MT5, cTrader |
No |
Yes |
1:500 |
Exness |
$1 |
MT4, MT5 |
No |
Yes |
1:1000 |
AMarkets |
$1 |
MT4, MT5 |
$30 no-deposit bonus |
Yes |
1:1000 |
MultiBank |
$50 |
MT4, MT5 |
20% deposit bonus |
Yes |
1:500 |
FxPro |
$100 |
MT4, MT5, cTrader |
No |
Yes |
1:500 |
XM |
$5 |
MT4, MT5 |
50% deposit bonus |
Yes |
1:888 |
How to choose a trading app in India?
Before downloading and using any app, do some research about it and make sure that it’s legal and valid. Cybercrimes are on a rise in the country - it’s possible to find fake websites of real stockbrokers and banks. So ensure that you downloaded a genuine app of a regulated stock broker.
Look at what benefits the app has to offer. Different stockbrokers have different brokerage charges and benefits - compare them and find out what suits you the best.
Check out the different assets that the platform offers. Apart from equities, stockbroking apps allow you to trade or invest in commodities, options, IPOs, mutual funds, etc. Choose an app that best serves your interest.
The functions of the app are another point to consider. The app should not be too complicated- you should be able to navigate between all the options quickly. It should place orders fast. And it’s desirable that it provides you analysis of equities and relevant news, as this information impacts your trade decisions.
Some apps let you experience a demo before you open the actual account. This is good for you if you are just stepping into the world of stock trading.
Unless you open your account and start trading, you won’t get the complete experience. So register yourself and try out your chosen app. If it doesn’t work for you, you can always close your account and move on.
How to start trading Forex in India?
Experts have outlined the basic steps to be followed in order to start trading Forex in India:
Open a trading account with a reputable broker who is registered with the Securities and Exchange Board of India (SEBI).
Complete the broker's Know Your Customer (KYC) process and provide the necessary documents to verify your identity and address.
Fund your account with the minimum deposit required by the broker.
Download the trading platform or app provided by the broker and familiarize yourself with its features and tools.
Analyze the market and make informed trading decisions based on your analysis and risk management strategy.
What is the best time to trade Forex in India?
To trade Forex in India, traders should know when specific currency pairs are most liquid, the market indicators, and consider key economic indicators. Experts suggest the best time to trade Forex is during the overlapping trading sessions between 6.00-12.00 GMT and 18.00-0.00 GMT. In India, the session overlaps between the Sydney and Tokyo sessions (23.00-7.00 GMT), the Tokyo and London sessions (8.00-9.00 GMT), and the London and New York sessions (13.00-17.00 GMT). Volatility increases during the London and New York sessions and reduces gradually towards their end.
Best Forex Trading Time in IndiaBest Forex pairs for Indian clients
In Forex trading, there are three main categories of currency pairs - majors, minors or crosses, and exotic pairs. The most liquid and highly traded pairs are the majors, while the minors or crosses have lower trading volumes. Exotic pairs consist of currencies from developed or developing markets and have high-profit potential but come with increased risks. When trading in Indian trading sessions, the best currency pair is subjective based on the goals of the trader. Experts suggest it is ideal for beginners to start with majors and gradually shift to minors or crosses as and when their strategy gets refined.
Best Currency Pairs to TradeWhat are best Forex apps for beginners in India
When it comes to Forex trading apps, beginners in India should look for platforms that offer copy trading, PAMM trading capabilities, and educational materials. These features can help beginners learn about Forex trading while also minimizing risk. Some examples of Forex apps that offer these features include RoboForex and IC Markets. Both of these platforms have copy trading and PAMM trading capabilities, as well as comprehensive educational materials to help beginners get started in the world of Forex trading.
Top 7 Forex Trading Apps For Beginner tradersDo I pay taxes for Forex trading in India?
Forex trading in India is subject to taxation, and traders need to keep certain variables in mind before trading. Firstly, any income from Forex trading is treated like income from other sources or business income. Secondly, currency pairs in India are settled as cash settlements, which means that profits and losses are settled in INR only. Thirdly, trading in currency pairs can only be enabled via exchange-traded futures and options (derivatives) contracts.
To better understand the taxability of Forex trading in India, here is a brief discussion on the taxation system for Forex traders in India:
All Forex traders in India are subject to direct and indirect taxes. Direct taxes are income taxes levied on profits made from Forex transactions, while indirect taxes include Goods and Services Tax (GST), Securities Transaction Tax (STT), and stamp duty.
If Forex trading is a business for the trader, the income arising from it will be taxed as business income. Otherwise, it must be taxed under 'income from other sources' at the rate applicable to individuals.
GST is charged in three slabs on Forex transactions, with rates ranging from 1% to 18% depending on the transaction amount.
Stamp duties, as per the state laws, are applicable on Forex transactions, along with transaction charges such as brokerage fees.
To avoid unnecessary taxes, traders should plan their taxes early and understand the tax implications of Forex trading in India.
Best Binary Trading Apps in IndiaFAQ
Which Forex platform is best in India?
According to Traders Union’s experts, some of the best Forex platforms in India are RoboForex and IC Markets. These platforms offer copy trading, PAMM trading capabilities, and good educational materials which are useful for beginners.
How to trade Forex in India?
To trade Forex in India, you need to open a trading account with a SEBI-registered broker. You can then deposit funds into your trading account and start trading currency pairs through the broker's trading platform.
Is Forex safe in India?
Yes, Forex trading in India is safe as long as you choose a SEBI-registered broker and follow the regulations set by SEBI. However, it is important to note that Forex trading involves risks, and traders should have a good understanding of the market and risk management strategies.
Do I pay taxes for Forex trading in India?
Yes, taxes are applicable on Forex trading in India. The tax rate depends on whether Forex trading is considered as a business or income from other sources. Additionally, GST, STT, and stamp duty may also be applicable depending on the transaction value. It is recommended to consult with a tax professional to determine the tax liabilities for Forex trading.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
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).