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.
Vantage Markets is a broker that is a real catch for traders who prefer ECN trading.
Admirals is a suitable broker for both beginner traders as well as professional traders.
The broker is suitable for traders with a basic trading experience, who are prepared to start trading on a real account right away.
Best forex brokers for beginners in India in 2024
| RoboForex | Exness | Vantage Markets | Admirals | 4XC | |
|---|---|---|---|---|---|
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) |
Vantage Markets app, МТ4 (desktop, mobile, web), МТ5 (desktop, mobile), WebTrader, ProTrader |
МТ4, MT5, MetaTrader Supreme Edition, WebTrader |
MT4, MT5, Webtrader |
Min deposit |
$10 |
$10 |
$50 |
$250 |
$50 |
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 0.5 points |
From 0.0 points |
Level of margin call / stop out |
60% / 40% |
0% / 60% |
100% / 50% |
50% / 0% |
100% / 50% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Exchange execution, Market Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
$50 |
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 brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 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
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 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 - Vantage Markets
Vantage Markets is a multi-asset broker that has been operating since 2009. The company operates under the licenses of four regulators – the UK (FCA, 590299), Australia (ASIC, 428901), Vanuatu (VFSC, 700271), and South Africa (FSCA, 51268). Over the years, Vantage Markets has received numerous accolades and prestigious awards. Read more about Vantage Markets Available Countries.
👍 Advantages of trading with Vantage Markets for traders from India:
•A vast array of trading instruments like 1000+ currency pairs and contracts for difference (CFDs).
•The broker has licenses from four reputable regulators.
•Classic trading terminals and a proprietary mobile application.
•An extensive array of trading signals to choose from for traders, regardless of the type of trading account.
👎 Disadvantages of Vantage Markets for traders from India:
•Customers from most countries are forced to cooperate with a branch that has an offshore license.
•Limited training and a lack of information on Forex trading.
•Snail-paced withdrawal of funds with the requirement to comply with special conditions.
Vantage Markets Commissions & Fees for traders from India
Vantage 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.
Vantage Markets Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard STP |
From $0 |
No |
RAW ECN |
From $3 |
No |
Pro ECN |
From $1.5 |
No |
Swap Free |
From $0 |
No |
4
Best Forex broker for beginners in India - Admirals
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:
-
Admirals AU Pty Ltd.
-
Admirals UK Ltd.
-
Admirals Cyprus Ltd.
-
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.
Admirals Commissions & Fees for traders from India
Admirals 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.
Admirals Commissions and Fees in India
| 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 |
5
Best Forex broker for beginners in India - 4XC
4XC is a reliable broker with the FSC license MC03/2018 . With 4XC, customers can trade on MT4, MT5, mobile apps, and Webtrader and get access to trade CFDs on Forex, Precious Metals, Stocks, Indices, Oil, and Cryptocurrencies. 4XC offers live trading or trust management options. The company is loyal to any kind of trading strategies creating a friendly trading environment for every customer.
👍 Advantages of trading with 4XC for traders from India:
•Attractive trading conditions for beginners. Minimum deposit is USD 50 with leverage up to 1:500. This amount is enough to open a position on some assets within the rules of risk management;
•Relatively narrow spread: from 1 pips on the Standard ECN account;
•Good educational opportunities: structured courses for beginners, advanced traders and experts.
👎 Disadvantages of 4XC for traders from India:
•Withdrawal fee (except for the VIP account). Withdrawals are limited to one transaction per day;
•The FAQ section does not fully answer the questions of a potential trader.
4XC Commissions & Fees for traders from India
4XC 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.
4XC Commissions and Fees in India
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
from USD 10 |
0.5-3% |
Pro |
USD 0 |
0.5-3% |
VIP |
USD 0 |
no |
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 | Vantage Markets | Admirals | 4XC | |
|---|---|---|---|---|---|
Overall score |
8.61 |
7.58 |
7.32 |
8.43 |
6.08 |
Execution of orders |
8.95 |
9.6 |
8.2 |
7.65 |
4.41 |
Investment instruments |
8.2 |
8.79 |
9.19 |
9.31 |
5.51 |
Withdrawal speed |
9.71 |
8.79 |
8.2 |
8.57 |
8.47 |
Customer Support work |
9.17 |
9.29 |
6.64 |
8.2 |
6.12 |
Variety of instruments |
8.75 |
8.02 |
7.37 |
8.75 |
8.02 |
Trading platform |
6.86 |
1 |
4.31 |
8.09 |
3.95 |
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.
Best Forex Brokers for Beginners by Countries
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.