Forex brokers form a link between traders and international currency markets. They do this in two different ways: by providing a platform and providing capital as well. On a trading platform, it is required that traders have access to the interbank market, which is a compilation of technological platforms that banks use to trade with each other.
If you are in india, here are some of the best forex brokers in india you can use:
- Xm – Best Overall Broker 2020, High Bonuses, Tight Spreads
- Hotforex – Trade Forex With Ultra Low Spreads
- Fxtm – • Great Educational Tools
- Avatrade – Full Slate Of Forex, Cfd, Cryptocurrency Offerings
- Markets.Com – Web Trader Or Metatrader
Since its inception in 2009, XM targets 99.35% of all trading targets and has clients in over 190 nations. It also supports over 30 languages and offers a range of services in CFDs, equity indices, precious metals and energy. Furthermore, it offers over 25 different secure payment methods for its traders.
Pros
It is used by over 700,000 traders and regulated by IFSC, CySEC, and ASIC. It also needs a minimum deposit of just $5.
Cons
One problem with XM is that its customer support is only available from Monday to Friday, so traders who need any kind of support on the weekend will be stuck.
This company was established in 2010 and now almost a decade later, it is one of the most experienced traders in the industry. It tries to provide the best possible offerings for traders and is extremely trustworthy.
It is regulated in several jurisdictions and offers traders opportunities to work with MetaTrader while providing analytical and educational resources.
HotForex appears to be the ultimate choice for a trader. It is secure, well-equipped and the perfect platform for new traders. To date, it has garnered support of over a million traders and has claimed numerous industry awards.
Pros
Being regulated in many jurisdictions is a massive positive for brokers, which will promote trust and flexibility. It also features a high variety of account types, so there is something available for every type of trader out there, regardless of volume.
Cons
Commission on zero spread accounts appears to be higher than average, which could be a bit more competitive. Furthermore, offering only MetaTrader might lead to the alienation of some traders who may be more accustomed to other platforms.
This is a highly popular platform, especially among South Africans. One feature that obviously makes this broker attractive is that it is regulated by the FSCA. This ensures that there are no illegal or shady practices taking place, which makes it safe for you to invest your capital.
Another advantage of this particular broker is that you don’t need to make the $250 minimum deposit that most other brokers require. ForexTime offers an account called the ‘Cent,’ which only needs a deposit of $5.
ForexTime is up there with the big boys, and it even offers a Copy Trader feature which allows traders to automatically copy professional traders.
Pros
FXTM is well-regulated. The bodies that regulate it have a good reputation in the finance industry. This should give you the confidence and trust you need to invest in this company.
The company also offers a diverse range of trading accounts, which allows the broker to be highly accessible to both new and experienced forex traders.
Trading on most accounts is commission-free and spreads are highly competitive, which is a strong point in its favor.
Cons
Traders might like to see more options beyond the MetaTrader platforms that FXTM offers. Also, CFD trading through FXTM is quite limited.
This broker is regulated by not just one body but six of them. These bodies are local such as the FSCA as well as international. The head office of AvaTrade is based in Ireland. The company offers a wide range of educational services, giving novice traders the opportunity to follow the trades of the more experienced traders.
The range of trading platforms that it provides is quite wide – one of the widest in the market. It offers two platforms of its own: AvaTradeGo and AvaTradeAct. AvaTradeGo can be used on Android and iOS devices, while AvaTradeAct is compatible with Macs.
AvaTrade customers can also trade with platforms such as MT4, Mirror Trader, ZuluTrade and MQL5. These platforms also allow clients to follow signals and copy traders.
You can also use cryptocurrency here. It was actually one of the first brokers to offer this option, and it offers the widest range of cryptocurrency CFDs.
Pros
It is controlled by regulatory agencies in multiple countries. You also get a lot of choices when it comes to trading platforms. Support comes in 14 different languages, and its trading platforms are available in 20 languages. Demo accounts are available to try out its services.
Cons
Customer support is not available in the United States. Furthermore, regulation is absent from the United States. Transferring funds can also take as much as 5 days, whereas withdrawal can take up to 10 days.
Hint: You can also read our best forex brokers in qatar
This company was founded in 2007 and was initially called GFC Markets. This broker is regulated by some of the most authentic financial regulators: CySEC from Europe, the FSCA from South Africa and ASIC from Australia.
Markets.com is a relatively young company, but it is still growing and so far, it has shown tremendous transparency, user safety and positive indicators.
Pros
It is well-regulated by strict agencies, owned by a reputable parent company and publicly listed. The company also offers a diverse range of CFDs, offering a highly competitive spread that is attractive to traders.
Cons
A few spreads are unusually large, which some traders might not find attractive, especially the experienced ones. Further regulation is required, and the platform can be further expanded.
Conclusion
Choosing the right broker is crucial for your investment. You need to make sure you get a high return on your investment and your broker is not involved in illegal activities. The brokers mentioned above will meet these criteria, so you can directly choose the one that is most suitable for your needs without any hesitation.
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