Best Forex Trading Apps in India 2024

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Forex trading in India demands cutting-edge tools, and choosing the right app can make all the difference. As seasoned researchers and traders, we understand the importance of having the best forex trading app. Therefore, we went out of our way to conduct extensive research on the forex trading apps available in India.

In this guide, we reveal our top recommendations based on multiple tests and comparisons. From user-friendly interfaces to advanced features, our selection caters to diverse trading preferences. Besides top apps for Indian forex traders, we will also guide you in choosing the best option and how to trade in forex in India.

In a Nutshell

  • The currency or forex market is the most liquid. Therefore, it offers unparalleled opportunities for traders to swiftly execute buy or sell orders.
  • The best app for forex trading in India should be hosted by a reliable forex broker licensed and regulated by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
  • The best element about trading forex using an app is that you can easily manage, enter, and exit positions whenever you see fit.
  • At Invezty, we conduct multiple tests and comparisons on trading apps and compare user testimonials before making recommendations.
  • Forex traders in India should choose apps with features aligning with their trading requirements.
  • Indian forex traders should find apps hosting quality market analysis tools for extensive research and strategy development.

List of the Best Forex Trading Apps

  • AvaTrade – Overall Best Forex Trading App
  • Pepperstone – Best Social Trading Forex Trading App
  • FP Markets – Best Forex App For Automated Trading
  • Interactive Brokers – Best Forex Trading App For Expert Indian Traders
  • FxPro – Beginner-Friendly Forex Trading App
  • Spreadex – Best Forex Trading App With no Minimum Deposit Requirement
  • Saxo – Best Forex Trading App With Excellent Support Service
In This Guide

Compare the Best Indian Forex Trading Apps

It is crucial to ensure you fully understand apps offerings before making a choice. Fortunately, we have prepared a comparison table below highlighting additional features for our recommended apps for forex trading.

Best Forex Trading App IndiaLicenseSupport ServiceSoftwarePaymentDemo Account
AvaTradeGOCBI, CySEC, ASIC, BVIFSC, FSA, SAFCSA, ADGM, ISA, SEBI24/5MT4, MT5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, Capitalise.aiCredit/debit cards, Wire transfer, Paypal, Skrill, NETELLER, WebMoneyYes
PepperstoneFCA, SEBI, ASIC, DFSA24/7MetaTrader 4, MetaTrader 5, cTrader, TradingView, Capitalise.ai, Social TradingCredit cards, Bank transfer, PayPal, Neteller, Skrill, Union PayYes
FP MarketsCySEC, ASIC, FCA, SEBI24/7MT4, MT5, cTrader, IressCredit/debit cards, Bank transfer, PayPal, Neteller, Skrill, PayTrust, FasaPayYes
Interactive BrokersFSA, FCA, SEBI, ASIC, FINRA, CIRO24/5Trader Workstation, IBKR Mobile, IBKR EventTrader, IBKR GlobalTrader, IMPACTBank transfers, e-wallets, credit/debit cardsYes
FxProSEBI, FCA, CySEC, FSCA, SCB, FSCM24/5FXPro Trading Platform, MetaTrader 4, MetaTrader 5, cTraderWire transfers, Credit/debit cards, PayPal, Neteller, SkrillYes
SpreadexFCA, SEBI24/5IPHONE App, IPAD App, ANDROID App, TradingViewBank Wire Transfer, Credit cardsNo
SaxoFSA, MAS, SEBI24/5SaxoTraderGO, SaxoTraderPROBank Wire Transfer, Debit cardsYes

Overview of Our Recommended Forex Trading Apps’ Fees and Assets

Choosing the right forex trading app with a blend of affordable fees and diverse assets is key to a successful trading venture in India. Below, we share tables highlighting our recommended apps’ trading/non-trading fees and available assets. This is to ensure you make the best decisions that will enhance your trading experience.

Fees

Best Forex Trading App IndiaFeesMinimum Deposit RequirementTransactionInactivity
AvaTrade0.03 pips$100Free$50 quarterly
PepperstoneFrom 0.0 pips$0FreeNone
FP MarketsFrom 0.0 pips$100FreeNone
Interactive BrokersFrom 0.08 points$0The first withdrawal per calendar month is free. Subsequent withdrawals cost $2 per withdrawalNone
FxProFrom 0.1 pips$100Free$15 one-off maintenance fee
SpreadexFrom 0.6 pips$0FreeNone
SaxoFrom $0.01$0Free$100 

Assets

Best Forex Trading App IndiaCryptocurrenciesStocksCommoditiesETFsOptions
AvaTradeYesYesYesYesYes
PepperstoneYesYesYesYesYes
FP MarketsYesYesYesYesNo
Interactive BrokersYesYesYesYesYes
FxProYesYesYesNoNo
SpreadexYesYesYesYesYes
SaxoYesYesYesYesYes

Our Opinion & Overview of the Best Forex Trading Apps

Forex trading in India demands strategic choices, particularly in selecting the right trading apps. As professional traders and researchers, we have assessed and categorised standout performers among thousands of forex trading apps for India. Below are our opinions to encourage you to make informed decisions and choices.

1. AvaTrade – Overall Best Forex Trading App

When it comes to mobile trading in India’s forex market, AvaTrade stands out as the top choice. Our extensive analysis has led us to believe that AvaTradeGO, the broker’s mobile app, is unparalleled in its performance, earning high ratings on Google Play, the App Store, and Trustpilot. We personally tested the app on various mobile devices and were impressed by its seamless trades and modern design. With access to over 60 currency pairs and an additional 1250+ assets, AvaTrade facilitates extensive portfolio diversification.

AvaTrade goes above and beyond with platforms like AvaSocial, DupliTrade, and ZuluTrade, enhancing social and copy trading experiences. The inclusion of MT4 and MT5 platforms further solidifies the broker’s commitment to providing a versatile and user-friendly trading experience. Based on our analysis and positive experiences, we confidently assert AvaTrade’s position as the overall best forex trading app in India, earning it a 5-star rating.

AvaTrade

✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform

trustpilor logo
8,859 User Reviews
google
10,200 User Reviews
apple
25 User Reviews
financeraters logo
Our Rating
Total Rating:
19,084 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Over 60 currency pairs to trade
  • Low minimum deposit requirement of $100
  • Commission-free forex trades with low spreads
  • Highly rated by users on Google Play, the App Store, and Trustpilot

Cons

  • Limited asset offerings compared to its peers
  • High minimum deposit requirement to access the DupliTrade and ZuluTrade platforms

AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.

Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.

On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.

It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.

At AvaTrade, we explored over 1250 CFD instruments across multiple asset classes. We like this element, as it will make it easier for you to diversify your portfolio on a single platform. Let’s explore AvaTrade’s featured securities below.

  • Forex: AvaTrade lists over 50 currency pairs, including major, minor, and exotic.
  • Commodities: AvaTrade offers over 19 CFD commodities, including crude oil, gold, copper, natural gas, and more.
  • Cryptocurrencies: Enjoy 20+ crypto tokens at AvaTrade. Popular examples include Bitcoin, Litecoin, Solana, Dogecoin, and more.
  • Stocks: You will trade over 600 stocks, including prominent companies like Tesla, Netflix, Apple, Google, and more.
  • Indices: Over 30 stock index CFD assets are also available at AvaTrade.
  • ETFs: For ETF traders, this broker exposes you to over 60 options, all of which you can trade at low spreads.
  • Bonds: When it comes to bonds, AvaTrade only offers two options, including EURO-BUND and JAPAN GOVT BOND.

This broker only supports forex and CFD trading instruments. This means that you cannot use AvaTrade to buy an asset and take full ownership.

Before engaging in CFD trading, understand that the activity carries risks. Over 76% of retail traders lose money in this venture. Therefore, understand what CFD trading is and the risks that come with it before investing your hard-earned money.

2. Pepperstone – Best Social Trading Forex Trading App

Our extensive analysis places Pepperstone at the forefront as the top social trading forex app in India. Its inclusion of social and copy trading features on platforms like Myfxbook, MetaTrader Signals, and DupliTrade adds an extra layer of convenience and enhances users’ overall trading experience. The app is also compatible with popular platforms such as TradingView, MT4, MT5, and cTrader, which ensures a seamless and versatile trading environment.

We noticed that this forex trading app provides access to 90+ currency pairs and an extensive suite of 1200+ CFDs covering shares, commodities, ETFs, and indices for portfolio diversification. With a recommended $200 minimum deposit for Indian traders and competitive spreads starting from 0.0 pips, Pepperstone delivers a comprehensive and user-friendly trading experience. Plus, professional traders will enjoy a leverage limit of up to 1:500 leverage, thus maximising their experience. From our analysis, Pepperstone earns a 4.7-star rating.

Pepperstone

✔800+ instruments
✔No minimum deposit requirement

trustpilor logo
2,809 User Reviews
google
4,470 User Reviews
apple
1 User Reviews
financeraters logo
Our Rating
Total Rating:
7,280 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Low trading fees with spreads from 0.0 pips
  • Lists over 90 currency pairs to choose from
  • Features social trading whereby you get to interact with other traders and mirror potentially profitable positions
  • Free deposits and withdrawals

Cons

  • Limited asset offerings compared to its peers
  • Does not allow buying and taking full ownership of the assets

We identified numerous fees and costs on Pepperstone. First, from our exploration, we discovered that Pepperstone users are subjected to spreads and commissions that vary depending on market conditions and account type. This platform has two accounts: Standard and Razor. Both are associated with different charges and conditions. For instance, Razor accounts only attract commissions when users trade CFDs on Forex.

Pepperstone also charges overnight funding, which kicks in when a trader holds a position in commodities, equities, indices, metals, or cryptocurrencies overnight after 5 p.m. New York Time. This broker’s overnight funding charges vary depending on different factors, including underlying TomNext rate changes.

But here’s the best thing you can derive from our Pepperstone broker review, especially where fees are involved. Pepperstone doesn’t charge account inactivity fees. Moreover, this platform doesn’t charge a single dime for deposits and withdrawals. Furthermore, this broker has no minimum deposit requirements.

The product offerings on Pepperstone didn’t disappoint. This broker allows traders to open a universe of possibilities with diverse assets. We saw over 800 CFDs on this platform, including:

  • Commodities: Pepperstone allows traders to trade a wide variety of commodities. Available options include cotton, coffee, sugar, orange juice, cocoa, and more. Precious products like silver, gold, palladium, and platinum are also offered. You can use any of these assets to diversify your portfolio and minimize risk exposure, especially during market turmoil. The best part is that Pepperstone’s commodities come with zero commissions.
  • Forex: Are you a forex enthusiast? Check out Pepperstone’s products; we did, and they were impressive. This broker has everything, from majors to minors and exotics. Moreover, the platform lets you dive into forex trading while enjoying competitive spreads and low commissions. That’s not all. While trading forex on Pepperstone, you get flexible leverage and high-quality execution.
  • Indices: Pepperstone’s trading platform is chock-full of tradeable indices. They offer you the golden opportunity to capitalize on the movement of 14 major global stock markets. Pepperstone’s indices have no hidden markups, re-quotes, or dealing desk.
  • Currency indices: Pepperstone gave us ample opportunity to profit from shifts in the value of different currencies against baskets of other currencies. The platform did that through currency indices.
  • Shares: Upon joining Pepperstone, you can go short or long on a variety of top US shares. Available options range from Alibaba and Boeing to Apple and Tesla. Note that you need MetaTrader 5 to trade shares on Pepperstone.

3. FP Markets – Best Forex App For Automated Trading

Our extensive testing and analysis lead us to conclude that FP Markets is the optimal choice for automated trading in the Indian forex market. Our firsthand experience with the user-friendly app revealed flawless trade executions, allowing for multiple transactions without a hitch. Navigating through FP Markets, we were impressed by the extensive selection of over 70 currency pairs and an additional 10,000+ CFD securities, including forex, shares, commodities, cryptos, and more. The app’s reasonable minimum deposit requirement of $100 ensures accessibility for traders of varied backgrounds.

Our endorsement of FP Markets is grounded in its exceptional execution of forex trades. With robust automated trading tools in the MT4 and MT5 platforms, this app caters specifically to forex enthusiasts. Other notable features include low forex spreads starting from 0.0 pips and a leverage limit of up to 500:1 for professional traders. From our comprehensive analysis, we award FP Markets a 5-star rating.

FP Markets

✔Free deposits and withdrawals
✔No inactivity fees

trustpilor logo
7,142 User Reviews
google
0 User Reviews
apple
2 User Reviews
financeraters logo
Our Rating
Total Rating:
7,144 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Automated trades via MT4, MT5, and Myfxbook copy trading platforms
  • Low minimum deposit requirement
  • Low forex trading fees
  • Plenty of learning and educational materials

Cons

  • No forex price plan
  • Automated trading securities are available for CFD trading only

The outstanding perks of using FP Markets include free deposits or withdrawals. This broker goes above and beyond by covering all internal bank fees arising from international transfers. Moreover, you can start your journey with a free demo account before switching to a live account. Keep in mind that FP Markets’ minimum deposit requirement is $100.

The other commendable thing is this broker has reduced non-trading costs and charges. Take inactivity fees as an example. Unlike many of its peers, FP Markets doesn’t penalize dormant accounts. So, you can stay logged out of your account for as long as you like without fretting over accumulating fees.

That said, we encountered numerous other FP Markets fees and costs. Although you can open a Standard account, which comes with 0 commissions, you’ll still face variable spreads, starting from 1.0 pips. On the other hand, IRESS, FP Markets’ sophisticated premium platform, has commissions that vary depending on geographical location. IressTrader/ViewPoint also has a mandated $60 fee. Luckily, there are free alternatives like MT4 and MT5, which have no platform fees.

FP Markets lets its clients pick their favorite assets from over 10,000 tradable instruments. This broker mainly deals with CFDs, which let you trade and capitalize on price movements in different markets. But you can also trade forex here.

Below is a comprehensive list of all FP Market’s product offerings:

  • Forex: You can trade forex with FP Markets and access 70+ currency pairs, flexible leverages of up to 500:1, and minimum spreads of up to 0.0.
  • Shares: FP Markets offers you the opportunity to trade 10,000+ Australian and international share CFDS. The share CFDs come from different markets, including London, Amsterdam, and Hong Kong.
  • Metals: If you’d like to trade metal CFDs, try FP Markets. This broker gives you access to tradeable CFDs related to precious metals like gold, silver, and palladium.
  • Indices: Various index CFDs are supported by FP Markets. They range from EUREX TO NASDAQ 100 and S&P 500.
  • Commodities: FP Markets allows you to diversify your portfolio by trading commodities CFDs. You will get uncapped access to CFDs related to diverse commodities, including gold, silver, and oil.
  • Cryptocurrencies: With an FP Markets account, you can trade crypto CFDs whenever you like. The platform supports popular digital currencies, including Bitcoin, Ripple (XRP), and Ethereum.
  • Bonds: Bond trading is available on FP Markets. It’s a fitting option for traders who prefer dealing with lower-volatility markets.
  • ETFs: The FP Markets trading platform offers a wide variety of ETFs, including ACWI, EEM, and QQQ.

4. Interactive Brokers – Best Forex Trading App For Expert Indian Traders

From our hands-on experience, Interactive Brokers (IBKR) emerges as the premier forex app for professional traders in India. We like its user-friendly interface, hassle-free account opening process, and no minimum deposit requirement —elements that make the app easily accessible for seasoned traders. IBKR is also committed to transparency, as we haven’t discovered any hidden costs. All transactions are free, and users get the opportunity to earn interest of up to USD 4.83% on available cash.

The IBKR GlobalTrader mobile app ensures direct access to interbank quotes and features a vast selection of 100+ currency pairs with tight spreads. Our analysis reveals the app’s seamless functionality, making it suitable even for newbies entering the currency market. With thousands of additional assets, including stocks, commodities, options, futures, bonds, and more, IBKR provides a comprehensive portfolio for diversification. Furthermore, the inclusion of the BestX platform, equipped with advanced technologies, solidifies IBKR’s position as the top choice for professional traders in India, earning it a well-deserved 5-star rating.

Interactive Brokers

✔Accepts clients in over 200 countries globally
✔Powerful trading platforms

trustpilor logo
2,947 User Reviews
google
43,200 User Reviews
apple
9,700 User Reviews
financeraters logo
Our Rating
Total Rating:
55,847 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • There is no minimum deposit requirement
  • Features thousands of securities for portfolio diversification
  • Its GlobalTrader app is user-friendly with a modern design
  • Allows its users to earn high interest rates of up to 4.83 on instantly available cash

Cons

  • Its desktop platform can be challenging for newbies to navigate
  • Support service is only available 24/5

We find IBKR to be one of the most affordable brokers in the financial landscape. For starters, the broker has no minimum deposit requirement. This makes it easier for traders to start trading or investing with any amount they can afford.

Additionally, trading US-listed stocks and ETFs is commission-free on its IBKR Lite account. Other trading assets also attract low commissions, thus making the broker an option for low-budget traders. For accounts with a net asset value of at least $100,000, IBKR allows you to earn interest of up to 4.83% on cash balances.

When it comes to Interactive Brokers margin rates, they are among the lowest. We compared it to others and discovered that its lowest tier has a rate of 6.83% at IBKR PRO and 7.83% at IBKR Lite. Transactions with this broker are also free. Moreover, you will not incur any inactivity fee should your account remain dormant. However, it is essential to stay active if you want to quickly become an independent and successful investor.

Interactive Brokers offers access to thousands of tradeable instruments across 150+ markets. See below the list of products you will explore once you commit to IBKR.

  • Stocks/ETF: As mentioned earlier, IBKR offers commission-free trading for US-listed stocks and ETFs. You will also incur low commissions for other stocks with IB SmartRouting. Stocks are available from 90+ market centers, and you can buy the shares in fractions.
  • Options: Options trading at IBKR attracts low commissions, from USD 0.15 to 0.65 per US option contract. You can trade the asset globally in 30+ market centers.
  • Futures: IBKR allows you to trade commodity futures across 30+ market centers. The best part is that you will incur low commissions from USD 0.25 to 0.85 per contract.
  • Forex: The broker lists over 100 currency pairs. You will trade with low spreads as narrow as 1/10 PIP on major currency pairs. The best part is that you will enjoy deep liquidity and real-time quotes from 17 world’s largest forex dealers.
  • Mutual Funds: Have access to over 48,000 global funds with IBKR. Over 19,000 options do not come with transaction fees, while others attract low commissions and zero custody fees.
  • Commodities: Commodities like Spot Gold come with low commissions at Interactive Brokers.
  • Bonds: For those looking to invest in bonds, this broker got your back. Here, you will explore over one million options with no spreads but low commissions. You will trade directly with other IBKR clients.

5. FxPro – Beginner-Friendly Forex Trading App

Our extensive analysis positions FxPro as the premier choice for novice forex traders in India, and here’s why. Throughout our testing, we found that FxPro offers a remarkably user-friendly platform, featuring a diverse selection of over 70 currency pairs, ranging from major to exotic. The app ensures a seamless trading experience with lightning-fast order execution—a crucial factor for beginners navigating the complexities of forex trading.

One standout feature we noticed at FxPro is a transparent fee structure with no transaction charges. We believe this makes it an attractive option for those just starting forex trading. Moreover, FxPro allows users to start their forex journey with a modest initial investment of $100, accommodating traders with varying capital sizes. Supported by the powerful trio of MT4, MT5, and cTrader, FxPro ensures beginners can easily navigate and execute trades. Plus, its 24/5 support service ensures you get assistance and guidance when needed. Our analysis awards FxPro a commendable 4.3-star rating.

FxPro

✔24/7 multilingual support is available
✔No deposit or withdrawal fees

trustpilor logo
468 User Reviews
google
2,530 User Reviews
apple
71 User Reviews
financeraters logo
Our Rating
Total Rating:
3,069 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Over 70 currency pairs to trade
  • Low spreads from 0.6 pips on major currency pairs
  • Quality learning and research tools
  • Reliable and responsive support service

Cons

  • Only forex and CFD assets are supported
  • Its price is a bit higher compared to some of its peers

After signing up with FxPro, we discovered several key aspects. First, we had to adhere to FxPro minimum deposit requirements. Presently, this broker recommends that you fund your account with at least $1,000, but you can deposit as little as $100. And don’t worry about any charges. Deposits and withdrawals are free on this trading platform.

That aside, if you choose the cTrader platform and trade FX pairs of spot metals, expect to pay a commission, but it’s reasonable. This broker charges $35 for every $1 million traded. Additionally, if you keep a position open overnight, you will incur swap/rollover charges. FxPro will charge your account automatically at 21:59 (UK time).

FxPro has a cost calculation tool you can use to determine every available instrument’s quarterly charges. You should check it out.

Signing up with FxPro will enable you to trade a wide variety of assets, including:

  • Forex: Over 70 FX currency pairs are available on FxPro, ranging from EUR/GBP to USD/CHF and EUR/USD. You can trade CFDs on such pairs and enjoy fast order execution and tight spreads.
  • Futures: FxPro offers you the opportunity to trade CFDs on futures such as Sugar, Cotton, and Wheat. Courtesy of this platform, you can speculate on the prices of different assets and earn returns.
  • Indices: With FxPro, you can index CFDs from different regions, including America, Asia, and Europe. This broker has a long list of indices consisting of shares from some of the most established global companies. Available options range from Germany 40 to AUS200 and UK100.
  • Shares: If you prefer trading shares and stocks CFDs, FxPro has you covered. As an FxPro trader, you get access to instruments from different companies, including American Airlines Group Inc, Yum China Holdings, and many more.
  • Metals: FxPro allows traders like you to trade CFDs on platinum, gold, and palladium. Other metals, including copper, silver, and lead, are also available on this broker’s trading platforms.
  • Energy: When trading with FxPro, you can invest in popular spot energy commodities like Natural Gas and Brent Oil. These are ideal instruments for short-term trading and portfolio diversification.
  • Cryptocurrencies: Very few brokers offer crypto CFDs, and FxPro is on this list. This broker gives you access to some of the most coveted CFD-related assets, including Bitcoin, Litecoin, and Ethereum.

6. Spreadex – Best Forex Trading App With no Minimum Deposit Requirement

Spreadex emerges as a beacon of accessibility, particularly for traders on low budgets. What sets this app apart is its welcoming policy of no minimum deposit requirements. This unique feature allows traders to enter the forex market with an amount that suits their comfort level. Spreadex boasts a diverse range of over 60 currency pairs, featuring competitive spreads from 0.6 pts on EUR/USD and 0.9 pts on GBP/USD. 

Our hands-on experience with Spreadex’s user-friendly and customisable platform revealed a seamless journey for users, complemented by advanced and automated technical analysis tools. The broker’s commitment to providing additional learning resources and responsive customer support via email, phone, and live chat adds to its appeal. In our analysis, Spreadex deserves recognition in the currency market, so we give it a solid 4.5-star rating.

Spreadex

✔Licensed and regulated by tier-one financial authorities
✔No minimum deposit requirements

trustpilor logo
113 User Reviews
google
0 User Reviews
apple
152 User Reviews
financeraters logo
Our Rating
Total Rating:
265 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • A user-friendly and modern design trading app
  • No minimum deposit requirement
  • Low trading fees
  • Allows social trading

Cons

  • Limited research resources compared to its peers
  • No negative balance protection for Indian traders

From our assessment of Spreadex’s fees, we concluded that this broker offers one of the most cost-friendly platforms. Why? For starters, Spreadex has $0 minimum deposit requirements. That means you can deposit whatever you can afford and start trading immediately. Moreover, while funding your account, you won’t have to pay any deposit fees – it’s free! The same applies to withdrawals.

That is exceptional news since Spreadex supports myriad payment methods, from debit and credit cards to Apple Pay and Easy Bank Transfer. You can use these options without fretting over any charges undermining your profits.

We also recommend Spreadex because this broker doesn’t penalize dormant accounts. Your Spreadex trading account can remain inactive for an extended period without attracting inactivity fees, which separates this company from its peers.

Spreadex offers exceptional rates on spreads. This broker’s spreads start from 0.6 pips for CFD trading. This trading broker should be your go-to if you want lower overall trading costs and improved profit margins.

That said, Spreadex charges overnight funding for shares rolling positions. If you keep a position open through the close of the relevant exchange, Spreadex will keep it open for the following day’s trading. But that will attract a funding adjustment. The fees you’ll incur at any given time will be a combination of the Adjusted ARR and Spreadex’s charges. However, holding futures overnight won’t attract any charges.

Spreadex offers a wide range of tradeable products through CFDs and spread betting. With a Spreadex account, you get uncapped access to 10,000 global markets and instruments.

That said, you should be extremely careful. CFD trading and spread betting are risky endeavors. 64% of retail investors part with their hard-earned money while betting on spreads and trading CFDs on Spreadex. If you’re a novice, learn the ropes and hone your skills with a demo account before risking your resources. Note that this broker limits spread betting to specific regions, including the UK and Ireland.

Here are the product offerings we discovered on Spreadex:

  • Forex: As a Spreadex client, you can speculate on 60+ currency pairs and enjoy competitive spreads. The spreads start at 0.6 and 0.9 points for EUR/USD and GBP/USD, respectively. This broker gives you 24-hour access to most FX trading markets and offers world-class technical analysis tools like advanced indicators with drawing tools, pattern recognition, and Pro Trend Lines.
  • Shares: Spreadex’s share trading feature allows you to profit from rising and falling equity and stock prices. The available shares are from 15+ countries, including Europe, Asia, and the UK. This broker supports out-of-hours trading on German, UK, and US shares. Not to forget, any profits you rake in from spread trading on shares are free from Stamp Duty and Capital Gains Tax.
  • Bonds and Interest Rates: Suppose you’re interested in speculating on the direction of bond prices and interest rates. Spreadex’s trading platform lets you do that. This broker lets you choose your favorite assets from a comprehensive list of 19+ bond and interest markets from Europe, the US, and the UK.
  • Commodities: After joining the Spreadex broker trading platform, you can place CFD trades and spread betting on commodity futures markets. The best part is that you can enjoy low spreads starting from 0.5 pts on Gold. Also, all your profits from trading spreads or commodities CFDs are exempted from Stamp Duty and Capital Gains Tax.
  • Indices: Spreadex allows you to trade indices with tight spreads starting from 1 pt on the UK 100 and Germany 50. This broker also supports out-of-hours trading, meaning you can trade most of the available indices around the clock. There are over 30 indices markets on Spreadex’s trading platform.
  • ETFs: Spreadex supports ETFs, which bundle different stocks together. With an ETF, you get exposure to a basket of assets, saving you from the hassles of trading individual constituents. There are over 200 ETFs on Spreadex. Moreover, all profits from ETF spread trading are exempt from Capital Gains Tax.
  • Cryptocurrencies: Join Spreadex to speculate on the prices of digital currencies like Bitcoin, Ripple, and Litecoin. However, this product is exclusively for traders in the Professional Clients program.

7. Saxo – Best Forex Trading App With Excellent Support Service

We recognize Saxo as one of the leading forex trading apps in the industry, especially in providing excellent support service. In our rigorous testing, the app’s 24/5 responsiveness left a lasting impression on our team. The support team not only addressed our concerns promptly but also conducted thorough follow-ups to ensure our satisfaction, enhancing our overall trading experience.

Saxo offers a comprehensive range of assets, including access to 185+ forex pairs and an additional 71,000+ securities for robust portfolio diversification. Its classic account’s unique feature of no minimum deposit requirement aligns with Saxo’s commitment to accessibility for all users. We also noticed the app’s SaxoTraderPRO platform, specifically tailored for professionals. Our experience highlighted the platform’s full customizability and compatibility with iOS and Windows devices, providing an unparalleled user experience. In our comparative analysis, Saxo earns a commendable 4.4-star rating.

Saxo

✔Reasonable commissions and spreads
✔Easy account registration process

trustpilor logo
6,519 User Reviews
google
7,320 User Reviews
apple
1,400 User Reviews
financeraters logo
Our Rating
Total Rating:
15,239 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Lists over 185 currency pairs to trade
  • Excellent research tools for market analysis
  • A responsive and efficient support service with relevant solutions
  • Over 71,000 additional securities for portfolio diversification

Cons

  • Has an inactivity fee of $100, which kicks in after 6 months
  • Limited learning tools compared to its peers

We love Saxo because not only is this broker popular, but it also prioritizes transparency. The official trading site outlines every fee or cost you might incur while trading with it. Here’s a summary.

Saxo charges commissions on some assets. Investing in mutual funds is commission-free. However, financial instruments like stocks, futures, and ETFs attract commissions starting from $1. Others, like listed options and bonds, have commissions starting from $0.75 and $0.05%, respectively.

If you trade an asset in a currency different from your account’s base denomination, Saxo will charge you currency conversion fees. The good news is this fee doesn’t apply to marginal collateral and can never exceed +/- 0.25%.

Saxo also charges financing rates on margin products. Suppose you get funding from this broker and use it to open a position in a margin product and hold it overnight. Saxo will levy financing charges, which will factor in commercial product markup or markdown and this broker’s bid or offer financing rates.

As an investor, you may also incur annual custody fees if your account holds stock, bond, or ETF/ETC positions. The exact will vary depending on your account. Classic, Platinum, and VIP accounts attract up to 0.15%, 0.12%, and 0.09%, respectively.

If you open a Classic Saxo account, expect to pay $50 whenever you request online reports to be emailed to you. On the other hand, as a Classic or Platinum account holder, you can pay $200 and add an instrument to your platform.

But here’s some good news: online deposits and withdrawals are free on the Saxo trading platform. Furthermore, this broker charges zero inactivity fees and has no minimum deposit requirement.

Saxo offers over 70,000  products categorized into investment and leveraged products.

Joining Saxo gives you the opportunity to invest in diverse products, including stocks, mutual funds, and bonds. There are over 23,500 stock options, 17,700+ mutual funds, and 5,900+ corporate and government bonds alone. The exact numbers may vary depending on your geographical location.

When it comes to leveraged products, traders like yourself are spoiled for choice. Saxo offers you access to a rich product range with options like:

  • Options
  • Futures
  • Forex
  • Forex options
  • Crypto FX
  • CFDs
  • Commodities

All you have to do is pick an investment or leveraged product, make the right decisions, and earn juicy returns. But be careful. Trading and investing are risky endeavors. If you are not a skilled professional, educate yourself and hone your skills before putting money on the line.

How to Start Forex Trading with Mobile App in India

Forex trading in India has never been more accessible, thanks to mobile apps that empower traders on the go. Here’s a step-by-step guide to help you kickstart your forex trading experience using a mobile app.

Step 1: Choose and install a forex trading app
Step 2: Register a trading account
Step 3: Verify your account
Step 4: Make a deposit
Step 5: Start trading

Begin by comparing and selecting a reputable forex trading app from our list of recommendations above. Find one with features that align with your needs, considering factors such as user interface, available features, security measures, and reviews from other users. After you are familiar with an app’s terms and conditions, download and install it on your mobile device.

Upon installing the app, initiate the registration process. Provide accurate personal information as required, including your name, contact details, email address, and more. Some apps may prompt you to create a username and password during this stage. Take note of your login credentials for future access.

To enhance security and comply with SEBI regulatory standards, most trading apps require account verification. This involves submitting identification documents such as a government-issued ID as proof of address or other documents specified by the platform. You may also be required to share a copy of a recent utility bill as proof of residence. Ensure timely completion of this step to unlock the full functionality of your trading account.

Now that your account is registered and verified, it’s time to fund it. Explore the deposit options provided by the app, which typically include bank transfers, credit/debit cards, or alternative payment methods. Start with a reasonable initial deposit, keeping in mind your risk tolerance and financial goals.

With your trading account funded, familiarise yourself with your app’s features. Many apps offer demo accounts, allowing you to practise forex trading with virtual funds before risking real money. Once you feel confident, transition to live trading. Analyse market trends, utilise technical and fundamental analysis tools, and execute trades based on your strategy.

How to Choose the Right Forex Trading App

Selecting an appropriate forex trading app is a critical first step towards a successful trading journey. With numerous options available, it’s essential to consider key factors to ensure the chosen app aligns with your preferences and trading goals. Here’s a comprehensive guide on how to choose the right forex trading app in India.

Security
Platform
Transaction/Non-Trading Costs
Available Assets
Customer Support
Educational Resources
Reviews and Reputation:

Ensure that the trading app operates under the regulations set by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). This guarantees your trading funds remain safe, and you can easily report misconduct if it arises. The app should also have robust security measures such as encryption protocols, two-factor authentication, and secure payment gateways to safeguard your data and transactions.

Opt for a forex trading app with an intuitive and user-friendly interface. Navigate its platform and ensure it is straightforward, allowing you to easily execute trades, access market information, and manage your account. Additionally, look for real-time market data, advanced charting tools, technical analysis capabilities, and risk management features. A comprehensive app with a range of functionalities enhances your trading experience.

Understand the fee structure of a forex trading app. Different apps have varying transaction costs, spreads, minimum deposit requirements, inactivity fees, and more. Consider how these costs align with your trading style and budget, ensuring transparency in pricing.

Check the variety of currency pairs available on a forex trading app. A diverse range of pairs allows you to explore different markets and capitalise on various trading opportunities. Ensure the app supports the specific currency pairs you are interested in. For traders looking to diversify their portfolios, opt for an app with additional asset classes such as stocks, futures, commodities, ETFs, and more.

Reliable customer support is crucial. Therefore, choose an app with responsive customer service available through various channels like phone, email, and live chat. This ensures you can seek assistance promptly in case of any issues or queries.

Consider apps that provide educational resources. Whether you are a beginner or an experienced trader, access to tutorials, webinars, articles, guides, and more can contribute to your ongoing learning and skill development. The app must also host a demo account so you can easily familiarise yourself with the app’s functionalities, test strategies, and build confidence before engaging in live trading.

Research user reviews and the overall reputation of the trading app on Google Play, the App Store, and Trustpilot. Feedback from other traders can offer valuable insights into the app’s reliability, performance, and customer satisfaction.

Regulation in India

Regulatory oversight plays a pivotal role in ensuring the security and integrity of the financial market in India. The financial sector is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). While the RBI oversees overall monetary policy and foreign exchange management, SEBI specifically regulates the securities and commodity markets, including forex trading. As an Indian trader, it’s important to engage with brokers and trading platforms that comply with these authorities’ regulatory guidelines. Ensuring adherence to regulatory standards not only safeguards traders’ interests but also fosters a transparent and trustworthy trading environment.

Indian traders should be aware of the regulatory framework, understand the guidelines provided by the RBI and SEBI, and verify the credentials of any broker or platform they intend to use. The evolving nature of financial regulations underscores the importance of staying informed about any updates or changes in the regulatory landscape to make well-informed decisions in the world of forex trading in India.

What To Avoid When Choosing a Forex Broker in India?

Choosing the right forex broker in India is crucial for a successful trading experience. To safeguard your investments, steer clear of the following pitfalls. 

  • Unregulated Brokers – Ensure the broker is regulated by authorities like SEBI and RBI.
  • Lack of Transparency – Choose brokers with clear information on fees, services, and terms.
  • Poor Customer Support – Prioritise brokers with responsive and effective customer support.
  • Unfavourable Trading Conditions – Watch for brokers with wide spreads or restrictive leverage.
  • Unrealistic Promotions and Bonuses – Be wary of brokers offering overly generous incentives with complex withdrawal conditions.
  • Security Concerns – Ensure the broker prioritises security with encryption, two-factor authentication, and secure payment methods.

Conclusion

Kickstarting your forex trading journey in India necessitates a thoughtful approach. As a trader, always keep a vigilant eye on regulatory shifts, ensuring your chosen trading app complies with SEBI and RBI standards. You should also tailor your selection to match your trading style and be cautious of potential pitfalls. For beginners, continuous learning is key. Therefore, refine your strategies based on market dynamics. Above all, exercise responsible trading practices such as tracking your activities and implementing risk management controls to mitigate risks. Remember, the forex market is a realm of possibilities, but sustainable success requires a fusion of expertise and discipline.

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Thadeus Geodfrey

Thadeus Geodfrey is a leading voice in the financial industry. You’ll appreciate the expert ease with which he does this. He deciphers the intricate link between emotions and behavior in trading and investment. With extensive experience as a senior trading writer, Thadeus imparts his knowledge and confidence to guide your trading boat. He’ll make you conquer your fears, break barriers, and capitalize on every potential opportunity. Follow his pieces and develop your knack for trading.

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