Forex trading has grown extremely popular in India over recent years, and many people flock to online trading platforms in hopes of making a fortune. While your skills and experience definitely matter here, it’s extremely important to choose the right platform that suits your goals and trading style. That’s why we’ve made this Traders Union article where we explain how the Forex market works in India and give you a list of the top 3 brokers to consider.
Forex regulations in India
Forex trading is legal in India, but it is strictly regulated. The apex financial authority of the country, the Reserve Bank of India (RBI), supervises all foreign exchange operations, and only authorized brokers can make such transactions. That means you can trust any registered broker with a license: the RBI is a guarantee that such brokers comply with the requirements. For example, all brokers must keep their own funds from the money of their clients to protect them in case of financial troubles.
When it comes to trading conditions, the regulator also sets a couple of strict limitations. The leverage you can use is limited to 50:1, and that means you can trade up to 50 times your deposit amount. For comparison, some brokers support leverage rates of up to 2000:1 and more. The maximum amount of money you can invest in Forex trading is $250,000 per year. That means you should choose a broker with this in mind, and we’re going to help by telling you about the top 3 best brokers in India.
1. Pocket Option
Pocket Option is a relatively new yet pretty popular broker that’s quite well-known in India. The broker has its own trading platform that many traders find very convenient, but you can use MT5 as well. It is well-regulated and secure.
2. IC Markets
IC Markets is an Australian broker that’s especially popular in Asia, including India. It has low spreads, a variety of supported assets, quick order execution, and high leverage rates (500:1). However, it has a pretty high deposit threshold: you need at least $200 to start trading here.
One of the leading brokers in the world, RoboForex has millions of clients in about 170 countries. This broker has a wide array of trading tools, high leverage rates (up to 2000:1), tight spreads, and a pretty profitable copy trading service CopyFX that can be turned into a great source of passive income.