HOW TO FIND THE BEST FOREX BROKERS IN INDIA

By | 12 October, 2019

Like every other country in Asia, Indian citizens show very clear interest in forex trading. You can say that forex trading is legal in India, but the situation is more complicated than that. Forex trading is still allowed in Indian territory, but there are a lot of limitations. So how can one become one of the best forex brokers in India?

The current list of forex brokers in the world can freely conduct business in India, but the traders have to go through a lot of restrictions. Therefore, the best forex brokers in India must make it easy for traders in terms of safety, cost and fees, as well as customer services.

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Regulated brokers in India

India has a forex regulation, which is called RBI. This regulation can keep traders safe and keep brokers in check. However, for brokers who have acquired the RBI regulation, they can only let traders trade 4 currency pairs: USD/INR. EUR/INR, GBP/INR, and JPY/INR. Most brokers with RBI regulations are actually stock exchange brokers. Real forex brokers are not very interested in this regulation.

One the other hand, since they can trade only 4 pairs at brokers with RBI regulations, Indian traders are all looking for foreign brokers. They’re willing to take the risk of not having the local regulation for more chances to make money. Therefore, the best forex brokers in India don’t need to have Indian regulation. They are good with one or two famous forex regulations like CySEC, FCA, CTFC, or JFSA.

I know that security is the priority when trading forex, but local forex regulation is just a little bit better than foreign ones. In fact, there are brokers with many years of operation, as well as thousands of active traders. Those brokers can assure your safety and security as well. You shouldn’t limit your options to only brokers with RBI regulation.

Cost and fees

This has always been the main concern of forex traders when looking for a good forex broker, not just Indian traders. The major factors that decide the trading cost of a broker are spread and commission. However, there are also elements like leverage,  slippages, swap, re-quote, or bonus that help increase or reduce the total trading cost.

For international brokers, I think Exness and XM are the two brokers that have the lowest trading costs. They both have spreads around 0.8 pip for the most common currency pairs. Exness has very high leverage while XM has very good bonus and rebate program.

Customer service

Since foreign brokers are welcome in India, you can easily find their offices in India, in case you need direct face-to-face assistance. If not, you can find help through live chat from almost all forex brokers. Besides Hindi, English is also widely spoken in India, so looking for assistance in English should not be a problem for India forex traders. If you insist, there are big brokers like Exness who can support customers in Hindi.

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Conclusion

Forex trading is getting more and more popular in India. You don’t need to separate yourself from that trend. Forex is a great way to make some money. Just remember that the best forex brokers in India are not necessarily local regulated brokers.

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