India is a very populous country. It is a country that is renowned around the world for many things. India’s power is in no doubt, and the country has continued to set trends over many disciplines. In the same breath, it is one of the most notable countries when it comes to forex trading. The millions of people in India makes it a fertile ground for forex brokerage services.
The forex scene in India is quite exciting, there are a lot of forex brokers operating in India. Each of one of these brokers is fighting for a piece of the Indian forex brokerage market. Every broker in the scene, is hoping to attract the maximum number of traders to its platforms.
The question that remains for many forex broker is what is the best forex broker? They are often left wondering how to choose the best forex broker? Read this review and you won’t have to go through the same process.
While we do not seek to discredit or promote any forex broker. Our aim to ensure we point you in the right direction, if you are trading forex from India. Take a look at the table below, it compares, what we feel are the best forex brokers in the industry.
|Brokers||Minimum deposit||Minimum spread||Currency Pairs|
|IQ Option||$10||3 pips||29||1st Choice|
|FXTM||$10||0.1 pips||57||2nd Choice|
|Forex.com||$50||0.97 pips||50||3rd Choice|
Before we get stated on specific reviews for the brokers listed above, let’s first find out how you choose the best forex broker. What are the specific considerations that you should make while seeking a forex broker?
- The Trading Accounts and Tools – the only reason you are getting the services for a forex broker, is for them to connect you with the global forex markets. The broker can only do so by having an effective trading platform and tools. Take time to explore and ensure the broker can offer what you are looking for.
- Regulation and Trust Issues – The forex brokerage space on the internet has become a lucrative ground not only for brokers, but scammers as well. They are all over the internet posing as forex brokers. If you unlucky enough to get onto their hands, you’ll end up losing your money. You can avoid that by first exploring the reputation of the broker you intend to work with, and ensuring that it is a regulated broker.
- Trading Support and Customer Service – In most cases, all the forex brokers will have all the basic requirements. The trading support and customer service offered by these brokers is what calls them apart, and determines what is best for you.
Now let’s dive in head fast and what out what is so great about the forex brokers we have listed above.
We couldn’t have started the review on a higher note. IQ Option is a name that reverberates all across the forex trading scene. That’s because it has managed to become one of the most used forex broker of the modern-era. With 20 million traders on its platforms, there is no other forex broker that has as many traders on its platforms as IQ Option.
We do not just recommend IQ Option for Indian traders based on hype though. Let’s find out what else it has to offer in the brief review below.
IQ Option Trading Accounts and Tools
One thing about IQ Option that you cannot dismiss is it very accommodative trading accounts. IQ Option has two types of trading accounts. What interesting is that the standard account is the main trading account, and it accommodates all kinds of traders. The standard account is largely seen as a beginner account because of the low minimum deposit, but it is quite ideal for seasoned traders as well. For an IQ Option standard account, you will need to deposit a minimum of $10.
The other trading account on IQ Option is known as the VIP account. This account features some extra trading support and privileges. It is more of a way of rewarding traders who are doing well on IQ Option, rather than a completely different trading account. It requires a minimum deposit of $1900. You also get the account by attaining a total trading volume of $15000.
IQ Option Trust Issues
There is no reason as to why should not trust IQ Option. We’ve had our chance to interact with IQ Option and we have done so extensively. We can confidently recommend IQ Option, and assure you that it is a trustworthy forex broker. All its operations are above board, and we’ve never come across any complaints with regard to the legitimacy and transparency of its operations.
In additions, you can rest assured knowing that IQ Option is a regulated forex broker. That means there is a regulatory authority that oversees its operations to ensure they are above board. These regulations also protect individual traders from being exploited by the brokers. IQ Option has trading certificates from;
- CySec (Cyprus Securities and Exchange Commission)
- FCA (Financial Conduct Authority)
- ESMA (European Securities and Market Authority)
IQ Option is known to be one of the best forex brokers for beginners 2019. It is known for having a demo account that gives beginners a great introduction to forex trading. It is without a doubt one of the best forex brokers with demo accounts 2019.
FXTM is just as fantastic as IQ Option, and is available to Indian traders as well. It is one of the old-boys of the forex brokerage scene. FXTM has distinguished itself as a top forex broker by offering unrivaled trading support, and ensuring every trader has a trading platform that allows them to bring out their best.
FXTM Trading accounts and Tools
The FXTM trading accounts and tools are arguably its strongest resource. One of the reasons FXTM is so popular is because it has a huge variety of trading accounts. On FXTM, there are two levels of trading accounts. Take a look at the lists below.
- Cent account
- Standard account
- Shares account
- ECN Zero account
- ECN account
- Pro account
In a wrap, the standard accounts feature less risks, but less possible profits and are ideal for beginner traders, while the ECN accounts feature more risks, and more potential profit and are ideal for seasoned traders. The cent account will need a deposit of $10 for you to get started. It makes FXTM one of the best forex brokers with low minimum deposit 2019.
Regulation and Trust Issues
FXTM would not get where it is today if it had trust issues. As we have mentioned above, it is one of the brokers that have been in the scene for the longest. It has been there for almost two decades now. It wouldn’t have survived that long had it not always been a trustworthy and above board forex broker. There are millions for forex brokers who have had the chance to trade with FXTM, and they’ve all had nothing but praise for the broker.
Apart from these experiences by other traders, the kind of regulation that FXTM is under is reason enough for you to trust it. FXTM is regulated by the following bodies;
Being a trend-setter in the industry FXTM has what is arguably the best services. The kind of trading support that is offers is almost unrivaled. On FXTM, you have all that you need to be able to move to the next phase in your trading endeavors.
Forex.com is a fantastic way to cap of the review. Whether you are trading from India, or anywhere else in the world where forex.com is available, you are among the lucky forex broker. Forex.com is nothing short of blissful, and we can guarantee that it will give you the best chances of making a profit from your trading endeavors.
Forex.com is from the US, and has operations in many other countries around the world. It is more like FXTM in the sense that it has also been on the scene for quite a while. It is one of those brokers that have helped develop the industry into what it is today. Forex.com has four types of trading account, which are further categorized into two. They can either be standard, meaning low risk, low profit, or commission, meaning high risk, high profit. The accounts are;
- Individual account
One thing about forex.com is that all traders are treated equally. No trader is handled in a special way. Take for instance the minimum deposits. Each of the accounts listed below requires a minimum deposit of $50. One more thing that’s quite impressive about forex.com, is how economical it is. Forex.com charges what is arguably the tightest spreads in the industry.
From the review, you should be able to understand why these three brokers are best forex brokers for India clients. There are many other brokers in India, and your idea of the best forex broker in India could be different. The idea is to understand what to look for while seeking the best broker for forex trading. We can confidently say that one of these brokers is certainly the best forex broker India.