The Best Forex Brokers Compared - EconoTimes

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When searching for Forex brokers online, there are plenty of choices available. The amount of choice can be overwhelming sometimes, which is why many investors are searching for the best forex brokers for Indian traders.

Many Indian investors will be keen to start investing as soon as possible, but investors must consider some factors beforehand. Comparing the options available ensures that Indian investors find a well-regulated website that offers low deposits and plenty of educational materials.

Making money from Forex can be time-consuming and challenging, but those with the right expertise using the right broker will find plenty of benefits to enjoy. Challenges will incur when investing in Forex but carrying out research beforehand means a proactive contingency plan can be implemented.

Although every investor will have their own requirements when searching for a broker, those wanting some guidance when searching for a suitable platform may want to consider one of the following options.

AvaTrade

Compared to other brokers on the list, the minimum deposit of $100 USD is high, but this does not mean Indian investors should avoid it. AvaTrade provides users with free deposits and withdrawals and an excellent mobile experience in the form of AvaTradeGO.

The app directly connects to AvaTrade's social trading system and has intelligent risk management tools to ensure that trades stand the best chance of making a return. The excellent user experience can also be seen when using the platform's desktop version, meaning investors can make trades regardless of location.

Another attractive feature of AvaTrade is the CFDs available, which include several recognised stocks, including Google and Apple. AvaTrade also provides dedicated customer support service 24/7.

Those wanting to become familiar with the AvaTrade platform can register for a demo account, and then transition to a real account once they are comfortable with how the broker operates.

Axi

Axi offers Indian investors access to several base currencies and 11 crypto pairs, Forex, metals, and indices. Although Axi has fewer investment opportunities than other brokers, the competitive trading costs are making Axi a popular platform among Indian investors.

There are other limitations that some investors will need to be aware of, such as no MT5 platform. However, the MT4 platform can be integrated with several tools, including the following.

  • Autochartist

  • MyFxBook

  • PsyQuation

Several analytical tools can be used to fine-tune investments and a wide range of training material. Some features and services are missing that are available with other brokers, and the commodities offered by Axi will often be less than other platforms.

Avi offers investors a demo account, so trialling the platform does not require a deposit. As well as allowing Indian investors to become familiar with the different commodities available and trends that occur. However, investors cannot withdraw any profits made using the demo account.

However, Indian investors just starting with Forex trading will find the features, commodities, and learning materials perfect for beginners.

XM

XM offers accounts for Indian investors with no conversion fees and a minimum deposit of $50 USD, already making XM a viable option. However, XM has much more, including quick order execution and low trading fees.

There are also many CFD commodities available on MT4 and MT5 platforms which is ideal for investors wanting to diversify their portfolios. Should any issues arise, a responsive customer service team can be contacted regarding irregularities or queries.

One setback that Indian investors need to be aware of is the lack of negative balance protection. Although the broker has a simple user experience, investors need to be mindful of the lack of protection when making investments and ensure they can review their progress regularly.

One of the standout features of XM is the abundance of features offered, including but not limited to the following.

  • Personal Account Manager

  • Daily Technical Analysis

  • Forex Market Research

  • Webinars

  • Forex Trading Signals

Although there is no dedicated app, the web platform offers a straightforward mobile experience, albeit with limited functionality compared to the desktop counterpart.

HotForex

HotForex has recently reintroduced crypto CFDs, adding to the plenty of opportunities for Indian investors when using the platform. HotForex is a well-regulated broker that can provide trading on Forex, indices, ETFs, shares, and bonds.

Customer support is available five days a week, 24 hours a day, and includes a toll-free number, so contacting HotForex does not have to be costly. There are also plenty of other contact methods that are just as responsive if a phone call is impossible.

Those searching for flexibility regarding trading platforms can take advantage of the following trading platforms when using HotForex.

  • MT4 Terminal

  • MT4 Platforms

  • MT5 WebTerminal

  • MT5 Platforms

HotForex also focuses on educating its users, so investors can benefit from a multitude of educational material and market analysis to ensure that Indian investors can make the most of their money in every instance.

Another attractive feature of the HotForex platform is a low deposit requirement, allowing investors to start trading with as little as $5 USD.

IC Markets

IC Markets is an ECN broker that can provide Indian investors with a wide range of liquidity providers and a low-cost trading environment. However, the minimum deposit of $200 USD is higher than that of other platforms.

Although IC Markets may not be the best fit for beginners, Indian investors with experience will find that IC Markets has all the tools needed to access via a streamlined platform. Copy trading is available, as are MT4, MT5, cTrader and ZuluTrade trading platforms.

As well as being one of the more proactive brokers on the list, IC Markets is also one of the most regulated and safest to use. IC Markets is another broker that provides a demo account so investors can familiarise themselves with

As you can see, several options are available for Indian investors searching for the best broker but trailing those listed ensures that you have the right tools and assistance available at all times.

Once you have become familiar with the features of a Forex broker, investors can use a comparison website to fine-tune your requirements as your investment portfolio increases.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

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