What is a Forex Broker?
Forex brokers are an intermediate between the interbank system and you or a trader. If you don’t know what an interbank is, then this term is related to the network of banks that can help you in trading. Typically a forex broker offers you the price from banks with lines of credit and access to Forex liquidity. Many Forex brokers use multiple banks for pricing, and they will provide you with the best one available.
When you are trading foreign currencies, you can use a forex broker also owned by a currency trading broker to place your order and sell your security. Forex Brokers provides you with a safe environment for trading in the Indian Market. You don’t have to trust every stockbroker for forex trading. Some of them offer you the best features and are reviewed as the top best brokers. So if you think of Forex Trading, choose your forex traders wisely.
Benefits of Forex Trading
The main job of Forex Brokers is to provide easy access to forex trading. They offer the ability to trade in foreign currency. Forex Market has some unique advantages and a few includes:
Forex trading conducted worldwide; is done continuously. The forex market is open 24 hours for 5 days a week. Hence, the Forex Market is quite different. At the same time, the stock market is limited to opening and closing hours.
In the world of forex, you will have an option of high liquidity. It simply means that a large amount of money can be moved into and out of currencies. The forex market has an average turnover of $5 Trillion, which is relatively higher compared to any other market. As there are more traders, the impact proceeds on the liquidity. Thus, Forex trading is said to be liquidated highly.
3.Low Transaction Cost
The transaction cost is shown in the price where spreads are measured in pips. Hence, it makes the transactional cost low. The transactional value of some of the Forex Trading platforms is nil. Whereas compared to the stock market, you have to pay the broker’s charges. You can use the leverage. The forex brokers allow the trader to buy and sell in the market by using significant leverage to trade with higher amounts of money. The availability of resources for leverage in the forex market is higher as compared to any other market.
The Forex market lends itself to technical analysis, whereas equity and bond traders need fundamental as well as technical study. Forex traders can frequently obtain profits by making technical analyses with chart patterns.
Top Forex Traders in India
Forex trading is quite popular and talking about the forex; it is a vast market with lower margin requirements and high liquidity. With the help of Forex Brokers, a trade opens by buying a currency pair and closes the trade by selling it. All you need to know is about the market and the strategies.
Forex trading in India is legal and done by many Forex Brokers, yet, it is recommended to know about the rules and regulations of India for product trading. Hence, we will be discussing the top forex brokers in India.
XM Global is the best Forex broker in India and is regulated by SEBI and by International Financial Services Commission. It deals with around 200 countries with 2.5 billionaires status across the globe. This trading platform can also trade with different platform such as meter todos 4 and 5 that is operated on different Systems on the web. However, you can start with a micro account and a deposit of dollar 5. You also get a demo account with a 10000 USD virtual balance. XM Global has many positive reviews from their customers, as they provide a safe environment for all the customers for reliable trading.
- One of the biggest advantages of XM is they provide training and educational material.
- The risk is average, and overall the trust score is between 90-99 percent.
iForex is not a popular platform, but it is useful for reviewing both traders and financial institutions. It is regulated and registered under savings with the British Virginia Island Financial Services Commission. It offers to trade in currency pairs, crypto, indices, commodity, ETFs, and shares. The platform works well with both web and mobile. It has more than 800 instruments to trade its functions to gain good profits. If you are a beginner, you don’t need to worry much about it as it has strategies, markets, and chart information all available to apply while you trade. You have to make the initial deposit of $100.
- It offers a secure trading environment
- Easy to customize
- It supports trading with multiple devices
- Well-equipped platform
Relatively new in the trading market, they have gained good audience traction for their platform. Registered under SEBI and a member of the International Financial Commission, Olymp trade allows to trade conveniently. It has a smooth user interface that can be easily used by beginners as well. It has a practice account available where you can learn the strategies and tactics efficiently. The platform allows you to trade with stock, Crypto assets, and ETS currency.
- It is safe and easy to accessible
- Olymp Trade helps you in the trading skills by offering you educational material
Trading with OctaFX is comfortable as it has different features available for both beginners and experts. The platform is regulated under SEBI in India. It is one of the most popular trading platforms in India, also used by top investors and financial experts. This platform is used for trade and currency, crypto, indices, commodities, and stock. It is available in different languages to choose from for trading as per your preference. OctaFX is a famous name in Forex Trading that provides a sustainable environment for trading.
- Safe and Reliable
- Execution takes less time
- Availability of various deposits and withdrawal methods
- Wide range of tools
It is the number one trading platform in the US and leading in its trading progress in different countries, including India. It is regulated by SEBI. However, to open a new trading account on the platform requires $250 as a minimum payment. You can start trading with a micro amount while it also offers MetaTrader 4 and 5 platforms. The leverage ratio is up to 50:1, which is alternately less for export traders, but it is a good start for beginners in forex trading.
- Fully customizable platform
- They offer you a professional charting tools
- An integrated platform with market insights.
Hence, if you want to start trading globally, you first have to check your requirements, risk-taking capacity, laws, and regulations of that particular country. In India, there are specific rules and regulations for trade and forex. Not only beginners but also experienced traders should know them at all times. You can also learn the strategies that will be helpful for you to trade in the Indian market. If you still feel you need time, lookout for the best trading companies. These experts can guide you at every stage and make every transaction beneficial for you.