Demo account for forex trading in india

This brokerage is headquartered in Dublin, Ireland and began offering its services in It offers multiple trading platforms and earns mainly through spreads. The rupee is divided into smaller denominations known as paisa p. All other currency pairs are strictly barred from trading in India unless a specific transaction is authorized by the Indian government.

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Due to an increase in financial scams involving forex brokers, the Indian government was forced to severely restrict the way Indian citizens can operate in the forex market. If you live in India, you are not legally allowed to trade forex currency pairs that do not have the Indian rupee as the base currency or counter-currency. You can still open an account with a foreign-based broker as long as you send your deposit through an electronic wallet service such as PayPal, Neteller or another similar online payment service.

Avoid using a wire transfer from a bank or other financial institution based in India or a credit or debit card issued by an Indian entity to fund a forex trading account. Despite the general lack of normal online forex brokers based in India, other than 3 stock exchanges, you can still trade forex through foreign-based online brokers.

Generally, a quality brokerage has the following 11 elements:. Another important factor to consider when choosing a forex broker is platform and trading software.

11 Best Forex Broker in India 2021

In addition to their own proprietary trading platform, many brokers offer cTrader, NinjaTrader, and the very popular MetaTrader 4 and 5 platforms from MetaQuotes that both support automated trading. The best forex broker that accepts clients from India depends in large part on your unique situation and your particular needs as a trader.

Regulated by the U. The broker lets you trade micro lots if your preference is to start with smaller amounts. Trading platforms can be web-based or downloaded to a desktop or mobile app. Due to U. CopyTrader and CopyPortfolio give you the ability to locate a successful trader and copy their strategy.

You can copy traders and the feature is easy to set up and access. You get access to a Twitter-like feed to trader updates with its social newsfeed as well.

Traders discuss everything from markets, strategies and can get alerts based on certain market factors. OctaFX regularly conducts global and local promotion campaigns with valuable money and product prizes and trading perks.

Its multilingual customer support team is always prompt and to the point and the payments are processed by the most popular systems without delays. Libertex offers high-speed, reliable, cutting-edge technology platforms. Libertex offers an engaging, compelling trading experience and serves Indian forex traders. Besides currencies, you can also trade stocks, indexes, commodities, gold, oil and gas.

The Multiplier is a value that determines how the trade result changes relative to the underlying asset price. Practice with a demo account and learn more. Pepperstone is a legendary ECN forex broker with a long history and worldwide expert in forex trading. Visit Pepperstone. During the past recent years, there have been many attempts by Indian government and Reserve Bank of India to regulate the currency trading market.

Especially in situation with weak Indian Rupee currency and shortage of dollars. And what is the worst, those are not real forex companies, in fact these are in fact stock exchange brokerages! Vast majority of Indian forex traders use foreign forex brokers who accept traders residing in India without problem and speculate on the major currency pairs since it gives them not only more thrill but these pairs are far more liquid and it means more room for profit due to higher price volatitlity.

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So in case you also want to trade some of the most liquid and popular global currency pairs, you need to look for a foreign forex broker that is accepting traders who reside in India. Another advantage of course is that you get the lowest spreads, due to very high competition between fx companies. We think these three regulators are the TOP. We kindly ask you to review the comparison table that can be found at the top of this page. Established back in SEBI is the official agency that is responsible for issuing the license for forex brokers doing business in this country.

There are three SEBI registered stock exchanges in the country that act as fx brokerages:. In case you want to trade only INR against main currencies, you can use some of the above companies legally. But in case you want to trade EURUSD and such pairs, you will have to look abroad or into our comparison on this page.