Hi,
I am from Indian and would like to know who is the best forex broker to trade from India. Here Forex is not officially accepted. So I must choose a Trusted Broker in order to do trade without worrying about the withdrawal delays/scams.
Thanks
Do your own research! From what I seen, FXCM, Pepperstone, ATC, Global Prime are all probably good one. But dont take my words, do your own due diligence!
Important is: how much you are investing? If the amount is small, then can try market maker. If amount is quite big, must use ECN/STP/NDD only. Just my 2 cents.
I guess this question is already being answered so many time on this forum so you can also search babypips to find out which is the best broker however you can also short list hotforex, octafx, fxcm, fxpro and lmfx etc as they might be some reputed brokers.
You can safely trade with Hotforex it accepts traders from India, I have several Indian fellows from Calcutta and Gujarat which trade with them for more than 3 years without any problems.
im not sure about brokers in india, i can safely say the work BEST BROKER is almost non existent, its really hard to narrow it down, though awards can be given but ever day/week/month there are new brokers and brokers that close, for india it would be best to ask indian traders or if there are any indian local forex forums. just make sure to ask about ability to trade, i think india has some laws against forex trading, though im not so sure the parameters of such laws, best of luck
Hi guys! If you allow I’ll tell you something about broker))) I have tried so many brokers within 7 years and most of them just wait when you lose or help you to loose faster. I’m not successfull trader but when I start to win, they find the reason do not process withdrawal or make correction result. Near two years ago I’ve started to work with American Broker registered in England, under Cayman Islands regulation. It’s name TradeView
If you try them, you’ll understand a huge difference in service and conditions. I recommend.
hi VenuG,
as jingoy stated, is difficult to define the “best forex broker”. You have to check many things before starting trading live with a broker and ultimatelly depends at your trading style. You may seek tight spreads, no requotes, fast execution, good service, etc etc. I would propose you to select a regulated broker and then search, search and search which company you think it would suit your trading needs. A good place to start is theForexList. Good luck!
Definately TradeView is the best to trade isnt it? hahaha. Come on mate, I do not know if you are trying to give some marketing but talking about problems with the withdrawals and then coming up with Brokers regulated under the Cayman Islands… no sense! I respect everyone’s opinion and their decisions as obviously at the end of the day is our own money which we invest so…But is already known how dangerous is to trade under offshore regulated Brokers due to they do not cover you in anything and most of them (or all of them) are Market Makers.
I am trader for 6 years and I haven been scammed for bad regulated Brokers and I am not ashamed to say so but since then I am always trying to go against this things and protect other people as it is really frustrating when you lose your money because of a Broker. Due to this fact, now I only trade with FCA regulated Brokers due to they cover my deposits in case something “weird” happens and also because if they tell me that they are not Market Makers, means they are not!
Hi VenuG,
To be honest I agree with jungoy and Nicos. It is really hard to find THE BEST BROKER, i would say you should find the broker which you are more comfortable to trade with. Let me explain this, as I commented in the previous post in this 7 years I have always had good and bad moments. Some of my worse moments were with some Brokers regulated by offshore or even by the CySec. This kind of Brokers do not tell you the truth about if they are market makers or not as they are not obligated to say so under their regulators (specially worse with offshore regulations). Some of them manipulated my charts, others did not give me a chance to withdrawal my money, etc etc. Since then, I have been recommended by one of my friends (professional trader) to trade only with FCA regulated brokers or just in case I dont like any then by the ASIC (Australia).
I would recommend you to get a FCA regulated Broker due to my experience with them (you can find a good ones) and also I would say to try with ECN/STP Brokers. We know how all the Brokers are but at least under this specific things it will be a bit harder to be scammed by them. I am not saying that Market Makers (well regulated) are bad as other Traders are just looking for fix spreads and other specific features but, normally I would recommend ECN/STP.
Good luck!!
Always use ECN/STP broker irrespective of your investment:), whether it’s $10 or $1000, it’s your money and need capital security first, I’m trading forex for 8 years, and my initial two brokers closed their operation in India, without refund, and I don’t want to disclose those firm name, and I hope most fx traders also know the firm name,
Now I’m trading with Fidelis Capital Market since 3 years, I’m most comfortable with their services and especially I’m happy while funding and withdrawing profit, a personal relationship manager is always in touch with me.
I agree with the previous post, be sure to search for DMA brokers and avoid those who are regulated in offshore zones (most of them are usually Market Makers who are not trustworthy and do not offer any security). There are many reviews in the web but it depends on what are you looking for and what are you trying to achieve. If you choose several broker make sure to carefully read their Terms and Conditions, especially for executions, deposits and withdrawals.
I’ve traded with Brokers in the UK, US, Cyprus blah blah blah … from my experience the Australian ones provide the best value … for such a small nation they really dominate the retail ECN market. Vantage FX is my pick. I like how their support staff actually trade and my slippage actually adds up / cancels out at the end of the month.
Hi,
Forex Trading is a decentralized market hence it is neither legal nor illegal , so it is always preferred to do a check before you deposit your funds in any of the brokerage firm.
Loss in trade is should not be our concern, but we should be concerned about security of our funds and transactions.
The First Checklist to Choose the best Forex brokers are following
ECN/Prime brokers
Regulated /Licences any one of these (IFSC,FCA, Cysec)
Deposit/Withdrawal in same day
Platform(Mt4 Platform or higher version in this)
Transparency
Mobile trading
No additional charges other than spread
Connected with more than 10-15 Lps (for low Spread)
Quick Customer Support.
Different options of mode of payment.
Broker Review
Once that check list is filled you can relax and tell yourself that you have chosen among the best brokerage for your trade.