Top 5 Best Forex Trading Platform in India


Top Forex Trading Platforms In India: - A Precise Guide For Beginners And Pro!

No matter its India or any other foreign country forex trading has become quite popular as compared to the earlier times. Today there are numerous scopes that make learning forex trading easy and convenient. With these helpful resources, many have realized that forex trading is a great way to create some money. The best part of this trading type is that it is absolutely flexible for those who are interested. You will unquestionably find some who are just relying on fore trading and earning money to run their home and pay their bills. Some people have also become rich by learning and gaining experience in this amazing field that is full of resources. It is also a risky business and definitely for those with weak hearts, lack of self-reliance and poor decision-making skills. However, if you still are interested in the pool of forex trading, then you will need guidance on right methodologies so that you can earn some money.  
In this guide, you will learn everything about forex trading, how it works, the pluses and minuses and top 5 forex trading platforms in India. 

Top 5 Best Forex Trading Platform in India


What is forex trading?

Forex trading also called currency trading is a nice alternative to stock market and people with right skills can get a huge amount of money from it. There are different types of people some like to preserve their money in banks as savings and others like to invest in mutual funds and stocks including trade currencies. In India also this investment trading is spreading like afire. Globally forex trading is bigger than a commodity and stock combined. Every day more than 4 trillion dollars change hands. Traders from all around the world use different platforms to get the business running. They also stay allied to the currency trading execution that influences the rates of forex exchange. 
In the forex trading realm in India Indians can only trade in the currencies that are benchmarked against Indian rupees. Indians cannot trade in foreign currencies from India. Reserve bank of India allows Indian traders to invest in the INR currency pairs like 
JPYINR
USDINR
GBPINR
EURINR 
 It is also legal to take the assistance of the Indian forex trading brokers who can enable like 
MCX-SX
NSE
BSE
The reason is that the brokers can provide the access to the derivates for currency. Earlier only big companies like corporate and financial institutions could only participate in the forex trading, but nowadays even small-scale investors and individuals can also take the benefits of the investments schemes of the forex trading market. Today incredible technology is present that offers a plethora of information to the individuals resulting in the expediency of making investments and speculations without spending any money. May think Indian forex trading is a risky business, well it is, but the derivatives are so much competent these days all around the globe that can easily manage the risk and also offers few benefits like 

Hedging 

An importer with the need of making payments in USD at the future date can go for hedging by purchasing USDINR and fix the payout money today.

Leverage 

 You will need to aid of a forex broker here who will allow you to trade in the forex trading using leverage which means you will gain an ability to earn money on market than present in your account.  

Speculation

 In case one is expecting a hike in the oil price that can put an impact on the billing import of India, then you must ideally buy USDINR in combination with the FII flows, then the one will have to sell USDINR.  

24-hour trading

  No need to wait for the next morning gate opening because forex market is present globally and currency trading is open all around the corner of our planet. 
These are the benefits, but there is always the other side of the coin. For small investors, forex trading can be a challenging task. People who take the abet of unprofessional and non- reliable brokers have to face a huge amount of loses. Besides forex trading is also having myths related to its which are 
Forex trading definitely offers returns without much of a stench
Forex trading is an easy way to  make money 
Brokers can  get you high leverages  on the margin money 
Now as you would have understood that forex trading is painstaking, challenging and rewarding all at the same time.  You just have to make sure that you are doing things correctly, researching, taking the aid of experts and filling your wit with as much comprehension as you can about the forex trading market. This is really going to facilitate. 

How does Forex Trading work?

Many people think that forex trading is all about selling and buying different currencies. Actually, it is more like borrowing money within a perimeter to buy and sell. The idea behind it is to generate more and more money from the trades to pay off the borrowed sum and making profits.  This proposal lets the investors leverage his funds and allow them to partake in great trades than they will normally do.  The jeopardy here lies is that people can get stuck with the risk of borrowing more money than their limits and failing today them back. 

Explanation 

If you are a trader you will start with a computer program and you must have a brokerage account so that you can start with an international market of forex and place trades. The trades are made by the brokerage and also financed by them. Brokers make money by charging fees. You as a trader will make money through covering costs for trades and making profits. The revenues are engendered by the values of the currencies implicated in the trading.
Traders have to makes speculations when they can transact their money.  The entire forex trading market is computerized which means traders can install make transactions and earn profits.  Many traders also automate their trading with the programs used on computers known as “Trading Robots”.
 Forex trading is no less than gambling where you make and lose money both goes hand in hand.  To win in forex trading a constant eye on the market is required that helps in generating a smooth flow of money.  With forex trading platform it is impossible to get ahead in the game.  Trading platform plays an imperative role when it comes to online trading which is also the trend these days. 

Forex trading platform 

It is a type of software used to help the currency traders with the execution of trade and trading analysis.  These platforms can help beginners as well as pros in many ways like order taking methodologies and charts.  It is also important that you choose your trading platform with extreme care to reap the benefits of forex trading market and your investments. 

Tips to Choose an Online Trading Platform 

 As a trader, you will always have to think smart especially when it comes to your trading goals.  Every individual is having different interest and needs and it is going to highly influenced by the experience level you are having. Today there are a variety of platforms available having different attractions to get in clients.  These tips will help you  
Make sure they offer a demo account so that you can practice trading without any fear of financial risks. This way you will be able to gain required confidence to land in the field of forex trading market. 
They must offer you with a user-friendly interface with reliable support and 24x7 accessibility.
Look for the capabilities of the hardware because in some cases you might need to go for downloads. 
An online security s a must and they must provide you with the advanced security systems without compromising anything when it comes to online security.
Another crucial aspect is  access to all the currency pairs 
These are the vital aspects that you need to look while you are choosing a trading platform. Here are the top 5 forex trading platforms in India that can become your resource to get in the actual game offered to trade, learning and gaining experiences.

Top 5 forex trading platforms in India 


1. Sharekhan 

It is a Mumbai based firm and one of the most reliable, reputed and rewarding forex trading platforms in India. The firm was founded in 2000 and offering amazing administrations and rewarding trading perks to their clients. Sharekhan offers free web-based training for beginners, different trader monitoring programs and much more.

Sharekhan forex trading platforms in India
Pros 
Huge network 
Supports commodity trading 
Free trade and calling facility 
Rewarding platform for day traders

Cons
No three-in-one account 
High brokerage fee
No penny stocks available 

2. Zerodha 

 It is the only discount forex trading brokerage platform having more than 75,000 customers and the daily turnover of the company is 7000 crore. The company offers amazing and consistent customer support. CEO itself is assisting the customers in case of queries. Opening account with the company is an amazingly simple process. Within an hour of opening your account, an expert representative will call you and explain all your initial queries. You also get minimum share brokerage charges by paying INR 20.

Zerodha Forex Trading Platform in India

Pros 
User-friendly margin, brokerage, and calculators
Superb customer support 
Active trading forum 
Free online education 

Cons
Monthly plans are missing 
Trade and call is chargeable 
No IPS investment facility

3. RKSV 

There are plenty of reasons why you want to go with the RKSV forex trading platform. Here are some of the enticing reasons; offers mutual fund and NRI trading investment plans. While opening a Demat account traders are not charged for anything. Different options available when it comes to trading across equities, equity delivery is also free and much more. The firms having specialization in the zero brokerage costs. The company also focuses on training and educating individuals, how to make profits etc. The company is well known to provide their customers with decent services.

RKSV Forex Trading Platform in India

Pros
Innovative tools 
Branches available in major cities like Ahmadabad, Pune, Delhi 
Low-cost brokerage
AMO available  on both Smartphone and web 

Cons
No recommendations & tips provided
Algo facility for trading is missing 
Margin  against and funding  missing 

4. ICICI Direct 

It is one of the largest e-brokerage company having approx. thirty-five lakh customers. Users get integrated, secure and three in one account and much more to explore after getting associated with the company. The brand is popular in India and offers award-winning services to their customers.  With the firm, you will be able to invest in the derivatives, equity, mutual funds, currency futures and many other services.  
ICICI Direct Forex Trading Platform in India
Pros 
3-in-1 trading account 
24x7 customer support
Research rich programs
Easy to operate
Different plans and services

Cons
Not good for small investors
No commodity trading 
Minimum charges for brokerage 

5. IIFL

The company offers services like asset management, credit and finance, financial distribution, credit and finance, capital market advisory, investment banking and wealth management. The services are supported by a well-experienced team in the house with excellent knowledge of the trading market.  The company is having huge network located in 2500 locations in 850 and more towns.  Traders can call them anytime for their trading needs.
IIFL Forex Trading Platform in India
Pros 
Proven and fast IIFL web trade 
Single  sign  in for commodity & equity account
Convenient  platforms for different segments

Cons 
Hidden charges
Multiple plans can create confusion


These are the 5 different online forex trading platforms in India holding their positions in the top fives position. All the 5 are best in the customer services having different and best offerings. You can compare all the five and create an account with the one you find most useful and rewarding.

Currency Tips 

Because forex/currency trading is also gaining popularity similar to equality and commodity market many Indians are interested in gaining knowledge of the forex market.  Every now and then interested people keep on looking for the currency tips. People who are involved in the forex market will give you different suggestions and opinions, but the valuable knowledge you can gain is on TV, internet, magazines and by talking to experts. 

Getting Education 

You cannot land in the forex market game without any knowledge.  Forex trading is a fairly complex procedure and it can easily make you lose your mind initially.  There are many forex trading platforms offering free stuff like courses, training, programs online so that beginners can start with the basics.  The more you learn the better trader you are going to become. Fortunately, on the web, you are going to find a pool of information for free.  Also, make sure that your resources are reliable so that you can make sure your knowledge is going in the right direction.

Appropriate Strategies 

 There are fundamental and technical aspects involved when it comes to building strategies and they also ensure you with the huge profits. You will need a perspective that will help you in making predictions for long, near and medium terms. There are many who have tried their luck many times in the forex market but every time they failed to make profits. The only reason behind their failure is lack of ideal methodologies and good strategies, band principle management, and undisciplined attitude.  

Choosing a reliable trading platform 

Fortunately, there is best forex trading platforms available in India with amazing services, customer support, and discounts. Still, you will want best out of them. Trading platforms play a vital role in getting training as well get started with the trading and so on.
These are the tips that will help you steer your research in the right direction. Forex trading or currency trading is a complex business and without the absence of an expert, you might lose your track.  The majority of the people are willing to take risks because of the enticing rewards, but trading business needs some serious considerations.
You must be financial strength to invest your money in the forex trading market and equipped with the A-Z knowledge to minimize the risks associated with currency trading platform. In case you are a small investor, you must look for the platforms specializing in your interest. There are platforms available which are within the reach of every type of investors. Look for the offerings, advantages, services they are offering to compare.  

Note: - 

There are many people having wrong perspectives, it is important to learn about all the profits as well as loses initially before investing in the forex trading market. Many people think they can earn millions and get rich by trading in currency exchange. The truth is it requires loads of experience and skills for making wealth and enjoys financial freedom. There are huge risks involved in the trading process.

Top 5 Best Forex Trading Platform in India Top 5 Best Forex Trading Platform in India Reviewed by Sujit on January 20, 2018 Rating: 5

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