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Best Indian Forex Brokers For 2023 Revealed By Analysts

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Indian Forex Brokers

The Indian Forex market has gained traction in recent years, and more traders are looking for reliable brokers to cater to their needs. With the increasing number of options available, choosing the right broker becomes critical for novice and experienced traders.

In this context, TU experts revealed a list of the best Indian Forex brokers to guide traders in making an informed choice, ensuring they have access to top-notch services and platforms for a seamless trading experience.

Forex regulations in India

TU experts highlight that Forex trading in India is subject to regulations and restrictions. While Indian traders can trade with local exchanges such as NSE, BSE, and MCX-SX, they are limited to currency pairs involving the Indian Rupee (INR). Trading non-INR forex pairs is illegal under the FEMA Act. Although many international Forex brokers accept Indian traders, residents must adhere to the law, limiting their access to certain instruments.

What Forex brokers accept Indian Rupee (INR)?

According to Traders Union analysts, several Forex brokers accept Indian Rupee (INR) deposits, allowing Indian traders to manage their funds in their local currency. Some of these brokers include:

  • IC Markets: Regulated by ASIC (Australia) and CySEC (Cyprus), this broker offers competitive transaction fees for trading with Indian Rupees.
  • Exness: With regulation from the FCA (UK) and the Financial Services Authority (FSA) in Seychelles, Exness provides a reliable platform for traders to deposit and withdraw funds in INR.
  • RoboForex: This IFSC (Belize) regulated broker accepts Indian Rupee deposits and offers various trading instruments and platforms.
  • FXTM: Regulated by the FCA (UK) and CySEC (Cyprus), FXTM supports INR deposits and withdrawals for Indian traders.

How to choose a Forex account in India?

TU experts recommend considering the following factors when choosing a Forex account in India:

  • Safety and regulation: Ensure a reputable authority, such as RBI or international regulatory agencies like ASIC, FCA, or CySEC, regulate the broker.
  • Trading conditions and fees: Compare spreads, leverage, execution speed, and potential hidden fees across brokers.
  • Trading platforms: Opt for a user-friendly, reliable, and feature-rich trading platform, preferably with a mobile app.
  • Customer support: Look for brokers with dedicated, responsive, and multilingual customer support teams.
  • Reputation and track record: Research the broker’s financial stability, client satisfaction, and notable events or incidents.

Best Forex Brokers in India

Traders Union experts have compiled a list of the best Forex brokers in India based on their performance, reliability, and services offered:

OctaFX

OctaFX trading offers diverse assets and tools, including 35 currency pairs, over 150 CFDs on stocks, 10 indices, 5 commodities, and over 30 cryptocurrency pairs, making it an attractive option for Indian traders.

RoboForex

RoboForex supports Forex, stock, and crypto trading, providing access to over 8,700 trading assets and competitive commissions, depending on the chosen account.

Pocket Option

Pocket Option offers a wide range of trading instruments, including Forex, commodities, stocks, cryptocurrencies, and indices, with a minimum deposit of just $50 and spreads starting from 0.0 pips.

Tickmill

Tickmill, a leading Forex broker, offers 60+ currency pairs and CFDs on stocks, commodities, indices, and bonds. With competitive pricing, low spreads, multiple account types, and excellent customer support, Tickmill caters to traders of all levels.

EXNESS Group

EXNESS Group, a well-established Forex broker, provides 120+ currency pairs and CFDs on cryptocurrencies, stocks, energy, and metals for Indian traders. Offering low commissions, instant order execution, and fast withdrawals, EXNESS suits various trading styles and includes a demo account for practice.

Conclusion

The best Indian Forex brokers for 2023, as revealed by Traders Union, are OctaFX, RoboForex, Pocket Option, Tickmill, and EXNESS Group. These brokers offer unique advantages, competitive trading conditions, and excellent customer service. It is crucial for traders to carefully evaluate their individual needs and preferences before choosing a Forex broker to ensure a satisfying and successful trading experience. For more information on these top Indian Forex brokers and other valuable trading insights, visit the Traders Union’s official website.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

NNPC Denies Selling Substandard Petrol at Retail Stations

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NNPC fuel retail station

By Aduragbemi Omiyale

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it sells substandard premium motor spirit (PMS), otherwise known as petrol, at its retail stations, especially in Lagos.

The state-owned oil company was reacting to a viral video, which said petrol bought at NNPC retail stations burns faster.

Reacting to this in a statement on Saturday, the Chief Corporate Communications Officer of the NNPC, Mr Olufemi Soneye, said the said fuel being talked about in the video may have been the product bought from a rival refinery in the country, Dangote Petroleum Refinery.

“It is important to emphasize that a significant percentage of Premium Motor Spirit (PMS) sold at NNPC retail stations in Lagos—where this deceptive video was created—is sourced from the Dangote Refinery, a strategic partner in promoting local production and energy security. Dangote Refinery adheres to strict industry standards, guaranteeing the quality of petroleum products supplied to our consumers,” a part of the statement said.

It, therefore, described the allegations in the viral video as “false and misleading,” adding that it is also “baseless and entirely unfounded” as it originated “from unverified and amateur research that lacks credibility, accuracy, and professional oversight.”

“NNPC reaffirms that its fuel is carefully formulated with one of the best compositions, ensuring optimal efficiency, durability, and environmental sustainability for consumers,” the company stated.

However, it warned that, “Henceforth, NNPC will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations. Those engaged in such malicious activities will be held fully accountable under the law.”

It lamented that the video was done by “economic saboteurs to misinform the public and tarnish NNPC’s reputation,” warning that it “will not tolerate deliberate misinformation designed to undermine our operations and mislead Nigerians.”

NNPC urged “the public to disregard such fabricated content and rely on verified sources for accurate information,” noting that it “remains steadfast in its mission to ensure fuel availability, affordability, and quality for all Nigerians while maintaining global industry standards.”

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Economy

Four Stocks Show Investors Love at NASD Valentine’s Day Trading

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NASD OTC exchange

By Adedapo Adesanya

Four price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.54 per cent on Friday, February 14.

Okitipupa Plc improved its share price by N11.29 to close at N124.18 per unit versus N112.89 per unit, Mixta Real Estate Plc appreciated by 34 Kobo to finish at N3.76 per share versus the preceding day’s N3.42 per share, Afriland Properties Plc went up by 62 Kobo to settle at N21.03 per unit compared with N20.41 per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 5 Kobo to trade at N39.95 per share, in contrast to the preceding day’s N39.90 per share.

At the close of business, the market capitalization rose by N9.91 billion to N1.828 trillion from N1.818 trillion and the NASD Unlisted Security Index (NSI) increased by 17.49 points to 3,227.53 points from the 3,210.04 points recorded on Thursday.

During yesterday’s session, the volume of securities transacted by investors jumped by 1,001.3 per cent to 5.1 million units from the 465,820 units transacted in the previous trading day.

Also, the value of transactions surged by 1,025.4 per cent to N108.5 million from N9.6 million, while the number of deals went south by 10 per cent to nine deals from 10 deals recorded on Thursday.

Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.

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Economy

Naira Stable at Official Market, NAFEM, Appreciates at Black Market

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sellers of Naira

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.

However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.

At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.

As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.

This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.

Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.

Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.

In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16,  Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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