Around the world, forex trading is becoming more and more well-liked, and new traders are joining every day. Despite the fact that the idea has been somewhat taboo in India, rules are beginning to relax and more Indian traders are starting to appear. Experts from TU have rated OctaFx as the top broker in India for 2023 in order to make it simpler for Indian traders to select the best online broker.
In India, it's not always easy to get started trading foreign exchange. It's crucial to take both the financial and personal aspects into account when selecting a forex broker. Traders Union experts named OctaFX as the top forex broker after carefully examining all forex brokers serving Indian clients.
How to choose the best forex broker
It's simple to get confused about the best option when there are so many forex brokers to select from. Five characteristics and qualities to look for in a good forex broker have been compiled by TU analysts:
- Follow All Licensing and Regulations: Likely, the top quality of a good forex broker is that the company follows forex trading regulations. Unregulated brokers can get themselves, you, and your money into shady situations, all of which you do not need.
- Offers a Demo Account: A good, regulated forex broker should have no problem offering you a trial period or demo account at no risk to you.
- Choice of Account: A good trait of a forex broker is allowing you to choose the type of account best suited for your needs.
- Adequate Customer Service: Having good customer service is a huge asset for a forex broker. Especially for a new trader or someone testing out a new broker, anytime customer service access is a huge perk.
- Ease of Deposits and Withdrawals: Another essential quality is the ease of deposits and withdrawals. You should be able to access your money at any time without any issues.
Reading reviews and looking into the services a potential Forex broker offers before making your decision and choosing the best Forex broker in India, say TU experts.
OctaFX is the best broker in India, say TU analysts. It is governed by the leading financial regulatory body and renowned for offering beginner-friendly bonuses and promo codes, as well as commission-free trading under EU regulation. OctaFX, a 2011 startup, offers trading on 35 forex pairs, 5 commodities, 10 indices, 30 cryptocurrencies, and 150 stocks. The OctaFX website, which can be translated into Hindi, offers two account types as well as an unlimited demo account.
The two most widely used trading platforms in the world, MT4, and MT5, as well as OctaFX's new intuitive OctaTrader platform, which may be simpler for many beginners to use, are all supported. On iOS and Android devices, OctaFX has also released its own trading app with seamless desktop trading account integration and round-the-clock customer service in English, Hindi, and Urdu.
With spreads starting at 0.6 pips on the EUR/USD with no commission, OctaFX's two account types offer some of the lowest trading costs out there. The minimum deposit for both accounts is $100 USD, there is a 1:500 leverage on currency pairs, and you can choose between using USD or EUR as your account currency. The primary distinction is that only the MT5 platform allows for the trading of stock CFDs.
- Copy-trading available on all accounts
- Constantly updated promotions and bonuses for Indian clients
- Free AutoChartist for traders with a 1000 USD balance
- Islamic trading accounts are available for all platforms and account types.
OctaFX is a forward-thinking broker dedicated to giving Indians a top-notch and flexible trading experience, according to expert reviews at Traders Union. It is a practical choice for both new and seasoned Indian traders.