Best Brokers Selection Tips In India, By forex forum. 

As you are searching for a Forex brokerage company, keep in mind that you are giving that company all your trading capital, in anticipation that you will be able to trade with it and withdraw your profits when you wish. You may have great strategies for trading forex, but if the broker shuts down or disappears with all of your money, then all your capital and effort will be in vain. In this regard, it is crucial that you choose a reliable forex broker that meets your requirements without exposing you to scams. 
 
Make sure you keep in mind the following pointers while choosing the best Forex broker in India that meets your requirements. 
 
 

1. Check the Regulatory Compliance 

Since choosing a reliable forex broker is a major decision in an investment plan, you should start by checking if the broker is in compliance with regulations. A flashy website does not guarantee that a broker is legit. Make sure the broker is regulated by checking the broker's website thoroughly or by checking for reviews. 
 
 

2. Convenient Deposit and Withdrawal Options 

When choosing your forex broker, you should pay close attention to the flexibility of your deposit and withdrawal options. Make sure both the deposit and withdrawal options are convenient and reliable. Having conducted extensive research, it appears that AximTrade is the best forex trading platform for Indians as it gives them the best and most convenient deposit and withdrawal options like UPI, Paytm and Net Banking. AximTrade takes 0% commissions for its deposit and withdrawal transactions. 
 
 

3. Ensure the broker offers multiple Account Types 

A good Forex broker must offer a variety of trading accounts that cater to different experience levels and capitals. Take your time to look through the list of accounts that your broker offers, and decide if any are suited to your experience and capital. 
 
Take a moment to consider your trading needs before signing up with a broker. If you're just getting started and don't have much experience trading forex, choose a Cent Account. It only takes a small amount of money to open a Cent account and begin trading with real money. On the other hand, a Standard account is best for you if you are an experienced trader with established trading strategies and are confident in opening positions with the standard lot size. 
 
Consider choosing an ECN account if you are a day trader who trades a lot and captures small price movements. Although you'll pay a commission on trades, the spreads are much tighter, making them ideal for trading small movements. 
 
 

4. Availability of Multiple Currency Pairs 

Keeping an eye on the currency pairs that your broker offers is also important. Forex trading is nothing but the process of exchanging one currency for another. That is why currencies in the forex market are traded in pairs. 
 
While there are plenty of currencies available for forex trading, some brokers may offer only a limited number of currency pairs, thereby limiting your trading options. Thus, before getting started, you should check which pairs the broker offers for trading. 
 
 

5. Features and Advantages of the Forex Broker 

Every Forex brokerage comes with its own features and offerings. There are three features to compare among the Forex brokers: Leverage; Commissions and Spreads; and bonuses. 
 
Leverage is an investment tool that helps traders borrow capital from brokers to maximize an investment's potential return. Leveraged money allows traders to multiply their investment capacity and increase the rate of potential profit. There are plenty of brokers offering different levels of leverage, so do your research to choose the right leverage level for you. 
 
Commission is a percentage of the spread paid to brokers or intermediaries for hosting the trade. Most brokers charge no commission in the retail Forex industry. Whereas, Zero-spread and ECN accounts usually have some sort of commission. 
 
Spread is the difference between the bid and ask price. It's usually how brokers make profits if they charge no commission. Make sure you have a look at the spread charged for each account. 
 
Forex Bonus refers to a promotional offer that gives traders either a fixed amount of money or a certain percentage upon opening an account, depositing funds, or making a predetermined number of trades, depending on the type of brokers. Forex bonuses have many advantages, including increasing trading equity and investment capital and determining a broker's quality. However, it is important to read the terms and conditions carefully before accepting any bonus offer. 
 
 

6. The Trading Platform 

The trading platform is the trader's portal to the Forex market. The brokerage you choose should make it easy to enter and exit trades and include tools for technical and fundamental analysis. Other features to consider will be customization options, order entry types, automated trading options, strategy builders, backtesting features, and trading alerts. You can check this one by opening a demo account, which is a trial account that does not require a deposit but allows you to check the broker's platform and services before opening a real account.