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Best Forex Trading Apps for India in 2024: Compare Features & Brokers

Best Forex Trading Apps

Why are forex trading apps for India the most fascinating topic of 2024? The discussion of a forex trading app for beginners has an engagement rate for all the users who love currency exchange. Forex trading is the world’s largest financial market, with a daily volume surpassing $6 trillion. A good forex trading app is one of the most essential tools for navigating this dynamic environment.

Even though forex trading is becoming more popular in India, it is still highly regulated, and getting started isn’t always easy. In addition to the major difficulties, pairing with the best forex trading app approved by the RBI is also essential.

To make your efforts worthwhile, you should work with a broker who is licensed in your country. Residents can only speculate in the currency market by using a foreign broker that takes Indian clients because there are limits on locally authorized financial institutions in India. There are certain restrictions on different forex trading applications, as the competition is fierce in the overall forex VPS hosting environment. 

To empower your Indian forex trading journey, we’ve compiled a comprehensive guide to the best forex trading platforms and apps of 2024 suitable to meet the demands of traders in India. This in-depth analysis compares features, performance, fees, customer support, and reputation, helping you select the perfect Forex app for your trading goals. So let’s wait no more and begin with our detailed guide. 

Table of Content

What Are Forex Trading Apps? Differentiating Between Apps And Softwares

We all know that applications are made from the perspective of smartphones. Thus, there’s no rocket science in understanding what forex trading applications are. Forex trading apps are mobile applications designed specifically for smooth operations in the forex market. With the help of these apps, you can easily buy or sell currencies on the foreign exchange market. 

On the other hand, forex trading software is made for desktops, laptops, and PCs. These best forex trading softwares offer advanced features like charting tools, backtesting, and automated trading strategies, which are difficult to steer down in the mobile view. 

The major difference we can spot is that forex trading applications are built for convenience and a user-friendly way to trade, allowing traders to monitor markets, place orders, and much more simply by using their accounts from their smartphones or tablets. Also, forex trading software needs efficient hosting solutions, like dedicated server or cloud server.

Best Forex Trading Applications In India

Forex trading in India has strict adherence to laws and is regulated under the SEBI (Securities and Exchange Board of India). Traders can have a successful trading career if they operate with a SEBI-regulated broker. A reliable forex trading app approved by the RBI with a top-notch web hosting service provider adds a streamlined exchange of currencies. Here’s the list of the top forex trading apps of 2024 for the Indian forex market.

Best Forex Trading Apps for India

AvaTrade

AvaTrade has been a popular and globally regulated broker since 2006. It’s a popular choice among traders looking for a user-friendly and the best forex trading platform. It comes with a wide range of functions, including in-platform exchange indicators, advanced charts, and access to over 1,000 devices, which include currencies, shares, and commodities.

Developed by: Ava Trade EU Ltd.

Commissions and Fees: Commissions vary depending on the currency pair and account type. Expect a range starting at 0.9 pip (percentage in points) for major forex pairs.

Cons: AvaTrade has very limited educational resources compared to other competitors. It is not sufficient to handle the high-volume traders due to the fee structure.

Zerodha Kite

Zerodha Kite is a popular trading platform in India. The handling and design of this best forex trading platform are configured accordingly for the Indian stock and F&O markets. It offers a user-friendly interface with advanced charting tools, technical indicators, and market-depth information.

Developed by: Zerodha

Commissions and Fees: Free for equity delivery up to ₹200, then 0.03% per trade. ₹20 per executed order for intraday and currency derivatives.

Cons: While Zerodha is a good place to start, keep in mind that it operates in India only. There are no social trading features available for it.

IG

While looking for the top forex trading applications in India, IG comes as a holistic forex trading solution. Apart from its global recognition, it offers the best real-time news feeds and an educational resource hub.  

Developed by: IG Group

Commissions and Fees: Variable spreads based on the market and account type. CFDs incur financing charges.

Cons: While IG is a globally operating broker, it offers very limited customer support in India. It has higher fees compared to some Indian forex brokers.

If you are looking for the best ways to become a forex broker, refer to your detailed blog on How to Become a Forex Broker: A Step-by-Step Guide.

OctaFX

Mobile forex trading app OctaFX is available for users worldwide, including those in India. With it, you can access features like real-time quotes, charting tools, and copy trading. In addition to the features, this forex trading app in India offers a low minimum deposit tool that leverages budget issues. 

Developed by: Octa Markets Incorporated

Commissions and Fees: The rates of commissions vary by market and account type and inactivity fees are charged for dormant accounts.

Cons: Customer support is not readily available in India.

Interactive Brokers

Interactive Brokers Trader Workstation (TWS) is a mobile forex trading app. It has the easiest access to the market, where users can trade in forex, F&O, and others. For Indian traders, Interactive Brokers provides advanced order types, powerful charting tools, and global market research, making it easy for traders to access trading tools and have a keen interest in extensive market research. 

Developed by: Interactive Brokers LLC.

Commissions and Fees: Competitive commission structure with a minimum commission of USD 10 per trade. Inactivity on the account leads to charges.

Cons: While Interactive Brokers is a globally active forex trading platform, it has a complex interface.

Upstox Pro App

If you are a keen Indian forex trader, you might have heard of the Upstox Pro App. It is one of the favorite forex trading apps for beginners as well, as it acts as a forex trading app approved by the RBI. The popularity of this forex trading app is due to its beginner-friendly interface, available in both English and Hindi and holistic trading integrations. In India, it is considered to be one of the best forex brokers.

Developed by: Upstox

Commissions and Fees: Free for equity delivery up to ₹200, then 0.03% per trade. ₹20 per executed order for intraday and currency derivatives.

Cons: If you exclude forex, the Upstox Pro App is limited to Indian markets only and has no social trading features.

Angel Broking Mobile App

Angel Broking’s mobile forex trading application focuses primarily on the Indian stock market. It has numerous features for derivatives, stocks, and options trading, making it effectively the best forex trading platform. Moreover, with its advanced order types, it gives traders first-hand forex trading experience. 

Developed by: Angel Broking Ltd.

Commissions and Fees: Free for delivery up to ₹200, then 0.03% per trade. Flat ₹20 per executed order for intraday and currency derivatives.

Cons: While forex trading is possible with Angel Broking, a free forex trading app, it does not have direct access to research tools compared to other competitors.

ICICI Direct iMobile App

If you are searching for the best forex trading platform in India, the ICICI Direct iMobile App can be the solution you are looking for. Since it focuses on the Indian stock market, it offers the best forex trading tools to help trade equities, currency derivatives, and mutual funds. Moreover, their servers are technology-oriented and provide you with real-time analysis similar to MT4 and MT5, both popular forex trading platforms developed by MetaQuotes Software.

Developed by: ICICI Direct Ltd

Commissions and Fees: Competitive brokerage fees for stock trading, typically NR 20 per order for forex trading.

Cons: It comes with very limited charting tools compared to other dedicated forex trading platforms.

SEBI vs. Globally Operating Forex Trading Apps: Which Apps Should You Choose?

When choosing the best forex trading application for India and the Indian trading market, make sure your safety is of the utmost importance. The most recommended way is to choose the SEBI-authorized forex trading app for India that operates under the regulations of the government. 

This is the safest and most secure way to protect investors, traders, and beginners alike. Even when you face any issues related to your forex trade, you can have access to SEBI’s grievance redressal mechanisms for dispute resolution. 

This is not the same in the case of globally operating forex trading platforms. Globally operating apps have limited customer support options for Indian users, which is not suitable for beginners. However, globally recognized apps offer a wider range of features and functionalities compared to SEBI-authorized apps.

The best alternative is to go for a balanced approach, that is, to review the top forex trading platforms that adhere to SEBI regulations for forex trading in India.

In our blog, we have included both SEBI-authorized forex trading applications as well as globally operating forex trading platforms. 

SEBI-Authorized Apps

  • Zerodha Kite
  • Upstox Pro App
  • Angel Broking Mobile App
  • ICICI Direct iMobile App

Globally Operating Forex Trading Apps

  • AvaTrade
  • IG
  • OctaFX
  • Interactive Brokers

An estimated report says in India, there are around ~70% SEBI-authorized forex trading app users, while ~30% of users go with globally operating forex trading apps.

estimated forex trading app report
Final Note

The Indian forex market is vast and caters to different individual needs. It consists of different trading apps that act as brokers. Through deep research, you can easily find forex trading apps approved by the RBI, forex trading apps for beginners, and some free forex trading apps for India.

Whether you’re a novice or a skilled trader, advanced trading functions, the best support, and low commission rates are all that you want. Remember, prioritizing SEBI-authorized apps is important for protection and regulatory compliance, while globally operated platforms help you trade beyond the Indian market.

Carefully analyze the capabilities, costs, and support offered via each app, and then make your ultimate decision. So, dive into the blog, get the compared data, and test with top forex trading applications for India. The world of foreign exchange trade is waiting for you!

FAQs:

What are forex trading apps?

Forex trading apps are mobile applications. Consider them similar to the other apps that you use on your smartphone. These apps are built for trading purposes and allow traders to buy and sell currencies on the foreign exchange market.

What apps do I need for forex trading?

The only essential app you truly need is a forex trading app offered by a reputable, SEBI-authorized broker in India. While looking online, you’ll find several forex trading apps and brokers, but not all of them are forex trading apps approved by the RBI or SEBI. Check out the blog to find out the best apps for forex trading in 2024.

What features should I look for in a forex trading app?

There are several important features to consider when choosing the top forex trading app for India, including a user-friendly interface, real-time market data, charting tools for technical analysis, and secure options for placing orders. Additionally, some apps have educational resources and social trading for an enhanced trading experience.

Can I trade all currency pairs on a forex trading app?

While foreign exchange is carried out in almost all currency pairs, there are some limitations set by the app itself. Most of the above-mentioned apps offer all popular currency pairs, but it’s advisable to check with the forex trading application for a complete list.

Is mobile trading as reliable as desktop trading?

Yes. Due to modern technology, the recently upgraded forex trading apps are reliable and offer most of the functionalities available on desktop platforms. However, to view some advanced trading charts, traders prefer the larger screen size by opting for desktop trading.

The Author

Jyoti, a wordy-enthusiast with a passion for creating knowledge-oriented and engaging content. When she's not busy shaping words, you'll find her diving into the fictional realms of books. Whether it is creating content or spinning conservative tales, she is always eager to learn.

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