When you do a quick search for the Forex trading sites in India, you’ll find dozens of recommended platforms to choose from. But while it may seem obvious to just pick one of the top results, the fact is that selecting the best Forex trading platform in India is not as simple as it seems. As you will be entrusting your hard-earned money with it, choosing the right trading platform is extremely important!
It’s always recommended that you do some research before making that decision. Take a little time to learn more about the various benefits and features between each platform, as well as whether they offer additional trading and educational tools that can make you a better trader.
In this article, we’ll guide you through the various aspects to look out for when selecting between the various Forex trading platforms. If you follow this advice, you’ll not only find a solid and trustworthy platform to begin your trading journey, but also discover a great partner that will help you grow your trading .
What to look out for when choosing a Forex platform
As a beginner, it’s a good idea to test out your trading skills in real world markets to build your confidence. Always choose a Forex trading platform that offers a demo account before putting in your actual money as this is the best way to learn the basics of trading with zero risks.
Before you make up your mind about which platform to start trading on, there are some important points you should always look out for.
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Trust factor:
This is the first and most important step. Try to choose a broker with a proven reputation. New brokers may seem attractive, but one that has been around for years will have the experience and certification from a regulatory body to ensure that your transactions and funds are always secure. So, make sure you sign up with one of the regulated Forex brokers in India.
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Trading instruments:
Every broker covers a range of assets, so it’s important to check if a broker offers the assets you’re planning to trade in.
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Flexibility:
Being able to trade from your computer, through a web browser or through your smartphone is a huge bonus. This allows you to execute trades wherever you are, whenever you want.
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Ease of use:
Forex trading can be intimidating, so choose a platform that is beginner-friendly enough for you to get started easily, but with enough advanced features for you to utilize as you gain experience.
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Trading Tools:
The top trading platforms will offer an advanced charting package. This allows you to conduct technical analysis that is critical for your outcomes. The platform should contain several indicators and studies, as well as a wide selection of timeframes.
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Industry updates:
Staying in touch with the latest news and data releases is important for many Fundamental Traders. Therefore, having a newsfeed directly on the platform can be highly beneficial.
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Support:
The best Forex trading company in India will always put its customers first. Choose trading platforms that allow you to contact their customer support directly as this will prove useful when you encounter issues or require clarifications.
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Language:
Some platforms are only available in limited languages. Which is why it makes sense to select a platform that can cater to your preferred language.
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Fees:
As you wouldn’t want to pay excessive fees, always take note of the spreads offered on a platform. While the top Forex trading sites in India may not always offer the lowest rates, they are often competitively-priced and do not come with no hidden fees. Most brokers offer a variety of account types, and spreads or fees can range depending on the account type you use.
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Leverage:
Leverage is a powerful tool which you should look for in a trading platform. It’s almost like borrowing money from the broker to strengthen the value of your deal for greater profits. On the other hand, this can also elevate your risks, so use leverage wisely.
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Risk management:
The top regulated Forex brokers usually offer risk management tools such as Stop-Loss or Take-Profit, which are extremely useful for new traders. These tools will help you reduce risk levels on your trades.
Forex trading platforms
There are many popular trading platforms including MetaTrader 4, MetaTrader 5 and Sirix. These proven and trusted platforms deliver great features such as indicators, charting, superior execution and even autotrading or copy trading.
Top brokers such as Forex4you are also known to develop their own proprietary platforms, such as the Forex4you Mobile,Forex4you Web, and Forex4you Desktop apps. These are designed with the specific needs of their clients in mind and have the potential to outclass even the leading competition.
Opening your account
Now that you’ve chosen your ideal broker, the next step is opening your account.
We always advise beginner traders to try out a demo account before jumping into live trading. Not only will this help you build your skills in a completely risk-free environment, it’s also free, so you won’t be risking any real funds if you make a mistake. Forex4you offers new traders a demo account to try out and experience what live Forex trading is like – absolutely risk-free.
After trying out the demo account, you are ready to open a live account. To do so, you would usually undergo a short process to upload and verify your identity documents through their website. This entire process takes as little as 10-15 minutes, so have your ID and proof of address documents ready.
After verifying your account, you are now ready to make your first deposit and start trading!
Account types
Forex4you which is the best Forex trading platform in India allows you to choose from several account types. Each account type has different features to suit different needs, and new traders may find it safer to open a cent account. Forex4you’s cent account offers reduced risk as the amounts you’ll be trading are much lower with positions from as little as USD0.01. This is a smart choice as cent accounts allow you some room to make mistakes while trading for real without losing significant funds.
Once you’ve grown in experience, you can move on to trading on a standard account type. This allows you to trade with higher lots. Best of all, standard accounts in Forex4you offer great deposit bonuses and other benefits that you can profit from – there’s always something to look forward to!
Trade with the best
As a new trader, the best choice you can make is to start trading with a proven and trusted Forex broker which offers a platform that is ideal for your trading style. More importantly, your broker should also have your best interests and growth in mind. Remember everything discussed in this article – the most important features from any broker are competitive trading conditions, advanced charting, a demo account, a strong education section and news, and dedicated customer support. On top of that, the platform should always have trusted regulation so that you can enjoy your trading journey with a peace of mind.
And you won’t have to look hard to find the perfect trading partner to start out with! As the best Forex trading company in India, Forex4you allows you to try out their completely free demo account. What’s more, with their competitive rates, amazing benefits and perks, and award-winning customer service, you know you are in good hands with the no 1 Forex broker in India!
Forex Trading involves significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.
