10 Best Forex Trading Apps in India, Trading Flatfrom 2024 (2024)

Forex trading has become increasingly popular in India, with more and more people looking to invest in the global market. With the rise of technology, trading can now be done on-the-go through mobile apps, making it more convenient and accessible to traders. In this blog post, we will discuss the best forex trading apps available in India and their advantages and disadvantages. We will also address the legality of forex trading in India and whether popular trading platform, MetaTrader 5, is legal. Additionally, we will explore the option of using Zerodha for forex trading.

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Here are some of the top forex trading apps used in the Indian market:

App Exness Trader

Exness Trader is a popular forex trading app among traders in India. It is a user-friendly app that offers a range of features to make trading easier and more efficient. Here's an overview of the app:

Advantages of Exness Trader

• User-friendly interface: The app is designed to be easy to use, even for beginners. The interface is clean and intuitive, making it simple to navigate and execute trades.

• Wide range of tradable assets: Exness Trader offers a wide variety of currency pairs, commodities, and indices to trade, giving traders the opportunity to diversify their portfolio.

• Fast execution: The app is known for its fast execution times, which is crucial in the fast-paced world of forex trading. This ensures that traders are able to enter and exit trades quickly, minimizing the risk of price changes.

• Advanced charting tools: The app provides advanced charting tools, allowing traders to analyze trends and make informed decisions. It also offers technical indicators and drawing tools to help with market analysis.

• Multiple account options: Exness Trader offers various account types to cater to different trading styles and needs. These include Standard, Pro, Raw Spread, Zero, and ECN accounts.

Disadvantages of Exness Trader

• Limited educational resources: Unlike some other trading apps, Exness Trader does not offer a lot of educational resources for traders. This may be a disadvantage for beginners who are looking to learn more about forex trading.

• Limited payment options: The app only accepts payments through bank transfers and credit/debit cards, which may be inconvenient for some traders.

• Inactivity fee: If an account remains inactive for 12 months or more, Exness charges an inactivity fee of $5 per month. This can add up and be a significant cost for traders who do not use the app frequently.

Here Is The Summary Of This Exness Review

• Min Deposit: USD 10
• Regulators: CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
• Trading Desk: MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
• Crypto: Yes
• Total Pairs: 97
• Islamic Account: Yes
• Trading Fees: Low
• Account Activation Tim: 24 Hours

App XM

XM is another popular trading app in India that offers several features to make trading convenient and efficient. Here's what you need to know about this app:

Advantages of XM

• User-friendly interface: Like Exness Trader, XM also has a user-friendly interface that is easy to navigate and use. This makes it suitable for both beginner and experienced traders.

• Multiple trading platforms: XM offers two trading platforms - MetaTrader 4 and 5. This gives traders the option to choose the platform they are most comfortable with.

• Low minimum deposit: The minimum deposit required to open an XM account is just $5, making it accessible for traders with different budget levels.

• Educational resources: XM provides a range of educational resources, including video tutorials, webinars, seminars, and market analysis, to help traders improve their skills and knowledge.

• Multiple payment options: The app accepts payments through various methods, including bank transfers, credit/debit cards, e-wallets, and local payment options like UPI and Paytm.

Disadvantages of XM

• Limited tradable assets: Compared to other trading apps, XM offers a limited number of tradable assets, which may be a disadvantage for traders looking to diversify their portfolio.

• Inactivity fee: XM also charges an inactivity fee of $5 per month if an account remains idle for 90 days or more. This can add up and be a significant cost for traders who do not use the app frequently.

• Limited customer support: Some users have reported that the customer support provided by XM is not as efficient as other trading apps, which may be a concern for traders who need immediate assistance.

App XTB xStation

XTB xStation is a relatively new trading app in India, but it has quickly gained popularity among traders. Here's what you need to know about this app:

Advantages of XTB xStation

• Advanced charting tools: XTB xStation offers advanced charting tools, including technical indicators and drawing tools, to help traders with market analysis and decision-making.

• Quick execution: The app provides fast execution times, ensuring that traders are able to enter and exit trades quickly and efficiently.

• Multiple account options: Similar to Exness Trader, XTB xStation also offers various account types to cater to different trading styles and needs. These include Standard, Pro, and ECN accounts.

• Educational resources: XTB xStation offers a range of educational resources, including webinars, video tutorials, and market analysis, to help traders improve their skills and knowledge.

• Low minimum deposit: The minimum deposit required to open an XTB xStation account is just $250, making it accessible for traders with different budget levels.

Disadvantages of XTB xStation

• Limited payment options: XTB xStation currently only accepts payments through bank transfers, credit/debit cards, and Skrill, which may be inconvenient for some traders.

• Limited tradable assets: Like XM, XTB xStation also offers a limited number of tradable assets, which may be a disadvantage for traders looking to diversify their portfolio.

• Inactivity fee: XTB xStation charges an inactivity fee of $10 per month if an account remains idle for 12 months or more, which can be costly for traders who do not use the app frequently.

MetaTrader 4 (MT4)

MetaTrader 4 is one of the most popular trading platforms worldwide and is offered by most brokers. The MT4 app provides advanced charting capabilities, a wide range of indicators and the ability to execute trades directly from the charts.

Some key features include:

• Advanced charting with 100+ indicators and technical analysis tools
• Support for algorithmic trading via Expert Advisors (EAs)
• Comprehensive backtesting environment to test EAs
• Desktop, web and mobile versions with synchronized accounts
• Available for both Android and iOS devices

Though MT4 is designed more for short term traders, long term investors can also analyze markets and place trades conveniently through the app. Overall, it is one of the most comprehensive forex trading apps in India.

MetaTrader 5 (MT5)

MetaTrader 5 (MT5) is the latest incarnation of the popular MetaTrader platform. While still relatively new, it offers some enhancements over MT4 such as:

• Support for trading stocks, futures and CFDs in addition to forex
• Economic calendar and financial news feed
• Built-in market and price aggregation tools
• Advanced analytics with 30+ indicators and charting tools
• Automated trading with EAs and strategy testing
• Available for Android, iOS, Windows and Mac

The MT5 mobile app allows traders to access multiple markets from a single platform and facilitates advanced trading with Expert Advisors. Though MT5 has yet to gain the same popularity as MT4 in India, it certainly has the edge in terms of features and capabilities.

NinjaTrader

NinjaTrader provides powerful charting and analysis capabilities along with an ecosystem of trading apps and add-on services. Some notable features include:

• Charts with 100+ drawing tools and indicators
• Market scanning for trade ideas
• Automated trading via NinjaScripts programming language
• Advanced trading simulator and backtesting
• Low-latency trade execution
• Free mobile trading app for iOS and Android

NinjaTrader is geared more towards active traders and has high-end functionality comparable to desktop trading platforms. The mobile app allows traders to analyze and trade the market from anywhere. The software is free to use for advanced charting and simulators, while live trading requires brokerage and exchange fees.

eToro

eToro is a multi-asset social trading platform with a user-friendly forex app. Key features include:

• Ability to copy successful traders automatically
• Integrated social community with news feeds and profiles
• Simple one click execution for trades
• $0 commission on stock trades and low forex fees
• Practice with $100k virtual funds before live trading
• Supports web, Android and iOS

eToro makes trading accessible to beginners thanks to its social features, virtual portfolio and easy order execution. Experienced traders can also execute their strategies seamlessly through the app. eToro also allows trading of CFDs, cryptocurrencies, stocks, ETFs and commodities alongside forex.

Forex.com

Forex.com is an established US-based forex and CFD brokerage. Their mobile trading app has the following key features:

• Streamlined app optimized for mobile use
• Advanced and interactive charts with pattern recognition
• Watchlists, alerts and risk management tools
• 200+ trading instruments including forex, indices, commodities, shares and cryptos
• Available for iPhone, iPad and Android devices

Forex.com offers an excellent trading experience and competitive spreads across various markets. The mobile application provides traders with a robust on-the-go trading experience with powerful trading tools.

AvaTradeGO

AvaTradeGO is the innovative mobile app from international brokerage AvaTrade. Highlights include:

• User-friendly design and intuitive interface
• Full suite of trading tools including advanced orders
• Automated trading strategies with AvaOptions and MetaTrader 4
• More than 250 trading instruments across 5 asset classes
• Competitive spreads starting from just 0.9 pips
• Demo accounts with $100k virtual funds

AvaTradeGO allows traders to analyze markets, execute advanced trades, utilize trading bots and trade over 250 instruments seamlessly through the mobile app.

TradingView

TradingView is a social network and charting platform for traders. Though not a brokerage itself, the TradingView app integrates with many major brokerages. Key features are:

• Real-time price data and professional charts
• Numerous technical indicators and drawing tools
• Ability to analyze and backtest trading strategies
• Global trading community with live chats and profile sharing
• Mobile app available for Android and iOs

The mobile charts and trading community make TradingView extremely popular with active traders. It's an excellent market analysis app, especially when integrated with a broker that supports TradingView.

This covers some of the top forex trading apps available to Indian traders. The key is finding an app that integrates seamlessly with your brokerage, provides robust tools for analysis and execution, and suits your individual trading requirements. Be sure to evaluate the security measures and risk controls before selecting an app. With prudent use, mobile apps grant traders freedom and flexibility to trade currencies successfully from anywhere at anytime.

Which is the best app for forex trading in India?

Choosing the best app for forex trading depends on individual preferences and needs. All three apps mentioned above offer a user-friendly interface, fast execution times, and advanced charting tools. However, each app also has its own unique features and disadvantages.

For instance, Exness Trader offers a wider range of tradable assets, while XM and XTB xStation have lower minimum deposits. XM provides more educational resources, but XTB xStation has a lower inactivity fee. It ultimately comes down to what features are most important to an individual trader and which app aligns with their personal trading style.

Is forex trading legal in India?

Forex trading is legal in India, but it is subject to certain restrictions and regulations set by the Reserve Bank of India (RBI). The Foreign Exchange Management Act (FEMA) regulates foreign exchange transactions in India, including forex trading.

Under FEMA, Indian residents are allowed to trade in currency pairs where the Indian rupee is one of the currencies involved. This means that Indians can only trade in INR/USD, INR/EUR, INR/GBP, and other such combinations, but not in any other currency pairs like USD/EUR or EUR/GBP.

Additionally, the RBI limits the amount of foreign currency that individuals can trade in a financial year. As of 2021, the limit is set at $250,000 per financial year. Traders are also required to make all transactions through authorized dealers, such as banks and designated agents.

Is MetaTrader 5 legal in India?

MetaTrader 5 (MT5) is a popular trading platform used by many forex traders around the world. However, there has been some confusion regarding its legality in India. The short answer is yes, MT5 is legal in India.

The confusion arises because of the restrictions imposed by RBI on foreign currency trading. As mentioned earlier, Indian residents can only trade in currency pairs where the Indian rupee is one of the currencies involved. However, MT5 offers a wide range of currency pairs, including those that do not involve INR.

To comply with Indian regulations, MT5 has made modifications to its platform for Indian users. These modifications include disabling certain currency pairs and implementing a maximum leverage limit of 1:50 for forex trading. Therefore, as long as traders use MT5 within these limitations, it is considered legal in India.

Is Zerodha good for forex trading?

Zerodha is a popular stockbroking firm in India, known for its low fees and user-friendly trading platform. While Zerodha does offer currency trading services, it is primarily known for its stock trading platform. So, is Zerodha a good option for forex trading in India?

The answer is no. Zerodha's forex trading services are limited and not suitable for serious forex traders. They offer only six currency pairs, and their platform does not provide advanced charting tools or technical indicators. Additionally, Zerodha charges a hefty brokerage fee of 0.01% per trade, which can significantly eat into profits.

Moreover, Zerodha's forex trading services are relatively new and have faced technical glitches and issues in the past. Overall, while Zerodha may be a good option for stock trading, it is not a reliable choice for serious forex trading.

Conclusion

In conclusion, the best forex trading app in India depends on personal preferences and needs. Exness Trader, XM, and XTB xStation are all popular choices with their own unique features and disadvantages. Forex trading is legal in India, but it is subject to certain restrictions and regulations set by the RBI. MetaTrader 5 is legal in India as long as it is used within the limitations set by the RBI. Lastly, while Zerodha may be a good option for stock trading, it is not a suitable choice for serious forex trading. As with any financial decision, it is essential to do thorough research and choose a platform that best suits your trading style and needs.