10 Best Forex Trading Apps in India 2022
best forex trading app india

10 Best Forex Trading Apps in India 2022

As per the research from the Bank for International Settlements, forex’s daily trading volume is around $5.1 trillion making it larger than other financial markets including NYSE. 

market-size-comparison

Forex trading is a highly active investment segment where you need to be very vigilant about the market movements, so having an efficient smartphone app is bliss so that you won’t miss any important trading opportunities while away from your desk.

If you are confused about which is the best forex trading app in India that suits your requirements, then go through this article. We have divided the 10 best forex trading app in India into two categories –

  • Best forex trading app for beginners
  • Best forex trading app for professional traders

Without any further ado, let’s discuss best forex trading app in India.

Disclaimer – This article is for educational purposes only. As per SEBI, you can legally trade forex only in EUR-USD, GBP-USD, USD-JPY along with INR-based currency pairs with SEBI registered brokers. Forex trading is highly volatile and up to 80% of traders end up losing their money. You should have technical knowledge of the currency markets before starting forex trading. Always trade with extra money that doesn’t affect your life if you lose the whole amount.

Best Forex Trading App for Beginners in India

#1. IG Trading Platform App

IG Trading
Google’s Play store rating 4.2
Apple’s AppStore rating 4.6

IG Trading app is ideal for you if you are looking for a trusted forex broker because IG Markets Ltd is a part of IG Bank, regulated by FINMA in Switzerland. IG Markets Ltd. has also signed the FX Global Code of Conduct that ensures genuine practices in the market. 

IG Trading app allows you to trade in 90 forex pairs including EUR/USD and GBP/USD at low spreads (commission) starting from just 0.6 points. You can also trade in 27 major commodities including gold, silver, and oil. 

If you want to trade in bitcoins, ether, or other major cryptocurrencies, then no worries as IG Trading has recently added cryptocurrency trading through the app.

App has a very clean interface with an instant overview of market prices, spread, and margin at one place making it ideal for beginners as well as professionals.

You also get detailed charts with 28 indicators (such as MACD, RSI, and Bollinger Bands) with 19 drawing tools for in-depth analysis. You can also enjoy free integrated access to ProRealTime for advanced charting and analysis.

You can also set technical indicator alerts to get updated when the market meets your conditions for favorable trading opportunities.

However, their account approval process is slow and you might have to wait for even 7 to 10 days to get the account opened.

Key Benefits

  • Regulated by major regulatory institutions like FCA, USNFA, ASIC, and FINMA
  • Part of IG Bank Switzerland
  • 90 forex currency pairs available for trading
  • Low spreads start at 0.6 points
  • Easy to use, neat and clean interface
  • 28 plus charting indicators with free ProRealTime access

#2. iForex  

iForex app
Google’s Play store rating 3.7
Apple’s AppStore rating 4.3

iFOREX app allows you to trade in 90 currency pairs like US Dollar, Euro, GBP, and CAD along with other financial instruments like stocks, cryptocurrencies, indices, and commodities. 

iForex app also offers one-to-one free training modules to learn forex trading making it ideal for a beginner trader. You can easily access the educational stuff at the education center that includes basic as well as advanced learning material. You can read pdf files or watch videos along with personal training.

You can access live prices, technical analysis, charts, and market signals to help you catch the next trading opportunity. You can also enjoy up to 400x leverage allows you to open large deals with minimum investment.

iFOREX also offers Negative Balance Protection, which makes sure you won’t lose more than the funds available in your account if you have open buying or selling positions. 

Key Benefits

  • Authorized by Financial Conduct Authority UK
  • 90 currency pairs to trade
  • PDF & Video training modules
  • 1 to 1 personal coaching sessions
  • 400x leverage facility
  • Negative balance protection to avoid bigger losses

#3. Exness Trader

exness trader
Google’s Play store rating 3.5
Apple’s AppStore rating 4.1

Exness app offers you to start forex trading with a minimum deposit of $1 and you can transfer the money through UPI or Phone Pe.

You get quick withdrawals in the Exness app which is a plus point because most forex traders take time when it comes to withdrawing money.

You can use 3 charting styles – Line, bar, and candle to view the market trend. Charts come with technical indicators like TC indicator, Moving Average, Bolinger bands, and Parabolic SAR to analyze the real-time market movements.

Exness app offers a dedicated customer support desk to connect with customer support through live chat in the app or you can also connect over email, WhatsApp, and Viber in case of any issue. 

Key Benefits

  • UPI and Phone Pe available for funds deposit
  • Lowest minimum deposit with $1
  • 3 charting styles – Line, bar, and candlesticks
  • Multi-timeframe charting available
  • Regulated by the FSA, FSCA, FSC, and CBCS
  • 1:2000 leverage 

Also read – Best time for forex trading in India

#4. IQ Option

IQ Option
Google’s Play store rating 4.2
Apple’s AppStore rating 3.8

If you are looking for a low deposit forex broker that offers plenty of Indian payment instruments for fund transfer, then go with the IQ Option broker app. You can transfer funds through the options given below –

  • UPI (Google Pay, Phone Pe, BHIM)
  • Rupay card
  • Freecharge
  • Jiomoney
  • Paytm
  • Ola Money
  • MobiKwik
  • Bank transfer
  • Visa/Master/Maestro Debit & Credit Cards

IQ Option allows you to start with a minimum deposit of 10 USD while you can start trading with as low as $1. 

You can invest in 500 + trading assets through the app that includes currencies, stocks, commodities, cryptocurrencies, and indices across the globe.

You get advanced 30+ charting tools to understand the market volatility and make a solid trading strategy.

If you want to confirm market trends over multiple time frames, you can choose candlestick charts and timescale for the bar from 18 different intervals which is impressive. 

IQ Options also have a solid customer support desk capable to handle clients in 18 global languages but still Hindi is not on the list.

Key Benefits

  • Around 10 Indian fund transfer options
  • $10 minimum deposit
  • Start trading with only $1
  • 30+ advanced charting tools
  • Multiple timeframe charting
  • Regulated by the CySec, EU 
  • Negative fund protection is available

#5. OctaFX

OctaFX app
Google’s Play store rating 3.8
Apple’s AppStore rating App not available for iPhone users

OctaFX is ideal for beginners as you can deposit funds without any hassle using UPI like Google pay, Phone Pe because these options are offered by limited brokers.

OctaFX Trading app comes with two Indian languages support Hindi and Bengali making it a user-friendly app for the regional language user.

In the app, you get a Deposit-Control option that guides you in 2 ways –

  • how much money you should deposit to support an existing order or 
  • create a new order to catch the latest trend 

so that you will neither miss the opportunity nor you’ll lose your progress.

You can also fill up your balance instantly with recently used deposit volumes and preferred payment options thanks to the Deposit History feature that allows you to follow your strategy and save time in entering amounts manually.

Having no app for iPhone users, however, is a big turn-off. 

Key Benefits

  • UPI & net banking for hassle-free fund transfer
  • The app supports Hindi and Bengali languages
  • Funds converted to USD at 1 USD = 55 INR
  • Deposit control guides how much money is required to support the existing or new order
  • Deposit history for quick money deposit to save time
  • Regulated under CySEC, EU

You can read the detailed OctaFX Review here.

Best Forex Trading App In India (For Professional Traders)

#6. eToro

eToro
Google’s Play store rating 4.7
Apple’s AppStore rating 4.0

eToro is one of the best copy trading apps that allows you to replicate the trading strategies of top traders by paying a nominal profit share to them. Once you connect with any trader, the app automatically copies him and your trade is placed when he trades.

eToro is also one of the fully regulated crypto service providers if you are interested in trading in Bitcoins, Ethereum, and other cryptocurrencies without paying any deposit fees. You can deposit or withdraw funds hassle-free through the wire to trade in forex, cryptos, or stocks.

Your funds are secured with eToro because your funds are insured by Federal Deposit Insurance Corporation (FDIC) up to an amount of $250,000.

eToro is regulated by 5 jurisdictional authorities worldwide –

  • Cyprus Securities & Exchange Commission (CySEC, EU)
  • Financial Conduct Authority (FCA, UK)
  • Australian Financial Services Licence (AFSL) 
  • Australian Securities and Investments Commission (ASIC)
  • Financial Services Authority (FSA, Seychelles)

If you are a beginner, you can open a virtual portfolio in the eToro app with $100,000 virtual money, that allows you to learn trading at zero risk. 

You can customize your Watchlists as per your requirements and even set alerts if any sudden fluctuation happens. 

Key Benefits

  • Automatic copy trading trade facility 
  • Regulated by 5 financial authorities across the globe
  • Funds are FDIC insured (up to $250k)
  • Customizable watchlists with fluctuations alert
  • Fully regulated crypto service provider

Check out – Is forex trading legal in India

#7. AVATrade GO

avatrade go
Google’s Play store rating 4.1
Apple’s AppStore rating 4.6

AvaTrade GO app comes with a unique volatility protection benefit called AvaProtect. AvaProtect allows you to partially hedge your position at nominal cost to avoid a bigger money loss risk in the open trade.

You can trade in more than 250 currency pairs including several derivatives and Avatrade also allows you to engage in social trading and copy trading strategies of top traders across the globe. 

You also get 93 indicators such as Pivots, MACD, RSI in the app along with integrated research tools from Trading Central to do a deep analysis of the market trends on the go.

AvaTrade seems a safe forex broker because it is regulated in 6 regions (EU, Japan, Australia, South Africa, UAE, the British Virgin Islands).

AvaTrade is also a member of the Investor Compensation Company DAC (ICCL), which protects up to EUR 20,000 of your invested money in case of broker’s insolvency. 

Key Benefits

  • AvaProtect market volatility protection
  • 250 plus currency pairs to trade
  • 93 plus indicators like RSI for deep analysis
  • Regulated in the 6 regions across the world
  • Funds are DAC (ICCL) insured (up to EUR 20K)
  • Up to 30:1 leverage on various instruments

Also read – how to start forex trading

#8. Forex.Com

forex.Com app
Google’s Play store rating 3.7
Apple’s AppStore rating 3.5

FOREX.Com app allows you to trade in Forex, Stocks, Indices, Commodities, and Cryptos with One-swipe execution. You can simply trade instantly using the one-swipe feature from the chart or watchlist wherever you are.

You can access 10+ chart types containing candlesticks, lines, bars, and 60+ technical indicators like Bollinger bands, RSI, and drawing tools for making precise analyses of market trends.

You can find the ideal trade entry spot using the 14 timeframes ranging from one minute to one month. Most professional traders establish one longer-time frame and a shorter time frame to spot the ideal entry into the market.

You can also learn to trade risk-free with a demo account having $10,000 virtual money before trading in real.

You can trust Forex.Com thanks to its multiple regulatory approvals –

  • Financial Conduct Authority (FCA, UK)
  • Financial Services Authority (FSA, Japan)
  • Australian Services and Investments Commission (ASIC)
  • Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) the USA
  • Cayman Islands Monetary Authority (CIMA)

Key Benefits

  • 80 global currency pairs for trading
  • Enhanced TradingView charts for analysis
  • 60+ technical indicators, & advanced drawing tools 
  • Negative balance protection to avoid bigger losses
  • Use advanced orders to adapt your web-platform strategy on smartphone
  • Recognize associations by overlaying several markets in a single chart in the app
  • The app supports complex order types like OCOs

#9. FXTM Trader App

FXTM trader app
Google’s Play store rating 3.5
Apple’s AppStore rating 3.6

The FXTM app offers 63 forex currency pair trading that you can start with a minimum of $50 equivalent in Indian Rupees. The best part is you can use Google Pay (GPay) as well to deposit the funds with no commission.

The fund’s withdrawals also have no commission to charge making fund exchange a cheap affair. 

You can also use the 1-click trading feature for placing buying and selling orders instantly which comes in handy when the market is volatile.

FXTM also provides quick sync between web platform and mobile app making it convenient for you to trade on the go. Quick sync avoids lag between desktop and mobile platforms.

FXTM is regulated by –

  • Financial Services Commission (FSC, Mauritius)
  • Financial Conduct Authority (FCA, UK)
  • Cyprus Securities and Exchange Commission  (CySEC, EU)
  • Member of International Financial Commission

Key Benefits

  • 63 forex currency pair trading
  • 1-click trading for quick order placing
  • Instant sync between web and mobile platforms
  • Regulated by the 4 jurisdictions
  • Funds are DAC (ICCL) insured (up to EUR 20K)
  • Deposit funds through Google Pay

Check out – Best forex cards for student in India

#10. OlympTrade

Olymptrade app
Google’s Play store rating 3.9
Apple’s AppStore rating 4.3

OlympTrade app is also following OctaFX, Exness, and IQ Option to offer easy fund transfer options for Indians. You can deposit money instantly through UPI, Phone pe, wallets like Paytm, ICICI Bank account, and Debit and Credit cards. You can also utilize your bitcoins, ether, and tether for funds deposit.

You can trade in 30 plus currency pairs on the OlympTrade app with a margin leverage of up to 1:500. 

You also get a unique Profit line feature in the app that helps you identify the break-even point in your trade so that you can quickly set the exit price to avoid bigger losses in bad times.

You can trust the OlympTrade app because the company is a member of the International Financial Commission for the last 5 years that ensures your money up to €20,000 per trader is protected by Commission’s Compensation Fund.

Key Benefits

  • Indian fund transfer options
  • $10 minimum deposit
  • Profit line feature to avoid losses
  • IFC Membership with trader insured up to €20,000 amount
  • Demo account available

Also read – How to earn money online for students

Final Thoughts

If you are a beginner trader, you can go with the Exness Trader app because Exness offers a minimum deposit of $1 which means you can start with small amounts while learning forex trading.

You can go with the eToro trading app if you are interested in copy trading because eToro has established real-time copy-trading & social trading platforms with negative balance protection to avoid heavy loss when the market is falling.

If you are a professional trader, go with the AVATrade Go app that offers in-depth research tools and comes with unique volatility protection to hedge your trade to avoid loss.

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