To see considerable profits in forex trading, you need to pick out the appropriate options right from the initial phase itself. A good broker offers investors the right online trading facility along with providing the latest and in-depth market information. There are brokers who also offer analysis, enabling traders to arrive at informed decisions. The right broker is the key to your success in forex trading.
Criteria in Selecting Brokers
While forex trading field has numerous brokers equipped to serve traders in the best way possible, so they achieve great profits, each broker has a particular set of competencies and services. The broker you choose will definitely decide on your success path in forex trading. So you need to do comprehensive research on the brokers available before you start using one. The initial step is selecting the broker in relation to the size and location you prefer. The other criteria include the following.
- High leverage: Investors should be provided with high leverage. This ensures investors can deal with large sums while opening positions without having an equally high amount in their account.
- Low spread: The spread denotes the amount you need to pay to the broker for every transaction you make. So selecting a broker with the lowest spread is a sensible choice.
- Platform: All brokers have platforms that investors use to receive charts, graphs, live quotes, net exposure, open positions, loss and profit margins, etc.
- Account type: The account type depends on the capital you want to invest. There are macro, standard, and mini accounts to choose from.
Top 3 Forex Brokers in India
eToro: It is easy to open an account in this innovative social trading platform. You can either trade on your own, or follow a trader who is profitable. It requires a minimum of $50 as deposit and spreads start at 3 pips. You get 24 hour customer support.
Lite Forex: You require minimal starting deposit, variety of tools, and the facility to trade with floating or fixed spread. Swap free and multi-currency accounts with instant account deposit facility are present. The broker offers 24/5 services and there are contests and bonus programs that offer real time prizes. 5 trading servers and MT4 and MT5 platforms for trading are present.
iForex: iForex is a leading and most recommended forex broker in India. You get three user-friendly platforms namely web based, mobile, and downloadable PC platforms. Constant news updates and 24 hour professional support are some of the strong points that favor this broker. Additionally you get tight pips, real time market prices, and an exceptionally unique margin policy. The full margin policy at this firm gives traders an ability to maximize trading potential and the negative balance protection enables reducing risks that are higher than what is estimated by the trader.