Forex has recently become one of the hottest investment vehicles in India. It was once restricted to large financial entities and accredited investors, but the currency trading market is now available to anyone with an Internet connection. Many investors in India would like to start trading Forex, but they are not sure which broker to use. A good starting point is to see what other investors have to say about some of the most popular Forex brokers.
NordFX is a brokerage service specializing in Forex trading. NordFX offers a variety of account options to suit the varying budgets and trade volumes of investors. There is no minimum deposit required and no limits imposed on withdrawals. The site does not appear to offer any professional trading advice, however. In 2013, the company was awarded the titles of World’s Best Micro Broker, World’s Best Bonus Program, and World’s Best Dealing Service by a UK-based investing magazine. Investors generally feel that NordFX’s membership rates are fair.
Caya is a broker based in New Zealand but with affiliates stationed all over the world. Investors on Caya trade through a downloadable trading platform. An excellent charting program is included with this package. A minimum deposit of $500 is required, which may be problematic for small-time traders. Caya allows unlimited deposits and withdrawals, although they may take a few business days to process. Traders appreciate the fact that Caya only takes a percentage of each trade; they do not charge by commission.
This broker was founded in 2007 and focuses on providing Forex trading opportunities for investors with small amounts of capital. This is why Forex4you offers accounts with no minimum deposits. Trading bonuses and prizes of up to $3,000 are routinely awarded to members. Users report that withdrawals are quick and can be done through direct deposit, credit cards, or electronic payment systems. In addition, customer support is available 24 hours a day Monday through Friday.
YouTradeFX’s claim to fame is their automated trading tools. Users can choose from over 20 pre-set trading strategies to optimize their earnings. A YouTradeFX membership also comes with the usual package of customer service, multilingual capabilities, and tutorials. YouTradeFX operates on Meta Trader 4, a very popular platform for trading currencies online. Users can also trade commodities, stocks, and CFDs on YouTradeFX. Some users feel that the membership rates are somewhat inflated, although others find them fair on account of the advanced trading tools available.
iFOREX India is by far the most popular Forex broker. Founded in 1996, this company has considerable experience that the newer Forex brokers do not. Users can conduct their trades in a web-based platform, a downloadable desktop version, and even a mobile trading platform. Many features are available to provide the most profitable trading environment including stop-loss capabilities, low spreads, one-on-one personal coaching, and plenty of resources to help traders learn advanced Forex strategies. iFOREX even offers a paid referral program that lets users earn money if one of their friends or colleagues opens an account and begins trading. iFOREX’s membership rates have been praised; investors find an iFOREX account to be an excellent value.
The availability of Forex to the average investor is a great step forward in the world of investing. Choosing the right broker is crucial for success in Forex, and iFOREX appears to provide the best value and resources. Traders spanning the entire spectrum of capital levels, experience, and risk tolerance have found what they are looking for on iFOREX. Their popularity among beginner and expert traders alike is a testament to this fact.