The Currency Trading Exchange or you can say Forex Trading Exchange is probably the most dynamic market in the world.
The market registers a daily trade of nearly $5 Trillion, Currency trading has been steadily gaining momentum in India.
The rules of the game mandate that a trader can participate in Currency Trading. But for that, it is necessary to open a CurrencyTradingAccount with a stockbroker that is listed on a currency trading exchange that allows currency trading.
The most preferred Currency Trading Exchanges in India are NSE, BSE,MCX-SX. The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) allow investors to participate in Forex or Currency trade via cash and F&O (Futures and Options).
Whereas, Multi Commodity Exchange Stock Exchange (MCX-SX) allows an investor to undertake currency trade via Futuresand Optionsonly.
Being a citizen of India, now if you want to know how does currency trading exchange works in the country, go through the following segments.
Let’s get started!
Currency Trading Exchange in India
The forex market or the currency market came into existence when the RBI, i.e., Reserve Bank of India, took the decision for the same in 1978.
The decision allowed the banks to start intraday trading in the foreign currency exchange.
The first-ever exchange that obtained the in-principle approval from the SEBI was NSE to establish the currency derivatives segment. The exchange launched currency trading in USD/INR on 29th August 2008.
Later on October 29th, 2010, the introduction of currency options was made. After this, on February 27th, 2018, the options trading on EURINR, GBPINR, and JPYINR came into existence.
On EUR-USD, the cross-currency futures and options contracts were also introduced. Apart from this, on February27th, 2018, the introduction of USD-JPY and GBP-USD was made.
While being at the starting or early age in India, currency trading is developing at a pretty good speed.
The currency futures are considered to be advantageous through overseas forex trading, mostly for retail investors and small traders.
It is true that the Central Government has full power over the controlling of the forex trading transactions, which states that the central government manages the currency transaction in the country.
When opting for a demataccount, a trader usually brings many factors into consideration. One such factor considered by the currency trader would be the currency exchange trading platform.
The availability of such platforms eases the process of currency trade, bringing down the time it takes to perform a transaction, hence putting the onus on the stockbrokers to develop platforms to satisfy their clients.
Let’s understand and grab the information regarding the best currency exchange trading platforms in India.
The following are a few of the platforms that allow smooth forex trading:
The Metatrader 4 is a platform that allows forex trading in India and specially designed for smooth execution.
Before MetaTrader4, there was no third-party software that was available in India for executing currency trading in the Indian share market.
After the background, here is the time to know about the features of the MetaTrader4. To learn about them, consider the following features.
The trading is possible with just a single click.
The experts are available for the advisory services.
At least 50 indicators for better trading.
Available with the nine different time frames.
The limit orders are available.
The platform allows the multi charting system.
The competing trading platform cTrader by Spotware was developed in recent years.
Although the application has specialized charting and trading functionalities, there are some distinctions common to the MetaTrader platform:
The use of third-party programs by cTrade is not permitted to configure the indicators, and MetaTrader can be entirely customized.
MetaTrader deals with other functions, including an economic calendar, real-time market alerts, and signal trading, while cTrader has none.
Right now, cTrader is indeed available for Android and iOS platforms. Since this application is available in a web browser, mobile applications have not been highly developed until recently.
3. Ninja Trader
Since 2004, the NinjaTrader trading platform has been developed for the forex, futures, and stock traders.
Although the platform provides extensive charting, automated strategy development, and investment visualization.
If you want to operate from the platform, you have to buy a lifetime license or pay the platform quarterly or yearly.
In addition, NinjaTrader just serves as the trading platform and isn’t really a distributor of market data.
The above indicates that consumers must link their platform to one of the NinjaTrader market data distributors, for example, Google Finance, and Kinetick, to obtain end-of-day or real-time market details.
4. Olymp Trade
Olymp Trade website is managed and related to the Saledo Global LLC, whereas it actually is a member of the International Financial Commission.
The other feature of the Olymp Trade is that you can earn greater profits by forecasting the currency exchange rates through FTT, i.e., Fixed Time Trading.
Apart from currencies, you can easily trade in stocks, ETFs, commodities, and indices. The leverage or the margin is provided up to 500 times on the Olymp Trade.
According to the trading comfort, you can flexibly select the trading time or can arrange the trade amount.
Olymp Trade comprises cryptos and various other instruments. Apart from these, Olymp Trade provides the demo practice account for the guest users. With all these, it also provides trading guides, webinars, courses for better trading.
Now, let’s consider some critical cons that are noted and listed below:
It costs $10 per month as the inaction commission.
But sometimes, forex trade commission varies.
Olymp Trade offers a margin of 1:500.
It is possible to trade in OctaFX in 28 currency pairs, CFDs, indices, and crypto. It is controlled, managed, and regulated by the Law of Saint-Vincent and the Grenadines.
With the minimum deposit of $20, you can easily open the OctaFX account online. But how can the deposits be made? By using the Local Banks, UPI, Paytm, Neteller, the deposits can be made and can be withdrawn with the Mastercard.
It is necessary to hold the currency in the account in USD or EUR, and apart from this, a trader can trade efficiently on the higher limits along with the highest margin of 1:500 and with the negative balance protection.
Based on the trading experience and the platform that is required by you, the following three accounts can be opened by you. Those accounts are as follows:
MetaTrader 4 account for the people who are new forex traders.
MetaTrader 5 account can be made by experienced traders.
Whereas the cTrader ECN account can be created for the automatic trades.
The above-mentioned currency exchange trading platforms are independent platforms. Whereas, if you want to know about the stockbrokers’ platforms, refer to the last segment.
Currency Trading Exchange Hours
If you want to know about the market timings of the currency derivatives segment, then it is very important to note that this segment’s market is open on all days of the week, excluding Saturdays, Sundays, and the holidays that are announced in advance by the exchange.
The following are the Currency Trading Exchange Market hours:
Currency Trading Exchange Hours
The liquid transaction for the value of Rs. 2 lakhs and more (where only the subscription is allowed)
9:00 am-2:00 pm
Normal Open Time of the Market
Normal Closing Time of the Market
Currency Trading Exchange Firms
There are many Indian stockbrokers that allow currency trading. If you want to grab the detailed information of the firm along with the platform, delve into the following information.
The stockbrokers that enable the currency trading are listed below:
Established in 2010, Zerodha is a discount broker in India affiliated with the stock exchanges NSE, BSE, MCX, MCX-SX and offers investors the option to trade in mutual funds, bonds, commodities, currency, along with other financial instruments.
Talking of developing new-age apps to facilitate its customer’s trading needs, Zerodha come up with the platform, ZerodhaKite. It is the one that allows investors to place, track currency trade orders on the web platform.
Zerodha Kite Mobile Trading app is available to both Android users and iPhone users. One can download it for free from Play Store (Android Users) and App Store (iPhone users).
Apart from these, there is also the Zerodha Kite Web version, which one can access from their browsers on PC, mobile, tablet.
Apart from Zerodha Kite, the firm offers many other trading platforms that allow currency trading, including the following:
Zerodha App allows trading through the mobile phones
Motilal Oswal Financial Services Ltd is one of the earliest stockbrokers in India. The full-service stockbrokersbased in Mumbai was established in 1987.
Motilal Oswal is affiliated with BSE-CD, NSE-CD, and MCX SX-CD.
Their currency trading platform is named – Online Trading App for Shares, Forex: MO Trader, which allows traders all the data and information pertaining to currency.
With this app, traders can monitor their orders with much ease. Motilal Oswal Trader App is available on the Play Store and App Store. So, both android and apple users can download the apps on their smartphones.
In addition to these, Motilal Oswal offers a desktop-based software, OrionLite, which can be downloaded from their official website.
Now, apart from the mobile trading app, if you want to trade in the broader screen, here are the two alternatives that are mentioned below:
Motilal Oswal Desktop App is a desktop-based trading platform through which you can trade in currencies.
IIFL Securities has been in the trading market since 1995 and has earned the right to be named along with the largest full-service stockbrokers in India at the backing of their continuous innovations.
In addition to, NSE, BSE, IIFL Securities are listed on MCX and NCDEX, which are two of the largest commodity exchanges in the country. You can trade in currency using the IIFL markets app.
Among their catalog of trading apps, the ones that support currency or forex trade are as follows:
IIFL TT Web is a web trading terminal and provides a broad view of trading.
IIFL TT is a trading terminal that can be downloaded on the laptop or desktop
IIFL Markets app.
IIFL Markets App is available to both android users and iOS users. The app provides users comprehensive details in regards to currency (F&O), and users can set alerts for currency (F&O).
IIFL TT or IIFL Trader Terminal is computer software that can be downloaded from IIFL’s official website. The trader terminal is Windows-only software. So, the software will operate only on a Windows Operating System.
Apple users will either have to BootCamp their MacBook or can gain access to IIFL Trader Terminal through IIFL TTWeb.
IIFL TTWeb is a web version of the IIFL Currency Trading App that can be accessed from any browser on any of the following gadgets – smartphone, PC, Tablet.
➡️ Upstox Currency Trading Platform
Established in the year 2012 as RKSV, rebranded in 2016 asUpstox is one of the youngest discount stockbrokers in India, whose customer base sees a significant rise by the day.
Nearly 2 Lakh traders have trusted the services of Upstox financial services for their brilliant currency trading platform available across mobile, web, and desktop. If you are having a currency trading account with Upstox, then you can easily trade in different currencies using the Upstox Nest Platform.
Upstox Nest is their desktop-based currency trading platform and its earliest offering in terms of the trading platform. Next-Generation Electronic Securities platform, shortened to NEST, allows a user to trade in equity, the commodity in addition to currency trading.
Upstox has a mobile trading app by the name of Upstox Pro, which is available on Android as well as iOS-based smartphones. Using the Upstox Pro mobile app, one can trade in stocks listed on NSE, BSE, and MCX.
Falling into the category of a web-based currency trading platform is its Upstox Pro Web. Users can trade using this platform without having to download and install the software on their smartphone or laptop.
If you are interested in using other platforms of Upstox to trade in currencies, then you can refer to the following platforms:
Upstox Pro Web is a web trading platform and allows you to have a more comprehensive look at the trade.
Upstox Pro Mobile App allows trading through the mobile phone, which implies that you can trade from anywhere, anytime.