Currency trading platforms are one of the biggest aspects you look for in case you are a fan of currency trading, There are various aspects to be looked into and thus, let us examine features of some of the best currency trading platforms operating in India and some of the top names as well.
But before we jump in, let’s refresh some basics!
Currency trading or forex markets are the largest investment markets in the world. After analysing one’s knowledge, experience and area of interest, if one decides to take a plunge in the foreign exchange markets, then, it is imperative that the best trading platform is chosen. This becomes even more important in case of currency trading platforms.
When we call and choose a specific trading platform for currency trading as one of the best, there are some specific parameters that we look forward to, including:
Performance or speed of the platform
Number of features or exhaustiveness of the application
Number of data points
Best Currency Trading Platforms
In India, one can begin currency trading only with SEBI approved and registered stockbrokers. Let us examine the features of some of the best currency trading platforms operating in India:
Kotak Securities is a bank-based full-service stockbroker. They provide one of the best currency trading platforms in India for both low and high-speed internet traders. They believe in “Keep it simple” philosophy which is why their trading platforms are very convenient to use. Following are their different platforms which they offer to their customers:
Website Based Trading Platform
Their website can be browsed through any good web browser (Chrome, IE, Mozilla, Safari). Kotak offers an extra-light, fast trading website which is specially created for traders using slow internet connections. It gives full access to Quotes, order placement and order status.
It allows checking funds, monitoring portfolio and instantly placing buy/sell orders. It also gives access to Kotak Securities’ research.
It is a free, simple and high-speed online trading software. It needs to be downloaded and installed on your computer and laptop.
One can place buy and sell orders online in real time using this terminal software. It provides charting tools and live streaming of market data. One can customize its user interface as per his/her convenience as well by using some specific shortcuts.
Fastlane is a Java applet based application which does give a feel of the trading terminal without the requirement of an installation. It can be accessed anywhere with the help of a browser.
Reliance Securities, a Reliance Capital Limited Company, is the financial services division of Reliance Anil Dhirubhai Ambani (ADA) Group. RSEC is the web-based investment portal (with Online Stock Trading) from Reliance Securities. This website enables its customer to trade in currencies. Their different trading platforms are:
This is a browser-based platform which is specially made for beginners. There is no download or install required to use this application and can be accessed through a browser.
It is an advanced online trading platform that provides live streaming quotes, real-time news and market coverage, margins before order entry, multiple payment gateways, research with technical analysis, and advanced charting tools.
It provides super fast trading experience. Its features include streaming quotes, low-risk strategies, dynamic charts and indicators, online fund transfer and withdrawal facilities. All these features make Insta Express one of the best currency platforms in India.
It is an app that is designed for smartphone users. It allows traders to use their mobiles for placing their trade orders. This mobile app from reliance securities is rated satisfactory by around 87% of its users.
5Paisa is a Mumbai based discount broker. It is backed by the IIFL Group which is one of India’s leading financial services company. Their trading platform can be accessed on the mobile app, browser (web) and installable desktop trading application.
The speed of the browser trading platform is quite good and it has an intuitive user interface which helps traders in making speedy decisions. The installable desktop trading application caters to the needs of those frequent traders who need advance trading tools like advanced charts, etc.
Intraday and historical charts help traders in deciding entry and exit points of their specific trades.
Angel Broking is one of the best retail broking houses in India. They provide single access to all market segments of BSE, NSE, MCX & NCDEX. They provide good quality comprehensive daily, weekly and specialized research reports from expert sector analysts. Their platforms are one of the best currency trading platforms in India.
Zerodha is a Bangalore based flat fee broker for trading in Equity, commodity and currency derivatives. It charges brokerage of 0.01% or ₹20 per executed order, whichever is lower, irrespective of the number of lots. Zerodha provides five kinds of trading platforms.
Four of them are relevant for currency trading. Their platforms are very convenient to use and one of the best currency trading platforms.
It is an installable trading app which provides advanced charting, Algos, strategies, & backtesting. Pi has more than 80 technical indicators for technical analysis and 10 types of charts to help in the decision-making process.
The customers who are not familiar with online trading or are unable to place orders online for any reason can call and place their orders at an additional cost of ₹20 per order.
ICICI Direct which is one of the leading online Forex brokers in India. They provide a well-diversified set platform for online trading under a single sign-on and completely paper-less investing experience. They also provide daily research reports and fundamental & technical reports and advisory.
They have two trading platforms, out of which ICICI Direct Trade Racer (a terminal based trading platform) is better as it provides facilities like technical analysis, customized interface, intra-day and EOD Charts and shortcuts keys for faster access to markets.
Then there is ICICI Direct Trade Racer Web, which is almost a replica of the terminal software the broker provides, but in a web-based version.
All these features make it one of the best currency trading platforms in India.
Karvy Online is a full-service stockbroker with a decent number of active clients across different parts of India. They are known for their quality service and customer-centric approach. They offer the following trading platforms to their customers:
Karvy Online Web
It is a web-based platform that works well on low bandwidth. It provides real-time access to news and quotes. One can use this to trade on mobiles, laptop or tab.
They claim Karvy Nest to be among the best currency trading platforms in India. It is a free market software embedded with charts and technical indicators. It provides a thorough analysis which helps in making trading decisions.
Its features include viewing open orders, traded orders, rejected orders, etc., knowing the available cash margin and the margins utilized for the orders, ordering report, trade report, back office and DP reports.
After researching the best currency trading platforms, it is recommended to take a demo of the trading platform and check all the options and details mentioned on the platform. Know all the costs related to trading on these platforms and all the features they provide to their customers.
It is also essential to know your requirements from a trading platform so that you can choose the best currency trading platforms as per your needs. Also, make sure to equip yourself with all the terminology related to currency trading before beginning to trade.
In case you are looking to get started with currency market trading, just fill in some basic details in the form below.