10 Best Forex Trading Apps In India 2021 (Review & Comparison)

81% of global people go online through smartphones and the percentage reaches 91% in India.

online time spent

People find smartphones more convenient to use for mostly routine work like online shopping, OTT platforms, mobile banking, online meetings, investment and trading. 

It wouldn’t be surprising if you choose a company’s product only because of their great mobile app. 

In this article, we have reviewed 10 best forex trading apps in India that will help you invest in global forex markets.

Disclaimer – The article is for informative purposes only. You can legally trade only in INR-based currency pairs on NSE, BSE, and MSE in India. Forex trading is subject to very high price volatility. Approx. 82% of people lose money in forex trading. Don’t trade in forex without technical knowledge of the currency markets and always trade with spare money that doesn’t affect your life if you lose.

Best Forex Trading Apps Comparison Table

We have ranked top 10 best forex trading apps based on their performance, star ratings and number of reviews on Google play store and Apple’s App Store. 

RankingForex Trading
App
Android-User
Star Rating
iPhone-User
Star Rating
Features and Performance
1IQ Option4.13.7Fast performance
2AvaTrade Go4.53.9Easy to use
3eToro4.23.9Super fast execution
4iForex4.04.2Simple interface
5Vantage FX4.65.0Quick and stable performance
6FX Pro4.44.2Super snappier app
7FXTM3.94.1Easy to use but lags sometimes
8XM Global3.84.6Stable app
9Olymp Trade4.14.3Slow performance
10Forex.com3.03.2High speed execution

Best Forex Trading Apps In India

#1. IQ Option

IQ Option app

IQ Option is one of the most used forex trading apps because of its faster execution.

You can quickly trade between 50 currency pairs like EUR/USD, GBP/USD, AUD/CAD with a trade execution time of 0.6 secs. 

IQ Option comes with negative balance protection to restrict your loss to initial deposits. That means whenever you are losing money, the app will automatically hedge your funds to avoid your balance going negative.

You can start with just a $10 deposit and take leverage of up to 1:500. You can also invest in stocks and commodities.

IQ Option provides 2 options to Indian users for easy money deposit  – UPI and Rupay.

Pros of IQ Option

  • Fast app with 0.6 sec execution time
  • Trade-in 50+ currency pairs
  • Minimum deposit required $10 with UPI and Rupay transfer facility
  • Negative balance protection
  • Regulated by Cyprus Securities and Exchange Commission (CSEC)

Cons of IQ Option

  • App hangs sometimes
  • No time slot selection to set trade time manually

Best for – Newcomer who wants to trade with small amount of money

#2. AVATrade Go

avatrade go

Avatrade Go is the one-stop shop for all your trading needs as Avatrade allows you to trade in over 1,000 instruments such as currencies, cryptos, equities, and currencies.

You can start with a minimum deposit of $100. The deposit options are credit cards, wire transfers, Skrill, Webmoney, and Neteller.

The app has real-time charts with various technical tools like Pivots, MACD, and RSI to clearly understand market movements.

You can also engage in social trading to follow expert traders globally and use their strategies to make a profit if you are a newcomer. Avatrade offers leverage of up to 1:400 in trading.

The app has the “AvaProtect” feature which is an inbuilt fund protection mechanism for high-volume traders. 

You have to pay a nominal fee to avail AvaProtect feature, and if you lose money during trade in the set timeframe, AvaTrade reimburses you for losing trades at the end of the protected period.

Pros of AvaTrade Go

  • Clean user interface
  • Allows social trading on the go
  • Avaprotect feature to avoid losses for heavy traders
  • Regulated by 6 authorities globally such as ASIC and FSA

Cons of AvaTrade Go

  • The app logs out automatically
  • High minimum deposits

Best for – high volume traders for advanced charting and Avaprotect to avoid money loss

Also read – Best demat and trading account in India

#3. eToro

etoro trading app

eToro is the best copy trading app that allows you to replicate top-performing trader’s portfolios automatically.

You follow an expert trader through the app, and when your followed expert trader trades, the eToro app automatically copies the trading strategy and executes similar trade.

You can customize your Watchlists and set volatility alerts to know the breaking trends instantly.

You can also create a $100,000 virtual portfolio to learn forex, stock, or commodity trading without risking your money.

Pros of eToro

  • Snappier app
  • 2FA authentication for better security
  • Allows auto copy trading to trade like experts
  • Regulated by 9 authorities such as CySEC, FCA, and ASIC.

Cons of eToro

  • The app crashes sometimes

Best for – someone interested in copy-trading

#4. iForex

iForex app

iForex allows you to trade in 100 plus CFDs such as forex, stocks, commodities, and indices around the world. 

A CFD (Contract for Difference) allows traders to trade on the future price movements of an underlying asset without owning that asset. 

For example, you can trade USD and INR currency movements such that the future price of USD will go up or down as compared to INR. If your calculation goes right, you book profit. 

The app is fast and user-friendly to provide you all your investing details like currencies, stocks, or cryptos on the dashboard. You can use 1-click quick deal facility to instantly trade from the dashboard.

You can use  Economic Calendar and Trading Signals for detailed analysis of market movements in the past and present. 

You can start forex trading with a minimum deposit of $100 and enjoy leverage up to 1:400 that changes asset-wise.

iForex is highly dedicated to provide top-notch trading education. You can also learn from the support team and even get 1 on 1 online session to understand forex trading.

 Pros of iForex

  • Simple to use app dashboard
  • Instant signals about market movements 
  • Dedicated coaching staff to educate different tradings
  • Regulated by the BVI (British Virgin Islands) Financial Services Commission

Cons of iForex

  • The trading fee is high starts from 1 PIP
  • App shows connection failure error sometimes despite the internet is working

Best for – who wants to learn forex trading 

#5. Vantage FX

Vantage fX

Vantage FX app provides you to trade in CFDs like AUD/USD (currencies), Bitcoin, S&P500 (indices), Gold, and Crude Oil.

You can trade in 40 plus currency pairs in global forex markets. The app offers various technical tools including MA, BOLL, MIKE, BBI, and indicators of MACD, KDJ, RSI, CCI, KD to get a better analysis of price movements.

You can also check out global economic events in the calendar through the app.

The app provides you a “Dashboard Summary” feature with data visualization that allows you to review your trading performance.

Pros of Vantage FX

  • Demo account for virtual trading
  • 40 plus currency pairs to trade
  • High margin leverage of 500:1
  • Regulated by CIMA UK, ASIC Australia 

Cons of Vantage FX

  • 3-days delay in withdrawals

Best for – who wants deep analysis of the live market as well as personal performance

Check out – Best crypto exchanges in India

#6. FX Pro

FX Pro

FXPro app allows you to trade in more than 70 currency pairs like Swiss Franc / Japanese Yen. 

The app has a very low delay time of 14 milliseconds that enables you to place an order at the right moment with rare chances of error.

FX Pro provides 1:100 leverage which is low as compared to the peers.

You can create 3 types of accounts on the FX Pro app –

  • MT4 account
  • MT5 account
  • cTrader account

FX Pro app offers zero commission if you have an MT4 or MT5 account and $45 per 1 million USD traded under the cTrader account.

Pros of FX Pro

  • MT5 based app
  • 55 currency pairs to trade
  • 24 analytical objects like lines, channels
  • Allows investment in 1000 plus financial assets such as equity stocks, gold, S&P500
  • Regulated by CySEC, IFSC, 

Cons of FX Pro

  • You may get delay in account approval

Best for – Ultra-low brokerage app

Check out – Upstox Vs Zerodha

#7. FXTM

FXTM app

FXTM app comes with an intuitive user interface that allows you to access details on trades, margin, profit, and loss right from your dashboard.

You can also use 1-click trades for ultimate convenience during volatility.

You can start with a minimum of €10 to trade in different currency pairs like USD-GBP. You can also trade in more than 250 financial instruments online like stocks, gold, commodities, and indices from your smartphone.

 Pros of FXTM

  • Easy to use interface dashboard
  • 1-click trade option for instant order placement
  • Low minimum deposit – 10 Euros
  • Allows investment in 250 plus financial assets
  • Dedicated education platform to learn investing and trading
  • Regulated by CSEC, FSCA, FCA UK

Cons of FXTM

  • App lags on and off

Best for – new trader with a small amount and who also requires learning platform

#8. XM Global Trading App

XM Group

XM Global is a high-speed app based on MetaTrader 5 platform that allows you to trade in multiple assets such as forex, stocks, commodities, metals, energy, and indices, from your mobile phone.

In forex, you can trade in more than 55 currency pairs and analyze the data with 24 analytical objects such as lines, channels, Gann, Fibonacci, and Elliott tools.

You can enjoy high leverage in forex trading up to 888:1. XM also offers a low spread (commission) of 0.6 PIPs.  A PIP is the amount of change in the exchange rate for a currency pair. Your profit and loss is measured in PIPs during currency trading.

You will see the app developer name as Trading Point of Financial Instruments Limited Not XM Global because XM Global Limited is a part of Trading Point Group.

 Pros of XM Global

  • MT5 based app
  • 55 currency pairs to trade
  • 24 analytical objects like lines, channels
  • Allows investment in 1000 plus financial assets such as equity stocks, gold, S&P500
  • Regulated by CySEC, IFSC, 

Cons of XM Global

  • Unable to log in sometimes

Best for – an experienced trader who wants high leverage at low brokerage

#9. OlympTrade

Olymp Trade app

OlympTrade app allows you to invest in currencies, metals, commodities, stocks, and ETFs on the go. You can trade in 33 currency pairs and get leverage of 1:500 on your trades.

The app provides you 30+ indicators like candlesticks, Fibonacci retracements to understand market trends.

You can trade by depositing money through UPI, Phone Pe, wallets, bank cards, and tether.

 Pros of OlympTrade

  • Allows UPI and Phonepe transfers
  • 30 plus indicators for market analysis
  • Allows investment in 33 currency pairs
  • ICF Membership

Cons of OlympTrade

  • Sluggish performance

Best for – easy to use platform with UPI payment access

#10. Forex.com

Forex.com app

Forex.com app allows you to trade in more than 90 currency pairs, along with 220 plus shares and other assets such as indices and commodities.

Forex.com offers margin leverage of 200:1 which is low as compared to peer brokers.

You get real-time customisable charts with 60+ technical indicators & charts such as candlestick, bar, line, and Renko for in-depth market analysis. 

The app enables you to overlay multiple markets on every single chart to find correlations. Overlay feature allows you to open multiple charts to check the performance of any currency pair in different markets.

The app also has a low execution time of 0.04secs.

 Pros of Forex.com app

  • Low execution time
  • 90 plus forex pairs to trade
  • 60 above indicators for in-depth analysis
  • Multiple market overlay feature to see the relative performance of currency pairs in different markets
  • Regulated by FCA UK, FSA Japan, CFTC USA, and ASIC Australia

Cons of Forex.com app

  • Incorrect password error sometimes
  • Low margin leverage

Best for – Trustworthy app with the highest currency pairs

Also read – Zerodha Complete Review

Things to Consider While Selecting a Forex Trading App

#1. Mobile Phone Compatibility 

You should look at the operating system compatibility of any forex trading app before installing. Because most of the forex trading apps don’t support any Android version below 5.0. 

If you have any android phone launched before 2014, you can’t install the app in your phone.

Most iPhone forex apps support iPhone models starting from iPhone 6 and above. 

#2. Ratings and Reviews

User rating will tell you that whether the app is popular among people or not. The reviews give you a real-life testing report of the app. You understand what common problems people face and if that is your major concern or not.

For example, if most people complain about App hangs during order placement, that means this app has bugs and you can avoid that app.

#3. Low Latency Rate (Fast Execution)

The Latency rate means how much delay happens when an app reflects real-time price movement.

Lower is the latency rate, faster would be the real time price movement reflection. 

Go with lowest latency to get fast real time pricing and faster execution of orders placed.

#4. Low Commission

You should also check out how much commission an app is charging. Some apps charge zero commission depending upon the platform. For example, FX Pro charges zero commission if you create an account in MT4 or MT5 platform.

#5. Technical Indicators

Technical indicators help you understand the market trends and you can predict the price movement based on various chart analysis.

More number of technical indicators means you have more options to try to get as much price predictions as possible.

Final Words

If you are a newcomer and want to learn forex trading as well as want to do paper trading, then go with iForex, because iForex provides you an easy-to-use dashboard, a virtual platform to learn your trading, and 1-on-1 coaching to teach you forex trading.

If you are an experienced trader, then go with AVATrade Go because they offer a high-performance app with the AvaProtect feature to avoid any major losses when trading at high volume.

About Editor

Leave a Comment