In the last five years or so, you might have seen so many ads regarding forex trading on social media, which literally claim some wild things, like making lakhs in just one day or so, or anything like that. These are actual ads run by popular forex brokers in India like OctaFX, Binomo, and others. But did you know that there are a total of 75 popular forex brokers and forex trading platforms in the Alert List of RBI? Yes, that’s 100% true. These are very famous forex trading platforms that hundreds and thousands of people use, and millions of people even think that these are 100% legit, but we can’t say that for sure. Even RBI has a strict eye on them, that in itself says a lot. So, instead of going with those options, why not give a shot to some popular as well as trusted RBI-approved forex brokers in India? Well, that’s precisely what today’s post is all about, here we are going to take a good look at the top 5 trusted and most renowned RBI-approved forex brokers in India as of 2024. Alright, let’s get to the list now, shall we?
1. Zerodha
Zerodha has changed the Indian financial market since it began in 2010, did you know that? Zerodha is known for its cutting-edge trading platform, Kite. Its easy-to-use design and wide range of features make it suitable for both new and experienced traders, you know? And yes, it is one of the biggest benefits that Kite has all kinds of currency pairs to trade, from common ones to rare ones. The most impressive thing about Zerodha is that it has clear pricing and a flat fee per trade with no other costs at all. In addition to having a great platform, Zerodha is a name that people believe because it is registered with both the RBI and SEBI. Ever since it started just as a small broker in the field of forex trading and stocks trading, well, to say the least, Zerodha has grown super fast to sky-high market value of over ₹25,000 crore, which just shows how dominant they are. But Zerodha is more than just a numbers game, yes, they are out there offering a whole bunch of training materials and great customer service to all, and that’s one of the best bits in our opinion. All in all, Zerodha makes sure you’re always ahead of the trading game by giving you lessons and webinars to watch.
2. Upstox
Upstox, which used to be called RKSV Securities, has quickly become a well-known name in India’s trading world. Upstox provides a trading experience with lots of features by combining cutting-edge technology with great prices and it really is literally one of the easiest forex trading platforms to use. On top of that, they have great tools for traders because it gives them access to many currency pairs and real-time market info, you know? So, compliance with regulations? Check. As Upstox is listed with both the RBI and the SEBI, you can be sure that your trading is legal. With a market value of about ₹12 billion, Upstox’s low-cost plan draws traders from all over the world. What makes them unique, though, is their dedication to teaching and helping their users. Upstox makes sure you have everything you need to achieve, whether you’re using their mobile app on the go or looking at their training materials.
2. Angel Broking/Angel One
Angel Broking is a big name in the Indian trading business, and people have trusted it for years. Angel Broking is known for its advanced custom platform, which makes trading easy with tools like automated trading and advanced tracking. That’s not it though, their super easy-to-use app for phones keeps you close to your next trade no matter where you are. We are not exaggerating things, but Angel Broking is all about being open and honest, so their fees are low and there are no secret costs. Their market value of ₹8 billion shows how strong they are in the market.
4. HDFC Securities
As you may already know, HDFC is one of the biggest private sector banks in India, so when they are providing you a platform to trade in forex pairs, then why not choose them over some forex broker that has shady policies, right? Their trading tool is known for being easy to use and having a lot of advanced features, and yes, just like any other forex broker or forex trading platform listed here, HDFC Securities also has everything you need, from major currency pairs to a lot of market info. HDFC Securities is registered with both the RBI and SEBI, and their market cap of ₹10,000 crore shows how strong their finances are.
5. ICICI Direct
Last but not least, ICICI Direct brings the trustworthiness of ICICI Bank into the world of trading, you know? We won’t bore you with how easy to use this platform is, what great tools they have, and things like that. You already have a good idea of that looking at how big of a bank ICICI is, right? And yes, as a company registered with both the RBI and SEBI, ICICI Direct makes sure that trading is safe by strictly following the rules. Their market value of about ₹15,000 crore shows how strong they are in the market. ICICI Direct is a great choice for traders who want to improve their skills and knowledge because it has clear prices with no hidden fees, helpful customer service, and a lot of training materials.
Conclusion
All in all, there are many cases in this forex trading scene where popular forex brokers have literally run away with the money of their users. And if you don’t want that to happen to you, then you must give a shot to any of these top 5 trusted as well as RBI-approved forex brokers in India. At least you’ll be sure that when your trades are in profits, and when you hit that withdrawal button, you’ll receive your money in your bank account
