Finding the best broker for traders in India
Picking the best spread betting broker is a decision that requires careful consideration. With the increased popularity of spread betting, the market is full of brokers that offer you a wide variety of different services. When selecting the perfect broker for you, take into consideration a few critical factors.
The market variety that a particular broker offers you is one aspect that you should take into regard. Basically, the wider the range, the better the options for you. It is essential to look at the currency pairs that a broker offers you. If you have a definite pair in mind, then you must find out if it’s something your broker can offer. The trading platform that a particular broker uses will influence the market variety. Trading with Plus500, for instance, gives traders access to CFDs with over 2000 instruments.
Another elemental to consider when choosing a broker is to compare the spread prices. The spread is the difference between the price of buying an asset and that of selling it, the “tighter” the spread the better for you, hence a trader will usually look for brokers that offer the tightest spreads.
A trader should also consider the legitimacy and the reputation of a broker. There are regulations in place for online brokers, but it helps to take precautions before handing over your money, make sure they are regulated by a respected authority. Two of the most trusted regulators in the industry is the Financial Conduct Authority, in the UK and CySEC in Cyprus. At brokernotes.co, we will always only include brokers that are regulated by trusted bodies to ensure you dealing with a reputable broker.
How a broker deals with traders is also another component that you have to consider. Customer service goes a long way when trading. You have to know that if something is not right with your trade, you can talk to your broker and get answers. A broker’s services should extend to more than just making trades.
To make finding the best broker for you quick and easy, we have compiled a list of of the top five brokers for traders in India.
Core Spreads offers traders some of the most competitive spreads on various instruments. The products range is not broad, but that is because of the tight spreads. The broker uses the CoreTrader platform that traders can access on desktop and mobile. There is also the Core MT4, which trades CFDs FX. Customer funds are in segregated accounts, which offer adequate protection. There is also a 50% rebate that traders get on the first months trading spreads. The deposit margin is from 0.5% with spreads from 0.7 on EUR/USD. Core Spreads does not offer binary betting. Traders can open demo accounts, which are advantageous because they can experience how the broker operates before making decisions.
ETX Capital offers trading on three platforms: TraderPro, MT4 and Binary. TraderPro gives traders access to thousands of markets with selections in Commodities, Indices, Forex Pairs and Equities. The market range that the broker offers is one of its biggest selling points. There are also tight variable spreads available on the TraderPro Platform. A trader with a large account would find this broker suitable. The welcome bonus is dependent upon a trader’s initial deposit. Traders also get economic data, market commentary and technical analysis.
With the regulation of the Financial Conduct Authority, IG is one of the largest brokers (by market shares) in the UK. The deposit margin is 0.5% with a spread from 0.8 pip. The minimum account deposit is £100, and traders have the option of opening demo accounts. The services that clients get are first class since the broker offers real-time financial news to customers. There are also free mobile applications available for trading. IG also offers one of the best trading platforms in the market. Traders with experience can customise the platform to cater to individual needs. You can add buffer limits, DMA prices and multiple deal tickets to the platform. Traders looking for white label solutions can also benefit from the broker services.
For a welcome bonus, traders get an iPad Air 2 or a Sonos music player from SpreadEX. It is most suitable for experienced traders. The deposit margin is between 5-40%, and spreads are from 1-3pip. It is one of the few brokers that offer Alternative Investment Market Stocks. Other markets that the broker covers include stock indices, bond, interest rates, forex currency pair and commodities. SpreadEX also includes sports markets such as horse racing, football, rugby and cricket. There is no minimum account balance, and traders don’t have the option of demo accounts. Trading is available 24 hours.
For traders that are just getting into the field, eToro is ideal. Information sharing is one of the broker’s strongest suits. A new trader gets a chance to learn from others through then Openbook application. Through it, traders can follow their counterparts to see how they operate. Deposits can be through bank wire, Paypal, paper cheques, debit and credit cards. eToro offers fixed spreads. With the use of mobile applications, traders can manage their portfolios from wherever they are, anytime they want.
Image credit: Nitin Badhwar