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Best discount forex brokers in India

Jul 2019
Our top 2 discount forex broker picks
FXTM
90% of retail CFD accounts lose money
IC Markets
74-89% of retail CFD accounts lose money

To help you to find the best discount forex broker in India, we went ahead and did the research for you. First, we selected only quality forex brokers, then we checked and compared their fees. We went deep, so you won't have to.

5 made it to the top in India. We highly recommend all 5 to you. And now, without further ado...

Our top 5 picks for the best discount forex brokers of 2019 for citizens in India:

  1. FXTM is the winner. Superb customer service. Great educational tools. Digital and fast account opening.
  2. IC Markets in the second place. Low fees. Easy and fast account opening. Free deposit and withdrawal.
  3. Fusion Markets rounded out the top three. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  4. IG, numero quatro. Easy-to-use web trading platform. Helpful and reliable customer service. Great deposit and withdrawal tools.
  5. AxiTrader. Low trading fee and no inactivity fee. No withdrawal and deposit fees. Fully digital account opening. Just made it to the list with being number five.
Best discount forex brokers of 2019 in India
Broker Info Best in
#1 FXTM Global CFD and FX broker
#2 IC Markets Australian forex broker
#3 Fusion Markets Australian forex broker
#4 IG Global CFD and FX broker Best FX broker
#5 AxiTrader Australian forex broker

All 5 brokers are considered safe. They are regulated by top-tier financial regulators.

What makes a good discount forex broker? Great fees definitely. We checked both trading and non-trading fees. These are easy things to list, but quite hard to figure it out. We test brokers based on ~100 criteria with real accounts and real money. We know what's up.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue how forex trading works, start with forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best discount forex brokers in India one by one, starting with the winner, FXTM.

#1 Best discount forex broker
FXTM

4.2 4 stars

FXTM logo

FXTM or ForexTime was founded in 2011 and it is a global CFD and FX broker. It is regulated by more financial authorities, including the UK FCA and Cypriot CySEC.

FXTM is considered safe because it is regulated by the top-tier FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders familiar with metatrader 4 platform

Visit broker
90% of retail CFD accounts lose money

#1 FXTM
Forex fees

Forex trading fees

FXTM forex trading fees are low.

It is super hard to compare trading fees for forex brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for two popular currency pairs:

  • EURUSD
  • EURGBP

A typical trade means that you buy for $20,000 using 30:1 leverage and sell it after a week.

This super catch-all benchmark fee includes spreads, financing costs and commission for all brokers.

Here is the verdict:

FXTM forex trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
EURUSD benchmark fee $20.3 $14.4 $17.7 $12.3 $18.0
EURGBP benchmark fee $9.9 $8.1 $7.4 $13.6 $8.4

Non-trading fees

FXTM has high non-trading fees.

FXTM non-trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
Account fee No No No No No
Inactivity fee Yes No No Yes No
Withdrawal fee $2 $0 $0 $0 $0

#1 FXTM
Markets and products 2 stars

FXTM offers forex and CFDs for EU clients. Non-EU clients can also trade with cryptos and real stocks from NYSE and NASDAQ. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures.
FXTM currency pairs
FXTM IC Markets Fusion Markets IG AxiTrader
Currency pairs (#) 57 60 86 94 80
FXTM products, beside forex
FXTM IC Markets Fusion Markets IG AxiTrader
Stock Yes No No Yes No
ETF No No No Yes No
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
90% of retail CFD accounts lose money

#1 FXTM
Web trading platform 3 stars

The web trading platform of FXTM is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
Best discount forex brokers in India - FXTM trading platform
FXTM trading platforms
FXTM IC Markets Fusion Markets IG AxiTrader
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
Mobile platform score 4 stars 4 stars 4 stars 5 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars - 3 stars

FXTM charting

Best discount forex brokers in India - FXTM charting

More Visit broker
90% of retail CFD accounts lose money

#1 FXTM
Account opening 5 stars

FXTM account is fully digital, easy, and fast. Your account will be ready within 1-2 business days. There is also a lot of account types you can choose from.
Pros
  • Fully digital
  • Many account types
Cons
None
FXTM minimum deposit and time to open an account
FXTM IC Markets Fusion Markets IG AxiTrader
Minimum deposit $500 $200 $0 $0 $0
Time to open account 1 day 1 day 1 day 1-3 days 1-3 days

More Visit broker
90% of retail CFD accounts lose money

#1 FXTM
Deposit and withdrawal 4 stars

FXTM offers a great variety of deposit and withdrawal options. From credit card through bank transfer, till electronic wallets almost everything as available. The main disadvantage is that FXTM charges most of the means of withdrawal.
Pros
  • No deposit fee
  • User-friendly
  • Credit card deposit and withdrawal
Cons
  • Most of the withdrawal options charge some fee
FXTM base currencies
FXTM IC Markets Fusion Markets IG AxiTrader
Number of base currencies 4 10 6 4 11

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

FXTM withdrawal fee and options
FXTM IC Markets Fusion Markets IG AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes No
Electronic wallets Yes Yes No No No
Withdrawal fee $2 $0 $0 $0 $0

More Visit broker
90% of retail CFD accounts lose money

#1 FXTM
Verdict

FXTM is regulated by more financial authorities globally, including the top-tier Financial Conduct Authority (FCA).

On the plus side, customer support gives fast and relevant answers. The educational tools cover tools from a demo account to webinars. The account opening is fully digital and fast.

FXTM has some drawbacks though. It charges inactivity and withdrawal fees. The financing rates are not the lowest and their calculation is not transparent at all. The product range is limited.

As your account will be ready within a short time, the customer support is helpful and reliable, feel free to try FXTM.

FXTM
Summary FXTM is an international CFD and FX broker regulated by South Africa and the UK's FCA, moreover by the Cypriot CySEC.
Fees score 3 stars
Recommended for Forex traders familiar with MetaTrader 4 platform

More Visit broker
90% of retail CFD accounts lose money

#2 Best discount forex broker
IC Markets

4.5 5 stars

IC Markets logo

IC Markets is an Australian forex broker offering some CFDs too. It was founded in 2007.

IC Markets is considered safe because it is regulated by the top-tier Australian regulator, the Australian Securities and Investments Commission (ASIC).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders preferring easy account opening and free deposit and withdrawals

Visit broker
74-89% of retail CFD accounts lose money

#2 IC Markets
Forex fees

Forex trading fees

IC Markets forex trading fees are low.

It is super hard to compare trading fees for forex brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for two popular currency pairs:

  • EURUSD
  • EURGBP

A typical trade means that you buy for $20,000 using 30:1 leverage and sell it after a week.

This super catch-all benchmark fee includes spreads, financing costs and commission for all brokers.

Here is the verdict:

IC Markets forex trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
EURUSD benchmark fee $20.3 $14.4 $17.7 $12.3 $18.0
EURGBP benchmark fee $9.9 $8.1 $7.4 $13.6 $8.4

Non-trading fees

IC Markets has low non-trading fees.

IC Markets non-trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
Account fee No No No No No
Inactivity fee Yes No No Yes No
Withdrawal fee $2 $0 $0 $0 $0

#2 IC Markets
Markets and products 1 stars

At IC Markets, you can trade only forex, some CFDs, and cryptos. It lacks real stock, fund, bonds, options, and futures asset classes.
IC Markets currency pairs
FXTM IC Markets Fusion Markets IG AxiTrader
Currency pairs (#) 57 60 86 94 80
IC Markets products, beside forex
FXTM IC Markets Fusion Markets IG AxiTrader
Stock Yes No No Yes No
ETF No No No Yes No
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
74-89% of retail CFD accounts lose money

#2 IC Markets
Web trading platform 4 stars

IC Markets offers only third-party trading platforms. We tested cTrader which is a great platform. It is well designed and user-friendly. On the flip side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safer) login
Best discount forex brokers in India - IC Markets trading platform
IC Markets trading platforms
FXTM IC Markets Fusion Markets IG AxiTrader
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
Mobile platform score 4 stars 4 stars 4 stars 5 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars - 3 stars

IC Markets charting

IC Markets does a great job in charting. The charts are very responsive, easily editable and you can use more than ~50 technical indicators. You can also save them.
You can also use a pattern recognition tool powered by Autochartist, a third-party.

Best discount forex brokers in India - IC Markets charting

More Visit broker
74-89% of retail CFD accounts lose money

#2 IC Markets
Account opening 5 stars

The account opening at IC Markets is user-friendly and fully digital. It was also very fast, it took only 1 day until our account was approved.
Pros
  • Fast
  • Fully digital
  • User-friendly
Cons
None
IC Markets minimum deposit and time to open an account
FXTM IC Markets Fusion Markets IG AxiTrader
Minimum deposit $500 $200 $0 $0 $0
Time to open account 1 day 1 day 1 day 1-3 days 1-3 days

More Visit broker
74-89% of retail CFD accounts lose money

#2 IC Markets
Deposit and withdrawal 5 stars

IC Markets does great at deposit and withdrawal. There are no fees for deposit and withdrawal. You can also use a lot of options for transferring money.
Pros
  • Credit/Debit card available
  • Free withdrawal
  • User-friendly
Cons
None
IC Markets base currencies
FXTM IC Markets Fusion Markets IG AxiTrader
Number of base currencies 4 10 6 4 11

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

IC Markets withdrawal fee and options
FXTM IC Markets Fusion Markets IG AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes No
Electronic wallets Yes Yes No No No
Withdrawal fee $2 $0 $0 $0 $0

More Visit broker
74-89% of retail CFD accounts lose money

#2 IC Markets
Verdict

IC Markets is a great forex and CFD broker. 

Its fees are very low and the account opening is fast and easy. The deposit and withdrawal are free and user-friendly.

On the other hand, IC Markets offers only forex, CFD and crypto trading. It does not provide any investor and negative balance protection.

Feel free to try IC markets as you will have an account within a day and there is no inactivity fee. 

IC Markets
Summary IC Markets is a global forex and CFD broker.
Fees score 5 stars
Recommended for Forex traders preferring easy account opening and free deposit and withdrawals

More Visit broker
74-89% of retail CFD accounts lose money

#3 Best discount forex broker
Fusion Markets

4.3 4 stars

Fusion Markets logo

Fusion Markets is an Australian forex broker. Fusion Markets is the brand name of Gleneagle Asset Management Pty Limited which was founded in 2010 and regulated by the Australian Securities and Investments Commission (ASIC).

Fusion Markets is considered safe because it has a long track record and is regulated by a top-tier regulator.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for low fees and metatrader 4 platform

Visit broker
74-89% of retail CFD accounts lose money

#3 Fusion Markets
Forex fees

Forex trading fees

Fusion Markets forex trading fees are low.

It is super hard to compare trading fees for forex brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for two popular currency pairs:

  • EURUSD
  • EURGBP

A typical trade means that you buy for $20,000 using 30:1 leverage and sell it after a week.

This super catch-all benchmark fee includes spreads, financing costs and commission for all brokers.

Here is the verdict:

Fusion Markets forex trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
EURUSD benchmark fee $20.3 $14.4 $17.7 $12.3 $18.0
EURGBP benchmark fee $9.9 $8.1 $7.4 $13.6 $8.4

Non-trading fees

Fusion Markets has low non-trading fees.

Fusion Markets non-trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
Account fee No No No No No
Inactivity fee Yes No No Yes No
Withdrawal fee $2 $0 $0 $0 $0

#3 Fusion Markets
Markets and products 2 stars

Fusion Markets will give access to a lot of currency pairs and some CFDs. On the negative side, it lacks a lot of popular asset classes, like stock, ETF, fund, etc.
Fusion Markets currency pairs
FXTM IC Markets Fusion Markets IG AxiTrader
Currency pairs (#) 57 60 86 94 80
Fusion Markets products, beside forex
FXTM IC Markets Fusion Markets IG AxiTrader
Stock Yes No No Yes No
ETF No No No Yes No
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
74-89% of retail CFD accounts lose money

#3 Fusion Markets
Web trading platform 3 stars

The web trading platform of Fusion Markets is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
Best discount forex brokers in India - Fusion Markets trading platform
Fusion Markets trading platforms
FXTM IC Markets Fusion Markets IG AxiTrader
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
Mobile platform score 4 stars 4 stars 4 stars 5 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars - 3 stars

Fusion Markets charting

Best discount forex brokers in India - Fusion Markets charting

More Visit broker
74-89% of retail CFD accounts lose money

#3 Fusion Markets
Account opening 5 stars

The account opening at Fusion Markets is user-friendly and fully digital. It is also very fast, it took only 1 day until our account was approved.
Pros
  • Fast
  • Fully digital
  • No minimum deposit
Cons
None
Fusion Markets minimum deposit and time to open an account
FXTM IC Markets Fusion Markets IG AxiTrader
Minimum deposit $500 $200 $0 $0 $0
Time to open account 1 day 1 day 1 day 1-3 days 1-3 days

More Visit broker
74-89% of retail CFD accounts lose money

#3 Fusion Markets
Deposit and withdrawal 4 stars

Fusion Markets doesn't charge fees for deposit and withdrawal. You can use bank transfer and credit/debit cards for transferring money. However, there are no electronic wallets and the withdrawal is slow.
Pros
  • Credit/Debit card available
  • Free withdrawal
  • No deposit fee
Cons
  • Slow withdrawal
Fusion Markets base currencies
FXTM IC Markets Fusion Markets IG AxiTrader
Number of base currencies 4 10 6 4 11

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Fusion Markets withdrawal fee and options
FXTM IC Markets Fusion Markets IG AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes No
Electronic wallets Yes Yes No No No
Withdrawal fee $2 $0 $0 $0 $0

More Visit broker
74-89% of retail CFD accounts lose money

#3 Fusion Markets
Verdict

Fusion Markets is a great forex broker. 

It offers low trading and non-trading fees. The account opening is fast and easy. Customer service gives fast and relevant answers.

On the negative side, Fusion Markets has limited research and educational tools. The product offer covers only forex and some CFDs.

As you will have an account within a day and there are low fees, feel free to try Fusion Markets.

Fusion Markets
Summary Fusion Markets is an Australia-based forex broker, regulated by the ASIC.
Fees score 5 stars
Recommended for Forex traders looking for low fees and MetaTrader 4 platform

More Visit broker
74-89% of retail CFD accounts lose money

#4 Best discount forex broker
IG

4.5 5 stars

Best FX broker

IG logo

IG was established in the UK in 1974 and is one of the biggest CFD providers in the world. It is regulated by several bodies globally, including top-tier authorities like the FCA. IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials, and is overseen by top-tier regulators.

IG is primarily a CFD broker. If you are from the US, you can only trade with forex. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders with any experience level aiming for a great and easy-to-use trading platform

Visit broker
75% of retail CFD accounts lose money

#4 IG
Forex fees

Forex trading fees

IG forex trading fees are low.

It is super hard to compare trading fees for forex brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for two popular currency pairs:

  • EURUSD
  • EURGBP

A typical trade means that you buy for $20,000 using 30:1 leverage and sell it after a week.

This super catch-all benchmark fee includes spreads, financing costs and commission for all brokers.

Here is the verdict:

IG forex trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
EURUSD benchmark fee $20.3 $14.4 $17.7 $12.3 $18.0
EURGBP benchmark fee $9.9 $8.1 $7.4 $13.6 $8.4

Non-trading fees

IG has average non-trading fees.

IG non-trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
Account fee No No No No No
Inactivity fee Yes No No Yes No
Withdrawal fee $2 $0 $0 $0 $0

#4 IG
Markets and products 3 stars

At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. The UK and some other clients can also trade with shares.
IG currency pairs
FXTM IC Markets Fusion Markets IG AxiTrader
Currency pairs (#) 57 60 86 94 80
IG products, beside forex
FXTM IC Markets Fusion Markets IG AxiTrader
Stock Yes No No Yes No
ETF No No No Yes No
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
75% of retail CFD accounts lose money

#4 IG
Web trading platform 5 stars

IG's web platform is great. It is easy to use, has all necessary functions and can be customized. Even first-time users can familiarize themselves with it instantly.
Pros
  • User-friendly
  • Two-step (safer) login
  • Good search function
  • Good customizability (for charts, workspace)
Cons
None
Best discount forex brokers in India - IG trading platform
IG trading platforms
FXTM IC Markets Fusion Markets IG AxiTrader
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
Mobile platform score 4 stars 4 stars 4 stars 5 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars - 3 stars

IG charting

IG's charting tool is great. You can add several technical indicators, make your own drawings and trend lines and set alerts based on technical indicators. You can also save the charts.

Best discount forex brokers in India - IG charting

More Visit broker
75% of retail CFD accounts lose money

#4 IG
Account opening 4 stars

The account opening process is fast, user-friendly, and fully digital. On the other hand, the sales team is quite pushy.
Pros
  • Fast
  • Fully digital
  • No minimum deposit for bank transfer
Cons
  • The sales team is quite pushy, prompting you regularly to fund your account
IG minimum deposit and time to open an account
FXTM IC Markets Fusion Markets IG AxiTrader
Minimum deposit $500 $200 $0 $0 $0
Time to open account 1 day 1 day 1 day 1-3 days 1-3 days

More Visit broker
75% of retail CFD accounts lose money

#4 IG
Deposit and withdrawal 5 stars

You have several options to transfer money. The transfer process is user-friendly and fast.
Pros
  • Credit/Debit card available
  • Several account base currencies
  • User-friendly
Cons
  • Not transparent on available base currencies
IG base currencies
FXTM IC Markets Fusion Markets IG AxiTrader
Number of base currencies 4 10 6 4 11

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

IG withdrawal fee and options
FXTM IC Markets Fusion Markets IG AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes No
Electronic wallets Yes Yes No No No
Withdrawal fee $2 $0 $0 $0 $0

More Visit broker
75% of retail CFD accounts lose money

#4 IG
Verdict

IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.

IG has the best web trading platform Brokerchooser tested. Its customer service is professional and relevant. The deposit and withdrawal conditions are also great.

The biggest drawback is the fee structure. IG is quite pricey, especially when you trade with lower amounts. IG's product portfolio is limited to forex, CFDs and options; however, in the UK and some other countries, stocks are also available. US clients can trade only with forex.

It is quite easy to test IG's first-class trading platform since there is no minimum funding for bank transfer and you can easily open a demo account. 

IG
Summary IG is a CFD and forex. It is listed on the London Stock Exchange and regulated several authorities globally, including the top-tier FCA.
Fees score 2 stars
Recommended for Traders with any experience level aiming for a great and easy-to-use trading platform

More Visit broker
75% of retail CFD accounts lose money

#5 Best discount forex broker
AxiTrader

4.3 4 stars

AxiTrader logo

AxiTrader was founded in 2007 and it is an Australia-based FX broker. It is regulated by multiple financial authorities worldwide, such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Dubai Financial Services Authority (DFSA).

AxiTrader is considered safe because it has a long track record and is regulated by multiple top-tier authorities.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders familiar with metatrader 4 platform

Visit broker
68.5% of retail CFD accounts lose money

#5 AxiTrader
Forex fees

Forex trading fees

AxiTrader forex trading fees are low.

It is super hard to compare trading fees for forex brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for two popular currency pairs:

  • EURUSD
  • EURGBP

A typical trade means that you buy for $20,000 using 30:1 leverage and sell it after a week.

This super catch-all benchmark fee includes spreads, financing costs and commission for all brokers.

Here is the verdict:

AxiTrader forex trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
EURUSD benchmark fee $20.3 $14.4 $17.7 $12.3 $18.0
EURGBP benchmark fee $9.9 $8.1 $7.4 $13.6 $8.4

Non-trading fees

AxiTrader has low non-trading fees.

AxiTrader non-trading fees
FXTM IC Markets Fusion Markets IG AxiTrader
Account fee No No No No No
Inactivity fee Yes No No Yes No
Withdrawal fee $2 $0 $0 $0 $0

#5 AxiTrader
Markets and products 1 stars

AxiTrader offers only forex, CFDs, and cryptos. It lacks real stocks, ETFs, mutual funds, bonds, options, and futures.
AxiTrader currency pairs
FXTM IC Markets Fusion Markets IG AxiTrader
Currency pairs (#) 57 60 86 94 80
AxiTrader products, beside forex
FXTM IC Markets Fusion Markets IG AxiTrader
Stock Yes No No Yes No
ETF No No No Yes No
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
68.5% of retail CFD accounts lose money

#5 AxiTrader
Web trading platform 3 stars

AxiTrader offers MetaTrader's web trading platform. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
Best discount forex brokers in India - AxiTrader trading platform
AxiTrader trading platforms
FXTM IC Markets Fusion Markets IG AxiTrader
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
Mobile platform score 4 stars 4 stars 4 stars 5 stars 4 stars
Desktop platform score 3 stars 4 stars 3 stars - 3 stars

AxiTrader charting

Best discount forex brokers in India - AxiTrader charting

More Visit broker
68.5% of retail CFD accounts lose money

#5 AxiTrader
Account opening 4 stars

The account opening at AxiTrader is user-friendly and fully digital. It took ~2-3 business days until our account was approved.
Pros
  • Fully digital
  • No minimum deposit
  • User-friendly
Cons
  • Bit slower account opening
AxiTrader minimum deposit and time to open an account
FXTM IC Markets Fusion Markets IG AxiTrader
Minimum deposit $500 $200 $0 $0 $0
Time to open account 1 day 1 day 1 day 1-3 days 1-3 days

More Visit broker
68.5% of retail CFD accounts lose money

#5 AxiTrader
Deposit and withdrawal 4 stars

AxiTrader charges neither withdrawal nor deposit fees. For deposit, you can use bank transfer, credit/debit cards, and electronic wallets. However, for withdrawal only bank transfer is available.
Pros
  • Free withdrawal
  • Several account base currencies
  • Credit/Debit card deposit available
Cons
  • Only bank transfer available for withdrawal
AxiTrader base currencies
FXTM IC Markets Fusion Markets IG AxiTrader
Number of base currencies 4 10 6 4 11

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

AxiTrader withdrawal fee and options
FXTM IC Markets Fusion Markets IG AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card Yes Yes Yes Yes No
Electronic wallets Yes Yes No No No
Withdrawal fee $2 $0 $0 $0 $0

More Visit broker
68.5% of retail CFD accounts lose money

#5 AxiTrader
Verdict

AxiTrader is regulated by multiple authorities globally, like the UK FCA or the Australian ASIC.

On the plus side, trading fees are low and no inactivity fee is charged. The deposit and withdrawals are also free of charge. Account opening is easy, and all digital. There is no minimum deposit which is also great.

AxiTrader has some drawbacks though. The product range is limited to FX, CFD, and cryptos. The research tools lack recommendations and fundamental data. Customer support is only 24/5 and the e-mail support is slow. 

As the trading fees are low and there are no deposit, withdrawal, and inactivity fees, feel free to try AxiTrader.

AxiTrader
Summary AxiTrader is an Australian forex broker regulated by top-tier regulators, such as the UK FCA or Australian ASIC.
Fees score 4 stars
Recommended for Forex traders familiar with MetaTrader 4 platform

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68.5% of retail CFD accounts lose money

Best discount forex brokers in India
What makes a good forex broker?

Trading with forex has become really popular over the last decade. Keeping your eyes on important criteria like fees helps you to find the best forex broker for you.

We tested brokers based on more than 100 criteria. Below, we will show you the 5 most important criteria to take into account.

5 important criteria for the best forex brokers in 2019
1. Fee structure The overall cost of a typical forex trade can be up to 10-15 times higher at one forex broker than at another, so it is worth checking the fees.
2. Markets and products You want to invest in NZD/USD and EUR/TRY currency pairs? They might not be available. Check the product coverage before opening an account.
5. Web trading platform A user-friendly and well-equipped trading platform can significantly increase your trading comfort. The charting tool is your best friend when trading FX.
4. Account opening Some brokers require a minimum deposit, some don't. Check what the best forex brokers require.
5. Deposit and withdrawal Transferring money to your account can be up to 5 times longer and more expensive at one forex broker compared to another.

Best discount forex brokers in India
Forex broker fees

Fees, fees, fees. We bet this is at the top of your mind when you're looking for the best discount forex broker. It can be complicated. Let's see how we did it.

It is not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.

For trading fees, there are two versions forex brokers use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The latter is more transparent, but this doesn't mean the first method cannot be cheaper.

When you trade forex on leverage and hold your position overnight, a fee can be charged. This fee is called a rollover or overnight or financing fee. The financing rate depends on the currency pair and the broker.

To make your life easy, we calculated a all-in-one fee for you. We call this the benchmark fee. This captures your overall fee if you take a $20,000 position, hold it for a week then close it. We used a 1:30 leverage.

You have seen this benchmark fee for the EURUSD and EURGBP currency pairs for discount forex brokers.

Best discount forex brokers in India
Forex trading 101

Forex trading looks simple, but it carries serious risks. Before trading, understand the basics and ask yourself: is this for me?

Understanding the forex market

Forex, FX, foreign exchange or currency market: you have probably already heard one of these expressions. They all mean the same: a market where you can exchange currencies or bet on the price movement of currency pairs.

The forex market has several outlets, from the currency exchange booths on the street to the currency trading desks of big banks.

For a layperson, a non-professional individual as you probably are, the easiest and safest way to trade forex is by opening an account at a reliable online broker.

The vast majority of currency transactions are conducted on OTC (over-the-counter) markets. An OTC market is a non-regulated market. On a non-regulated market, you have to assess for yourself how safe your counterparty is. For example, when you travel abroad to an exotic country and you need to exchange some money, you usually go to a bank branch instead of changing money on the street. This is how you minimize your counterparty risk. You have to do the same risk minimization when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is very tempting for the following reasons:

  • everybody has an opinion on where the currencies are going

  • on first sight, the forex market is relatively easy to understand compared to other markets, like the stock market

  • by using leverage, a trader can easily trade with 100 times more money than they have on their trading account and thus also increase profits (or losses!) 100 times

  • the market is open 24 hours a day, 5 days a week

  • it is the most liquid market in the world, meaning there are huge numbers of transactions every second and you don't have to worry about not finding a partner to trade with

Although it looks easy, trading with forex can be risky if you don't know what you're doing. By using high leverage irresponsibly, you can easily lose all of your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to study more, check out our blog post about the best trading apps for learning.

Forex market trading hours

The forex market is open from 11:00 PM on Sunday until 11:00 PM on Friday, London time.

The highest trading activity within each day is when London and New York are open.

Best forex brokers - market trading hours

It is good to know that there is a difference between currency conversion and forex trading.

The end result of a conversion is basically changing one currency into another. Imagine that you receive your salary in euros (EUR), but you spend it in British pounds (GBP). In this case, you exchange the euros to pounds. Before the transaction you had euros, and after it you will have pounds.

When you trade with currency pairs there is no physical conversion happening. Imagine that you have an online broker account in US dollars and you want to bet on the price movements of the EURUSD. In this case, you effectively never convert your dollars to euro. If your bet was correct, the profit from your trade will be booked to your account in US dollars. If you were wrong, the loss will be deducted from your account in dollars as well.

Breaking down the forex trading jargon

When you trade forex, you bet on the price change of a currency pair, for example, the EURUSD.

EURUSD bid price EURUSD ask price
1.1700 1.1705

First of all, you need to understand what the bid and the ask prices are. Let's take the EURUSD again as an example. The 'bid' is the price at which you can sell the EURUSD, or in other words to go short in it. If the price goes lower, you will generate a profit. The 'ask' price is the opposite. If you want to bet on the price increasing, you can open a trade at the 'ask' price. The mid-price is usually halfway between the two, but this is just a theoretical price that is not used for trading.

The actual bid and ask prices together are called the quote.

A long position is when you bet on the price going up, while a short position is when you profit from the price going down.

The spread is the difference between the ask and bid prices. In the example above, the spread is 0.0005, which is calculated as 1.1705-1.1700.

The pip is the smallest amount of a currency pair. One pip is equal to 0.0001 for most of the currency pairs. In case of our example, the spread is 5 pips, or 5 times 0.0001, equalling 0.0005. For some currency pairs like the USDJPY, one pip is 0.01.

Leverage allows you to take bigger positions than the amount of money on your account. Imagine this as a multiplier of your profit or your loss. This can be as high as 300. Imagine you have $1000 on your account and your applied leverage is 100. If you open a long position by using all your $1000, this means you open a trade for $1,000*100, or $100,000. If the price decreases 1%, you will lose $1000 (1%*$100,000), that is, all of the money on your account. And the price of a currency pair can very easily decrease by 1%. In case of EURUSD, this would mean a price decrease from 1.1705 to 1.1588.

A lot is the standard number of units of a forex contract. It is usually 100,000 units of the base currency. The base currency is the first currency in a currency pair. For EURUSD, the base currency is the EUR and one lot is €100,000. A mini lot is 10,000, a micro 1,000 and a nano 100 units of the base currency.

In forex trading, you can encounter three types of contracts: spot, forward and futures. The spot forex contract is the type that is traded by most people, and this also what you trade when you use an online broker. A spot contract by definition is settled two days after the trade. Settlement means that the counterparties who traded are converting their currencies between each other at the price of the trade made two days earlier. Imagine the settlement as a currency conversion made at a money exchange office on the street. The only difference is that this happens two days after the price was agreed on.

However, in most cases, the settlement doesn't actually happen, because spot contracts are rolled over before the settlement. This is always the case when you trade forex with your online brokers. The rollover happens because when you are betting on the direction of a currency pair, you do not want to actually convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

When your position is rolled over, your online broker in the background basically closes your current spot position and opens a new one. This is not visible for you, but it has a fee, called the rollover or financing fee. The rollover fee is calculated from the interest rate difference between the two currencies you are trading. In some cases, you may also receive a fee from the broker, if the interest rates you trade are in your favor.

A forward forex contract is a contract made on the OTC market. The specifics of the contract, like the term, the price and the settlement are defined by the counterparties case by case. For example, imagine a company which will need $100,000 in 30 days for paying its employees, but it will receive its revenue in euro. Since it wants to specify the exact exchange rate it can get in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, the settlement actually happens.

A futures forex contract is traded on a regulated market, for example, a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don't need to check your counterparty risk, as this is one of the safest modes of trading. However, the exchange requires a large amount of initial money for trading, so this is not suitable for you if you have little money to invest. For example, if you want to trade one EURUSD futures contract on the CME, you need to have more than $2000 on your account.

What drives the forex market price?

As we said above, everybody has an opinion about the forex market, because it seems simple. However, currency markets are among the most unpredictable ones in the world.

Everything from monetary policies and government spending to politics and wars can influence the price change of currency pairs. So many different factors can affect prices that it is difficult to make a prediction on which way they will move.

Nevertheless, economic calendars can help, so at least know about the scheduled events that could have an effect on the forex market.

Best discount forex brokers in India
Bottom line

You saw the details, now let's zoom out. Here are the best discount forex brokers of 2019 in India:

Best discount forex brokers in India
FXTM IC Markets Fusion Markets IG AxiTrader
Award Best FX broker
Account opening score 5 stars 5 stars 5 stars 4 stars 4 stars
Deposit and withdrawal score 4 stars 5 stars 4 stars 5 stars 4 stars
Markets and products score 2 stars 1 stars 2 stars 3 stars 1 stars
Web platform score 3 stars 4 stars 3 stars 5 stars 3 stars
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90% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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75% of retail CFD accounts lose money
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68.5% of retail CFD accounts lose money

FXTM is our winner, the best discount forex broker in India in 2019. Superb customer service. Great educational tools. Digital and fast account opening.

All brokers are considered safe, and a great choice. Watch out, FX can be risky. If you know enough and are good to go, pick your winner and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.

AUTHOR

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
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