Currency Trading, also known as Forex Trading, or FX Trading, refers to the conversion of one currency into another. Being one of the most active trading marketplaces in the world, it is known to have an average daily trading volume of $5 trillion.
In other words, currency trading platforms enables people, companies, and central banks to convert one currency into another. Take example of a foreign travel where you exchanged currencies which means you made a forex transaction.
Currency trading is done in pairs which means a person buys one currency and sells the other currency. It is that much simple.
How currency trading works?
Contrary to trading in shares or commodities, forex trading does not take place on exchanges but straight between two parties, in an over-the-counter (OTC) marketplace. The forex market is governed by a worldwide network of banks, extended across four leading forex trading hubs in various time zones: London, New York, Sydney and Tokyo. Since there is no single location, people can trade forex 24 hours a day.
Are you looking to get involved in currency trading or forex trading? Considering the probability of amazing results, this seems to be a great idea but in order to make it worthwhile, it is necessary to have sound knowledge about each and every element that goes into currency trading.
By choosing the right currency trading platforms, one would be able to perform trading in a seamless fashion. The given list has been prepared by taking various parameters in consideration like:
- User experience
- Performance or speed
- Availability of features
- Charting facility
- Number of data points
- Usability
List of Best performing platforms in India
Kotak Securities
Kotak Securities is a bank-based stockbroker that offers a wide range of services. It is considered one of the most popular currency trading platforms among users who might have low or high-speed internet bandwidth. Their motto is to keep things simple which clearly reflects in the overall usability of the platform. Below is the list of various platforms they offer to users.
KEAT Pro X (Desktop Trading Terminal)
Kotak KEAT Pro X is a zero-cost, user-friendly and high-speed currency trading software. One can easily download the software on a desktop or a laptop and start trading in BSE, NSE and NSE currency markets. Key features of the KEAT Pro X trading platform are-
- One platform to trade across various securities and multiple exchanges
- Place buy/sell orders at great speed by using shortcut keys
- Live quotes from BSE, NSE & NSE currency markets.
- FASTLANE
Kotak Securities’ FASTLANE is exclusively meant for trades who perform trade on old, slow computers. Based on Java technology, the platform is exceptionally fast and reliable. It can even be used on computers where downloading .exe files is not possible. There is no need to download or install any software. Key features of the application are:
- Buy/sell orders
- Watch the market in real-time
- Design personalized watchlists
- Inbuilt list of S&P CNX NIFTY scrips streaming live, option to change the list as per your requirements
- Kotak Stock Trader (Mobile Trading App)
Comes at zero cost, the mobile trading app by Kotak Securities can be used by all Kotak online trading customers and others. The Kotak Stock Trader mobile trading software allows close monitoring of the markets, delivers live quotes, helps traders develop watchlists and check intraday charts.
5 Paisa
Sponsored by the prestigious IIFL Group, 5 Paisa is a Mumbai-based stock broker that offers a wide portfolio of platforms for users. Whether you’re on a mobile app, web browser, or a desktop, the stockbroker offers a solution for everyone.
There are two things that are great with 5Paisa – amazing trading speed and smart user interface.
For those who want to trade more frequently, downloading their desktop trading application is a great move.
5Paisa Mobile App
5paisa mobile trading app enables seamless online trading using smartphones across various brackets and exchanges. Most of the trading done with 5paisa is done using 5paisa mobile app.
The app comes for both iOS and Android smartphones. The app offers a range of features like:
- Trade and invest across stocks, commodity, currency, mutual fund, insurance, etc.
- Accessibility to research and advisory right within the app.
- Live quotes on stocks and markets.
- Make orders with a single click.
- Place advance orders like Bracket Orders (BO) and Cover Orders (CO)
- Several watchlists.
- 5Paisa Trade Station
It is basically a web-based trading application by 5Paisa. It is compatible with leading browsers like Chrome, IE, and Firefox. Its major features are:
- Ease of access sto NSE and BSE and trade across equity, derivatives and currency
- Market watchlist to check scrips
- Detailed portfolio tracker
- Next-gen charting tools for comprehensive scrip view
- Comprehensive scrip data including market depth and Option Chain
- Order slicing for improved prices
- Bracket Orders (BO) and Cover Orders (CO)
- Combined show of your positions and holdings across instruments
Reliance Securities
Also known as Reliance Smart Money, Reliance Securities is one of the leading stockbrokers in the country. Backed by none other than the prestigious Reliance Group, the stockbroker carries an unmatched legacy of country’s biggest business conglomerate.
The brokerage house offers various trading platforms to its customers. The leading ones are:
Easy Trade
It is a browser-based platform that is found to be quite helpful for beginners. Since this application can be accessed on all leading browsers, you won’t need to download or install any software application.
Insta Plus
This feature-loaded online trading platform offers live streaming quotes, fresh news and complete market coverage, multiple payment gateways, margins before entry, technical research analysis, and next-gen charting tools.
Insta Express
It is a boon for those who look forward to enjoying lightning fast trading experience. Its major features include streaming quotes, low-risk tactics, fully-loaded charts, online money transfer, and easy withdrawal.
Tick Pro
With high-end technological advancement and financial novelty; TICK Pro empowers the trading, risk management and analytics requirements of today’s currency trading. It enables faster trading than a usual trading portal with streaming quotes, in-depth market watch, and limits in a single dashboard.
Angel One
Angel One is one of the leading full-service brokers in India and has been in business since 1987. The brokerage house was set up with an aim to provide the best value for money to clients by offering them world-class products, superb technology, personalized services and investment strategies.
The full-service brokerage firm provides an extended range of products & services to individuals including equity trading, derivatives trading, commodity trading, currency trading, IPO, Mutual Funds, ETF, and even life insurance. Angel Broking also provides portfolio management services to users to help high net worth people to invest in a modified portfolio handled by broking professionals.
The popular trading platforms offered by Angle Broking are:
Angel One Web
As its name indicates, this is a web-based trading platform that enables users to trade across various segments on all leading web browsers. Angel Broking website helps users through a number of ways such as portfolio tracking and watching, research, online trade, fine user interface, stay aware of the latest trends, etc.
Angel Speed Pro
The desktop-based trading software or trading terminal can be easily downloaded and installed on any desktop or laptop. Latest updates, examining portfolio fitness, single-window trading experience, live market watch, united flash news and reports are the major features offered by the trading platform.
Angel One Mobile App
The Angel Broking App is loaded by ARQ, a data-driven endorsement engine that counts on Machine Learning, smart algorithms and detailed insights for recommendations to mutual funds and best performing stocks. The Angel mobile trading app has many other useful features like live streaming, online fund transfer, multiple watchlists, access to advisory, get basic ratios, and others.
Zerodha
Being the largest stockbroker in India, Zerodha is known to boast of a large number of clients (23 lak+). It also offers free investment in mutual funds, and equities. The trading platform is most suitable for investors and traders who want to save on brokerage charges in the simplest manner.
The currency trading platforms offered by Zerodha are:
Zerodha KITE
KITE by Zerodha is a futuristic platform that is supposed to give a remarkable trading experience to users. The platform can be accessed both on web browsers as well as on mobile in the form of Zerodha Kite Mobile App. The features offered by Zerodha KITE are:
- Multilingual support
- Streaming quotes
- Multiple market watches
- Quick notifications
- Floating order window
Zerodha Pi
This trading application can be downloaded or installed on a desktop or laptop. It enables trading in various segments like equities, currency, commodities, and derivatives etc., across NSE, BSE and MCX etc., within a single platform. The platform offers some of the industry-leading features such as advanced charting, algorithms, strategies, and backtesting etc., and most importantly, it comes at free of cost for its customers.