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Best Islamic Brokers in India for 2024
These are the best demo accounts in India for 2024
According to our testing and research, these are the best demo trading accounts in India for 2024.
1.Octa
Islamic Accounts with No Additional Fees
2. Avatrade
Best Mobile Islamic Account
3. XM
Lowest Cost Islamic Account
Most traders want an Islamic Forex account because they comply with the Shari’ah prohibition on Riba or the accumulation of interest. Some brokers try to compensate for the missed revenue that would otherwise have been generated by collecting interest, so we always look for limitations on trading opportunities, additional fees, and widened spreads. Otherwise, we focused on finding the best Islamic accounts for all traders, including a range of platforms, excellent trading tools, and good education for beginners.
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
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How Brokers Are Scored
FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.
- Trust Rating: Assessment of broker reliability and reputation
- Trading Costs: Spreads and fees for clear comparisons
- Platforms: User-friendliness and features
- Asset Selection: Forex, stocks, and other available instruments
- Deposit and Withdrawal: Simple and free deposits & withdrawals
- Education: Support for beginners and developing traders
- Customer Support: Accessibility, responsiveness, and expertise
Flexible Leverage Options
Highly Competitive Trading Costs
Wide Range of Bonuses and Promotions
4.90/5Best for
With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders.
Why we like it
Octa’s spreads are some of the tightest in the industry for an account with only a 20 USD minimum deposit and no commission – as low as 0.6 pips on the EUR/USD. It also has a great proprietary trading platform and trading app, which are both user-friendly and feature-rich.
Drawbacks
Octa’s range of financial instrument
is limited compared to
other similar
brokers.
is limited compared to
other similar
brokers.
Min. Spread
0.6 pips
Trading Cost
USD 6
Min. Deposit
USD 20
Founded in 2011, Octa takes the spotlight in our 2024 awards as the recipient of the Best Inhouse/Proprietary Trading Platform Award, thanks to its cutting-edge OctaTrader platform.
| Trust Rating | 4 |
| Trading Conditions | 4.5 |
| Platforms | 4.5 |
| Education | 4.5 |
| Beginner Friendly | 4 |
| Assets Available | 4 |
| Analysis Research | 5 |
| Deposit & Withdrawal | 5 |
| Overall Rating | 4.37/5 |
- Trust Rating: Assessment of broker reliability and reputation
- Trading Costs: Spreads and fees for clear comparisons
- Platforms: User-friendliness and features
- Asset Selection: Forex, stocks, and other available instruments
- Deposit and Withdrawal: Simple and free deposits & withdrawals
- Education: Support for beginners and developing traders
- Customer Support: Accessibility, responsiveness, and expertise
Flexible Leverage Options
Highly Competitive Trading Costs
Wide Range of Bonuses and Promotions
Best for
With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders.
Why we like it
Octa’s spreads are some of the tightest in the industry for an account with only a 20 USD minimum deposit and no commission – as low as 0.6 pips on the EUR/USD. It also has a great proprietary trading platform and trading app, which are both user-friendly and feature-rich.
Drawbacks
Octa’s range of financial instrument
is limited compared to
other similar
brokers.
is limited compared to
other similar
brokers.
Min. Spread
0.6 pips
Trading Cost
USD 6
Min. Deposit
USD 20
| Trust Rating | 4 |
| Trading Conditions | 4.5 |
| Platforms | 4.5 |
| Education | 4.5 |
| Beginner Friendly | 4 |
| Assets Available | 4 |
| Analysis Research | 5 |
| Deposit & Withdrawal | 5 |
| Overall Rating | 4.37/5 |
- Trust Rating: Assessment of broker reliability and reputation
- Trading Costs: Spreads and fees for clear comparisons
- Platforms: User-friendliness and features
- Asset Selection: Forex, stocks, and other available instruments
- Deposit and Withdrawal: Simple and free deposits & withdrawals
- Education: Support for beginners and developing traders
- Customer Support: Accessibility, responsiveness, and expertise
Why we picked Exness
Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers. The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported.
Flexible Leverage Options
Highly Competitive Trading Costs
Wide Range of Bonuses and Promotions
Best for
With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders.
Why we like it
Octa’s spreads are some of the tightest in the industry for an account with only a 20 USD minimum deposit and no commission – as low as 0.6 pips on the EUR/USD. It also has a great proprietary trading platform and trading app, which are both user-friendly and feature-rich.
Drawbacks
Octa’s range of financial instrument
is limited compared to
other similar
brokers.
is limited compared to
other similar
brokers.
Min. Spread
0.6 pips
Trading Cost
USD 6
Min. Deposit
USD 20
| Trust Rating | 4 |
| Trading Conditions | 4.5 |
| Platforms | 4.5 |
| Education | 4.5 |
| Beginner Friendly | 4 |
| Assets Available | 4 |
| Analysis Research | 5 |
| Deposit & Withdrawal | 5 |
| Overall Rating | 4.37/5 |
- Trust Rating: Assessment of broker reliability and reputation
- Trading Costs: Spreads and fees for clear comparisons
- Platforms: User-friendliness and features
- Asset Selection: Forex, stocks, and other available instruments
- Deposit and Withdrawal: Simple and free deposits & withdrawals
- Education: Support for beginners and developing traders
- Customer Support: Accessibility, responsiveness, and expertise
How did FxScouts choose the best forex brokers?
FxScouts uses a hands-on approach, combining detailed and systematic evaluation with expert analysis and practical testing to review each broker thoroughly.
When comparing the best forex brokers in India, we:
- Confirmed that the brokers were regulated by top-tier authorities to ensure trader protection.
- Assessed the brokers’ trading fees and platform options for Indian residents by opening a live account and comparing the spreads on each instrument and platform to other brokers.
- Checked the number of tradable instruments available through the broker for traders in India.
- Reviewed the broker’s educational material and range of sources (such as e-books, webinars, glossary etc), to make sure they cater to all levels of traders, especially beginners.
- Assessed the broker’s market analysis, including whether it is curated by an in-house research team or third-party providers, the quality of the material, and how frequently it’s updated.
- Examined deposit and withdrawal options, costs and times for Indian residents, e.g. if it’s possible to use instant banking and credit cards and what, if any, fees are involved.
- Contacted customer support through the various channels offered by brokers, checking response time, service quality and whether or not they have a dedicated Indian support team and phone number.