Best Forex Brokers in India

Forex trading has become increasingly popular in recent years, and India is no exception. As more and more individuals are eager to participate in this lucrative market, the demand for reliable and trustworthy forex brokers has also risen. However, not all brokers are created equal, and it is essential to choose one that aligns with your trading goals and offers the necessary tools and features.

To help you make an informed decision, we have extensively analyzed and compared the various forex brokers available in India. Considering factors such as regulatory compliance, trading platforms, customer support, account types and more.

Quick Look: Best Forex Brokers in India

• Best for MT4/5 Users: FOREX.com
• Best for CFD Trading: Vantage Markets
• Best for Trading in the App: Octa
• Best Advanced Traders: Interactive Brokers
• Best for Beginner Forex and CFD Traders: XM Group

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% to 76% 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. The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account.

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Best Forex Brokers for Traders in India

If you’re in India and you’re looking for a reliable online forex broker, the list below offers some excellent options regulated by reputable financial authorities.

Though these brokers don’t have a physical presence in India, they accept clients from India who make deposits using payment services and electronic wallets. The top forex broker that accepts clients from India depends in large part on your unique situation and your particular needs as a trader.

Best for MT4/5 Users: FOREX.com

FOREX.com is a highly reputable broker among U.S. and international traders. They offer over 80 currency pairs, high quality educational resources and excellent customer service.  

Accounts at FOREX.com require a minimum deposit of $100. The broker lets you trade micro lots if your preference is to start with smaller amounts. FOREX.com also offers an Islamic account option in addition to keeping client accounts segregated from its own funds. FOREX.com offers the MetaTrader 4 and 5 platforms from MetaQuotes and NinjaTrader.

Trading platforms can be web-based or downloaded to a desktop or mobile app. FOREX.com also gives its customers access to the company’s proprietary Advanced Trading Platform for desktop computers and its Web Trading platform if you prefer to trade via a web browser.

Best for CFD Trading: Vantage Markets

Vantage Markets is a dynamic online broker offering access to over 1,000 CFD trading products. It supports widely-used tools like MetaTrader 4, MetaTrader 5, TradingView, and the Vantage App, giving traders a variety of user-friendly options for both web and mobile trading. Through Vantage Academy, traders can access educational resources such as webinars, eBooks, and courses to expand their market knowledge. Additionally, the platform provides incentives like deposit bonuses and loyalty rewards to enhance the user experience.

One of Vantage Markets’ key features is copy trading, allowing users to follow and replicate the strategies of seasoned traders. With over 15 years in the industry, Vantage Markets has established a strong reputation for reliability and service, attracting a global client base looking for flexible trading solutions. Its broad selection of financial instruments and educational offerings make it an excellent choice for both beginners and experienced traders.

Best for Trading in the App: Octa

Octa is a multi-platform globally regulated forex broker that offers account support for Indian users. You can use MetaTrader 4, MetaTrader 5 and OctaTrader. There are also the web, desktop, Android and iOS versions of each platform, depending on what you prefer.

Islamic accounts are available. Funds security is guaranteed by MISA and FSCA licenses, negative balance protection is available and there are several accounts from which you may choose. There are contests and giveaways that can make this platform even more enjoyable to use. You also have access to their CopyTrading feature to learn how investing should work before you get fully comfortable.

Best for Advanced Traders: International Brokers

When you open a forex account with IBKR as an Indian trader, you enjoy the same benefits available to traders worldwide. By registering today, you gain access to real-time quotes, strong liquidity, over 100 currency pairs, professional-grade trading tools, tight spreads, low commissions, and transparency with no hidden spreads or markups.

One of the major advantages of using IBKR is the flexibility to explore other investment options alongside your forex portfolio. With this level of access and support, you can build a diverse and robust portfolio without the hassle of managing multiple accounts across various platforms.

Best for Beginner Forex and CFD Traders: XM Group

XM Group is a platform that enables Indian investors to explore CFDs and forex, offering over 50 currency pairs and a variety of CFDs based on indices, stocks, commodities, metals, and energies. With more than 1,000 trading instruments, up to 1000:1 leverage, and a low minimum deposit of just $5, XM Group provides accessible entry points for traders.

Additionally, the platform offers free educational tools to help users deepen their understanding of the forex market, making it an appealing choice for both new and seasoned investors.

What to Look for in a Forex Broker

Despite the general lack of normal online forex brokers based in India, other than 3 stock exchanges, you can still trade forex through foreign-based online brokers. Generally, a quality brokerage has the following 11 elements:

• Oversight by a reputable financial regulator
• Excellent reputation among forex traders
• Allows you to trade in the type of account you prefer
• Requires an affordable minimum deposit
• Gives you trading access to all major and minor forex currency pairs and other assets
• Has a maximum leverage ratio appropriate for your trading strategy and risk tolerance
• Offers competitive dealing spreads
• Provides clients with insurance against negative balances
• Keeps re-quotes and slippage on orders to a minimum
• Maintains client funds in segregated accounts
• Withdrawal and deposit options fit your needs

Another important factor to consider when choosing a forex broker is platform and trading software. In addition to their own proprietary trading platform, many brokers offer cTrader, NinjaTrader, and the very popular MetaTrader 4 and 5 platforms from MetaQuotes that both support automated trading.

Trading forex in India involves quite a few limitations and legal issues. Be sure to choose a broker overseen by a major financial regulator, such as the U.K.’s Financial Conduct Authority (FCA) or Cyprus’ Securities and Exchange Commission (CySEC), which generally comply with the European Union’s rigorous Markets in Financial Instruments Directive (MiFID) rules. Not all forex brokerages are created equal, and most are not registered in India, even though they accept Indian clients. So, make sure your needs as a trader are adequately met by the forex broker you select before committing any funds.

Trading Forex in India

The national currency of India is the Indian rupee ₹ with ISO 4217 symbol code INR. The rupee is divided into 100 smaller denominations known as paisa (p). According to the Bank for International Settlements’ 2016 Triennial Central Bank Survey, the Indian currency was ranked 18th among world currencies, making up 1.1 percent of daily forex turnover.

The Reserve Bank of India (RBI) set forth the legal framework for foreign exchange transactions by the Foreign Exchange Management Act (FEMA) of 1999. The RBI regulates and oversees foreign exchange transactions in India and the Securities and Exchange Board (SEBI) is the principal regulator of the Indian stock market and the forex brokers based in India are licensed under FEMA.

The SEBI-regulated forex brokers, which include the 3 major stock exchanges in India, are only allowed to offer INR-based currency pairs for USD, EUR, GBP and JPY. All other currency pairs are strictly barred from trading in India unless a specific transaction is authorized by the Indian government.

Due to an increase in financial scams involving forex brokers, the Indian government was forced to severely restrict the way Indian citizens can operate in the forex market. If you live in India, you are not legally allowed to trade forex currency pairs that do not have the Indian rupee as the base currency or counter-currency.

You can still open an account with a foreign-based broker as long as you send your deposit through an electronic wallet service such as PayPal, Neteller or another similar online payment service. Avoid using a wire transfer from a bank or other financial institution based in India or a credit or debit card issued by an Indian entity to fund a forex trading account.

Get the Right Forex Broker in India

Trading forex anywhere can be risky, but that seems especially true in India if you're unfamiliar with the country’s legal restrictions on currency transactions. If you live in India and want to trade the Indian rupee exclusively against USD, GBP, JPY or EUR, then you can legally trade through one of the 3 SEBI-regulated Indian stock exchanges that act as forex brokers.

It’s against the law to use an account from a bank or other India-based financial institution to fund a trading account and make forex market transactions in currency pairs that do not include the INR. If you still wish to trade non-INR currency pairs, then you must make a margin deposit to a foreign broker by transferring funds from an electronic payment service such as PayPal or Neteller.

Frequently Asked Questions