Best Forex Brokers in India 2024: Top Indian Forex Brokers List!

Trading forex is an ever-growing market which makes it popular among Indian citizens. But before you begin trading in India, you should know that most brokers in India are heavily regulated due to various restrictions implemented by the government.

It would be best if you always choose regulated brokers; due to the restriction imposed by regulated bodies, which is called SEBI –Securities and Exchange Board of India, where local citizens can trade with INR in the forex market with the help of an International broker only.

The NSE, BSE, and MSE (Stock exchanges in India) only allow trading in currency pairs pegged to the Indian Rupee (INR).

But before proceeding, you should know that CFD trading carries high risks due to leverage, including other multiple asset classes like forex, metals & more, which may not be suitable for all Indian investors and is often susceptible to rapidly losing money, so trade safely.

Here we have compiled a list of leading forex trading platforms around the globe, some of the best forex brokers in India that accept clients who are residents of India: for which we have done online research and analysis. Please note that the information provided in this content is for educational purposes only and to help traders choose the right broker.

List of Best Forex Trading Platforms in India for 2024

Detail List of Best Forex Brokers in India

Check all the details regarding the best international forex brokers’ trading platforms that accept Indian residents; you can also have a quick look at our comparison table, where we have information regarding its maximum leverage and minimum deposit.

Octa

Octa (formerly known as OctaFX) is a leading global forex and CFD broker established to offer multi-asset forex trading platforms like MT4 platforms, MT5 platforms, and cTrader platforms to trade. It has headquarters in Grenadines and St Vincent, with additional support offices in other countries as well.

Octa Features
Regulated By CySEC
Best For Ideal For Using Forex Trading App For Beginners
Year Founded 2011
Minimum Deposit $25 or ₹2043
Max Leverage 1:500
Tradable Assets FX Pairs, CFD Indices, Cryptocurrencies, Gold, Silver, Crude Oil, and Brent Oil as Commodities

Octa is one of the best brokers in India. It is regulated by the top financial regulatory body and known for its lucrative bonuses and promo codes for beginners, commission-free trading, & EU regulation.

Octa - Best Forex Brokers in India
The company also accepts clients from the EU or the US national futures association who can only avail of single max leverage. Although, find out more about Octa review in detail to know their trading service, features, various asset classes, forex pair, deposit and withdrawal fees & more.

Octa offers the following tradable instruments to invest in 35 foreign (currency) major pairs, including the most common USD/JPY, GBP/USD, and EUR/USD (where base currency varies as per pair choice), leading CFD indices like NASDAQ and US30, leading cryptocurrencies – Bitcoin, Litecoin, and Ethereum, then Silver, Gold Crude oil and Brent oil as real-time commodities which accept clients from India that also let you know the exchange rates as the foreign exchange market is highly volatile.
Pros

  • The broker trading platforms offer commission-free trading in India.
  • It supports its own proprietary trading platform on mobile and desktop versions.
  • Copy trading is available for beginners, & Hindi language support.
  • Lucrative bonuses and contests are available even for non-EU traders.

Cons

  • You have limited funding options compared to the other top 10 forex brokers in India.
  • Less service for 0 pips spreads available to forex trading.

Fee Structure

The variable spread for the leading currency pair EUR/USD is around 0.7 pips for both the cTrader and the MetaTrader platforms. Low trading fees (variable spreads) for foreign currencies like gold spreads (XAUUSD) are around 10 pips, and for major indices like NAS100, the spreads spike to around 3.5 points. Bitcoin spreads (BTCUSD) hover around 3.1 pips. Fixed spreads are available for MetaTrader 4 (MT4) USD accounts.

These top forex brokers charge no commissions for withdrawals, free deposits, or currency conversions except for deposits made via Perfect Money, for which a nominal fee is charged from Fx traders. However, a nominal forex trading commission is charged from traders at the rate of 0.02 USD per 0.01 lots for the cTrader account types. Indian clients are also eligible for respective spreads. These forex trading platforms also provide reasonable conversion fees.

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Olymp Trade

Olymp Trade is amongst the best brokers in India and offers over 25,000 active clients registered on its platform. The easy-to-use interface, responsive customer services, generous spreads, lucrative trading bonuses, 33 currency pairs, and plenty of deposit methods and withdrawal methods attract both beginners and seasoned traders.

Olymp Trade Features
Regulated By IFC
Best For Ideal Trading Platform for Indian Broker 2024
Year Founded 2014
Minimum Deposit $10 or €10 or ₹818
Max Leverage 400:1
Tradable Assets Stocks, Commodities, Currencies, Currency Pairs, ETFs, Cryptocurrencies

Olymp Trade, an online forex broker, is regulated by the IFC or the International Financial Commission. Olymp Trade is best known for its competitive spreads and commissions, multiple over-the-counter payment options, including debit card payment and bank wire transfer (from local banks or central banks), and a wide range of tradable instruments, fixed-time trading, & currency derivatives (currency futures) provided by these best brokers that accept clients from India.

Olymp Trade - Top Forex Trading Brokers in India

However, if you want to explore more in detail, read our Olymp trade review, where we have covered this platform’s features, deposit and withdrawal methods, social media channels, fx pair, & more.
Pros

  • A user-friendly web-based trading platform attracts users from all over the world and from India.
  • It supports multiple languages and a free demo account for beginners to sign up.
  • Generous leverage and accepts clients from all regions.
  • Low minimum deposit money is required if you want to open a new Forex broker account.
  • Multiple payment options, deposit methods, forex trades, and different currency pairs, including wire transfers.
  • Wide choice of trading assets to choose from, along with a fixed-time trading facility.

Cons

  • Apart from being a member of a national exchange, It is not regulated under any official body like the CySec, FCA, or ASIC. Thus, new traders cannot have full confidence in this broker.
  • Non-verified client accounts face a lot of problems while withdrawing funds.
  • The terms and conditions for bonuses are not clear.
  • Provides only two types of accounts and MetaTrader 4 only.

Fee Structure

These best forex brokers in India charge a fixed rate overnight fee limited to 15% of the total amount of investment. No custodial or maintenance fees on any forex trading account are charged as such, a low trading commission. Still, there is an inactivity fee (or subscription fee) at the rate of $10 per month charged on inactive accounts that have not been used beyond 180 days. Spread starts from 1.1 pips. Overall, when compared to other brokers, it offers low trading fees & has the lowest minimum deposit for retail traders.

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Capital.com – Ideal for Traders & Investors Globally

Capital.com broker uses a narrative style of the transaction process to increase its FX market efficiency and also enable commission-free forex trading, where traders only pay the overnight costs and buy-sell spread if they use leverage. This Global web and app-based platform support more than 4 million traders.

This regulated platform supports 138 trade forex pairs, all having competitive spreads, including a large selection of useful tools, live webinars, advanced charting, guaranteed stop loss orders feature & supports MetaTrader 4 (MT4) for smooth and easy forex trading.

Capital.com - Easy-to-use & Best Forex Trading Platform

Read our Capital.com review, where we have covered every aspect of this user-friendly trading platform, like its pricing structure, supported asset classes, types of retail investor accounts, forex trading app, range of educational resources, demo trading account, customer care service, & more.

Capital.com Features
Regulated By FCA, Cyprus, ASIC
Best For It is ideal for Traders & Investors Globally
Year Founded 2016
Min Deposit $20 or ₹1635
Max. Leverage 1:30 for retail clients
Tradable Assets Indices CFDs, Forex CFDs, Commodities CFDs, Cryptocurrency CFDs, Shares CFDs

Pros

  • Offers low forex fees and commission-free stocks.
  • Mobile app and excellent customer support.
  • Demo account support & free deposits.

Cons

  • It has high stock exchange & index CFD fees.
  • Smaller account currencies are not available.
  • No MetaTrader 5 support.

Fee Structure

Capital.com has higher crypto fees as compared to other brokers’ assets. Non-Trading Fees are low. No withdrawal fee or deposit fee is taken. Reasonable overnight fees & tight spreads. Commission-free forex trading & has an average spread.

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iForex

iForex is foremost among multi-regulated forex brokers in India and owns a proprietary trading platform where you can trade CFD and forex on a desktop and a mobile trading app. The platform has its headquarters in Limassol, Cyprus, and operates under its parent company, Formula Investment House Ltd. The best forex brokers in India accepts clients from over 100+ countries worldwide with over operations in 16+ languages.

iForex Features
Regulated By CySec, FCA, FSC
Best For Best for Easy User Interface & Security Mechanisms
Year Founded 1996
Minimum Deposit $100 or ₹8173
Max Leverage 400:1 (Forex or Commodities); 200:1 (CFD)
Tradable Assets Shares, Stocks, ETFs, Indices, Commodities, & Cryptocurrencies

iForex trading platforms are best known for their easy user interface, various trading assets, copy trading options, educational materials, great customer service, efficient safety, and security mechanisms, it also provides excellent customer service, like an email address to support any of your daily queries & has a great user experience.

iForex - Comes in Best Indian Forex Brokers

This proprietary platform accepts clients from every corner & boasts of providing a wide range of trading assets, over 90 currency pairs, including buying and selling of shares, ETFs, indices, real-time stats of commodities, stock market options, and cryptocurrencies like Bitcoin, Ripple, and Ethereum.

The deposit options are available with various payment options like Bank Wire, Credit Card, Debit Card, and e-Wallets. Learn more about the platform in our iForex review and the list of features, and stock market options, that are suitable for you.
Pros

  • Registered under CySec and therefore offers reliability in trading currencies.
  • You will get an extensive list of investment products.
  • A responsive customer support team for you and support for different languages provide a great user experience.

Cons

  • There are no options available for social trading or auto trading features.
  • With its lengthy withdrawal processes, receiving your funds can be time-consuming.

Fee Structure

iForex charges an inactivity fee of $15 on a quarterly basis. An overnight financing charge of 5% pa is charged for indices, while it is 2.5% pa for commodities and virtual currency trading. The forex trades are commission-free with iForex, and its spreads for major currency pairs start at around 1 pip.

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Forex.com

Forex.com is one of the advanced online CFDs, and these India forex brokers are regulated in multiple countries and facilitate trades with over more than 300 global financial markets. As per the forex broker review, you can trade through stock exchanges like the National Stock Exchange (NSE), Metropolitan Stock Exchange (MSE) & more.

Forex.com Features
Regulated By CIMA, FCA
Best For Best for Diverse Financial Instruments & Min. Spreads
Year Founded 2001
Minimum Deposit $100 or €100 or £100 or ₹8173
Maximum Leverage 50:1
Tradable Assets Stocks, Indices, Forex, Commodities, & Cryptocurrencies

Forex.com is one of the best forex brokers in India, known for its diverse tradable financial tools, which traders of Indian residents can make use of it. This regulated forex broker provides more than 80 different pairs for clients to trade currency pairs.

Forex.com - One of the Top 10 Forex Brokers in India

New Indian investors need to log into the company’s authorized and registered website to find out the applicable max leverage ratio and other financial services the platform provides. You can use the margin calculator to find the exact ratio. However, read the Forex.com review, learn more about the platform’s services, and start forex trading today.

Note: Before making trading decisions, many forex brokers in India should consider that many trading accounts lose money when trading forex & CFDs. So as retail investors, your investment objectives should be clear before choosing the right forex broker for trading.
Pros

  • Registration under multiple jurisdictions.
  • You can get a wide variety of multiple assets to trade, like forex trading.
  • Offers competitive spreads.

Cons

  • Spread betting is not available.
  • Technical indicators are difficult to access.

Fee Structure

Four distinct pricing methods are available in this forex broker, depending on the trading account types. Spread as low as 0.1. As per our broker review, there is also a monthly inactivity fee of $15 in its trading account & a reasonable leverage ratio.

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HYCM

HYCM (Henyep Markets) is the international CFD-regulated forex broker operating under its parent company, the Henyep Capital Markets Holdings Group, with offices in diverse locations.

Suppose you are planning to deal in foreign currencies. In that case, the forex broker company has a total of 4 distinct brands operating under the parent company. Still, as distinct entities, they are registered by distinct regulatory bodies for financial services in the country.

HYCM Features
Regulated By FCA, CySEC, CIMA, DIFC
Best For Best for Min. Spreads & Competitive Leverage Ratios
Year Founded 1998
Minimum Deposit $100 or ₹8173
Maximum Leverage 1:500
Tradable Assets Forex, Stocks, Indices, & Commodities

The company has been operating for more than 40 years now and is popular in India, HYCM (Henyep Markets) is best known for its lowest spreads, competitive leverage ratios, around 40 forex pairs, and many diverse assets that you can trade.

HYCM - Comes in Top-tier Forex Brokers India

HYCM forex broker also offers varied leverage ratios depending on the regulations implemented in the countries where the traders are located. You can use max. Leverage to increase your potential profits for each tradable asset. It also has various instruments available for trading at HYCM, including Forex, indices, stocks, and commodities, and the availability of Islamic accounts, & commodity futures support will help traders worldwide.

Although you can read our HYCM review, which will help you know all the details, like forex fees & more about this online broker trading platform & get started with it.
Pros

  • Indian residents can get competitive leverage ratios which are through multiple financial bodies.
  • You can enjoy rapid withdrawal processes with this forex broker.
  • You can get good customer support if any issues arise via the mobile app.
  • You can take benefit from the extensive investment management and educational resources available.

Cons

  • The Best Forex Brokers in India
    platform does not support crypto trading.
  • An inactivity fee applies to forex investors for inactive accounts beyond 90 days.

Fee Structure

A commission for minimum trade of $4 is charged per round on these forex trades for Raw accounts that offer raw spreads; the raw spread starts from 0.1 pips. However, the Swap-free Islamic account does not charge any overnight interest for the first 14 days of opening a position. After that, $5 per night is the charge for each contract. As per broker reviews, HYCM, the online broker, also charges a monthly inactivity fee of $10.

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XM

XM is a group of next-generation online fx trading and commodity brokers that often rewards its traders worldwide with unique prizes like bikes and gadgets raffles. This broker offers a wide range of forex account types depending on your preferences and trading platforms. Signup with a demo account that is best suited for beginners and provides the natural modes to quicken the initial learning stages of your trading journey.

XM Features
Regulated By CySec, FSC
Best For The right choice for a Wide Range of Forex Markets at Very Min. Spreads
Year Founded 2009
Minimum Deposit $5 or €5 or £5 or ₹408
Maximum Leverage 1000:1
Tradable Assets Forex, Stocks CFD, Equity Indices CFDs, Commodities CFDs, Energies CFDs, & Precious Metals CFDs

The XM group operates under the parent company with multiple brands, and each brand is regulated via different regulatory bodies & it makes the list of the best forex around.

This FX trading platform offers a sign-up for a demo account for beginners that will help you to become a better trader with practice by using the real scenario in trading and is easy to use. XM group also has more platform support and research tools and the best customer service.

XM - One of the SEBI Registered Forex Brokers

XM Group, an International broker, is best known for providing a wide range of forex markets at a very minimum spread. You can access XM ultra-low account. Just as a forex trading time-limited company is licensed by different regulators for each brand, the year of establishment for each brand is also different. It was established in parts in the years 2009, 2015, and 2017.

Supportive payment options like e-wallets, bank transfers, & credit cards. Max. Tradable assets such as forex, stocks CFD, equity indices CFDs, commodities CFDs, energies CFDs, and noble metals CFDs also offer currency pairs that are more than 50, including the major USD, GBP, EUR, and JPY pairs.

However,check out our honest XM review to know more about this award-winning trading platform & start trading.
Pros

  • You get access to wide options of currency markets to do forex trading.
  • Two leading trading platforms are available, MT4 and MT5, – for easy signup & free demo accounts for beginners.
  • Robust customer service is available in multiple languages that you can use & educational tools.

Cons

  • Diverse retail investor accounts give a less personalized feel.
  • Customer service is not available on weekends.

Fee Structure

There are no hidden trading fees as such, and spreads depend on this the forex account types. The minimum spread is 0.10 pips which is reasonable.

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FXTM

FXTM or ForexTime Limited is a popular foreign exchange among most people; this Forex and CFD broker caters to the needs of both beginner and experienced forex investors. In addition to that, it is distinguished among many Indian forex brokers from India. Before you open an account, it has 6 account types to choose from: a standard account, ECN, & more features like automated trading, copy trading options, stock trading & more; this broker offers a vast stock market to forex investors as its presence is well known worldwide.

FXTM Features
Regulated By CySec, FCA, FSC, FSCA, CMA
Best For Ideal Features For India Copy Trading and Social Trading
Year Founded 2011
Minimum Deposit $10 or ₹817 for a Cent Account
Max Leverage 1:2000
Tradable Assets Trade CFDs for Conventional Indices, Forex, Commodities, Shares CFDs, Spot Metals, Foreign Exchange Indices, Currency Pairs, Stock, Indices

The platform is best known for its copy trading and social trading features and wide options of tradable currency pairs, more than 60 when compared to other Best Forex Brokers in India in the market. It also provides video tutorials, seminars, payment methods like exchange rates, stock market options, MT4, MT5, etc., though not a sebi registered broker, but it accept clients from India.

FXTM - Top-notch Forex Trading Platforms in India

FXTM has a great user experience for clients & can trade in CFDs for conventional indices, Forex, and commodities like NASDAQ, DAX, and FTSE; buying and selling shares CFDs are like Google, Apple, BP, etc., and Spot metals like Gold and Silver but have less service for crypto. CFDs are the most complex instruments traded over a forex market via trading tools.

Apart from these, this forex broker has also launched around 11 new dynamic indices split across almost 6 foreign exchange market indices and a good selection of around 180 stock trading indices. Get more insight about the platform in our FXTM review, where we have covered everything.
Pros

  • Offers competitive forex-trading fees.
  • It can be safe to say that tight regulation by leading regulatory bodies helps ensure safety.
  • You have the privilege of excellent customer service, e-mail, and video tutorials to learn.
  • It can also offer various trade signals for the best accuracy along with MT4, MT5, etc., & easy bank transfer.

Cons

  • It has high fees attached to bank account withdrawals via bank transfers.
  • Charge inactivity fees to the forex trader.
  • Limitations imposed in trading for crypto assets.

Fee Structure

Become aware that the price for leverage-based trading in India with the ForexTime broker is a little on the higher side as the broker levies some additional charges that many traders cannot afford. As for the spread and commissions, the FXTM trading platforms broker is again on the lower spectrum with the tightest spreads start, as low as 0 pips, and, in addition to that, no commissions for ECN account types and even supports a demo account.

However, the trading platform spread may be a little higher, but competitive for standard account types and reasonable forex-trading fees. Even experienced traders and forex trading accounts lose money while trading CFDs with the provider or other forex brokers.

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Alpari

Alpari International is a global online CFD and a forex broker operating on the MetaTrader 4 and MetaTrader 5 trading platforms. Alpari is an International forex broker controlled by The Financial Services Commission (FSC) of The Republic of Mauritius.

Alpari Features
Regulated By FSC
Best For Great for Negative Balance Protection Feature
Year Founded 1998
Minimum Deposit $20 or ₹1635
Maximum Leverage 1:3000
Tradable Assets US Stocks, ETFs, Forex Pairs, Global Equity Indices, & Commodities Like Gold, Silver, Natural Gas, and Crude Oil

As per our forex broker review, it is best known for its some of the most popular wide choices for trading other financial instruments such as modern trading tools, the Islamic account, min. Spreads and negative balance protection, & automated trading tools. It also has Negative balance protection, which protects Indian investors against the financial changes in their current trade so that their accounts don’t fall into a negative balance.

Note: CFDs carry high risks due to leverage, including other asset classes as well, like forex, metals & more, which may not be suitable for Indian investors and is often susceptible to rapidly losing money, so trade safely and look for market volatility, hidden fees as well, which can be unpredictable; thus broker regulated through any known bodies is must.

Alpari - Top Forex Brokers in India

Though this platform is not SEBI-regulated forex brokers, it accepts Indian residents. Learn more about the platform in our Alpari review, its features, and support tools.

Note: Online brokers warn about the risk, and accounts lose money when trading CFDs. As CFD trading carries a high risk due to leverage on brokerage credit. So as retail investors, your investment objectives should be clear before trading.
Pros

  • External dispute resolution process that compensates customers up to a maximum of EUR 20000 to trade.
  • Offers negative balance protection, which is available to forex investors & has tight spreads.
  • You can get benefit from the copy trading feature available. along with MT4, MT5, & more Support.

Cons

  • This broker has withheld cryptocurrency trading.
  • There are no research tools available.
  • Copy trading involves charges.

Fee Structure

As per the forex broker review, No commission is charged. The company also offers spreads as low as 0.5 pips for major currency pairs. The spread is 1.70 pips for (MT4) trading platforms accounts. It also has a demo account.

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FXCC

FXCC is amongst the best-trusted forex brokers in India for 2024, It operates as a brand name for trading FX Central Clearing Ltd (as per published customer reviews), and it has a headquarters in Cyprus.

FXCC Features
Regulated By CIF, CySEC, FSA
Best For Great for Zero Commission Trades
Year Founded 2010
Minimum Deposit It depends on the Account Types
Max. Leverage 1:1 to 1:300
Tradable Assets Offer Currency Pairs, Spot Metals, Indices, Cryptocurrencies, Commodities

FXCC comes under the international brokers’ list, which is a multi-regulatory platform, and if you are Looking for the best commission-free trades? This is best known for its zero-commission trades and diversity of tradable assets that are suitable for Indian citizens.

You don’t have to pay a commission for international forex trading in India. However, a minimum amount of initial deposit is required for a new account, and depending on the account type, there will be no commissions charged for some accounts. The official site mentions real-time execution of spreads for popular instruments, meaning you can get access to it quickly. It Supports MT4, an Islamic account, 70+ currency pairs, and has a responsive mobile app.
Note: When you are trading from India, you can only trade currencies like USD, EUR, & GBP; the payment methods are Visa, skrill, bank transfer, Bitpay, crypto & Neteller.

FXCC - Trusted & Best Forex Brokers in India

Most forex traders can also take the help of the margin calculator available at the broker’s registered websites; using the tool will aid your trading practice.

However, we have it covered if you want to explore more in detail about the FXCC review platform and its features, forex fees, and supported mobile devices.
Pros

  • It allows you to trade in a commission-free exchange. Where online brokers allow trade without any commission.
  • You have the advantage of no minimum deposits when you want to open an account to avoid a high risk of losing money in the beginning stage.
  • ECN spreads are available to use.

Cons

  • US traders will not be accepted. You will not get the service if you are a US resident.
  • Only 1 trading platform is available on the platform – MT4.

Fee Structure

The FXCC forex broker does not charge any commission on any instrument when forex trading in India. However, per the broker reviews, there is the rollover fee and an inactivity fee that will be charged at the rate of $5 on these dormant accounts that have been inactive for more than 120 days. It also has reasonable forex fees for professional traders, with spreads starting from 0.0 pips, thus creating various trading opportunities.

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Comparison of Indian Forex Brokers

Top Forex Brokers Minimum First-Time Deposit Maximum Leverage Bonus Offered Accepts Indian Residents
Octa $25 or ₹2043 1:500 50%
on every deposit
right
Olymp Trade $10 or ₹818 400:1 Varies right
Capital.com $20 or ₹1635 1:30 Referral Bonus up to $100 right
iForex $100 or ₹8173 400:1 50% right
Forex.com $100 or ₹8173 50:1 Up to $5000* right
HYCM $100 or ₹8173 1:500 10% Credit Bonus on every deposit of $100 right
XM $5 or ₹408 1000:1 50% and 20% right
FXTM $10 or ₹817 1:2000 30% Deposit Bonus Upto $200 right
Alpari $20 or ₹1635 1:3000 Yes, as ALP Bonus Points right
FXCC Depends on the Account Types 1:1 to 1:300 100% First Deposit Bonus right

Note: The INR value in the above table takes the US dollar conversion rate; the mentioned value may change as per the new conversion rate.

What is Forex Trading?

Foreign exchange trading is buying, selling, or exchanging one or more currencies for other foreign currencies (an International exchange). The pricing of these global currencies is decided based on the market rate. Forex trading reports suggest that, on average, around 6.59 trillion U.S. Dollars in various currencies are publicly traded every 24 hours. These markets run 24 hours a day and are active 5 days a week. Thus trading forex carefully can make you financially stable in the long run.

Is Forex Trading Legal in India?

Global markets of forex are the largest financial market. Though online trading of currency pairs with Indian brokers is a lucrative option to earn profits, the forex market is one of the most liquid financial markets in the world. Therefore, it may carry high-risk exposure, which may not be suitable for all.

To protect Indian residents or professional traders from such adverse forex market conditions, the Indian government (also the Reserve Bank of India) has imposed strict regulations for trading currency pairs in the nation. The foreign exchange management act (FEMA act) prohibits non-INR forex pairs trading. The financial regulatory body enforces unsafe online platforms, thus providing the best forex broker in India.

But before you begin, you must ensure that the broker is regulated as per our list above; platforms are legal in India and accept Indian citizens for trading (even if they aren’t SEBI-regulated forex brokers or Reserve Bank of India approved), so if you reside in India, you don’t have to worry; go with a regulated broker as over the time forex market is growing.

Residents of the country are only allowed to conduct forex trading in India at specified Forex trading places with only INR-based currency pairs; it can also offer forex market currencies such as EUR, GBP, USD, CHF (Swiss Franc), CAD (Canadian Dollar), and JPY (Japanese Yen) in the country unless the Indian government makes changes.

Restrictions Imposed on SEBI Registered Forex Brokers in India by RBI

As new guidelines launched by the RBI (Reserve Bank of India) in September 2022, they have warned to be aware of non-regulated brokers as most platforms are not the SEBI Regulated broker (Securities and Exchange Board of India). Beware that If you choose an unregulated broker, there is also a chance of going to jail. Even though there are many forex brokers in India whose currency pair do not include INR as their base currency, & thus is not allowed when choosing reliable brokers for trading, cross currencies with INR are a must for a foreign broker.

How to Verify SEBI Regulated Forex Brokers in India?

The first step is to visit the official SEBI website, where you can search for a particular exchange with a trading name & stay updated with the latest changes. Like if you search any platform, you will get the details mentioned below, including the SEBI registration number & validity of the SEBI-regulated forex brokers.

As mentioned above, we have provided you with an International brokers list. Still, if you are looking for SEBI-regulated platforms like Zerodha, 123 capitals, Motilal Oswal & more, you can also check this broker list, where you will find many SEBI-registered brokers.

How Do I Trade Forex in India?

Trading forex in India involves the following process. Here is the list of our recommended steps that will answer how to find the best forex broker from the globe for yourself:-

  • Find a regulated broker with an international reach to widen the scope of foreign currency pairs trading in your region th
  • at supports foreign currencies in India. You may open a forex trading account with excellent Indian brokers where you can trade. Do check whether the top forex broker supports an Indian bank account.
  • Check for MetaTrader 4 and MetaTrader 5 support, as it’s an added advantage and also online platforms registration number.
  • Due to safety, forex traders need to verify an account with accurate KYC compliance before trading forex.
  • Make payments with initial funds in INR (Indian Rupee) into the account to activate it like a wire transfer.
  • The beginner should start trading forex with any preferred currency pair against the base currency, such as INR (Indian Rupee) and foreign forex brokers that accept Indian clients. It is a helpful tip for a beginner when diving into the stock market world.

Tips to Choose the Best Forex Brokers in India 2024

As a part of our recommendation and answering how to choose your best forex broker, you should consider the following points for choosing the best forex brokers. Forex traders residing in India can open a new account with the best broker in India to reap maximum benefits from the stock market. Follow this tip that we have prepared for you to find the best forex:-

Always Go for Regulated Forex Brokers

  • For trading forex, it would be best to always go for the regulated fx brokers in India. It is licensed under specific regulatory bodies to ensure that the India forex brokers are safe and do not have a high risk of losing through scams. In this case, there is a low risk of losing money when dealing with a foreign broker.

Supporting Platforms for Trading

  • You can trade forex or other assets like currency derivatives through national exchanges like the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), United Stock Exchange (USE) & central banks, which always prefer regulated brokers, though always keep an eye on regulatory restrictions implemented by regulatory bodies.

Security, Insurance, and Fees

  • You need to check for the level of security provided by the Securities & Exchange Board of India, a regulated foreign exchange broker before you trade forex and see whether they accept Indian clients along with the Indian currency, INR (Indian Rupee).
  • Check whether the forex broker in India provides insurance for the client’s funds if any mischief happens or some of the most common features like free negative balance protection to accept liability in case of insolvencies. Also, before you trade forex, check for supports like MT4, MT5 trading, and more platforms.
  • You must check whether the respective fx broker platform charges any transaction fees in INR or additional fees and prefer low minimum deposits, check for inactivity fees if the accounts remain dormant before you invest your money in a trading forex broker in India.

The Mobile App Offered by the Broker

  • You should be checking the various trading platforms, like the desktop or the mobile trading app offered by the respective broker. If a trader wants flexibility, he can go for the desktop or mobile forex trading app offered by the respective broker for a better trading experience along with MT4, MT5, & more support.

Do Check for Multi-lingual Support

  • Nowadays, if your website supports multi-lingual, it is a boon for traders, and especially if it has customer support in a regional language, it can greatly support local clients.

Conclusion

Choosing the best forex trading brokers in India 2024 that offer high liquidity and low margin requirements and rake in profits is difficult. No forex broker can be declared the best forex brokers in India or the best overall broker from India for 2024, as every broker has its pros and cons.

However, choosing the wrong trading strategy to trade forex (currency derivatives) will result in choosing the wrong Indian forex broker, which can be very expensive. Here is some solid investment advice; India based traders should decide upon their research related to trading strategies before choosing one of the best forex brokers India & make sure to choose popular platforms with features like MetaTrader 4 and 5 for trading, with low trading costs, vital educational resources, which provides a great trading experience, and seamless trading access to the global interbank system.

FAQs

Which Is the Best Forex Trading App in India?

The best trading app supports every need of clients; as per our review, the Octa trading app is the best choice, as that is available on both android and iOS devices. It also has a responsive customer support center integrated into the mobile app, providing quick replies within 30 seconds.

Which Forex Broker Charges the Lowest Fees in India?

It is based on your trading strategy followed by a trader in the financial market. FXCC is among the best brokers offering zero commission to new traders.

Are There Any Legal Forex Brokers in India?

Yes, many brokers in the market accept Indian citizens and are regulated. Thus making trading legal in India.

Is Forex Trading Tax-Free in India?

No, as for now, forex trading also involves currency derivatives (currency trading) and is not free for anyone. Mostly it’s charged as GST.

Which Broker Has the Highest Leverage in India?

As per our reviewed platform, the FXTM broker in India has the highest leverage for its supported accounts. So make your trading strategies accordingly.

Does a Platform like Zerodha Support Forex?

Yes, you can trade forex (Currency derivatives) with Zerodha with Indian exchanges like BSE and NSE using your Zerodha account, which is also SEBI-regulated (Securities Exchange Board of India).

Which Is the Safest Forex Broker in India?

Forex.com can be considered the safest and most regulated platform for Indian users.

Which Forex Broker Is Best for Indian Traders?

As per our research, we can say all the platforms with tons of tools, various resources, and regulations can be considered the best broker in India.
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