Best Forex Broker in India 2022: Top Indian Forex Brokers List!

The forex exchange market is a 24-hour market where retail currency traders meet and speculate on the current trends in currencies. The best forex broker in India as well as institutional clients both are getting benefit from currency trading. The forex market is an ever-growing one, and forex brokers make money from the bid or the spread of a foreign currency pair traded, or by charging some additional fees (like a monthly fee) to access a specific trading software or some exotic trading products. Institutional clients make money by buying or selling currencies at a profit.

About Forex Broker in India

Unlike stocks, that can be traded directly in any metropolitan stock exchange or stock market without the involvement of any middleman, forex trading clients need a foreign exchange (forex) broker to get entry into the forex market. A foreign exchange broker in India is generally a financial services company that acts as a middleman between traders and the interbank to facilitate the easy trade of foreign currencies between them. 

The foreign exchange broker mostly buys and sells currencies on behalf of the traders. The best forex brokers in India are operating online and a lot of online forex brokers now offer high-level platforms to trade foreign currencies. A foreign exchange broker is also called a currency trading broker or a retail forex broker for its significant contribution to retail investor accounts. However, users must try to opt for the forex broker which is authorised by RBI & regulated by SEBI in order to have great experience.

Best Forex Brokers in India

  1. OctaFX:- Best For Beginners
  2. Olymp Trade:- Best for Wide Range of Tradable Instruments
  3. FXTM:- Best for Copy Trading and Social Trading Feature
  4. iForex:- Best for Easy User Interface & Security Mechanisms 
  5. FBS:- Best for Tradable Assets, Spreads, & Bonuses
  6. XM:- Best for Wide Range of Forex Markets at Very Low Spreads
  7. Alpari:- Best for Negative Balance Protection Feature
  8. Best for Diverse Financial Instruments & Low Spreads
  9. HYCM:- Best for Low Spreads & Competitive Leverage Ratios
  10. FXCC:- Best for Zero Commission Trades

Top Forex Brokers India List

Some of India’s best forex brokers are listed below:-


OctaFX is a leading global forex, copy trading, and CFD broker established to offer multi-asset trading platforms like MT4 platforms, MT5 platforms, and cTrader platforms to traders. The forex broker has its headquarters in Grenadines and St Vincent with additional support offices in Jakarta, Indonesia, and Limassol, Cyprus; Limassol is its EU entity.

OctaFX Features

Regulated By CySEC
Best For Best For Beginners
Year Founded 2011
Minimum Deposit $100 (MT4 & cTrader)
$500 (MT5)
Maximum Leverage 500:1 (MT4 & cTrader); 200:1 (MT5); 200:1 (Metals); 50:1 (Stock Market Indices); 2:1 (Cryptocurrencies)
Tradable Assets FX Pairs, CFD Indices, Cryptocurrencies, Gold, Silver, Crude Oil, Brent Oil as Commodities

OctaFx is regulated by the top financial regulatory body CySEC (Cyprus Securities and Exchange Commission). It is the best forex broker in India known for its lucrative bonuses and promo codes for beginners, commission-free trading, EU regulation, MetaTrader, and cTrader platforms. 

As per published reviews, OctaFX, the best forex broker India, was established in 2011. The minimum initial deposit for the micro trading account (MT4) and the ECN trading account (cTrader) type is 100 USD whereas, the initial deposit for the Pro (MT5) account type is 500 USD.

OctaFX - Best Forex Broker in India

The maximum leverage on currencies for the MT4 platforms and cTrader platforms account holders is up to 500:1, for MT5 trading point holdings, it is up to 200:1. For Metals, stock market indices, and cryptocurrencies, the maximum leverage limits are up to 200:1, 50:1, and 2:1 respectively. The company also accepts clients from the EU or the US national futures association who can only avail single leverage up to 2:1.

OctaFX offers the following tradable instruments to invest in 28 foreign exchange (currency) pairs including the most common USD/JPY and EUR/USD, 10 leading CFD indices like NASDAQ and US30, 3 leading cryptocurrencies – Bitcoin, Litecoin and Ethereum, and Gold and Silver, Crude oil and Brent oil as commodities.

Pros and Cons of OctaFX

Pros Cons
The broker offers commission-free trading. Funding options are limited in comparison to other top 10 forex brokers in India.
Supports its own proprietary trading platform on the mobile app along with the desktop version. Less service for zero pip spreads.
Lucrative bonuses and contests are available even for non-EU traders. Copy-trading is not available for beginners.

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. Trading fees (variable spreads) for the gold spreads (XAUUSD) is around 2 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 MT4 USD accounts.

No commissions are charged for withdrawals, deposits, or currency conversions except for deposits made via Perfect Money for which a nominal fee of 0.5% is charged from traders. However, a nominal trading commission is charged from traders at the rate of 0.03 USD per 0.01 lots for the cTrader account types. Indian clients are also eligible for respective spreads.

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Olymp Trade

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

Olymp Trade Features

Regulated By IFC
Best For Best for Wide Range of Tradable Instruments
Year Founded 2014
Minimum Deposit $10 or €10
Maximum Leverage 400:1
Tradable Assets Stocks, ETFs, Currencies, Commodities, 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 card payment and bank wire transfer (from local banks), demo account, and a wide range of tradable instruments and currency derivatives.

Olymp Trade - Top Forex Trading Brokers in India

Olymp trade has been serving its clients as one of the best forex brokers in India since 2014. The minimum initial deposit ( funding) required to start forex trading on the platform is €/$10. Major forex pairs like the EUR/USD have leverage up to 30:1 whereas the minor pairs can expect a leverage up to 20:1. Maximum leverage can go up to 400:1.

Pros and Cons of Olymp Trade

Pros Cons
A user-friendly platform attracts users from all over the world. Not regulated by any official body like the CySec (Cyprus Securities & Exchange Commission), FCA (UK Financial Conduct Authority), or the ASIC (Australian Securities & Investments Commission). Thus, traders cannot have full confidence in the broker.
Supports multiple languages and a demo account.  Non-verified accounts face a lot of problems while withdrawing funds.
Generous leverage. The terms and conditions for bonuses are not clear.
Low minimum deposit. Provides only 2 types of accounts.
Multiple payment options including wire transfer.
Wide range of assets to choose from.

Fee Structure

The broker charges a fixed rate overnight fee limited to 15% of the total amount of investment. There are no custodial fees or maintenance fees on any forex trading account charged as such, but there is an inactivity fee (or subscription fee) at the rate of $10 per month charged on dormant accounts that have not been used beyond 180 days.

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FXTM or ForexTime Limited is a popular foreign exchange and CFD broker that caters to the needs of both beginner and experienced forex investors. It is distinguished among many Indian forex brokers. With 6 account types to choose from and automated trading, social trading, and copy trading options, this broker offers a huge market to forex investors.

FXTM Features

Regulated By CySec, FCA, FSC
Best For Best for Copy Trading and Social Trading Feature
Year Founded 2011
Minimum Deposit $50
Maximum Leverage 30:1 (Major FX Pairs); 20:1 (Minor FX Pairs); 10:1 (Crude oil); 5:1 (CFD US)
Tradable Assets CFDs for Conventional Indices, Forex, Commodities, Shares CFDs, Spot Metals, Foreign Exchange Indices, Stock Indices

FXTM is regulated by the 3 leading official bodies including – CySec, FCA, and the FSC (Financial Service Commission) of the Republic of Mauritius. The platform is best known for its copy trading and social trading features along with its wide range of tradable currency pairs.

FXTM was set up in 2011. The initial deposit starts from $50 and leverage depends on the trade types considered by the forex traders- for major forex pairs the ratio is 30:1, for minor forex pairs and metals it is 20:1, for spot commodities like US Crude oil it is 10:1, for CFD US shares the maximum leverage is 5:1.

FXTM - Top-notch Forex Trading Platforms in India

FXTM clients can trade CFDs for conventional indices, Forex and commodities like NASDAQ, DAX and FTSE, Shares CFDs like Google, Apple, BP, etc, and Spot metals like Gold and Silver. CFDs are the most complex instruments traded over a forex market. Apart from these, the forex broker has also launched 11 new dynamic indices split across 6 foreign exchange indices and 5 stock indices.

Pros and Cons of FXTM

Pros Cons
Competitive forex trading fees. High fees attached with bank account withdrawals.
Tight regulation by 3 leading regulatory bodies. Inactivity fees.
Excellent customer service. Limitations imposed for cryptocurrency trading.
Offers various trade signals with accuracy.

Fee Structure

The price for trading with the ForexTime broker is a little on the higher side as the broker levies some additional charges (like inactivity fees) that many traders cannot afford. As for the spread and commissions, the FXTM broker is again on the lower spectrum with spreads as low as zero pips and commissions as low as $0.2 per lot for ECN account types. However, for standard account types, the spread may be a little higher but competitive.

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iForex is foremost amongst multi-regulated brokers and owns a proprietary trading platform to trade CFD and forex both on desktop as well as a mobile app. The platform has its headquarters in Limassol, Cyprus, and operates under its parent company, Formula Investment House Ltd. The platform accepts clients from across 159 countries in the world (including Greece, India, the Philippines, and Venezuela) and operates in 15 different languages.

iForex Features

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

iForex’s parent company, Formula Investment House Ltd, is regulated by the Financial Services Commission of the British Virgin Islands, while its European subsidiary is regulated by CySec and FCA, UK. iForex is best known for its easy user interface, wide range of tradable assets, and efficient safety and security mechanisms.

iForex - Comes in Best Indian Forex Brokers

iForex was founded in 1996. The initial deposit required is $100. Forex or commodities come with a leverage of 400:1 while the leverage for a CFD is 200:1. It boasts of providing a wide range of tradable assets, including shares, ETF’s, indices, commodities, and cryptocurrencies like Bitcoin, Ripple, and Ethereum.

Pros and Cons of iForex

Pros Cons
Registered under CySec and therefore offers reliable trading. Social trading or auto trading features are absent.
An extensive list of investment products available. Lengthy withdrawal processes.
Responsive customer support team.

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 trades are commission-free with iForex and the spreads for major currency pairs start at 1 pip.

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FBS is one of the leading global online CFD and forex brokers, accepting clients from across geographical borders like Malaysia, Indonesia, Pakistan, South Africa, and the EU via multiple trading platforms like MT4 and MT5.

FBS Features

Regulated By CySEC, IFSC, ASIC, FSCA
Best For Best for Tradable Assets, Spreads, & Bonuses
Year Founded 2009
Minimum Deposit $1
Maximum Leverage 1000:1 (Cent Account Types); 500:1 (ECN Account Types); 30:1 (All Account Types)
Tradable Assets Stocks, Forex, Precious Metals, Energies, Indices, Cryptocurrencies

FBS is amongst the top forex brokers in India and is licensed under multiple regulatory bodies. For instance, the broker’s EU branch is registered under the major financial regulator CySEC, the global branch is regulated by IFSC or the International Financial Services Commission of Belize. The top forex broker India is also regulated by the ASIC (Australian Securities and Investment Commission) in Australia and the FSCA (Financial Sector Conduct Authority) in South Africa.

FBS - One of the Legal Forex Brokers in India

FBS is well known for its multiple range of tradable assets, competitive spreads, and lucrative bonuses. FBS was founded in 2009. The initial deposit required to start currency trading with FBS is $1.

The leverage for EU brokers starts at 30:1 for all account types (Standard or Cent), while for global brokers, it is 1000:1 for Cent account types. 500:1 for ECN account types and 3000:1 for others.

Pros and Cons of FBS

Pros Cons
Low minimum deposits. Limited account types and trading options.
Lucrative deposit bonuses. Global trades sometimes attach huge commissions.
Zero pips spread available.
Integrates MT4 and MT5 platforms together.

Fee Structure

There is an overnight rollover fee which is swap-free chargeable on the FBS platform along with a cancellation fee at the rate of €5 per transaction to benefit from price latency. Dormant accounts beyond 180 days are charged a monthly inactivity fee at the rate of €5. A fixed-rate commission at $20 and $6 per lot is charged on the Zero Spread account and the ECN account respectively.

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XM is a group of next-generation online forex and commodity brokers that often rewards its traders with unique prizes like bikes and gadgets raffles. The broker offers a wide range of account types and trading platforms both as a demo account and real modes.

XM Features

Regulated By CySec, ASIC, IFSC
Best For Best for Wide Range of Forex Markets at Very Low Spreads
Year Founded 2009
Minimum Deposit $5 or €5 or £5
Maximum Leverage 888:1
Tradable Assets Forex, Stocks CFD, Equity Indices CFDs, Commodities CFDs, Energies CFDs, & Precious Metals CFDs

The XM group has multiple brands operating under the parent company and each brand is regulated by different regulatory bodies. For instance, the Trading Point of Financial Instruments is regulated by CySec, while the Trading Point of Financial Instruments Pty Ltd is regulated by the ASIC, and the XM Global is regulated by the IFSC.

XM - One of the SEBI Registered Forex Brokers

XM is best known for providing a wide range of forex markets at very low spreads. Just as the forex 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.

The initial deposit of an XM broker is 5 $/€/£ and the maximum leverage depends on the instrument traded and is between 1:1 to 888:1. Tradable assets include forex, stocks CFD, equity indices CFDs, commodities CFDs, energies CFDs, and precious metals CFDs. CFDs are the most complex instruments that carry a high risk of investment. However, check out our honest XM review to know more about the trading platform.

Pros and Cons of XM

Pros Cons
Offers a wide range of markets. Diverse retail investor accounts give a less personalized feel.
Two leading trading platforms available. Customer service is not available on weekends.
Robust customer service available in multiple languages.  

Fee Structure

There are no hidden fees as such, and the spreads depend on the account types. The minimum spread is 0.1 pips.

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Alpari International is a global online CFD and forex broker operating on the MetaTrader 4 and MetaTrader 5 trading platforms.

Alpari Features

Regulated By FSC
Best For Best for Negative Balance Protection Feature
Year Founded 2013
Minimum Deposit $5 or €5 or £5
Maximum Leverage 400:1 (MT4 Micro Account); 1000:1 (ECN & Standard MT4 account)
Tradable Assets US Stocks, Forex Pairs, Global Equity Indices, & Commodities Like Gold, Silver, Natural Gas, and Crude Oil

Alpari International is regulated by The Financial Services Commission (FSC) of The Republic of Mauritius. The broker is best known for its wide range of tradable financial instruments, low spreads, and negative balance protection features as CFDs carry high risks and are often susceptible to losing money rapidly. Negative balance protection protects Indian clients against market changes against their current trade so that their accounts don’t fall into a negative balance.

Alpari - Top Forex Brokers in India

The original forex time limited company was founded in 1998 but relaunched its new brand in 2013. The minimum initial deposit required is $/£/€ 5. The maximum leverage ranges from 400:1 (for MT4 MicroAccount) and 1000:1 (for ECN and Standard MT4 account).

Pros and Cons of Alpari

Pros Cons
External dispute resolution process that compensates customers up to a maximum of EUR 20000. The broker has recently withheld cryptocurrency trading.
Offers negative balance protection. Research tools absent.
Copy trading feature available. Copy trading involves charges.

Fee Structure

No commission is charged. The company also offers spreads as low as 0.4 pips for major currency pairs. The spread is 1.7 pips for MT4 platforms accounts.

Sign Up Now is one of the advanced online CFD and forex brokers regulated in multiple countries and facilitates trades to 300 plus global financial markets. Features

Regulated By FCA, FSA, CIMA, CySEC, NFA, SEC
Best For Best for Diverse Financial Instruments & Low Spreads
Year Founded 1999
Minimum Deposit $100 or €100 or £100
Maximum Leverage Depends on the Types of Accounts
Tradable Assets Stocks, Indices, Forex, Commodities, & Cryptocurrencies

Like most other regulated forex brokers in India that are deemed to be some of the best forex brokers in the world that accept clients from the UK, US, Canada, Japan, and the EU, is also regulated by the respective regulatory bodies like the FCA, FSA, CIMA, CySEC, NFA, SEC (Securities and exchange board), etc. is best known for its diverse tradable financial instruments and low spreads. - One of the Top 10 Forex Brokers in India started trading in the currency market in 1999. The minimum initial trading account deposit required is 100 £/€/$. The maximum leverage depends on the types of accounts considered by the Indian forex traders. To find out the applicable leverage ratio, customers need to log into the company’s authorized and registered website and use the margin calculator to find the exact ratio. However, read the review of and learn more about the platform’s services.

Pros and Cons of

Pros Cons
Registration under multiple jurisdictions. Lack of bonuses and promotions.
Wide range of assets. Spread betting not available.
Competitive spreads. Technical indicators are difficult to access.

Fee Structure

There are four distinct pricing methods available depending on the trading account types. Spreads range between 1.9 pips to 0.84 pips. There is also a monthly inactivity fee of $15.

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HYCM is an international CFD and forex broker operating under its parent company, the Henyep Capital Markets Holdings Group, that has offices in diverse locations like the UK, Dubai, Hong Kong, and Cyprus. The company has a total of 4 distinct brands operating under the parent company but as distinct entities, they are registered by distinct regulatory bodies.

HYCM Features

Regulated By FCA, CySEC, DIFC, CIMA
Best For Best for Low Spreads & Competitive Leverage Ratios
Year Founded 1977
Minimum Deposit $100
Maximum Leverage 500:1
Tradable Assets Forex, Indices, Stocks, & Commodities

HYCM’s registration has been undertaken by different authorities like the FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), DIFC (Dubai Financial Services Authority), and CIMA (Cayman Islands Monetary Authority).

HYCM - Comes in Top-tier Forex Brokers India

HYCM is best known for its low spreads, competitive leverage ratios, and diverse assets to trade. HYCM was established in 1977. The minimum initial deposit required is $100.

HYCM offers varied leverage ratios depending on the regulations implemented in the countries where the traders are located. The ratios differ for each tradable asset. Instruments available for trading at HYCM include Forex, indices, stocks, and commodities. Although, read our HYCM review and know all the details regarding the trading platform.

Pros and Cons of HYCM

Pros Cons
Regulated by multiple financial bodies. Cryptocurrency trading is not available.
Rapid withdrawal processes. Inactivity fee applies on dormant accounts beyond 90 days.
Good customer service. 
Extensive investment management and educational resources available.

Fee Structure

A commission of $4 is charged per round on forex trades for Raw accounts. However, Swap-free Islamic accounts are not charged any overnight interest for the first 14 days of opening a position, Thereafter, $5 per night is charged for each contract. HYCM also charges a monthly inactivity fee of $10.

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FXCC is amongst the best trusted forex brokers in India & the world. FXCC operates as the brand name of the best forex broker FX Central Clearing Ltd (as per published customer reviews) that has its headquarters in Cyprus.

FXCC Features

Regulated By CIF, CySEC, FCA
Best For Best for Zero Commission Trades
Year Founded 2010
Minimum Deposit No Minimum Initial Deposit
Maximum Leverage 1:1 to 500:1
Tradable Assets Currency Pairs, Spot Metals, Indices, Cryptocurrencies, Commodities

FXCC is authorized as a CIF or the Cyprus Investment Firm, and registered by both the CySEC and the FCA. It is best known for its zero-commission trades and diversity of tradable assets and was founded in 2010. However, there is no minimum initial deposit required.

FXCC - Trusted & Best Forex Broker in India

The maximum leverage ranges from 1:1 to 500:1. Indian forex traders can also take the help of the margin calculator available at the broker’s registered websites. Tradable assets include currency pairs, spot metals, indices, cryptocurrencies, and commodities like WTI and Brent oil.

Pros and Cons of FXCC

Pros Cons
Commission-free trading. US traders not accepted.
No minimum initial deposit. Only 1 trading platform is available – MT4.
ECN spreads available.

Fee Structure

The FXCC forex broker does not charge any commission on any instrument. However, there is a rollover fee as well as an inactivity fee at the rate of $5 charged on dormant accounts that remain inactive for more than 120 days.

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Is Forex Trading Legal in India?

Though online trading of currency pairs is a lucrative option to earn profits, the forex market is one of the most liquid financial markets in the world and therefore carries high-risk exposure. To protect Indian residents or traders from such adverse market conditions, the Indian government (and the Reserve Bank of India) have imposed strict regulations for the trading of currency pairs in the nation.

Though Forex trading is permitted in the nation, the government and the Reserve Bank of India have put a restriction on online trading of currency pairs done via any electronic or online Forex trading platforms. Residents of the country are only allowed to conduct forex trading at specified Forex trading places with only INR-based currency pairs. 

This is done to restrict any foreign broker from trading international currency pairs because most international or foreign broker transactions are conducted online. Here is a piece of investment advice for every trader: abide by the regulations imposed by the government of the respective country to keep your money safe.

How Do I Trade Forex in India?

Trading forex in India involves the following steps:-

  • Find a broker with an international reach to widen the scope of currency pairs trading in the region and open a forex trading account with the broker.
  • Verify the account with the accurate KYC compliances.
  • Make payments with initial funds in INR (Indian Rupee) into the account to activate it.
  • The beginner should start trading any preferred currency pair against the base currency as INR (Indian Rupee) if the brokers accept Indian clients. This is a helpful tip.

How to Choose Your Best Forex Broker in India?

Consider the following points for choosing the best forex brokers and opening an account with a broker for reaping maximum benefits:-

  • Interested traders should always go for SEBI regulated forex brokers in India licensed under specific regulatory bodies to ensure that the forex brokers are safe. The risk of losing money is low in such cases.
  • Check for the level of security provided by the foreign exchange broker, and also see whether they accept Indian clients and the Indian currency, INR (Indian Rupee).
  • Check whether the forex broker provides insurance of client’s funds or features like free negative balance protection to accept liability in case of insolvencies.
  • Check whether the broker charges any transaction fees in INR or any additional fees like inactivity fees in case the accounts remain dormant.
  • Check the fixed-time trading strategy followed by the broker along with the spread, leverage, and margin provided by the broker.
  • Check whether there are any limitations to the withdrawal or initial deposits like account minimums or maximums to be met by traders before they can withdraw their profits.
  • Check the various trading platforms like desktop or mobile apps offered by the broker.
  • Check whether there is an efficient customer support portal available in multiple languages to address clients’ issues as and when they arise.

Forex traders should also follow the trading strategies and investment strategies of an experienced trader to learn various ways of earning high returns in forex trading.


No forex broker can be declared to be the best forex broker or best overall broker. To choose the best forex broker in India and rake in profits, a lot of factors such as the type of investments a trader is willing to make and his risk-taking capacity need to be considered. It also depends on the trader’s investment and trading strategies and his expectations of gain from forex trading.

However, choosing the wrong trading strategy will result in choosing the wrong forex broker, which can prove to be very expensive. Here is some solid investment advice: traders should decide upon their own research strategies before choosing the best forex brokers India or before they start trading with a broker (claiming to be the best broker), instead of blindly following the trend. Choosing the right or best forex broker in India provides low trading costs, robust resources, and seamless trading access to the global interbank system.


Which Forex Broker Charges the Lowest Fees in India?

It depends on the trading strategy followed by a trader.

Are There Any Legal Forex Brokers in India?

All SEBI (the securities and exchange board of India) forex brokers or SEBI registered forex brokers are considered to be the best forex brokers conducting legal currency pairs trading services in India.

Is Forex Trading Legal in India?

Yes, forex trading is legal in India but is subject to strict regulatory procedures imposed by the government.

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