10 Best Forex Brokers in India for 2024

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

Forex trading has become increasingly popular in India. Choosing the best forex broker in India cannot be overemphasized. Choosing a reliable and reputable forex broker that meets the varying trading preferences and needs can improve the overall trading experience, protect investments, and increase profitability.

The forex market is a $6 trillion market in terms of daily turnover, making it the world’s largest, highly liquid and regulated financial market. As a general thumb rule, it is essential to choose SEBI-registered brokers to protect the trader’s funds.

In this guide, we will highlight the RBI approved forex broker in India to help readers make the best decision and get a higher ROI from safe forex trading.

List of Best Forex Trading Platforms in India for 2024

Key Takeaways

Our list of best forex brokers in India has been developed based on several key points such as – 

• Regulatory compliance
• Trading platforms
• Trading conditions
• Account types
• Fees and commissions
• Reputation and trustworthiness
• Customer support
• Additional trading services
• Educational resources. 

List of 10 Best Forex Trading Platforms in India for 2024

1. Octa – One-Stop Trading Partner
2. Interactive Brokers – Premier Forex And Crypto Trading Solutions 
3. Olymp Trade – Trade With Profitability For All Financial Goals 
4. AvaTrade – World-Class Forex Trading 
5. FOREX.com  – Next-Gen, Rewarding Forex Trading Platform 
6. XM – Innovative Trading Platform With Thematic Indices
7. Exness – World’s Largest Online Forex Trading Platform
8. iFOREX – Ultimate Trading Experience With Green Investments
9. FXTM – Global Leader In the Online Financial World
10. Capital.com – Ideal Forex Trading For Beginners

Detail List of Best Forex Brokers in India

To explore the best forex brokers in India, we have developed a comprehensive list of all regulated forex brokers that accept Indian traders. We have ranked them based on various factors such as security, fees, commissions, types of trading accounts and platforms, available financial assets, and more. We have choosen the top forex brokers in India based on the important factors to help readers make informed decisions and participate in safe and regulated forex trading.

We have also developed a comprehensive comparison table of the following best forex brokers in India for readers to take a quick glance on the essential features before choosing their most suitable forex brokers in India.

Octa

Octa is a basic, low-cost forex trading platform in India that features the award-winning MetaTrader platform and proprietary social, copy trading, and web trading platforms. Octa users can enhance their trading experience by choosing from 300 or more financial assets, including stocks, indices, currency pairs, commodities, derivatives, and shares.

It features a referral program for active users who can start earning in commission per volume by sharing their referral links with others. Launched in 2011, the Octa forex trading platform has bagged several awards for offering excellent online trading services and products suited for both beginners and intermediate traders with its easy-to-use platform, low minimum deposit requirement, and a wealth of educational resources. Read this Octa review to know why we have chosen Octax as one of India’s top 10 forex brokers.

Why We Choose It?

• Has been in the market for 12 years with a total of 42 million forex trading accounts open across 180+ countries.
• With 300 supported assets, convenient minimum deposit, low spreads, and commission-free trading, Octa is the one-stop shop for all traders. 
• It stands out in market research as the best forex broker in India, providing regular, high-quality, updated analysis coupled with a range of valuable tools.

Key Features 

• User-Friendly Interface – A highly user-friendly interface with a minimalist design across all trading platforms. 
• Demo Account – A demo account to allow newcomers to familiarize themselves with the platform’s features and functions without risking real money. 
• Copy Trading Available – Traders can generate passive income by mirroring the trading strategies of seasoned traders. 
• Bonus – Multiple bonuses and promotions are offered via a loyalty program and referral program, allowing traders to convert accumulated trades into lucrative gifts such as smartphones, premium gadgets, and exclusive branded items. 
• Islamic Trading Accounts Available – Swap-free Islamic accounts are available, adhering to the principles of Sharia law. 
• Educational Resources – An impressive supply of educational resources, including webinars, articles, video courses, trading strategies, market news, economic calendar, and many trading tools.

Pros

• Commission-free, swap-free trading
• Maximum leverage of 1:500
• 24×7 multilingual customer support available via different channels
• Guaranteed and easy withdrawals via more than 15 payment methods, using local fiat currencies and digital currencies
• Competitive spread starting as low as 0.6 pips

Cons

• Narrow selection of tradeable symbols on MT5
• Does not support arbitrage trading

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Interactive Brokers

Established in 1977, the top forex brokers in India provided by Interactive Brokers, have a wide reach, a plethora of professional-calibre trading tools, and investment options offered at low cost, focusing on greater accessibility for beginner traders. Interactive Brokers offers low commissions without any added spreads and a powerful range of advanced trading tools designed to help investors achieve the best order execution while maximizing their returns and minimizing market impact. Additionally, traders on Interactive Brokers can earn interest rates of up to 4.83% on their available cash balances.

In our Interactive brokers review, we will explore the features and functions offered by the top forex brokers in India and discuss a few pros and cons.

Why We Choose It?

• Legal forex brokers in India are regulated under the SEBI, NSE, and NSDL.
• Global accessibility across 150 financial markets, including futures, currencies, bonds, funds, stocks, options, and more. 
• Offers low trading fees and commissions ranging from Rs. 6 to Rs. 20 per order for Indian markets.
• Award-winning trading platforms suitable for beginners and advanced traders on desktop, web, and mobile devices.

Key Features 

• Regulation and Security – Interactive Brokers prioritizes client security by providing a transparent and regulated forex trading platform, employing top-notch security measures.
• Wide Range of Tradable Instruments – Trade across 150 global markets from a single platform across Indian stocks, ETFs, and futures.
• Responsive Customer Support – AI-powered bots used to improve overall customer service by resolving client issues without long wait times.
• Competitive Spreads – Spreads starting at 0.63 pips for the Standard account.
• Educational Resources and Support – A powerful suite of educational tools featuring Trader’s Academy, trader’s Insights, IBKR podcasts, webinars, an economic calendar, and a glossary.
• Multiple Account Types – Multiple types of accounts, including individual and joint accounts, advisor accounts, family advisor accounts, family office accounts, money manager accounts, and more.

Pros

• • Unparalleled range of financial assets for all types of traders
  • Low margin and commission rates
  • Access to an easy-to-use web-based client portal for forex trading
  • Highly sophisticated order types for advanced forex trading strategies
  • Developed for international investors and traders around the world

Cons

• • • Lengthy and complicated registration process
    • Does not offer a MetaTrader trading platform, unlike other forex brokers in India

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Olymp Trade

Olymp Trade is an RBI approved forex broker in India available in more than 130+ countries worldwide. It has over 80 instruments for trading, including commodities, indices, cryptocurrencies, forex, and shares. Olymp Trade is ideal for beginners who seek to invest their money for the first time in the global financial market. There are excellent education and training courses, including real-time analysis and tracking of price movements, webinars analysis, and support, along with other useful tools such as specialized webinars and economic calendars. For a smooth and distraction-free trading experience, Olymp Trade has introduced a dedicated mobile app to trade across financial markets on the go.

Read more about Olymp Trade’s features and product offerings in our Olymp Trade review.

Why We Choose It?

• Beginners can start trading for free and familiarize themselves with the platform’s features and functions.
• A multi-asset forex trading platform in India is designed to fit different trading preferences and styles.
• Official blogs to turn beginners into trading gurus through video lessons, analytics, education, market news, and trading tips.

Key Features 

• User-Friendly Platform – High-quality trading platform compatible with both desktop and mobile devices.
• Customer Support – Above-par customer support agents offering services 24*7 via multiple channels. 
• Low Minimum Deposit & Trade Amount – A low minimum deposit of only $10, ensuring easy access for beginners into the world of trading.
• Demo Account – Instantly-approved demo accounts to start trading right away without risking real money.
• Trading Assets from Forex – Over 130 global markets to trade, including traditional forex and stock market and the lesser-known indices and ETFs.
• Mobile Trading App – Perfectly optimized Olymp Trade mobile app for seamless trading on the go.

Pros

• • • Short-term trading strategies with chart timeframes starting from 5 seconds and scalping signals
    • 10 flexible and secure payment methods available, including cryptocurrencies and bank cards
    • FTT (Fixed Time Trades) on popular financial markets with maximum payouts of 93%
    • Wide range of financial instruments and supported assets for all types of traders
    • 24*7 live chat agents available with quick and effective solutions

Cons

• • • • Limited range of indicators and charting tools for advanced investors
      • Top official bodies such as CySEC, ASIC, or FCA do not regulate it

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AvaTrade

A regulated forex broker in India, AvaTrade offers a world-class trading experience across different financial markets, including forex, CFDs, commodities, stocks, bonds, treasuries, ETFs, indices, and cryptocurrencies. AvaTrade ensures traders experience the platform’s smooth, user-friendly, and intuitive design to execute trades effortlessly. Established in 2006, AvaTrade has over 400,000 registered users on its platform who can take advantage of fast execution speeds and tight spreads while trading in popular forex pairs and financial instruments.

Visit AvaTrade review to get an overall summary of the reliable forex broker in India.

Why We Choose It?

• A wide range of powerful desktop platforms tailored for all types of traders, along with the best forex trading app in India.
• Maximum leverage of up to 400:1 with instant execution of commission-free trade orders.
• Ensures integrity and fairness in forex and CFD trades and their fee structure.

Key Features 

• Copy trading – Automated AvaSocial and DupliTrade copy trading platforms allow users to mirror and copy trades of experienced traders.
• Multi-Asset Broker – 19,000+ tradeable assets to choose from, including CFDs, commodities, indices, bonds, treasuries, stocks, forex, and cryptocurrencies.
• Trading Platforms – An impressive suite of trading platforms with WebTrader, MetaTrader 4, MetaTrader 5, and Automated trading.
• Social Trading – AvaTrade’s AvaSocial unlocks the power of trading with expert traders, connecting them to learn and replicate their strategies. 
• Customer Support – 24×7 live chat available with efficient solutions provided by AvaGuide, AvaTrade’s chatbot. 
• Spreads and Commissions – Tight spreads and commission-free trading, depending on the trading account chosen.

Pros

• • • Easy and quick account opening process
    • A wide range of over 250 financial instruments and over 19,000 assets
    • Secure client’s fund segregation
    • Competitive spreads start at 0.9 pips
    • Multilingual customer support is available 24×7

Cons

• • • High minimum deposit requirement of $100, may not be suitable for beginners
    • Lack of enriching education resources

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Forex.com

Forex.com is one of the advanced online CFDs, and these Indian forex brokers are regulated in multiple countries and facilitate trades with 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 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.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, and learn more about the platform’s services, and start forex trading today.

Why We Choose It?

• One of the best forex brokers in India, highly trusted by experienced traders worldwide. 
• Risk-free forex trading with Forex.com free demo account.
• Trade across forex, indices, stocks, cryptocurrency, commodities, and CFDs. 
• Earn rebates with the Active Trader program to trade more than 500 financial markets on the award-winning MetaTrader 4 and the new and improved MetaTrader 5 platforms.
• Maximize earning potential with a competitive pricing structure suitable for all trading styles.

Key Features 

• Competitive spreads start as low as 0.0 pips for major currency pairs with a commission of $5 for every $100,000 traded.
• Multi-asset rebates on forex, metals, cryptocurrencies, equities, commodities, and indices of up to $50 per million traded. 
• Trade with Forex.com mobile app, web trading platform, and enhanced MT5 platform. 
• Seamless trading experience without any third-party bridges with custom indicators and nine expert advisors included in Sentiment Trader.

Pros

• • • Excellent track record and regulatory oversight with more than 20 years of experience in the forex market
    • Offers industry-leading pricing with spreads starting at 0 pips and competitive cashback rebates of up to 15% for active day traders
    • A multitude of educational resources, including webinars and tutorials
    • An excellent suite of trading tools and platforms, including SMART signals, trading center, research, and strategy builders
    • Offers fast and reliable trade execution, suitable for high-volume traders

Cons

• • • Does not offer negative balance protection
    • No guaranteed stop-loss orders
    • Complicated desktop platform, especially for beginners

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XM

XM Group is a multi-asset forex broker that offers ultra-low spreads, 1000+ trading instruments, maximum leverage of 1000:1, and bonuses of up to $5000. Traders can navigate to the best forex broker India to trade forex, CFDs, stocks, metals, and more with MetaTrader 4 and MetaTrader 5 desktop and mobile apps. With XM, traders can also access personal account managers, free access to forex market research, daily forex market outlook, free technical analysis, and forex trading signals.

Read our XM review, we aim to provide a brief description of the platform to help readers make informed decisions while choosing the best forex broker in India.

Why We Choose It?

• One of the most secure licensed and regulated forex trading platforms in India and other jurisdictions, adhering to enhanced security and regulatory standards.
• It focuses on client needs irrespective of their account type, investment size, and net capital worth. 
• Easy and convenient payment methods, starting from account opening to account management.

Key Features 

• More than 10 trading platforms across XM App, MT4, and MT5 for PC, Mac, smartphones, and tablets. 
• There are lots of bonuses to keep traders motivated on the platform, including deposit bonuses, special seasonal bonuses, and highly exclusive bonuses for loyal traders.
• Different trading accounts, including Micro, Standard, Ultra-Low, and Shares.

Pros

• • • 1000+ tradable assets, including 50+ currency pairs
    • Excellent research content for beginners and professional traders, including organized articles, podcasts, daily videos, and more
    • Maximum leverage of up to 1000:1
    • Low fees for stock, CFDs, and withdrawals
    • Copy trading feature with Analyzer algorithm

Cons

• • • High inactivity fees
    • High risk of leverage
    • No fixed spreads

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Exness

Exness has made a global impact, being the world’s largest forex trading platform with 700,000+ active users, multiple regulatory licenses, 24×7 customer support, and different trading accounts and platforms for traders of all levels. Traders can participate in the financial global market and trade across various financial instruments including forex, CFDs, commodities, stocks, indices, and cryptocurrencies. Being the most secure regulated forex brokers in India, traders can trade without worrying about illegal trading and browse through the platform’s robust educational resources and advanced trading platforms at competitive costs.

Explore more about the forex trading platform in our Exness review.

Why We Choose It?

• A proprietary Terminal trading platform, well-equipped with beginner-friendly TradingView charts and a broad range of trading tools. 
• Has bagged numerous awards for different aspects of its competitive trading services and products.
• Low minimum deposit requirements are suitable for beginners stepping into the trading world.

Key Features 

• The best forex brokers in India are popularly known for offering instant withdrawals without any overnight fees on leveraged positions. 
• Free demo account to try out forex trading without risking real money.
• Ultra-fast order execution in milliseconds. 
• Pro, Zero, and Raw Spread accounts for different trading styles and levels.
• Offers a plethora of trading tools including analytical tools, economic calendar, investment calculator, currency convertor, and more.

Pros

• • • Third-party trading tools for advanced trading
    • Social and copy trading available for learners
    • Multiple account types for different traders
    • Spreads starting at 0.0 pips
    • Free VPS hosting is available

Cons

• • • Limited regulatory oversight at many important jurisdictions
    • Too many country restrictions for retail traders

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iFOREX

iFOREX is a prominent name in the online trading industry and a popular forex broker in India with a wide range of financial instruments, providing traders with access to more than 750 CFDs across forex pairs, indices, cryptocurrencies, and commodities. Traders on iFOREX can explore ample opportunities and diversify their portfolios while capitalizing on emerging market trends. It features an array of trading charts and tools to empower traders and help them analyze market trends effectively. This iFOREX review has more relevant details on the platform’s key features and pros & cons to help traders make better trading decisions.

Why We Choose It?

• Caters to diverse trading needs with enhanced features, low minimum deposits, and beginner-friendly accounts. 
• Robust security measures to protect client information and funds.
• A reliable forex trading platform in India, operating under the oversight of reputable regulatory bodies to ensure compliance with industry standards.

Key Features 

• 100% welcome bonus to every new registered user.
• Over 750 CFDs, offering excellent market opportunities.
• Free one-on-one training with experts and training coaches.
• Proprietary forex trading platform and mobile app to trade on the go.
• A wide range of secure and convenient payment methods for easy deposits and withdrawals.

Pros

• • • Accepts payments through secure traditional and modern payment methods
    • A comprehensive range of educational resources for basic and advanced trading
    • A wide range of tradeable assets and investment products
    • Reliable and supportive customer service team
    • Licensed and regulated by multiple regulatory bodies across many jurisdictions

Cons

• • • High inactivity fees for dormant accounts
    • Limited bonuses and promotions
    • Intimidating a variety of functions and instruments for novices

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FXTM

FXTM offers countless opportunities through easy access to hundreds of financial instruments across forex, commodities, stocks, and indices. Being the best broker in India, FXTM offers exceptional value, allowing traders to trade their favourite assets with tight spreads, pinpoint execution, and low commissions. There is a wealth of first-class educational resources that are available free of cost for beginners to learn and hone their trading skills. Moreover, FXTM prioritizes client security by storing client funds in fully segregated bank accounts and insuring them with up to $1 million.

We have covered more exceptional quality features of FXTM along with its benefits and drawbacks in this FXTM review.

Why We Choose It?

• FXTM has the top forex brokers in India.
• Beginners can explore tons of tools and instruments and practice trading with the zero-risk demo account.
• The mobile Trader App is perfectly optimized for commission-free trading on the go.

Key Features 

• Industry average fees with more competitive spreads available on the Advantage account type.
• Regulated by two top-tier regulators, including CySEC and FCA.
• In-depth articles, webinars, and video tutorials available to train and educate beginners.
• Customized MT4 indicators, professional designation, and VPS trading for advanced traders.

Pros

• • • Excellent forex pricing transparency and environment
    • Quality educational content and market research for beginners
    • Upgraded MetaTrader 4 and MetaTrader 5 trading platforms and proprietary mobile trading app
    • Feature-rich account types for all traders
    • VPS hosting for advanced traders

Cons

• • • • High inactivity and withdrawal fees
      • Limited choice of financial instruments

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Capital.com

Capital.com stands out as a leading forex broker India, offering superior-quality educational content, robust research materials, and cutting-edge trading platforms. Both beginners and professional traders can trade on Capital.com, that features various tradable instruments, including shares, forex, indices, commodities, and cryptocurrencies, with competitive pricing and average spreads starting at 0.67 pips. Traders can test the platform’s features and start placing forex trades for free with the Capital.com demo account and later create a paid account after viewing the transparent fees on the official website.

Here in this Capital.com review, we have covered why Capital.com makes an industry-leading forex trading platform for all types of traders.

Why We Choose It?

• Plenty of trading guides for different levels, including beginners, intermediates, and advanced. 
• Advanced charting and analytical tools to provide the best trading opportunities. 
• Dedicated mobile trading apps for on-the-go trading.

Key Features 

• Easy-to-use interface on MetaTrader trading platforms.
• Secure trading environment with industry-standard regulations, fraud prevention measures, and client fund security.
• A diverse range of trading options, including CFD, commodities, currencies, stocks, and cryptocurrencies.
• Enhanced decision-making with comparative analysis features and advanced management tools.

Pros

• • • Quick account opening process
    • Excellent support through email and live chat
    • Intuitive user interface across multiple devices
    • Access to 3000+ CFD markets
    • Insightful and enriching educational resources for beginners and advanced traders

Cons

• • • High risk of leverage
    • Does not support MetaTrader 5

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Comparing The Best Forex Brokers in India

Forex Broker Law and Regulations in India

The Securities and Exchange Board of India, or SEBI, is the financial regulatory body of India responsible for issuing trading licenses to Indian forex brokers. It oversees forex trading in the country and protects investor’s interest in finance and securities while promoting the development of legal foreign exchange trading platforms in the country. Traders must choose SEBI registered forex brokers in India to make legal trades. Overall, forex trading in India is highly regulated. Hence, it is highly recommended that traders use legal forex brokers in India.

Our Methodology

Our team of experts has reviewed the top forex trading platforms in India, which are both RBI-approved and SEBI-registered forex brokers, based on collected data and observations. We have taken an in-depth look at every platform’s basic and advanced trading features, educational resources, customization options, security measures, ease of deposits and withdrawals, and platform availability. Other essential research categories for our analysis include speed of execution, range of products offered, platform usability, and live market feeds. Considering the above factors and features, we have also provided a comprehensive comparison list of all Indian forex brokers with their respective available coins, fees, and minimum investment requirements.

Conclusion

To conclude this in-depth review of top forex brokers in India, traders can choose the best forex brokers from our comprehensive list based on regulatory and security measures, spreads, commissions, and other fees, account type availability, and trading platforms to make informed trading decisions.

Note – Trading can generate higher returns, it carries underlying risks and challenges that every trader must be aware of before stepping into the world of trading.

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