Forex Brokers India 2019

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Trading Experience
Trading Conditions
Account Types
Trading Platforms
Regulators
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • ETFs
TYPE OF BROKER

Market Maker

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Skrill, Neteller, Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
Islamic 1.3 pips None Instant USD 100 Account Details
Professional 1.3 pips None Instant USD 100 Account Details
Retail 1.3 pips None Instant USD 100 Account Details
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
TYPE OF BROKER

Market Maker

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 55+
Account Spread From Commission Execution Min. Deposit
Micro 1.0 pips None Instant USD 5 Account Details
Standard 1.0 pips None Instant USD 5 Account Details
XM Ultra Low 0.6 pips None Instant USD 50 Account Details
XM Zero 0.6 pips None Instant USD 100 Account Details
Minimum Deposit
USD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
TYPE OF BROKER

Market Maker

REGULATED BY
TRADING PLATFORMS
  • Proprietary
DEPOSIT METHODS
    Visa, Mastercard, Neteller, Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 2.0 pips
  • Currency Pairs : 47
Account Spread From Commission Execution Min. Deposit
Professional 1 pip pips None Market EUR 200 Account Details
Standard 1 pip pips None Market USD 200 Account Details
Minimum Deposit
USD 100
TRADING INSTRUMENTS
TYPE OF BROKER

REGULATED BY
TRADING PLATFORMS
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Skrill, Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs :
Account Spread From Commission Execution Min. Deposit
Standard 0.0 pips None Instant USD 100 Account Details
Minimum Deposit
USD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Energies
TYPE OF BROKER

ECN/STP

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Skrill, Paypal, Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : Variable pips
  • Currency Pairs : 80+
Account Spread From Commission Execution Min. Deposit
Razor 0.0 pips AUD$ 7 ECN USD 200 Account Details
Standard 1.0 pips None ECN USD 200 Account Details
Swap-free 1.0 pips None ECN USD 200 Account Details
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Bonds
TYPE OF BROKER

ECN/STP

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Account Spread From Commission Execution Min. Deposit
Islamic 1.0 pips None Market USD 5 Account Details
Micro 1.0 pips None Market USD 5 Account Details
Premium 1.0 pips None Market USD 100 Account Details
Auto 1.0 pips None Market USD 200 Account Details
Zero 0.0 pips $3.00 Market USD 200 Account Details
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
  • Energies
  • ETFs
  • Bonds
  • Blends
TYPE OF BROKER

Market Maker

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
LIve 0.9 pips None Market ZAR 1000 Account Details
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Futures
TYPE OF BROKER

NDD Intervention Market Maker

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • cTrader
  • Proprietary
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.6 pips
  • Currency Pairs : 70+
Account Spread From Commission Execution Min. Deposit
FxPro cTrader 0.45 pips $4.50 Market USD 100 Account Details
FxPro MT4 1.2 pips None Market USD 100 Account Details
FxPro MT5 1.52 pips None Market USD 100 Account Details
Islamic 1.2 pips Variable Market USD 100 Account Details
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Vanilla Options
TYPE OF BROKER

Market Maker

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Sofort Banking, Visa, Mastercard, Maestro, Skrill, Neteller, Astropay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 1.8 pips
  • Currency Pairs : 97
Account Spread From Commission Execution Min. Deposit
Islamic 3 pips None Instant USD 100 Account Details
Standard 3 pips None Instant EUR 100 Account Details
Premium 2.5 pips None Instant USD 1000 Account Details
VIP 1.8 pips None Instant USD 2500 Account Details
Super VIP 1.2 pips None Instant USD 50000 Account Details
Minimum Deposit
USD 10
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
TYPE OF BROKER

ECN/STP

REGULATED BY
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
    Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay
Trading Conditions
  • Max. Leverage : Flexible
  • Min. Spread : 0.1 pips
  • Currency Pairs : 59
Account Spread From Commission Execution Min. Deposit
Cent Account 1.5 pips None Instant USD 10 Account Details
Standard Account 1.3 pips None Instant USD 100 Account Details
ECN Zero Account 1.5 pips None Market USD 200 Account Details
ECN Account 0.1 pips $2.00 Market USD 500 Account Details
FXTM Pro Account 0.0 pips None Market USD 25000 Account Details

Forex Trading in India

India is an interesting case for retail Forex traders as there are a number of laws pertaining to Forex trading that make it particularly difficult to trade in the country.

As per the Foreign Exchange Management Act (FEMA) laid down by the Reserve Bank of India (RBI) all Forex trading for retail investors is effectively outlawed. The only exceptions are four currency pairs that include the INR (EUR/INR, GBP/INR, JPY/INR and USD/INR) and the EUR/USD, GBP/USD and USD/JPY.

In a further complication, these pairs can only be traded through the three national exchanges, the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Metropolitan Stock Exchange (MSE), by licenced Indian brokers.

So, why does the RBI have these restrictions in place? If you were an Indian retail trader and you were trading the GBP/USD with a foreign broker, if you lost your trade you would have to purchase USD from the RBI in order to settle your debt. Forex trading is a high-risk venture and it is entirely possible for institutional traders to lose money on their trades, and the RBI could stand to lose a significant amount of USD through this process. To counteract this outflow of US dollars, the RBI would be forced to purchase USD by overselling the INR and this would lead to a devaluation of the INR.

In effect, the RBI regulates Forex trading so strictly so as to protect the INR from unintended weakness against global currencies.

Forex CFD Trading in India

But, when we are trading Forex CFDs we are not actually trading the underlying asset (currencies in this case). There is never any ownership of the currency by either party and no currency ever actually changes hands – so CFD trading never actually contravenes the law. But, in a further blow, the FEMA Act also makes it illegal for Indians to send INR overseas to be converted into foreign currencies – as you would if you were depositing money with a foreign broker.

So India is left in a situation where Forex brokers cannot be based in India (as they would have to limit their currency pairs to the seven outlined above) but Indians cannot send money to foreign brokers, as they would be breaking the law to do so.  

How to Trade Forex CFDs in India

As strange as it may seem, Forex CFD trading is growing incredibly fast across India, despite being effectively outlawed.

If you are considering starting to trade Forex from India, there are two precautions that you should take in order to avoid any possible repercussions from your bank or the government.

  1. Use an e-Wallet such as Skrill or Neteller: In 2013, the RBI made it clear in its guidance note RBI/2013-14/265 that banks who allow their clients to send money overseas for the purpose of CFD trading would be in contravention of the FEMA Act and would face prosecution. With an e-wallet, you can avoid the Indian banking sector entirely.
  2. Use a VPN for Trading: If you are concerned that your Forex trading activity may be monitored, then use a Virtual Private Network (VPN) provider to route your activity through an anonymous portal. 

While the Indian government obviously frowns on Forex CFD trading, the laws are not enforced strictly and with these methods, you should avoid any issues. It is also worth noting that India is currently undergoing a fundamental change in the way the economy is governed, and these laws are likely to change over the next few years. 

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.