- Find the best broker for your trading needs
- Compare spreads, fees, and platforms
- Read in-depth reviews and analysis
Over the last decade, Forex trading has become more accessible to the average person in India. Nationwide access to the internet and an influx of international “offshore” brokers joining the local scene have increased competition. However, the Foreign Exchange Management Act (FEMA) laid down by the Reserve Bank of India (RBI) has several laws relating to Forex trading that make it difficult to trade in the country. As a result, Indian Forex traders must trade with reputable offshore brokers.
When choosing a Forex broker, it’s important to consider not only the financial aspects but also the personal fit. We thoroughly reviewed all Forex Brokers catering to Indian clients. Your feedback is an important part of this evaluation, and we always incorporate the views of real traders when we make a recommendation. Based on our research, we have selected the top options for traders of all budgets and preferences.
These are the best Forex brokers in India, according to our testing and our research.
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Swipe to scroll
Broker | Regulated by FCA | Licenced by | Min. Deposit | Cost of Trading | Broker Score | Official Site | Compare |
---|---|---|---|---|---|---|---|
No | USD 20 | USD 6 | |||||
No | USD 10 | USD 7 | |||||
No | USD 5 | USD 6 | |||||
No | USD 100 | USD 9 | |||||
Yes | USD 0 | USD 10 | |||||
No | USD 200 | USD 8 | |||||
No | AUD 100 | USD 6 | |||||
Yes | USD 0 | USD 10 | |||||
No | USD 5 | USD 7 | |||||
Yes | USD 0 | USD 10 |
Find Your Ideal Forex Broker
With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders.
Octa's spreads are some of the tightest in the industry for an account with only a 20 USD minimum deposit and no commission – as low as 0.6 pips on the EUR/USD. It also has a great proprietary trading platform and trading app, which are both user-friendly and feature-rich.
Octa's range of financial instruments is limited compared to other similar brokers.
0.6 pips
USD 6
USD 20
Founded in 2011, Octa offers trading on 52 Forex pairs, five commodities, ten indices, 34 cryptocurrencies, and 150 stocks. The Octa website, translated into Hindi, features three account types and an unlimited demo account. Octa supports the world's two most popular trading platforms, MT4 and MT5, as well as its new intuitive OctaTrader platform, which is easy for beginners to get started with. Octa has also launched its own trading app, which is available on iOS and Android devices. It features seamless integration with your desktop trading account and 24/7 customer service in English, Hindi and Urdu.
Octa's account types have some of the lowest trading costs available, with spreads starting at 0.6 pips on the EUR/USD with no commission. All accounts have a minimum deposit of 20 USD, 1:1000 leverage on currency pairs and a choice between EUR or USD as your account currency. The main difference is that trading on stock CFDs is only available on the MT5 platforms.
Fast and free withdrawals
Low minimum deposit
Tight spreads
Limited range of assets
Poorly regulated
Traders looking for a range of accounts with low minimum deposit requirements and low trading fees on the MT4 and MT5 trading platforms.
Exness offers ECN Accounts for experienced traders with raw spreads and low commissions. It also offers an automated instant withdrawal system, with free withdrawals to e-wallets, and 24/7 customer service.
Exness has a limited range of stock CFDs compared to other similar brokers.
0.1 pips
USD 7
USD 10
Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers. The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported.
Highly competitive spreads and low trading costs (7 USD per lot).
Extensive selection of trading instruments and over 100 Forex pairs
User-friendly trading platforms: MT4 MT5 and Exness Terminal.
Minimum deposit requirement of only 3 USD
Offers copy trading options
Extreme leverage
Limited range of share CFDs
0.6 pips
USD 6
USD 5
XM, one of our top all-around brokers, distinguishes itself with its exceptional and well-structured Forex education for traders of all experience leves and is the recipient of the Best Forex Education Award 2023.
XM is one of the most regulated market makers in the Forex industry and stands out for leading trading conditions, account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.
With a minimum deposit of 50 USD, traders can open the XM Ultra Low Account, where spreads start at 0.6 pips with no commission charged. All accounts also benefit from having access to XM’s no-requotes execution policy, and 99.35% of XM orders are executed in less than one second, making XM one of the fastest executors of trades in retail Forex trading.
Well regulated
Excellent education
Free deposits and withdrawals
Limited platform choice
FxScouts uses a hands-on approach, combining detailed and systematic evaluation with expert analysis and practical testing to review each broker thoroughly.
When comparing the best forex brokers in India, we:
India is an interesting case for retail Forex traders as there are several laws relating to Forex trading that make it 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 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.
As 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 institutional 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 to settle your debt.
Forex trading is a high-risk venture, and institutional traders can 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 enforces strict regulation on Forex trading to protect the INR from unintended weakness against global currencies.
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 manages to sidestep this 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 an international broker.
The final nail in the coffin is the outright ban on using online platforms to trade CFDs. This means that the only way to trade Forex in India legally is to place trades directly with a SEBI-regulated broker, without leverage, on the few legal currency pairs. The overall financial environment in India is poorly controlled, and brokers and investors in India pay little attention to the government’s financial regulatory policies.
As strange as it may seem, Forex CFD trading is growing incredibly fast across India, despite being effectively outlawed. When choosing a Forex broker, traders should choose reputable brokers regulated by top-tier authorities such as ASIC, CySEC, MAS or the FCA.
Regulation is essential for protecting your money and ensuring a fair and transparent trading experience.
When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely. Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance. This means that your funds are protected, and your trading experience is fair.
Unregulated brokers are not forced to hold to the same standards. This can lead to a higher risk of fraud or unethical practices, which can result in financial losses for traders. Choosing a regulated Forex broker gives you peace of mind and security, knowing that your investments are protected and your trading experience is fair.
Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker.
In December 1999, the Indian parliament passed the Foreign Exchange Management Act (FEMA), which was to be enforced by the Securities and Exchange Board of India (SEBI) and modernised the laws that governed Indian financial services companies and expanded their reach to include all of India.
SEBI, under the direction of FEMA, regulates the Foreign exchange market by setting processes for its maintenance and growth, and today SEBI licenses all Indian Forex brokers. SEBI-regulated Forex brokers only offer currency pairs that include the INR against the USD, GBP, EUR and JPY. This law states that a fine will be applied unless authorities have previously granted an exception.
Because most Forex brokers that offer services to Indian traders are unlicensed by SEBI, they must operate outside of the traditional financial system. Banks tend to block or return transfers made to and from Forex brokers, and most Indians rely on digital payment providers, such as Skrill and Neteller.
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 frowns on Forex CFD trading, the laws are not enforced strictly, and with these methods, you should avoid any issues.
Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. Most Forex brokers form a bridge between the global Forex market and Forex traders; these are called market makers. Market makers buy up large trading positions from the Forex market, which they sell to traders in smaller trade sizes.
Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market. These are called ECN brokers or DMA brokers. Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms.
Market markers only make money from the spread—the difference between the buying and selling price of the currency pair. These brokers are the counterparties to any trade, so they make money when clients lose trades.
ECNs have tight spreads but make money from commissions, which are charged whenever a trade is opened or closed. This type of broker makes money whether a client wins or loses.
The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry. Also important are low fees and negative balance protection, as these both help to lower risk. Responsive and knowledgeable customer support is essential. Customer service should be available 24/5 via email, live chat, and telephone, though 24/7 is better. Last but not least, beginners should look for a broker with a high-quality education section; this should feature articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.
For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners.
The brokers with the best demo accounts understand that beginners should not be forced into trading real money and that experienced traders should be able to test strategies as long as they want to. So the best demo accounts are not time-limited and replicate real market conditions as closely as possible. Beginners looking for a demo account will want a broker with good education, so they can learn about Forex trading as they practice.
For more detail and to see which brokers we recommend for demo trading, check out our dedicated page on the best demo accounts.
The best Forex brokers generally offer Metatrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. These are third-party trading platforms which you can install on your computer. They are fully customisable and have advanced charting tools, research tools, and options for automated trading or copy trading. Some brokers also have their own trading platforms, which are usually accessed via a browser or on your mobile phone. For more details on trading platforms and how they work, check out our guide on trading platforms.
If you are unsure about the reliability of your Forex broker, visit our Broker Trust Checker page. We recommend you partner with one of our tested brokers, and should you be concerned with a specific broker’s regulatory oversight, please contact SEBI directly.
We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered:
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.