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Alison Heyerdahl
Edited by Alison Heyerdahl
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Best Forex Brokers in India for 2024: A Head-to-Head Comparison

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.

1.
Best Forex Broker in India
2.
Lowest Minimum Deposits
3.
Broker with the Lowest Spreads

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.

Best Forex Brokers in India

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Regulated by FCA
Licenced by
Min. Deposit
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Broker Score
Official Site
Compare
No
CySEC Regulated BrokersFinancial Services Conduct AuthorityMwali International Services Authority
USD 20
USD 6
4.37
/ 5
No
Financial Services Conduct AuthorityThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
USD 10
USD 7
4.32
/ 5
No
CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services Commission
Financial Services Conduct Authority
USD 5
USD 6
4.45
/ 5
No
ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
USD 100
USD 9
4.59
/ 5
Yes
CySEC Regulated BrokersFCA Regulated Forex BrokersFinancial Services Conduct AuthorityDFSA Regulated Forex Brokers
Financial Services CommissionThe Seychelles Financial Services Authority
USD 0
USD 10
4.53
/ 5
No
CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the Bahamas
USD 200
USD 8
4.46
/ 5
No
ASIC Regulated BrokersCySEC Regulated BrokersFinancial Services Conduct AuthorityThe Seychelles Financial Services Authority
Financial Services CommissionCapital Markets Authority
AUD 100
USD 6
4.40
/ 5
Yes
FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersDFSA Regulated Forex Brokers
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
USD 0
USD 10
4.61
/ 5
No
CySEC Regulated BrokersASIC Regulated BrokersInternational Financial Services Commission
USD 5
USD 7
4.33
/ 5
Yes
FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Markets Authority of New Zealand
DFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the Grenadines
USD 0
USD 10
4.44
/ 5
Find Your Ideal Forex Broker

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  • Find the best broker for your trading needs
  • Compare spreads, fees, and platforms
  • Read in-depth reviews and analysis

How Brokers Are Scored

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features 
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit and Withdrawal: Simple and free deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

 

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

Octa
4.37
/ 5
Flexible Leverage Options
Highly Competitive Trading Costs
Wide Range of Bonuses and Promotions

Best for

With a low minimum deposit, low trading fees, and outstanding customer service, Octa is a good choice for beginner traders. 

Why we like it

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.

Drawbacks

Octa's range of financial instruments is limited compared to other similar brokers.

Min. Spread

0.6 pips

Trading Cost

USD 6

Min. Deposit

USD 20

Why we picked Octa

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.


Pros

  • Fast and free withdrawals

  • Low minimum deposit

  • Tight spreads

Cons

  • Limited range of assets

  • Poorly regulated

Octa Scorecard 2024

Trust Rating
4
Trading Conditions
4.5
Platforms
4.5
Education
4.5
Beginner Friendly
4
Assets Available
4
Analysis Research
5
Deposit & Withdrawal
5
Overall Rating
4.37
/ 5
Accepts Indian clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 and MT5 platforms supported.
Octa Octa
Exness
4.32
/ 5
Ultra-Low Trading Costs
Extensive Forex and Crypto Offerings
Advanced Trading Platforms

Best for

Traders looking for a range of accounts with low minimum deposit requirements and low trading fees on the MT4 and MT5 trading platforms. 

Why we like it

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.

Drawbacks

Exness has a limited range of stock CFDs compared to other similar brokers.

Min. Spread

0.1 pips

Trading Cost

USD 7

Min. Deposit

USD 10

Why we picked Exness

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. 


Pros

  • 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

Cons

  • Extreme leverage

  • Limited range of share CFDs

Exness Scorecard 2024

Trust Rating
4
Trading Conditions
5
Platforms
4.5
Education
3.5
Beginner Friendly
2
Assets Available
4
Analysis Research
3
Deposit & Withdrawal
4.5
Overall Rating
4.32
/ 5
Accepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC. 71.67% of traders lose money with this provider.
XM
4.45
/ 5
Beginner-Friendly Platform
Low trading costs and minimum deposits
No Requotes and No Rejections Policy

Min. Spread

0.6 pips

Trading Cost

USD 6

Min. Deposit

USD 5

Why we picked XM

Award Logo

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 – Broker with the Lowest Spreads

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.

Pros

  • Well regulated

  • Excellent education

  • Free deposits and withdrawals

Cons

  • Limited platform choice

XM Scorecard 2024

Trust Rating
4.5
Trading Conditions
5
Platforms
4.5
Education
5
Beginner Friendly
4
Assets Available
3.5
Analysis Research
5
Deposit & Withdrawal
4.5
Overall Rating
4.45
/ 5
Accepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC. 75.33% of traders lose money with this provider.
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How did FxScouts choose the best forex brokers?

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:

  • Confirmed that the brokers were regulated by top-tier authorities to ensure trader protection.
  • Assessed the brokers’ trading fees and platform options for Indian residents by opening a live account and comparing the spreads on each instrument and platform to other brokers.
  • Checked the number of tradable instruments available through the broker for traders in India.
  • Reviewed the broker’s educational material and range of sources (such as e-books, webinars, glossary etc), to make sure they cater to all levels of traders, especially beginners.
  • Assessed the broker’s market analysis, including whether it is curated by an in-house research team or third-party providers, the quality of the material, and how frequently it’s updated.
  • Examined deposit and withdrawal options, costs and times for Indian residents, e.g. if it’s possible to use instant banking and credit cards and what, if any, fees are involved.
  • Contacted customer support through the various channels offered by brokers, checking response time, service quality and whether or not they have a dedicated Indian support team and phone number. 
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"Indian Forex traders must trade with reputable offshore brokers."

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Is Forex trading legal in India?

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.

Why is Regulation Important?

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.

"When trading Forex, you want to be confident that your broker is operating legally and ethically and that your funds are being handled safely."

 

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Frequently Asked Questions

Here, we’ve compiled answers to the most common questions traders have when choosing a Forex broker.

How are Forex Brokers Regulated in India?

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. 

Do I need a broker to trade Forex?

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. 

How do Forex Brokers Make Money?

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.

Which Forex brokers are best for beginner traders?

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.

Which Forex brokers have the best demo accounts?

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.

Which Trading Platforms do the Best Forex Brokers Offer?

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

Scam Brokers and Reporting Regulatory Violations

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.

"Most Forex brokers form a bridge between the global Forex market and Forex traders."

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Discover how Forex Trading works with our essential guide. Understand key terminology with examples and learn how to make your first successful trade.

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.

Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Head of Content

Chris Cammack

Head of Content at FxScouts since 2019, Chris Cammack ensures all content meets our high standards of quality and clarity, shaping editorial guidelines and overseeing broker reviews. Chris brought 10 years of experience in research, editorial, and design for political and financial publications, and has a deep knowledge of international financial markets and geo-politics. He co-hosts the "Let's Talk Forex" podcast with Alison and writes for the news section on a regular basis.

Alison Heyerdahl

Senior Financial Writer

Alison Heyerdahl

Alison joined the team as a writer in 2021. She is the Senior Financial Writer for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

Ida Hermansen

Financial Writer

Ida Hermansen

Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.


                

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