By Jeffrey Cammack Author Information Updated: April 28, 2020

India is one of the largest Forex trading markets in the world, in 2019 the average daily volume of Rupee (INR) trading stood at an astounding 34.49 billion USD. While the majority of the market is made up of large banks and institutional investors, there are many millions of retail Forex traders in the country too and most of the well-respected Forex brokers offer their services to Indian residents.

While most of the best Forex brokers are open to Indian traders, most of them are not regulated by the Securities and Exchanges Board of India (SEBI) – as this would require them to abide by extensive currency exchange restrictions, including a ban on trading with most currency pairs.

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All these brokers are safe, but when choosing one to trade with you should consider trading conditions (spread, commission, leverage), educational support, trading platforms, customer service and deposit/withdrawal fees. Use the filters on the left to narrow down the list to find the perfect Forex broker for you

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  • Broker
    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect - an automated loss-protection tool - to its product lineup.

    AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

    Pros

    • Good for beginners
    • Well regulated
    • Low minimum deposit

    Cons

    • Dealing desk
    • Limited education
    Account Spread From Commission Execution Min. Deposit
    Islamic 1.2 pips None Instant USD 100 Account Details
    Professional 0.9 pips None Instant USD 100 Account Details
    Retail 0.9 pips None Instant USD 100 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

    Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • Dealing desk
    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 $7.00 Instant USD 100 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11000
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms
    • etoro

    eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

    eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

    eToro's trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

    Pros

    • Well regulated
    • Good for beginners
    • Innovative trading tools

    Cons

    • Limited education
    • Wide spreads
    Account Spread From Commission Execution Min. Deposit
    Professional 1.0 pips None Market EUR 200 Account Details
    Standard 1.0 pips None Market USD 200 Account Details
  • REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone's award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

    As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won't find a better broker than Pepperstone.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Wide range of assets

    Cons

    • High minimum deposit
    • Limited market analysis
    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
  • Broker
    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads - often as low as 0.6 pips - to match profitability with security.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    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
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

    easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

    Pros

    • Well regulated
    • Wide range of assets
    • Innovative trading tools

    Cons

    • Limited platform choice
    • Limited account options
    Account Spread From Commission Execution Min. Deposit
    Islamic 1.9 pips None Instant USD 100 Account Details
    Standard 1.9 pips None Instant USD 100 Account Details
    Premium 1.4 pips None Instant USD 2000 Account Details
    VIP 0.9 pips None Instant USD 10000 Account Details
    Super VIP 1.2 pips None Instant USD 50000 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    GBP 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Please note that OctaFX offers a restricted service to residents of the EU or the United Kingdom

    OctaFX is an STP broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading, and an account monitoring service so you can learn anonymously from other successful traders.

    Trader education for beginners is well-presented and platform support is almost unbeatable, with MT4, MT5 and cTrader all offered - but platforms are linked to account type and trading conditions.

    Pros

    • Great platform choice
    • Fast and free withdrawals
    • Copy trading accounts

    Cons

    • Limited education
    • Restrictive account types
    Account Spread From Commission Execution Min. Deposit
    cTrader ECN 0.0 pips $3.00 Market USD 100 Account Details
    MT4 Micro 0.4 pips None Market USD 100 Account Details
    MT5 Pro 0.2 pips None Market USD 500 Account Details
  • Broker
    REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    GBP 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Widely respected as one of the biggest names in the Forex CFD businesses, FXCM is a leading and well-regulated broker. Platform support is excellent with MT4, the proprietary Trading Station, Ninjatrader and Zulutrade all offered; beginners will also be pleased with the quality educational material, and 24/5 customer support - with freephone numbers in over 30 countries worldwide.

    All clients also get access to FXCM Plus and with that, a large selection of bespoke trading tools, including signals and analytics. For traders looking for a big international brand with good regulation, local customers support and free trading tools, FXCM is your choice in a broker.

    Pros

    • Well regulated
    • Great platform choice
    • Excellent education
    • Innovative trading tools

    Cons

    • Limited demo account
    Account Spread From Commission Execution Min. Deposit
    Standard 1.3 pips None STP USD 50 Account Details
    Active Trader Not Published pips Yes STP USD 25000 Account Details
  • REGULATED BY
    ASIC ASIC
    FCA FCA
    MAS MAS
    FMA FMA
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

    If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

    Pros

    • Well regulated
    • Tight spreads
    • Good for beginners
    • Excellent education
    • Excellent market analysis

    Cons

    • No swap-free account option
    Account Spread From Commission Execution Min. Deposit
    CFD Account 0.7 pips None Instant USD 5 Account Details
  • REGULATED BY
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    GO Markets was founded in 2006 and was the first Australian broker to use the MT4 platform. Though only two account options are available, one with a dealing desk and wider spreads and the other an ECN with tight spreads and commission, both are competitive.

    GO Markets impresses with its suite of trading tools including a free VPS service, Autochartist and Trading Central. A technological innovator, GO Markets works hard to keep low-latency trading, reliable customer service and stable platforms at the core of their offering.

    Pros

    • Fast and free withdrawals
    • Wide range of assets
    • Excellent market analysis
    • Innovative trading tools

    Cons

    • High minimum deposit
    • No swap-free account option
    Account Spread From Commission Execution Min. Deposit
    Standard 1.0 pips None Market USD 200 Account Details
    GoPlus+ 0.0 pips $3.00 Market USD 500 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Tickmill offers low spreads and commission, fast STP execution on the MT4 platform and has an excellent reputation in the CFD trading industry.

    Regulated by the FCA in the UK, CySEC in Europe, and the Seychelles FSA internationally - and a regular winner of trade execution and trading conditions awards - Tickmill has the reputation, and the performance, traders should look for in a broker.

    Pros

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets

    Cons

    • MT4 only
    Account Spread From Commission Execution Min. Deposit
    Classic 1.6 pips None Market USD 100 Account Details
    Pro 0.0 pips Variable Market USD 100 Account Details
    VIP 0.0 pips Variable Market USD 50000 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

    Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice

    Cons

    • High minimum deposit
    • Limited market analysis
    Account Spread From Commission Execution Min. Deposit
    RAW - cTrader 0.0 pips $3.00 Market USD 200 Account Details
    RAW - MetaTrader 0.0 pips $3.50 Market USD 200 Account Details
    Standard - MetaTrader 1.0 pips None Market USD 200 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 1
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2008, Exness is a well-regulated broker with tight spreads and unlimited leverage on a specialist zero account.  With both market and instant execution methods and full support for both MT4 and MT5, there is little to find fault with here - including its well-publicised sponsorship of Real Madrid.

    Exceptionally, customer service is available 24/7 and most traders will find something to like from the wide range of account types.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • 24/7 customer service

    Cons

    • Limited education
    • Limited market analysis
    • Unavailable in Europe
    Account Spread From Commission Execution Min. Deposit
    Standard Cent MT4 0.3 pips None Market USD 1 Account Details
    Standard MT4 0.1 pips None Market USD 1 Account Details
    Standard MT5 0.2 pips None Market USD 1 Account Details
    Pro 0.1 pips None Market USD 200 Account Details
    Raw Spread 0.0 pips $3.50 Market USD 200 Account Details
    Zero pips $3.50 Market USD 200 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    HYCM's parent company has been involved in asset trading for over 40 years and its various subsidiaries are regulated by the FCA, CySEC and the DFIC. Primarily a market-maker broker, HYCM still offers attractive trading conditions, and has a market-execution account for those who prefer commission over wider spreads.  Support for both MT4 and MT5 is offered alongside a comprehensive market education suite that will be beneficial for all traders.

    HYCM offers its clients an opportunity to trade on more than 300 financial instruments including a number of currency pairs, commodities, stocks and cryptocurrencies.

    Pros

    • Well regulated
    • Wide range of assets
    • Good range of accounts
    • Fast and free withdrawals

    Cons

    • Limited currency pairs
    Account Spread From Commission Execution Min. Deposit
    Classic 1.2 pips None Instant USD 100 Account Details
    Fixed 1.8 pips None Instant USD 100 Account Details
    Islamic Fixed 1.8 pips None Instant USD 100 Account Details
    Raw 0.2 pips $4.00 Instant USD 200 Account Details
  • REGULATED BY
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    One of our highest rated brokers, IG Markets is a market-maker with only the single account for Forex trading, but spreads are tight and educational and analytical materials are excellent. A wide choice of platform (including MT4) is also available and customer service is world-class.

    With regulation from the FCA and ASIC, and winner of the Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards), IG Markets is an attractive choice for both beginner and experienced traders.

    Pros

    • Well regulated
    • Tight spreads
    • Great platform choice
    • Excellent education
    • Excellent market analysis

    Cons

    • High minimum deposit
    Account Spread From Commission Execution Min. Deposit
    Live Account 0.6 pips None Instant USD 250 Account Details
    Spread Betting 0.6 pips None Instant USD 250 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 1
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FBS offers tight spreads, a simple account structure and support for both iterations of MetaTrader; education and market analysis are both excellent and 24/7 customer service is always welcome for beginner traders.

    The trading conditions on the Cent Account are exceptional for such a low minimum deposit and should ensure a steady influx of new traders, other accounts are equally impressive - with negative spreads on the ECN account for instance.

    Pros

    • Tight spreads
    • Low minimum deposit
    • Excellent education
    • Excellent market analysis

    Cons

    • Limited range of assets
    • Extreme leverage
    Account Spread From Commission Execution Min. Deposit
    Cent 1.0 pips None STP USD 1 Account Details
    Islamic 0.0 pips None STP USD 1 Account Details
    Micro 3.0 pips None STP USD 5 Account Details
    Standard 0.5 pips None STP USD 100 Account Details
    Zero Spread 0.0 pips $20 STP USD 500 Account Details
    ECN 0.0 pips $6 ECN USD 1000 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FSC FSC
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    BDSwiss is a popular and well-regulated broker, based in Cyprus and founded in 2012. It offers a wide range of account types, including a new subscription-based Raw Spread Account, which features very tight spreads and no commission in return for a monthly payment.

    MT4 and MT5 are both supported and educational and analytical material are both excellent. More experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

    Overall, BDSwiss is a good choice for all traders and we are curious to see if the low-spread subscription model catches on.

    Pros

    • Tight spreads
    • Good for beginners
    • Wide range of assets

    Cons

    • Expensive withdrawals
    • Limited market analysis
    Account Spread From Commission Execution Min. Deposit
    Basic 1.5 pips None Instant USD 100 Account Details
    RAW Spread 0.0 pips None Instant USD 200 Account Details
    Black 1.1 pips None Instant USD 10000 Account Details
  • REGULATED BY
    ASIC ASIC
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

    Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

    Pros

    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Standard IRESS N/A pips $10 AUD min, then 0.1% STP USD 1,000 Account Details
    Platinum IRESS N/A pips $9 AUD min, then 0.09% STP USD 25,000 Account Details
    Premier IRESS N/A pips No min, then 0.08% STP USD 50,000 Account Details
    RAW 0.0 pips $3.50 STP USD 100 Account Details
    Standard 1.0 pips None STP USD 100 Account Details
  • REGULATED BY
    ASIC ASIC
    CySEC CySEC
    FCA FCA
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

    Additionally, most Admiral Markets customers have free access to Trading Central - providing independent market insight and technical analysis - and the company has one of the best cryptocurrency offerings on the market.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Trade.MT4 0.5 pips None Market USD 100 Account Details
    Trade.MT5 0.5 pips None Market USD 100 Account Details
    Zero.MT4 0.0 pips $1.8-$3.0 Market USD 100 Account Details
    Zero.MT5 0.0 pips $1.8-$3.0 Market USD 100 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Well-regulated, safe and award-winning, XTB is a true leader in the Forex trading industry.

    Joining other leading ECN/STP brokers with unbeatable trading conditions, excellent trader education and rock-solid analysis, XTB has also developed an award-winning proprietary trading platform that goes beyond MT4 to offer clients easy-to-use functionality with fast execution speeds.

    Pros

    • Well regulated
    • Tight spreads
    • Low minimum deposit
    • Good for beginners

    Cons

    • Limited platform choice
    Account Spread From Commission Execution Min. Deposit
    Islamic 0.28 pips $10.00 Instant USD 5 Account Details
    Pro 0.28 pips $7.00 Instant USD 5 Account Details
    Standard 0.35 pips None Instant USD 5 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    With a huge range of account types, a good micro account and over 80 tradeable currency pairs, IronFX has something for everyone. A globally recognised Forex broker with award-winning education and market analysis, IronFX has also recently introduced market execution accounts with ultra-low spreads.

    For beginners who want to learn to trade on the MT4 platform, and experienced traders looking for strong international regulation, IronFX is an excellent choice in a broker.

    Pros

    • Well regulated
    • Tight spreads
    • Wide range of assets

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Live Fixed Spread 2.2 pips None Instant USD 100 Account Details
    Live Floating Spread 1.1 pips None Instant USD 100 Account Details
    Live Zero Spread 0.0 pips $18 Instant USD 500 Account Details
    STP/ECN No Commission 1.7 pips None ECN/STP USD 500 Account Details
    STP/ECN Zero Spread 0.0 pips $7.50 ECN/STP USD 500 Account Details
  • REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    GBP 300
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Triomarkets is a respected ECN/STP broker for experienced traders or serious beginners. Offering tight spreads for larger depositors, and both raw and commission-free account types, TrioMarkets continues to maintain a devoted portfolio of clients.

    Supporting MT4, with fast and reliable trade execution, plus two different types of algorithmic trading, this CySEC-regulated broker should be considered by those clients who don’t mind the higher minimum deposit.

    Pros

    • Tight spreads

    Cons

    • High minimum deposit
    • Limited education
    • Limited market analysis
    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Institutional Not Published pips Not Published Market Volume Based Account Details
    Basic 2.4 pips None Market USD 500 Account Details
    Standard 1.4 pips None Market USD 5000 Account Details
    Advanced Mark-Up 1.1 pips None Market USD 10000 Account Details
    Advanced RAW 0.0 pips $5.50 Market USD 10000 Account Details
    Premium Mark-up 0.8 pips None Market USD 50000 Account Details
    Premium RAW 0.0 pips $4.00 Market USD 50000 Account Details
  • REGULATED BY
    CySEC CySEC
    B.V.I FSC B.V.I FSC
    Trading Desk Type
    Trading Conditions
    11000
    Minimum Deposit
    GBP 150
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    InstaForex is an award-winning and well-regulated broker offering a wide variety of account types with good trading conditions and a copy-trading service. With three market execution accounts, one of which is specifically built for scalping, and two instant execution accounts with no minimum deposit, InstaForex will appeal to a wide range of traders.

    The market analysis and education sections feature regularly updated content for traders of all experience levels and MT4 is fully supported via download and webtrader.

    Pros

    • Wide range of assets
    • Copy trading accounts

    Cons

    • Limited market analysis
    • Limited education
    • Wide spreads
    Account Spread From Commission Execution Min. Deposit
    Cent.Eurica pips 0.03%-0.07% Instant USD 5 Account Details
    Cent.Standard 3 pips None Instant USD 5 Account Details
    Insta.Eurica pips 0.03%-0.07% Instant USD 5 Account Details
    Insta.Standard 3 pips None Instant USD 5 Account Details
    Islamic pips None Instant USD 5 Account Details
  • REGULATED BY
    FCA FCA
    B.V.I FSC B.V.I FSC
    Trading Desk Type
    Trading Conditions
    11100
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    GKFX Prime was founded by GKG, a Malta-based Fintech company, in 2012 and is regulated by the BVI's Financial Services Committee. With, no required minimum deposit, a good range of account types - including fixed spread, variable spread and commission-based ECN - and a decent education section, GXFX Prime are a good choice for new traders.

    A number of useful tools are also available, including AutoChartist and Trading Central - alongside ZuluTrade and Autotrade for those who prefer social trading - though support is only offered for MT4.

    Pros

    • Innovative trading tools
    • Wide range of assets
    • Low minimum deposit

    Cons

    • Expensive withdrawals
    • Limited education
    Account Spread From Commission Execution Min. Deposit
    ECN Zero Account 0.0 pips $10.00 Instant USD 5 Account Details
    Standard Fixed 1.8 pips None Instant USD 5 Account Details
    Standard Variable 1.3 pips None Instant USD 5 Account Details
    VIP Variable 0.6 pips None Instant USD 5000 Account Details
  • REGULATED BY
    CySEC CySEC
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Trade.com is a multi-asset, market maker with MT4 support and a range of account types. Trading conditions are good, and the more expensive account types have very tight spreads. The Micro Account is excellent value and dedicated customer support is available for those with higher minimum deposits.

    Regulated by CySEC and the FSCA, Trade.com has committed to a secure system for managing client funds and protecting the brokerage from illegal activity.

    Pros

    • Well regulated
    • Wide range of assets

    Cons

    • Limited education
    • Wide spreads
    Account Spread From Commission Execution Min. Deposit
    Micro 3.0 pips None Market USD 100 Account Details
    Silver 1.9 pips None Market USD 1000 Account Details
    Gold 1.5 pips None Market USD 10000 Account Details
    Platinum 1.2 pips None Market USD 50000 Account Details
    Exclusive 1.0 pips None Market USD 100000 Account Details

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We don't put just anyone up here. We put you first.

To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

Open

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.

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 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. All online Forex trading is effectively outlawed.

Forex Trading Regulation 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.

Trading with Offshore Brokers in India

As mentioned above, trading online CFDs is currently illegal in India, but so far the government has turned a blind eye to the many millions of retail CFD traders in the country. The easiest way to trade Forex CFDs is to trade with an internationally based broker, also known as an offshore broker.

Most of the larger international brokers are well-regulated by trusted government authorities, the most trusted authorities in the world are:

It is crucial to choose a broker that is regulated by at least one of these authorities, and you will find that some are regulated by more than one. The FCA is seen as the most rigorous of these authorities, as they charge a much higher licencing fee and require brokers to have more operating capital than ASIC or CySEC.

Brokers with regulation from one of these authorities often have regulatory oversight from smaller, more lenient, regulators too. This allows them to offer a different range of products to overseas clients, for instance: The UK’s FCA requires that maximum leverage is set at 30:1, but an FCA-regulated broker with a subsidiary company regulated by the Mauritius Financial Services Commission (FSC) would be able to offer leverage of 400:1 to clients outside UK and Europe.

While regulators like the Mauritian FSC are not as well regarded as the FCA, ASIC or CySEC, it is important to note that all the brokers we recommend for Indian traders are regulated by at least one of the major regulators alongside any smaller, more lenient authorities.

How we rate Forex Brokers in India

There are several factors we asses when rating Forex brokers for Indian traders; we have already discussed the most critical factor (regulation) above, but we also pay close attention to the following areas too:

Broker Type

Choosing what broker type you want is probably the most crucial decision you will make a when selecting a Forex broker. Most brokers offer commission-free trading; these are usually market maker brokers – these brokers will create an artificial market and will always be the counterparty to your trade, meaning that when you win, they lose and vice versa. Because this type of brokers sets the market prices, they also tend to offer fixed spreads, which many traders prefer to the volatility of floating spreads.

Some traders are uncomfortable with the inherent conflict of interest in the market maker model and prefer to use Electronic Communication Network (ECN) brokers. ECN brokers use a network of liquidity providers to be counterparty to your trade, thus ensuring direct market access. ECN brokers will charge a commission per trade for access to the market and spreads are variable but almost always tighter than a market maker. ECN brokers are also known as direct market access (DMA) brokers.

Some brokers will also offer Straight Through Processing (STP) execution, meaning that there is no dealing desk intervention and your order will be sent straight through to a liquidity provider. STP execution is also much faster than standard execution, ensuring less slippage or requotes on your trades. 

Trading Conditions

It is important to find a broker with the trading conditions that will support your trading strategy. Think about how much leverage you want to have available; keeping it low (100:1 or less) is a good idea if you are still learning how to trade. Also, consider what account currencies are supported by the broker and what currency pairs you want to trade, you do not want to be spending a fortune in conversion fees.

Other trading conditions to consider will be how tight the spreads are on the currency pairs you will want to trade, and what other assets are available that you may wish to trade. Most Forex brokers will also offer CFD trading on commodities (such as oil, gas, etc.), precious metals (gold, silver, etc.), indices (FTSE, DAX, NYSE) and cryptocurrencies (Bitcoin, Ethereum, Monero, etc.).

Account Types

Consider the different account types on offer at your broker, most brokers offer swap-free Islamic accounts, and all brokers will offer demo accounts to practice with – the best demo accounts are unlimited and perfectly mirror the real market.

Other popular account types are copy trading and social trading accounts. These will allow you to copy successful traders, who will then take a cut of your profits. A similar idea is the PAMM (Percentage Allocation Money Management) Account which is a pooled money operation, where the members of the money pool can choose what proportion of their account they want to allocate to a particular trader.

Trading Platforms

It is important to choose a trading platform and find a broker that supports that platform. MetaTrader 4 (MT4) is a safe choice as it’s the industry standard, and there is a multitude of online tutorials. However, it is gradually being replaced with MetaTrader 5 – which has a more modern look and feel and has many features missing from MT4. cTrader is another popular platform but is only available via ECN broker, cTrader significantly limits broker intervention and has been praised for its intuitive layout and modern features.

Broker Fees

We always check for additional broker fees that may be charged, and so should you.

Brokers generally make their money from the spread, or from commission in the case of ECN brokers, but some will also charge additional fees to boost their profits further. The most common charge is withdrawal fees, and it is good practice always to ask your broker if and how much they charge for withdrawing from your account. Generally, withdrawals fees are cheaper or non-existent when online payment systems (such as Skrill) are used for funding your account.

We always highlight any extra fees charged by brokers in our reviews and will penalise brokers with extortionate fees.

Customer Service

Customer service is in your native language is important, and many brokers offer full support in Hindi. The best customer service will be available by live chat, email, messaging apps and over the phone. Many brokers will also offer a call-back service, so you don’t have to make expensive international calls.

Good brokers offer customers support 24 hours a day, Monday-Friday and a few brokers will also offer weekend service. If you are new to Forex trading, you will want a broker with responsive technical support and customer support representatives with an in-depth knowledge of their products and platforms.

Education and Research

High-quality Forex education is essential for new traders, many of the larger brokers offer excellent structured Forex courses for beginners, and a few will also have courses covering more advanced topics, like strategies and indicators. If you want to be a successful Forex trader, you will never stop learning, so having a broker with excellent educational resources is critical.

Alongside educational support, a good broker will also have an in-house analytical team offering insightful market analysis on a daily, if not hourly, basis. Many brokers often leave market analysis to third-party companies such as Trading Central or TradingView; while these applications are both useful, we find that brokers with internal research teams often provide a more focused analysis of trading opportunities and more helpful information for new traders.

What you will need to open a Forex trading account 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 may want to take to avoid any possible repercussions from your bank or the government.

  1. Use an e-Wallet such as Skrill: 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 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. 

In addition to taking these precautions, Forex brokers will also require your proof of identity and proof of residence before allowing you to open an account. Some brokers may also want to verify your financial literacy before allowing you to trade Forex – this may take the form of a simple questionnaire and it’s important to pay attention to the outcome of this test. If your financial literacy is weak, you should not be trading Forex – it is a high-risk venture even for those with many years’ experience.

It is also important to remember that Forex brokers will only let you withdraw via the same method of your original deposit, so make sure that you are willing to pay the withdrawals fees associated with your deposit method.

Islamic Forex Accounts in India

Most Forex brokers in India offer Shari’ah compliant accounts to make sure that your trading is not haram – though this does mean that there are a few differences when compared to traditional Forex accounts.

Islamic Forex accounts have two underlying attributes:

Other than the above, Islamic Forex accounts usually have the same trading terms and conditions as a regular Forex account. However, some most Forex brokers change the commercial terms of trading with them and might limit the trader from trading cryptocurrencies. 

Some Forex brokers will widen their spreads on Islamic accounts to compensate for the missed revenue that would otherwise have been generated by collecting interest. Another practice, but is far rarer, is that some Forex brokers charge an up-front commission on trades instead of widening the spreads.

 

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.
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