FOREX.com is one of the best forex brokers in India due to their wide range of currency pairs, trading instruments, user-friendly and intuitive trading platform, competitive pricing and low transaction costs.
Choosing the right broker is a crucial step towards success as a forex broker. With a plethora of options available in the market, finding the best forex broker in India can be overwhelming. But fear not! We have done the research for you and compiled a list of the top forex brokers that cater specifically to Indian traders.
Forex trading has become increasingly popular in recent years, and India is no exception. As more and more individuals are eager to participate in this lucrative market, the demand for reliable and trustworthy forex brokers has also risen. However, not all brokers are created equal, and it is essential to choose one that aligns with your trading goals and offers the necessary tools and features.
To help you make an informed decision, we have extensively analyzed and compared the various forex brokers available in India. We have considered factors such as regulatory compliance, trading platforms, customer support, account types, and more. Whether you are a beginner or an experienced trader, our list will provide you with the necessary information to make the right choice and embark on your forex trading journey with confidence.
Quick Look: Best Forex Brokers in India
- Best for MT4/5 Users: FOREX.com
- Best for Copy Trading: eToro
- Best for International Forex and CFD Trading: Exness
- Best Welcome Bonus: Libertex
- Best International Broker: Interactive Brokers
- Best for Forex Execution: IG Markets
- Best for Non US Forex Trading: AvaTrade
- Best for Beginner Forex and CFD Traders: XM Group
Best Forex Brokers for Traders in India
If you’re in India and you’re looking for a reliable online forex broker, the list below offers some excellent options regulated by reputable financial authorities.
Though these brokers don’t have a physical presence in India, they accept clients from India who make deposits using payment services and electronic wallets. The top forex broker that accepts clients from India depends in large part on your unique situation and your particular needs as a trader.
1. Best for MT4/5 Users: FOREX.com
- Best For:Forex Trading in and Outside the U.S.securely through Forex.com NON US's website
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
FOREX.com is a highly reputable broker among U.S. and international traders. They offer over 80 currency pairs, high quality educational resources and excellent customer service.
Accounts at FOREX.com require a minimum deposit of $250. The broker lets you trade
Trading platforms can be web-based or downloaded to a desktop or mobile app. FOREX.com also gives its customers access to the company’s proprietary Advanced Trading Platform for desktop computers and its Web Trading platform if you prefer to trade via a web browser. FOREX.com has a maximum leverage ratio of only 50:1.
Pros
- Easy-to-navigate platform
- Extensive educational resources and research tools
- Regulated in seven Tier-1 jurisdictions, one Tier-2 jurisdiction, and one Tier-4 jurisdiction
Cons
- Cannot buy and sell other securities (like stocks and bonds)
2. Best for Copy Trading: eToro
CFD trading is not available to U.S. users. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
eToro's social trading platform has provided forex products and more to its retail clients for over 11 years. eToro creates a trading community for users.
eToro's
CopyTrader and CopyPortfolio give you the ability to locate a successful trader and copy their strategy. You can copy 100 traders and the feature is easy to set up and access.
You get access to a Twitter-like feed to trader updates with its social newsfeed as well. Traders discuss everything from markets, strategies and can get alerts based on certain market factors.
Pros
- Platform is straightforward and user-friendly
- CopyTrader feature that allows new traders to copy the same strategies used by professionals
- Virtual dummy account that gives you $100,000 to practice trades
- Advanced trading features in the mobile app
Cons
- High non-trading fees
- No crypto-to-crypto trading pairs
- Customer support needs improvement
3. Best for International Forex and CFD Trading: Exness
Exness bills itself as the trading platform that that gives you the best market conditions, flexible leverage, very fast deposits and withdrawals and a mobile app that makes it easier to get your trading done.
You can use Exness to diversify your portfolio, get into CFDs if you want to partake in a new trading instrument and look into many forex pairs. You can choose from a Standard or Pro account depending on the spreads you’re looking for.
Also, Exness is a good option for scalpers and algo traders who want to join a platform that was designed for professionals such as themselves.
Pros
- Instant deposits and withdrawals (depending on the user’s financial institution)
- Flexible leverage
Cons
- CFDs can be very risky
4. Best Welcome Bonus: Libertex
- Best For:Welcome Bonussecurely through Libertex's website
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.77% of retail investor accounts lose money when
trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Libertex offers high-speed, reliable, cutting-edge technology platforms. Libertex offers an engaging, compelling trading experience and serves Indian forex traders. Besides currencies, you can also trade stocks, indexes, commodities, gold, oil
You can use Libertex's Multiplier Feature, set at the moment of opening a trade. The Multiplier is a value that determines how the trade result changes relative to the underlying asset price.
Practice with a demo account and learn more.
Pros
- Quick registration process
- User friendly platform
- Tight spreads
Cons
- High fees compared to competitors
5. Best International Broker: International Brokers
When you use IBKR to open a forex account as an Indian trader, you get all the same benefits that everyone else does. Register today and you will see:
- Real-time quotes
- Solid liquidity
- 100+ currency pairs
- Professional trading tools
- Tight spreads
- Low commissions
- No hidden spreads
- No markups
The beautiful thing about using IBKR is that you can open up a forex portfolio and look into other investment options at the same time. With this level of access and the support that is available, you can build a robust portfolio without opening dozens of accounts across the Internet.
Pros
- Comprehensive, quick desktop platform
- Mobile app mirrors full capabilities of desktop version
- Access to massive range of tradable assets
- Low margin rates
Cons
- Trading platform may be intimidating for new investors
6. Best for Forex Execution: IG Markets
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
IG Markets is a unique trading platform that allows Indian investors to access:
- Forex currency pairs
- CFDs that come with a range of underlying assets
- Real-time forex prices
- Margin trading
- Advanced charting
- Mobile trading
- Automated trading
You can fund your account today and get started, or you may want to attend the IG Markets Academy if you want to learn how to invest properly in this space.
Pros
- Up to 50:1 margin options
- Key FX pair spreads starting at 0.6
- 0.8 spreads to start on major indices
- Commodity spreads as low 0.1
- No account fees or minimums
Cons
- Investors often feel as though they need more trading instruments and options
7. Best for Non US Forex Trading: AvaTrade
AvaTrade is a platform designed to help you learn more about forex trading and CFDs. There are:
- Dozens of forex pairs
- Contracts for Difference (CFD) on stocks, indices, bonds or treasuries, commodities, crypto, options and ETFs
- No commissions and tight spreads to keep costs low
- Up to 400:1 leverage
- Copy trading options for those who want to learn from others
Yes, AvaTrade offers fast execution, but it also allows Indian investors to get information from other investors and build a community around you that can help.
Pros
- You only pay based on the spread so that yan easily calculate your overhead costs
- Copy trading makes it easier to research
- Forex trading allows you to effectively invest in world events and the shifting of world economies
Cons
- You may feel that there are other CFDS the platform doesn’t of
8. Best for Beginner Forex and CFD Traders: XM Group
- Best For:Beginner forex and CFD traderssecurely through XM Group's website
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM Group is a platform that allows Indian investors to get into CFDs and forex, depending on where you prefer to funnel your cash. Features include:
- More than 50 currency pairs
- CFDs based on indices, stocks, commodities, metals and energies
- More than 1,000 trading instruments
- Up to 1000:1 leverage
- Minimum deposit is only $5
- Free educational tools that teach you about the forex market
Pros
- You can create multiple income streams for yourself
- You can trade with MT4 or MT5 depending on your preference, along with several other platforms
- Spreads can start as low as 0.0
Cons
- Some traders may not want to social trade where they know others are getting paid for output
Trading Forex in India
The national currency of India is the Indian rupee ₹ with ISO 4217 symbol code INR. The rupee is divided into 100 smaller denominations known as paisa (p). According to the Bank for International Settlements’ 2016 Triennial Central Bank Survey, the Indian currency was ranked 18th among world currencies, making up 1.1 percent of daily forex turnover.
The Reserve Bank of India (RBI) set forth the legal framework for foreign exchange transactions by the Foreign Exchange Management Act (FEMA) of 1999. The RBI regulates and oversees foreign exchange transactions in India and the Securities and Exchange Board (SEBI) is the principal regulator of the Indian stock market and the forex brokers based in India are licensed under FEMA.
The SEBI-regulated forex brokers, which include the 3 major stock exchanges in India, are only allowed to offer INR-based currency pairs for USD, EUR, GBP and JPY. All other currency pairs are strictly barred from trading in India unless a specific transaction is authorized by the Indian government.
Due to an increase in financial scams involving forex brokers, the Indian government was forced to severely restrict the way Indian citizens can operate in the forex market. If you live in India, you are not legally allowed to trade forex currency pairs that do not have the Indian rupee as the base currency or counter-currency.
You can still open an account with a foreign-based broker as long as you send your deposit through an electronic wallet service such as PayPal, Neteller
What to Look for in a Forex Broker
Despite the general lack of normal online forex brokers based in India, other than 3 stock exchanges, you can still trade forex through foreign-based online brokers. Generally, a quality brokerage has the following 11 elements:
- Oversight by a reputable financial regulator
- Excellent reputation among forex traders
- Allows you to trade in the type of account you prefer
- Requires an affordable minimum deposit
- Gives you trading access to all major and minor forex currency pairs and other assets
- Has a maximum leverage ratio appropriate for your trading strategy and risk tolerance
- Offers competitive dealing spreads
- Provides clients with insurance against negative balances
- Keeps re-quotes and slippage on orders to a minimum
- Maintains client funds in segregated accounts
- Withdrawal and deposit options fit your needs
Another important factor to consider when choosing a forex broker is platform and trading software. In addition to their own proprietary trading platform, many brokers offer cTrader, NinjaTrader, and the very popular MetaTrader 4 and 5 platforms from MetaQuotes that both support automated trading.
Trading forex in India involves quite a few limitations and legal issues. Be sure to choose a broker overseen by a major financial regulator, such as the U.K.’s Financial Conduct Authority (FCA) or Cyprus’ Securities and Exchange Commission (CySEC), which generally comply with the European Union’s rigorous Markets in Financial Instruments Directive (MiFID) rules. Not all forex brokerages are created equal, and most are not registered in India, even though they accept Indian clients. So, make sure your needs as a trader are adequately met by the forex broker you select before committing any funds.
Get the Right Forex Broker in India
Trading forex anywhere can be risky, but that seems especially true in India if you're unfamiliar with the country’s legal restrictions on currency transactions. If you live in India and want to trade the Indian rupee exclusively against USD, GBP, JPY
It’s against the law to use an account from a bank or other India-based financial institution to fund a trading account and make forex market transactions in currency pairs that do not include the INR. If you still wish to trade non-INR currency pairs, then you must make a margin deposit to a foreign broker by transferring funds from an electronic payment service such as PayPal or Neteller.
Frequently Asked Questions
What are the best forex brokers in India?
There are several good forex brokers to include FOREX.com, eToro and AvaTrade.
Can you legally trade forex in India?
Forex trading is legal with trades in the Indian rupee.
Is forex trading risky in India?
Forex trading is a risky venture in India, as it is in most countries. The foreign exchange market is highly volatile and unpredictable, making it challenging for traders to consistently profit. There are regulatory restrictions in India on forex trading, which adds an additional layer of complexity and risk.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Jay and Julie Hawk
Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.