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Best Forex Brokers in India April 2024

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Meet Thadeus, a trading guru, brilliant writer, and financial fanatic with years of expertise in the industry. Get ready to learn from his wealth of knowledge.

Article was updated: April 16, 2024
Estimated reading time: 15 minutes

In India, the forex trading landscape is rapidly advancing, fueled by increasing demand and oversight from the Securities and Exchange Board of India (SEBI). As the nation embraces forex, the need for reliable forex brokers becomes paramount. This is where we come in as expert traders and researchers. We conducted extensive research involving multiple tests and comparisons and share below the best forex brokers in India. Our ultimate goal is to ensure you stay ahead in the game with insights into top-notch brokerage services, ensuring a smooth ride through the complexities of the currency market. 

Essence

  • The demand for forex trading in India is rising, attracting both experienced and new traders.
  • Forex trading in India is overseen by SEBI and RBI, thus ensuring fair and transparent practices.
  • Success in forex trading depends on choosing the right broker, considering factors like regulation, fees, and more.
  • Non-resident Indians (NRIs) are increasingly contributing to the growth and diversity of the forex market in the region.
  • The best Indian forex brokers should offer a variety of instruments for portfolio diversification.
  • Staying informed about global economic trends is crucial for making informed trading decisions in the currency market.

List of the Best Forex Brokers in India

  • FxProOverall Best Forex Broker in India
  • Interactive BrokersBest Forex Broker For Professional Traders in India
  • PepperstoneBest CFD Forex Broker in India
  • FP MarketsBest MT4 Forex Broker in India
  • AvaTradeTop Forex Broker For Mobile Trading in India
  • SpreadExBeginner-Friendly Forex Broker in India
  • SaxoLeading Forex Broker With Excellent Support Service

Compare the Best Indian Forex Brokers

In our commitment to assist traders in India, we go beyond mere testing; we compare features to ensure every trader finds their optimal choice. Below, we present a comprehensive table showcasing key features of the best forex brokers in India. We hope this guidance will help you make informed decisions that align perfectly with your trading preferences.

Best Forex Brokers in IndiaLicenceSoftwarePaymentDemo Account
FxProSEBI, FCA, CySEC, FSCA, SCB, FSCMFXPro Trading Platform, MetaTrader 4, MetaTrader 5, cTraderWire transfers, Credit/Debit cards, PayPal, Neteller, SkrillYes
Interactive BrokersFSA, FCA, SEBI, ASIC, FINRA, CIROTrader Workstation, IBKR Mobile, IBKR EventTrader, IBKR GlobalTrader, IMPACTBank transfers, e-wallets, debit/credit cardsYes
PepperstoneFCA, SEBI, ASIC, DFSAMetaTrader 4, MetaTrader 5, cTrader, TradingView, Capitalise.ai, Social TradingCredit cards, Bank transfer, PayPal, Neteller, Skrill, Union PayYes
FP MarketsCySec, ASIC, FCA, SEBIMT4, MT5, cTrader, IressCredit and Debit cards, Bank transfer, PayPal, Neteller, Skrill, PayTrust FasaPayYes
AvaTradeGOCBI, CySec, ASIC, BVIFSC, FSA, SAFCSA, ADGM, ISA, SEBIMT4, MT5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, Capitalise.aiCredit card, Debit card, Wire transfer, Paypal, Skrill, NETELLER, WebMoneyYes
SpreadExFCA, SEBIIPHONE App, IPAD App, ANDROID App, TradingViewBank Wire Transfer, Credit cardsNo
SaxoFSA, MAS, SEBISaxoTraderGO, SaxoTraderPROBank Wire Transfer, Debit cardsYes

As seasoned forex traders and researchers, we emphasise the significance of selecting legal forex brokers in India with suitable assets and fees. Below are concise tables outlining our recommended Indian forex brokers, detailing their fee structures and offered assets. Whether you’re an experienced or novice trader, understanding these factors is vital for informed decision-making and enhanced trading.

Fees

Best Forex Brokers in IndiaFeesMinimum Deposit RequirementTransactionInactivity
FxProFrom 0.1 pips$100Free$15 one-off maintenance fee
Interactive BrokersFrom 0.08 points$0The first withdrawal per calendar month is free. Subsequent withdrawals cost $2 per withdrawalNone
PepperstoneFrom 0.0 pips$0FreeNone
FP MarketsFrom 0.0 pips$100FreeNone
AvaTrade0.03 pips$100Free$50 quarterly
SpreadexFrom 0.6 pips$0FreeNone
SaxoFrom $0.01$0 (for Classic account)Free$0 

Assets

Best Forex Brokers in IndiaCryptocurrenciesStocksCommoditiesETFsOptions
FxProYesYesYesNoNo
Interactive BrokersYesYesYesYesYes
PepperstoneYesYesYesYesYes
FP MarketsYesYesYesYesNo
AvaTradeYesYesYesYesYes
SpreadexYesYesYesYesYes
SaxoYesYesYesYesYes

Our Opinion & Overview of the Best Forex Brokers in India

We, as experts in the currency field, present our insights into the top forex brokers in India. This comprehensive overview is designed to provide our opinions on the most reliable and effective platforms available, offering valuable guidance for traders seeking excellence in the Indian forex market.

1. FxPro – Overall Best Forex Broker in India

FxPro 1
FxPro 2
FxPro 3
FxPro 4
FxPro 5
FxPro 1
FxPro 2
FxPro 3
FxPro 4
FxPro 5

Following extensive testing and analysis, FxPro emerges as the overall best forex broker in India. Its user-friendly platform, featuring over 70 currency pairs, from major to exotic, stood out during our evaluation. FxPro’s lightning-fast order execution enhances time-sensitive trading, and the absence of transaction charges, coupled with a modest starting requirement of $100, makes it accessible to a wide range of users.

Beyond forex, we like FxPro’s inclusion of additional assets like shares, futures, spot indices, metals, and more, which facilitates robust portfolio diversification. With the support of MT4, MT5, and cTrader, FxPro seamlessly accommodates advanced forex traders. We also tested the broker’s 24/5 support service and got reliable assistance that kept us trading for a more extended period. Compared to its peers, FxPro receives a commendable 4.3-star rating from us.

FxPro Review 2024
TradingGuides Rating:
✔ Unique trading tools
✔ Trustworthy broker
Pros & Cons
Fees
Trading Assets
Pros
  • Over 70 currency pairs to trade
  • Low spreads from 0.6 pips on major currency pairs
  • Quality learning and research tools
  • Reliable and responsive support service
Cons
  • Only forex and CFD assets are supported
  • Its price is a bit higher compared to some of its peers

Type Fee
Minimum deposit $100
Withdrawal fee $0
Inactivity fee $15 once + $5 monthly

FxPro offers traders a wide range of investment products, including 70 currency pairs, as well as over 2000 different stocks.

2. Interactive Brokers – Best Forex Broker For Professional Traders in India

Interactive Brokers 1
Interactive Brokers 2
Interactive Brokers 3
Interactive Brokers 4
Interactive Brokers 5
Interactive Brokers 1
Interactive Brokers 2
Interactive Brokers 3
Interactive Brokers 4
Interactive Brokers 5

From our perspective, Interactive Brokers (IBKR) stands out as the ultimate platform for professional traders in India. Its user-friendly interface, coupled with a straightforward account opening procedure and no minimum deposit requirement, makes it easier for expert traders to start exploring the currency market. We also like that IBKR supports free transactions and allows its users to earn interest of up to USD 4.83% on available cash. This leads us to conclude that the broker prioritises transparency and financial benefits for professional traders in India.

Besides the web platform, the IBKR GlobalTrader mobile app offers direct access to interbank quotes and lists 100+ currency pairs to trade with tight spreads. The streamlined activities we experienced with this app make us recommend it to newbies. With thousands of tradable assets, including stocks, commodities, options, futures, bonds, and ETFs, IBKR provides a comprehensive collection for portfolio diversification. Plus, the broker’s BestX platform, equipped with advanced technologies, solidifies IBKR’s position as the top choice for professional traders in India, thus earning a 5-star rating from our analysis.

Interactive Brokers Review
TradingGuides Rating:
✔ One of the oldest broker
✔ Top trading platform for advanced
Pros & Cons
Fees
Trading Assets
Pros
  • No minimum deposit requirement.
  • Features thousands of securities for portfolio diversification.
  • Its GlobalTrader app is user-friendly with a modern design.
  • Allow its users to earn high interest rates of up to 4.83 on instantly available cash.
Cons
  • Its desktop platform can be challenging for newbies to navigate.
  • Support service is only available 24/5.

Type Fee
Minimum Deposit $10
Deposit Fee Free
Withdrawal Fee Free
Inactivity Fee $0

Interactive Brokers’ clients can trade stocks, options, futures, forex, cryptocurrencies, bonds, and funds in 150 markets.

3. Pepperstone – Best CFD Forex Broker in India

Pepperstone website
Pepperstone
Pepperstone platforms
Pepperstone tools
Pepperstone website
Pepperstone
Pepperstone platforms
Pepperstone tools

We also tested Pepperstone, and it emerges as the optimal CFD forex broker in India, offering a diverse and personalised trading experience. Compatible with TradingView, MT4, MT5, and cTrader platforms, this broker ensures flexibility for CFD forex traders. With it, you will have access to 90+ currency pairs and a suite of an additional 1200+ CFDs covering shares, commodities, ETFs, and indices for portfolio diversification. The broker has a recommended $200 minimum deposit requirement for Indian traders and low spreads starting from 0.0 pips. 

We noticed that Pepperstone boasts a 1:500 leverage for professional forex traders and regulation across multiple jurisdictions. This provides a secure trading environment and an opportunity to apply high leverage on your trades, which can bring about massive profits if a trade works out in your favour. The inclusion of social and copy trading on platforms like Myfxbook, MetaTrader Signals, and DupliTrade further enhances the user experience. Comparing it with other forex brokers in India, Pepperstone earns a commendable 4.7-star rating from us.

Pepperstone Review
TradingGuides Rating:
✔ Top tier liquidity
✔ No dealing desk intervention
Pros & Cons
Fees
Trading Assets
Pros
  • Low trading fees with spreads from 0.0 pips
  • A user-friendly and modern design platform
  • Features social trading whereby you get to interact with other traders and mirror potentially profitable positions
  • Free deposits and withdrawals
Cons
  • Limited asset offerings compared to its peers
  • Does not allow buying and taking full ownership of the assets

Type Fee
Minimum Deposit  $200
Withdrawal fee $0
Deposit fee $0
Inactivity fee No
Account fee No

1200+ instruments across FX, indices, cryptocurrencies*, equities, energy and commodities, and more, across three, free powerful platforms.

*Only Pro clients get access to cryptos.

4. FP Markets – Best MT4 Forex Broker in India

FP Markets 1
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FP Markets 3
FP Markets 4
FP Markets 5
FP Markets 1
FP Markets 2
FP Markets 3
FP Markets 4
FP Markets 5

From our multiple tests and comparisons, FP Markets emerges as India’s top MT4 forex broker. This is primarily because the platform is equipped with customisable interfaces, one-click trading, and expert advisors, which, in our opinion, further enhances the forex trading experience. Besides MT4, you can also trade forex on MT5, Iress, and TradingView platforms. Our experience with this broker was one of the best, with a low minimum deposit requirement of $100. 

Beyond forex, FP Markets provides access to an additional 10,000+ CFD assets, facilitating robust portfolio diversification across indices, commodities, cryptocurrencies, bonds, and ETFs. With spreads as low as 0.0 pips and 70+ currency pairs, the platform is definitely worth trying if you are looking to explore the currency market. Based on our analysis, we give this broker a 5-star rating.

FP Markets Review 2024
TradingGuides Rating:
✔Low trading fees
✔Accounts can be opened fast and easy
Pros & Cons
Fees
Trading Assets
Pros
  • Over 70 currency pairs to trade
  • Low minimum deposit requirement with free transactions
  • High leverage limit of 1:500 for professional forex traders
  • Features a social trading platform that allows users to connect, share various trading ideas, and copy potentially profitable positions
Cons
  • FP Markets does not allow Indian traders to buy and take full ownership of the listed stocks. You can only trade them as CFDs
  • You will incur commissions on the Raw Account tailored for professional forex traders

Type Fee
Minimum deposit $100
Overnight fee $0
Deposit fee $0
Withdrawal fee Depends on payment method
Inactivity fee $0

There are plenty of trading options to choose from on FP Markets. These include 70+ currency pairs, more than 10,000 stocks on global exchanges, 5 cryptocurrency CFDs,  46 ETFs, 19 major global indices, and commodities. The commodities available include gold, silver, oil and more.

5. AvaTrade – Top Forex Broker For Mobile Trading in India

AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5
AvaTrade 1
Avatrade 2
Avatrade 3
Avatrade 4
Avatrade 5

Among the forex trading brokers in India, we believe AvaTrade is the best choice for mobile trading. This is because we noticed that its AvaTradeGO app is one of the most highly rated apps on Google Play, the App Store, and Trustpilot. We also downloaded the app on our mobile devices, and our experience highlighted the app’s seamless trades and modern design. With access to over 60 currency pairs and an additional 1250+ assets, AvaTrade facilitates extensive portfolio diversification.

AvaTrade goes beyond with platforms like AvaSocial, DupliTrade, and ZuluTrade for enhanced social and copy trading. The inclusion of MT4 and MT5 platforms further solidifies the broker’s commitment to providing a versatile and user-friendly trading experience. From our analysis and positive experiences, we confidently assert AvaTrade’s position as India’s top forex broker for mobile trading. Therefore, we give it a 5-star rating.

AvaTrade Review
TradingGuides Rating:
✔ One of the most popular brokers in the UK/EU
✔ Quick deposits and withdrawals
Pros & Cons
Fees
Trading Assets
Pros
  • Over 60 currency pairs to trade
  • Low minimum deposit requirement of $100
  • Commission-free trades with low spreads
  • Quality learning and research materials
Cons
  • Limited asset offerings compared to its peers
  • High minimum deposit requirement to access the DupliTrade platform

Type Fee
Minimum Deposit £100
Inactivity Fee USD Account: $50
EUR Account: €50
GBP Account: £50
Administration Fee USD Account: $100
EUR Account: €100
GBP Account: £100
Deposit Fee $0
Withdrawal Fee $0

AvaTrade impresses with a robust portfolio of over 1250 assets, encompassing a wide range of trading instruments.

Forex – AvaTrade facilitates trading in a broad spectrum of currency pairs, enabling exposure to the dynamic forex market and diverse CFD options.

Stocks and Commodities – The platform offers a comprehensive selection of stocks and commodities, allowing users to invest in companies and raw materials across global markets.

Cryptocurrencies – AvaTrade supports trading in cryptocurrencies, providing access to a multitude of digital assets, including popular ones like Bitcoin, Ethereum, and more.

ETFs, Bonds, Treasuries, and Indices – AvaTrade’s offerings extend to ETFs, bonds, treasuries, and indices, offering diversification opportunities and exposure to various sectors and industries.

6. SpreadEx – Beginner-Friendly Forex Broker in India

SpreadEx 1
SpreadEx 2
SpreadEx 3
SpreadEx 4
SpreadEx 5
SpreadEx 1
SpreadEx 2
SpreadEx 3
SpreadEx 4
SpreadEx 5

After thorough testing and exploration, SpreadEx emerged as a beginner-friendly forex broker in India. With no minimum deposit requirement, it champions accessibility for newcomers, allowing them to begin trading with any affordable amount. Speculating on over 60 currency pairs, including EUR/USD from 0.6 pts and GBP/USD from 0.9 pts, Spreadex offers competitive spreads.

Our experience revealed that SpreadEx’s user-friendly and customisable platform ensures a seamless journey for beginners, enhanced by advanced and automated technical analysis tools. The diverse array of an additional 10,000+ CFD assets caters to traders seeking portfolio diversification. We were also impressed by the broker’s quality learning resources and responsive customer support via email, phone, and live chat. That is why we believe it deserves a solid 4.5-star rating.

SpreadEx Review
TradingGuides Rating:
✔Low forex fees
✔Helpful customer service
Pros & Cons
Fees
Trading Assets
Pros
  • A user-friendly and modern design trading app
  • No minimum deposit requirement
  • Low trading fees
  • Allows social trading
Cons
  • Limited research resources compared to its peers
  • No negative balance protection for Indian traders

Type Fee
Minimum deposit Free
Overnight fee Yes
Deposit fee Free
Withdrawal fee Free
Inactivity fee Free

Currently, there are 60+ forex pairs on offer, 17 commodity CFDs and 1000 index and stock CFDs.

7. Saxo – Leading Forex Broker With Excellent Support Service

Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5
Saxo Markets 1
Saxo Markets 2
Saxo Markets 3
Saxo Markets 4
Saxo Markets 5

We tested Saxo’s 24/5 responsiveness and were very impressed with the team. We not only received relevant solutions to our concerns and issues, but the team also conducted follow-ups to ensure we were delighted and enjoying our trading experience. The broker offers access to 185+ forex pairs, crypto, spot metals, and an additional 71,000+ securities for portfolio diversification. With no minimum deposit requirement on its classic account, Saxo ensures accessibility for all users.

Besides the beginner-friendly web platform, we like the broker’s SaxoTraderPRO platform, which is tailored for professionals. From our experience, the platform is fully customisable and compatible with iOS and Windows devices, thus delivering an unparalleled user experience. The inclusion of algorithmic orders and advanced trading resources also appeals to seasoned traders. Saxo’s unique offering of earning interest on uninvested funds adds a distinctive dimension. Comparing it to peers, we give it a 4.4-star rating.

Saxo Review 2024
TradingGuides Rating:
✔ Competitive forex spread costs
✔ Best for experienced traders
Pros & Cons
Fees
Trading Assets
Pros
  • Lists over 185 currency pairs to trade
  • Excellent research tools for market analysis
  • A responsive and efficient support service with relevant solutions
  • Over 71,000 additional securities for portfolio diversification
Cons
  • Limited learning tools compared to its peers

Type Fee
Minimum deposit $0 (for Classic account)
Inactivity fee $0
Deposit fee $0
Withdrawal fee $0
Manual order fee €50 per order
Stocks from $1 on US stocks
Futures $1 per lot
Listed options $0.75 per lot
ETFs from $1
Bonds from 0.05% on govt. bonds
Mutual funds $0

Stocks, Crypto, Forex, CFDs, ETFs, Commodities, Futures, Forex options, Bonds, Listed options, and Mutual funds.

What do Other Traders Say?

As mentioned earlier, we test and compare numerous forex brokers in India to get the best recommendations. We also analyse user testimonials on Google Play, the App Store, and Trustpilot to ensure our findings are not biased. Here are some of the user comments we gathered.

1. FxPro

FxPro review 1 FxPro review 2

Most users on Google Play, the App Store, and Trustpilot find FxPro a user-friendly broker with a customisable interface. Other users praise its support service team, while others are impressed by the broker’s quality trading resources. 

  • “I just love this app, everything is clear, it’s perfect for all types of investor also for long term invest.” – Dibakar Barua

  • “While providing the services, they did it quickly and proactively. The provides a wide range of functions that are useful while generating monthly and yearly returns. The dashboard is designed to be easy to use and understand” – Nitesh Saini

2. Interactive Brokers

Interactive Brokers review 1 Interactive Brokers review 2

Feedback on Interactive Brokers highlights its commitment to professionalism and advanced trading technologies. The majority of traders appreciate the broker’s GlobalTrader app’s features, catering specifically to traders of all levels.

  • “Very good app, I’m using it on regilar basis. There is no such slow login issues for me, login lasts few seconds. Also the login is remembered when using biometric for some days/weeks, so you would need to enter passwords again, which is good security level.” – Vasil Popov.

  • “IBKR’s iPhone app is far better for trading and for checking portfolio, browsing options prices, and looking at the market with watch lists, than Robinhood’s or Fidelity’s. They’re what I use for watchlists and to peruse options prices, even if I’ll end up trading on other brokers’ phone apps. It’s miles better. As for the broker, IBKR Pro has easily paid for itself and migrating to it has been objectively profitable for me. This is because of its better access to markets and trading hours allowing me to place certain trades. I’ve also been happy enough with trade execution and commissions costs.” – User4658991.

3. Pepperstone

Pepperstone review 1 Pepperstone review 2

Most traders using Pepperstone commend its competitive spreads, user-friendly platforms, and diverse asset offerings. Many appreciate the accessibility it provides to both beginners and professionals.

  • “I rate it 5* because this is the trading platform which offers lowest possible spread (difference between ask and bid prices) during the market hours for active trading indices such as S&P500, US100, DE40, FTSE100, etc., which helps us save some money.” – Sudharshan.

  • “I’ve used many trading platforms, and this is my favourite. Took me a while to get used to it, as it was slightly different from what I was used to, but now love it & all its features.” – Jana from Gold Coast

4. FP Markets

FP Markets review 1 FP Markets review 2

FP Markets earns positive reviews for its comprehensive range of tradable assets, low spreads, and user-friendly platforms. Traders also highlight the broker’s commitment to providing quality learning resources.

  • “Customer support is really marvelous, my problem was taken seriously and solved within no time. Thanks to the team for their efforts. Great!” – Tariq

  • “The app is user friendly. Even for beginners, it is easy to use, and the customer service live chat is quick in replying.” – Wayne K.

5. AvaTrade

AvaTradeGO review 1 AvaTradeGO review 2

AvaTrade receives praise for seamless trading activities on its mobile app. Others also find the web platform easily accessible. We also noted satisfaction when it comes to the broker’s support team responsiveness.

  • “Mr. Hank of Avatrade immediately phoned me after my registration and shared many interesting things. As a beginner these lessons are helpful. I am pleased with their quick response.” – Arif

  • “Very smooth and clean, educational videos to support your understanding of the system and trading in general. Interactive customer service that actively try to support you as best they can, very friendly and understanding” – Jaundre Koekemoer

6. SpreadEx

SpreadEx review 1 SpreadEx review 2

SpreadEx is recognised for its distinctive features, offering financial spread betting and CFD trading. Most users appreciate its intuitive platform, competitive pricing, and positive trading experience facilitated by comprehensive educational resources and responsive customer support.

  • “Easy to use Platform, v friendly staff. Never had any issues” – Matthew Hill

  • “Been with Spreadex more than ten years, great range of markets, particularly among UK smaller caps. Pay up quickly when a short goes to ‘zero’ too, much better experience than I have had with CMC for example.” – TheAceTrader

7. Saxo

Saxo Bank review 1 Saxo Bank review 2

Many users commend Saxo for its exceptional responsiveness in support service, underscoring the broker’s commitment to addressing customer inquiries promptly and effectively. Others also find the broker reliable when it comes to asset selection and cutting-edge trading technology. 

  • “The person was very patient and good at slowly explaining things step by step and also strived to introduce the useful functions of the trading platform.” – Frank Sakda Sreesangkom

  • “Took a bit to get used to, but now I can really appreciate the slick UI and great performance. Wide range of products and their support replied in a timely manner the few times I had questions. Also never had any problems with outages which is a huge relieve” – Christoph Müller

How to Start Trading Forex in India?

Trading forex in India demands a strategic approach, and once you have mastered the essential steps, initiation becomes straightforward. If you are looking to dive into the currency market, we take you through the proper procedures for getting started below. 

Step 1: Choose a Suitable Forex Broker
Step 2: Register a Trading Account
Step 3: Participate in Account Verification
Step 4: Make a Deposit
Step 5: Open a Position

The first thing you must do to seamlessly trade forex is to choose a suitable forex broker with features aligning with your trading requirements. Besides conducting research, you can compare our recommendations above by considering the elements we will share below. Also, confirm a broker’s terms and conditions and install its app on your mobile device to always track your activities even while on the move. 

Once you have selected your best forex broker, click on any of the links we have shared on this page to quickly access its website and begin the account registration. On the site, click the “Register” or “Sign Up” button to begin this procedure. Most brokers will require you to share your personal details, including your name, email, phone number, location, and more. Remember, an account verification procedure is awaiting, so always provide accurate details to avoid inconveniences in the future. 

With your personal details accepted, you are not off the hook yet. This is because most SEBI-regulated forex brokers in India will require you to verify your details to fully activate your account. This is a standard procedure set by the financial authority to ensure the Indian financial space is secure for users and free from imposters. Therefore, you will upload copies of your documents, such as your ID card or passport, for identity verification and a recent utility bill or bank statement to verify your location. 

It might take up to 48 hours for your trading account to be fully activated, after which your broker will send an email notification. At this point, you can make a deposit per the broker’s minimum deposit requirement. The good news is that most SEBI-regulated forex brokers in India, including our recommended ones above, accept payments via multiple options, whether credit/debit cards, e-wallets, or bank transfers. 

Once your broker accepts your deposited funds, you will automatically be redirected to its platform where available currencies are listed. Feel free to choose your preferred currency pairs and create a solid strategy before opening a position. You should also consider implementing risk management controls such as stop-loss and take-profit orders to mitigate massive losses in case a trade doesn’t work out as planned. For beginners, take advantage of a broker’s demo account to be familiar with the currency market before you begin trading with real funds. 

How to Choose the Right Forex Brokers in India

Trading forex in India with the right app will not only give you an exciting experience but will also increase your chances of executing profitable trades. Whether you research the best broker or choose from our recommendations list, below are the factors to consider to identify the best for your needs. 

Verify a broker’s compliance with the Indian regulatory body, the Securities and Exchange Board of India (SEBI). Ensure it adheres to the legal framework, fostering a secure and trustworthy trading environment. Remember, there are numerous fraudsters in the Indian market, and you do not want to fall victim to them and lose your hard-earned money. 

Explore the diversity of account types offered by a forex broker in India. Assess whether the broker caters to varying trading styles, risk appetites, and initial investment levels. The flexibility in account options is vital for a personalised approach. For instance, you can choose to trade forex with a demo account or live account.

Check the broker’s fee structure, including spreads, commissions, and additional charges. Transparent and competitive pricing is crucial to any forex trader. Therefore, understand how costs may impact your overall profitability and trading strategy.

Scrutinise the available trading platforms and tools. Evaluate features such as technical analysis resources, charting capabilities, and the speed of trade execution. A robust technological infrastructure is essential for effective trading strategies. For beginners, confirm the availability of learning resources to easily improve your skills as you explore the currency market. 

Having a broker with reliable customer support is crucial when trading forex in India. For this reason, prioritise brokers offering responsive and reliable support teams via accessible channels like phone, email, and live chat. Accessibility, helpfulness, and timely issue resolution contribute significantly to a positive trading experience.

Leverage the collective wisdom of the trading community when selecting the best forex broker. Seek feedback from fellow traders and consult reputable review platforms, including Trustpilot, Google Play, and the App Store. Real-world experiences provide invaluable insights into the broker’s performance, reliability, and customer satisfaction.

India Forex Trading Strategies

The diverse landscape of forex trading in India calls for a nuanced approach, and understanding various strategies can significantly impact your success in the market. Here is a closer look at some prominent trading strategies.

  1. Scalping

Scalping is a forex trading strategy characterised by making small profits through numerous trades. This approach involves setting entry and exit positions with minimal changes in currencies, aiming for low margins. Note that precise execution is paramount for success in scalping, which typically lasts between 1 to 60 minutes. The strategy relies heavily on being well-informed about currency trends, and traders employing this strategy often capitalise on minor price fluctuations, making quick decisions to optimise their trading positions. 

  1. Day trading

Day trading in the Indian forex market involves executing trades within a single trading day to capitalise on intraday price fluctuations. This strategy requires time dedication, rapid decision-making, and a thorough understanding of market dynamics. Day traders aim to profit from short-term market movements and typically close positions before the trading day ends.

  1. Swing trading

Swing trading is a strategy that capitalises on short to medium-term price “swings” or trends. Traders employing this approach hold positions for a few days to weeks. Successful swing trading relies on technical analysis to catch price momentum within established trends. Traders often use various technical indicators and chart patterns to identify potential entry and exit points.

  1. Position trading

Position trading adopts a long-term approach, with traders holding positions for weeks, months, or even years to benefit from major market trends. This strategy requires a comprehensive understanding of macroeconomic factors, and traders take a less active role in day-to-day trading activities. Position traders often base their decisions on fundamental analysis and broader economic trends.

  1. Range trading

Range trading involves exploiting price oscillations within a defined range by identifying support and resistance levels. Traders using this strategy exhibit patience and conduct meticulous analysis of price movements within a specific range. Success in range trading is often attributed to an ability to predict and capitalise on price fluctuations within the established range.

How are Forex Brokers Regulated in India?

In India, the regulation of forex brokers is a critical aspect of ensuring a secure and transparent trading environment. The regulatory framework is primarily overseen by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Here’s an insight into how forex brokers are regulated in India:

  1. Reserve Bank of India (RBI)

The RBI plays a pivotal role in overseeing the foreign exchange market in India. It regulates forex trading activities and ensures compliance with foreign exchange laws and regulations. The top forex brokers in India are required to adhere to RBI guidelines to maintain the integrity and stability of the currency market.

  1. Securities and Exchange Board of India (SEBI)

SEBI, as the apex regulatory body for securities markets in India, also has a significant role in overseeing certain aspects of Forex trading. While SEBI primarily regulates the securities market, it collaborates with the RBI to maintain a comprehensive regulatory framework for forex brokers.

Overall, forex brokers operating in India must obtain specific licences and authorisations from the above regulatory bodies. These licences serve as an assurance of compliance with stringent regulatory standards, including financial stability, operational transparency, and customer protection. The brokers must also adhere to the regulations outlined in India’s Foreign Exchange Management Act (FEMA). This includes managing foreign exchange transactions, reporting requirements, and ensuring that all activities align with the provisions of FEMA. 

To prevent illicit financial activities, Indian forex brokers must implement robust anti-money laundering (AML) and Know Your Customer (KYC) procedures. This involves thorough verification of their clients’ identities and financial backgrounds during the account registration procedures. 

FAQs

Is forex trading safe in India?

Yes. Forex trading is considered safe in India if conducted through SEBI-regulated and authorised brokers. It is essential to conduct thorough research by testing and comparing multiple brokers to identify the best. You can also choose from our recommendations list above and ensure you fully understand how the currency market works for maximum experience. 

Is MT5 legal in India?

Absolutely. Many forex brokers in India offer MT5 as a trading platform for their clients. Traders should, however, ensure that the broker providing MT5 is regulated by the relevant authorities in India for a secure and worthwhile trading experience. 

Which forex broker has the lowest spread in India?

Determining the forex broker with the lowest spread in India depends on various factors, including the specific currency pairs traded, market conditions, and the broker’s fee structure. From our experience, Pepperstone has the lowest spreads for forex trading. However, its non-trading charges, such as the recommended minimum deposit and withdrawal fees, can be higher than some of its peers.

Do you have to pay tax for forex trading in India?

Yes. Traders in India are required to pay taxes on income generated from forex trading. Forex trading profits are treated as capital gains, and the tax liability depends on the holding period. Short-term capital gains (holding period less than 36 months) are taxed at the applicable slab rates, while long-term capital gains (holding period more than 36 months) are subject to a flat rate with indexation benefits. 

Conclusion

In choosing the best forex broker in India, you have taken a significant step, but success goes beyond the broker. Learn about the currency market, conduct in-depth analysis, and formulate solid trading strategies. Most importantly, implement robust risk management to mitigate potential losses and remain open to continuous learning. Remember, as technology shapes the forex market, staying ahead is crucial. Therefore, be proactive, adapt to changes, and strive for independence and success. Your broker is a tool; your knowledge and strategies are the keys to thriving in this dynamic financial landscape.

How we test?

Our test process is really based on two different aspects: our independent tests and research, as well as user reviews from Google Play, the App Store, and Trustpilot, etc.

The first thing we do when testing is to check every detail and test every tool and instrument. Our experts spend more than 200 hours on every article. We pay special attention to the specific function or the criteria that we’re comparing during the comparing stage. This means that we must determine which broker is more suited for beginners, and which is better suited for experts, for example. Find out more about our test process here.

Thadeus Geodfrey logo
Thadeus Geodfrey

Is a regular dad trying to be smart about how we play and win in this big game of life. He has worked within the very best of the financial industry producing numerous training resources. He is an experienced copywriter with immense financial background. Now earns a full time living as a Trader, and as our writer.

His articles help everyday families build sustainable wealth, stop stressing about their financial security, and start living the life they’ve always wanted.
If he is not trading or writing, he is at the gym.

One Reply to “Best Forex Brokers in India”

  • Mira Sharma says:
    Great article! Learned a lot about Forex trading in India. Particularly enjoyed the diverse strategies, like scalping and day trading. Some are new to me but seem intriguing. Planning to implement them in my practice. Thanks for the helpful tips and interesting ideas!

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