5 Best Forex Brokers in India
The 5 best Forex brokers in India revealed. We have explored and tested several prominent brokers to identify the list of the 5 best brokers.
In this in-depth guide you’ll learn:
- What is a Forex broker in India.
- Who are the best brokers in India.
- No 1 Forex Broker in India.
- Who is the best broker for Forex.
- Which Forex broker is legal in India.
- Pros and cons of each broker.
- Popular FAQs about the best Forex brokers in India.
And lots more…
So, if you’re ready to go “all in” with 5 best Forex brokers in India…
Let’s dive right in…
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | CySEC,MISA, FSCA | USD 20 | Visit Broker >> |
5 Best Forex Brokers in India (2024*)
- ☑️Interactive Brokers – Overall, the most Trusted broker in India.
- ☑️Saxo Bank – Success in online trading and investment.
- ☑️AvaTrade – Complies with all the requirements of the local regulator.
- ☑️XM – has also won numerous awards for its services.
- ☑️FP Markets – Award-winning Broker in 2024*
What is a Forex broker in India?
International Forex brokers accepting traders in India facilitate access to the global currency exchange market for Indian individuals. These brokers comply with regulations allowing Indian traders to participate in Forex trading. They offer diverse trading instruments, platforms, and support services tailored to the needs of Indian traders, enhancing opportunities for financial growth.
The 5 Best Forex Brokers in India
Interactive Brokers
Overview
Interactive Brokers stands out as an optimal choice for traders in India seeking a well-regulated brokerage for trading on the Bombay Stock Exchange (BSE) and under the supervision of the Securities Exchange Board of India (SEBI).
Its reputation for stringent regulatory compliance ensures the safety and security of traders’ investments, instilling trust among Indian investors.
The platform’s standout features include its diverse range of tradable assets, covering equities, derivatives, currencies, and commodities, providing Indian traders with ample opportunities for portfolio diversification.
Additionally, Interactive Brokers offers competitive pricing with low commissions and tight spreads, optimizing trading costs for Indian investors. Its advanced trading technology, including powerful trading platforms and analytical tools, empowers traders to make informed decisions and execute trades efficiently.
Furthermore, the broker’s strong customer support and educational resources cater to the needs of traders in India, enhancing their overall trading experience and fostering long-term success in the financial markets.
Unique Features
| Feature | Information |
| 🏛️ Regulation | SEC, CFTC, FCA, SEBI |
| 📲 Social Media Platforms | LinkedIn YouTube |
| 💻 Trading Accounts | Individual, Joint, Trust, IRA, Non-Professional Advisor, Family Office, Advisor, Advisor Client (including Non-Professional Advisor and Family Office), Broker Client, EmployeeTrack |
| 📊 Trading Platforms | IBKR |
| 💰 Minimum Deposit | No specific minimum deposit required. |
| 📉 Trading Assets | Global Stocks, options, futures, currencies, cryptocurrencies |
| INR-based Account? | ✔️ Yes |
| INR Deposits Allowed? | ✔️ Yes |
| ➕ Bonuses for traders? | ✔️Yes (except for US traders, as per US regulation) |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ❌ No |
| 👉 Open Account | 👉 Open Account |
Interactive Brokers Pros and Cons
| ✔️ Pros | ❌ Cons |
| Extensive range of financial instruments including stocks, options, futures, Forex, bonds, and more. | Complex fee structure that may be confusing for some traders. |
| Direct market access (DMA) providing transparent and efficient trading execution. | Higher minimum deposit requirements compared to some other brokers. |
| Competitive pricing with low commissions and margin rates. | Steeper learning curve for beginners due to the advanced trading tools and features. |
| Powerful trading platforms such as Trader Workstation (TWS) and IBKR Mobile, offering advanced tools and analytics. | Limited customer support options, primarily through email and chat. |
| Global presence with access to over 135 markets in 33 countries. | Inactivity fees on dormant accounts. |
Trust Score
Interactive Brokers has a trust score of 95%.
Saxo Bank
Overview
Saxo Bank emerges as an excellent choice for professional and institutional investors in India due to its comprehensive suite of financial services tailored to their sophisticated needs.
As a globally renowned investment bank, Saxo Bank offers access to a wide range of asset classes, including stocks, bonds, commodities, and foreign exchange, providing Indian investors with diversified investment opportunities.
One of Saxo Bank’s key strengths lies in its advanced trading platforms, equipped with cutting-edge tools and analytics, empowering professional investors in India to execute complex trading strategies with precision and efficiency.
Furthermore, Saxo Bank’s robust risk management framework and regulatory compliance ensure the safety and security of investors’ funds, instilling confidence in their investment decisions.
Moreover, Saxo Bank’s dedicated relationship managers and client support teams cater to the unique requirements of professional and institutional investors, offering personalized assistance and tailored solutions to optimize their investment portfolios.
Overall, Saxo Bank’s reputation for reliability, innovation, and client-centric approach makes it a preferred choice for discerning investors in India seeking a trusted financial partner.
Unique Features
| 🏛️Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
| 📱 Social Media Platforms | LinkedIn, Twitter, Facebook, YouTube, Instagram |
| 🔎 Trading Accounts | Saxo Account, Joint Account, Corporate Account, Professional |
| 💻 Trading Platforms | SaxoInvestor, SaxoTraderGo, SaxoTraderPro |
| 💸 Minimum Deposit | None |
| 🔁 Trading Assets | Stocks ETFs Bonds Mutual funds Crypto ETPs |
| INR-based Account? | ✔️ Yes |
| INR Deposits Allowed? | ✔️ Yes |
| 💰 Bonuses for traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | No |
| 👉 Open Account | 👉 Open Account |
Saxo Bank Pros and Cons
| ✔️ Pros | ❌ Cons |
| Saxo Bank excels in providing a diverse range of assets, including forex, stocks, bonds, and commodities. | The platform may be overwhelming for novice traders due to its advanced features and tools. |
| The platform offers sophisticated tools for in-depth market analysis, catering to experienced traders. | Compared to some competitors, Saxo Bank's fees may be relatively higher, impacting cost-effectiveness. |
| Saxo Bank provides extensive access to global financial markets, allowing diverse investment opportunities. | The sophisticated platform might have a steeper learning curve, requiring time to master for some users. |
| Experienced traders benefit from tailored support and research resources, enhancing decision-making capabilities. | Saxo Bank applies high trading fees for bonds, options, and futures, as well as inactivity and custody fees. |
| Saxo Bank incorporates cutting-edge technology for seamless and efficient trading experiences. | Even though SaxoTraderGO platform’s charts are excellent, you can't use the drag-and-drop feature to easily change your stop-loss and limit orders. |
Trust Score
Saxo Bank has a high trust score of 96%.
AvaTrade
Overview
The Broker emerges as an attractive option for traders in India due to its versatile mobile trading app, extensive range of assets, competitive spreads, and robust educational resources.
The mobile trading app offers convenient access to the financial markets, allowing Indian traders to execute trades anytime, anywhere, enhancing flexibility and convenience.
With AvaTrade, traders in India gain access to a diverse selection of assets, including currencies, stocks, commodities, and cryptocurrencies, enabling them to build well-rounded investment portfolios suited to their preferences and risk appetite.
Additionally, competitive spreads contribute to cost-effective trading, optimizing potential returns for Indian traders.
AvaTrade’s commitment to education is evident through its comprehensive educational offering, including tutorials, webinars, and market analysis tools, empowering traders in India with the knowledge and skills needed to succeed in the dynamic world of trading.
Overall, AvaTrade’s mobile trading app, asset variety, competitive spreads, and educational support collectively make it a compelling choice for traders in India looking to engage in the global financial markets effectively and efficiently.
Unique Features
| AvaTrade Features | Information |
| 🏛️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 🏛️ HCMC regulation? | ✔️ Yes |
| 📲 Social Media Platforms | Facebook You Tube |
| 💻 Trading Accounts | Standard Account Razor Account Professional Account Demo Account Islamic Account |
| 📊 Trading Platforms | MetaTrader 4 MetaTrader 5 cTrader TradingView Myfxbook Duplitrade |
| 💰 Minimum Deposit | Equivalent to AU$200 |
| 📉 Trading Assets | Forex Indices Shares Commodities Cryptocurrencies Futures Options |
| EUR-based Account? | ✔️ Yes |
| EUR Deposits Allowed? | ✔️ Yes |
| ➕ Bonuses for traders? | ❌ No |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes |
| 👉 Open Account | 👉 Open Account |
AvaTrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade creates an environment conducive to profitable trading. | Currently, variable spreads are not offered |
| Demo and Islamic accounts are both available. Since its inception, AvaTrade has won numerous honours and built a solid reputation. | Only two types of retail trading accounts are available |
| There are around 1,250 tradable assets available in financial markets. | Dormant accounts incur an inactivity fee |
| AvaTrade offers skilled traders the necessary trading instruments they require. | |
| A variety of complex and novel trading strategies are available for investigation. |
Trust Score
AvaTrade has a high trust score of 96%.
XM
Overview
XM stands out as a top choice for traders in India, offering a plethora of standout features and offerings. Its comprehensive range of tradable assets, including forex, commodities, indices, stocks, and cryptocurrencies, provides Indian traders with ample opportunities for diversification and profit potential.
One of XM’s notable features is its user-friendly trading platforms, including MetaTrader 4 and MetaTrader 5, renowned for their advanced charting tools, technical analysis capabilities, and seamless execution.
Additionally, XM’s competitive spreads and low commissions contribute to cost-effective trading, optimizing returns for Indian traders.
Furthermore, XM prioritizes customer satisfaction with its multilingual customer support team available 24/5, catering to the diverse needs of traders in India.
The broker also offers a variety of educational resources, including webinars, seminars, and tutorials, empowering Indian traders with the knowledge and skills necessary to navigate the financial markets successfully.
Overall, XM’s standout features and offerings make it a compelling choice for traders in India seeking a reliable and comprehensive trading experience.
Unique Features
| Feature | Information |
| 🏛️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📲 Social Media Platforms | LinkedIn YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platforms | MetaTrader 4, MetaTrader 5, XM Mobile App |
| Minimum Deposit in AED | AED 18.36 in $5 |
| 📉 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares, |
| INR-based Account? | No |
| INR Deposits Allowed? | No |
| ➕ Bonuses for traders? | ✔️ Yes |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes |
| 👉 Open Account | 👉 Open Account |
XM Pros and Cons
| ✅Pros | ❌Cons |
| The XM accounts are accessible to all types of traders | Spreads can fluctuate drastically and quickly |
| Traders can use leverage up to 1:1000 | There are position size limits according to the trading account |
| XM caters to various trading strategies | ompared to alternative brokerages, XM offers a relatively limited assortment of cryptocurrencies, which may restrict the range of options available to traders interested in acquiring a diverse selection of crypto assets. |
| There is a diverse range of tradable instruments | Traders may incur inactivity penalties if their accounts remain inactive for prolonged durations. This situation may present a challenge for infrequent traders. |
| XM offers multi-currency accounts | XM functions through the implementation of variable spreads, the magnitude of which traders may perceive as being greater during periods of heightened market volatility. |
| XM applies for negative balance protection | XM, in comparison to certain industry rivals, does not consistently provide fixed deposit advantages, potentially impeding traders who are in search of supplementary incentives. |
| A cent account is provided by XM, enabling traders, particularly novices in the field, to commence their endeavours with more modest investments while efficiently mitigating their risk exposure. | A number of traders are perplexed by XM's fee structure, which varies by account category and has the potential to cause some users to become confused. |
| XM's platform provides traders with competitive margins that not only enhance cost-effectiveness but also possess the potential to optimise profits. | Depending on the regulatory climate, traders whose strategies favour higher leverage ratios may face repercussions if XM is able to enforce leverage restrictions. |
Trust Score
XM has a high trust score of 90%.
FP Markets
Overview
FP Markets stands out as an excellent choice for traders in India due to its diverse range of assets, favorable account conditions, streamlined registration process, and robust analytical tools.
With FP Markets, Indian traders gain access to a wide array of tradable instruments, including forex, commodities, indices, equities, and cryptocurrencies, enabling them to build diversified portfolios tailored to their investment objectives.
The broker offers competitive account conditions, including tight spreads, low commissions, flexible leverage options, and fast execution, optimizing trading efficiency and profitability for Indian traders.
Additionally, their straightforward registration process ensures a hassle-free onboarding experience, allowing traders in India to start trading quickly and easily.
Furthermore, FP Markets provides advanced analytical tools, such as comprehensive charting packages, technical indicators, and market analysis, empowering Indian traders to make informed trading decisions.
Unique Features
| Feature | Information |
| 🏛️ Regulation | ASIC, CySEC, FSCA, FCA and FSA |
| 📲 Social Media Platforms | LinkedIn You Tube |
| 💻 Trading Accounts | MT4/5 Standard Account, an MT4/5 Raw Account, an MT4/5 Islamic Standard Account, and an MT 4/5 Islamic Raw Account |
| 📊 Trading Platforms | MetaTrader 4 MetaTrader 5 cTrader IRESS FP Markets App |
| Minimum Deposit in INR | INR8,289.70 or $100 |
| 📉 Trading Assets | Forex Shares Indices Commodities Cryptocurrencies Bonds ETFs |
| INR-based Account? | No |
| INR Deposits Allowed? | ✔️ Yes |
| ➕ Bonuses for traders? | No |
| 📈 Minimum spread | From 0.0 pips |
| 💻 Demo Account | ✔️ Yes |
| ☪️ Islamic Account | ✔️ Yes |
| 👉 Open Account | 👉 Open Account |
FP Markets Pros and Cons
| ✔️ Pros | ❌ Cons |
| The cutting-edge technology architecture of FP Markets is advantageous to traders. | Owing to FP Markets' global orientation, support for certain local payment methods could be limited. |
| Traders can take advantage of comprehensive customer support provided by a skilled and committed crew. | Although FP Markets offers a wide range of products, certain traders may be interested in local or specialist markets that they do not offer. |
| Traders have the option of trading with a broker who is subject to regulation by a variety of international regulatory bodies, including the FSA, FSC, ASIC, FSCA, and CySEC. | Withdrawal fees are assessed by FP Markets for a number of payment options. |
| For traders who wish to advance their trading expertise, FP Markets provides a whole educational package. | |
| In order to accommodate traders' diverse demands and trading preferences, FP Markets offers a range of account kinds. | |
| Traders can use platforms like MetaTrader 4, cTrader, IRESS, and MetaTrader 5 to get access to sophisticated charting and analytical tools. | |
| Traders can diversify their trading methods across asset classes by having access to a large range of global markets through FP Markets. | |
| FP Markets keeps its minimum commission arrangements and competitive spreads in place. |
Trust Score
FP Markets has a high trust score of 87%.
Conclusion
Overall, selecting the right Forex broker is crucial for traders in India to navigate the global currency markets effectively. Factors such as regulatory compliance, asset variety, trading conditions, customer support, and educational resources should be carefully considered to ensure a seamless and successful trading experience.
Frequently Asked Questions
What regulatory bodies should I look for when choosing a Forex broker in India?
Look for brokers regulated by the Securities and Exchange Board of India (SEBI) and/or recognized international regulators like ASIC, FCA, or CySEC to ensure compliance with industry standards and safeguard your investments.
What factors should I consider when evaluating the trading conditions offered by Forex brokers in India?
Consider factors such as spreads, commissions, leverage, minimum deposit requirements, and execution speed to assess the overall cost-effectiveness and efficiency of trading with a particular broker.
How can I determine the reliability and reputation of a Forex broker in India?
Research the broker’s track record, user reviews, and industry awards. Additionally, verify the broker’s regulatory status and assess its financial stability to gauge its reliability as a trading partner.
What range of trading instruments should I expect from Forex brokers catering to Indian traders?
Look for brokers offering a diverse range of assets, including major and minor currency pairs, commodities, indices, stocks, and cryptocurrencies, to ensure ample trading opportunities and portfolio diversification.
What kind of customer support and educational resources should I expect from Forex brokers operating in India?
Choose brokers offering responsive and multilingual customer support channels, as well as comprehensive educational resources such as webinars, tutorials, and market analysis tools, to enhance your trading experience and knowledge base.
