Best Forex Brokers in India

Best Forex Brokers In India

Forex trading has become a source of passive income for nearly 9.6 million traders worldwide. With a daily turnover of more than $6 Trillion, the forex market is full of profit-making opportunities. However, some countries have strict regulatory restrictions on currency trading due to high-risk exposure, and one such country is India. Traders in India are only allowed to trade currency pairs involving the Indian Rupee. The rigid regulatory framework limits the scope of forex trading in the country. That’s the reason why only a small number of forex brokers operate in India. In this piece, we share some tips to help you select the best forex brokers in India.

XM
TradingDominance Score™: 99 / 100
XM Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Micro Account
  • Commision: No Commision
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots (MT4)* - 0.1 Lots (MT5)
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Standard Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Ultra Low Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 0.06
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 50
  • Minimum Trade Size: Standard Ultra: 0.01 Lots - Micro Ultra: 0.1 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Zero
  • Commision: $3.5 Per Lot Per 100K USD Traded
  • Maximum Leverage: 1:888
  • Typical Spread: 0-0.1
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Shares Account
  • Commision: Yes
  • Maximum Leverage: NO Leverage
  • Typical Spread: As per the underlying exchange
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 1 Lot
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
Cyprus - CY CYSEC
Belize (IFSC)
Dubai (DFSA)
Information:
Company NameXM
Year Funded2009
HeadquartersCyprus, Belize and Australia
Office Locations Cyprus, Belize and Australia
Client Funds Bank(s)Investment Grade Banks
Account CurrencyAUD, CHF, EUR, GBP, JPY, SGD, USD, ZAR, HUF, PLN, RUB
Support Languages Arabic, English, French, German, Indonesian, Greek, Italian, Polish, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Hindi and Urdu, Chinese, Czech, Turkish, Ukrainian, Bulgarian, Hungarian, Romanian
Funding MethodsBank Wire, Neteller, Skrill, Credit Card, WebMoney
Financial Instruments Forex, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
Interactive Brokers
Interactive Brokers Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Accepts Canadian Clients
Trading API
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers STP
ECN or STP Execution
Account Type
Information
IBKR Lite
  • Commision: Free
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS), IBKR Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
IBKR PRO
  • Commision: Fixed or Tiered Pricing
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS).
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - USAsec
Canada (IIROC)
Singapore - MAS
USA - (FINRA)
Ireland - (CBI)
Austria - (CSSF)
Hungary - (MNB)
India - (BSE)
Japan - (FSA)
Information:
Company NameInteractive Brokers
Year Funded1978
HeadquartersUSA
Office Locations USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, Luxembourg, Singapore, Ireland and Estonia.
Client Funds Bank(s)
Account CurrencyAUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD, ZAR, HUF, PLN, RUB, DKK, SEK, NOK, CZK, MXN, ILS
Support Languages English, French, German, Italian, Russian, Spanish, Japanese, Chinese
Funding MethodsBank Wire, BPAY
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
Pepperstone
TradingDominance Score™: 95 / 100
Pepperstone Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
The Edge Standard Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 Pip
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Razor Account
  • Commision: $3.50 per $100,000 Trading Volume.
  • Maximum Leverage: 1:500
  • Typical Spread: 0.0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Swap-Free Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 to 1.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Active Traders Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 0 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
Dubai (DFSA)
Bahamas - (SCB)
Germany - (BaFin)
Kenya - (CMA)
Information:
Company NamePepperstone
Year Funded2010
HeadquartersAustralia
Office Locations London, Bangkok, and Dallas
Client Funds Bank(s)
Account CurrencyAUD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD
Support Languages Arabic, English, French, Italian, Polish, Chinese
Funding MethodsBank Wire, Neteller, Skrill, PayPal, Credit Card, FasaPay, China Union, Qiwi, Poli, BPay
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
IG
TradingDominance Score™: 95 / 100
IG Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
ECN or STP Execution
VPS Trading
Offers MT4
Account Type
Information
CFD Trading Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Professional Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Dubai (DFSA)
USA - (CFTC)
Singapore - MAS
Bahamas - (SCB)
Germany – (BaFin)
Switzerland – (FINMA)
USA – (NFA)
New Zealand – (FMA)
Japan – (FSA)
Information:
Company NameIG
Year Funded1974
HeadquartersUnited Kingdom
Office Locations Denmark, Deutschland, Spain, France, Ireland, Italy, Luxembourg, Nederland, Norge, Österreich, Portugal, Romania, Russia, United Kingdom, United States, Australia, Singapore, South Africa, United Arab Emirates
Client Funds Bank(s)
Account CurrencyAUD, EUR, GBP, SGD, USD, HKD
Support Languages Arabic, English, French, German, Italian, Portuguese, Russian, Korean, Japanese, Chinese, Swedish
Funding MethodsBank Wire, PayPal, Credit Card
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
NAGA
TradingDominance Score™: 95 / 100
NAGA Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
Offers MT4
Offers MT5
Account Type
Information
Iron Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.5)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Bronze Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.3)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 2500
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Silver Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.9)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Gold Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.7)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Diamond Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Platinum Spreads (0.9 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lot
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Crystal Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: VIP Spreads (0.7 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Cyprus - CY CYSEC
Information:
Company NameNAGA
Year Funded2005
HeadquartersCyprus
Office Locations South Africa, Mexico, Peru, Indonesia, India, Thailand, Malaysia, Vietnam, and New Zealand.
Client Funds Bank(s)
Account CurrencyEUR, USD
Support Languages English, German, Indonesian, Italian, Polish, Portuguese, Spanish, Vietnamese, Thai, Chinese, Czech, Hungarian
Funding MethodsBank Wire, Neteller, Skrill, Bitcoin, Credit Card, Ethereum, Dash, Bitcoin Cash, NAGA Coin, Litecoin, Sofort, Giropay, EPS, iDeal, p24, Trustly
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
Exness
TradingDominance Score™: 94 / 100
Exness Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Indices
Precious Metals
Other Features
Cent Accounts
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
ECN Account
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Standard
  • Commision: No trading commission
  • Maximum Leverage: 2000:1
  • Typical Spread: 0.2-1.2
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Standard Cent
  • Commision: No trading commission
  • Maximum Leverage: Unlimited
  • Typical Spread: 0.2-1.2
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Raw Spread
  • Commision: Up to 3.5 USD
  • Maximum Leverage: 1:2000
  • Typical Spread: 0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Zero
  • Commision: From 3.5 USD
  • Maximum Leverage: 1:Unlimited
  • Typical Spread: 0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Pro
  • Commision: No trading commission
  • Maximum Leverage: 1:2000
  • Typical Spread: From 0.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
United Kingdom - UK FCA
Cyprus - CY CYSEC
South Africa - ZA FSCA
The Seychelles FSA
Information:
Company NameExness
Year Funded2008
HeadquartersNetherland, Seychelles
Office Locations Netherland, Seychelles
Client Funds Bank(s)Top Grade Investment Banks
Account CurrencyAUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD, ZAR, HUF, PLN, RUB, DKK, SEK, RON, NOK, IDR, CZK, CNY, MXN, TRY, GOLD, SILVER, AED, ARS, AZN, DHD, BND, BRL, CLP, COP, DZD, GEL, GHS, ILS, IRN, JOD, KES, KRW, KZT, LBP, LKR, MAD, MYR, NGN, NDZ, OMR, PHP, QAR, SAR, SYP, THB, TND, TWD, UGX, UAH
Support Languages Arabic, English, French, Indonesian, Malay, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Japanese, Bengali, Hindi and Urdu, Chinese
Funding MethodsBank Wire, Neteller, Skrill, Bitcoin, Credit Card, Tether, WebMoney, Perfect Money
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts ✔️
Negative balance protection ✔️
Social trading ✔️
Regulatory deposit insurance
Trailing stops✔️
Bonuses✔️
Interest on margin
Fixed spread
Variable spread✔️
Saxo Markets
TradingDominance Score™: 94 / 100
Saxo Markets Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Futures
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Interest on Margin
Variable Spread
Account Type
Information
Classic
  • Commision: Variable Commission
  • Maximum Leverage: 30:1
  • Typical Spread: 1.1 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 2000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Platinum
  • Commision: Variable Commission
  • Maximum Leverage: 30:1
  • Typical Spread: 1.0 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 200000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
VIP
  • Commision: No commission
  • Maximum Leverage: 30:1
  • Typical Spread: 0.8 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Singapore - MAS
Hong Kong - (SFC)
Information:
Company NameSaxo Markets
Year Funded1992
HeadquartersDenmark
Office Locations UK, Singapore, Denmark, Australia, Hong Kong, China, India, Japan, France, Italy, Czech Republic, Switzerland, Netherland, Dubai
Client Funds Bank(s)N/A
Account CurrencyAUD, EUR, GBP, JPY, USD, PLN, CZK
Support Languages Arabic, English, French, German, Italian, Polish, Portuguese, Russian, Spanish, Korean, Japanese, Chinese, Norwegian, Persian, Dutch, Slovak
Funding MethodsBank Wire, Credit Card, Debit Card, VISA, Master Card, Maestro, Union Pay
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Futures
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin ✔️
Fixed spread
Variable spread✔️
Admiral Markets
Admiral Markets Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Offers STP
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Zero
  • Commision: Forex & Metals - from $1.8 to $3.0 per lot, Cash Indices - from $0.05 to $3.0 per 1.0 lots, Energies - $1 per lot
  • Maximum Leverage: Retail Clients: 1:30 - 1:20, Professional Clients: 1:500 - 1:10
  • Typical Spread: 0.0 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Trade
  • Commision: Share & ETF CFDs - $0.02 per share, No commission on other Instruments
  • Maximum Leverage: Retail Clients: 1:30 - 1:20, Professional Clients: 1:500 - 1:10
  • Typical Spread: From 0.5 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Invest
  • Commision: Share & ETF CFDs - $0.02 per share, No commission on other Instruments
  • Maximum Leverage: None
  • Typical Spread: From 0 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
Information:
Company NameAdmiral Markets
Year Funded2001
HeadquartersTallin, Estonia
Office Locations UK, Cyprus, Australia
Client Funds Bank(s)Prudential Authority Regulated Banks
Account CurrencyCHF, EUR, GBP, USD, HUF, PLN, RON, CZK, BGN, HRK
Support Languages Arabic, English, French, German, Indonesian, Italian, Polish, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Bengali, Chinese, Bulgarian, Croatian, Estonian, Lithuanian, Romanian, Dutch, Latvian, Magyar, Cestina, Slav, Bahasa Indonesia, Hindi, Khmer
Funding MethodsBank Wire, Skrill, Credit Card, Debit Card, Klarna, Visa, Mastercard, SafetyPay, Przelewy, iBank , BankLink, iDEAL
Financial Instruments Forex, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread
Variable spread✔️
FxPro
TradingDominance Score™: 92 / 100
FxPro Financial Instruments
Forex
Cryptocurrencies
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trailing Stops
Fixed Spread
Variable Spread
Allows hedging
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
FxPro MT4
  • Commision: NO
  • Maximum Leverage: (Retail) 1:200, (Professional) 1:500
  • Typical Spread: 1.71
  • Mobile Platform: MT4 Mobile
  • Trading Platform: MT4, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
FxPro MT4 Instant
  • Commision: NO
  • Maximum Leverage: Retail 1:200, Professional 1:500
  • Typical Spread: 1.84
  • Mobile Platform: MT4 Mobile
  • Trading Platform: MT4, WebTrader
  • Spread Type: Fixed, Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
cTrader
  • Commision: $45.00 Per Side Per 1 Million USD Traded
  • Maximum Leverage: Retail 1:200, Professional 1:500
  • Typical Spread: 0.31
  • Mobile Platform: cTrader Mobile
  • Trading Platform: cTrader, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
FxPro Edge MT4
  • Commision: NO
  • Maximum Leverage: Retail 1:200, Professional 1:500
  • Typical Spread: 1.71
  • Mobile Platform: FxPro Mobile App
  • Trading Platform: MT4, FxPro Edge web
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
FxPro MT5
  • Commision: NO
  • Maximum Leverage: Retail 1:200, Professional 1:500
  • Typical Spread: 1.65
  • Mobile Platform: MT5 Mobile
  • Trading Platform: MT5
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Regulators
United Kingdom - UK FCA
Cyprus - CY CYSEC
South Africa - ZA FSCA
Bahamas - (SCB)
Information:
Company NameFxPro
Year Funded2006
HeadquartersUK, Cyprus & Bahamas.
Office Locations UK, Cyprus & Bahamas.
Client Funds Bank(s)Bank of America, Barclays Bank, Royal Bank of Scotland
Account CurrencyAUD, CHF, EUR, GBP, JPY, USD, ZAR, PLN
Support Languages Arabic, English, French, German, Indonesian, Italian, Malay, Polish, Portuguese, Russian, Spanish, Vietnamese, Thai, Korean, Japanese, Chinese, Czech, Bulgarian, Croatian, Danish, Estonian, Finnish, Hungarian, Lithuanian, Norwegian, Romanian, Swedish
Funding MethodsBank Wire, Neteller, Skrill, PayPal, Credit Card, China Union
Financial Instruments Forex, Cryptocurrencies, Commodities, Oil and Energies, Gold, Futures, Shares, Indices, Precious Metals
24 hour support✔️
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients
Accepts Japanese Clients ✔️
Non expiring demo
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance
Trailing stops✔️
Bonuses
Interest on margin
Fixed spread✔️
Variable spread✔️
forex.com
TradingDominance Score™: 92 / 100
forex.com Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Interest on Margin
Fixed Spread
Variable Spread
Allows hedging
Offers STP
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Account Type
Information
Standard account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Commission account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
STP Pro Account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - (CFTC)
Canada (IIROC)
USA - (NFA)
Cayman Islands - (CIMA)
Information:
Company Nameforex.com
Year Funded2001
HeadquartersThe United States of America
Office Locations London, United Kingdom
Client Funds Bank(s)
Account CurrencyAUD, CHF, EUR, GBP, JPY, USD
Support Languages English, Japanese, Chinese
Funding MethodsBank Wire, PayPal, Credit Card
Financial Instruments Forex, Cryptocurrencies, Stock CFDs, Commodities, Oil and Energies, Gold, Shares, Indices, Precious Metals
24 hour support
Segregated Accounts ✔️
Islamic Accounts✔️
Accepts Canadian clients ✔️
Accepts Japanese Clients ✔️
Non expiring demo✔️
Cent accounts
Negative balance protection ✔️
Social trading
Regulatory deposit insurance ✔️
Trailing stops✔️
Bonuses✔️
Interest on margin ✔️
Fixed spread✔️
Variable spread✔️

How to choose a forex broker in India?

Although there are relatively fewer forex brokers in India, still many of them are good for nothing. Opening an account with a dishonest broker can be the worst thing you may ever experience in your forex journey. Given below are some guidelines that you can follow to make a safe choice.

1) Select a broker with a good reputation

It is paramount to check the broker’s reputation before signing up with it. It involves checking out the broker’s credibility score with independent review websites, reading customer feedback, and making a rational judgment based on your findings. Do not go with a broker known for bad experiences with clients.

2) Choose a broker that is in the business for at least 3 years

Opening an account with a novice broker can have adverse consequences. New brokers have many upfront challenges, including regulatory restrictions, minimum capital requirements, and fund protection plans. Failing in either of the listed segments can cause a broker to become liquidated. Therefore, always select a broker who has survived the market limitations and irregularities for at least three years or more.

3) Check out the regulation of a broker

A broker without regulation means a horse without reins. The reregulation of a broker makes it follow a set of predefined rules. In addition to ensuring maximum liquidity, regulated brokers keep clients’ funds in segregated bank accounts. Some regulated brokers even offer funds insurance plans in case of insolvency. Always make sure that your prospective broker holds a valid license from the concerned regulatory body in India. The principal authorities that regulate forex brokers in India include;

  • Reserve Bank of India (RBI)
  • Securities and Exchange Board of India (SEBI).

4) Check the deposit & withdrawal process

Always check the available options for deposit and withdrawal before opening an account with any broker. It is also worth checking how fast a broker processes your deposit and withdrawals. Usually, brokers offer quick deposits but may take time to release your funds. However, a reputable broker doesn’t only support fast payment options but allows you to access your funds anytime.

5) International Presence

The international presence of a broker reflects its competency to operate across borders. A substandard broker may not be able to pass the screening process for seeking international clearance.

6) Customer Support

Customer support is one of the most crucial elements to consider while selecting the best forex broker in India. Besides a language barrier, the incompetent customer support staff is often the main reason why many brokers fail in this segment. Make sure that you can access your prospective broker in the local language. Also, check if the broker offers an in-time resolution to your concerns.

Top 5 Forex Brokers in India

Listed are some top forex brokers in India.

  • XM
  • Exness
  • Alpari – It offers an easy-to-use trading interface
  • HotForex – It comes with a competitive trading cost
  • FP Markets – It supports instant trade execution
  • Axiory – It offers excellent research tools and customer services
  • FXTM – It offers multiple trading accounts

Factors that we considered while choosing the best forex brokers in India

Given below are some factors that we considered while selecting the best forex brokers in India.

1) Analyzed broker’s reputation

To ensure if the listed brokers are trustworthy, we have confirmed their reputation on multiple platforms, including Quora and Reddit. We made identifiable patterns after reading feedback and reviews of existing customers on the said platforms. We also cross-checked the rating of the above-mentioned brokers on Independent websites, such as Trustpilot. In the last, we only picked brokers with the highest reliability score.

2) Checked regulations

To confirm the regulations of these brokers, we have verified the authorization status of each broker individually. After finding the company registration numbers from each broker’s webpage, we explored the database of regulated brokers on the RBI’s online portal. We assure you that all these brokers hold valid licenses from the RBI and SEBI.

3) Tested deposit & withdrawals

It is imperative to check real-time accessibility to your funds before funding your accounts with large amounts. Sometimes brokers charge an additional fee to offer a fast deposit and withdrawals process. To check the efficiency of funds deposit and withdrawal, we deposited different amounts with each of the listed brokers and requested instant withdrawal. Honestly, we found no issue while making deposits or having our funds withdrawn instantly.

4) Confirmed demo accounts availability

We have also confirmed the availability of demo accounts with the listed brokers. You can use demo accounts offered by these brokers to practice your trading skills as much as you can. These brokers offer demo accounts with unlimited expiry. Experiments without risking real funds have always been a great help to learn different money management strategies.

5) Explored various features

We explored different features and services to confirm the competency level of each broker appearing in the list. We analyzed trading costs, available leverage, types of accounts, safety tools, and customer services. Honestly, we found them to have value for money.

6) Tested trading platforms

The best forex broker should have a user-friendly trading interface having all basic and advanced trading tools available. To check if the listed broker offers easy-to-navigate trading platforms with all the necessary trading tools, we signed up for a live trading account and tried placing some trades. We experienced instant trade execution with minimal slippage occurrence under highly volatile market conditions. We also employed several risk management tools, such as stop-loss, trailing stops, and negative balance protection, and found them working effectively.

7) Confirmed availability of mobile trading platforms

To facilitate on-the-go users, all our listed brokers offer mobile trading apps compatible with both Android and iOS-based mobile phones. Despite having limited features available as compared to a desktop version, these apps work great when used for basic trading needs. Traders can download the mobile trading apps from the Apple Store or Google PlayStore.

8) Contacted customer support

We also communicated with the customer support staff of these brokers one by one. We asked multiple questions and registered a couple of complaints with them. We were happy to find that the brokers were not only quick to respond but competent to offer in-time complaint resolution management.

Forex Brokers In India – FAQs

Is forex trading legal in India?

Yes, forex trading is legal in India. However, the scope of currency trading in the country is limited due to strict regulatory restrictions.

Do forex traders pay tax in India?

Yes, traders have to pay taxes on their forex earnings in India.

Who regulates forex trading in India?

The Reserve Bank of India (RBI) is the principal authority that regulates the parties involved in the forex industry under FEMA Act- 1999. Besides RBI, the Securities and Exchange Board of India (SEBI) is also responsible to oversee forex brokers in India.

How many forex traders are there in India?

According to information available on www.daytrading.com, there are nearly 20 Million active account holders in India. However, the stats may differ on other online resources.

Can Indian residents sign up with a forex broker from abroad?

Yes, they can. However, clients have to sign-up with the RBI’s regulated brokers only.

Conclusion

Despite the strict regulatory restrictions, forex trading is becoming increasingly popular in India. As an estimate, nearly 2 Million traders make their earnings from forex in India. However, trading with a regulated broker is a non-bailable offence in India. Hence selecting the best forex brokers in India is crucial. We have handpicked the listed regulated brokers to help you avoid criminal offences or heavy surcharges.