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AuthorBy Chris Cammack
Updated: September 14, 2022

To produce this list we tested 160+ Forex brokers that offer their services to Indian residents. While Forex brokers in India will appear similar at first glance, there are big differences that affect the cost of trading and the overall experience for the trader.

Below the list are reviews of each broker highlighting their features and explaining why they are on the list. We also share our expert knowledge on how to compare Forex brokers. These are the best Forex brokers in India for 2022, according to our testing and our research.

  • XM - Indian Broker with the Lowest Spreads
  • HFM (HotForex) - Highest Leverage for Market Execution
  • AvaTrade - Best Mobile Trading Experience
  • Exness - Best Trading Account Conditions for Beginners
  • FBS - High Leverage Trading and 1 USD Minimum Deposit
  • Axi - Best ECN broker on MT4
  • Pepperstone - Best ECN Trading Execution

Leading Forex Brokers With The Best Platforms

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage
Cost of Trading
Platforms
Beginner Friendly
Regulators
Compare
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
888:1
USD 16
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FCA Regulated Brokers
International Financial Services Commission
HFM (HotForex)
4.43 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
500:1
USD 10
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority
AvaTrade
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
400:1
USD 9
Avatrade Social
AvaOptions
Excellent
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 3
2000:1
USD 7
Standard
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
FBS
4.23 /5
Read Review
Visit Broker >
Your capital is at risk
USD 1
3000:1
USD 7
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
International Financial Services Commission
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
500:1
USD 10
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Financial Services Authority – St. Vincent & the Grenadines
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
30:1
USD 6
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
USD 200
30:1
USD 8
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority

How We Determine Who is Best

To test each Forex broker’s trading platform, we opened an account, set up the trading software, read through the educational material, and deposited and traded ₹20 000 of our money. We also created all kinds of trouble for the customer service teams and tested how long it took to withdraw our money. In our test we investigated:

Broker Regulation: Regulators keep an eye on Forex brokers to make sure they’re behaving legally and ethically. Some regulators, such as ASIC, the FCA, and CySEC, are better at keeping brokers honest than others.

Broker Trading Conditions and Costs: Forex brokers should charge traders as little as possible. Spreads should be narrow and minimum deposits should be low. Trading execution should be lightning-fast and with little or no intervention. Forex brokers should also publish their spreads, execution policy, and a list of all CFD assets available. 

Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analysis to highlight trading opportunities and provide a complete learning experience.

Broker Trading Platform: Brokers will have their own trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some brokers will do both. Most Forex traders generally have a platform preference, so brokers with multiple platforms are more likely to have the platform a trader wants to use.


XM – Indian Broker with the Lowest Spreads

Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares. XM are well known for its low trading fees, wide account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.

XM FEATURES

  • Both MT4 and the MT5 trading platforms are supported
  • The XM Ultra-Low account: A minimum deposit of 50 USD and spreads start at 0.6 pips with no commission.
  • All accounts have a no-requotes execution policy and 99.35% of XM orders are executed in less than one second.
Pros
  • Well regulated
  • Excellent education
  • Free deposits and withdrawals
Cons
  • Dealing desk
  • Wide spreads on its entry-level accounts
AlertAccepts Indian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

HFM (HotForex) – Highest Leverage for Market Execution

Founded in 2009 and headquartered in Cyprus, HFM is the global brand name of HF Markets Group. Regulated by the FCA, CySEC and the FSCA, HFM provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. With No-Dealing Desk STP execution for all trades, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit is 5 USD.

HFM FEATURES

  • FCA regulation
  • Tight spreads, starting at 1.00 pip on the Micro Account.
  • Detailed market analysis for beginners and professionals, including daily market news, trade analysis, and outlooks.
  • Customer support available 24/5 from a toll-free local phone number to assist.
Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

AvaTrade – Best Mobile Trading Experience

Who AvaTrade is for: Traders who want a good all-round broker with low costs, free withdrawals and a well-designed mobile trading app.

Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to local bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of 100 USD isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 13 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in India. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now and AvaTrade has that sector covered too with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.

AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in India – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more and AvaTrade’s strength lies in its all-around excellence.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Indian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Exness – Best Trading Account Conditions for Beginners

Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers.  The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported. 

EXNESS FEATURES

  • Nine accounts on the MT4 and MT5 trading platforms
  • ECN Accounts for experienced traders with raw spreads and 7 USD commission
  • Automated instant withdrawal system, with free withdrawals to e-wallets.
  • 24/7 customer service
Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • 24/7 customer service
Cons
  • Limited education
  • Limited market analysis
  • Unavailable in Europe
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

FBS – High Leverage Trading and 1 USD Minimum Deposit

FBS offers Indian traders low minimum deposits and high leverage. While the main focus is on the three low-deposit accounts, FBS also has two ECN accounts for more experienced traders.

Minimum deposits are low on most of FBS’ accounts, the one exception is the ECN Account, which requires 1000 USD. But the Cent Account has a minimum deposit of 1 USD, the Micro Account is 5 USD, and the Standard Account is 100 USD. And trading fees for these accounts are good too, with Cent Account spreads starting at 0.8 pips on the EUR/USD.

All Forex trading is leveraged trading where traders borrow money from their broker to increase the size of their trades. Most brokers offer a maximum leverage of 500:1: Borrow 500 USD for every dollar you have in your account. But FBS offers leverage of 3000:1 on three of their five account types. While this greatly increases the risk for traders, it can also greatly increase profitability.

FBS only has 37 Forex pairs to trade, which is lower than most other brokers, but it does have 35 cryptocurrency pairs to trade. Cryptocurrencies available include Bitcoin, Ethereum, Litecoin, Dogecoin and Ripple – and many of the less common crypto coins can be traded too. Cryptocurrency trading is only supported on the FBS Trader app which is currently only available on Android phones and not on iPhones.  

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
  • Excellent market analysis
Cons
  • Limited range of assets
  • Extreme leverage
AlertAccepts Indian Clients. Spreads start at 0.80 pips on the EUR/USD on the trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.

Axi – Best ECN broker on MT4

Founded in Australia in 2007, Axi is an ECN broker offering trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs. Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN MT4 trading experience. The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.

AXI FEATURES

  • ECN trading conditions, 20 liquidity providers so less slippage and requotes
  • Pro Account with spreads starting at 0 pips and 7 USD per lot commission
  • Max Leverage of 1:500
  • Trading tools include Autochartist, Pysquation (an AI trade diagnostic) and VPS hosting
Pros
  • Low minimum deposit
  • Tight spreads
  • Innovative trading tools
Cons
  • MT4 only
  • Limited range of assets
AlertAccepts Indian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Axi Group is regulated by the FCA, ASIC and the DFSA.

Pepperstone – Best ECN Trading Execution

Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.

Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods. For beginners interested in ECN trading, Pepperstone’s also has one of the better education sections offered by a market execution broker.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • Limited market analysis
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

What is the Foreign exchange market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of pounds of global currencies are traded in what are called “pairs”, i.e. the exchange of one currency for another, such as pounds for dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the pound is in demand, its value against, for example, the dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the forex market exist?

There are many reasons why people trade currencies. Indian companies may need to buy dollars to pay for American imports, or they may need euros to pay for the acquisition of a company based in Europe. Central banks, such as the Bank of England, can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics.[i] That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

Market drivers

The pound is a free-floating currency. In other words, the value of sterling in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency such as the UK pound, however, is constantly moving up and down against other currencies. Often these movements are relatively small, so the pound may begin the trading day buying one dollar and forty cents and end a fraction of a cent higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the pound fell by around 10% the day after the UK had voted to leave the European Union, back on 23 June 2016. Traders, fearing a prolonged period of political and economic uncertainty, sold the pound as quickly as they could.[ii]

Economic developments are also a key influence. New data suggesting the economy is growing faster than anticipated might spark concerns that the Bank of England could raise interest rates to rein in growth. Higher interest rates enhance the appeal of holding a currency since you are getting a bigger return on your money. That outlook consequently boosts demand for the pound and its value rises. Similarly, if the UK’s economic outlook darkens and traders anticipate the Bank of England will cut interest rates, they will sell the pound, so depressing its value against other currencies.

That is why FX traders follow economic, financial and political news so closely, looking for any hint of information that could sway the value of the pound. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack. So, for example, on the day of the Brexit vote, before the results were announced, the pound soared in value because many traders were convinced that Remain had won.

Why is forex trading popular in India?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in the UK, and it is relatively easy to understand the ways in which you can trade the market. There are many freely floating currencies and since they can all be traded against each other there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of “leverage”, where you make use of borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the pound sterling against the US dollar, you would buy or sell £100,000 at a time. Since most people don’t have £100,000 available to trade, the broker effectively offers to lend you money. So, they may allow you to trade in a lot of £100,000 by opening an account with £1,000 and lend you the remainder. The initial £1,000 is known as the margin and your leverage in this case would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

Is Forex Trading Legal in India

India is an interesting case for retail Forex traders as there are several laws relating to Forex trading that make it difficult to trade in the country.

As per the Foreign Exchange Management Act (FEMA) laid down by the Reserve Bank of India (RBI), all Forex trading is effectively outlawed. The only exceptions are four currency pairs that include the INR (EUR/INR, GBP/INR, JPY/INR and USD/INR) and the EUR/USD, GBP/USD and USD/JPY.

In a further complication, these pairs can only be traded through the three national exchanges, the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Metropolitan Stock Exchange (MSE), by licenced Indian brokers.

So, why does the RBI have these restrictions in place? If you were an Indian institutional trader and you were trading the GBP/USD with a foreign broker, if you lost your trade, you would have to purchase USD from the RBI to settle your debt.

Forex trading is a high-risk venture, and institutional traders can lose money on their trades, and the RBI could stand to lose a significant amount of USD through this process. To counteract this outflow of US dollars, the RBI would be forced to purchase USD by overselling the INR, and this would lead to a devaluation of the INR.

In effect, the RBI enforces strict regulation on Forex trading to protect the INR from unintended weakness against global currencies.

But when we are trading Forex CFDs, we are not actually trading the underlying asset (currencies in this case). There is never any ownership of the currency by either party, and no currency ever actually changes hands – so CFD trading manages to sidestep this law. But, in a further blow, the FEMA Act also makes it illegal for Indians to send INR overseas to be converted into foreign currencies – as you would if you were depositing money with an international broker.

The final nail in the coffin is the outright ban on using online platforms to trade CFDs. This means that the only way to trade Forex in India legally is to place trades directly with a SEBI-regulated broker, without leverage, on the few legal currency pairs. All online Forex trading is effectively outlawed.

The disadvantages of forex trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day’s trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Introduction to the regulation of the Indian market

In December 1999, the Indian parliament passed the Foreign Exchange Management Act (FEMA) which was to be enforced by the Securities and Exchange Board of India (SEBI) and modernised the laws that governed Indian financial services companies and expanded their reach to include all of India.

SEBI, under the direction of FEMA, regulates the Foreign exchange market by setting processes for its maintenance and growth, and today SEBI licenses all Indian Forex brokers. SEBI-regulated Forex brokers only offer currency pairs that include the INR against the USD, GBP, EUR and JPY. This law states that a fine will be applied unless authorities have previously granted an exception.

FX trading scams

Indian consumers are increasingly being targeted “by unauthorised forex trading and brokerage firms offering the chance to trade in foreign exchange” and other financial instruments. These firms promise “very high returns and guaranteed profits, either through a managed account where the firm makes trades on the investor’s behalf or by trading using the firm’s trading platform”.

Many scam firms claim to be authorised by reputable international regulators, like the FCA from the UK. They may even clone the details of firms that are registered with the FCA but give their own phone number, address and website details, “sometimes claiming that a firm’s contact details on the Register are out of date”, according to the FCA.

That is why it is so important to check that a firm really is authorised, scrutinising all their details carefully with the register. If you have any doubts about a firm, contact the regulator directly

The disadvantages of using a SEBI-regulated broker

SEBI regulations can limit your options when trading FX. SEBI regulations require brokers to follow rules that are specific to India. Offshore brokers also tend to have lower costs, which they can pass onto you in terms of lower trading fees in terms of lower commissions or better spreads.

What you will need to open a Forex trading account in India

As strange as it may seem, Forex CFD trading is growing incredibly fast across India, despite being effectively outlawed.

If you are considering starting to trade Forex from India, there are two precautions that you may want to take to avoid any possible repercussions from your bank or the government.

  1. Use an e-Wallet such as Skrill: In 2013, the RBI made it clear in its guidance note RBI/2013-14/265 that banks which allow their clients to send money overseas for the purpose of CFD trading would be in contravention of the FEMA Act and would face prosecution. With an e-wallet, you can avoid the Indian banking sector entirely.
  2. Use a VPN for Trading: If you are concerned that your Forex trading activity may be monitored, then use a Virtual Private Network (VPN) provider to route your activity through an anonymous portal. 

While the Indian government frowns on Forex CFD trading, the laws are not enforced strictly, and with these methods, you should avoid any issues. It is also worth noting that India is currently undergoing a fundamental change in the way the economy is governed, and these laws are likely to change over the next few years. 

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

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

Islamic Forex Accounts in India

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

Islamic Forex accounts have two underlying attributes:

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

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

Comparing forex brokers in India

A forex broker provides traders with a platform that gives them access to the FX market and allows them to buy and sell currencies. Opening an account is simple and can be done online. You will be asked to provide proof of identity and a deposit.

Using an offshore broker – the pros and cons

You don’t have to use an India-based trader regulated by the SEBI. You can open an account with an offshore broker, i.e. a company based outside India, or even outside Asia.

There are advantages and disadvantages to using an offshore broker. The main advantage, as discussed above, is that you won’t be subject to the same restrictions as when using an India-based broker regulated by the SEBI. The disadvantages include the fact that if you use a broker registered in another country, it will be subject to the regulations of that country and it may not be as well supervised as a well-regulated firm. If things go wrong and your broker is registered in a country thousands of miles from India, it might be difficult to gain legal redress.

There are things you should consider whether you use an SEBI-registered broker or one based offshore. These include:

  • The trading experience – is the trading platform easy to use, what kind of support do they offer, and are there tools that can help with research, etc?
  • Trading costs and transparency – these can vary widely from broker to broker. Some charge a fixed commission regardless of how much you trade, while others charge a fee based on trading volume (the higher the volume, the greater the commission). Other brokers don’t charge a commission but instead charge a spread fee. The spread is the difference between the price the broker quotes you for buying a currency and the price it quotes for selling it. This is effectively the fee your broker charges you to trade. (For example, imagine the US dollar is trading at 1.40 to the pound and you decide to buy some dollars. The broker may quote you a price of 1.4002, so you have been charged two pips – “percentage in point” or “price interest point” – for your trade. The pip is thus $0.0001 for US dollar-related currency pairs.) It is also important to be aware of the hidden fees some brokers charge, such as inactivity fees, monthly or quarterly minimums, and fees associated with calling a broker on the phone.
  • Customer service – you can trade anytime over 24 hours five days a week so do they offer 24 support during trading hours? Is help available instantaneously online or via the phone or do you have to wait for long? You can check by calling the broker at different times of the day before signing up.
  • The size of the minimum deposit. This can vary from just £1 to £300 although you can open an account with most brokers for around £100.

How to Compare Forex Brokers in India

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for Indian residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

Forex Broker Fees and Trading Costs: 

Other Trading Options

Forex Broker Regulation

Forex Broker Customer Support:

Forex Trading Platforms:

Do I Need a Broker to Trade Forex?

Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. It’s important to choose a regulated Forex broker with low costs and a history of treating its clients fairly. 

Which is the Best Broker in the India?

The best broker in India is IG Markets. The world’s largest CFD broker by revenue, IG Markets is also publicly listed and a member of the FTSE 250. Forex trading at IG Markets is commission-free, and with spreads starting at 0.6 pips on the EUR/USD, IG has some of the cheapest trading costs in the industry. IG also has the most CFDs to trade in the world, including commodities, indices, 16,000+ shares and ETFs, options, interest rates and bonds. Negative balance protection is provided to all clients, and all funds are kept in segregated accounts.

Which is the Best Broker for Beginners?

IG Markets is also the best broker for beginners in India. IG Markets has some of the lowest fees in the industry, with spreads starting at 0.6 pips on the EUR/USD. IG Markets’ has no required minimum deposit for bank transfers and traders can access 17,000+ CFDs, including Forex, indices, commodities and shares. Beginners will also appreciate IG Markets’ world-class educational and market analysis section.

Other good options for a reliable internationally regulated broker for beginners are:

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Broker
Overall Rating
Beginner Friendly
Regulators
Beginner Course
Experienced Course
Webinars
Printable Ebook
Unlimited Demo
Support Hours
Min. Deposit
Compare
IG Markets
4.69 /5
Read Review
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Commodity Futures Trading Association
24/5
USD 0
Capital.com
4.68 /5
Read Review
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
24/7
USD 20
MarketsX
4.58 /5
Read Review
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
24/5
USD 100
CMC Markets
4.53 /5
Read Review
Excellent
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Monetary Authority of Singapore
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
24/5
USD 5
Tickmill
4.48 /5
Read Review
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
24/5
USD 100

Which Broker has the Best Demo Trading Account?

Capital.com is also the best broker for demo trading in India. Capital.com’s demo account never expires and is available on both MT4 and Capital.com’s own web-based trading platform (also available on iOS and Android). Capital.com’s platform offers in-depth financial analysis with over 75 technical indicators, multiple trading chart types, and extensive drawing tools.  It also allows traders to toggle in and out of up to six tabs while keeping an eye on all charts and instruments. All 4000+ of Capital.com’s CFDs are available through its demo account.

Other brokers with strong international regulation and great demo accounts include:

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Broker
Overall Rating
Unlimited Demo
International Regulators
Beginner Friendly
Beginner Course
Experienced Course
Beginner Videos
Advanced Videos
Webinars
No. of FX Pairs
Compare
IG Markets
4.69 /5
Read Review
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
Commodity Futures Trading Association
Excellent
80
Capital.com
4.68 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Excellent
137
MarketsX
4.58 /5
Read Review
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Excellent
67
CMC Markets
4.53 /5
Read Review
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Monetary Authority of Singapore
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
Excellent
350
Tickmill
4.48 /5
Read Review
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Excellent
62

Are Forex brokers in India reliable?

Yes, Forex brokers in India are reliable and trustworthy. However, the most reliable brokers are regulated by tier 1 international regulators, and have a history of treating traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker there are three things to consider:

  1. Regulation: Make sure you choose a broker regulated by the FCA or one of the other major regulators like CySEC (Europe) or ASIC (Australia). Regulated brokers have better security and will treat their traders fairly
  2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission and deposit and withdrawal fees. 
  3. Education: If you’re a beginner you will want a broker with good educational content. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. 

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD, this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded. 

Other brokers with low trading costs are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Cost of Trading
Regulators
Min. Deposit
Max. Leverage
EUR/USD
USD/JPY
GBP/USD
Account Types
Trading Commission
Compare
Tickmill
4.48 /5
Read Review
USD 4
CySEC Regulated Brokers
FCA Regulated Brokers
Labuan Financial Services Authority
FSCA Regulated Forex Brokers
USD 100
30:1
0.10 pips
0.10 pips
0.30 pips
STP
4 USD / lot
IG Markets
4.69 /5
Read Review
USD 6
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 0
200:1
0.85 pips
0.94 pips
1.40 pips
Market Maker
Fees Included in Spread
Capital.com
4.68 /5
Read Review
USD 6
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
100:1
0.60 pips
0.80 pips
1.30 pips
Market Maker
Fees Included in Spread
Pepperstone
4.61 /5
Read Review
USD 6
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
USD 0
30:1
0.17 pips
0.26 pips
0.59 pips
NDD
From 7 USD / lot - Razor Account
OctaFX
4.27 /5
Read Review
USD 6
CySEC Regulated Brokers
Finansinspektionen
Financial Services Authority – St. Vincent & the Grenadines
USD 25
500:1
0.60 pips
1.20 pips
1.10 pips
ECN/DMA
Fees Included in Spread

Broker fees are split into the trading costs, which is the total of the spread and commission, and non-trading fees such as deposit and withdrawal fees. 

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips, the smaller or “tighter” the spread the less money you spend when you make a trade. Commission is charged by some brokers every time a trade is opened or closed. 

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a live account you will be given a few options. Most brokers in India will accept local bank transfers, credit cards, online payment solutions like Paypal, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached but all other deposit methods are usually instant and free. 

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can make a withdrawal request via your account dashboard. To prevent money laundering, brokers in India will only allow you to withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name. 

Which Broker has the Lowest Minimum Deposit?

Pepperstone is the leading regulated broker with the lowest minimum deposit. While Pepperstone recommends opening an account with at least £200, it recently waived deposit requirements entirely. In addition, Pepperstone charges no inactivity fees for dormant accounts, charges low withdrawals fees, and has some of the lowest trading fees in the industry.

Other regulated brokers in India with low minimum deposits are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Min. Deposit
Regulators
Max. Leverage (Forex)
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
IG Markets
4.69 /5
Read Review
USD 0
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
200:1
USD 6
0.85 pips
0.94 pips
1.40 pips
Pepperstone
4.61 /5
Read Review
USD 0
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority
30:1
USD 6
0.17 pips
0.26 pips
0.59 pips
Axi
4.34 /5
Read Review
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
Financial Markets Authority of New Zealand
Dubai Financial Services Authority
500:1
USD 10
0.00 pips
0.10 pips
0.10 pips
XTB
4.29 /5
Read Review
USD 0
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
30:1
USD 7
0.70 pips
1.40 pips
2.20 pips
ThinkMarkets
4.18 /5
Read Review
USD 0
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Financial Services Agency
500:1
USD 12
0.00 pips
0.00 pips
0.00 pips

With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.  

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your broker may charge. If you keep a trade open overnight you will also be charged a rollover (or “swap”) fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker Has the Most CFDs?

IG Markets is the broker with the most CFDs to trade. IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.

Brokers with the widest range of instruments to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Total # CFDs
# FX Pairs
Regulators
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Trading Commission
Compare
Black Bull Markets
3.65 /5
Read Review
28221
27
Financial Markets Authority of New Zealand
The Seychelles Financial Services Authority
USD 200
500:1
USD 12
Fees Included in Spread
MultiBank
3.87 /5
Read Review
20108
50
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
British Virgin Islands Financial Services Commission
Cayman Islands Monetary Authority
USD 50
500:1
USD 14
3 USD / lot
IG Markets
4.69 /5
Read Review
19295
80
ASIC Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Dubai Financial Services Authority
Commodity Futures Trading Association
USD 0
200:1
USD 6
Fees Included in Spread
CMC Markets
4.53 /5
Read Review
12146
350
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 5
30:1
USD 7
0.005%
FP Markets
4.22 /5
Read Review
10162
70
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
AUD 100
30:1
USD 7
6 USD / lot - RAW Accounts

Which Broker has the Most Currency Pairs?

Swissquote is the Broker with the most currency pairs, with over 130 currency crosses to trade. As part of a larger banking group, Swissquote is very well regulated and is one of the most secure brokers in the world. Swissquote targets professional traders and minimum deposits are high, starting at 1000 USD on its entry-level account.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

Scroll for more detailsPreviousNext
Broker
Overall Rating
Forex Pairs
Crypto Pairs
International Regulators
Min. Deposit
Max. Forex Leverage
Cost of Trading
EUR/USD
USD/JPY
GBP/USD
Compare
CMC Markets
4.53 /5
Read Review
350
12
ASIC Regulated Forex Brokers
FCA Regulated Brokers
Financial Markets Authority of New Zealand
Bundesanstalt für Finanzdienstleistungsaufsicht
USD 5
30:1
USD 7
0.70 pips
0.70 pips
0.90 pips
Capital.com
4.68 /5
Read Review
137
477
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
USD 20
100:1
USD 6
0.60 pips
0.80 pips
1.30 pips
Swissquote
4.00 /5
Read Review
130
12
FCA Regulated Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Finansinspektionen
Dubai Financial Services Authority
USD 1000
100:1
USD 17
1.70 pips
1.60 pips
2.00 pips
Exness
4.12 /5
Read Review
100
34
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital Markets Authority
USD 3
2000:1
USD 7
0 pips
0 pips
0.10 pips
IronFX
3.54 /5
Read Review
83
5
CySEC Regulated Brokers
FCA Regulated Brokers
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
USD 50
1000:1
USD 22
0.00 pips
0.00 pips
0.00 pips

Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account). 

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone’s Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Trading Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

How do I Know if a Forex Broker is Regulated?

All regulated brokers are required to display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority’s website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator’s website matches the broker’s details. More details here on how to verify broker regulation.

 

How Can I Report Scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story.  This can be done by contacting the regulator directly, but we also have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in India?

FP Markets is the regulated broker with the best customer service. FP Markets customer support has won 22 awards since the company was founded in Australia in 2005. Available 24/7 (0800-1600 on weekends) via live chat, email, telephone and call-back service in over 12 languages, FP Markets’ customer support is knowledgable, responsive and can assist traders with all aspects of CFD trading, from setting up accounts to navigating its platforms, plus any other technical queries.

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com. Traders can use the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website. 

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders around the world. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It’s also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision making. It’s also possible to copy other traders through the MT4 trading signals facility. 

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Rating & Review Methodology

Our State of the Market Report and directory of CFD Brokers to Avoid are the results of extensive research on over 200 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and sifting through the fine print. Learn more about how we rank brokers.

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Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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