FX India follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

INR Forex brokers offer trading accounts that keep the trading balance in ₹, which is useful if you want to avoid currency conversion fees. A INR account also means your trading funds will be kept in Indian bank accounts, making deposits and withdrawals by bank transfer faster. 

To test these brokers, we opened a live account and checked the broker’s regulation and trading conditions. We verified that the INR Accounts do not have conversion fees on deposits and that the account funding and withdrawals were fast and without constraints. Since most INR brokers have a local office, we tested their local customer support, as Indian support will have a better understanding of your needs. These are the best INR Forex brokers for 2021, according to our testing and our research.

These are best ZAR Forex accounts in South Africa for 2021

  • XM - Best Overall Broker
  • HotForex - Best Regulated Broker with ZAR Accounts
  • Exness - Best Trading Platforms
  • Plus500 - Best Trading Conditions
  • FxPro - Best No Dealing Desk (NDD) Broker with ZAR Accounts
  • markets.com - Best Trading Platform with ZAR Accounts
  • Global GT - Most Assets Available
  • FxPrimus - Most Secure Broker with ZAR Accounts

Best Forex Brokers with INR Accounts 2021

Last updated on 26 Oct 2021
Updated 26 Oct 2021
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
XM
Min. Deposit
USD 5
4.254.25
FSCA Licence
None
Min. Spread
0.60 pips
Base Currencies
USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR
Overall Rating
11110.54.25/ 5
AlertAccepts Indian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
2
HotForex
Min. Deposit
USD 5
4.494.49
FSCA Licence
46632
Min. Spread
0 pips
Base Currencies
EUR, USD, ZAR
Overall Rating
11110.54.49/ 5
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.
3
Exness
Min. Deposit
USD 1
4.124.12
FSCA Licence
51024
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD
Overall Rating
11110.54.12/ 5
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.
4
Plus500
Min. Deposit
USD 100
4.094.09
FSCA Licence
47546
Min. Spread
0 pips
Base Currencies
EUR, USD, ZAR
Overall Rating
11110.54.09/ 5
AlertAccepts Indian Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
5
FxPro
Min. Deposit
USD 100
4.294.29
FSCA Licence
45052
Min. Spread
0.60 pips
Base Currencies
USD, GBP, EUR, AUD, CHF, JPY, PLN, ZAR
Overall Rating
11110.54.29/ 5
AlertAccepts Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
6
markets.com
Min. Deposit
USD 100
4.494.49
FSCA Licence
43906
Min. Spread
0.60 pips
Base Currencies
USD, AUD, CHF, CZK, DKK, EUR, GBP, NOK, PLN, SEK, ZAR
Overall Rating
11110.54.49/ 5
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
7
Global GT
Min. Deposit
USD 5
3.643.64
FSCA Licence
48896
Min. Spread
1.40 pips
Base Currencies
USD, EUR, ZAR, BTC, ETH, USDT
Overall Rating
1110.503.64/ 5
AlertAccepts Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.
8
FxPrimus
Min. Deposit
USD 100
3.493.49
FSCA Licence
46675
Min. Spread
0.10 pips
Base Currencies
ZAR, USD, EUR
Overall Rating
1110.503.49/ 5
AlertAccepts Indian Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

How to Compare INR Forex Trading Accounts

When depositing Indian Rupee (INR) with a Forex broker, your deposit is usually converted into US Dollars (USD) and added to your trading account. Having a INR Forex trading account means that your broker will not convert your INR deposit to USD. To compare Forex brokers with INR accounts, you should consider the following:

Conversion Fees: Ask your broker about the conversion fees on INR deposits and withdrawals from a USD trading account. These fees can be significant, so a INR trading account could help you save up to 10%. 

Local Banks: Most Forex brokers that offer INR trading accounts will use local banks. Having a broker with a local bank means that deposits and withdrawals will be faster. It also means that your funds are kept locally and are protected by Indian laws. On the other hand, if you have a USD Forex trading account your broker could keep your funds anywhere in the world.

Broker Regulation: Check if the broker has the proper oversight from financial authorities such as FCA, ASIC and cySEC. 


HotForex – Best Regulated Broker with ZAR Accounts

HotForex is a leading FSCA regulated broker among South African traders looking for a ZAR Account with No-Dealing Desk STP execution and strong international regulation. Leverage is flexible up to 1000:1 on the Micro Account where the minimum deposit is 5 USD, however, the minimum deposit for ZAR accounts is 700 Rand.

HotForex’s has a dedicated market analysis website hosted by a team of in-house experts. The analysis includes market news, technical analysis across all asset classes, special reports, and monthly outlooks updated frequently throughout the trading day and is always useful. Customer support is available 24/5 with toll-free local phone numbers.

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.

FxPro – Best No Dealing Desk (NDD) Broker with ZAR Accounts

Offering FSCA-regulated ZAR Accounts since 2015, FxPro’s NDD execution model is available on all three accounts – one for each of the major platforms: MT4, MT5 and cTrader. Both the MT4 and MT5 accounts offer commission-free trading while the cTrader account has a 4.50 USD commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform. The minimum deposit is 1500 Rand. All trades are NDD and most are executed in less than 10 milliseconds. Only 9% of orders received negative slippage.

FxPro offers ZAR Accounts and ZAR FxPro Wallets, so South African traders can avoid paying any conversion fees. The FXPro Wallet is kept separate from the trading account, so will not be considered when calculating margin or leverage making it a risk management tool. All deposits and withdrawals from the FxPro Wallet are free of charge via all methods.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Indian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

Marketsx – Best Trading Platform with ZAR Accounts

Marketsx is the new clean and well-designed platform operated by Markets.com, regulated by the FSCA since 2012. Commission-free ZAR Accounts are offered to all South African traders, with a minimum deposit of 2500 Rand. Traders with a ZAR account have a choice of over 2,200 instruments on the Marketsx platform with 50+ FX pairs available to trade with spreads starting at 0.6 pips and leverage up to 1:300. Other instruments include stocks, cryptocurrencies, commodities and over 25 major market indices.

The Marketsx trading tools menu features a range of tools that analyse big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Indian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

FXPRIMUS – Most Secure Broker with ZAR Accounts

FXPRIMUS offers tight spreads on two ZAR accounts for a minimum deposit of 1500 ZAR. FXPRIMUS has a secure trading environment and a strong focus on customer satisfaction – with free withdrawals and negative balance protection for all South African clients.

Security and trustworthiness are of the utmost importance at FXPRIMUS. FXPRIMUS is a regulated member of the Investor Compensation Fund (ICF), meaning that client funds are protected up to €20.000. As an added safety measure, FXPRIMUS has introduced professional indemnity insurance of €2.5million. FXPRIMUS has partnered with the Boudica Client Trust to introduce third-party monitoring of client withdrawals. This ensures that withdrawal requests are executed as quickly and efficiently as possible.

Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
AlertAccepts Indian Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

Advantages of INR Forex Trading Accounts

The greatest advantage of having a INR Trading Account is that you will avoid currency conversion fees when funding your trading account.

If you have a USD trading account, conversion fees or the volatile INR/USD exchange rate can take a bite out of your profits before you even start trading. Most international brokers will also give you a poor exchange rate from INR to USD.

INR Accounts will not have conversion fees on withdrawals and deposits

INR accounts are also good for traders who use bank transfers or credit cards to fund their accounts. If you ask your bank or credit card company to fund a USD account, you can lose 7-10% of the value of your deposit in conversion charges and added fees. Fund transfers are also much quicker between local banks, so deposits and withdrawals can generally be made within 24 hours, and often happen instantly.

Funding INR Accounts is much faster than USD accounts

Another benefit of having a INR account is that your funds will be kept in a Indian bank and will be accessible if your broker declares bankruptcy. With a USD account at an international broker, this will not be the case: Even if your funds are kept in a segregated account, they will be kept in a segregated account in another country.

INR Accounts are usually held in Indian banks

Other Features of Brokers with INR Trading Accounts

Forex brokers with INR trading accounts are different from brokers without INR trading accounts. Minimum deposits tend to be lower (and also denominated in Rupee) and opening large trades can be more expensive than with a USD trading account. Brokers with INR trading accounts also tend to have local customer service teams.

Lower Minimum Deposits in INR

For INR trading accounts, your minimum deposit will always be in Rupee. How much you are required to deposit changes for each broker but brokers with INR trading accounts tend to have lower minimum deposits than brokers with USD trading accounts.

INR Trading Conditions 

Trading conditions are particularly important for traders with INR accounts as your trading balance will be denominated in Rupee. This means that when you open a trade with the base currency in anything other than INR (USD/JPY, EUR/USD, AUD/USD, etc.) your INR balance will be converted in the base currency, it will be converted back again to INR once you close the trade. This can be expensive if you plan to hold multiple large trades open simultaneously.

If you are planning to trade the USD/INR be aware that this is considered an exotic pair and spreads are much wider than for major pairs, often as wide as 80 or 100 pips.

Local Customer Service

Another important factor to consider when opening a INR trading account is the quality of customer service offered by a broker. Brokers with INR trading accounts tend to have local offices and can offer local support – which can make all the difference for beginner traders.

Brokers with local customer support have a better understanding of the issues new traders in India have when setting up their accounts. They also can offer support in multiple languages, including Hindi, Bengali, and Marathi.

Why are INR Accounts so Rare?

Forex brokers who offer INR accounts are rare, and most brokers still only offer USD or EUR accounts. This is mainly due to a lack of INR liquidity providers. Forex brokers with INR accounts need access to large amounts of Rupee, or Rupee liquidity pools, to cover their clients’ trades. Currently, there are just not that many banks in India willing to provide the necessary funding.

Broker with INR accounts need the support of large Indian banks

Another reason for the lack of INR accounts is that most international brokers have their costs priced in USD. By converting large sums of USD to finance INR accounts they would open themselves up to huge exchange rate risk. They would lose money every time the INR devalued against the USD, which has been a common problem recently.

International brokers with INR accounts lose money when the Rupee devalues

Should Indians Use a INR Trading Account?

In most cases, yes – Indian traders should use a INR account if they can. You will avoid conversion fees and withdrawals and deposits will be faster.

Some traders want a USD account, especially traders who keep many positions open simultaneously. With this approach to trading with a INR account, the fluctuations in the exchange rate would impact your profit margins.

One thing to keep in mind with a INR account is whether your broker charges commission on trades – most ECN brokers do – and what currency the commission is charged in. If you have a INR account and are being charged a USD commission for every trade, you will be losing a small amount of every trade in currency conversion. This can add up over time and become quite expensive. Most brokers with INR accounts will charge the commission at a fixed rate in INR but do check first.

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 Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 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 by sifting through the fine print. Learn more about how we rank brokers

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

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.

Close
>