Last updated: April 9th, 2019
Below is the list with comparison of the best forex brokers in India in 2019.
|Broker's Name||User's Score||Minimum deposit||Trading Platform||Our Review|
|9.8 / 10 ||$200||CopyTrader™ |
(Copy the best traders automatically!)
|9 / 10||$10||WebTrader |
|IQ OPTION review|
|8.4 / 10||$100||MetaTrader 4||AvaTrade review|
|5.||8 / 10||$200||WebTrader (Binary Options+FOREX)|
|6.||7.5 / 10||$5||MetaTrader 4|
|7.||7 / 10||$1000||MetaTrader 4|
|8.||6 / 10||$100||MetaTrader 4||ETX Capital review|
|9.||5.8 / 10||$50||MetaTrader 4||HotForex review|
|10.||5 / 10||$300||MetaTrader 4||Instaforex review|
|0 / 10||Scam broker!|
How To Find The Trusted Forex Broker in India
Forex trading is very popular among Indians, especially in a large cities like New Delhi, Hyderabad, Tamil Nadu or Chennai.
According to the latest research study, 60% of expats from India like to invest in foreign currency trading. During the past recent years, there have been many attempts by Indian government and Reserve Bank of India to regulate the currency trading market. Especially in situation with weak Indian Rupee currency and shortage of dollars.
Is Forex legal in India ?
The truth is, forex is only half legal in India.
As a result of the government regulatory attempts, currently RBI (Reserve Bank of India) allows you to legally trade with forex companies located in India only the currency pairs that include Indian rupees and that is USD/INR, EUR/INR, GBP/INR, JPY/INR. And what is the worst, those are not real forex companies, in fact these are in fact stock exchange brokerages that have access to !
Find a regulated international forex broker
GOOD NEWS is however, it is NO SECRET that …
Vast majority of Indian forex traders use foreign forex brokers who accept traders residing in India without problem and speculate on the major currency pairs since it gives them not only more thrill but these pairs are far more liquid and it means more room for profit (due to higher price volatitlity).
So in case you also want to trade some of the most liquid and popular global currency pairs, you need to look for a foreign forex broker that is accepting traders who reside in India. There is a vast choice of authorised fx brokers with good reputation including the most renowned brands that give you the cutting edge technology (Metatrader 4 + mobile apps + social trading etc.) and they allow you to trade over 50+ currency pairs on the world’s largest finance market – the currency trading forex market.
Another advantage of course is that you get the lowest spreads, due to very high competition between fx companies. If you decide to go this route, we strongly advise you to choose a brokerage that is regulated either by british FCA, or Cyprus CYSEC or even Australian ASIC. We think these three regulators are the TOP. We kindly ask you to review the comparison table that can be found at the top of this page.
SEBI regulated forex brokers
India’s main state owned regulatory body for securities markets is Securities and Exchange Board of India (SEBI) which is overseeing the providers on Indian’s financial market. Established back in 1995 SEBI is the official agency that is responsible for issuing the license for forex brokers doing business in India.
SEBI regulated forex brokers must allow trading along Indian Rupee also USD, EUR, GBP, and JPY currency. With above mentioned international brokers, the choice is much wider.
* T&C’s Apply. Trading Bonuses are not available for EU residents
** Maximum Leverage for EU residents is 30:1