Best Forex Brokers in India – TOP 10 List – (September 2019)

Last updated: September 10th, 2019

Forex has been booming among Indians in the past decade. More and more people including expats invest their money in the largest and most dynamic finance market of the world. In this detailed comparison we provide you with the list of the best forex brokers in India for the year of 2019.

Quick overview: The best India forex brokers 

Broker's Name

forex broker india
 User's ScoreBonusMinimum depositTrading PlatformRegulation & LicenseOur Review

9.8 / 10 $30 No deposit bonus$5MetaTrader 4
MetaTrader 5
Android/iOS Apps
Sirix Webtrader
ASIC Australia;
CySEC Cyprus;
IFSC Belize;
XM review
9.5 / 10 100% Bonus

$0MetaTrader 4
MetaTrader 5
Sirix Webtrader
FSB South Africa
DFSA Dubai
HotForex review

9 / 10 $10Webtrader (Forex+BinaryOptions+Stocks CFD)
CySEC Cyprus
IQ OPTION review

75% of CFD retail accounts lose money.

9 / 10
(Copy the best traders automatically!)

eToro review
8.4 / 10 up to 40%$100MetaTrader 4
Central Bank of Ireland
FSB South Africa
AvaTrade review
8 / 10 $200WebTrader (Binary Options+FOREX)CySEC

7 / 10 -$1000MetaTrader 4FCA U.K.,
DFSA Dubai
6 / 10 -$100MetaTrader 4CySECETX Capital review
5 / 10 -$300MetaTrader 4CySEC; RAFMM RussiaInstaforex review

Test XM.COM platform and GET the BONUS

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.

What to look for in a good India forex broker:

  • Good reputation among forex traders around the world
  • Allows you to trade micro lots
  • Affordable minimum deposit (anywhere between $5 and $200 is fine)
  • Allows you to use local deposit methods
  • Oversight by a strong financial regulator (ASIC,FCA,CySEC etc.)
  • MT4/MT5 is necessary only in case you plan to use Expert Advisor automated trading
  • Segregated bank account in a safe top tier world bank
  • Your deposits are insured → in case the broker goes bancrupt your money is safe
  • Insurance against negative balance

forex broker india

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 !

Find a Regulated International Forex Broker

Good news is however 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 the 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.

Indian Financial Market Overview

Local Indian currency is Rupee (symbol: INR) which is divided into 100 paisa (p).

India’s currency Rupee makes up only approx. 1% of daily forex turnover, which is a very small portion. Country’s GDP is the fifth largest in the world (by nominal numbers) and it has been rising sharply since 2000’s thanks to the free market and economic liberalisation.  GDP per capita is only 2199$ in 2019 according to the International Monetary Fund IMF.ORG.

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 this country.

There are three SEBI registered stock exchanges in the country that act as fx brokerages:

  1. The National Stock Exchange (NSE)
  2. MCX-SX
  3. United Stock Exchange (USE)

In case you want to trade only INR against main currencies, you can use some of the above companies legally. But in case you want to trade EURUSD and such pairs, you will have to look abroad (or into our comparison on this page).

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 European Union residents.
** Maximum Leverage depends on financial instrument and trader’s country.