Best Forex Broker in India – Top 10 Forex Trading Brokers (March 2022)

Forex trading has become quite popular. Beginners need to pick the right forex broker.

In this guide we help you to find the best forex broker in India.

Forex brokers are not required to become SEBI regulated to accept residents of India!

Top 10 Forex Trading Brokers in India 

This is the list of the best forex trading brokers India.

  1. Pepperstone  – Best Forex Broker in India 2022
  2. XM  – The Cheapest MT4/MT5 Forex Broker
  3. AvaTrade Ultra Low Spread ECN Broker in India
  4. HotForex – Best for scalping and EA trading
  5. IQ Broker – One Stop Shop For Trading
  6. – Advanced Tools & Charts
  7. OANDA – Best for Research & Tools
  8. XTB – Award Winning European CFD Broker
  9. IC Markets
  10. CM Trading

India Forex Brokers Comparison



#1 – Pepperstone –  Best Forex Broker in India


Pepperstone is a high quality Australian forex broker and one of the best international forex brokers. It is heavily regulated Metatrader MT4  broker with a long history and worldwide expert in trading. Multiple awarded broker is heavily regulated in Tier 1 jurisdictions including United Kingdom, Emirates, Germany and  Australia! Online traders can rest assured that their money is safe thanks to segregated bank accounts. Tight currency spreads, state of the art trading platforms and bonuses is what you can expect when you sign up with Pepperstone.



Main features:

  • Highly regulated and 100% safe broker that accepts traders from India
  • Minimum first deposit only $10
  • One of the best non-dealing desk forex brokers
  • Your trades will be executed within 30 miliseconds in average 
  • Leverage up to 1:400
  • Many deposit methods available
  • Over 80+ currency pairs available
  • Top trading platforms: Metatrader MT4 and cTrader for automated online trading




Forex trading in India

The truth is, currency trading is only half legal in India.

As a result of the government regulatory attempts, currently RBI (Reserve Bank of India) allows residents to legally trade only the INR based currency pairs that include Indian rupees: 


And what is the worst, those are not real forex brokers, in fact these are stock exchange brokerages.

If you are like most traders,  and want to trade AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs then you need to open a forex account with one of the international forex brokers.

Why is high quality international forex broker the best solution for traders in India

  • Good reputation among traders around the world not only from India
  • 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

How to find the right international brokerage

Most Indian forex traders use foreign forex brokers who accept traders residing in India.

International forex brokers allow India residents to trade world’s major currency pairs that are very liquid, volatile which means more room for profit.

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 brokers that is accepting traders who reside in India.

There is a vast choice of authorised  forex brokers with good reputation including the most renowned forex 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.

Another advantage of course is that you get the lowest spreads, due to very high competition between forex brokers. If you decide to go this route, we strongly advise you to choose from forex brokers that are regulated either by the british FCA, or Cyprus CYSEC or even Australian ASIC.  We kindly ask you to review the forex brokers  comparison that can be found at the top of this page.

India Foreign Exchange 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 .

SEBI Regulated India 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.