Brokers With INR Accounts
Brokers with INR accounts allow traders to manage their trading accounts with Indian Rupees as the base currency, minimising hassle, especially for Indian investors. This guide will explain what INR accounts are, their advantages, and how to find and compare the best brokers with INR accounts.
Brokers With INR Accounts
These are the 5 best brokers that offer accounts with INR as the base currency:
Brokers With INR Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | Visit |
|
$10 | Digital Options on Stocks, Indices, Forex, Commodities, Cryptos | Web Platform, Mobile App | Visit |
|
$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | Visit |
|
10 USDT | Spot, futures, perpetual swaps, options | AlgoTrader | Visit |
|
$1 | CFDs, Forex, Stocks, Cryptos, Commodities | MT4 | Visit |
|
$100 | Shares, forex, commodities, indices, bonds, cryptocurrencies, ETFs | MT4, TradingCentral | Visit |
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$10 | Binary Options on Forex, Metals and Cryptos | MT4, TradingView | Visit |
|
$10 | Options, Stocks, Commodities, Forex, Crypto, Futures, | Expert Option Web Platform | Visit |
|
$2500 | Stocks, ETFs, Cryptos, Options, Bonds | Own | Visit |
#1 - Exness
Why We Chose Exness
Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
- Platforms: Exness Trade App, MT4, MT5, TradingCentral
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
- There's excellent 24/7 multilingual customer support via telephone, email and live chat
- Exness is the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes
Cons
- There are no promotional deals or loyalty schemes for high-volume day traders
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- Unlike most competitors, Exness doesn't provide its own education section
#2 - Quotex
Why We Chose Quotex
Quotex has been a top binary options broker since 2019, offering over 400 binaries across currencies, commodities, stocks, and crypto. With contracts spanning 5 seconds to 4 hours, short-term traders enjoy flexibility while payouts that exceed 95%, offer high potential returns. Continuously adapting to trader demands, Quotex provides a user-friendly platform for trading binaries.
"Quotex is best for making short-term trades on popular markets. The payouts up to 98% are above average and enhancements to the platform have ensured it's easy to use for beginners. That said, the lack of regulatory oversight, limited education and weak support are key drawbacks."
- DayTrading Review Team
- Instruments: Digital Options on Stocks, Indices, Forex, Commodities, Cryptos
- Platforms: Web Platform, Mobile App
- Minimum Deposit: $10
- Minimum Trade: $1
Pros
- Account funding is straightforward thanks to the wide range of payment methods, zero fees and intuitive cashier portal
- The $10 starting deposit and $1 minimum stake make Quotex.io accessible to beginners
- Quotex maintains its position as an excellent choice for short-term binary trading with turbo contracts from 5 seconds
Cons
- There is no copy trading, which could support new traders looking to learn from experienced investors
- Quotex is unregulated, which means traders may receive limited safeguards
- Despite advertised payouts of up to 98%, testing shows average payouts trail best-in-class broker Pocket Option
#3 - Interactive Brokers
Why We Chose Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
- Regulator: FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Minimum Deposit: $0
- Minimum Trade: $100
- Leverage: 1:50
Pros
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
Cons
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
#4 - OKX
Why We Chose OKX
OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.
"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."
- DayTrading Review Team
- Instruments: Spot, futures, perpetual swaps, options
- Regulator: VARA
- Platforms: AlgoTrader
- Minimum Deposit: 10 USDT
- Minimum Trade: Variable
Pros
- OKX maintains an excellent reputation with 20 million global clients and a license from the Dubai Virtual Assets Regulatory Authority
- There's a vast developer lab plus access to a marketplace of pre-built trading bots with auto-arbitrage
- Crypto staking and pools are available with competitive mining fees from 2%
Cons
- The firm offers limited regulatory oversight, though this is common among crypto brokers
- The quality of customer support was inconsistent based on testing
- The broker's platform and features may be complex for novices
#5 - SuperForex
Why We Chose SuperForex
Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.
"SuperForex will suit experienced traders looking for high leverage rates and premium membership packages. The broker also continues to stand out for its wide selection of beginner-friendly accounts, although the lack of top-tier regulation is a notable drawback."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Cryptos, Commodities
- Regulator: IFSC
- Platforms: MT4
- Minimum Deposit: $1
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- Various accessible payment methods are supported, including crypto, with zero fees and fast processing times
- The broker offers an impressive range of 12+ account base currencies covering multiple global regions
- SuperForex is accessible for beginners, with minimum deposits from $1, a choice of fixed or variable spreads, and access to copy trading
Cons
- The Belize IFSC is not considered a top-tier regulatory provider, so clients may receive fewer financial safeguards
- The 0.5-pip minimum spreads in the standard ECN accounts are not as tight as some of the cheapest ECN brokers, such as Pepperstone
What Is An INR Account?
An INR account is simply a trading account in which the equity is held in Indian Rupees. This means that deposits, withdrawals, trading activity and net profits will all be displayed in INR. For example, if you open an INR account but make a deposit in USD, capital will be converted into Indian Rupees at the going rate. This includes fees, commissions, and other charges. This can make brokers with INR accounts more expensive for traders with equity in another currency but perfect for those that deposit and withdraw in Indian Rupees.
Pros Of Brokers With INR Accounts
For investors in India, there are some clear advantages to opening an account using INR. Brokers with INR accounts will most likely have a fee-free and user-friendly deposit and withdrawal system. This cost-saving is continued with zero currency conversion fees for those opening a trading account with the same currency they use on a day-to-day basis. In a market where margins are slim, these additional cost savings can make a material difference.
Brokers with INR accounts are popular with investors from India, as well as people wanting to send money or capital gains from trade over to India. India ranks number one on the international remittance market, which is where people from overseas send money home.
For traders in India, opening an INR-based account allows for easy market access, zero currency conversion fees and local payment solutions.
How To Check A Broker Offers An INR Account
Base currencies are usually selected during account registration. However, as INR is not a major currency, you should check this is an option with your preferred broker before you sign up to avoid disappointment. This information can normally be found in the account section of a broker’s website but, if not, check their FAQs section or speak to the customer support team.
How To Compare Brokers With INR Accounts
When looking for a brokerage that suits you, it is critical to look at factors other than just whether they accept your preferred currency. With an expanse of online brokers available, we suggest you get the opinion of trusted websites and other traders to minimise your search.
Key factors to consider are the assets they offer, like cryptocurrencies, Indian stocks, precious metals etc. and whether the broker has additional tools like mobile apps, education services and competitive spreads. Finally, you may want to consider leverage rates to ensure you can boost your profits where possible.
Extra Information
A handful of brokers may offer INR sub-accounts for extra flexibility. These accounts facilitate trading using GBP, for example, while maintaining INR deposits and withdrawals. It’s worth speaking to a broker’s customer support team to check whether this is offered.
Final Word On Brokers With INR Accounts
Focusing on finding brokers with INR accounts can limit your options in other trading aspects. However, for Indian traders or those frequently sending money to India, it minimises time, fees and snags, leading to a more seamless trading experience.
FAQs
What Is An INR account?
An INR account is simply a trading account where the base currency is Indian Rupees. This means that brokers with INR accounts will hold your investments in Indian Rupees, so deposits, withdrawals, trading activity and profits will all be handled in INR.
How Do I Check A Broker Offers An INR Account?
This information can normally be found in the account section of a broker’s website. Alternatively, a broker’s FAQ section or customer support will be able to tell you.
Can I Open A Broker Trading Account In INR?
Yes, there are some brokers with INR accounts. These accounts are popular with traders from India, or those regularly sending money to family in India, as it cuts currency conversion fees and limits trading time.
How Do I Open An INR Trading Account?
You can open a broker account that has an INR base in a few simple steps. Firstly, choose a broker that offers INR accounts (see the tips above on how to find and compare brokers that offer INR). Next, follow your chosen broker’s registration process and, once your account is up and running, fund it with Indian Rupees and get trading.
Why Should I Open An INR Trading Account?
Brokers with INR accounts are popular with investors from India, as well as people wanting to send money, or their gains from trade over to India. Opening an INR-based broker account could make international remittance easier. For domestic Indians, opening an INR-based account allows for low-cost local payment options, easy market access and zero currency conversion fees.