Online Brokers In India 2022 – Comparison & Reviews

If you’re based in India, selecting a day trading broker that meets your individual needs isn’t straightforward. There are over 70 online brokers in India, and many more operating globally – how do you know which broker to choose? Here we list the best day trading brokers in India with detailed reviews.

Despite a population of over 1 billion, there are only 20 million individual trading accounts registered to Indian citizens and far fewer brokers. That means if you’re on the search for good online brokers in India you may need to look further afield. Use the day trading discount brokers and accounts comparison table below.

Online Brokers In India

  1. IQCent is an offshore binary options and CFD broker with 10+ payment methods and a $250 minimum deposit. Clients benefit from copy trading tools and in-depth market analysis.

    Instruments
    CFDs, Binary Options, Forex, Stocks, Indices, Commodities, Cryptocurrencies
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $50
    Min. Trade
    $0.01
    Leverage
    1:500
  2. Moneta Markets is a regulated multi-asset broker offering a leading web platform plus MT4 & MT5.

    Instruments
    Forex, CFDs, indices, shares, commodities, ETFs, cryptocurrencies
    Regulator
    ASIC, FSCA, SVGFSA
    Platforms
    MT4, MT5
    Min. Deposit
    $50
    Min. Trade
    0.01 lots
    Leverage
    Up to 1:500
  3. Deriv.com offers CFDs and multipliers with 1:1000 leverage. Get access to volatility indices exclusively at Deriv.

    Instruments
    CFDs, Multipliers, Forex, Stocks, Indices, Commodities
    Regulator
    MFSA, LFSA, VFSC, BFSC
    Platforms
    MT5
    Min. Deposit
    $5
    Min. Trade
    0.01 Lots
    Leverage
    1:1000
  4. Reliable and affordable trading since 2009. Join over 900,000 others trading on 1000+ CFD products. Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account less than 2 minutes.

    Instruments
    CFDs, forex, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, FCA, CIMA
    Platforms
    MT4, MT5
    Min. Deposit
    $200
    Min. Trade
    0.01 Lots
    Leverage
    1:500
  5. XM

    XM.com offers a range of account types and a $5 minimum deposit to appeal to all levels of trader. With 1000+ markets and low variable spreads XM.com provides an excellent trading experience.

    Instruments
    Forex CFDs, Commodity CFDs, Equity Indices CFDs, Precious Metals CFDs, Energy CFDs, Stocks
    Regulator
    IFSC, DFSA, CySEC, ASIC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, FI
    Platforms
    MT4, MT5
    Min. Deposit
    5 $/€/£
    Min. Trade
    0.01 Micro lots
    Leverage
    1:500
  6. Trade Forex on 0.0 pip spreads with the world's leading True Raw forex broker - IC Markets.

    Instruments
    CFD, Forex, Crypto, Futures, Commodities
    Regulator
    ASIC, CySec, FSA
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $200
    Min. Trade
    0.01 Lots
    Leverage
    ASIC and CySEC -1:30, FSA - 1:500
  7. Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.

    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

    Instruments
    CFD, Forex, Indices, Crypto, Currency Indices, ETFs, Shares, Commodities, Spread betting
    Regulator
    FCA, ASIC, DFSA, CMA, BaFin
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $500 recommended
    Min. Trade
    0.01 Lots
    Leverage
    1:500
  8. Axi

    Axi is a global online FX and CFD trading company, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it popular with beginners and seasoned traders.

    81.6% of retail investor accounts lose money when trading CFDs with this provider

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    FCA, ASIC, DFSA, FMA
    Platforms
    MT4
    Min. Deposit
    0 $/€/£
    Min. Trade
    0.01 Lots
    Leverage
    1:30 - 1:400
  9. Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.

    Instruments
    CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    CySEC, IIROC, NFA, CFTC, FCA, CIMA
    Platforms
    MT4
    Min. Deposit
    $100
    Min. Trade
    $1
    Leverage
    1:200
  10. LegacyFX is a multi-asset broker offering an MT5 download & free signals.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, stocks
    Regulator
    CySEC, FCA, VFSC, NBRB
    Platforms
    MT5
    Min. Deposit
    $500
    Min. Trade
    0.01 lots
    Leverage
    1:200
  11. Skilling are an exciting brand, regulated in Europe and beyond, offering 900+ instruments across 7 asset classes and spreads from 0.2 pips.

    80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Instruments
    CFD, Forex, Stocks, Indices, Commodities, Cryptocurrencies
    Regulator
    CySEC, FSA
    Platforms
    MT4, cTrader
    Min. Deposit
    100 EUR/USD/GBP or 1000 NOK/SEK
    Min. Trade
    0.01 Lots or 1 Share
    Leverage
    1:30 (EU), 1:500 (Global)
  12. Quotex offers a proprietary web platform that has digital options and trading signals.

    Instruments
    Digital Options
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $10
    Min. Trade
    $1
    Leverage
    -
  13. IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.

    Instruments
    Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting
    Regulator
    FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin
    Platforms
    MT4
    Min. Deposit
    £250
    Min. Trade
    0.1 lots
    Leverage
    1:30
  14. FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trade executions, leverage up to 1:500 and $0 commissions.

    Instruments
    Forex, Indices, Metals, Energies, Crypto
    Regulator
    CySEC
    Platforms
    MT4
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  15. Capital.com offer CFDs on a range of markets with competitive spreads and zero commissions. The broker also offers the Investmate app, negative balance protection and leveraged trading.

    87.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    Instruments
    CFDs, forex, indices, shares, commodities, spread betting (only available in the UK), cryptos (not available in the UK)
    Regulator
    FCA, CySEC, ASIC, FSA
    Platforms
    MT4
    Min. Deposit
    £/$/€20 (By credit card - varies by payment method)
    Min. Trade
    $1
    Leverage
    1:30
  16. RoboForex is a multi-asset online broker offering powerful trading aides.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, cryptoindices, ETFs
    Regulator
    IFSC
    Platforms
    MT4, MT5, cTrader
    Min. Deposit
    $10
    Min. Trade
    0.01 lots
    Leverage
    1:2000
  17. FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads and online CFD trading.

    Instruments
    CFDs, Forex, Indices, Commodities, Cryptocurrencies, Shares
    Regulator
    FSC
    Platforms
    MT4, MT5
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:200
  18. Fusion Markets offers low-cost forex and CFD trading via tight spreads. Copy trading, 1:500 leverage plus multiple account types are also available.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, metals, energies
    Regulator
    ASIC, VFSC
    Platforms
    MT4, MT5
    Min. Deposit
    $0
    Min. Trade
    0.01 lots
    Leverage
    1:500
  19. easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker

    Instruments
    CFD, Forex, Stocks, Crypto, Commodities
    Regulator
    CySec, ASIC, BVI
    Platforms
    MT4
    Min. Deposit
    €100
    Min. Trade
    Varies by asset
    Leverage
    1:30
  20. FBS

    FBS is a top online broker offering MT4 & MT5 trading across a range of popular markets. Multiple account tiers and loyalty bonuses are available.

    Instruments
    CFDs, forex, indices, shares, commodities, cryptocurrencies
    Regulator
    ASIC, CySEC, IFSC, FSCA
    Platforms
    MT4, MT5
    Min. Deposit
    $1
    Min. Trade
    0.01 lots
    Leverage
    1:30 EU and restricted countries, 1:3000 rest of the world
  21. PrimeXBT is a Bitcoin-based platform offering highly leveraged trading in FX, indices, commodities, & cryptocurrencies.

    Instruments
    Forex, indices, commodities, cryptocurrencies
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    0.001 BTC
    Min. Trade
    0.01 contract
    Leverage
    -
  22. Pocket Option is a global binary options broker with a sleek proprietary trading platform and competitive range of assets.

    Instruments
    Stocks, Crypto, Commodities
    Regulator
    IFMRRC
    Platforms
    MT5
    Min. Deposit
    $50
    Min. Trade
    $1
    Leverage
    -
  23. NordFX offer forex trading with specific accounts for each type of investor. Spreads start from 0.0 pips while minimum deposits start at $10.

    Instruments
    Forex, CFDs, indices, commodities, cryptos, stocks
    Regulator
    VFSC
    Platforms
    MT4
    Min. Deposit
    $10
    Min. Trade
    $1
    Leverage
    1:1000
  24. BitMEX offer the largest market liquidity of any cryptocurrency exchange. The platform also offers low trading costs and minimum deposit requirements.

    Instruments
    Crypto
    Regulator
    Republic of Seychelles
    Platforms
    Own
    Min. Deposit
    $0.01
    Min. Trade
    Varies upon the crypto traded and amount of leverage
    Leverage
    -
  25. NinjaTrader offer investors futures and forex trading. Use auto-trade algorithmic strategies and configure your own platform while trading with the lowest costs.

    Instruments
    Forex, Stocks, Crypto, Futures, Options, Commodities
    Regulator
    NFA, CFTC
    Platforms
    Own
    Min. Deposit
    $50
    Min. Trade
    Varies by asset
    Leverage
    -
  26. EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies
    Regulator
    -
    Platforms
    MT4
    Min. Deposit
    $10
    Min. Trade
    0.01 lots
    Leverage
    Up to 1:500
  27. Videforex accepts deposits in a range of cryptos and fiat currencies. Payouts reach 95% per trade.

    Instruments
    Forex, CFDs, indices, shares, commodities, cryptocurrencies, binary options, futures
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    $250
    Min. Trade
    $1
    Leverage
    1:500
  28. Finq.com is an online CFD trading broker offering 2100+ assets on a proprietary WebTrader terminal and MetaTrader 4.

    Instruments
    Shares, forex, commodities, indices, bonds, cryptocurrencies, ETFs
    Regulator
    FSA
    Platforms
    MT4
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:300
  29. Moomoo is an app-based stock broker that specialises in US, Hong Kong and Chinese shares.

    Instruments
    Stocks, ETFs
    Regulator
    SEC, FINCEN, MAS
    Platforms
    Own
    Min. Deposit
    $0
    Min. Trade
    No minimum
    Leverage
    -
  30. GO Markets is an ASIC-regulated FX & CFD broker with leveraged trading opportunities and spreads from 0.0 pips.

    Instruments
    CFDs, forex, indices, shares, energies, metals, cryptocurrencies
    Regulator
    ASIC, CySEC, FSC of Mauritius
    Platforms
    MT4, MT5
    Min. Deposit
    $200
    Min. Trade
    0.01 lots
    Leverage
    1:500

How To Compare Online Brokers In India

With the Bombay Stock Exchange (BSE) alone turning over half a billion dollars in day trading revenue, it’s no surprise there’s been a surge in the number of individuals turning their hand to intraday trading in India. But to do that, you’ll need to choose between the ever-increasing number of day trading brokers that are available to Indian traders.

Make sure you shop around before you sign up for a trading account. Everyone has different needs. The cheapest online brokers in India may be ideal for someone looking to implement a bot that will make hundreds of trades a day. However, if you’re making fewer trades but require serious charting and back-testing capabilities, you may be better suited to a broker on the other end of the price scale.

Top 5 online stock brokers in India

Whether you’re choosing an Indian stockbroker or a broker from elsewhere, there are several important factors to consider.

Assets & Markets

Indian Stocks

Large publicly traded companies in India are listed on either the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE). Trading takes place between 9:55 am and 3:30 pm (IST), Monday to Friday. If you’re interested in trading Indian stocks, make sure you open an account with a broker that offers access to Indian equities.

It’s also worth checking whether the broker offers access to any other assets that you’re interested in:

  • Cryptocurrency – The crypto market is booming in India. An estimated 8 million investors hold $1.4 billion in investments such as Bitcoin. Retail traders in India can purchase digital currencies from local brokers or global exchanges, such as Binance.
  • ForexForex trading is only legal at certified brokers. Also, local laws stipulate that currency trading must include Indian Rupee (INR) as the base currency. This measure was introduced to help stop the Indian Rupee from weakening against the US Dollar. Other authorised currencies to trade against the INR include the EUR and GBP.
  • Commodities – Online commodity trading in India takes place in either spot markets or futures markets. The most common way to trade commodities in India is through futures contracts. This is an agreement to buy or sell a commodity in the future at an agreed date. The main commodity exchanges include The National Commodity & Derivatives Exchange Limited (NCDEX), the Multi Commodity Exchange of India Limited (MCX), and The Indian Commodity Exchange Limited (ICEX).
  • Binary options – The legal status of binary options trading in India is a grey area. There are no licensed binary options brokers, so you will need to open an account with an offshore company. Offshore brokers that accept online traders from India include IQ Option and Olymp Trade.

Fees

Online brokers in India are normally split into two categories; full-service brokers and discount brokers. Traditional full-service brokers typically provide retail trading services plus additional features to enhance the experience, such as education and expert advisors. Charges can climb to 0.50% on all intraday trades. Discount brokers usually charge a flat fee or discounted rates for all orders with limited additional assistance.

There’s no use investing all your time and energy into an effective strategy only to waste money on excessive costs, so look for a straightforward price structure with no hidden fees.

Other factors to consider include:

  • Margin – This is effectively a loan that will allow you to capitalise on future price movements. How much will the broker allow you to borrow, and at what rate will you have to pay it back?
  • Minimum deposit – If you’re just starting out you may not have a substantial amount of capital to invest yet. Even some of the best online share trading brokers in India demand a hefty initial deposit. So, some brokers may automatically be out of your financial reach at the moment.
  • Account types – Online brokers in India will offer different account options, ranging from standard to platinum accounts. These will come with varying features, such as extensive technical analysis tools. Consider which account level your strategy requires and whether you can find the same features for a better price elsewhere.

Regulation

Whilst not mandatory, choosing online brokers in India that comply with local laws is advisable.

The Securities and Exchange Board of India (SEBI) monitors and regulates the capital and securities market. This is an established regulator that’s been overseeing online brokers in India since 1992. It is the principal regulator of stock exchanges in the country and all financial intermediaries participating in the securities market.

The main functions of SEBI include; providing trader protection, prohibiting fraudulent and unfair practices, and ensuring operational overview of all participating firms. The SEBI has the authority to ban online brokers in India from offering trading services. As a result, it’s worth checking a provider hasn’t been blacklisted by the SEBI before you open an account.

Tools

Just as important as broker fees is the platform on offer. This will be your door to the trading world and where you’ll spend much of the day. You want a sleek and easy-to-navigate platform. It needs to house all the technical charts and tools you need to effectively trade. Part of that may include market research capabilities to help you screen and identify assets to trade.

Top 10 online day trading brokers in India

Leverage

The SEBI implemented a 75% trade peak margin in 2021, with plans to raise it to 100% in the future. This has been introduced to protect retail investors from volatile financial markets. Any online brokers in India not adhering to this rule may be operating unlawfully, so be careful before opening an account.

Demat Account

The SEBI requires all individuals who want to trade Indian securities to have a dematerialised (demat) account. These accounts are electronic records tracking ownership of tradable assets. Demat accounts can be opened via a central depository such as the National Securities Depository Limited (NSDL) or the Central Depository Services Limited (CDSL). Maintenance and service fees may apply.

Although an additional requirement for trading in India, demat accounts have several advantages:

  • A secure wallet – store securities electronically
  • Instant execution – transactions are processed immediately
  • Access to market information – users gain access to useful market information including live price charts
  • No minimum balance requirements – there are no minimum balance requirements or minimum trading volumes

Paper Trading

A demo account will allow you to conduct a thorough day trading broker test. Funded with simulated money, you can make sure the platform meets your needs. Not to mention it’s a fantastic opportunity to test a strategy before putting capital on the line.

Customer Support

You should check broker reviews before you sign up. If you’re in the middle of a trade with serious capital on the line, and you encounter a technical problem, you don’t want to be left on hold for half an hour. Every second counts, so you need fast and reliable customer support.

You’ll find many online brokers in India now offer 24/7 phone support in numerous languages as well as live chat assistance. Brokers that miss the mark on customer support may also fall short in other areas.

Security

Selecting online brokers in India with transparent business practices and secure trading platforms is important. All stockbrokers in India must be registered with the Securities and Exchange Board of India (SEBI). It’s also worth looking out for data privacy protection, secure desktop and mobile trading applications, plus payment protection.

Extras

Just like a free £75 voucher may convince you to change bank accounts, so could an irresistible broker offer. You can find extras in the forms of free capital for trading, perfect for beginners finding their feet. You could also benefit from free subscriptions to advanced technical tools and charting software.

It’s always worth enquiring to see if you can get some cheeky extras for free. Every little bit helps.

Local Office

Many individuals understandably prefer doing their research in person. Whilst the internet can provide you with a whole host of information, if you want specific questions answered, why not check to see if the broking house has a local office?

You may be able to speak to a company executive or a sales representative. For example, RKSV has offices in both Mumbai and Delhi. Both ICICI Securities and Angel Trade have numerous offices across India.

Final Word; Online Brokers In India

We’ve listed some of the best online brokers in India above. However, consider what it is you want to trade and in what volume. The best day trading futures brokers may be different from the top CFD and mutual funds brokers, for example. Once you know the what, you can then streamline your search to find the who.

FAQ

Yes, if investments are made via online brokers in India that are regulated by the SEBI or other regulatory bodies. Currency trading is only legal when the Indian Rupee (INR) is the base currency.

What Assets Can Be Traded With Online Brokers In India?

The most popular day trading markets include forex, commodities, stocks, futures, cryptocurrencies, and binary options. Some online brokers in India may also offer alternative products, such as ETFs.

How Can I Understand Fees At Online Brokers In India?

Some online brokerages in India offer a fee calculator. This provides a breakdown of fees plus any regulatory charges including STT costs and SEBI fees, plus spreads and commissions.

Do Retail Traders Need To Pay Tax In India?

Yes, trading taxes in India apply. It’s an investor’s responsibility to file these based on their trading activity. Profits and losses can be filed through an annual income tax return.

Who Regulates Online Brokers In India?

The Securities and Exchange Board of India (SEBI) monitors and regulates the capital and securities markets in the country. This is an established regulatory body that provides guidelines for the top online brokers in India. SEBI is responsible for overseeing the activities of stockbrokers and individual investors to ensure that markets operate with integrity and transparency.