Best Brokers In India 2023
If you’re based in India, selecting an online 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 online brokers in India with detailed reviews.
Top 5 Brokers In India
We reviewed almost 500 brokers and have found that these are the 5 best online brokers for traders in India:
#1 - AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for aspiring traders. There is powerful trading software, reliable execution, top-tier education and fast account opening with a low minimum deposit."- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools, market research and integrated education
- There’s a steep $50 inactivity fee after three months, which is higher than the industry average
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There is no ECN account with raw spreads
#2 - Skilling
Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. Sign up and start trading in three easy steps.
"Skilling is a top pick for beginners looking for user-friendly platforms, copy trading features and educational resources to learn as you invest."- DayTrading Review Team
- Instruments: Offers CFD’s in Forex, CFD’s in Stocks, CFD’s in Indices, CFD’s in Commodities and CFD’s in Cryptocurrencies
- Regulator: CySEC, FSA
- Platforms: MT4, cTrader, TradingView, AutoChartist
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (EU), 1:200 (Pro), 1:500 (Global)
- Full suite of investments including stocks, indices, forex, commodities and cryptocurrencies
- MT4 platform integration
- Multiple account currencies and low deposit
- Limited market research
- Fairly new brand
#3 - Interactive Brokers
Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Traders use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
"Serious traders seeking a regulated broker with unparalleled access to stock markets should look at IB. Their range of stocks can't be beaten."- DayTrading Review Team
- Instruments: CFD, Forex, Stocks, Crypto, Futures, Options, Commodities
- Regulator: SEC, FCA, IIROC, SFC
- Platforms: AlgoTrader, OmniTrader, eSignal, TradingCentral
- Min. Deposit: $0
- Min. Trade: $100
- Leverage: 1:50
- You can trade from multiple account types, such as IRA, single registered, joint
- Diverse payment options and account currencies
- Low commissions and tight spreads
- Mediocre customer support
- Platform and web interface are complex and difficult for beginners to pick up
- Accessing products like CFDs is not straightforward compared to competitors
#4 - Deriv.com
Deriv.com is a multi-asset broker with over 2.5 million global clients. The firm offers CFDs and multipliers, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house trading software and the hugely popular MetaTrader 5.
"Deriv.com will suit traders looking for CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock."- DayTrading Review Team
- 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
- Range of deposit and withdrawal methods with zero payment fees
- Choice of investing platforms
- Multi-regulated online brokerage
- No sign-up bonuses and on-going promotions
- Limited social and copy trading functionality
#5 - Expert Option
Expert Option is an offshore broker that offers a simple and intuitive trading experience through a bespoke, user-friendly platform. Trader can access 100 popular assets via binary options contracts with payouts up to 95%, free educational resources, and market data available to upper-tier account holders.
"Expert Option will suit aspiring traders who want to access the financial markets through an options broker with a very easy-to-learn bespoke platform. The user-friendly trading platform is clear and reliable."- DayTrading Review Team
- Instruments: Options, stocks, commodities, forex, crypto, futures,
- Regulator: SVGFSA
- Platforms: Own
- Min. Deposit: $10
- Min. Trade: $1
- High payouts up to 95% are above the industry average
- Diverse range of account currencies and 20+ accepted payment methods allows flexible funding
- Generous bonus offers available in some countries
- Small list of assets with just 100 on offer compared to 1000+ offered by some competitors
- No traders accepted from some countries and regions including the US
- Less suitable for longer-term trading strategies
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.
Whether you’re choosing an Indian stockbroker or a broker from elsewhere, there are several important factors to consider.
Assets & Markets
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.
- Forex – Forex 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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
Is Trading Forex with an Online Broker Legal In India?
Yes, if investments are made via online brokers in India that are regulated by the SEBI or other regulatory bodies. Trading with forex brokers in India 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.