Forex Brokers In India

With so many forex brokers in India, finding the best one, or even the top 5, can seem daunting. Due to tight regulations, you will need to identify legal brokers to compare against criteria based on your needs and goals. This guide explains some of the key factors to understand about forex brokers in India and how to choose the best one based on platforms, fee structures, leverage and more.

Forex Brokers In India

FXTM offer forex trading on a huge range of currency pairs. Spreads can be as low as 0.1 with the ECN account types.
Ultra tight spreads from 0.1 pips are available on major, minor and exotic forex pairs.
Reliable and affordable trading since 2009. Join over 400,000 others trading on 300+ 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 in under 5 minutes.
Trade Forex on 0.0 pip spreads with the world's leading True ECN forex broker - IC Markets. Great choice for serious traders. ASIC regulated. are a leading forex broker. Offering the largest range of currency pairs (80+) and some of the tightest spreads in the industry.
Trade on close to 20 currency pairs, including crypto pairs. 'Covest' and follow experienced traders. deliver ultra low spreads across a huge range of Forex markets. Flexible lot sizes, and Micro and XM Zero accounts accommodate every level of trader.
Axi is a global online FX and CFD trading company, trusted by 60,000+ ambitious customers in 100+ countries around the world.
72.6% of retail investor accounts lose money when trading CFDs with this provider
Pepperstone offers spreads from 0.0 pips on the Razor account and have almost 61+ pairs available to trade. Lots start at 0.01.
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.
IQ Option offer forex trading on a range of currencies. Spreads are on the high side and the brand do not excel in this area
Global brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. offer 68 Forex pairs for trading. All have competitive spreads. The firm also ensures negative balance protection.
75.26% 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.
Trade with spreads as low as 0.0 pips. $0 Commission. 1:500 Leverage
NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs. deliver advanced forex trading via the MetaTrader5 platform and 3 Account Types
Forex trading is offered on 55 pairs, with spreads from just 1 pip on the Exclusive Account.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have a 40 year track record of excellence.
Multi-Award winning broker. Specialising in Forex but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.
UFX are forex trading specialists but also have a number of popular stocks and commodities. Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders.
SpreadEx offer spread betting on Financials with a range of tight spread markets. Popular award winning, UK regulated broker. - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker
IronFX offers trading in major currency pairs, plus minors and exotic pairs
50 currency pairs are available, including majors, minors, and exotics
Forex trading is available on major, minor and exotic currency pairs
Dukascopy offers FX trading on over 60 currency pairs
Trade over 70 pairs and keep trading costs to a minimum, with tight spreads or the lowest commissions with Fusion are a new brokerage, offering options and CFDs on a simple, reliable, flexible platform. Get access to volatility indexes exclusively at Deriv.
Alpari International offer forex over a huge range of pairs including Major, minor and exotic pairs. All with competitive spreads and laddered leverage.
Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
Ayondo offer trading across a huge range of markets and assets. They also offer negative balance protection and social trading.
Trade 33 Forex pairs with spreads from 0.0 with the 'Zero' account. Prices quoted to 5 decimals places, and leverage up to 1:1000
Trade majors, minors, & exotic currency pairs
Rockfort Markets offers competitive pricing on a wide range of major, minor and exotic currency pairs through MT4 and TWS.
Pacific Union offers 30+ currency pairs, including majors such as EUR/USD and USD/JPY
Trading available on 40 major, minor, and exotic currency pairs
71.89% of retail investor accounts lose money when trading CFDs with this provider.
Exinity Trader Pro supports major, minor and exotic forex trading on MT4 and MT5 platforms.
AdroFX clients can trade more than 60 major, minor and exotic forex pairs.
Trade on 40+ major and minor currencies with up to 1:30 leverage.
Trade on the foreign exchange market with 1:30 leverage.
Use digital options to take straightforward buy and sell positions on a range of currencies.
Trade Nation offers trading in 30+ online currencies.
Global Prime offers online trading on a long list of major, minor and exotics currencies.
Trade on the FX market with flexible leverage and dynamic market spreads.
Trade on close to 50 major, minor and exotic currencies.
Trade three-dozen forex pairs, including the US Dollar and Euro.
OctaFX offers leveraged trading on currencies.
Trade on nearly 50 leveraged forex pairs.
Trade with leverage on the FX market.
BlackBull Markets offers leveraged FX trading.
Trade on the foreign exchange market with 1:30 leverage.
Fondex is an award-winning forex and CFD broker with industry low trading costs
83.57% 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.
Trade on popular FX pairs and cross-rates
Trade major, minor & emerging forex pairs with 1:30 leverage.
Trade on 40+ currency pairs with tight spreads.
Trade forex pairs with tight spreads.
Trade on dozens of forex pairs with low spreads.
Trade a breadth of forex pairs with up to 1:30 leverage.
FX trading is available on a range of currencies with tight spreads.
Trade FX pairs with tight spreads & leverage.
Trade with leverage on a range of FX pairs.
Trade on FX pairs with 1:500 leverage.
Trade FX with high leverage levels.
Trade with leverage on dozens of popular currencies.
Videforex offers leveraged trading on major, minor and exotic currency pairs.
Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
Trading 212 Offer a truly mobile trading experience. With tight spreads and a huge range of markets, they offer a dynamic and detailed trading environment. Recent customer care issues have severely damaged the reputation of the brand.
Show All Brokers ⇩

What Is A Forex Broker In India?

Forex brokers in India are companies that allow investors to buy and sell foreign currencies. For example, if you have Indian Rupees (INR) and would like to purchase American Dollars (USD), you will need to find a broker that allows you to buy the INR/USD pair. A good forex broker will offer a range of platforms, access to important international currencies like USD and INR and low fees.

In India, brokers are highly regulated and only legal if they are licensed by the Securities Exchange Board of India (SEBI). SEBI-regulated forex brokers in India allow you to buy and sell currencies safely and securely. SEBI started by regulating commodities markets in 1992 and has strict rules for forex brokers, protecting investors and the Indian economy. As well as the standard exchange market, India has had a currency futures and options market since 2008.

Forex Brokers with Indian Rupees

Through forex brokers based in India, you can typically only buy and sell five currencies: Indian Rupees, Dollars, Euros, Pounds and Yen. However, these are not limited to currency pairs with the Indian rupee as its base (i.e. INR/USD, INR/EUR etc.); Indian clients can also buy and sell cross-currency pairs, such as USD/EUR and GBP/JPY, though such positions will likely incur currency conversion charges. Some international forex brokers that operate in India may offer other currencies, but these are not SEBI-approved. Using a broker that is not authorised by the SEBI or exchanging non-regulated currencies are criminal offences and could incur a fine.

How Do Forex Brokers In India Make Money?

In India, forex brokers primarily make their money through two methods: direct commissions or spreads.

Electronic communications network (ECN) forex brokers in India allow you to speculate against other investors. These brokers tend to charge a commission for each transaction and can thus keep spreads very tight. With this fee model, you have more certainty around the costs of a particular trade.

An example commission calculation is given below:

  • Your chosen forex broker in India charges a fixed rate of 200 INR commission per lot (100,000 units).
  • The bid price given by the broker is 74.00, or 74 INR for 1 USD and you decide to buy 10,000 USD for 740,000 INR.
  • The order size is therefore 0.1 lots, so you would pay a commission of 20 INR (0.1 x 200 INR).

Forex brokers in India with a different business model and brokerage structure may not charge a fixed cost per exchange. Instead, they may incorporate their charges into the bid-ask spread of the pair, which is the difference between the buy and sell price of the instrument. Spreads are dependent on the liquidity and volatility of the market, with a tight spread indicating low volatility and high liquidity. This would be a desirable time to place an order as the exchange cost would be lower.

A spread calculation could go as follows:

  • Your chosen forex broker in India quotes a bid price for INR/USD of 74.105 and an ask price of 74.100.
  • The spread is therefore 0.005 INR (74.105 – 74.100), or 5 pips
  • You decide to buy 10,000 USD, at the bid price this would cost 74,105 INR
  • If you were to then sell it at the same quote of 74.105/74.100, you would get back 74,100 INR
  • The missing 5 INR has been charged by the broker as the spread
  • Of course, you would want to sell at a higher price point that would at least cover the cost of the spread

How To Compare Forex Brokers In India

If you are trying to choose a forex broker in India, there are several factors you should take into account. Some of the most important considerations include:

Regulatory Status

The Securities Exchange Board of India has strict regulatory rules and it is illegal to buy and sell through non-authorised methods. To spot fake forex brokers in India, check the footer of a broker’s website. A genuine broker will clearly have an Indian forex broker license number. You can also search a broker’s name in the complete list of legal forex brokers in India on the SEBI website. Another good indicator of trustworthiness is an office in India. Beware of online forex brokers in India that are not registered but target Indian residents.

Range Of FX Pairs

The SEBI only allows seven currency pairs to be offered by local brokers, INR/USD, INR/EUR, INR/GBP, INR/JPY and cross-currency pairs EUR/USD, GBP/USD and USD/JPY. The best forex brokers in India will allow easy access to all of these pairs. Some external brokers may offer other pairs, but sticking with SEBI-approved brokers will provide additional legal protections.


Each broker will offer different spreads and fees. Brokers with better market access will have lower spreads but might charge commissions or other fees, like overnight holding fees or withdrawal fees. Be sure to compare conditions offered by each broker to find the best forex broker in India for you.

Top forex brokers in India


SEBI regulates the maximum leverage that forex brokers can offer investors and is currently in the process of reducing available leverage rates. High leverage will help you increase your profits, but can also mean greater losses. Finding an Indian forex broker that offers negative balance protection will also help you limit your losses.

Deposits & Withdrawals

Brokers in India allow several different payment options, including credit/debit cards, wire transfers, online wallets like Skrill and cryptocurrencies like Bitcoin. If you are operating with online forex brokers in India, it is recommended you pay using electronic transfers as these have faster processing times.

Minimum Deposit

Most brokers will have a minimum amount that you must deposit in your account, although this will likely vary. Some brokers will have different account options, often one with a low minimum deposit. The best option for beginners is likely to be one of these accounts as they are much more accessible.


Sign-up bonuses are a great way to get a headstart when buying currency. Some forex brokers in India will offer you a welcome bonus, or extra cash to invest when you make your first deposit. Learning about a forex broker’s referral scheme can also be a good idea if you know people that also want to get involved in the forex market.


Forex brokers in India will offer different account types so you can choose a solution that best suits your strategy. You may find brokers that offer a commission-based account and a spread-based account, whereas other brokers will offer you professional accounts with more benefits but higher minimum deposits.

If you are a beginner or are looking to test new strategies, it is a good idea to find a forex broker with a demo account. This type of account is loaded with virtual funds and operates in the same way as a live account, so you can try out a broker or platform without taking on any risk.

Platforms & Mobile Apps

The platform offered by a broker is a vital consideration as it can make a huge difference to your experience. Brokers can offer a range of web-based or desktop-based platforms. Some well-known platforms include MetaTrader 4 (MT4) and cTrader, although some forex brokers in India may offer proprietary platforms. Things to look out for are charting options, technical indicators and analysis tools.

Mobile applications may be important for those who wish to keep an eye on the market even when away from the desk. The major commercial platforms will offer mobile app support; if your broker has its own bespoke platform and you wish to manage your account on the go, be sure to check they have mobile options.Forex Brokers in India Trading Charts


Having useful analysis tools can give you an edge when opening and closing positions. Tools like candlestick charts, economic calendars or volatility calculators will help you make more informed moves. Choose a forex broker in India that offers a wide set of tools and familiarise yourself with them – a demo account is a great way to learn how to use new features. Some FX brokers will also have educational resources, blogs and tutorials that can help you get started.

Customer Support

The best forex brokers in India will offer comprehensive, round-the-clock customer support in a variety of languages. 24/7 online chat or telephone lines are a great way to get help quickly whenever you need it. You can read client reviews online to see what other investors think of a particular broker.

Forex Taxes In India

When buying and selling forex with a broker in India, make sure you are aware of how you will be taxed and how you need to report your income. If your forex investments are not your main source of income, your profits will likely be taxed as capital gains. Any income under the basic exemption limit will not be taxed.

If you are using forex brokers in India as a business, you will have to pay business income tax. You will be able to offset your taxable profits with your losses and, if you are in the lower earning brackets, the tax will be relatively small.

Speak to a local tax advisor to understand how to work with authorised forex brokers in India and how to report taxes.

Final Word On Forex Brokers In India

If you are looking to exchange currencies on the global markets, using a SEBI forex broker in India is a great way to guarantee legitimacy and improve legal protections. While the number of currencies available is small, profits can be maximised through the use of leverage and advanced analysis tools. Always be sure to thoroughly compare forex brokers in terms of fees, accounts and platforms to find the best forex broker in India that suits your strategy.


Yes, trading is legal with forex brokers in India, but only those that are regulated by the Securities Exchange Board of India (SEBI). Using a non-regulated broker can lead to fines. Check our top 10 list of forex brokers in India for the best-regulated platforms.

What Pairs Can I Trade With Forex Brokers In India?

When you use a forex broker in India you can exchange pairs based on the Indian Rupee, like INR/USD, and some cross-currency pairs, like USD/EUR. Buying or selling non-authorised currencies is prohibited in India.

What Are The Best Forex Brokers In India?

The best forex broker is a subjective concept, as everyone’s needs differ. You can compare forex brokers in India by their account types, fees, leverages, bonuses, withdrawal options, customer service and other factors.

How Do I Find SEBI Regulated Forex Brokers In India?

Finding a SEBI regulated forex broker is very simple. A registered broker will have their SEBI license number at the bottom of their website. You can also search for a broker’s name in the SEBI financial register.

What Fees Do I Need To Pay To Use Forex Brokers In India?

The fees you pay to a forex broker in India will depend on the broker you choose. Brokers will charge you either a fixed commission per trade or the spread. Some accounts will have withdrawal fees, overnight fees or other small charges.