Best Forex Trading Platforms in India 2024

Contributor Image
Written By
Contributor Image
Written By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
Contributor Image
Edited By
Contributor Image
Edited By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Contributor Image
Fact Checked By
Contributor Image
Fact Checked By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
Updated

Leap into DayTrading.com’s pick of the best forex brokers in India. Our experts have vetted every platform to ensure they provide a great environment for Indian traders, such as currency pairs with the Indian Rupee (INR).

Due to strict regulations from the Securities and Exchange Board of India (SEBI) on local brokers, residents often use overseas forex platforms like those below, which all accept forex traders from India. However, citizens must adhere to Indian laws and may need permission to trade foreign currencies and use international brokers.

Top 10 Forex Trading Platforms In India

After years of hands-on testing and analysis, these 10 brokers reign as superior for forex traders in India:

Click a broker for details
  1. 1
    IC Markets

    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5

    $200
    0.01 Lots
    1:1000
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  2. 2
    XM
    $30 No Deposit Bonus When You Register A Real Account

    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5

    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
  3. 3
    Olymp Trade

    Ratings
    2.5 / 5
    2.5 / 5
    3.5 / 5
    2 / 5
    3.5 / 5
    4 / 5
    2 / 5
    3.5 / 5
    0 / 5
    0 / 5

    $10
    $1
    VFSC
    Forex, CFD, Stocks, Indices, Commodities, Crypto, ETFs, OTC, Fixed Time Trades
    Olymp Trade Platform
    Skrill, Perfect Money, Wire Transfer, Bitcoin Payments, Neteller, Mastercard, Visa, Debit Card, Credit Card, UnionPay
    USD
  4. 4
    Exness

    Ratings
    3.8 / 5
    4.3 / 5
    3.5 / 5
    3.8 / 5
    3.8 / 5
    3.8 / 5
    4.3 / 5
    1.5 / 5
    4.4 / 5
    4.3 / 5

    $10
    0.01 Lots
    1:Unlimited
    CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-Pesa
    USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY
  5. 5
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme

    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5

    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
  6. 6
    AvaTrade
    20% Welcome Bonus up to $10,000

    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
  7. 7
    FOREX.com
    20% Welcome Bonus Up To $5000

    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5

    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
  8. 8
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.

    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  9. 9
    PrimeXBT
    $100 Deposit Bonus

    Ratings
    2.8 / 5
    3.3 / 5
    4 / 5
    4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    0 / 5
    0 / 5

    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
  10. 10
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

    Ratings
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    3 / 5
    0.8 / 5
    2.5 / 5
    4.3 / 5
    4.2 / 5

    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR

Here is a summary of why we recommend these brokers:

  1. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  2. XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
  3. Olymp Trade - Olymp Trade offers the industry average of around 30 currency pairs. Spreads came in at 1.1 pips for EUR/USD during tests, which is not the most competitive compared to leading brands like AvaTrade (0.9 pips). That said, experienced traders can access multipliers up to x500 on major pairs.
  4. Exness - Exness offers an impressive selection of around 100 forex pairs - more than most brokers we've evaluated - along with competitive spreads on major pairs starting as low as 0.1 pips. Additionally, traders benefit from a robust suite of forex analysis tools, including market news powered by FXStreet.
  5. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  6. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  7. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  8. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  9. PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
  10. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.

Best Forex Trading Platforms in India 2024 Comparison

Best Forex Trading Platforms in India 2024 Comparison
Broker Currency Pairs EUR/USD Spread Forex App Rating Trust Rating Minimum Deposit INR Account
IC Markets logo
75 0.02 4.8 / 5 4.6 / 5 $200 -
XM logo
55+ 0.8 4.7 / 5 3.8 / 5 $5 -
Olymp Trade logo
30+ 1.1 - 2.5 / 5 $10 -
Exness logo
100+ 0.0 4.4 / 5 3.8 / 5 $10
Vantage logo
55+ 0.0 4 / 5 4.6 / 5 $50 -
AvaTrade logo
50+ 0.9 4.3 / 5 4.8 / 5 $100 -
FOREX.com logo
80+ 1.2 4.9 / 5 4.9 / 5 $100 -
Pepperstone logo
100+ 0.1 4.7 / 5 4.6 / 5 $0 -
PrimeXBT logo
45+ 0.1 3 / 5 2.8 / 5 $0 -
IQ Option logo
60+ 14 pips 4.5 / 5 3 / 5 $10 -

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:1000
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.

Cons

  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.

XM

"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."

Christian Harris, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread0.8
EURUSD Spread0.8
EURGBP Spread1.5
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5, TradingCentral
Account CurrenciesUSD, EUR, GBP, JPY

Pros

  • XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
  • XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
  • XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.

Cons

  • While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
  • Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
  • XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.

Olymp Trade

"Olymp Trade remains a good choice for beginners looking for a user-friendly bespoke platform and mobile app, plus 24/7 customer support. The $10 minimum deposit makes it easy to get started, however, the range of additional day trading tools trails competitors."

Jemma Grist, Reviewer

Olymp Trade Quick Facts

EURUSD Spread1.1
Total Assets30+
PlatformsOlymp Trade Platform
Account CurrenciesUSD

Pros

  • Beginner-friendly blog section with analytics, trading education and market news
  • Over 10 flexible payment methods available including bank cards and Bitcoin deposits
  • Minimum deposit and withdrawals of only $10, ideal for newer traders

Cons

  • Only one proprietary platform available, with no access to popular third-party software such as MT4 or cTrader
  • Weak regulatory oversight and offshore registration means traders will receive limited safeguards compared to top alternatives
  • Research and education trails most alternatives

Exness

"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."

Christian Harris, Reviewer

Exness Quick Facts

GBPUSD Spread0.0
EURUSD Spread0.0
EURGBP Spread0.0
Total Assets100+
Leverage1:Unlimited
PlatformsExness Trade App, Exness Terminal, MT4, MT5, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY

Pros

  • Exness was the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes, highlighting its legitimacy.
  • Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
  • Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.

Cons

  • Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
  • MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
  • Retail trading services are unavailable in certain jurisdictions, such as the US and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • It’s quick and easy to open a live account – taking less than 5 minutes

Cons

  • Unfortunately, cryptos are only available for Australian clients
  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • There is no ECN account with raw spreads
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.

Cons

  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.

PrimeXBT

"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."

William Berg, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD Spread0.1
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • The web platform and app were built for technical traders with advanced charting features, a customizable layout and multiple order types including one-cancels-the-other (OCO).
  • Ultra-fast execution speeds, averaging 7.12ms, make PrimeXBT an excellent option for day traders looking to secure the best prices in volatile markets.
  • PrimeXBT has added fresh opportunities with new tokens for exchanging and funding, including 1Inch, Aave, and Injective.

Cons

  • The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
  • While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
  • Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • High payouts on binary options
  • iOS & Android compatible app
  • User-friendly platform for beginners

Cons

  • No MetaTrader 4 integration
  • €10 inactivity fee after 90 days

How Did DayTrading.com Choose The Best Forex Brokers?

To list the top FX platforms in India, we leveraged our database of 216 brokers and followed these steps:

  • We filtered for brokers offering trading on currency pairs like INR/USD.
  • We pinpointed forex trading platforms that accept Indian residents.
  • We sorted brokers by their overall rating, balancing 100+ data entries with observations from our experts.

What Is A Forex Broker?

A forex broker allows you to buy and sell currency pairs like the INR/USD (Indian Rupee/US Dollar), with the aim of profiting from market fluctuations.

It works like this in India:

  1. Select a forex platform that accepts Indian traders. Think about your requirements, such as a sophisticated charting platform, fast execution speeds and tight spreads for forex day trading in India. FX brokers should be authorized by the SEBI.
  2. Sign up for an account. This generally involves verifying your identity and address, which can often be done by providing a copy of your Aadhaar card that contains a 12-digit number tied to your biometric and demographic data.
  3. Deposit Indian Rupees. Entry requirements have fallen over the years, with brokers now normally requiring 0 USD to 250 USD, or around 0 INR to 21,000 INR, based on our research.
  4. Start trading currencies. Buy or sell currencies like INR directly or make use of derivatives like forex CFDs, entering and exiting positions on your broker’s desktop client, web solution, or for the growing class of mobile traders, on a forex app.
💡
Forex trading is growing in India. According to the latest survey from the Bank for International Settlements, the average daily turnover of FX trades in the country was $53B in 2022, a 32.5% increase from $40B in 2019.

The Role Of The SEBI

The Securities Exchange Board of India (SEBI) oversees forex brokers in India. Considered a ‘yellow tier’ regulator in line with DayTrading.com’s Regulation & Trust Rating, it’s an active financial watchdog that provides strong investor protections.

Forex brokers in India should hold a license with the SEBI, and meet various requirements that are verified through audits and compliance checks, notably:

Zerodha forex trading platform listing on India's SEBI
I ran Zerodha’s details in the SEBI register to check it was authorized to deal forex

With an unusually restrictive set of rules placed on local brokers, some residents sign up with international forex platforms that accept Indian traders.

However, it’s important to understand that the SEBI actively deters residents from investing in foreign currencies. Depositing Rupees from your local bank account to an overseas account is not generally allowed. Additionally, Indian citizens may need permission from the relevant government authority.

Given the complex set of regulations that apply to Indian forex brokers and traders, I recommend consulting a local professional who can advise you on the latest rules from the SEBI. This will help ensure you choose a legal forex broker.
author image
James Barra
Author

How Do Forex Trading Platforms Make Money?

Forex platforms primarily make their money through two trading costs: spreads and/or commissions.

Spreads

Many brokers incorporate their charges into the bid-ask spread of the currency pair, which is the difference between the buy and sell price of the asset.

Let’s say your chosen Indian forex broker 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.

Now if 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.

💡
Spreads are dependent on the liquidity and volatility of the market, with a tight spread generally indicating low volatility and high liquidity. This would be a desirable time to place an FX order as the cost would be lower.

Commissions

Forex brokers, especially Electronic communications network (ECN) brokers, may also charge a commission, which is a fixed fee.

They normally do this in return for much tighter spreads, which can start from near 0.0 pips on popular currency pairs based on our experience.

Let’s say 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)

💡
With this fee model, you generally have more certainty about the costs of a trade. This makes it particularly popular with experienced traders and those using fast-paced strategies like day trading in India or forex scalping.

Choosing A Forex Broker

The choice of forex trading platform will always be a personal one, depending on your trading style and preferences.

However, based on our many years working in the industry and thousands of hours examining forex brokers that accept Indian traders, we believe there are five key factors you should take into account:

1. What currency pairs can you trade?

Check the currencies you want to speculate on are available on the platform.

Keep in mind that the SEBI only allows local brokers to offer seven currency pairs – INR/USD, INR/EUR, INR/GBP, INR/JPY and cross-currency pairs – EUR/USD, GBP/USD and USD/JPY. Buying or selling non-authorized currencies is prohibited in India and could lead to legal ramifications.

Some international forex platforms that operate in India and that we’ve evaluated may offer other currencies. For example, Pepperstone is among the best for its range of 100+ currency pairs (including INR/USD), but these may not be SEBI-approved.

Currency pairs at Pepperstone with INR/USD highlighted
Currency pairs at Pepperstone featuring INR/USD

2. Is the broker authorized to deal FX in India?

As we’ve outlined, the SEBI has strict regulatory rules that make it challenging to buy and sell through non-authorized methods.

Fortunately, it’s straightforward to check whether a forex broker is authorized in India. A genuine firm will clearly have an Indian forex broker license number. For example, Zerodha provides SEBI registration details at the bottom of each webpage. Simply search this number in the SEBI’s directory of Recognised Intermediaries.

Other indicators that an FX broker is legitimate are an office in India and customer support in Hindi and one of the 22 reocgnized regional languages, such as Bengali.

3. Are the trading fees competitive?

Check the costs you will incur on the currency pairs you’re interested in, especially as a short-term trader for whom transaction costs can mount up quickly.

For example, Zerodha offers a flat Rs. 20 fee or 0.03% of the trade value (whichever is lower) on intraday trades across currencies, which primarily user derivatives like futures and options.

Also factor in additional costs. For instance, you may have to pay a conversion fee if your deposit Rupees to an account based in another currency, though brokers with INR accounts can help you avoid this.

4. Is the forex platform user-friendly with the features you need?

Ensure you get on with the forex platform, whether a desktop client or web trader. This is where you may spend a significant amount of time analyzing the impact of monetary policy decisions from the Reserve Bank of India (RBI) for example, and executing short-term trading strategies.

Based on our analysis, MetaTrader 4 (MT4) remains the most widely available platform (it was designed for FX trading), but brokers are increasingly integrating other third-party solutions, notably TradingView and cTrader.

We’re also witnessing a shift in forex trading patterns to using mobile apps that support full account management, market analysis and easy order execution. For example, Zerodha’s proprietary platform Kite, is available as an iOS and Android app, offering a simple yet intuitive user experience for all your forex needs.

After personally testing almost every major forex platform on the market, from third-party solutions like MT4, MT5, cTrader and TradingView to countless in-house terminals and apps, I strongly recommend starting with a forex demo account.

I believe these simulators are the best way to learn a platform’s features and check the broker is a good fit, before risking your Rupees.

author image
James Barra
Author

5. Is it easy to make deposits and withdrawals?

Make sure the firm makes funding and emptying your forex trading account cheap and convenient.

Based on our investigations, some top FX brokers for Indian traders offer international solutions like wire transfers and debit cards, plus more localized solutions like RuPay and Paytm.

For example, Upstox supports a range of convenient deposit options for Indians; NetBanking, UPI transfer, Google Pay, NEFT/RTGS/IMPS, and cheque.

Bottom Line

India is unusual in its heavily restrictive approach to forex trading, which can make choosing an online broker challenging.

A SEBI-regulated forex broker will guarantee legitimacy and should give you important client safeguards. However, we’re seeing some traders turn to overseas forex platforms for their wider market access. If you opt for this route, it is imperative you adhere to Indian laws, which may require getting approval from the relevant government department.

To find the right brokerage for your needs, use DayTrading.com’s selection of the best forex brokers that accept Indian traders.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com