Best Forex Trading Platforms In India 2024

With so many forex trading platforms in India, finding the best one, or even the top 5, can seem daunting. Due to tight SEBI 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, including how they operate and make money. We have also reviewed and rated the best forex trading platforms that accept Indian traders in 2024.

Top 5 Forex Trading Platforms In India

After extensive testing, these 5 brokers stand out as the best for traders in India:

  1. 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.
  2. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  3. Interactive Brokers - IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.
  4. Expert Option - Expert Option traders can access some of the most popular forex pairs including USD/EUR, GBP/USD and GBP/EUR using binary options contracts that payout up to 95%, well above the industry average of around 85%.
  5. FXTM - FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

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 Minimum Deposit INR Account Visit
AvaTrade logo
50+ 0.9
$100 - Visit
XM logo
55+ 1.6
$5 - Visit
Interactive Brokers logo
100+ 0.08-0.20 bps x trade value
$0 Visit
Expert Option logo
6 Variable
$10 Visit
FXTM logo
50+ 0.1
$500 - Visit
Exness logo
97 0.0
$10 Visit
Vantage logo
55+ 0.0
$50 - Visit
IC Markets logo
75 0.02
$200 - Visit logo
80+ 1.2
$100 - Visit
Pepperstone logo
100+ 0.1
$0 - Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
IG logo
80+ 0.8
$0 - Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 - Visit
FXCC logo
70+ 0.2
$0 - Visit

#1 - AvaTrade

Why We Chose 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 for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

"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."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

#2 - XM

Why We Chose XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team
  • GBPUSD Spread: 1.9
  • EURUSD Spread: 1.6
  • EURGBP Spread: 1.8
  • Total Assets: 55+
  • Leverage: 1:1000
  • Platforms: MT4, MT5

#3 - Interactive Brokers

Why We Chose Interactive Brokers

Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

- DayTrading Review Team
  • GBPUSD Spread: 0.08-0.20 bps x trade value
  • EURUSD Spread: 0.08-0.20 bps x trade value
  • EURGBP Spread: 0.08-0.20 bps x trade value
  • Total Assets: 100+
  • Leverage: 1:50
  • Platforms: Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral

#4 - Expert Option

Why We Chose Expert Option

Expert Option is an offshore broker that offers a simple and intuitive trading experience through a bespoke, user-friendly platform. Short-term traders 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 day trading platform is clear and reliable."

- DayTrading Review Team
  • GBPUSD Spread: Variable
  • EURUSD Spread: Variable
  • EURGBP Spread: Variable
  • Total Assets: 6
  • Leverage: N/A
  • Platforms: Expert Option Web Platform

#5 - FXTM

Why We Chose FXTM

FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader. Get a 30% Deposit Bonus - Get an extra 30% on top of your deposit – that’s up to $200 more to trade with.

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

- DayTrading Review Team
  • GBPUSD Spread: 0.2
  • EURUSD Spread: 0.1
  • EURGBP Spread: 0.6
  • Total Assets: 50+
  • Leverage: 1:2000
  • Platforms: FXTM App, MT4, MT5

What Is An Indian Forex Broker?

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 trade the USD/INR pair.

Through forex brokers based in India, you can typically only trade a limited list of INR-based currency pairs spanning USD, EUR, GBP and JPY.

Some international forex trading platforms that operate in India may offer other currencies, but these may not be SEBI-approved. Using a broker that is not authorized by the SEBI or exchanging non-regulated currencies could lead to legal ramifications. With that in mind, only use trusted overseas FX brokers that accept Indian traders.

SEBI Oversight

In India, forex brokers are highly regulated and legal if they are licensed by the Securities Exchange Board of India (SEBI). SEBI-regulated FX brokers essentially allow local residents to buy and sell currencies securely while the financial watchdog actively deters individuals from investing in foreign currencies.

Indian forex trading platforms regulated by the SEBI have to meet various requirements. This includes restrictions on margin trading, rules on exotic currency pairs, and a requirement to undergo regular audits and meet Anti-Money Laundering (AML) legislation.

Investing in foreign currencies is frowned upon for Indian residents. Equally, signing up with an international forex broker that accepts Indian traders and depositing money from your local bank account to an overseas account is not viewed upon favorably. Indian citizens often need permission from the relevant government authority. Speak to a local professional for guidance.

How Do Forex Brokers In India Make Money?

Online forex trading platforms primarily make their money through two methods: 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 about the costs of a particular trade.

An example commission calculation is given below:


Forex trading platforms in India with different business models and brokerage structures 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:

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:

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 trading platforms in India will allow easy access to all of these pairs with tight spreads and low or zero commissions.

Some overseas forex brokers may offer other pairs, but sticking with SEBI-approved brokers will provide legal protections.


Forex brokers in India offer different spreads, commissions and non-investing fees. Zerodha for example offers a flat Rs. 20 fee or 0.03% of the trade value (whichever is lower) on intraday trades across currencies, equities, and commodities.

A useful cost calculator is also available on the broker’s website with additional transaction costs, such as SEBI charges, NSE/BSE transaction fees and stamp duty charges.

Also look out for brokers that offer INR as an account base currency so you are not liable for any currency conversion charges.

Regulatory Status

As outlined above, the Securities Exchange Board of India has strict regulatory rules making it challenging to buy and sell through non-authorized methods. To spot fake forex trading platforms in India, check the footer of a firm’s website. A genuine broker will clearly have an Indian forex broker license number.

Zerodha for example provides SEBI registration details at the bottom of each webpage. Simply search this number on the SEBI-registered entities list for confirmation.

You can also search for a broker’s name in the complete list of legal forex brokers on the SEBI website. Another good indicator of trustworthiness is an office in India.


SEBI leverage rules introduced in May 2022 state that clients may only use 50% of their margin against securities, whilst the other 50% margin must be held with the forex broker. This is a reduction on the previous rules in place regarding trading forex with leverage.

Additionally, the Securities Exchange Board of India has placed restrictions on the use of intraday profits on further investing activities in the same day. The profits made by retail investors may only be used a minimum of two days after.

Deposits & Withdrawals

The best forex trading platforms in India offer several different local payment options, including RuPay credit/debit cards, bank wire transfers and online wallets such as Paytm.

Upstox for example offers a range of deposit methods; NetBanking, UPI transfer, Google Pay, NEFT/RTGS/IMPS, and cheque. Note, electronic transfers often provide the fastest processing times.

Withdrawal times and associated fees should also be compared when choosing between forex brokers in India.

Minimum Deposit

Some forex trading platforms in India will have a minimum amount that you must deposit in your account, although some recognized brands such as Upstox and Zerodha, do not have a minimum requirement. This makes them good choices for beginners.

Although the best option for beginners is likely to be an account with an accessible deposit requirement, ensure you still benefit from all the tools and analysis features required to execute your forex strategy. For example, the top forex brokers that accept Indian traders may offer useful insights into announcements from the Central Bank of India (CBI).


Forex brokers in India often provide referral schemes rather than welcome bonuses or other financial incentives for new or existing customers.

Dhan for example offers lifetime referral rewards, accrued daily, for those investors that refer and meet eligibility requirements. You can earn up to 20% of a referral’s profits.


Forex trading platforms 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 Indian forex 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 INR/USD strategy without taking on any risk.

Platforms & Mobile Apps

The platform offered by a brokerage is a key consideration. Forex brokers in India may offer a range of web-based or desktop-based platforms.

Well-known solutions include MetaTrader 4 (MT4) and cTrader, although some Indian forex brokers may offer proprietary platforms. Dhan for example offers day traders access to their web platform complete with TradingView charts, advanced Option Chain and an instant pledge margin benefit available on over 1400 assets.

Other things to look out for when comparing platforms include technical indicators, analysis tools, and forex heat maps.

The best forex brokers in India will also offer a mobile app that allows for full account management, market analysis and easy order execution. Zerodha’s proprietary platform Kite, is available as an iOS and Android app, offering a simple yet intuitive user experience for all your forex investment needs.

Customer Support

The best forex trading platforms in India will offer comprehensive, round-the-clock customer support in a variety of languages, including Hindi.

24/7 online chat or telephone lines are a great way to get help quickly whenever you need it. The top forex brokers that accept India also offer support via social media channels.

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 trading platforms 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

If you are looking to trade currencies online, consider a SEBI-regulated forex broker to guarantee legitimacy and to benefit from client safeguards. Alternatively, use a trusted and accepted overseas provider. While the number of currencies available to Indian forex traders is small, profits can be maximized through the use of leverage and market insights.

Use our comparison guide to find the best forex broker in India that suits your investing strategy. Alternatively, our experts have compiled a list of the top 10+ forex brokers that accept Indian traders.


Yes, trading is legal with forex trading platforms in India that are regulated by the Securities Exchange Board of India (SEBI). Using a non-regulated broker can lead to fines. Check our list of forex brokers in India for the best and safest 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, such as the USD/EUR. Buying or selling non-authorized currencies is prohibited in India.

What Are The Best Forex Trading Platforms In India?

The best forex trading platform in India is a subjective concept, as everyone’s needs differ. You can compare forex trading platforms in India by their account types, spreads and commission, leverage, bonuses, withdrawal options, customer service and regulatory oversight from an agency like the SEBI.

How Do I Find SEBI-Regulated Forex Brokers In India?

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

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

The fees you pay to a forex broker in India will depend on the brokerage. FX providers will often charge either a fixed commission per trade and/or a spread. Some forex accounts will also have withdrawal fees, overnight fees and inactivity penalties.