Best Forex Brokers in India for 2024

Last updated Jun 15, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex brokers India based on our analysis:

  1. 1
    IC Markets Logo
    IC Markets - Best Forex broker in India - A wide range of trading assets. Low spreads. Variety of trading platforms.
  2. 2
    Pepperstone Logo
    Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses.
  3. 3
    AvaTrade Logo
    AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources.
  4. 4
    Roboforex Logo
    Roboforex - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts.
  5. 5
    FxPro Logo
    FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools.
  6. 6
    AMarkets Logo
    AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations.
  7. 7
    Admirals Logo
    Admirals - Low trading fees. Wide range of payment methods. Extensive analytical resources.
  8. 8
    Deriv Logo
    Deriv - Relatively reliable with licenses from various global regulators. Simple and fast account opening process. A wide variety of account types cater to different trading needs.
  9. 9
    Oanda Logo
    Oanda - Regulated by leading financial authorities around the world. Tight spreads. Diverse markets and products.
  10. 10
    FXOpen Logo
    FXOpen - Wide range of trading assets. Low spreads and commissions. Support for various trading platforms.

The Forex market in India is a vibrant and rapidly growing sector, marked by many reputable brokers offering diverse trading platforms and benefits. Our team has researched extensively to curate a comprehensive list of India's Best Forex Brokers for beginners. This list is tailored to guide you in choosing a broker that aligns with your trading style, ensuring the safety and integrity of your investments.

List of the Top Forex Brokers in India in 2024

1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
$200
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Foundation Year2010
Minimum Deposit
$1
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2005
Minimum Deposit
$100
4
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
$10
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
$100
6
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
$100
7
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2001
Minimum Deposit
$1
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2020
Minimum Deposit
$1
9
Register71-76.6% of retail investors lose money when trading CFDs with this broker
Foundation Year2001
Minimum Deposit
$1
10
Register58-60% of retail investors lose money when trading CFDs with this broker
Foundation Year2004
Minimum Deposit
$1

Our team has rigorously scrutinized numerous companies to pinpoint the most reliable and user-friendly platforms for Forex trading in India. This page presents detailed reviews of top Indian Forex brokers aimed at assisting you in making a well-informed decision. Each review thoroughly examines a broker, complemented with authentic feedback from Forex traders who have personally engaged with their offerings. Whether new to the Forex market or seeking the perfect ally in navigating the financial markets, our comprehensive reviews help you avoid common missteps and guide you towards the most appropriate online trading platform that matches your financial aspirations in 2024.

1. IC Markets

IC Markets Logo
1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип PayPal
Логотип Neteller
Логотип Skrill
Логотип Bpay
Логотип FasaPay
Логотип Klarna
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип UnionPay
Логотип POLi
Логотип Rapidpay
compare IC Markets trading accounts

IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.

IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.

Pros and Cons of IC Markets

Pros

  1. A wide range of trading assets.
  2. Low spreads.
  3. Variety of trading platforms.
  4. Quality educational materials.
  5. Efficient customer support service.

Cons

  1. High minimum deposit.

2. Pepperstone

Pepperstone Logo
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип PayPal
Логотип Skrill
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Pepperstone trading accounts

Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.

The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.

The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.

Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.

Pros and Cons of Pepperstone

Pros

  1. Wide selection of trading platforms.
  2. Tight spreads and favourable trading conditions.
  3. Numerous regulatory licenses.
  4. A large number of trading assets.

Cons

  1. Lack of diversity in types of trading accounts.
  2. Withdrawals are only available via bank transfer, which can prolong the process for an extended period.

3. AvaTrade

AvaTrade Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Perfect Money
Логотип Google Pay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип JCB
compare AvaTrade trading accounts

AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.

Pros and Cons of AvaTrade

Pros

  1. A wide selection of financial assets.
  2. Innovative trading platforms.
  3. Highly rated educational resources.

Cons

  1. Limited trading account options.
  2. Account inactivity fee.

4. RoboForex

Roboforex Logo
4
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersSoft CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Касса24
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип JCB
compare Roboforex trading accounts

RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.

Pros and Cons of Roboforex

Pros

  1. A variety of trading platforms.
  2. Over 12,000 trading assets.
  3. Different types of trading accounts.
  4. Competent 24/7 customer support.
  5. Loyalty programs and bonus offers for clients.
  6. Low spreads and fees.

Cons

  1. Regulation in an offshore jurisdiction.
  2. Beginner traders may find a lack of educational materials.

5. FxPro

FxPro Logo
5
4.4/5
FxPro review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4FxPro EdgeMetaTrader 5cTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип UnionPay
compare FxPro trading accounts

FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.

Pros and Cons of FxPro

Pros

  1. Various trading platforms.
  2. A diverse range of available markets and products.
  3. Multiple analytics tools.
  4. Extensive educational materials.

Cons

  1. An inactivity fee.
  2. Absence of cent accounts and services for copying trades.

6. AMarkets

AMarkets Logo
6
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип Neteller
Логотип FasaPay
Логотип Bank Transfer
Логотип Система быстрых платежей (СБП)
Логотип Visa
Логотип Mastercard
Логотип Мир
Логотип HUMO
compare AMarkets trading accounts

AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.

Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.

Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.

Pros and Cons of AMarkets

Pros

  1. A wide range of trading assets.
  2. Extensive analytical capabilities using modern tools and trading robots.
  3. No commissions on many operations.
  4. Convenience and simplicity of opening an account and managing it.

Cons

  1. Not the most extensive educational materials.
  2. On some assets, spreads are higher than those of competing Forex brokers.

7. Admirals

Admirals Logo
7
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrencyStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Admirals trading accounts

The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.

Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.

Pros and Cons of Admirals

Pros

  1. Low trading fees.
  2. Wide range of payment methods.
  3. Extensive analytical resources.
  4. A rich collection of educational materials.

Cons

  1. Inactivity fee.
  2. Some users complain about the intrusiveness of the support service.

8. Deriv

Deriv Logo
8
4.3/5
Deriv review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5Deriv XcTrader
Deposit/withdrawal:
Логотип FasaPay
Логотип Perfect Money
Логотип Skrill
Логотип Neteller
Логотип WebMoney
Логотип PaySafeCard
Логотип Jeton
Логотип SticPay
Логотип Airtm
Логотип Boleto
Логотип Paylivre
Логотип OnlineNaira
Логотип Beyonic
Логотип AstroPay
Логотип 1foryou
Логотип AdvCash
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Diners Club
Логотип JCB
Логотип PayTrust88
Логотип Help2pay
Логотип DragonPhoenix
Логотип ZingPay
Логотип Ngan Luong
Логотип Trustly
compare Deriv trading accounts

Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.

Pros and Cons of Deriv

Pros

  1. Relatively reliable with licenses from various global regulators.
  2. Simple and fast account opening process.
  3. A wide variety of account types cater to different trading needs.
  4. Low commission structure.
  5. A wide range of trading platforms.
  6. High-quality technical support with fast and effective responses.

Cons

  1. Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
  2. Educational materials are confined to a blog and lack comprehensive learning resources.

9. Oanda

Oanda Logo
9
4.3/5
Oanda review
Register71-76.6% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft CommoditiesBonds
Trading Platforms
MetaTrader 5MetaTrader 4TradingViewfxTrade
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Oanda trading accounts

Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.

With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.

Pros and Cons of Oanda

Pros

  1. Regulated by leading financial authorities around the world.
  2. Tight spreads.
  3. Diverse markets and products.
  4. Advanced trading platforms.
  5. Quality analytics.
  6. Extensive learning section.

Cons

  1. Limited trading account types.
  2. Inactivity fee.
  3. High swaps.

10. FXOpen

FXOpen Logo
10
Register58-60% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Regulators:
Trading Assets
ForexPrecious MetalsIndicesStocksETFCryptocurrencyEnergy Carriers
Trading Platforms
MetaTrader 4MetaTrader 5TickTraderTradingView
Deposit/withdrawal:
Логотип WebMoney
Логотип AdvCash
Логотип FasaPay
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип Discover
compare FXOpen trading accounts

FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.

FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.

Pros and Cons of FXOpen

Pros

  1. Wide range of trading assets.
  2. Low spreads and commissions.
  3. Support for various trading platforms.

Cons

  1. Lack of educational materials.

Regulation of Forex Trading in India

Forex market regulation in India aims to ensure transparency and fairness in trading activities, as enforced by Indian regulatory authorities. The essential guidelines for Forex trading are laid out by the Securities and Exchange Board of India (SEBI), which supervises firms offering Forex products.

Key Regulatory Bodies in India

  • Securities and Exchange Board of India (SEBI). SEBI is central in regulating Forex trading activities in India. It enforces Forex and CFD trading rules to protect investors and uphold market integrity.

  • Reserve Bank of India (RBI). The RBI is crucial in India's financial markets, including the Forex market. It sets policies and guidelines for Forex trading and ensures the stability and smooth functioning of the foreign exchange market.

  • Forward Markets Commission (FMC). Before its merger with SEBI, FMC regulated the commodity futures market in India. Post-merger, SEBI oversees securities and commodity futures markets, ensuring more comprehensive regulation.

Verifying Broker Authorization

To confirm a broker’s authorization by SEBI, Indian Forex traders can utilize SEBI’s online resources to check brokers' registration and regulatory compliance. This platform allows traders to verify if a Forex broker is regulated and authorized under SEBI’s guidelines. Typically, a broker's website will include key disclosure text indicating their regulatory status under SEBI.

Traders should search for the firm's name in the SEBI registration database to confirm compliance. Information on the licensing status of regulated brokers in India can also be found on SEBI’s official website.

About SEBI’s Role in Forex Regulation

Established on April 12, 1992, SEBI is a statutory regulatory body regulating the Indian capital markets. It acts as the watchdog for all the capital market participants, and its primary functions include protecting investor interests and promoting and regulating the Indian securities markets.

How to Choose the Best Broker in India?

Choosing a Forex broker is essential for successful trading in the global currency market. When searching for a dependable online Forex broker in India, evaluating several vital factors that align with your trading goals and preferences is crucial. The perfect broker should meet your needs without imposing limitations that could negatively affect your trading efficiency. Consider the following critical aspects when selecting a Forex broker in India:

  1. Regulatory Compliance. Ensure the broker is regulated by authoritative bodies like the Securities and Exchange Board of India (SEBI). This confirms the broker's trustworthiness and commitment to fair trading practices.

  2. Account Types. Look for a broker that provides account types suitable for your experience level and investment capacity. The broker should offer various options to meet your specific trading needs.

  3. Trading Platforms. The functionality and user-friendliness of trading platforms are vital. Opt for a broker that delivers robust, intuitive platforms that can improve your trading experience.

  4. Trading Conditions. Investigate the broker’s trading terms, such as Forex spreads, trading costs, minimum deposit requirements, and various trading instruments available. These conditions should facilitate your trading strategies.

  5. Customer Support. Evaluate the quality of customer service. Focus on how responsive and efficient the support team is. The broker should offer easy and accessible communication channels.

You can confidently identify a leading Forex broker in India by thoroughly considering these factors. We suggest trying a demo account to test the broker's services and their compatibility with your trading style.

How We Compiled the List of the Best Forex Brokers in India

Our approach to identifying the best Forex trading platforms in India has been meticulous and focused, emphasizing essential factors:

  1. Our selection of brokers is derived from our comprehensive rating of Forex brokers.

  2. The evaluation of brokers is based on our established assessment methodology.

  3. Every broker listed is recognized for accepting Forex traders from India.

These criteria ensure that the Forex and CFD brokers we endorse adhere to stringent standards of trustworthiness and offer the necessary trading conditions for safe and effective participation in the Forex market.

Conclusion

Choosing the right online broker is critical to success in the Forex market. The broker's trustworthiness, adherence to regulatory standards, favourable trading conditions, and customer support effectiveness are vital factors to consider. Our meticulously curated list of the 10 best Forex brokers in India is tailored to assist you in making this essential decision. This list includes in-depth information and insights from thorough research and authentic user reviews. We aim to provide crucial guidance to help you select the best broker that aligns with your individual trading needs, laying the groundwork for financial success and proficient Forex trading in India.

FAQ

Which Forex broker is best in India?

The best forex broker in India depends on various factors such as regulatory compliance, trading platforms, and customer support. Some of the top-rated forex brokers for Indian traders include:

  1. IC Markets: Known for its competitive spreads, excellent trading platforms, and strong regulatory oversight by the Australian Securities and Investments Commission (ASIC).
  2. Pepperstone: Offers low spreads, a variety of trading platforms, and is well-regulated by multiple authorities including ASIC.
  3. AvaTrade: Provides a user-friendly platform, low minimum deposits, and attractive promotional offers.

It's important for traders in India to choose brokers that are compliant with local regulations and offer reliable customer service.

Forex trading is legal in India but restricted to currency pairs benchmarked against the Indian Rupee (INR). The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) regulate the trading of these Forex pairs.

Can I Trade Forex in India Without a Broker?

In India, it is necessary to trade through a broker due to regulatory constraints. The broker must be registered and approved by SEBI. Direct trading without a broker is not permitted in the Indian Forex market.

How Do Forex Brokers Make Money?

Forex brokers make money primarily through spreads, the differences between currency pairs' buying and selling prices. Some also charge commissions or trading fees; others earn from overnight interest rates (swap rates) and by providing leverage to traders.

What is the Minimum Deposit Required for Forex Trading in India?

The minimum deposit required varies by broker. Some brokers may allow you to start trading with as little as $1 (or its equivalent INR), while others might need a larger minimum deposit. It's essential to choose a broker that fits your financial situation.

How to Avoid Forex and CFD Scams in India?

To avoid scams, always choose a broker that SEBI regulates. Research the broker’s history, read reviews, and ensure transparent trading practices. Be wary of promises of high returns with low risk, and avoid brokers that pressure you to make large deposits.

Do International Forex Brokers accept clients from India?

While foreign brokers can offer services in India, trade with brokers regulated by SEBI is safer and more legally sound. Trading with an international broker who does not adhere to Indian laws might lead to legal issues.

What are the Tax Implications for Forex Trading in India?

Profits from Forex trading are taxable in India. The tax rate depends on the trader’s income bracket. It's classified under capital gains or business income, depending on the nature of the trading activity. Consult a tax professional for accurate guidance.

How to Start Trading Forex in India?

To start trading Forex in India, educate yourself about the Forex market. Then, choose a regulated Forex broker, open a trading account, and deposit funds. Begin with a demo account to practice before trading with real money.

Legal currency pairs for Forex trading in India are with the INR. Examples include USD/INR, EUR/INR, GBP/INR, and JPY/INR. Trading in pairs that do not involve the INR is not permitted under current Indian regulations.

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

Discover the Best Forex Brokers Worldwide: