Best Forex Brokers in India for 2024

Last updated Mar 2, 2024
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

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. Our selection is thoughtfully designed to meet the unique needs of Forex traders in India, providing an improved and efficient trading experience.

List of the Top Forex Brokers in India in 2024

Логотип IC Markets
1
Foundation Year
2007
Minimum Deposit
$ 200
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsIC Markets review18 reviews about IC Markets
Логотип Pepperstone
2
Foundation Year
2010
Minimum Deposit
$ 1
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this brokerPepperstone review31 reviews about Pepperstone
Логотип AvaTrade
3
Foundation Year
2005
Minimum Deposit
$ 100
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAvaTrade review
Логотип Vantage
4
Foundation Year
2009
Minimum Deposit
$ 50
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsVantage review
Логотип Roboforex
5
Foundation Year
2009
Minimum Deposit
$ 10
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsRoboforex review34 reviews about Roboforex
Логотип FxPro
6
Foundation Year
2006
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsFxPro review
Логотип AMarkets
7
Foundation Year
2007
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAMarkets review
Логотип Admirals
8
Foundation Year
2001
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAdmirals review
Логотип Deriv
9
Foundation Year
2020
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsDeriv review
Логотип Oanda
10
Foundation Year
2001
Minimum Deposit
$ 1
4.3/5
Register71-76.6% of retail investors lose money when trading CFDs with this brokerOanda review

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

Логотип IC Markets
1
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTrader
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 suitable for traders looking for low spreads and ECN accounts and the ability to scalp and use expert advisors.

Advantages of IC Markets

  • Regulation. IC Markets is regulated by two serious financial regulators, ASIC and CySEC, which guarantees client funds protection and trading conditions fairness.
  • A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
  • Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.
  • MetaTrader and cTrader platforms. These platforms are widely recognized for their advanced trading features and analysis tools.
  • Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.
  • Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.

Disadvantages of IC Markets

  • High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.
  • A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.

2. Pepperstone

Логотип Pepperstone
2
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersAgricultural 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 suits traders seeking a wide choice of platforms, tight spreads, and numerous trading instruments.

Advantages of Pepperstone

  • Wide selection of trading platforms.
  • Tight spreads and favourable trading conditions.
  • Numerous regulatory licenses.
  • A large number of trading instruments, including over 600 CFDs on stocks.

Disadvantages of Pepperstone

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

3. AvaTrade

Логотип AvaTrade
3
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersAgricultural 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 suitable for traders who value various instruments, copy trading services, and a user-friendly mobile version of trading platforms.

Advantages of AvaTrade

  • A wide selection of financial instruments. AvaTrade offers more than 60 currency pairs and CFDs on stocks, indices, commodities, cryptocurrencies, and other assets.
  • Innovative trading platforms. AvaTradeGO, MetaTrader 4 and 5, and WebTrader provide convenience and functionality for trading.
  • Educational resources. Access to an education center with video tutorials, articles, and other materials helps traders improve their skills and knowledge.

Disadvantages of AvaTrade

  • Limited account options. The absence of market execution of orders, cent accounts, and fixed spread accounts may limit options for traders.
  • Fees. Costs for account inactivity and maintenance may impact trading profitability.

4. Vantage

Логотип Vantage
4
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4Premium Trader
Deposit/withdrawal:
Логотип Bpay
Логотип Neteller
Логотип Skrill
Логотип AstroPay
Логотип FasaPay
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип UnionPay
Логотип POLi
compare Vantage trading accounts

Broker Vantage is suitable for intermediate and advanced traders looking for diversity in instruments and platforms.

Advantages of Vantage

  • Wide range of trading instruments. Many available markets and products include currency pairs, indices, and metals.
  • Diversity of trading platforms. Availability of various platforms, including mobile app, MetaTrader 4, MetaTrader 5, and ProTrader.
  • Free VPS. Provision of free VPS of severe traders.
  • Extensive analytical tools. Various market analysis tools are available, including correlation matrices, trading signals, etc.
  • Educational materials. Availability of webinars, articles, and other educational resources.

Disadvantages of Vantage

  • Variable quality of technical support. Some clients complain about low efficiency and speed of service.
  • Absence of cryptocurrencies. Cryptocurrencies are missing from the trading instruments.

5. RoboForex

Логотип Roboforex
5
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersAgricultural 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 suitable for both beginners and professional traders, thanks to its impeccable reputation, reliability, and fair conditions.

Advantages of Roboforex

  • A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
  • Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
  • Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
  • Competent 24/7 customer support.
  • Loyalty programs and bonus offers for clients.
  • Low spreads and commissions, as well as the ability to trade with high leverage.

Disadvantages of Roboforex

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

6. FxPro

Логотип FxPro
6
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersAgricultural 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 is suitable for traders looking for a reliable company with good trading conditions and a wide selection of instruments.

Advantages of FxPro

  • Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
  • A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
  • Analytical tools, including signals from Trading Central and Autochartist functionality.
  • Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.

Disadvantages of FxPro

  • An inactivity fee is charged after six months of no position opening or closing.
  • Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
  • Absence of cent accounts and services for copying trades of successful traders.

7. AMarkets

Логотип AMarkets
7
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersAgricultural 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 suitable for independent traders and investors due to various accounts, narrow spreads, and the possibility of engaging in copy trading.

Advantages of AMarkets

  • A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
  • Extensive analytical capabilities using modern tools and trading robots.
  • No commissions on many operations.
  • Convenience and simplicity of opening an account and managing it.

Disadvantages of AMarkets

  • Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
  • The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
  • On some assets, spreads are higher than those of competing Forex brokers.

8. Admirals

Логотип Admirals
8
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersAgricultural 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

Admirals is suitable for short-term traders looking for a large selection of instruments and a good educational program.

Advantages of Admirals

  • Regulation. Admirals is regulated by several leading financial authorities, including the FCA in the UK and CySEC in Cyprus, ensuring high reliability and security.
  • Trading Fees. Trading commissions are set at a competitive level, making trading with Admirals cost-effective.
  • Wide Range of Payment Methods. Clients can deposit and withdraw funds using various convenient payment methods, including bank transfers, credit/debit cards, and electronic wallets.
  • Analytics. Admirals offers extensive analytical resources, including an economic calendar, trading news, weekly podcasts, and technical and fundamental analyses.
  • Education. The broker provides a rich collection of educational materials, including webinars, articles, guides, and e-books.

Disadvantages of Admirals

  • Inactivity fee. Admirals charges a fee if an account remains inactive for a certain period, which may be undesirable for some investors.
  • Support. Although the support service provides multiple communication channels and quick responses, some users sometimes complain about its intrusiveness and note unprofessionalism. Additionally, information about the support service's working hours is missing from the Admirals website.

9. Deriv

Логотип Deriv
9
4.3/5
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.

Advantages of 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.
  • Low commission structure.
  • A wide range of trading platforms is suitable for traders of different levels.
  • High-quality technical support with fast and effective responses.

Disadvantages of Deriv

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

10. Oanda

Логотип Oanda
10
4.3/5
Register71-76.6% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersAgricultural CommoditiesBonds
Trading Platforms
MetaTrader 5MetaTrader 4TradingViewfxTrade
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Oanda trading accounts

Oanda is suitable for beginners and experienced traders, thanks to quality analytics and various educational materials.

Advantages of Oanda

  • Strict Regulation. Oanda is regulated by leading financial authorities worldwide, ensuring high security.
  • Tight Spreads. Oanda offers competitive and transparent spreads.
  • Diverse Markets and Products. The broker provides a wide selection of assets, from Forex and CFDs to indices and commodities.
  • Advanced Trading Platforms. Oanda supports MetaTrader 4 and 5 and its proprietary platform, fxTrade.
  • Quality Analytics. Automatic pattern recognition, advanced tools for MetaTrader, a currency converter, and other resources are provided.
  • Extensive Learning Section. Oanda offers rich educational materials and resources, including webinars, videos, and articles.

Disadvantages of Oanda

  • Limited Account Types. Oanda offers only one standard type of account, which may not be suitable for traders with different needs.
  • Inactivity Fee. An inactivity fee may be charged if the account is not used for an extended period.
  • High Swaps. Oanda has relatively high swap rates, which could reduce the profitability of long-term trades.

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.

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.

FAQ

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.

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.

Nikolay Zavarov - Author
Nikolay ZavarovAuthor

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.

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