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5 Best Forex Brokers in India for 2024

Searching for the top forex broker in India? Based on our hands-on analysis, we’ve identified the 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Aviva Gurevich
Updated: Mar 25, 2024

List of Top Forex Brokers & Trading Platforms in India

Multiple INR deposit options. Competitive trading fees. 3 trading platforms. 24/7 customer support.

Beginner-friendly OctaTrader app. Dedicated copy trading mobile app. MT4, MT5, Autochartist. Competitive spreads. No inactivity and swap fees.

MT4, MT5, Autochartist. 6 account types. High leverage. Trading school.

Tight spreads. Multiple account types. Full suite of MT4 and MT5. Fast order execution. Wide range of deposit and withdrawal methods.

Multiple account types. Additional MT4 indicators. FXTM Invest for strategy managers. High leverage.

Forex Trading in India

In the quest for the best forex broker for trading in India, it is best to stick to highly regulated and licensed brokers. Currently, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have yet to create a framework for licensing or regulating forex brokers and have implemented several restrictions on currency trading.

This is why local traders in India often engage with foreign, regulated brokers that accept clients from India and are supervised by foreign financial authorities, providing a more secure and safer trading environment. However, it’s important to note that not all foreign brokers are regulated equally.

How Did FX Empire Select the Best Brokers in India?

FXEmpire's Methodology

  • We checked if the broker accepts clients from India.
  • We analyzed if the broker allows deposits and withdrawals in Indian Rupee (INR).
  • We checked for any bonuses or promotions available for traders in India.
  • We opened a live trading account to check for competitive fees.
  • We tested the broker’s trading platform to see if it is easy-to-use and feature-rich.
  • We conducted a live customer support test and checked the broker offers. customer support in Hindi and is available during local business hours.
  • We identified if there is a localized Indian version of the broker’s website.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

This analysis, coupled with my individual trading journey, has led to the findings and research presented below. They spotlight the best forex brokers in India across diverse categories tailored to your specific trading needs.

Now let’s dive into the selected brokers.

Best Overall

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

Established in 2005, FP Markets is authorized and regulated by CySEC, ASIC, and the FSCA and has one unregulated entity in St. Vincent and the Grenadines. With more than 850+ financial instruments, 3 powerful trading platforms and competitive trading fees FP Markets is a top overall broker.

Regional Features:

  • Indian payment solutions: Neteller, Skrill
  • Trade USD/INR
  • 24/7 customer support in Hindi
  • Islamic trading account

With FP Markets, traders in India can trade from two different account types, on more than 850+ financial CFD instruments covering forex, stocks, indices, commodities and cryptos and from three different trading platforms: MT4, MT5 and cTrader.

During our live fee test, I found that the average spread for EUR/USD on the Standard Account, during the London and New York session, averaged 1.0 pips which is the industry average for a commission-free trading account.

If your priority is securing the lowest possible spread, you might want to consider trading with the FP Markets Raw Account. This account offers spreads starting from 0.0 pips, but it carries a commission of 3 USD per lot, per side, which is better than the industry average of 3.50 USD.

I found that both of the account types offer ECN pricing, which means you can trade 70+ forex pairs, including USD/INR, directly with the interbank markets and broker’s liquidity providers. This makes it a top broker to consider overall.

Pros
  • Multiple INR deposit options.
  • Competitive trading fees.
  • 3 trading platforms.
  • 24/7 customer support.
Cons
  • Only one INR trading pair.

Best Forex Trading App

4.3
Forex margin trading involves substantial risks.
  • Min Deposit
    $25
  • Tradable Instruments
    230
  • Fees
    Low

Founded in 2011 and based in St Vincent and the Grenadines, OCTA is a renowned forex and CFD broker that operates via two entities: one is regulated by CySEC and the second is unregulated. OCTA ensures competitive trading fees and fast execution, offering a selection of over 300 tradable instruments.

Regional Features:

  • Indian payment solutions: India Cash, UPI and Netbanking
  • Localized version of the website in Hindi
  • Islamic trading account

OCTA has developed its own trading app, designed for efficient and flexible trading. This app enables traders to effortlessly manage their profiles, and fund accounts, and access real, demo, and contest accounts at any time and from anywhere. It offers the option to trade on the in-house OctaTrader platform or the widely-used MetaTrader 4, accommodating different trading preferences.

Additionally, the broker provides a copy trading app, allowing clients to copy the strategies of experienced traders by automatically replicating their trades. This feature offers detailed insights into Master Traders’ statistics, including risk scores, gains, and trading history, aiding clients in making informed decisions about whom to follow.

OCTA offers two retail account types, both featuring commission-free trading and floating spreads starting from 0.6 pips. Based on my personal trading experience with OCTA, executing a substantial EURUSD position, I observed a trade cost notably lower than the industry average.

Pros
  • Intuitive in-house mobile app.
  • Localized offering for clients from India.
  • Copy trading app.
  • Low spreads on forex.
Cons
  • Indian residents can only open an account with the broker’s unregulated entity.

Best MT4

Trading on the Forex market involves significant risks, including complete loss of funds. Trading may not be suitable for some investors and traders. Increasing your leverage also increases your risks. Please read and ensure you fully understand our Risk Disclosure.
  • Min Deposit
    $0
  • Tradable Instruments
    153
  • Fees
    High

Established in 2007, Forex4you has one entity regulated by the FSC BVI and one unregulated entity based in St. Vincent and the Grenadines (SVG). If you are willing to forego the lower level of investor protection, then Forex4you does have some interesting trading tools.

Regional Features:

  • Indian payment solutions: India Netbanking, India Local Banks, PayFM
  • Trade USD/INR, EUR/INR and GBP/INR
  • Customer support in Hindi during local business hours
  • Localized version of the website in Hindi
  • Islamic trading account

Forex4you provides a range of interesting trading tools. On top of the go-to forex trading platforms MT4 and MT5, the broker provides access to news from Trading Central and an MT4 plugin from Autochartist.

Having used Autochartist personally, I’ve found it incredibly handy for scanning market opportunities. The plugin functions as a real-time scanner for technical analysis and chart patterns, thus providing a quick way to find potential trading opportunities. It can be used on the MT4 platform, accessed through a webpage or mobile device.

During the live test, our team found the spread for EUR/USD, during the London and New York sessions, averaged 0.15 pips for the Classic Pro account. However, there is a commission to pay on top of this which amounts to 8 USD per lot which is much higher than the industry average of 3.50 USD.

Pros
  • MT4, MT5, Autochartist.
  • 6 account types.
  • High leverage.
  • Multiple INR trading pairs.
Cons
  • Accounts for traders from India are with the unregulated SVG entity.

Best Account Offering

Your capital is at risk.
  • Min Deposit
    $10
  • Tradable Instruments
    263
  • Fees
    Medium

JustMarkets is a multi-asset online CFD broker based in Limassol, Cyprus. Authorized and regulated by CySEC and the FSA of Seychelles, the broker offers CFDs on forex, commodities, indices, shares, and cryptocurrencies from the MetaTrader 4 and MetaTrader 5 platforms.

Regional Features:

  • Indian payment solutions: Neteller, SticPay, FasaPay
  • Localized version of the website in Hindi
  • Islamic trading account

JustMarkets offers the renowned MetaTrader 4 and MetaTrader 5 platforms, available on web, desktop, and mobile. Both versions support three account types – Standard, Pro, and Raw Spread – that primarily differ in their trading fee structures.

Additionally, MT4 includes a unique Standard Cent account, designed for trading in cents rather than dollars, making it a perfect choice for those with smaller trading balances.

The Raw Spread account features the tightest spreads available and charges a commission fee of 3 units of the base currency per lot, more competitive than the industry average of 3.50 units. Meanwhile, our tests revealed spreads as low as 0.7 pips for EUR/USD on the Pro account, which is more favorable than those on the Standard account.

Pros
  • Versatile accounts.
  • Raw spreads from 0.0 pips.
  • Range of deposit and withdrawal methods.
  • Reliable customer support
Cons
  • Limited education and research materials

Best for Professional Traders

4.3
82% of retail CFD accounts lose money
  • Min Deposit
    $500
  • Tradable Instruments
    266
  • Fees
    Medium

Established in 2011, FXTM has entities regulated by the UK FCA, CySEC, FSA, and FSC Mauritius. With multiple account types, extra MT4 indicators, high leverage, and daily market analysis, it could be a good option if you are a professional trader.

Regional Features:

  • Indian payment solutions: Neteller, UPI, and Netbanking
  • Localized version of the website in Hindi
  • Islamic trading account

FXTM provides traders from India access to three different trading accounts. Professional traders may opt for the Advantage account, which has spreads from 0.0 pips and a low commission of 2 USD per lot, which is much better than the industry average of 3.50 USD per lot.

During our live test, I found you can trade from the MT4 and MT5 platforms. Both of these are the industry’s go-to forex platforms, boasting a variety of professional trading features, such as a one-click trading facility and algorithmic trading capabilities.

Additionally, the broker provides an extra package of MT4 indicators, which includes a pip value calculator, pivot point level indicator, and a day bar info indicator. I found the pip value calculator especially useful, as it simplifies the process of performing risk management calculations directly from the platform.

Pros
  • Multiple account types
  • Additional MT4 indicators
  • Low commission
  • High leverage
Cons
  • No INR trading pairs yet

How to Choose the Best Forex Broker in India?

Choosing the right broker for trading the forex market can be quite daunting, especially considering the multitude of options available. It’s crucial to make a decision that aligns with your trading goals as each broker offers a different range of services, tools, and fees. In India, this decision becomes more significant due to the country’s regulatory environment and distinct market dynamics.

How to choose a safe Forex broker in India?

Trading the forex market in India is a grey area. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have not licensed or regulated forex trading in the country. This is why traders in India will trade with a foreign broker that accepts residents from the country.

This means that when choosing a foreign broker to trade with, you need to check their licenses and regulations. However, it’s crucial to note that not all regulators are created equal. At FX Empire, we classify them into three tiers:

  • Tier-1 regulators are based in well-recognized financial jurisdictions, such as the UK FCA, CySEC, and ASIC.
  • Tier-2 regulators are located in strong but lesser-known financial jurisdictions, such as the FMA of New Zealand or FSCA South Africa.
  • Tier-3 regulators are typically situated in offshore jurisdictions and include the FSC BVI, FSC Mauritius, the SCB, and others.
  • Unregulated brokers are based in locations that do not require any oversight of their actions.

Brokers licensed by Tier-1 regulators provide the highest level of investor protection. The UK FCA, CySEC, and ASIC enforce legal requirements to segregate client funds from company funds and offer negative balance protection to ensure your account does not fall below zero.

I would advise staying clear of unregulated brokers because there is no legal recourse if case the broker acts fraudulently and takes your capital. You can check the regulatory status of a broker by reading the terms and conditions carefully and searching the online register of a financial regulator. You can also find a comprehensive list of reliable brokers by jurisdiction here.

What fees should you expect with a Forex broker in India?

In India, forex brokers typically charge fees in three main ways: spreads, commissions, and overnight or swap fees. Understanding these charges is crucial to managing your trading costs and maximizing your potential profits.

  • Spreads: The spread is essentially the difference between the buy and sell price of a currency pair. It’s how most brokers make their money. For instance, if the buy price (ask) for a currency pair is 1.2000 and the sell price (bid) is 1.1990, the spread is 10 pips. Brokers offering lower spreads are generally more cost-effective, but it’s important to check if they charge commissions, which could offset the benefits of low spreads. Check out our detailed guide for the best forex brokers with lowest spreads.
  • Commissions: Some brokers charge a commission on trades, which is usually a fixed fee per trade or a percentage of the trade volume. For instance, a broker might charge a $3 commission per trade for every 100,000 units of currency traded or 0.05% of the trade volume. Commissions can add up, especially for high-volume traders, so it’s important to factor them into your cost calculations.
  • Overnight/Swap Fees: These are fees charged for positions held open overnight. The forex market operates 24 hours a day. At the end of each trading day, any positions left open incur an interest adjustment depending on the interest rate differential between the two currencies in the pair. Some brokers will offer an Islamic swap-free account so there are no overnight charges, but a higher commission upfront to align with Sharia Law. Read more about best brokers with low swap fees.

In addition to these, there might be other non-trading fees like deposit and withdrawal, inactivity, or account maintenance fees. It’s critical to read the broker’s fees carefully to understand all the charges involved.

How to choose the best Forex account in India?

Your account type can make or break your journey. Here’s how to pick a trading account wisely if you are from India:

  • Self-Assessment: Start by identifying your trading aspirations, risk appetite, and proficiency level. Are you a novice dipping your toes into the forex waters or a seasoned trader seeking advanced tools and high leverage? Your needs dictate your ideal account features.
  • Account Varieties: Brokers offer a spectrum of accounts. Micro or mini accounts, with their low deposit requirements and reduced risk exposure, are perfect for beginners. Experienced traders might prefer standard or VIP accounts, offering larger contract sizes and additional perks.
  • Initial Deposit: Consider the account’s minimum deposit. Some demand a larger initial investment than others. Make sure it’s an amount you’re comfortable committing.
  • Leverage & Spreads: Examine the offered leverage and spreads. High leverage can amplify your position, but keep in mind that it’s a double-edged sword, as it can increase both potential profits and risks. Lower spreads equate to lower trading costs.
  • Demo Account: These accounts let you trade with virtual money, offering a risk-free environment to get acquainted with the platform and test strategies. See our list of the best forex demo accounts.

How to choose the optimal leverage for forex trading in India?

Leverage allows you to control larger positions with a smaller deposit. It’s a tool that can significantly amplify your profits as well as your losses.

Tier-1 regulators, such as the UK FCA, CySEC, and ASIC, impose a 1:30 leverage limit for forex trading. This means you can control a position size of $300 with just $10 in your account. However, it’s crucial to understand that higher leverage increases risk, as it can lead to substantial losses if the market moves unfavorably against your position.

Many offshore and unregulated brokers tend to advertise very high leverage. Exercise caution in these scenarios. After all, the restrictions on leverage set by Tier 1 regulators are there for a reason: to promote safe and responsible trading among retail traders.

Read more about Best forex brokers with high leverage.

What is the best trading platform to use in India?

If you’re ready to start trading Forex in India, you’ll need a trading platform. But what factors should you consider when making this choice?

In India, MetaTrader 4 (MT4) MetaTrader 5 (MT5), and cTrader are regarded as the best options due to their user-friendly interfaces, comprehensive toolsets, and proven reliability.

Read more about the platforms in our detailed guides on the best MT4 brokers, best MT5 brokers, and best cTrader brokers.

Some brokers may offer their own proprietary trading platforms which they have invested in building. It’s also worth testing these platforms to see which ones align with your trading style. Here are a few factors to consider:

  • User-Friendliness: Usability is important. The platform should be easy to use and understand, simple to navigate, and not require a steep learning curve. Your focus should be on trading, not grappling with a complex interface.
  • Tools & Indicators: A robust platform features advanced charting tools and a plethora of technical indicators. These resources can aid in analyzing market trends and making informed trading decisions.
  • Reliability: The platform’s stability is crucial. It should provide seamless, uninterrupted access to the forex market, ensuring you never miss a potentially profitable trade.

Explore our list of Best forex trading platforms.

What to avoid when choosing a forex broker in India?

Here are a few things to avoid when choosing a forex broker in India:

  • Unregulated brokers. If they take your money or act fraudulently there is no recourse for you to reclaim it.
  • Lack of transparency. If a broker’s trading, deposit, or withdrawal fees are too difficult to find, consider it a red flag for insufficient transparency.
  • No live customer support. If a broker does not provide access to live customer support through web chat, phone, or social media, then there is no one to help you in case of any issues, which is far from ideal.
  • Beware of unrealistic profit promises, and always conduct your own due diligence before choosing a broker.

How to avoid forex and CFD scams in India?

Forex and CFD scams can pose significant risks for traders in India, largely because the government has yet to regulate these activities. Here are a few strategies to help you avoid forex and CFD scam brokers.

  • Check the broker’s regulation and license. This can be done by checking the regulator’s online register in the country where the broker operates.
  • Confirm the broker’s physical address and customer support. The broker should have a physical address in a well-known country and a live customer support team you can contact.
  • Do an internet search. Look up the broker to check if there are any news articles discussing potential issues with the broker.
  • Only use well-known payment options that are safe and secure.
  • Always check the broker’s terms and conditions.

Our Methodology

Since pioneering the broker review industry, FX Empire’s methodology now encompasses more than 250 data points across nine categories. These include:

  • Trust
  • Fees
  • Platforms and tools
  • Tradable instruments
  • Customer service
  • Deposit and withdrawals
  • Account types
  • Research
  • Education

For selecting the best forex brokers in India, our team has leveraged the insights from this research, in addition to considering the following localized factors:

  • Availability of Indian payment solutions in INR
  • Availability of INR currency pairs for trading
  • Acceptance of Indian residents
  • Availability of Islamic accounts
  • Customer support for traders in India
  • Low, competitive trading fees
  • User-friendly and feature-rich trading platforms

The list of best forex brokers in India has been curated with these factors in mind.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Yes, trading physical currencies is legal in India but only if you use an RBI-approved broker and only if trading in INR, among other restrictions – otherwise, it is illegal. However, for trading forex CFDs, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have not established a regulatory framework. That's why Indian forex traders interested in trading CFDs typically opt for a foreign broker.
SEBI stands for the Securities and Exchange Board of India. It is the regulatory body for the securities market in India, similar to the Securities and Exchange Commission in the United States.
Yes, you can trade with non-SEBI-regulated brokers. However, it's crucial to ensure that the broker is regulated in their location, which should be a well-known financial center.
You can verify if a Forex broker is regulated in India by checking the list of SEBI-regulated brokers on the SEBI website.
To create a Forex trading account in India, you will be required to submit some documents as proof of identity, such as a passport or Aadhaar card. Additionally, you will need to provide proof of your address and provide details of your bank account. It may also be necessary to present evidence of your income, such, as a salary slip or Income Tax Return (ITR).
For beginners in India, FP Markets is a broker worth considering due to its wide range of beginner-friendly account types, platforms, INR deposit and withdrawal methods, as well as educational materials.
For professional traders in India, FXTM is a strong contender. The broker offers advanced functionality in MT4, including VPS trading. This, combined with their range of accounts tailored to different levels of traders, makes FXTM a solid choice for seasoned traders.
The best Forex trading platform in India depends on your specific needs and preferences. However, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are widely recognized for their advanced trading features, technical analysis tools, and automated trading capabilities.
Yes, Forex trading income is taxable in India. The tax rate can vary depending on whether Forex trading is considered your source of income or a hobby. It's recommended to consult with a tax advisor to understand your obligations.
Yes, it is possible to trade crypto in India, but it is unregulated and carried out at the investor’s own risk.
An Islamic account, also known as a swap-free account, is a type of Forex trading account that complies with the principles of Islamic Sharia Law. These accounts do not incur or benefit from swap or interest payments overnight, which is considered "Riba" (usury) and is prohibited in Islam.
No, you cannot trade Forex in India without a broker. A broker acts as an intermediary between the buyer and the seller in the Forex market. They provide the trading platform and other necessary tools for trading.
Negative balance protection is a feature offered by some Forex brokers that prevent a trader’s account from going below zero in the event of an adverse move in the market. If the trader's account balance falls to zero, the broker will close out their positions and absorb the loss, rather than requiring the trader to cover the negative balance.
You can confirm whether your broker provides negative balance protection by checking the terms and conditions on their website or contacting their customer support directly. Brokers licenced by Tier-1 regulators such as the UK FCA, CySEC and ASIC must offer this to retail traders as a legal requirement.
A compensation scheme is a plan to pay back traders in case the Forex broker becomes insolvent. Such schemes often have specific eligibility criteria, such as a maximum compensation limit per investor or per claim, and may only cover certain types of financial instruments or transactions.
You can verify whether your broker is a member of a compensation scheme by checking the broker’s terms and conditions or contacting their customer support directly. Brokers licenced by some Tier-1 regulators such as the UK FCA and CySEC must offer this to retail traders as a legal requirement.
Segregated funds refer to the practice of keeping clients' funds distinct from the broker's own operational funds. This precaution is taken to safeguard clients' money in the event of the broker's bankruptcy or other financial difficulties.
You can confirm whether your broker utilizes segregated funds by checking the broker’s terms and conditions or contacting their customer support directly. Brokers licenced by Tier-1 regulators such as the UK FCA, CySEC and ASIC must offer this to retail traders as a legal requirement.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.