Best Indian Brokers 2019

FX Empire Editorial Board
Last Update:
At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.
Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

Alpari

Regulated By:

FSC

Foundation Year
1998
Headquarters:

N/A

Min Deposit
$null
Visit Broker

Your capital is at risk

FBS

Regulated By:

CySEC, IFSC

Foundation Year
2009
Headquarters:

N/A

Min Deposit
$1
Visit Broker

Your capital is at risk

eToro

Regulated By:

ASIC, CySEC, FCA

Foundation Year
2007
Headquarters:

N/A

Min Deposit
$200
Visit Broker

76% of retail investor accounts lose money

Indian Forex Brokers Comparison Table

Scroll for more details
Broker
Rating
Regulations
Headquarters Country
Foundation Year
Min Deposit
Max Leverage
Trading Platforms
Publicly Traded
Restricted Countries
Trading Desk Type
Currencies
Commodities
Indices
Stocks
Cryptocurrency
ETFs
Bonds
Futures
Options
Mutual funds
Deposit
Withdrawal
Commission on trades
Fixed spreads
OS Compatibility
Mobile trading
promotions
Visit Broker
FSC

Mauritius

1998

$null

1:1000

MT4, MT5

No

United States

ECN, STP

Yes

Yes

Yes

Yes

No

No

No

No

No

No

Credit Card, FasaPay, Neteller, OKPay, Skrill, Webmoney, Wire Transfer

FasaPay, Neteller, OKPay, Skrill, Webmoney, Wire Transfer

Yes

Yes

N/A

N/A

No
Open Account

Your capital is at risk

CySEC, IFSC

Russian Federation

2009

$1

1:3000

MT4, MT5

No

Russian Federation, United States

ECN, No dealing desk, STP

Yes

No

No

No

Yes

No

No

No

No

No

Cash-U, Credit Card, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Wire Transfer

Cash-U, Credit Card, Moneybookers, Neteller, PerfectMoney, QIWI, Skrill, Wire Transfer

No

Yes

N/A

N/A

No
Open Account

Your capital is at risk

ASIC, CySEC, FCA

Cyprus

2007

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, ZuluTrade

No

Canada, Indonesia, Iran, Isle of Man, Israel, Jamaica, Japan, Niger, North Korea, Sweden, Syria, Trinidad and Tobago, Turkey, United States

Market Maker, No dealing desk, STP

Yes

Yes

Yes

Yes

Yes

Yes

Yes

No

No

No

Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer

Credit Card, Moneybookers, Neteller, PayPal, Skrill, Webmoney, Wire Transfer

Yes

No

N/A

N/A

No
Open Account

76% of retail investor accounts lose money

How to Choose a Forex Broker as an Indian Trader

Despite the fact that India is not among the richest countries in the world, it is still open to investments and plays a big role in global financial markets such as Forex. People who have saved money or earn good salaries want to invest and currencies become one of the best choices. However, how do you know which broker to choose in such a big industry where scams abound? We are going to look at some of the key things and they are: picking a regulated Forex broker, selecting an easy to use trading platform, checking if the broker has competitive spreads, variety of accounts, good customer and useful extra services. Let us look into each these now.

General Regulation & Indian Regulation 

This is where things might get a little complicated. In most countries of the world you may have loose and strict regulators with different requirements for brokers, but if you live in EU or US you would be able to trade any currency pair in the world and use quite large leverage. Limits that are imposed on brokers in the area would be more on manipulation, risk, inside trading and acting without license type ones.

When it comes to India, it is completely different. Forex market in the country is regulated by SEBI, which stands for Securities and Exchange Board of India. In 1992 the institution was authorized to regulate securities and capital markets in the country. Its role has increased more recently and now it issues licenses for brokers, creates regulation, does inspection and auditing and etc. The regulator is also responsible for Forex trading regulation in India. The thing is that trading currencies in India is not entirely legal. The only possibility of trading legally is to trade currency pairs that have Indian Rupee (INR) in the pair. This means that as an Indian trader you can trade only four pairs: USD/INR, EUR/INR, GBP/INR and JPY/INR. As INR is weak against US dollar and the Central Bank of India is short of dollars and if traders bought US dollars they would do it from the Central Bank, consequently increasing the shortage of dollars with the Bank. It would then have to buy USD/INR at worse rates and INR would continue going down.

In the same fashion, online trading using online platforms is not permitted for Indian citizens. Internationally brokers are allowed to offer their services in the country. However, Indian traders can trade only with SEBI approved brokers without using online platforms and trading only INR denominated pairs. So, current situation for Forex traders in India does not look very appealing. However, the government is considering lifting the restrictions to allow more popular pairs to be traded by Indian Forex traders. Let us hope they will lift the limits sooner rather than later.

Trading Platform & Software

As it is illegal for Indian traders to use online Forex platforms there is not much to be said. However, Forex traders that are not natives and reside in India can trade and use those platforms. As we expect that this ban will be lifted for Indian traders we will briefly mention what you need to expect from a broker regarding the issue. If a broker offers a platform that is complicated to use and which is not user friendly you may have serious problems. There are countless of cases when traders wanted to close their positions and actually doubled them experiencing big losses, because they could not figure out how to simply close a long or short position. Good brokers often include a button that can close all of your positions if you need that. In terms of platform, you should be given at least a few options to choose from. One would be a downloadable platform such as Metatrader 4, another one an online version that could be traded from your favorite browser. Finally, most brokers will offer you a choice to download an app from their website, install it on your smart phone and trade it wherever you go.

Commissions & Spreads

The way Forex dealers and brokers make money from their services is through spreads, which is the difference between ‘buy’ and ‘sell’ or ‘bid’ and ‘ask’ price. These can be fixed, variable or fixed with an extra fee. Fixed spreads tend to be the largest in the industry. Typically, the most famous currency pairs such as eur/usd or usd/jpy will have around 2-3 pips if spreads are fixed. Variable spreads depend on market conditions. Under normal market conditions eur/usd and usd/jpy can be 0.1-0.6 pips, which is very little. However, if some fundamental data hits the market you may expect the spread widen to 20-30 pips per most popular pairs and even more with less popular ones. Occasionally, some companies offer a small fixed spread with an extra small fee per position. So, you can have 0.4 pip on eur/usd, plus extra 5-6 $ on a standard 100k lot position.

Account Types

You do not need to worry if you have only a small amount to trade currencies. All of the brokers offer leverage, which means you, will be able to open much larger position than your initial deposit. However, you will also have to limit risks. Al lot of brokers will allow you to trade micro accounts with initial deposit as little as 50$-100$. If you have 1000-2000$ a mini account would probably fit you best. And if you have 10k or more brokers would possibly offer you a standard account. There could be many more variations of the types of accounts, for example, Islamic account where interest accruing rules would not apply or VIP for particularly large sums of money and special services. You need to contact a broker and discuss your needs with him to find out which type of account fits you best.

Customer Service

An Indian Forex trader should naturally expect service in his native language or a dialect that is widely spoken in the area. Customer care uncovers brokers’ character, intentions and willingness to give rather than take. If it is only in English, you better go somewhere else, because the broker probably came just to get, not to give.

Online customer support is also something you would expect from a reliable broker. A broker should be there to answer questions, solve issues, discuss problems and offer advice in a fast and effective manner. Slow customer service is a bad manner of business and you should stay away from such brokers.

Additional Services

Extra services are also expected from a reliable broker. Regulated brokers will inform their customers about risks trading in the markets, offer various kinds of courses on a variety of financial topics, provide video lessons, post financial news feed on their website as well as economic calendar for all traders to see what fundamental factors can affect markets in the nearest future and etc.

Conclusion

As you may see there are a lot of things to be taken into consideration before you fund your real money account with some broker. When you find a broker who offers the best of what has been described in the article you will be able to trust him and trade your money with focus and confidence which will ultimately help you to make money.