7 Best Forex Brokers in India for 2025

List of Top Forex Brokers & Trading Platforms in India

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?

• 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.

Now let’s dive into the selected brokers.

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.

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