Best Forex Broker in India 2024
Top Forex Brokers in India for 2024:
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Pocket Option - Best for Social Trading (top rated service by customers)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
TeleTrade - Best for learning trading basics (a lot of educational and analytical materials)
In India, the Securities and Exchange Board of India (SEBI) acts as the regulatory body overseeing the local forex market. While SEBI has stringent regulations, it has effectively limited trading options for local traders, leading many to turn to international brokers. The Traders Union has compiled a list of the top 17 brokers that accept clients from India, providing a reliable alternative regulated in other countries.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Regulation | Working with the Indian residents | Minimum Deposit | Leverage | |
|---|---|---|---|---|---|
FSC |
$10 |
1:2000 |
|||
MISA |
$5 |
1:1000 for MT4/MT5; |
|||
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
$10 |
1:unlimited for retail clients |
|||
ASIC, SCB, CySEC, FCA |
100 USD |
Up to 1:500 |
|||
CySEC |
€10 |
1:3000 |
|||
CySEC |
USD 10 |
1:500 |
|||
FSCA, MISA, CySEC |
From USD 25 |
Up to 1:500 |
|||
ASIC, FCA, FSCA, VFSC |
$50 |
Up to 1:20 (for CFDs on stocks), up to 1:500 (for currency pairs) |
|||
FCA, CYSEC, FSCA, SCB |
100 (USD, EUR, GBP, CHF) |
Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs. |
|||
From 0 US dollars |
Up to 1:2000 |
||||
ASIC, CySEC, and FSA |
$200 |
1:500 (FSA); |
|||
BVI FSC |
From 0 USD |
Up to 1:1000 |
|||
ASIC, FSC, CySEC, DFSA |
$5 |
1:30 (only for EU regulated Entity and AU). For all the other countries - 1:1000. |
|||
FinaCom |
$100 / €100 |
Up to 1:3000 |
|||
MFSA, LFSA, VFSC, BVI FSC |
$10 |
Up to 1:1000, multipliers available (leverage levels may vary depending on the client's account and country of residence) |
|||
FSA, LFSA, FSCA, CySEC, FCA |
100 US dollars |
Tickmill.EU - to 1:30/1:300. Tickmill.com - to 1:500 |
|||
$1 |
up to 1:3000 |
| RoboForex | Pocket Option | Exness | Eightcap | FBS | TeleTrade | |
|---|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, Mobile Trading |
MT4, MT5 |
|
Min deposit |
$10 |
$5 |
$10 |
$100 |
$1 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
|
Trust management |
|
|
|
|
|
|
|
Accrual of % on the balance |
|
|
|
|
|
|
|
Spread |
From 0 points |
From 1.2 point |
From 1 point |
From 0 points |
From 0.2 points |
From 0.8 points |
|
Level of margin call / stop out |
60% / 40% |
30% / 50% |
|
80% / 50% |
40% / 20% |
70% / 20% |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
|
No deposit bonus |
|
|
|
|
$5 |
|
|
Cent accounts |
|
|
|
|
|
|
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
| 💰 Account currency: | USD, EUR, GOLD |
| 🚀 Minimum deposit: | $10 |
| ⚖️ leverage: | 1:2000 |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
| 💹 Level of margin call / stop out | 40% / 10% - 60% / 40% |
Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | $5 |
| ⚖️ leverage: | 1:1000 for MT4/MT5; 1:1 for options on the in-house platform. |
| 💱 Spread: | 1.2 point |
| 🔧 Instruments: | Binary options and CFDs on currency pairs, cryptos, indices, stocks, and commodities |
| 💹 Level of margin call / stop out | 30%/50% |
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
| 💰 Account currency: | EUR, USD, GBP, CAD, AUD, and CHF for all account types; 38 more currencies for non-cent account types |
| 🚀 Minimum deposit: | $10 |
| ⚖️ leverage: | 1:unlimited for retail clients |
| 💱 Spread: | 1 point |
| 🔧 Instruments: | Forex CFDs on: cryptos, commodities, indices, and stocks |
| 💹 Level of margin call / stop out | Standard: 0%/60% Professional: 0%/30% |
Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.
| 💰 Account currency: | AUD, USD, GBP, EUR, NZD, CAD, and SGD |
| 🚀 Minimum deposit: | 100 USD |
| ⚖️ leverage: | Up to 1:500 |
| 💱 Spread: | 0 points |
| 🔧 Instruments: | CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
| 💹 Level of margin call / stop out | 80%/50% |
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
| 💰 Account currency: | EUR |
| 🚀 Minimum deposit: | €10 |
| ⚖️ leverage: | 1:3000 |
| 💱 Spread: | 0.2 points |
| 🔧 Instruments: | Forex, indices, metals, futures contracts |
| 💹 Level of margin call / stop out | 40% / 20% |
TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.
| 💰 Account currency: | Euro, dollar |
| 🚀 Minimum deposit: | USD 10 |
| ⚖️ leverage: | 1:500 |
| 💱 Spread: | 0.8 points |
| 🔧 Instruments: | Forex, metals, indices, energies, stocks, cryptocurrencies |
| 💹 Level of margin call / stop out | 100% / 20% |
For beginners, starting with a demo or cent account, or using copy trading, can be a great way to learn and gain experience. Demo accounts allow traders to practice trading strategies in a risk-free environment, using virtual money. Cent accounts, on the other hand, allow traders to trade with small amounts of real money, reducing the risk while still providing a real trading experience. Copy trading involves copying the trades of experienced traders, allowing beginners to learn from their strategies and decisions.
| Broker | Demo | Cent | Copy Trading |
|---|---|---|---|
Pay attention
Understanding the complexities of forex trading is challenging. There are so many different concepts that can make things difficult for new investors. That’s why we’ve assessed these brokers according to their ease of use, accessibility, and the educational content that they provide.
There are several Forex brokers that accept the Indian Rupee (INR) as a deposit currency. This allows Indian traders to deposit and withdraw funds in their local currency, reducing the impact of currency exchange rates and associated fees. Here are a few examples of Forex brokers that accept INR:
It’s important to note that there are few regulations on forex trading in India. Indian traders can engage in trading with Indian Exchanges. These include the NSE, BSE, and MCX-SX. They offer forex instruments, but the main issue is that they only offer currency pairs with INR. Trading non-INR forex pairs is illegal in India in accordance with the FEMA act.
A lot of international forex brokers allow Indian traders to open their accounts. However, residents of India cannot trade all the instruments according to the law. Forex trading is legal in the country, but there are some restrictions.
There’s been a gradual easing of foreign exchange rules in India. A few years ago, everything used to be much tougher. The trends indicate that in the future, they’ll be slowly further improved.
More about Forex RegulatorsYes, there are limitations on Forex trading in India. The Reserve Bank of India (RBI) regulates foreign exchange transactions in India, and only authorized dealers and money changers are allowed to transact in foreign exchange. Additionally, the RBI has set certain limits on the amount of money that can be invested in foreign exchange. For example, individuals are generally limited to converting a maximum of $250,000 per financial year.
The Reserve Bank of India (RBI) has limited the maximum leverage ratio for Forex trading to 1:50 for both retail and institutional traders. This means traders can trade up to 50 times their deposit amount, but they must maintain sufficient margins to cover potential losses.
Forex brokers in India are required to maintain client funds in segregated accounts, separate from their own operating funds. This helps to ensure that client funds are protected in the event of a broker's bankruptcy or financial difficulties. Finally, the types of Forex pairs investors can trade in India are limited to major currency pairs, as exotic currency pairs may not be available for trade.
Yes, you can trade with internationally regulated brokers, provided that the broker accepts clients from India. It's important to note that some internationally regulated brokers may choose not to accept clients from certain countries, including India, due to regulatory restrictions or other reasons.
The best international regulations for Forex brokers are ASIC (Australia), FCA (UK), and CySEC (Cyprus). These regulatory agencies are known for their strict standards and oversight of Forex brokers, providing traders with a high level of protection and security.
If you are an Indian trader interested in trading with an internationally regulated broker, it is important to carefully research the broker and confirm that they accept clients from India. Additionally, you should thoroughly review the broker's regulatory status and track record to ensure that they are reputable and trustworthy.
There are several Forex brokers that accept the Indian Rupee (INR) as a deposit currency. This allows Indian traders to deposit and withdraw funds in their local currency, reducing the impact of currency exchange rates and associated fees. Here are a few examples of Forex brokers that accept INR:
IC Markets - Regulated by ASIC (Australia) and CySEC (Cyprus)
Exness - Regulated by FCA (UK) and the Financial Services Authority (FSA) in Seychelles
RoboForex - Regulated by the International Financial Services Commission (IFSC) in Belize
FXTM - Regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC)
It's important to note that different brokers will charge different transaction fees for trading with Indian Rupees.
As a Forex trader, you are required to pay taxes to the government. There are two types of taxes that a Forex trader must pay:
Direct Tax: This is a tax rate on gains applicable based on your income tax slab. The rate of tax will depend on your total income, including any Forex trading gains, and will be calculated based on the tax slab you fall under.
Indirect Tax: This refers to taxes such as Goods and Services Tax (GST) which may be applicable on the Forex transactions you make.
It's important to declare all Forex-related income on your tax returns and to keep records of all Forex trades. It's also recommended to consult a tax professional to understand the specific tax implications and to ensure compliance with tax laws in your country.
Choosing a Forex account in India can be a complex and important decision. Here are 4-5 tips to help you make an informed choice:
Look for a Forex broker that is regulated by a reputable financial authority, such as the Reserve Bank of India (RBI), or an international regulatory agency like ASIC (Australia), FCA (UK), or CySEC (Cyprus). This helps ensure that your funds are protected and that the broker operates transparently and ethically. The broker should have data protection and risk management measures in place. More importantly, check the broker's security measures to prevent hackers, like SSL encryption.
Consider the trading conditions and fees offered by different brokers, including the spread, leverage, and execution speed. Also, check if there are any hidden fees or charges, such as deposit and withdrawal fees, and if the broker offers negative balance protection.
Choose a Forex broker that offers a user-friendly and reliable trading platform. It should be easy to use, with advanced charting, technical analysis tools, and automated trading options if you are interested in that. Check whether they also have a mobile app so you can trade on the go.
Ensure the Forex broker provides excellent customer support, including email, phone, and live chat. Check if the broker has a dedicated support team available 24/7 and if they are responsive to inquiries and requests. If they're available in local languages, even better.
Research the reputation and track record of the Forex broker, including their financial stability, client satisfaction, and any notable events or incidents. Read reviews and testimonials from other traders, and seek the opinions of professional traders or financial advisors.
It's important to remember that Forex trading involves significant risk, and it's always best to consult with a financial advisor and thoroughly research the market before making any trading decisions.
The Forex market is open 24 hours a day, 5 days a week, but different sessions have different trading hours in India (IST):
The Asian session forex time in India typically starts at 5:30 PM IST and ends at 2:30 AM IST.
The European session forex time in India starts at 12:30 PM IST and ends at 8:30 PM IST.
The New York session forex time in India starts at 5:30 AM IST and ends at 2:30 PM IST.
Best Forex Trading Time in IndiaForex trading in India has its peculiarities. The financial regulators in this country, the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), have a relatively complex licensing procedure. Therefore, if you choose a broker regulated by either of these regulators, it can be considered reliable. Additionally, pay attention to brokers regulated in other authoritative jurisdictions, such as CySec (Cyprus), SEC (USA), and FCA (UK). Many brokers with licenses from these jurisdictions accept clients from India. When choosing a company to work with, also consider rupee support and the ability to deposit and withdraw funds through Indian banks or electronic payment systems.
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
| Criteria category name | Criteria number in category |
|---|---|
Financial |
38 |
Reliability |
27 |
Security |
18 |
Trading conditions |
15 |
Customer support |
9 |
Find out more about the unique broker assessment methodology developed by Traders Union specialists.
RoboForex and IC Markets are considered to be popular and well-established Forex brokers that offer competitive trading conditions and a user-friendly platform for beginner traders.
Some popular Forex brokers considered legal in India are ICMarkets, AMarkets, FXTM, Exness, and FXPro. Verifying that a Forex broker is legal and regulated before opening an account is important.
Yes, Forex trading in India is subject to taxes. Profits from Forex trading are considered capital gains and are taxed as per the income tax slab applicable to the individual. It is advisable to consult a financial advisor or a tax expert to understand the tax implications of Forex trading in India.
Yes, Zerodha offers Forex trading as part of its investment services. Zerodha is a popular and well-established broker in India that offers a variety of investment options, including equities, derivatives, commodities, and Forex.
