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Best Forex Brokers In India For 2021 - Top 10

May 2021

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Forex trading is becoming increasingly popular worldwide, and every day more traders are looking to join. While the concept has been slightly taboo in India, regulations are starting to ease, and more Indian traders are beginning to emerge.

To get the best out of the forex market, you need access to the best brokers. Here are the top 10 forex brokers in India in 2021!

Best Forex Brokers In India For 2021 - Top 10

Best Forex Brokers in India

If you’re interested in Forex trading in India, we’ve created a list of the top 10 brokers in India. The Securities and Exchange Board of India (SEBI) is the country’s financial regulatory body.

By law, Forex brokers are not required to register with the SEBI. However, the most trusted ones are! We’ve kept factors like this into account when compiling our list.

  • 1

    CySEC, FCA, and ASIC regulated; CopyTrade technology; social platform

  • 2

    Longstanding company with reputation; 230 tradable instruments; low trading fees

  • 3

    Regulated company; different account types available; low minimum deposit

  • 4

    Worldwide offices; Regulated company; commission-free trade options

  • 5

    MetaTrader compatibility; CFD and forex trades; comes with social trading features

  • 6

    Recognized and trusted name; over 300 instruments to trade; advanced platform

  • 7

    Supports MetaTrader platforms; educational resources are available; access to analytical resources

  • 8

    Different account types available; well-regulated company; low minimum deposit

  • 9

    Live charts for more than 10000 financial instruments; commission-free trading options

  • 10

    MetaTrader 4 and 5 support; 4000+ trading assets; well-regulated broker

Top 10 Trading Platforms in India

If you want to start trading online, you will need to start to pick the right platform. These platforms serve as online brokers that help facilitate the client's trading requirements.

Each broker will offer its own range of spread and asset offerings to attract more clients. Let’s look at the top forex brokers in India.

eToro

Founded in 2007, eToro is an easy-to-use trading platform for traders in India. It has over 2300 instruments, one of which is Forex.

Why is eToro good for traders from India?

  • It is extremely easy to use and beginner-friendly. Since most of the Indian public are casual traders, eToro’s user interface is perfect.

  • eToro is also low-risk and safe to use, which is great for casual investors. It has two-tier 1 jurisdictions and one tier 2 jurisdiction.

  • This Forex broker also has great research tools. You can use these resources to do good research before making trades.

  • eToro also has a lot of integrated educational content on the platform, which is excellent for beginners.

IC Markets

IC Markets is another excellent trading platform for Forex trading in India. This Australia-based forex broker is regulated by many different commissions, so rest assured that it is safe.

Why is IC Markets good for traders from India?

  • IC Markets have low forex fees, so they’re great for casual investors that cannot pay an exorbitant amount of money.

  • Opening an account on IC Markets is also easy and fast. Since most Forex traders in India are not professional traders, this user-friendly interface is excellent.

  • The fee for international bank withdrawals is also low, making it a great option if you wish to withdraw to an Indian bank account.

Angel Broking

Angel broking is the first Indian-based trading platform on our list. This Forex broker is a certified Digital First broker that offers many services in India. Currently, they are the fourth-largest broking house in the country.

Why is Angel Broking good for traders from India?

  • Since they’re located in India, Angel Broking has extremely low fees! Currency trading will cost you only Rs. 20 per order.

  • There are also 0 account opening charges, so this trading platform is great for beginner traders in India who just want to start out.

  • Angel Broking also has strong research and advisory team. Beginner traders, and even experts, can get in touch with them and ask for advice before making trades.

FXTM

Trusted by over 2 million traders around the world, FXTM is a great platform for trading currencies. This platform is regulated by trading commissions in Cyprus, South Africa, and the UK. This Forex broker also offers social copy trading.

Why is FXTM good for traders from India?

  • The FXTM’s copy trading option is excellent for those Indian traders that are new to the game.

  • With over 10,000 clients in over 135 countries, this trading platform is also incredibly safe to use.

  • The international FXTM brand also has many bonus offers through promotions and cashback programs that Indian traders can opt for.

FBS

With over 16 million active traders, FBS is one of the largest trading platforms out there. Since its founding in 2009, this trading platform has won numerous awards and is regulated by commissions on Cyprus and Belize.

Why is FBS good for traders from India?

  • FBS offers a $100 welcome bonus. It can be challenging to load your account with dollars when you're in India, and this welcome bonus gives you a good, hassle-free start.

  • This trading platform has an analysis section specifically for forex trading. You can find forex-related news, market updates, and even a Forex TV feature.

  • The FBS broker website is always online. The forex trading service runs 24 hours a day, 5 days a week. So, you won’t have to worry about any time difference with India.

Interactive Brokers

This professional forex trading platform is a global multi-asset broker. If you’re looking for a sophisticated, high-quality trading platform with competitive fees – this is the one for you.

Why is Interactive Brokers good for traders from India?

  • There are a lot of discounts available for active traders on Interactive Brokers.

  • Interactive Brokers has 105 cash forex pairs, making it an excellent platform for forex trading in India.

  • If you’re a seasoned investor, Interactive Brokers has a huge range of customizations that you can use to improve your forex trading experience. This is unmatched to other trading platforms in the country.

IG.com

Founded In 1974, IG has long established itself as one of the best trading platforms out there. Traders on this platform can get access to various trading tools, educational resources, and competitive pricing.

Why is IG.com good for traders from India?

  • IG offers great discounts for Forex trading through their DMA account, which is commission-based. So, you can avoid a flat fee. This is great for Indian traders who may find it challenging to pay the flat fee upfront.

  • IG’s platform itself is excellent to use for Indian traders. You can see live market prices and ask rates. This is excellent for traders who don’t have access to these resources otherwise.

  • With IG, you also get access to DailyFX, a blog that provides you with up-to-date news in the world of Forex trading.

OctaFX

OctaFX is among the new boys in the forex market. The brokers boast over 500 million executed trades and a total of over 6.6 million forex trading accounts.

Why is OctaFX good for traders from India?

  • OctaFX offers its clients some of the tightest spreads on the market. The broker claims that their clients have the opportunity to earn 25% more than other forex brokers. Their spreads will allow clients to maximize the gains from every trade.

  • Indian traders will also enjoy the speed of deposits and withdrawals that OctaFX offers. On top of that, they charge no commissions on both deposits and withdrawals.

  • Active Indian traders will also appreciate OctaFX’s loyalty program. The trade and win nature will help account owners accumulate points. They can then use these points to redeem prizes.

CMC Markets

CMC Markets began its operations in 1989, initially using the name “Currency Management Corporation.” However, in 2005, they went with the name CMC Markets. They’re a globally trusted broker because they offer excellent pricing, close to 10,000 tradeable instruments, quality research, and innovative trading tools.

Why is CMC Markets good for traders from India?

  • After their founding in 1989, CMC Markets have been a part of the forex market for a long time. It’s a publicly traded company and answer to four tier-1 regulatory jurisdictions and two tier-2 regulatory jurisdictions. Indian traders can rest assured knowing that CMC is a safe broker.

  • Indian traders that are looking to start with low-cost trading will love the platform. CMC markets offer forex trading costs that are significantly lower than the industry average.

  • Another feature that will attract Indian traders is the wide variety of tradeable instruments available. On top of that, the CMC Markets user experience is terrific. They’ve integrated advanced tools and comprehensive market research into the platform.

Admiral Markets

Previously known as Admiral Markets, the company is now rebranding to the name Admirals. Since its foundation in 2001, the parent group has been working to ensure that its platform continues to expand its reach. It’s easily among the best MetaTrader platforms thanks to the advanced features that they provide.

Why is Admiral Markets good for traders from India?

  • Indian Traders can safely invest with Admirals. The platform falls under the regulatory jurisdiction of two tier-1 and tier-2 authorities. That helps make it a safe broker for both forex and CFDs trading.

  • Indian traders that enjoy using MetaTrader-only brokers will absolutely love Admirals. Typically, MetaTrader-only brokers will offer a very bare-bones layout. However, Admirals includes a lot of different tools like Premium Analytics that’s incredibly useful.

  • Those traders that are new to the Forex market will love the variety of educational content that the platform offers. Their educational content is right up there with the best brokers on the market.

These are some of the best online brokers that Indian traders can use in 2021. Each platform offers its own variety of features and educational content. Some brokers will provide better educational content, while others will focus on offering the tightest possible spread. Read through each different broker and see if they meet your requirements. That’s the best way to pick the perfect online broker for you!

Comparison of Brokers in India

To make it easier for Indian traders to choose the best possible online broker, we’ve compared the best brokers on our list.

Read through to find out if the forex broker will meet your trading requirements.

  • eToro
    More than one office in India: No
    Supporting Indian currencies: Yes

    The company is well known for its high-quality service and its own legal department, which provides clients with protection in disputable situations. There is training, including distance learning - one of the most versatile and convenient withdrawal systems.

  • IC Markets
    More than one office in India: No
    Supporting Indian currencies: No

    IC Markets is a regulated Forex CFD platform. They’re looking to fill the gap between retail traders and institutional traders, so trading becomes more accessible for everyone. It provides clients with modern trading tools, great connectivity, and access to superior liquidity.

  • Angel Broking
    More than one office in India: Yes
    Supporting Indian currencies: Yes

    Angel Broking is among the largest retail broking house in India and boasts some of the highest active trader numbers. The company satisfies its clients by implementing the latest technology in the platform and providing them with an ideal trading experience.

  • FXTM
    More than one office in India: No
    Supporting Indian currencies: Yes

    FXTM is an award-winning broker because they provide their clients with some of the best trading solutions. Indian traders who use FXTM get access to various instruments, platforms, account types, and resources to get the most efficient and convenient trading experience possible.

  • FBS
    More than one office in India: No
    Supporting Indian currencies: Yes

    FBS is an international broker with a presence in 190 countries. They provide top-quality financial and investment services globally. The company specializes in offering a completely new approach to trading accounts. They market themselves as the first customer-oriented brokerage in the world.

  • Interactive Brokers
    More than one office in India: Yes
    Supporting Indian currencies: Yes

    Interactive Brokers is a great option for Indian traders due to their native approach. They provide traders with access to low-cost trading, free tools, and access to global markets, all from one single account.

  • IG.com
    More than one office in India: No
    Supporting Indian currencies: Yes

    IG is among the world leaders in online brokerage. They provide their clients with rapid execution on a wide variety of international markets. Their award-winning trading app is among the best on the market and lets traders deal seamlessly on the go!

  • OctaFX
    More than one office in India: No
    Supporting Indian currencies: Yes

    OctaFX might be the new kids on the block, but they’re slowly starting to build up a decent reputation in the industry. They offer some of the tightest spreads on the market and provide traders with access to some high-quality tools to make their lives easier.

  • CMC Markets
    More than one office in India: No
    Supporting Indian currencies: Yes

    CMC Markets are among the top online brokerage services. They offer their clients some of the best spreads, tools, and access to educational content. Their long-standing reputation ensures that they’re among the safest brokers on the market.

  • Admiral Markets
    More than one office in India: No
    Supporting Indian currencies: Yes

    After rebranding themselves as Admirals, the online brokerage service is looking to expand its offering of financial tools. Currently, they offer clients access to a wide variety of currency and metals trading options. They also provide some of the best educational content for new traders.

Almost all modern online brokers offer support for Indian currencies. However, only a few of them actually have their offices in the country. By having an office in the country, those traders might seem more reliable!

Compare All Forex Brokers

Top 3 Forex Brokers For Investors

Here’s a quick table to showcase what we think are the best forex brokers for Indian investors. These platforms provide the best combination of investment products, spreads, and analysis tools. Going with anyone of these platforms is a great idea!

Broker Investment Programs Min. amount for investing

FXTM

Investment Programs:

Copy-Trading

Min. amount for investing:

$10

Interactive Brokers

Investment Programs:

Stock Yield Enhancement

Min. amount for investing:

$0

IC Markets

Investment Programs:

Rebates Scheme

Min. amount for investing:

$200

Pay attention

FXTM might provide some of the best customer service and access to brilliant learning tools, but they still charge high CFD fees. Indian traders will also need to consider that the platform charges withdrawal fees and inactivity fees. On the other hand, Interactive Brokers have a website that’s difficult to navigate, and they also charge inactivity fees on their pro accounts. While IC Markets has a very high minimum deposit requirement and offers no investor protection for non-EU clients.

More About Investing Money

Top 5 Online Brokers for Beginners

If you’re new to trading, all the different concepts and intricacies

Broker Types of accounts for beginners Minimum deposit

IC Markets

Types of accounts for beginners:

Basic Account

Minimum deposit:

$0

Admiral Markets

Types of accounts for beginners:

Trade.MT5

Minimum deposit:

$100

Octa FX

Types of accounts for beginners:

OctaFX MT5

Minimum deposit:

$100

Interactive Brokers

Types of accounts for beginners:

Individual Account

Minimum deposit:

$0

IG

Types of accounts for beginners:

IG demo

Minimum deposit:

$0

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.

Speed Course “Forex Trading for Beginners”

Forex Brokers With Deposits Through Indian Banks

Being able to deposit directly through your bank account is a big plus for any Indian trader. Rather than having them run through loopholes, a lot of online brokerage platforms now offer support for depositing directly through your Indian bank account.

Broker State Bank of India HDFC Bank ICICI Bank

Angel Broker

Yes

Yes

Yes

FXTM

Yes

Yes

Yes

Interactive Brokers

Yes

Yes

Yes

Octa FX

Yes

Yes

Yes

eToro

Yes

Yes

Yes

Broker State Bank of India

Angel Broker

Yes

FXTM

Yes

Interactive Brokers

Yes

Octa FX

Yes

eToro

Yes

Broker HDFC Bank

Angel Broker

Yes

FXTM

Yes

Interactive Brokers

Yes

Octa FX

Yes

eToro

Yes

Broker ICICI Bank

Angel Broker

Yes

FXTM

Yes

Interactive Brokers

Yes

Octa FX

Yes

eToro

Yes

Best Brokers Based in India

For Indian traders, it might make the most sense to go for a forex trader that operates in India. These will offer the best customer service, native currency support, and Indian bank account support.

Company Office in India

Angel Broker

6th Floor, Ackruti Star, Central Road – MIDC, Andheri (E), Mumbai

Interactive Brokers

502/A Times Square, Andheri Kurla Road, Andheri East, Mumbai

Forex Regulations in India | Expert’s Review

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.

Forex Regulations in India | Expert’s Review

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 Regulators

Reviews on Indian Brokers

About Angel Broking:

Angel Broking provides some of the best customer support on the market. They’re always quick to respond to any queries.

Ram Tarun Bose, 44


About Angel Broking:

Opening an account on Angel Broking was super easy, and I could immediately start trading after making my first deposit.

Ghalib Bhai Tank, 34


About Interactive Brokers:

Interactive Brokers offer some of the best educational content among online brokers. Not only was opening my account easy, but I learned a lot through the platform.

Radheshyam Ram Chadha, 29


About Interactive Brokers:

My experience at interactive brokers has been ideal. They offer some of the best spreads on the market along with key analysis tools that are very helpful.

Jagdish Rao Radhakrishnan, 46


About Angel Broking:

Investing through Angel Broking has made my income management significantly better. They’re among the best online trading platforms and offer native support for Indian currencies.

Harbhajan Bhagat, 53

Learn how to earn more with TU

About the Author of this Article

Jack Moore
Jack Moore,
Financial Analyst, Trader
  • Jack has been engaged in trading and forecasting in the Forex market for more than 9 years. During this time, he’s gone from a novice to an expert in stock and financial markets. Jack consults well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013 he commenced at System Capital Group (trading stocks and currencies online using investments of companies and individuals). He held this position for 5 years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career he is proud to receive excellent recommendations from numerous clients who have been satisfied with the advice that he has provided.

FAQ

Is Forex Trading Legal In India?

Forex trading is completely legal in India, but there are strict regulatory restrictions. Traders in India can only trade through exchange-regulated brokers.

What Currency Pairs Can I Trade?

In India, traders can only engage in trading currency pairs that have INR as a base currency. Aside from that, traders can trade USDJPY, GBPUSD, and EURUSD.

Is CFD Trading Allowed?

CFD trading is not allowed in India. No trader or broker should get involved in CFD trading while in India.

Who Regulates Forex Trading In India?

Forex trading in India falls under the joint regulatory jurisdiction of the Reserve Bank of India and the Securities and Exchange Board of India.