Best International Forex Brokers in India in 2024
Best international broker in India for 2024 - OctaFX
OctaFX - best international broker in India
RoboForex - Offers Forex, stock, and crypto trading with a variety of trading too
Pocket Option - Trade Forex, commodities, stocks, cryptocurrencies, and indices with access to over 100 global trading assets
Tickmill - Competitive pricing with a pro account option
EXNESS Group - Leading Forex broker with a high trading turnover
AMarkets - Reliable Forex company offering a wide range of trading instruments, popular platforms, bonus programs, and professional support
In the dynamic world of Forex trading, finding a reliable and efficient broker is paramount for Indian traders seeking to engage in the global currency market. In 2024, the best Forex brokers in India offer a diverse range of trading services and features to cater to the unique needs and preferences of traders. These brokers combine competitive trading conditions, advanced trading platforms, extensive product offerings, and robust customer support to create a conducive environment for successful trading. While there are many reputed brokers to choose from, the experts at TU have prepared a shortlist of the most suitable Indian Forex broker as per your need.
Fees comparison of International Forex brokers in India
When it comes to trading Forex in India, understanding the Forex spread fees charged by international brokers is crucial. In this article, we compare the fees of various international Forex brokers operating in India, helping traders make informed decisions and find the most cost-effective options for their trading activities.
| Broker | Average EUR/USD Spread |
|---|---|
OctaFX |
0.9 pips |
RoboForex |
1.4 pips |
PocketOption |
0.7 Pips |
Tickmill |
0.42 to 0.62 pips |
Exness Group |
1 pip |
AMarkets |
0.4 pips |
FxPro |
1.4 pips |
Forex4you |
0.131 pips |
IC Markets |
0.1 pips |
TeleTrade |
0.8 pips |
How is the Forex market regulated in India?
The Forex market in India is regulated by multiple authorities, namely the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Ministry of Finance. The RBI, as the central bank of India, plays a crucial role in regulating the monetary policy and overseeing the Forex market. It governs the Forex market through the Foreign Exchange Management Act (FEMA) introduced in 1999. Under FEMA, the RBI has the authority to regulate foreign exchange transactions, remittances, and overseas investments. It enforces strict regulations and has the power to impose penalties on individuals or entities that violate the established rules.
The SEBI, responsible for regulating the securities market, indirectly influences the Forex market by overseeing the trading of currency derivatives in India. Currency derivatives are financial instruments used for hedging against currency fluctuations. The SEBI ensures the safety and transparency of the currency derivatives market by introducing regulations and guidelines under the Securities Contracts (Regulation) Act, 1956.
Collaboratively, the Ministry of Finance plays a vital role in regulating the Forex market in India. It formulates policies and regulations related to foreign exchange management. Additionally, the Ministry oversees the Foreign Investment Promotion Board (FIPB), which reviews and approves foreign investments based on their potential impact on the Indian economy. The collective efforts of the RBI, SEBI, and the Ministry of Finance aim to safeguard investors' interests, promote economic growth, and maintain transparency within the Forex market in India.
How are Forex gains taxed in India?
Taxation of Forex gains in India varies depending on whether you are trading through a SEBI registered broker or a foreign unregulated broker. When trading through a SEBI registered broker, Forex income is subject to capital gains tax. The tax rates for short-term capital gains (STCG) and long-term capital gains (LTCG) follow the applicable income slab rates, with STCG taxed at 20% and LTCG taxed at 10% for amounts exceeding Rs 1,00,000.
However, if you earn Forex gains from brokers not registered with SEBI, the income is classified under the "other income sources" category, making the taxation process less straightforward. This is due to the legal ambiguity surrounding such Forex trading involving non-rupee currency pairs. It is advisable to consult a chartered accountant (CA) to ensure accurate filing of taxes in these cases, as there may be potential legal implications.
In conclusion, when trading through SEBI registered brokers, Forex gains are typically taxed as capital gains, aligning with the relevant tax brackets. Understanding the taxation of Forex gains is crucial to avoid financial and legal complications associated with incorrect filing.
Best international Forex brokers in India 2024
OctaFX – № 1 Best international Forex broker in India 2024
Recommended for investors and traders looking for a broker with favorable conditions and global recognition.
OctaFX: Trade CFDs on various assets with lower entry thresholds and benefit from its numerous awards.
| Parameter | OctaFX |
|---|---|
Minimum deposit |
USD 25 |
Fees class |
Trading Cost USD 6 |
Deposit method |
Visa/Mastercard |
Withdrawal method |
|
Withdrawal fee |
No withdrawal fees charged by OctaFX |
Time to open account |
Less than a minute |
Inactivity fees |
Nil |
RoboForex –№2 Best international Forex broker in India 2024
Recommended for traders seeking a wide choice of trading assets and earning opportunities.
RoboForex: Copy professional signals or utilize the Forex bot constructor for individual trading in Forex, stocks, and cryptocurrencies.
| Parameter | RoboForex |
|---|---|
Minimum deposit |
USD 10 |
Fees class |
Low Fees |
Deposit method |
VISA/MasterCard |
Withdrawal method |
VISA/MasterCard |
Withdrawal fee |
No withdrawal fees charged by RoboForex |
Time to open account |
2 business days (Complete verification) |
Inactivity fees |
Nil |
PocketOption – №3 Best international Forex broker in India 2024
Recommended for traders prioritizing a unique trading platform and high-quality customer service.
Pocket Option: Access over 100 global trading assets, trade on their unique platform or MT5, and enjoy zero non-trading commissions.
| Parameter | PocketOption |
|---|---|
Minimum deposit |
USD 50 |
Fees class |
Low Fees |
Deposit method |
Bank transfer, Credit card, E-Wallets, Crypto |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by PocketOption |
Time to open account |
Up to 10 business days (Complete verification) |
Inactivity fees |
Nil |
Tickmill – №4 Best international Forex broker in India 2024
Recommended for traders looking for competitive pricing and favorable trading conditions.
Tickmill: Choose from three main account types, with the pro account offering some of the most competitive pricing in the industry.
| Parameter | Tickmill |
|---|---|
Minimum deposit |
USD 100 |
Fees class |
Low |
Deposit method |
Bank transfer, credit/debit cards |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by Tickmill |
Time to open account |
Within 1 Working Day (Complete verification) |
Inactivity fees |
Nil |
Exness Group – №5 Best international Forex broker in India 2024
Recommended for traders seeking low commissions, instant order execution, and a wide range of trading instruments.
EXNESS Group: Trade currencies, stocks, commodities, and cryptocurrencies with low commissions and favorable working conditions.
| Parameter | Exness Group |
|---|---|
Minimum deposit |
USD 15 - USD 50 |
Fees class |
Low Fees |
Deposit method |
Bank transfer, Credit card, E-Wallets, Crypto wallets |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by Exness |
Time to open account |
Upto 24 hours (Complete verification) |
Inactivity fees |
Nil |
AMarkets –№6 Best international Forex broker in India 2024
Recommended for traders who value reliable service, a wide range of trading instruments, and bonus programs.
AMarkets: Enjoy a profitable cooperation with access to various trading instruments, popular platforms, and professional support.
| Parameter | AMarkets |
|---|---|
Minimum deposit |
USD 100 |
Fees class |
Low |
Deposit method |
Credit/Debit Cards, Bank Wire Transfer, FasaPay, Jeton Wallet, Neteller |
Withdrawal method |
Neteller, Perfect Money, TopChange, WebMoney, Skrill |
Withdrawal fee |
No withdrawal fees charged by AMarkets |
Time to open account |
Within 1 Business Day (Complete verification) |
Inactivity fees |
Nil |
FxPro – №7 Best international Forex broker in India 2024
Recommended for traders seeking a global Forex broker with a large client base and diverse trading instruments.
FxPro: With over 1.8 million clients in 173 countries, trade Forex, CFDs, and cryptocurrencies while meeting a minimum deposit requirement.
| Parameter | FxPro |
|---|---|
Minimum deposit |
USD 100 |
Fees class |
Low |
Deposit method |
Bank Wire transfers, Credit/Debit cards, PayPal, Neteller, Skrill |
Withdrawal method |
Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, UnionPay |
Withdrawal fee |
No withdrawal fees charged by FxPro |
Time to open account |
Within 1 Business Day (Complete verification) |
Inactivity fees |
USD 5 monthly fee after 6 months of inactivity |
Forex4you – №8 Best international Forex broker in India 2024
Recommended for traders looking for a reputable broker with award-winning services and a wide range of trading instruments.
Forex4you: Access multiple markets, including currencies, stocks, commodities, and cryptocurrencies, while benefiting from their recognized services.
| Parameter | Forex4you |
|---|---|
Minimum deposit |
USD 1 to USD 2 |
Fees class |
Low |
Deposit method |
Debit/Credit card, Neteller, Skrill, Webmoney |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
Withdrawal fees apply for some payment methods (From 0.5% to 2%) |
Time to open account |
An average of 100 minutes |
Inactivity fees |
USD 10 after 12 months of inactivity |
IC Markets –№9 Best international Forex broker in India 2024
Recommended for traders seeking a regulated broker with a variety of trading instruments and competitive spreads.
IC Markets: Trade currency pairs, futures, CFDs, and more with tight spreads and a choice between Standard and Raw account types.
| Parameter | IC Markets |
|---|---|
Minimum deposit |
USD 200 |
Fees class |
Low |
Deposit method |
Bank / wire transfer, Paypal, credit card, Skrill, Neteller, UnionPay, Bpay, FasaPay and Poli |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
No withdrawal fees charged by IC Markets |
Time to open account |
Within 1 Business Day (Complete verification) |
Inactivity fees |
No inactivity fee charged by IC Markets |
TeleTrade – №10 Best international Forex broker in India 2024
Recommended for traders looking for a reliable broker with a long-standing reputation and diverse trading options.
TeleTrade: Trade futures, currency pairs, and contracts for difference (CFDs) with a member of the self-regulatory organization NAFD.
| Parameter | TeleTrade |
|---|---|
Minimum deposit |
USD 100 |
Fees class |
Low |
Deposit method |
Credit/debit cards, bank wire transfer, Skrill, Neteller |
Withdrawal method |
Same as deposit methods |
Withdrawal fee |
Withdrawal fees apply for some payment methods |
Time to open account |
30 minutes up to a few working days (Complete verification) |
Inactivity fees |
EUR 50 after 3 months |
How to find the best Forex broker in India?
Finding the best Forex broker in India involves considering several important factors. Follow these step-by-step guidelines to choose the best Forex broker for your needs:
Opt for regulated brokers: Prioritize regulated Forex brokers in India, as they are licensed and overseen by specific regulatory bodies. This ensures a higher level of safety and reduces the risk of falling victim to scams or fraudulent activities
Evaluate trading platforms: Assess the trading platforms offered by brokers, including compatibility with national exchanges like NSE, BSE, and USE. Look for brokers that support currency derivatives trading and comply with regulatory restrictions imposed by governing bodies
Consider security, insurance, and brokerage fees: Verify the level of security provided by the Securities & Exchange Board of India (SEBI) and whether the broker accepts Indian clients and transactions in INR. Check if the broker offers insurance for client funds and features like free negative balance protection. Additionally, assess transaction fees, minimum deposit requirements, and any potential inactivity fees
Assess mobile trading app: Evaluate the availability and functionality of the broker's trading platforms, particularly mobile trading apps. A reliable and user-friendly mobile app can offer flexibility and enhance your trading experience. Look for brokers that support popular platforms like MT4 and MT5
Look for multi-lingual support: Consider brokers that offer multi-lingual support on their websites and customer service in regional languages. This can be beneficial for local clients, providing better communication and support
Summary
The Indian Forex trading landscape has evolved tremendously over the last decade, with many reputed international brokers establishing operations to cater to local traders. With the increased accessibility to global markets, traders now have unmatched opportunities to diversify their portfolios and take advantage of worldwide trading events.
However, it is crucial to exercise due diligence when selecting a broker. The brokers featured in this article stand out for their regulatory compliance, diverse product offerings, competitive fees, reliable trading platforms, and robust customer support - making them some of the top options for Indian traders in 2024. Always assess multiple factors based on one's specific needs and risk appetite when onboarding with a broker. Trading currencies and international assets also requires understanding global market fluctuations and having realistic return expectations.
Selecting a trustworthy and feature-rich broker is the first step towards a smooth international trading experience. Staying educated on market and broker-related developments will help maximize opportunities while mitigating risks associated with this complex but highly rewarding field. With the continued evolution of technology and regulations, Indian traders can look forward to wider participation in the global economy through international financial markets.
FAQs
Who is India's No 1 broker?
India's No 1 broker is not a specific individual or entity, as the title may vary depending on factors such as market share, customer satisfaction, and trading services provided.
Which broker is best for the US market from India?
Several brokers cater to Indian traders looking to access the US market. Some popular options include IC Markets and OctaFX, which offer international trading accounts and US stocks and markets access.
Can I buy US stocks from Zerodha?
No, the Indian brokerage firm Zerodha does not offer direct access to trade US stocks.
Which are the top online brokers in India?
The best online Forex brokers in India for 2024 are:
OctaFX - Access to a wide range of trading assets, lower entry thresholds, and favorable trading conditions
RoboForex - Offers Forex, stock, and crypto trading with a variety of earning opportunities
Pocket Option - Over 100 global trading assets, unique trading platform and availability of MT5
Tickmill - Offers Forex and CFD trading with attractive trading conditions and a variety of trading instruments
EXNESS Group - Provides low commission, instant order execution, and favorable trading conditions for currencies, stocks, commodities, and cryptocurrencies
AMarkets - Reliable Forex company offering a wide range of trading instruments, popular platforms, bonus programs, and professional support
FxPro - Global Forex broker with a large client base. Offers Forex, CFD, and crypto trading with competitive commissions and a wide range of trading instruments
Forex4you - Full range of active and passive trading services in the Forex market
IC Markets - Competitive spreads with no commission on Standard Accounts
TeleTrade - Offers tight spreads with an average spread of 0.8 pips on EURUSD for Standard Accounts
Glossary for novice traders
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1
Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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2
Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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3
CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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4
Forex Trading
Forex trading, short for foreign exchange trading, is the practice of buying and selling currencies in the global foreign exchange market with the aim of profiting from fluctuations in exchange rates. Traders speculate on whether one currency will rise or fall in value relative to another currency and make trading decisions accordingly.
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5
Wire transfer
A wire transfer is a method of electronic funds transfer in which money is sent from one bank or financial institution to another, typically across international or domestic boundaries. It involves the sender providing their bank with specific instructions, including the recipient's bank details and the amount to be transferred, and the funds are then electronically moved from the sender's account to the recipient's account.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).