Best Forex Brokers in India Listed & Rated

Tap into emerging trends in India Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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RBI

Best Regional Regulator

Established 1935

INR

National Currency

Indian Rupee

25+

Licensed FX Brokers

10%

Tax on Capital Gains

Forex trading in India is an emerging market with plenty of opportunities for traders as well as brokers. Although the market is legal in the country, there are some restrictions that Forex brokers in India might face. 

Indian Forex trading market is very heavily regulated and some restrictions make the market harder to access. Traders should be aware of these restrictions to be able to safely trade currency pairs in India.

Although heavily regulated, the interest of Indians in the Forex trading market is still huge and growing. There are millions of people in the country who are actively looking for the best Forex brokers in India.

Among the local restrictions in the country is a law that restricts local Forex traders to trade any pair that does not include the Indian rupee. Because of this, Forex traders in the country should look for brokers that offer traders access to INR currency pairs. 

The Forex trading market in the country is regulated by the Securities and Exchange Board of India, which was created specifically to monitor and regulate the Forex trading market in the country. SEBI is an autonomous authority that protects Forex traders from the dangers associated with the market. 

The majority of the Indian traders are using internationally-acclaimed Forex brokers for trading because there are very few local Indian Forex trading brokers. The majority of these international Forex brokers are known for high standards of safety and security, which is very important for Forex traders in India.

Top 5 Forex Brokers in India

There are many well-known and reputable Forex brokers offering services to the local Forex traders of the country. There are numerous things that traders should keep in mind before choosing which broker to trust, among them are the regulatory framework of the broker, available trading platforms, offered assets, and many others.

Below, we will discuss the top 5 list of Indian Forex brokers and what makes them better than the others.

XM
Trading Platform:
MT4, MT5
Max Leverage:
1:1000
Instruments:
Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.
Regulation:
CySEC, ASIC, IFSC
Min. deposit:
$5
Open an account
Exness
Trading Platform:
MT4, MT5, App
Max Leverage:
1:Unlimited
Markets:
Forex, CFDs, Crypto
Regulations:
FSA, CySEC, FCA, FSCA, CBCS
Min Deposit:
$10
Open an account
VT Markets
Trading Platform:
MT4, MT5
Max Leverage:
500:1
Markets:
Forex, CFDs, Crypto
Regulations:
ASIC, CIMA
Min Deposit:
$100
Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai. 

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020. 

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY). 

XM
Min deposit: $5
Deposit to Qualify
€600
XM
Deposit Bonus, Live Education
Sponsorships Remaining
10
Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume. 

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness
Min deposit: $10
Deposit to Qualify
$800
ECS
EAs discounts
Exness
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help. 

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system. 

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and  the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions. 

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker. 

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms. 

VT Markets
Min deposit: $100
Deposit to Qualify
$800
ECS
EAs discounts
VT Markets
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency. 

The Bottom Line for Indian FX Brokers

Finding the best Indian online Forex trading brokers is not an easy thing to do. The Forex trading market in the country is very heavily regulated, which makes it a bit confusing for beginner traders to decide which broker to trust, or what to focus on while looking for the best FX brokers.

That said, the market keeps growing very fast in the country, mainly because of the huge interest of the locals in the Forex trading market. There are numerous people who are trading Forex in India, and the number of them is increasing every day. 

Because of such a huge interest in the Forex trading market in India, more international Forex brokers are rushing into the Forex trading market of the country. In this guide, we have discussed some of the best online FX brokers in India which you can trust.

There are numerous things that make these Forex brokers so popular in the local Forex trading market. Among them are the safety and security that they offer, the diversity of available assets, access to leading trading platforms, and many others. 

All the brokers that we have discussed today are leading service providers in the market and trading with any of them is safe and secure. As the market continues to grow more, the demand for Forex brokers such as the ones that we have discussed will only continue to increase.

FAQs on India Forex Brokers

Can I use an international Forex broker in India?
Yes, you can use international brokers in India. The majority of the most popular FX trading brokers in India are internationally acclaimed Forex brokers known for their high level of safety and security. However, keep in mind that there are some laws in India that you should follow strictly. For example, the Indian regulator only allows trading currency pairs that include the Indian rupee.
Is forex trading legal in India?
While there are many restrictions in the Indian Forex trading market, it is still legal. You can trade with numerous international leaders in the market that offer their services to the Forex traders in India. However, you should not forget that there are some restrictions in the country that every participant should follow strictly.
What are the best tools for Indian forex traders?
There are numerous Forex trading tools that Indian Forex traders are using. For example, among the available trading platforms around the world, the most popular ones are MetaTrader 4 and MetaTrader 5, which are most frequently offered by top Indian forex brokers. In addition, Indian traders are also very frequently using Forex trading indicators to make trading easier.

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