Best Forex Brokers in India

Today, investments play a huge role in global financial markets such as Forex. In most countries of the world, you may have loose regulations when it comes to trading forex. But when it comes to India, Forex trading has legal issues and few restrictions. To reduce risk, make sure to choose a broker complying with well-known regulators. The most respected Forex regulators are U.K.’s Financial Conduct Authority (FCA), Cyprus’ Securities and Exchange Commission (CySEC). These financial regulators comply with the Markets in Financial Instruments Directive (MiFID), a European Union’s rules.

The other leading Forex regulators are:

  • Financial Services Commission – Mauritius,
  • the British Virgin Islands Financial Services Commission, or BVI FSC,
  • Vanuatu Financial Services Commission (VFSC), Vanuatu

Most of the brokers complying with the above regulators accept Forex traders from India. The traders should always check the list of restricted countries on the Forex brokers’ website before registering with them. Not all Forex brokers are the same, so choose the one that will meet your needs before risking any funds. In this review, we will check how forex trading works in India along with the brokers’ reviews.

easyMarkets India

Leading Forex Brokers in India


$200 min deposit

Regulated Broker, Transparent trading Platform, Recomended for India traders


$100 min deposit

Regulated, Spread starts at Zero, Free Trading Alerts, Recomended.

IQ Option

$10 Min Deposit

Regulated, Low initial deposit, No Mt4 platform


$5 Min Deposit

Low minimum deposit, MT4 and MT5 platform, ECN accounts


$10 Min Deposit

Copy trading, Low spread, Regulated,


$10 Min Deposit

Bonus available, Copy trading - Yes

What to Look for in a Forex BrokerBest Forex Brokers in India

In picking a forex broker, you first figure out what type of trader you are. So choose the broker best suits your needs. And your first step is to open a demo account before you trade using real money.

Trading Forex in India

India is a land of a growing economy and diverse cultures. And Forex trading in India is an emerging platform that offers exciting events for Indian traders. The national currency is the Indian rupee. The currency was ranked 18th among world currencies as per the Bank for International Settlements’ 2016 Triennial Central Bank Survey. The Reserve Bank of India (RBI) regulates foreign exchange transactions in India. The forex market in the country is regulated by SEBI, which stands for Securities and Exchange Board of India. It also controls the Indian stock market. Also, the forex brokers based in India are licensed under the Foreign Exchange Management Act (FEMA). Trading currencies in India are not fully legal.

The only way of trading legally is to trade currency pairs that have Indian Rupee (INR) in the pair. As an Indian trader, you can trade INR-based currency pairs for USD, EUR, GBP, and JPY.

Other currency pairs are not allowed in the country unless the Indian government will allow them. They are restricted due to the rise of financial scams that involves forex brokers.

The foreign-based brokers are allowed to offer their services in the country as long as you send your payment through an electronic wallet service. These are PayPal, Neteller, Crypto Currencies, or other online payment services. Do not fund your forex trading account through a wire transfer from a bank or other financial institutions based in India.

What to Look for in a Forex Broker? 

If you are based in India and wish to trade Forex, you are not allowed to trade all the trading instruments by law. Still, you can trade through foreign online brokers. A quality broker has the following factors:

  • Managed by a reputable financial regulator
  • Good legal status
  • It should let you trade in the type of account you choose
  • low minimum deposit
  • Give trading access to all currency pairs and assets
  • Has a maximum leverage ratio that will suit your trading needs
  • Should offer competitive dealing spreads
  • Offers insurance against negative balances
  • Keeps slippage and re-quotes on orders to a minimum
  • Separate clients’ funds
  • Withdrawal and deposit options suit your needs

Another factor to consider when choosing a forex broker is the platform and trading software. Many brokers offer cTrader, NinjaTrader, and the famous MetaTrader 4 and 5 platforms that both support automated trading along with their trading platform. Install them on your smartphone and trade them wherever you go.


The Best Forex Brokers that Accept Indian Clients

If you want an excellent forex broker in India, the brokers below offer unique trading options. They accept Indian clients who make deposits using payment services and electronic wallets. These are some of the foreign Forex brokers that allow Indian traders to open accounts with them. If you are looking for an Islamic Forex Broker in India, check out our Islamic Forex Brokers’ Review page.

 easyMarkets India

If you are thinking about whether to trust easyMarkets for Forex trading in India or not, then here are few things you must know about easyMarkets.  It completed its 20 years of glorious service this year. It has bagged several awards in the field of Financial trading and services since 2001.

You can trade Shares, Indices, Forex, Commodities,  Crypto Currencies, and Valina Options with easyMarkets. They accept Indian traders on their trading platform. You can use payment methods like Credit and Debit Cards and eWallets like WebMoney, Neteller, FasaPay, STICPAY, etc., from India. Check out the detailed review of easyMarkets and the trading conditions before you sign up for a demo or real account.

iForex India

iForex is in the Forex trading business for the past 25 years. Hence there is no doubt about its credibility. It is one of the oldest operating Forex brokers in the market. iForex complies with multiple regulators in different countries.

In India, iForex offers the dedicated iForex Website in India. Indian traders can sign up for a free demo account or a real trading account as per their requirements. iForex accepts multiple funding methods like Credit and Debit Cards, Skrill, Astropay, Neteller, Jeton, etc. Read our iForex India Review for more details.

IQ Option India

IQ Option is one of the reputed Options and CFD brokers offering its trading services and online trading platform to Indian Forex and Options traders since 2013. The traders can avail of a Demo Account for free and a real trading account by depositing $10 only. IQ Option boasts of its unique trading platform for trading Binary and Digital Options, Forex, and CFD on the same platform. However, it lacks the MT4 or MT5 trading platform. If you are looking for a broker with a full-function MT4 or MT5 trading platform, IQ Option is not for you. Check out IQ Option complete review and sign up for a risk-free demo account.

Forex Time – FXTM India

 FXTM or ForexTime is a regulated forex broker with thousands of traders from India. They offer attractive trading conditions, low spread, fast funding methods to Indian traders. You can also avail of the Forex Copy Trading service to benefit from the experience of professional traders. Copy trading is free to start, but you have to pay a small percent of your profit to the traders you are copying. Check out the FXTM India review and sign up for a Free Demo Account.

Final Words

If you are in India and want to trade the Indian rupee against USD, GBP, JPY, or EUR, you can legally trade through one of the SEBI-regulated stock exchanges.

Using an account from a bank or other financial institution based in India is against the law. You were also making forex market deals in currency pairs that do not include the INR. If you pick to trade non-INR currency pairs, you need to deposit to a foreign broker through a fund transfer from a payment service like Webmoney, PayPal, Skrill, or Neteller.

Several international brokers are accepting Indian traders and offering their services to Indian traders. Even they have a dedicated website for their Indian clients.

There are a lot of things that you need to consider before you trade Forex in India. You must know about the current regulations governing Forex trading before you start trading with overseas forex brokers. The responsibility of legal compliance lies with you while trading forex in India.