Before looking for top forex brokers in India that can be trusted to handle your money, consider whether you could legally trade forex.

Many people covet the opportunity to profit from forex trading. Perhaps you are one of them. Forex trading offers unlimited opportunity for everyone with the ability to operate smart gadgets. There are so few prerequisites that you might mistakenly think you could just choose any forex broker and still gain a huge profit. However, before looking for top forex brokers in India that can be trusted to handle your money, consider whether you could legally trade forex.




A. Forex trading in India

Is forex trading allowed in India? The brief answer for this question is: yes, forex trading is allowed in India. But forex trading in India comes with a lot of restrictions.

The Reserve Bank of India (RBI) regulates forex trading in its duty as overseer of foreign exchange transactions in India, along with the Securities and Exchange Board (SEBI) as regulator of Indian stock market and forex brokers. The RBI has launched the Foreign Exchange Management Act (FEMA) in 1999 as legal framework for forex trading activities in India. However, according to the law, Indian forex brokers are only allowed to provide four currency pairs and three exchange-traded currency options.

The pairs allowed for trading in India are USD/INR, EUR/INR, GBP/INR, and JPY/INR. There’s also EUR/USD, GBP/USD, and USD/JPY as an extension of the four main pairs. So, what if someone wanted to trade other pairs such as, say, AUD/USD? Retail traders could not legally do that with SEBI-regulated forex brokers. Therefore, Indian residents could only gain access to wider opportunities by opening account in foreign forex brokers.

Forex trading in India


B. How to trade forex with foreign forex brokers?

Foreign exchange is one of the more crucial issue in each country. It might determine the lifeblood of the country, because every exports and imports will be paid according to its currency exchange rate. Forex trading might also influence the country’s foreign reserves. In this line of thought, Indian government decision to tightly regulate forex trading is understandable.

India is not alone in its restriction of forex trading. There are several other countries that have prevented free forex trading for various reasons, such as China and Iran. These countries rarely prevent individuals from registering with foreign forex brokers. However, they might crack down on foreign forex brokers that operate in the country illegally.

If people in these countries wish to trade forex with foreign forex brokers, they would look for one though search engine. There are countless choices that might or might not legitimate enough to be trusted with your money. Therefore, you need to do some due processes to choose the right broker:

  1. Make sure the broker is regulated under a reputable regulatory body and resides in a country that is well known for its good financial laws. Such as the United States, United Kingdom, Australia, or European.
  2. Make sure the broker has an excellent reputation among forex traders. You could check this through testimonies in online forums such as Forex Factory, Forex Peace Army, or others.
  3. Be wary of any testimonies that accuses the broker of preventing withdrawal or arbitrarily trading with trader’s fund.


C. Top 3 best forex brokers in India

There are a lot of top forex brokers that are regulated under a reputable regulatory body. These are the top three that provide the best condition for Indian residents.



Minimum capital requirement: USD 100
Maximum leverage: up to 1:50
Trading platform: proprietary platform, MetaTrader 4, MetaTrader 5

  • Highly reputable company, one of the best in the world.
  • Holder of multi-license and has been registered in various countries.
  • Specific account for DMA (Direct Market Access) is available. is one of the biggest forex brokers in the world. It is fully regulated in the US and UK, among others. You can be assured of your funds' safety. However, transfer payment to US-regulated brokers can be painful at times. The company only receives transfer payment through bank wire which would need days to be processed, with a lot of fees to boot. >>> See review


2. Exness

Minimum capital requirement: USD 500
Maximum leverage: 1:200
Trading platform: MetaTrader 4, MetaTrader 5, mobile trading platforms, and MT4 WebTerminal

  • Fast order execution starting from 0.01 seconds.
  • Instant withdrawal of funds and free of commissions for most payment systems.
  • Up-to-date financial news from Dow Jones and free analysis from Trading Central.

Exness is authorised and regulated by UK Financial Conduct Authority (FCA) under registration number 730729. The company is also registered across Europe through MiFID II. Exness is very suitable for Indian traders with low capital requirement and various account offerings. Exness official website available in two dozens of languages, including Hindi. >>> See Exness review


3. XM Group

Minimum capital requirement: USD 5
Maximum leverage: 1:30
Trading platform: MetaTrader 4 and MetaTrader 5 for desktop (PC/MAC), mobile and web trader

  • Free-swap account (sharia-compliant trading account) is available.
  • Zero fees on deposit and withdrawal through most available payment gateway.
  • Free VPS Services and loyalty programs for qualified clients.
  • Over 1000 instruments are available for trading.

XM Group is authorised and regulated by the Cyprus Securities and Exchange Commission (CySec). It also stands under MiFID II that legitimize its operation in the Europe. XM Group is very suitable for Indian traders because they provide multi-language website and personal account managers. Whatever info you need, you could contact them 24/5. >>> See XM review


4. eToro

Minimum capital requirement: USD 200
Maximum leverage: 1:400
Trading platform: eToro desktop platform and mobile trader

Are you looking to trade more than just currencies? eToro is a leading multi-asset brokerage that provides cryptocurrencies, stocks, and commodities along with forex in one platform. They are authorised and regulated by the Cyprus CySec, UK FCA, Australian ASIC, among others. >>> See eToro review



Minimum capital requirement: USD 1
Maximum leverage: 1:400
Trading platform: MetaTrader4 and Trading Station II for desktop and mobile

  • Multi license holder, one of the most well-known forex brokers in the world.
  • Zulutrade direct connection is available for anyone who seek copy trading.
  • Trading Station II, versatile trading platform that enable you to access no-dealing desk execution with micro lots, one-click trading, automated trading, and strategy backtesting.

FXCM is regulated and authorized by UK FCA to provide forex trading facilities in Europe. The company also has subsidiaries registered in Bermuda to provide forex trading elsewhere. One of FXCM's foremost advantage is its proprietary trading platform, Trading Station. Although Metatrader4 is arguably the most popular platform, many professional trader bow to the superiority of Trading Station. It was said that if you don't need Expert Advisors (a Metatrader advantage), then Trading Station II is a much better choice. >>> See FXCM review