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

Forex trading in India

Is forex trading allowed in India? The brief answer to this question is: yes, forex trading is allowed in India

We have identified the top 6 brokers in India that stand out for their exceptional offerings and services. These brokers have been selected based on a comprehensive analysis of various factors, ensuring they provide a well-rounded and beneficial trading experience for Indian traders:

  1. Interactive Brokers: Has a physical office in Mumbai.
  2. Exness: Support Hindi language.
  3. XM: Support local bank transfer.
  4. Admirals: Has local phone number and e-mail.
  5. FP Markets: Support deposit using INR.
  6. HF Markets: Offer promotions and bonuses for Indian clients.

How do we come to the abovementioned brokers? Let's break down the aspects in the next part.

 

Tips to Choose Foreign Forex Brokers for Indian Traders

If Indian people wish to trade forex with foreign forex brokers, there are countless choices that might or might not be legitimate enough to be trusted with their money. Therefore, these aspects can be the key to choose the right foreign broker for Indian traders:

  1. Does the broker support Indian local currency?
  2. Does the country's regulatory body license it?
  3. Is the Indian language on the website available?
  4. Does it have a physical office in India?
  5. Does it support local deposit and withdrawal options?
  6. Does it have an Indian phone number or email?
  7. Does it have a local webinar program or seminar for Indian traders?
  8. Does it provide bonus/promotion programs for Indian clients?

Finding a broker that can fulfill all those criteria is difficult and probably impossible. But don't worry because you don't have to look for a broker with all the characteristics above. In fact, brokers with 3-4 criteria are already sufficient for Indian traders; just make sure the brokers at least support INR account currency. The following brokers are the prime example of that.

See Also: Broker Bonus, Promotion, and Contest: Based on Country

 

1. Interactive Brokers

  • Indian currency account: Yes
  • Indian license: SEBI (No. INZ000217730)
  • Indian language on the website: No
  • Physical office in India: 502/A, Times Square, Andheri Kurla Road, Andheri East, Mumbai 400059, India
  • Local bank deposit/withdrawal options: Yes
  • Indian phone number or email: Yes (+91-22-61289888)
  • Local webinar program or seminar: No
  • Bonus/promotion programs for Indian clients: Yes

Interactive Brokers (IBKR) is a financial powerhouse with an impressive track record. With a consolidated equity capital surpassing USD 12.7 billion (INR 63,282 crores) and a remarkable market capitalization exceeding USD 23 billion (INR 171,235 crores), IBKR solidifies its stature in the industry. In 2019, IBKR showcased its financial prowess with a pre-tax profit of USD 1.2 billion (INR 8,934 crores).

The scale of their influence is evident in their expansive global reach, boasting more than 2.33 million clients across 200+ countries and territories. This vast client base contributes to their impressive client equity, which surged beyond USD 174 billion (INR 12,95,430 crores) in 2019.

Leverage
1:100
💼 Regulation
💲 Min Deposit
$10000
Year Established
1977

Segregated accounts
Managed accounts
Free education
Wire transfer

Interactive Brokers is a direct market access broker that provides execution, clearance, settlement, and prime brokerage for customers. Since it was found 41 years ago by Thomas Peterffy, the company has grown internally to become one of the premier securities firms with over $7 billion in equity capital.

First acknowledged as a popular broker for advanced traders, Interactive Brokers launched a second tier of service called IBKR Lite for more casual investors in 2019.

The IBKR Lite provides services on over 125 market destinations worldwide and gives direct access (online) trade execution and clearing services, both to institutional and professional traders for a wide variety of traded products including stocks, options, futures, forex, fixed income, and funds worldwide. Interactive Brokers Group and its affiliates execute over 859,000 trades per day.

Headquartered in Greenwich, Connecticut, Interactive Brokers has over 1,400 employees in the USA, Switzerland, Canada, Hong Kong, UK, Australia, Hungary, Russia, Japan, India, China, and Estonia companies. IBKR is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and is registered in the New York Stoch Exchange (NYSE).

Interactive Brokers offers a wide range of product-centered tools like the OptionTrader and Probability Lab for simplified single and complex multi-leg option trading; FXTrader for forex trading, Mutual Fund/ETF Replicator for helping traders find a lower cost on ETF alternatives, also fixed-income screeners for corporate and agency bonds. Overall, trading with Interactive Brokers would be provided with the most useful and updated tools to maximize trading and investing goals.

As a popular and regulated broker in the US, Interactive Brokers has won some awards. Recently, they were awarded by the Barrons as the 2019 Best Online Broker, which is categorized as the best broker for mobile, international, and frequent traders. Besides, they also won an award as Top Performing Broker by the Preqin Service Providers, and Best Overall Broker by Investopedia (Best for Low Costs, Best for International Trading, Best for Options Trading, Best for Day Trading, and Best for Penny Stocks). The awards are not only achieved during 2019. Since 2005, Interactive Brokers has won lots of awards regarding its best services for clients.

To optimize clients' trading speed and efficiency, Interactive Brokers provides some powerful suites of trading platforms. Below is the list:

  • Client Portal
    A one-stop destination to check quotes and place trades, see account balances, Profit and Loss, as well as key performance metrics, funding, and reporting.
  • Desktop TWS
    A flagship platform designed for active traders and investors who trade multiple products and require power and flexibility. Opening an account in Interactive Brokers and using this platform allows traders to utilize the most advanced algorithms and trading tools, as well as a library of tools and asset-based trading layouts for optimum customization.
  • IBKR TWS for Mobile
    The IBKR TWS for Mobile is made for traders who want to easily trade and monitor their IBKR account on-the-go from either iOS or Android device (tablet or smartphone).
  • IBoT
    IBoT is a robot for finding information and placing orders using clients' own words. IBot is available on TWS for Desktop, IBKR Mobile, and Client Portal.
  • IBKR WebTrader
    IBKR WebTrader is made for traders and investors who prefer a simplified interface.
  • IBKR APIs or IBKR Pro
    This trading platform is provided especially for traders and investors who want to write their trading software or automated trading programs; third-party software users.

Overall, Interactive Brokers has always been a great choice for those who want to find out a credible and regulated broker for trading. Offering lots of trading platforms, Interactive Brokers has committed to provide their best services for both novices and professionals, since it is suited to every clients' needs.

 

2. Exness

  • Indian currency account: Yes
  • Indian license: No
  • Indian language on the website: Yes
  • Physical office in India: No
  • Local bank deposit/withdrawal options: Yes (UPI QR, UPI QR 2, Online Bank)
  • Live chat with Indian language: Yes
  • Indian phone number or email: No
  • Local webinar program or seminar: No
  • Bonus/promotion programs for Indian clients: No

Exness is an excellent choice for traders in India because it is available in the Hindi language and offers various account types where you can access many tools and features. You can trade various instruments on their website, like currency pairs, cryptocurrencies, metals, stocks, and energy.

The payment process for Indian traders in Exness can be done through local banks using online transfer systems and QR codes (UPI QR). For more detailed information about this, check out the table below.

For deposits:

💳Payment System ⌛ Processing Time 🕓 Availability 💵 Minimum Amount 💵Maximum Amount ⛔ Deposit limit Daily/Weekly/Monthly
Online bank -1 Up to 30 minutes 24/7 $15 $500
Online bank -2 Up to 30 minutes 24/7 $40 $7,000
Online bank -2 Up to 30 minutes 24/7 $50 $200
UPI QR 1 Up to 1 hour 24/7 $40 $2,000
UPI QR 2 Up to 1 hour 24/7 $40 $7,000

 

For withdrawals:

💳Payment System ⌛ Processing Time 🕓 Availability 💵 Minimum Amount 💵 Maximum Amount ⛔ Deposit limit Daily/Weekly/Monthly
Online bank -1 Up to 24 hours 24/7 $12 $2,000
Online bank -2
Online bank -2
UPI QR 1
UPI QR 2

You should know some interesting numbers about Exness: they handle a monthly trading turnover of over 325 billion US dollars, have more than 414,000 active clients in 131 countries, and have been rocking the EU market for over ten years.

🌐 Website
www.exness.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$10
Year Established
2008

PAMM
Trading contests
LAMM
Segregated accounts
VPS
Free education
Islamic account
Copy trading
Compensation scheme
Negative balance protection
Low spread eur/usd
Affiliate program
Trading via API
WebMoney
Skrill
Wire transfer
Neteller

The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.

Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.

Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.

The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.

Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.

Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.

The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.

Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.

The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.

Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.

One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.

Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.

Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.

When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.

From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.

 

3. XM

  • Indian currency account: Yes
  • Indian license: No
  • Indian language on the website: Yes
  • Physical office in India: No
  • Local bank deposit and withdrawal options: Yes (Available in almost all local banks, online, and UPI)
  • Webinars managed by Indian experts: Yes
  • Indian e-mail: Yes ([email protected])
  • Bonus/promotion programs for Indian clients: Yes

XM enjoys recognition as a forex and CFD broker, spanning over 190+ countries with a client base exceeding 10 million. Established in 2009, this broker is acclaimed for its low spreads and competitive fees across 1000+ instruments. XM further extends its appeal by providing both the MT4 and MT5 platforms.

With over a decade of dedicated service, XM emerges as a prominent figure within the Indian forex industry. XM suits Indian traders because they provide multi-language websites and personal account managers. Whatever info you need, you can contact them 24/5.

Payment Method Minimum per transaction Maximum per transaction Time Spent
Local Bank $100 $10,000 DP: a few minutes
WD: 1-2 business days
Online Bank 1500 INR 200,000 INR -
UPI 1500 INR 50,000 INR -
🌐 Website
www.xm.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Bonuses
Personal manager
Segregated accounts
Free education
Trading by phone
Compensation scheme
Negative balance protection
VPS
Affiliate program
Copy trading
Webinar
WebMoney
Skrill
Wire transfer
Neteller
CashU
QIWI
FasaPay

XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.

Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.

XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, & Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Minimum deposit of $5 applies to Standard, Micro, and also Ultra-Low Accounts. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing services in more than 30 different languages across the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.

 

4. Admirals

  • Indian currency account: Yes
  • Indian language on the website: Yes
  • Indian phone number or email: Yes (+601546000055, [email protected])
  • Indian license: No
  • Physical office in India: No
  • Local bank deposit and withdrawal options: No
  • Local webinar program or seminar: No
  • Bonus/promotion programs for Indian clients: Yes

Admirals established in 2001. Since then, they've done some serious growing – spreading their wings across 130+ countries over two decades. They've become a tech-savvy bunch, handling over-the-counter and stock exchange markets. Admirals link you up with the big players in the game, so you get killer spreads and minimal trading slippage when dealing with CFDs. But here's the cool part: they've got this unique thing called the Invest account. It lets you dive into stocks and ETFs with a $1 deposit.

🌐 Website
admiralmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$1
Year Established
2001

Bonus offers
Trading contests
Free education
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
Swap
Low spread eur/usd
VPS
Copy Trading
Neteller
PayPal
Skrill
Wire transfer

 

5. FP Markets

  • Indian currency account: Yes
  • Indian language on the website: Yes
  • Local bank deposit/withdrawal options: Yes (no deposit fees, but charging 3.75% withdrawal fees)
  • Indian license: No
  • Indian phone number or email: No
  • Local webinar program or seminar: No
  • Bonus/promotion programs for Indian clients: No

FP Markets is an excellent pick for traders in India. With over 15 years in the game, they've found their groove in the Forex and CFD markets and nailed down their game. What sets them apart? Well, it's their sweet trading conditions and lightning-fast order execution.

They've kept those spreads small and the initial deposit low – both things traders love. Plus, they've got the popular trading platforms everyone's into and a whopping 10,000 trading options. They pack cool analytical tools and helpful learning stuff to boost your game. All in all, FP Markets is like that trader buddy who's got your back.

🌐 Website
www.fpmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2005

Free education
Personal manager
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Hedging
Negative balance protection
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
Skrill
Wire transfer

Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:

  • ACWI: -5.00 for long positions and -2.50 for short positions.
  • ADAUSD: -20.00 for long positions and -20.00 for short positions.
  • AGG: -5.00 for long positions and -2.50 for short positions.

 

6. HF Markets

  • Local currency account: Yes
  • Local language on the website: Yes
  • Local bank deposit/withdrawal options: Yes (Mauritius Commercial Bank, SBM Bank)
  • Customer support contact with local phone number: Yes (000800 9190 406)
  • License in the respective country: No
  • Local webinar program or seminar: No
  • Bonus/promotion programs for local clients: Yes

HF Markets, previously known as HotForex, is a well-known CFD broker for retail trading with highly competitive trading conditions. Their market is particularly aimed at novice traders, what's with the Cent and Micro accounts offering. Nevertheless, they also accommodate traders with more experience and higher funding capabilities in their PAMM (Premium) and Zero Spread accounts.

🌐 Website
www.hfm.com
Leverage
1:2000
💼 Regulation
💲 Min Deposit
$
Year Established
2010

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
PAMM
Segregated accounts
Managed accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
VPS
Copy trading
FasaPay
Neteller
Skrill
WebMoney
Wire transfer

HF Markets is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HF Markets has around 1,500,000 live accounts opened and 200 employees globally.

Based on its services, HF Markets can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade with this broker. Also, there are various account types, trading software, and tools to facilitate individuals and institutional customers to trade forex and CFD online.

HF Markets is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:

  • HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
  • HF Markets SA (PTY), is authorized and regulated as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
  • HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
  • HF Markets (DIFC) Ltd, authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
  • HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risks. For that reason, these kinds of clients are granted access to more favorable rates but afforded lesser regulatory protections than retail clients.

Trading with HF Markets can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.

HF Markets offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate pricing and the best possible spreads.

HF Markets receives numerous highly prestigious titles, including the huge honor of being ed to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.

After opening an account in HF Markets, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade on desktop or prefer to trade on-the-go, they can use MetaTrader 4 on desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).

Clients' funds are held in segregated accounts. Only major banks are used by Markets because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.

Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HF Markets ensures that traders make fast transactions 24/5 during the standard hours.

Traders can earn extra income by joining the affiliate program offered by Markets. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HF Markets can be obtained on their official website which is supported in 27 languages.

From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HF Markets, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.

 

The Reality of Forex Trading in India

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 a regulator of the Indian stock market and forex brokers. The RBI launched the Foreign Exchange Management Act (FEMA) in 1999 as a 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 accounts with foreign forex brokers.

Fortunately, many foreign brokers are now expanding their operations in Asian regions, including India. Some of them even manage to launch special rewards for Indian traders. You can refer to the abovementioned brokers for recommendation.

 

Similar to India, one of the most lucrative markets in Asia, Indonesia, has strict regulations when it comes to retail trading. In fact, forex trading in Indonesia can only be provided by Bappebti-regulated brokers.