Demo Account Guide
Demo Account Guide
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A Handbook for Indian Traders

๐Ÿ‘ชPopulation: 1,438 million (Mar/2024)
๐Ÿ’ต GDP: $3,417 billion (Dec/2022)
  Full Year GDP Growth: 7.6% (Mar/2024)
๐Ÿ“Š GDP per Capita: $2,090 (Dec/2022)
๐Ÿ’น Inflation Rate: 5.09% (Feb/2024)
๐Ÿ’ผ Unemployment Rate: 8.01% (Feb/2024)
๐Ÿ’ณ Consumer Price Index (CPI): 186 Points (Feb/2024)
๐Ÿ’ฐ Producer Prices: 151 Points (Feb/2024)
๐Ÿ“‰ Composite PMI: 61.3 Points (Mar/2024)
๐Ÿ“ˆ Interest Rate (Reserve Bank of India): 6.50% (Feb/2024)

Forex Trading in India

India is a country in South Asia with a population of more than 1.4 billion people, making it the most populous country in the world since April 2023, surpassing the population of China.

It's difficult to determine the exact number of forex traders in India due to the rapid population growth and technological advancements. Based on the latest available data, approximately 2% of the total population in India is actively trading forex. If calculated, this means there are around 26 million forex traders in India.

India has one of the world's largest economies, with rapid growth and huge market potential. According to the latest data, India's annual GDP has been growing steadily from 7.2% to 7.3%, and then to 7.6%. Quarterly GDP also grew impressively to 8.4%, proving its economic resilience amidst global changes.

The Reserve Bank of India (RBI) stimulates economic growth by implementing tight monetary policy. Policy changes by the RBI will affect the value of the Indian Rupee (INR) exchange rate.

USD/INR is one of the exotic currency pairs that is traded quite frequently. Indian traders typically trade forex with brokers regulated by SEBI (Securities and Exchange Board of India). SEBI is the regulatory authority responsible for overseeing the securities and commodity markets in India.

There are specific regulations governing forex trading in India. Trading is permitted only in currency pairs approved by the RBI and SEBI, and these can be traded exclusively on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and MCX-SX.

As per the Foreign Exchange Management Act (FEMA) of 1999, trading in the offshore forex market through unapproved brokers is illegal. If detected trading from an Indian bank account with unauthorized brokers, your account may be seized, and your bank balance forfeited.

The currency pairs allowed for trading in India include USD/INR, EUR/INR, GBP/INR, and JPY/INR. Additionally, there are extensions of these main pairs, such as EUR/USD, GBP/USD, and USD/JPY.

In addition to trading forex with SEBI-regulated brokers, many traders in India also use the services of foreign brokers to access more flexible trading conditions or a wider range of currency pairs. The requirement remains the same; they must have clear authorization following FEMA 1999. Typically, brokers regulated by FCA, CySEC, ASIC, or FSA are favored by Indian traders. Here are some popular regulated brokers in India:

Year Est. 2011
Min Deposit
Low Cost Forex Broker
$25
Leverage 1:500
Regulation CySEC, SVGFSA
score 78
Year Est. 2009
Min Deposit
Adjustable Leverage
$5
Leverage 1:3000
Regulation ASIC, CySEC, FSCA, Belize Financial Service Commission (FSC), FCA
score 84
Year Est. 2008
Min Deposit
Fast Withdrawal
$10
Leverage 1:2000
Regulation FSA (Seychelles), CBCS (Curacao), FSC (BVI), FSCA, CMA (Kenya), FCA, CySEC, ESMA
score 86
Year Est. 2009
Min Deposit
Best Educational content
$5
Leverage 1:1000
Regulation FCA, CySEC, BaFin, CNMV, FSP (New Zealand), ASIC, CONSOB (Italy), Belize Financial Service Commission (FSC), ESMA
score 81
Year Est. 2010
Min Deposit
Award Winning Broker
$0
Leverage 1:2000
Regulation Capital Markets Authority of Kenya, CySEC, DFSA (Dubai), FCA, FSA (Seychelles), SVGFSA, FSC (Mauritius), FSCA
score 71
score 78
Low Cost Forex Broker
Year Est. 2011
Min Deposit $25
Leverage 1:500
Regulation CySEC, SVGFSA
score 84
Adjustable Leverage
Year Est. 2009
Min Deposit $5
Leverage 1:3000
Regulation ASIC, CySEC, FSCA, Belize Financial Service Commission (FSC), FCA
score 86
Fast Withdrawal
Year Est. 2008
Min Deposit $10
Leverage 1:2000
Regulation FSA (Seychelles), CBCS (Curacao), FSC (BVI), FSCA, CMA (Kenya), FCA, CySEC, ESMA
score 81
Best Educational content
Year Est. 2009
Min Deposit $5
Leverage 1:1000
Regulation FCA, CySEC, BaFin, CNMV, FSP (New Zealand), ASIC, CONSOB (Italy), Belize Financial Service Commission (FSC), ESMA
score 71
Award Winning Broker
Year Est. 2010
Min Deposit $0
Leverage 1:2000
Regulation Capital Markets Authority of Kenya, CySEC, DFSA (Dubai), FCA, FSA (Seychelles), SVGFSA, FSC (Mauritius), FSCA

Top Rankers in Broker Contest

Moreover, Indian traders often dominate the top rankings of winners in the Octa Champion demo contest. This event is a highly popular trading contest on demo accounts. Indian traders are almost always among the top 5 traders who manage to win big. This indicates the high level of enthusiasm among the Indian community for forex trading.

Below is one example of the top 10 ranking of winners in the Octa demo contest where 4 Indian traders made the list.

Aug 4 2020 10013
Before looking for top forex brokers in India that can be trusted to handle your money, consider whether you could legally trade forex.

Top Forex Brokers in India

Aug 4 2020
Before looking for top forex brokers in India that can be trusted to handle your money, consider whether you could legally trade forex.