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Best Forex Brokers in India for 2022 • Benzinga

Forex trading in India involves quite a few limitations and legal issues. Be sure to choose a broker supervised by a major financial regulatorsuch as the Financial Conduct Authority (FCA) of the United Kingdom or the Securities and Exchange Commission (CySEC) of Cyprus, which comply the stringent rules of the European Union’s Markets in Financial Instruments Directive (MiFID). NOTnot All forex brokers are created equal, so make sure your needs as a trader are properly met by the forex broker you select before committing any funds.

Best Forex Brokers in India:

Best Forex Brokers That Accept Indian Clients

If you are from India and are looking for a reliable online forex broker, the list below offers excellent options located outside India but regulated by reputable financial authorities.

Although these brokers do not have a physical presence in India, they accept Indian customers who make deposits using payment services and e-wallets. The best forex broker that accepts Indian clients largely depends on your unique situation and your particular needs as a trader. ranks as the #1 US forex broker by client assets. Regulated by the US National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC), is also registered and supervised by regulators in the UK, Australia, Japan, Canada, Hong Kong and Singapore. and the Cayman Islands.

Accounts on require a $250 minimum deposit. The broker allows you to trade micro lots if you prefer to start with smaller quantities. also offers an Islamic account option in addition to segregating client accounts from its own funds. offers the MetaTrader 4 and 5 platforms from MetaQuotes and NinjaTrader.

Trading platforms can be web-based or downloaded to a desktop or mobile application. also gives its clients access to sole ownership of the company Advanced trading platform for desktop computers and its Web Trading platform if you prefer to trade through a web browser.

Due to US restrictions, has a maximum leverage ratio of only 50:1. For more information, you can visit the broker’s official website at


eToro’s social trading platform has been providing forex products and more to retail clients for over 11 years. eToro creates a trading community for users.

eToro more Popular forex trading features include CopyTrader, CopyPortfolios, and Social News Feed.

CopyTrader and CopyPortfolio allow you to locate a successful trader and copy their strategy. You can copy 100 traders and the feature is easy to set up and access.

You also have access to a Twitter-like feed for trader updates with its social news feed. Traders discuss everything from markets to strategies and can receive alerts based on certain market factors.


OctaFX regularly conducts global and local promotional campaigns with valuable cash, product prizes, and trading benefits.

OctaFX’s Trade-and-Win Loyalty Program allows you to get freebies just for trade like shirts, caps, sport bikes and other prizes.

The key value of OctaFX is transparency. Its multilingual customer support team is always quick and accurate, and payments are processed through the most popular systems without delay.

  • Best for

    Trade in app


Libertex offers state-of-the-art, reliable and high-throughput technology platforms. Libertex offers an engaging and compelling trading experience and serves Indian forex traders. Apart from currencies, you can also trade stocks, indices, commodities, gold, oil and gas.

You can use the Libertex multiplier function, set at the time of opening a trade. The multiplier is a value that determines how the trading outcome changes relative to the price of the underlying asset.

IFC Markets

If you are looking for a forex broker that helps you get the most out of your money, look no further than IFC Markets. With IFC Markets you can invest in both forex and CFDs as well as 600 other financial instruments. Regulated in Malaysia and the British Virgin Islands, IFC Markets is a safe and easy place for Indian investors to manage their portfolios.

Spreads start at 0.4 pips for floating accounts and 1.8 pips for fixed accounts, and there are 49 currency pairs to add to your portfolio. You get multi-channel support in 12 different languages ​​24/5, and the website offers 19 languages. You can even take leverage from 200:1 to 400:1.

In addition to all these features, you can open an Islamic account, a free demo account and use the analytics section of the platform to make sound decisions.

  • Best for

    Small volume traders

    To startsecurely through the IFC Markets India website

Trade Forex in India

The national currency of India is Indian rupee ₹ with the symbol code ISO 4217 INR. The rupee is divided into 100 smaller denominations called paisa (p). According to the Bank for International Settlements Triennial Central Banking Survey 2016, the Indian currency was ranked 18th among global currenciesaccounting for 1.1% of daily forex turnover.

The Reserve Bank of India (RBI) has set the legal framework for foreign exchange trading in Foreign Exchange Management Act (FEMA) of 1999. The RBI regulates and oversees foreign exchange operations in India and the Securities and Exchange Board (SEBI) is the main regulator of the Indian stock market and forex brokers based in India are licensed by FEMA.

SEBI regulated forex brokers which include the 3 major exchanges in India are only allowed to offer INR based currency pairs for USD, EUR, GBP and JPY. All other currency pairs are strictly prohibited from trade in India unless a specific transaction is authorized by the Government of India.

Due to an increase in financial scams involving forex brokers, the The Indian government has been forced to significantly restrict the way Indian citizens can operate in the forex market. If you live in India, you are not legally authorized to trade forex currency pairs that do not have the Indian Rupee as their base currency or counter currency.

You can still open an account with a foreign broker as long as you send your deposit via an electronic wallet service such as PayPal, Neteller Where another similar online payment service. Avoid using a wire transfer from a bank or other financial institution based in India or a credit or debit card issued by an Indian entity to fund a forex trading account.

What to Look for in a Forex Broker

Despite the general lack of normal online forex brokers based in India other than 3 scholarships, you can still trade forex through overseas-based online brokers. Generally, a quality brokerage has the following 11 elements:

  • Supervision by a reputable financial regulator
  • Excellent reputation among forex traders
  • Allows you to trade the type of account you prefer
  • Requires an affordable minimum deposit
  • Gives you trading access to all major and minor forex currency pairs and other assets
  • Has a maximum leverage ratio suited to your trading strategy and risk tolerance
  • Offers competitive trading spreads
  • Provides customers with insurance against negative balances
  • Keeps re-quotes and slippage on orders to a minimum
  • Maintains client funds in separate accounts
  • Withdrawal and deposit options meet your needs

Another important factor to consider when choosing a forex broker is platform and trading software. In addition to their own proprietary trading platform, many brokers offer cTrader, NinjaTrader and the very popular MetaTrader 4 and 5 platforms from MetaQuotes both of which support automated trading.

International Brokers

When you use IBKR to open a forex account as an Indian trader, you get the same benefits as everyone else. Sign up today and you’ll see:

  • Real time quotes
  • Solid liquidity
  • 100+ currency pairs
  • Professional trading tools
  • Tight spreads
  • Low commissions
  • No hidden spreads
  • No surcharge

The nice thing about using IBKR is that you can open a currency portfolio and look at other investment options at the same time. With this level of access and the support available, you can build a strong portfolio without opening dozens of accounts on the internet.

  • Best for

    Knowledgeable Investors

    To startsecurely through the IBKR International website

Get the Right Forex Broker in India

Currency trading anywhere can be risky, but this seems especially true in India if you are unfamiliar with the country’s legal restrictions on currency trading. If you live in India and want to exchange Indian Rupee exclusively for USD, GBP, JPY Where EUR, then you can legally trade through any of the 3 SEBI-regulated Indian exchanges that act as forex brokers.

It is illegal to use an account of a bank or other financial institution based in India to fund a trading account and transact on the forex market in currency pairs that do not include INR . If you still want to trade non-INR currency pairs, you must make a margin deposit with an overseas broker by transferring funds from an electronic payment service such as PayPal or Neteller.

Frequently Asked Questions


What are the best forex brokers in India?


There are several good forex brokers including, Saxo Bank and AvaTrade.


Can you legally trade forex in India?


Forex trading is legal with Indian Rupee transactions.


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