Compare top 6 best forex brokers in India for 2024

For this guide, our experts reviewed 57+ of the best forex trading apps in India to trade forex for beginners.
By:  & 
Updated: Dec 1, 2023
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Our expert panel tested all the best forex brokers in India and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in India for Indian users? 

Read our verdict for India below to compare the best forex trading platforms.

What is the best forex broker in India?

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Our experts rank IG Markets as the best forex broker in India.

The list below shows the three best Indian forex brokers. These are the top forex apps in India for their security, service, and support.

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1
Min. Deposit
300 €
Best offer
User Score
9.7
Offers access to over 80 currency pairs, including major, minor, and exotic pairs. Traders can explore various combinations and capitalize on price movements.
Spreads start from 0.8 pips, ensuring cost-effective trading. Tight spreads mean minimal difference between buying and selling prices.
Enjoy flexible access to more than 17,000 global markets, with reliable execution
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card
Full Regulations:
ASIC, FCA, FINMA, is a licensed bank (IG Bank in Switzerland)

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

2
Min. Deposit
85 €
Best offer
User Score
9.7
MT4 offering instruments in 9 time-frames with 30 pre-installed indicators
Trade on spreads from as low as 0.0 pips
Multiple funding and swift withdrawal options. Choose from PayPal and more
Start Trading
Payment Methods:
PayPal, neteller, Credit Card, Wire Transfer, Cryptocurrencies, skrill
Full Regulations:
ASIC, CySEC, FCA
74-89% of retail CFD accounts lose money
3
Min. Deposit
44 €
Best offer
User Score
9.1
Global online trading brokerage
Optimal trading conditions
Premium multilingual customer service
Start Trading
Payment Methods:
Debit Card, Credit Card, Wire Transfer
Full Regulations:
Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

Top 6 online forex brokers India, reviewed

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1. IG Markets: Best for trusted and transparent CFD trading

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Fees

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Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Intuitive web trading platform Excellent demo account available Variety of deposit and withdrawal options Wide variety of useful educational tools Trading platform tutorial to get you started
High fees for CFD trading Slow account opening process Limited product portfolio

Overview

We love IG because it’s one of the most established and reputable names in the online trading industry, known for its reliability, comprehensive market offerings, and strong regulatory compliance. IG offers CFD trading in a wide range of forex pairs, with plenty of useful plugins and integrations to improve the trading experience.

One of the key strengths of IG Markets is its seamless integration with MetaTrader 4 (MT4), a popular third-party trading platform favored by many traders for its advanced charting tools, automated trading capabilities, and custom indicators. This integration allows users to leverage MT4’s sophisticated features while benefiting from IG Markets’ competitive pricing, reliable execution, and extensive market access.

Beyond its product range and platform integrations, IG Markets stands out for its commitment to education and customer support. The company offers a wealth of educational resources, such as webinars, tutorials, and market analysis, which help traders of all levels improve their knowledge and skills.

The fees: For most assets, you don’t pay a trading fee but will be charged through the spread instead. That’s the difference between the buy and sell price of an asset. IG’s spreads are competitive but variable: you’ll pay a smaller spread on major forex pairs, such as USD/GBP, compared to less popular exotic pairs such as ZAR/JPY

Highlights

Visit IG Markets IG Markets Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

2. Eightcap. Best online broker for choice of trading platform

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Up to $3.5 RT

Fees

$100

Minimum deposit

800

No. assets

Yes

Demo/virtual account

Pros & Cons

Low trading fees for CFDs Trade directly from the TradingView platform Regulated by top-tier authorities Leverage up to 1:500 Partnered with multiple proprietary trading firms
Some markets are not available to all regions Customer support does not operate 24/7

Overview

We love Eightcap because you have several trading platforms to choose from. You can choose between MetaTrader 4, MetaTrader 5, and TradingView. All of these platforms are favourites among retail traders. With the MetaTrade suite of platforms, you can access lots of technical indicators, custom tools, and expert advisors. 

TradingView with Eightcap allows you to trade directly from your charts while accessing the hundreds of tools and features available. Eightcap has over 40 forex pairs available, including the majors, minors, and some exotic crosses.  

The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Visit Eightcap Eightcap Review
74-89% of retail CFD accounts lose money

3. Pacific Union. Best for social trading & customer support

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pacific union logo

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Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

70+ forex pairs and 200+ financial assets available to trade Extremely low minimum trade sizes Multilingual support in 18+ languages
Minimum withdrawal of $100 Fewer assets than many competitors

Overview

We love Pacific Union because its beginner friendly platform comes loaded with lots of educational content, including how to guides and video learning. Pacific Union offers over 30 forex pairs, including majors and minors. 

It’s an award-winning broker with a proprietary social trading application that makes it easy for beginners to follow the strategies and positions of the platform’s top traders. Pacific Union uses the popular Metatrader 4 software alongside its mobile and web based apps. Traders can choose the amount of leverage they want to use, all the way up to 500:1.

The fees: There are fees with Pacific Union, but it depends on your account type. Its standard account is commission free, but Bid/Ask spreads start at 1.3 pips. Pro accounts are charged a $3.5 RT per lot commission and have spreads starting from 0 pips. Swap charges for holding a trade overnight vary depending on size.  

Highlights

Visit Review
Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

4. Exness. Best for tight spreads and a pro-style trading experience.

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From $0.2 per lot

Fees

$10

Minimum deposit

300

No. assets

No

Demo/virtual account

Pros & Cons

Trade all major asset classes with zero commission Competitive spreads starting from 0.3 pips on standard accounts Highly flexible trading terminal available on mobile app, desktop, and web browser Top-tier regulation and negative balance protection
Restricted access in the US and UK

Overview

We love Exness because it offers tight spread trading and a bespoke trading experience. Exness offers including 100+ forex pairs, including all major and minor pairs alongside a large range of exotic pairs.

Exness offers a great range of pro-style trading tools and a variety of account types to suit all experience levels. Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the Exness terminal or plug it into the MetaTrader software and trade from there.

The fees: Standard accounts aren’t charged a commission but are charged through the spread. Spreads start from 1 pip on major forex pairs. Overnight fees apply on some assets (exc. swap-free accounts).

Highlights

Visit Exness Exness Review
Exness does not offer services to residents of certain jurisdictions including the USA, Iran, North Korea and others. The content of the website including translations should not be construed as means for solicitation. Investors make their own and independent decisions. Trading in CFDs and generally leveraged products involves substantial risk of loss and you may lose all of your invested capital.

The best 10 local Indian forex brokers

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  1. IIFL Forex. A currency trading and CFD brokerage of India Infoline Finance Limited. It offers currencies, commodities, indices, and more via its own proprietary trading platform.
  2. Angel Broking. A broker from Angel Broking Ltd offering FX pairs, contract CFDs, commodities and indices trading.
  3. Reliance Money. A forex broker and CFD trading provider from Reliance Capital. Offers forex, commodities, equity indices and more.
  4. Kotak Securities. Provides forex and CFD trading from Kotak Mahindra Bank. Offers a range of pairs, indices, commodities, and cryptocurrency CFDs.
  5. Motilal Oswal Financial Services. Forex brokerage arm of Motilal Oswal offering FX pairs trading, indices, commodities, and cryptocurrency CFDs.
  6. SMC Global Securities. Financial services firm providing currencies trading, commodity CFDs, and equity indices trading.
  7. Alice Blue Online. Online discount forex broker providing trading in foreign exchange pairs, commodities, indices, stocks, and ETF CFDs.
  8. Trading Bells Securities. Trading Bells offers trading in forex, commodities, global indices, and equities.
  9. Upstox Pro. A proprietary trading platform from Upstox that provides FX, commodities, global indices, and share CFD trading.
  10. IC Markets. An Indian branch of the global broker IC Markets, offering trading in currency, commodity and index CFDs.

More about the best forex trading platforms in India

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Yes, forex is legal in India, as long as it is done through brokers approved by the Securities and Exchange Board of India (SEBI). The Foreign Exchange Management Act (FEMA) regulates forex in India. 

Under FEMA guidelines, Indian residents can legally engage in forex trading of currencies involving the Indian rupee (INR) or other, non-INR pairs, through SEBI registered brokers only.

They can also remit funds overseas to trade through an international forex broker. Forex is legal for Indian residents, provided they use SEBI regulated brokers and adhere to regulations.

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Yes, the top forex brokers in India legally operate under SEBI licensing. This license regulates forex brokers under the Securities and Exchange Board of India Act, 1992. 

All India-based forex brokers and international brokers with operations in India must register with SEBI and follow its guidelines and regulations for traders. 

SEBI issues certificates of registration after vetting applications and only trading platforms with SEBI registration can legally offer forex trading services to Indian residents and retail investor accounts.

How are forex brokers regulated in India?

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SEBI is the regulatory body overseeing forex brokers in India. SEBI enacted the SEBI (Foreign Portfolio Investors) Regulations in 2019 that established guidelines for forex platforms operations and forex trading in India. 

All India-based and international forex brokers must register under these regulations to be considered legal for Indian traders. 

As part of the regulation, SEBI mandated forex brokerages maintain a minimum capital base of $1 million and submit to ongoing oversight of their financial stability, transparency, risk management and other aspects. SEBI can take regulatory action against brokers for violations.

What currency pairs can I trade in India?

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Indian residents can legally trade major pairs like EUR/USD, GBP/USD, USD/JPY and USD/CHF through SEBI registered brokers. 

They can also trade cross-pairs such as EUR/JPY and GBP/JPY. Indian traders can access USD/INR, EUR/INR, GBP/INR and JPY/INR pairs involving the Indian Rupee. Indian forex traders can access all major global and INR currency pairs through legal local or foreign brokers approved by SEBI.

What currency markets are available in India?

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Indian traders mainly access the decentralised global over-the-counter (OTC) forex markets through SEBI approved local and international brokers. Major OTC markets include the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Stock Exchange (NYSE), and the London Stock Exchange (LSE). 

Brokers provide Indian residents access to these global FX markets via locally established affiliates, branches and trading platforms. OTC markets enable 24-hour trading and high liquidity for Indian traders. INR based currency pairs are offered by all Indian brokers.

Are there restrictions for forex in India?

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The main restrictions are:

  • Indian residents must use SEBI registered brokers only, not deal with a foreign broker directly.
  • Residents of India cannot trade the INR outside India except for limited purposes or use foreign forex brokers.
  • Indian traders can only remit up to $250,000 abroad yearly under the Liberalized Remittance Scheme (LRS) without RBI approval.
  • Trading in cryptocurrency pairs or using crypto for payments is currently banned; however, using a foreign broker can make crypto accessible to Indians.

The restrictions emphasise using approved Indian brokers, curbing speculation in INR and monitoring fund flows. Trading major pairs not involving INR has few restrictions for Indian forex traders.

Can I trade other assets with a forex broker in India?

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You can, though it depends on the type of broker you choose. The best cfd brokers in India usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best cfd brokers in India or the best crypto exchanges in India.

How to trade forex in India

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Follow the steps below to begin trading forex successfully with a trusted Indian broker. Remember always to use wise risk management when trading.

Step 1. Select a SEBI registered broker

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The first step is to select an authorised forex broker registered with SEBI. Some good options for the forex market include IC Markets, Angel Broking, IIFL Forex, and Motilal Oswal Financial Services. Only use trading platforms licensed by SEBI to offer forex in India. You can use our comparison table above to find the best SEBI regulated forex brokers

Step 2. Open a trading account

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Once you have selected a forex broker, fill out the application form to open a foreign exchange account. The broker will need your personal and financial details to set up the account. The minimum deposit is usually around $100-$250, or approximately ₹8,200 – ₹20,500 to trade the forex market. 

Step 3. Fund your trading account

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Fund your account by transferring money via NEFT, IMPS, UPI or RTGS to your account. Some forex market brokers may also allow funding with debit cards, credit cards, or e-wallets. Fund the account with enough capital to start forex trading.

Step 4. Start trading forex

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Once your account is funded, you can log in to the broker’s trading platform and begin trading forex currency pairs. Place buy or sell orders for pairs like EUR/INR, USD/INR, or GBP/INR. Use risk management tools like stop losses and test out different trading strategies when placing forex trades. Use a demo account to practice with simulated funds if you’re a beginner in forex. 

Step 5. Monitor and close your trades

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Stay updated on market movements using live charts and pricing. Close profitable trades by taking a profit. Close losing trades quickly with stop losses to manage your risk. Keep trading judiciously.

How we chose the best forex brokers India

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Our expert reviews panel comprises currency traders with years of experience in the foreign exchange markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria that the panel used to rate each platform.

  • Regulation with a trusted financial institution such as SEBI. We only recommend forex brokers for beginners that are regulated in India and offer top-tier protection to their clients.
  • Low minimum Indian Rupee deposit requirements. Accessible trading platforms in India, with a low minimum deposit, scored higher in our rankings.
  • Mobile app availability and devices. Our experts gave preference to the forex platforms in India with the best forex trading apps.
  • The number of currency pairs available to trade. We expect India brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
  • Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage within the limitations set by local Indian regulators.
  • Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
  • Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure perform well.
  • Compatibility with trading software. Any Indian forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
Choose an Indian forex broker

FAQs

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Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.