Compare Top 6 Best Forex Brokers and Apps in India for 2024

By:

Max Adams

Max was the Editor of Education for Invezz from 2019-2021, overseeing the wider investment educational strategy. He has written for financial publications for over 5 years,... read more.

 & 

James Knight

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.

Reviewed by:

Richard Stutely

Richard is a Fact Checker for Invezz who ensures all our reviews and guides are accurate and unbiased. He is a best-selling international business author whose... read more.

Updated:  Sep 9, 2024

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7 min read

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?

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.

Most popular

1

Min. Deposit

-

Best offer

User Score

9.8

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 more info

Payment Methods:

Bank Transfer, Debit Card, PayPal, Credit Card, Wise

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. 75% 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

-

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 more info

Payment Methods:

Bank Transfer, Bitcoin, Debit Card, PayPal, neteller, Credit Card, Wire Transfer, Cryptocurrencies, FasaPay, PayRetailers, POLi, Wise, Worldpay, skrill

Full Regulations:

ASIC, CySEC, FCA

74-89% of retail CFD accounts lose money

3

Min. Deposit

-

Best offer

User Score

9.2

Global online trading brokerage

Optimal trading conditions

Premium multilingual customer service

Start Trading more info

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

1. IG Markets: Best for trusted and transparent trading

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From 0.5%

Fees

$...

Minimum deposit

17,000

No. assets

Yes

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

Slow account opening process Unavailable in all regions

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 offerings, and strong regulatory compliance. In the United States, IG recently changed its name to TastyFX and is focused solely on forex trading. 

TastyFX is America’s fastest growing forex brokerage and as you’d expect from a subsidiary of IG, it offers excellent service with a wide selection of tools and features. Not only will you have access to over 80 forex pairs like EUR/USD, GBP/USD, and USD/JPY, but you’ll also pay $0 commission and have spreads starting from just 0.8 pips. 

What makes TastyFX stand apart from other US brokers is its excellent bonus schedule. After creating an account you can access up to $10,000 in cash bonuses. You cna also earn up to 15% rebate cashback every month. 

The fees: TastyFX has a clear and easy to understand fee schedule. It is a commission free brokerage and only charges a spread. Spreads are variable and generally lower for more liquid currency pairs. Spreads are as low as 0.8 pips for EUR/USD. Forex markets offer up to 50:1 leverage, or 2% margin requirements, on forex pairs like EUR/USD and USD/CAD.

Highlights

Features	IG Markets summary
No. of tradable assets	17,000+
Min. Deposit	$0
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETFs, Forex CFDs, Crypto CFDs, Index CFDs, Commodities
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, MAS, FMA, ASIC, FCA, BaFin, FINMA, DFSA, BMA, CFTC, NFA
View more >	IG Markets >

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. 75% 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

$...

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

Features	Eightcap summary
No. of tradable assets	800+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies, Indices
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	ASIC, FCA, CySEC
View more >	Eightcap >

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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...

Fees

$...

Minimum deposit

200

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

Features	summary
No. of tradable assets
Min. Deposit
ID verification required	No
Free demo account	No
Supported assets
Mobile trading app	No
Web trading platform	No
Regulatory bodies
View more >	>

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

$...

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 of its tight spreads, which make it a top choice for traders looking to minimize trading costs and maximize profitability. The brokerage offers some of the most competitive spreads in the industry, especially on markets like currencies. Excess offers 100+ forex pairs via CFDs from the majors, minors, and exotics.

Its focus on low trading costs is ideal for both newbies and experienced traders looking to trade with minimal overheads. Exness also stands out for its range of trading terminals. It offers MetaTrader 4, MetaTrader 5, and the Exness web terminal. There’s also a dedicated mobile app meaning you’ll be able to always access your account. 

Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the hundreds of pre built indicators available on the MetaTrader suite. 

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

Features	Exness summary
No. of tradable assets	250+
Min. Deposit	From $10
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, FCA, CySEC, FSA, BVIFSC
View more >	Exness >

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

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

Is forex trading legal in India?

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)[1] 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.

Are forex brokers legal in India?

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[2]. 

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?

SEBI is the regulatory body overseeing forex brokers in India. SEBI enacted the SEBI (Foreign Portfolio Investors) Regulations in 2019[3] 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?

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?

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?

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?

You can, though it depends on the type of broker you choose. The 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 or the .

How to trade forex in India

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

How we chose the best forex brokers India

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.

FAQs