The best Forex (Foreign Exchange) brokers in the country of India, according to our research, are:
- XM
- Axiory
- HFM
- Forex.com
- OctaFX
- Pepperstone
- AvaTrade
- FXTM
- Alpari
Several factors were considered while creating this list of the best Forex brokers for Indian traders:
- If the broker was regulated and accepted Indian traders
- The minimum deposit of the broker for Indian traders
- The base currencies accepted by the broker available for Indian traders
- If there were Indian local payments accepted by the broker
- The spreads of the broker for Indian traders
- The leverage of the broker for Indian traders
- If any bonuses or promotions provided by the broker were in store for Indian traders
What are the best forex brokers in India?
Below is our curated list and review of the best forex brokers for traders living in India, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
XM
Best for beginners
XM serves Indian traders through XM Global Limited under Belize FSC regulation. XM allows a minimum deposit of $5. XM offers bonuses, including a $30 sign-up bonus and deposit bonuses. XM provides various base currencies excluding INR.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- Indian traders can trade under the entity XM Global Limited, which is regulated by the Belize FSC (no. 000261/397).
- XM Indian traders can start with a minimum deposit of $5.
- XM does not offer INR base currency, though many others are available for Indian traders, including USD, EUR, GBP, JPY, and ZAR.
- XM spreads from 0 pips will be found by Indian clients.
- Indian clients can apply for several XM bonuses, including a $30 bonus, 50% + 20% deposit bonus, and 0% commissions on deposits and withdrawals.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Axiory
Best for unlimited demo
Axiory operates for Indian traders under FSC Belize regulation. Axiory requires a $10 minimum deposit. Axiory provides only EUR and USD as base currencies. Axiory offers up to 777:1 leverage. Axiory has potential bonuses.
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About Axiory
Axiory is a global online broker founded in 2012, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. Axiory provides MetaTrader 4, MetaTrader 5, and cTrader platforms. Axiory is regulated by the International Financial Services Commission (IFSC) of Belize. Axiory is known for competitive spreads, fast execution, and extensive educational resources. Axiory offers various account types including ECN accounts. The CEO of Axiory is Roberto d’Ambrosio.
Axiory Features
The features of Axiory are listed below.
- Indians can trade with Axiory under the Global entity, regulated by the FSC of Belize (no. 000122/163).
- Axiory minimum deposit for Indian traders is $10.
- Only EUR and USD are available as Axiory base currency for Indian clients.
- Axiory spreads for Indian traders start from 0 pips.
- Axiory Indian clients find a max. leverage up to 777:1 on forex depending on the account.
- Axiory Indian traders can benefit from a 50% deposit bonus, though the bonus may not be always available.
Axiory Pros and Cons
Advantages of Axiory
The advantages of Axiory are listed below.
- Competitive Spreads
- Diverse Account Types
- Robust Educational Resources
Disadvantages of Axiory
The disadvantages of Axiory are listed below.
- Limited Regulation
- High Inactivity Fees
- Withdrawal Fees
HFM
Wide range of trading accounts
HFM, previously HotForex, supports Indian traders via St Vincent and Grenadines regulation. HFM accepts a minimum deposit of $5. HFM offers spreads starting from 0 pips. HFM provides leverage options up to 1000:1.
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About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- Indian clients can trade under HF Markets global entity regulated by the FSA of St Vincent and the Grenadines (no. 22747 IBC 2015).
- The HF minimum deposit is $5 requested for Indian traders.
- USD and EUR are the base currencies provided for Indian traders by HF.
- HF Indian clients find spreads from 0 pips on forex, with leverage up to 1000:1.
- Indian traders find several HF bonuses including a 30% rescue bonus, 100% supercharged bonus, 50% welcome bonus, 100% credit bonus, and other contests.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
Forex.com
Best for deep forex liquidity
Forex.com caters to Indian traders under CIMA regulation. Forex.com mandates a $100 minimum deposit. Forex.com offers spreads from 0.2 pips. Forex.com provides leverage up to 200:1. Forex.com lacks INR as a base currency.
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About Forex.com
FOREX.com is a global forex and CFD broker founded in 2001, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FOREX.com provides proprietary platforms alongside MetaTrader 4 and 5. FOREX.com is regulated by multiple top-tier authorities including FCA, ASIC, and CFTC. FOREX.com is known for competitive spreads, fast execution, and extensive educational resources. FOREX.com serves over 450,000 clients worldwide. The FOREX.com’s parent company “StoneX Group Inc.” CEO is Sean O’Connor.
Forex.com Features
The features of Forex.com are listed below.
- Indian traders can trade under Forex.com’s entity regulated by CIMA (no. 25033).
- Forex.com Indian clients need to make a minimum deposit of $100.
- INR base currency is not available for Indian traders, though USD, EUR, and GBP are.
- Indian clients find Forex.com spreads from 0.2 pips on forex.
- The maximum Forex.com leverage provided for Indian traders is up to 200:1.
- Forex.com is another broker which offers high-volume Indian traders an active trader program, with 15% cash rebates while trading forex.
Forex.com Pros and Cons
Advantages of Forex.com
The advantages of Forex.com are listed below.
- Regulatory Assurance
- Low Forex Fees
- Comprehensive Educational Resources
Disadvantages of Forex.com
The disadvantages of Forex.com are listed below.
- Limited Product Portfolio
- Higher Spreads on Standard Accounts
- No Guaranteed Stop-Loss Orders for U.S. Clients
OctaFX
Best for educational materials
OctaFX allows Indian traders to operate under St Vincent registration. OctaFX requires a $25 minimum deposit. OctaFX includes EUR and USD base currencies. OctaFX offers up to 500:1 leverage. OctaFX lacks INR base currency.
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About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- Indian traders can trade under the OctaFX entity registered in Vincent and the Grenadines (no. 19776).
- The OctaFX minimum deposit for Indian traders is $25.
- OctaFX accepts EUR and USD as base currencies for Indian traders.
- Indian clients of OctaFX find spreads from 0.2 pips on forex.
- OctaFX Indian traders have access to maximum leverage on forex up to 500:1.
- Indian clients can benefit from the OctaFX 50% deposit bonus.
- OctaFX also provides for Indian traders demo account contests on the MT4 platform, where the client with the largest demo account balance at the end of a 4 week period will win 500 USD.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
Pepperstone
Best for algo-trading
Pepperstone operates for Indian traders under Bahamas regulation. Pepperstone has no minimum deposit requirement. Pepperstone offers spreads from 0 pips. Pepperstone provides up to 200:1 leverage. Pepperstone supports various base currencies excluding INR.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Indian traders can trade under the Bahamas entity of Pepperstone, regulated by SCB (no.SIA-F21).
- No Pepperstone minimum deposit for Indian clients.
- INR is not supported, though several base currencies are accepted by the broker for Indian clients, including EUR, USD, GBP, JPY, and NZD.
- Indian traders are charged spreads from 0 pips by Pepperstone.
- Indian clients of Pepperstone have access to a max. leverage on forex up to 200:1.
- Pepperstone’s active trader program is in place for high-volume Indian traders, who can get several perks, including discounted commissions per month, depending on which tier you qualify for.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
AvaTrade
Best for fixed spreads
AvaTrade serves Indian traders through BVI FSC regulation. AvaTrade mandates a $100 minimum deposit. AvaTrade offers fixed spreads from 0.9 pips. AvaTrade provides leverage up to 400:1. AvaTrade lacks INR as a base currency.
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Avg. EUR/USD Spread:
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- Indian traders can trade under the AvaTrade global entity regulated by the BVI FSC (no. SIBA/L/13/1049).
- AvaTrade minimum deposit is $100 for Indian clients.
- Indian traders of AvaTrade won’t find INR as a base currency. EUR and USD are available.
- AvaTrade Indian traders are charged fixed spreads from 0.9 pips.
- The AvaTrade maximum leverage for Indian traders is 400:1 on forex.
- Indian traders may find a welcome bonus available from time to time.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FXTM
Best for Cent accounts
FXTM caters to Indian traders under FSC regulation. FXTM requires a $10 minimum deposit. FXTM offers INR-based local transfer solutions. FXTM provides leverage up to 2000:1. FXTM occasionally offers bonuses for Indian clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FXTM
FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.
FXTM Features
The features of FXTM are listed below.
- Indian clients can trade with FXTM under the FSC regulated entity (no. C113012295).
- FXTM minimum deposit for Indian traders is $10.
- Local transfer solutions for Indian traders are available in INR base currency, fee-free from FXTM’s, and with a time processing of 24 hours.
- Indian clients of FXTM find spreads from 0 pips.
- FXTM Indian traders have access to maximum leverage up to 2000:1 on forex, depending on how much you trade per month.
- Indian clients benefit from different bonuses from time to time. All of them can be found on the FXTM’s website.
FXTM Pros and Cons
Advantages of FXTM
The advantages of FXTM are listed below.
- User-Friendly Platform
- Fast Customer Support
- Low Minimum Deposit
Disadvantages of FXTM
The disadvantages of FXTM are listed below.
- Withdrawal Fees
- Limited Product Range
- Inactivity Fees
Alpari
Best for Indian traders overall
Alpari supports Indian traders under FSC regulation. Alpari holds two SEBI licenses. Alpari requires a minimum deposit starting from $5. Alpari offers INR payment solutions. Alpari provides leverage up to 1000:1. Alpari lacks INR base currency.
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Regulations:
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About Alpari
Alpari is a global forex and CFD broker established in 1998, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. Alpari provides MetaTrader 4 and MetaTrader 5 platforms. Alpari is regulated by the Mwali International Services Authority in Comoros. Alpari is known for competitive spreads, fast execution, and extensive educational resources. Alpari offers various account types including ECN accounts. Alpari serves over 2 million clients worldwide.
Alpari Features
The features of Alpari are listed below.
- Alpari allows Indian traders to trade under the global entity regulated by FSC (no. C113012295)
- Alpari holds two SEBI licenses: INE231376935 and INE261383637.
- The minimum deposit for Indian clients starts from $5 depending on your Alpari account type.
- Local Indian solutions and Neteller payments with INR are accepted for Indian traders. Note that although INR is not accepted as an Alpari base currency, EUR, USD, NGN, and GBP are.
- Indian Alpari clients have access to spreads from 0 pips.
- Indian Alpari clients have access to maximum leverage on forex up to 1000:1.
- No bonuses are in place for Indian traders of Alpari.
Alpari Pros and Cons
Advantages of Alpari
The advantages of Alpari are listed below.
- Support for MetaTrader Platforms
- Diverse Trading Instruments
- Copy Trading Available
Disadvantages of Alpari
The disadvantages of Alpari are listed below.
- Limited Regulatory Coverage
- No Advanced Educational Resources
Is forex trading Illegal in India?
Forex trading in India is not illegal. This however comes with some complexities for Indian forex traders that we will explain.
Forex trading in India is regulated by SEBI (Securities and Exchange Board of India) similarly to the way in which foreign exchange and trading are regulated in other countries. The difference comes with the fact that the RBI (Reserve Bank of India) has made trading with some other currencies and the Indian Rupee illegal for fear of devaluing the Indian currency.
With that in mind then, the only forex trading acceptable for Indian forex traders to participate in is that of INR-based pairs with major currencies the USD, EUR, GBP, and JPY. The Indian government has recently relaxed the rules to allow the introduction of trading on other major foreign currency pairs such as EUR/USD, GBP/USD, and USD/JPY. Other pairs are currently not available.
When it comes to online forex brokers and the Indian forex market, it is illegal for Indian forex traders to use any online forex trading platform that is not regulated by SEBI. If you are reading this review as an Indian citizen based abroad, then you typically have more freedom from these regulations and you can follow the regulations of your local area.
What are SEBI Characteristics?
Taking a closer look at the way that the Securities and Exchange Board of India (SEBI) operates we noticed many things from an Indian trader’s perspective.
Among these is the fact that the body does not protect the deposits of a forex trader in the same manner as is allowed by other top regulatory bodies. This means they do not push the brokers to hold deposits in segregated accounts or through ICF. This is a major reason why some Indian forex traders criticize the organization for not doing enough to protect Indian traders.
SEBI is also flexible in the rules they set which provides this level of flexibility to be extended to the broker. We can see this in the provision of leverage for forex trading, with no limitations being enforced, however, a 200:1 maximum leverage is typical.
Leverage can be risky and lead to losing your money in some cases. While ESMA and other well-regulated forex brokers do provide negative balance protection, SEBI does not. This could lead to losing your money more than you have actually deposited, so you should be careful to manage this.
How to protect yourself from being scammed
This is something that of course we never want to happen, but we do always have to guard ourselves as forex traders against being scammed.
When it comes to Indian citizens and forex traders, these kinds of scams have been previously reported by the broker AVFX with many forex traders claiming to have been victims of a forex broker scam.
Being a well-regulated forex broker means more often than not, being regulated by a well-recognized regulatory body such as FCA, NSA, ASIC, and CySEC. Well-regulated forex brokers under these conditions tend to also be ESMA/MiFID compliant.
We would recommend against making deposits and dealing with unregulated forex brokers or those under offshore regulation for maximum protection as a forex trader. Finally, as an Indian trader and Indian citizen interested in forex trading, if you want to be certain that you are trading in a legal and protected manner, you should choose a SEBI regulated broker or if this is not the case, you should try to consult with the local authorities before making any deposit or trades.
Some of these measures, as well as taking care to choose the best Indian forex broker from our listing can make sure that you remain both compliant and well-protected as a trader in the forex market.