Best Forex Brokers in India 2023

In this top ten, you will find some of the best forex brokers in India. In order to give you the most useful info on the topic, several factors were considered while creating this list:

• 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

Round-up

1. XM: Best for beginners
2. Axiory: Best for unlimited demo
3. HFM: Wide range of trading accounts
4. Forex.com: Best for deep forex liquidity
5. OctaFX: Best for educational materials
6. Pepperstone: Best for algo-trading
7. AvaTrade: Best for fixed spreads
8. FXTM: Best for Cent accounts
9. Alpari: Best for Indian traders overall

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

Review

Disclaimer: The following top 10 illustrates international forex brokers that offer forex trading services in India. However, we couldn’t find any information regarding their SEBI compliances (except from Alpari). If you’re based in India, and you want to open an account with them, contact local experts before taking any further action.

1. XM

• Indian traders can trade under the entity XM Global Limited, which is regulated by the Belize IFSC (no. 000261/104).
• 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.
• XM Indian traders benefit from maximum leverage on forex of 888:1.
• Indian clients can apply for several XM bonuses, including a $30 bonus, 50% + 20% deposit bonus, and 0% commissions on deposits and withdrawals.

Visit XM
73.57% of retail CFD accounts lose money

2. Axiory

• 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.

Visit Axiory
Your capital is at risk

3. HFM

• 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.

Visit HFM
(71.04% of retail CFD accounts lose money)

4. Forex.com

• 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.

Visit Forex.com
73% of retail CFD accounts lose money

5. OctaFX

• 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.

Visit OctaFx
74-89% of retail CFD accounts lose money

6. Pepperstone

• 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.

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

7. AvaTrade

• 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.

Visit Avatrade
(79% of retail CFD accounts lose money)

8. FXTM

• 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.

Visit FXTM
81% of retail CFD accounts lose money

9. Alpari

• 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.

Visit Alpari

74-89% of retail CFD accounts lose money

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.

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.