Top 10 Forex Brokers in India


The top 10 forex brokers in India include world-renown forex brokers XM, ICMarkets, Plus500, Oanda, HotForex, Exness, OctaFX, Forex.com, and Fondex.

February 24, 2021 | AtoZ Markets – According to the recent report from Bank for International Settlements, forex trading has reached $6.6 trillion per day in 2019, where it was $5.1 trillion per day three years ago. The main reason for such an increase in daily trading volume is the F.X. swaps and growth of F.X. derivatives, which increased the opportunity for spot trading.

If you live in India, there is good news that you can operate all your trading activities from India. The availability of enormous trading brokers and financial institutes, advanced technology, the flexible trading environment make trading easier from India. 

(Table of contents section)

  • Is Forex Trading Legal in India?
  • How to Choose a Forex Broker in India?
  • Top 10 Best Forex Brokers in India
  • How to Open a Forex Trading Account in India
  • How to Deposit or Withdraw Funds from India Forex Brokers

Is Forex Trading Legal in India?

Forex trading is completely legal in India as long as the trader stays inside India and trades with an Indian broker with the Indian rupee. If an Indian citizen tries to make a payment in a foreign exchange broker with an online Gateway outside the country, it will be completely illegal. Indian citizens are allowed to make transactions within India only.

Is Forex Trading Legal in India?

Moreover, Forex trading in India should be done through several foreign exchange trading platforms where the base currency is the Indian rupee. Moreover Indian government Limited trading for Indian citizens to currency pairs that are the benchmark against the Indian rupee only

Therefore if you are in India, you can do Forex trading through an Indian broker that has an exchange based in India, such as the BSE, NSE, MCX-SX. Earlier there was only a trading instrument available for Indian traders, that is EURINR, GBPINR, JPYINR, and USDINR. Later on from the decision of the Bank of India, from 10th December 2015 traders are allowed to trade more than three currency pairs besides the Indian pairs, are EUR-USD, GBP-USD, and USD-JPY.

Therefore, for Indian citizens, it is prohibited to trade in any online Forex brokers that are not based in India. If anyone is found to make a transaction with the foreign exchange broker illegally, he can face imprisonment or be imposed with a fine.

How to Choose a Forex Broker in India?

Choosing the forex broker in India is straightforward. However, if you want to trade in a current year beyond the five available trading currency pairs for India, it would be tricky for you to find a reliable broker. 

However, there are many brokers available online that can be found by searching Dam. From the broker’s perspective, there is no problem if you trade with an international broker with several regulations from the world’s famous regulating authority. 

The reason for using an international broker is that you have to make a payment outside of India that the Bank of India does not allow. On the other hand, the implementation of global currency and cryptocurrency makes a transaction very easy among traders worldwide.

Moreover, many brokers allow a currency like Bitcoin Ethereum Litecoin as a deposit currency. In that case, you can deposit or withdraw to keep currency to any International broker without any hassle. besides the risk still prevails as transferring money outside India is prohibited 

Read More: How to trade cryptocurrency through your forex broker? 

Top 10 Best Forex Brokers in India

There is no restriction for Indian traders in choosing forex brokers. There are many regulated and international brokers that provide service in India. The following section will see the top best Forex brokers for India traders, and some features are:

1# XM

XM Is a globally recognized broker that has More than 3,500,000 clients from 196 countries. The Company was founded in 2009 and has grown as an established international investment firm and a true industry leader.

The Company has more than 450 trading professionals with long experience in the industry. X.M. provides its service in 30 languages that help it to access many countries.

Overall, XM has a license from the following countries:

  • The U.K.
  • Eurozone 
  • Australia 
  • What type of Forex broker is X.M.?

X.M. is a Forex and CFD broker.

  • Is XM regulated in India? 

X.M. is authorized and regulated by IFSC (International Financial Services Commission), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission)

  • How much does it cost to trade with X.M. in India?

X.M. offers a competitive spray for Indian traders. The standard spread for Major currencies is as low as 0.6 pips with 888:1 leverage. Details of the spread and leverage are mentioned on the X.M. website.

  • Which trading platforms does X.M. offer to Indian traders?

X.M. offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.

  • What is the minimum deposit for Indian traders with X.M.? 

Indian traders can trade as low as $5 with X.M. However; the minimum deposit varies from trading account types. 

  • How is X.M.’s Customer support in India?

X.M. has a dedicated customer support team for India. Besides life support, they make periodic contact with clients regarding their trading account and trading help.

2# ICMarkets

ICMarkets Is one of India’s famous trading brokers that offers trading solutions for day traders, scalpers, position traders, and swing traders. In India, this Company is famous for its dedicated ECN trading platform. Through this trading platform, this broker charges a commission of $7 standard lot and offers a competitive spread from 0.0 pips. Therefore traders who look for reliable brokers with a low spread usually trade here. 

ICMarkets Management has significant experience in Forex and equity markets in Europe, Asia, and North America. Therefore the Company can provide up-to-date Technology solutions and better pricing in every financial instrument.

Overall, ICMarkets has a license from the following countries:

  • The U.K.
  • Eurozone
  • Australia 
  • What type of Forex broker is ICMarkets?

ICMarkets is a Forex and CFD broker.

  • Is ICMarkets regulated in India? 

FCA regulates ICMarkets, ASIC and the Financial Services Authority of Seychelles with a Securities Dealer Licence Number: SD018

  • How much does it cost to trade with ICMarkets in India?

This broker’s uniqueness is that it offers a 0.0 spread in most trading platforms, including the raw trading account.

  • Which trading platforms do ICMarkets offer to Indian traders?

ICMarkets offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.

  • What is the minimum deposit for Indian traders with ICMarkets? 

ICMarkets offers Indian traders trading with a minimum deposit of $200 with most of the trading accounts. 

  • How is ICMarkets Customer support in India?

ICMarkets customer support is available 24/7. Furthermore, the support team is high and dedicated and provides quick responses to most of the problems.

3# Plus500

Plus500 is a Forex CFDs trading broker that is holding under the name of Plus500 Ltd. It operates through 3 different subsidiaries:

  1. Plus500UK Ltd,
  2. Plus500CY Ltd
  3. Plus500AU Pty Ltd.

Plus500 is an active sponsor of professional Soccer and Rugby teams. Moreover, this firm has been the official sponsor of Club Atletico de Madrid since 2016.

  • What type of Forex broker is Plus500?

Plus500 is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, ETFs, options, and indices. 

  • Is Plus500 regulated in India? 

Plus500 is regulated by the U.K.’s FCA, India Securities and Exchange Commission (CySEC), the Monetary Authority of Singapore(MAS), and the Australian Securities and Investments Commission (ASIC).

  • How much does it cost to trade with Plus500 in India?

For EUR/USD, the spread is fixed at 0.6 pips. However, it’s worth noting that financing rates are relatively high. 

  • Which trading platforms does Plus500 offer to Indian traders?

Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors. 

  • What is the minimum deposit for Indian traders with Plus500? 

When opening an account, you have to deposit a $100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.

  • How is Plus500’s Customer support in India?

Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.

4# OANDA Asia Pacific

OANDA group provides forex trading services all around the world. OANDA is a world-class forex broker and financial service provider with international regulations from the U.K., Australia, and Japan. This broker has a decent execution speed in its trading platform with many trading instruments and learning materials.

  • What type of Forex broker is OANDA Asia Pacific?

OANDA is considered a leading broker in CFD trading. It provides trading opportunities in shares, Forex, commodities, and indices. 

  • Is OANDA Asia Pacific regulated in India? 

OANDA holds a license from MAS, CySEC, and FCA.

  • How much does it cost to trade with OANDA Asia Pacific in India?

For EUR/USD, the spread is floating 0.2 pips minimum. 

  • Which trading platforms does OANDA Asia Pacific offer to Indian traders?

OANDA Asia Pacific has an MT4 trading platform on Windows, iPhone, Android, and Windows and multilingual. 

  • What is the minimum deposit for Indian traders with OANDA Asia Pacific? 

When opening an account, you have to deposit a $1 minimum.

  • How is OANDA Asia Pacific’s Customer support in India?

OANDA Asia Pacific customer support is available 24/5, via phone, call, email, and live chat.

5# HotForex

HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010. 

If you’re interested in more facts about HotForex, you can always check our HotForex review.

  • What type of Forex broker is HotForex?

HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.

  • Is HotForex regulated in India? 

HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.

  • How much does it cost to trade with HotForex in India?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does HotForex offer to Indian traders?

HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Indian traders with HotForex? 

The minimum deposit for an account at HotForex depends on the account type and region. For Indian traders, Micro accounts start at $5 deposits.

  • How is HotForex’s Customer support in India?

HotForex has multiple customer support channels, including live chat, web contact form, active phone numbers, emails, and multilingual support.

6#Exness

Exness is a world-class forex broker that has massive liquidity from retail traders. The uniqueness of this broker is solid functionality and ease. Traders enjoy instant withdrawal and deposit through the Neteller and Skrill payment method that most brokers cannot provide.

  • What type of Forex broker is Exness?

Exness is a Market Maker/ECN broker that offers its clients several account types. 

  • Is Exness regulated in India? 

Exness (U.K.) Ltd is an Investment Firm, authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the Financial Services Register number 730729

  • How much does it cost to trade with Exness in India?

The spreads on all accounts are variable, which starts from as low as 0.3 pips.

  • Which trading platforms does Exness offer to India?

Exness offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for Indian traders with Exness? 

The minimum deposit for an account at Exness starts from $1.

  • How is Exness’s Customer support in India?

Exness offers customer support for Indian traders, including live chat, emails, and multilingual support.

7# FXCM

FXCM is a leading provider of online forex trading, CFD trading, and related services. The Company is providing financial trading services for the last 20 years.

The diversified team of FXCM allows traders to have maximum benefit from this platform.

  • What type of Forex broker is FXCM?

 FXCM is a Forex and CFD broker.

  • Is FXCM regulated in India? 

FXCM is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and CySEC.

  • How much does it cost to trade with FXCM in India?

FXCM charges spread as low as 1.2 pips.

  • Which trading platforms do FXCM offer to Indian traders?

 FXCM offers the MT4, trading station, ninja trader, and trading view.

  • What is the minimum deposit for U.K. traders with FXCM? 

The minimum deposit requirement for FXCM is $50.

  • How is FXCM Customer support in India?

FXCM customer support is available 24/5 in live chat, email, SMS, trading desk, and feedback forms.

8# OctaFX

OctaFX is a forex broker offering trading services in more than 100 countries. This forex broker focuses mainly on the retail market and has won outstanding industry awards, mainly for its services in this sector.

  • What type of Forex broker is OctaFX?

OctaFX is an STP/ECN broker that offers its clients several account types. 

  • Is OctaFX regulated in India? 

OctaFX, registered in FCA and St Vincent and Grenades.

  • How much does it cost to trade with OctaFX in India?

All accounts’ spreads are variable, starting from as low as 0.2 pips for the MetaTrader platform. On the other hand, the cTrader platform offers 0.0 pips spread.

  • Which trading platforms does OctaFX offer to Indian traders?

OctaFX offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for U.K. traders with OctaFX? 

The minimum deposit for an account at OctaFX starts from $100.

  • How is OctaFX’s Customer support in India?

OctaFX offers customer support for U.K. traders, including live chat, emails, and multilingual support.

9# Forex.com

Forex.com’s parent company, GAIN Capital Holdings, Inc. (NYSE: ), is publicly-traded and meets the highest standards of corporate governance, financial reporting, and disclosure. This Company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.

  • What type of Forex broker is forex.com?

forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is forex.com regulated in Cyprus? 

Forex.com is a trading name of GAIN Global Markets Inc., which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033. Moreover, other variants of this broker are regulated by CySEC, FCA, and ASIC.

  • How much does it cost to trade with forex.com in Cyprus?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does forex.com offer to Cyprus traders?

forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for Cyprus traders with forex.com? 

Forex.com offers a recommended deposit of $1000 in each type of trading account.

  • How is forex.com’s Customer support in Cyprus?

Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.

10# Fondex

Fondex is a multi-asset financial broker. It offers traders from around the world the ability to trade over 1000 instruments, across Forex, Shares, Indices, Energies, Metals, ETFs & Cryptos, all from one platform. 

Fondex cTrader also offers four different trading methods, on the same interface – manual trading, copy trading, automated trading, following trading signals. The Company is authorized to provide the investment services specified in these Terms of Business. Read Full Fondex Broker review by AtoZMarkets.

  • What type of Forex broker is Fondex?

Fondex is a Forex and CFD broker.

  • Is Fondex regulated in Cyprus? 

Fondex™ is a trading name of TopFX Ltd regulated by CySEC (License No: 138/11) and FSA Seychelles (License No: SD037).

  • How much does it cost to trade with Fondex in Cyprus?

This broker’s spread is started from $2.5 per Standard Lot and $1 per side for 100 Shares & ETFs. Moreover, Zero commissions on Indices and Cryptos.

  • Which trading platforms make Fondex offer to Cyprus traders?

Fondex offers Fondex cTrader Trade, Fondex cTrader Copy, and Fondex cTrader Automate on web and mobile platform

  • What is the minimum deposit for Cyprus traders with Fondex? 

Traders can start trading with a minimum deposit of $1 in their cTrader platform. 

  • How is Fondex Customer support in Cyprus?

The customer support of Fondex is satisfactory. The Live Chat Function is available 24/5, and clients are expected to be initially greeted with an automated message until a Support agent picks up their inquiry.

How to Open a Forex Trading Account in India

To open a forex trading account, traders have to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:

  • Identify a forex broker that allows trading from India. In that case, the preferable way is to find a MAS-regulated broker. However, any international broker is also allowed. In that case, you might lose the help from MAS.
  • There are several brokers online, and you can find that very easily.
  • Later on, you can register with the broker by following some easy steps. Opening an account in a forex broker requires some information about you that is very easy to provide.
  • The back office will verify your documents, and you will be asked to send proof of your address. They will send unique login details and send unique login details of your trading account once your information is fully verified.
  • After getting verified, you can use this broker’s complete function, including the trading platform and instruments.
  • After downloading the trading platform and setting the trading template, you are ready to deposit your account.

How to Deposit or Withdraw Funds from India Forex Brokers

Making deposits and withdrawal in India from an Indian broker is very simple. There is an integrated bank account in every broker, and if you transfer money to that account, it will automatically credit your trading balance. The best way to transfer the money is through the bank account deposit for a credit card in India Deposits. Therefore you can deposit to the broker’s trading account by cash deposit or online transfer. Most of the Indian banks allow an online gateway to make the transfer in Hindi.

Moreover, another way to deposit money in an Indian broker is by using online e currency. One of India’s famous online e currencies is PayPal that is used by most traders and freelancers. There were other animals online e currency methods are Skrill, Neteller, Perfect Money, etc.

While you make and withdraw from your trading account, you have to make sure that you have withdrawn the same amount through the gateway of deposit. For example, if you deposit 1000 INR to your trading account using PayPal, you have the first 1000 INR through PayPal. If you make a profit beyond the 1000 INR, you can choose any withdrawal method. 

Best Brokers in India – Conclusion

Thousands of forex brokers have a physical office in India and are regulated under the CySEC. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.

However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis. 

Do you still have questions about trading Forex in India? Then feel free to write a comment below or contact our team directly.

This article was written by MD Rockybul Hasan.

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