Forex Brokers in India

Indian Brokerage Industry is thriving and has been steadily on the rise in recent years. This lucrative sector offers high-volume stock trading through many brokers, with Bombay Stock Exchange leading as one of India’s most prominent financial hubs.

Forex Trading Platform in India

Forex Trading is legal in India and is heavily regulated even restricted. So while choosing Trading Platform for India you need to select a Broker offering a suitable Trading Platform.

  • Due to restrictions – the pathway to Indian Forex Market is not straightforward, the rules are strict and there are loads of limitations; however, Indian traders can access market through international companies that may maintain branches in India or just accept Indian residents.
  • For India Based companies each Forex Broker offering trading platforms must be authorized by the local regulator and eventually obtain licenses from SEBI and RBI complying with their strict rules.
  • While in India itself there are two types of Indian Brokersdiscount and full-service brokerage companies, where the first provides lower cost with less service, and the second includes full trading offerings with various services apart from only buying and selling shares.
India Trading ProsIndia Trading Cons
Highly regulated by SEBINot many brokers are regulated by SEBI or RBI
Indian Traders can open accounts with International BrokersMany restrictions are in place for Forex Traders
Client Protection StandardsMany Scams attracting Indian clients due to restrictions
High trading standards and strict rulesNo Compensation Scheme
No restriction on trading marketNo Negative Balance Protection
No restrictions on trading strategiesHigh Leverage not available

India Forex Regulations

Reserve Bank of India (RBI) made statements to limit online trading to individuals and retail investors. That is done in various ways, e.g. banks are obliged to report in case Indian residents transfer money to forex trading accounts, as well there is no domicile Indian Forex brokerage firm.

More of its history and establishment are available through Wikipedia. It is also recommended to follow SEBI Twitter, to stay updated @SEBI INDIA.

  • Currency trading is rapidly getting popular in India, and it is preferable for Forex Brokers to be authorized by the local regulator – The Securities and Exchange Board of India. See more details on the regulator’s official website: www.sebi.gov.in.
  • Being established in 1988S, SEBI operates for a quite long time already, yet still gives rather an identification to Forex broker registration that you can check through its website and control the market proposal.
  • In India, most of the brokers are bank subsidiaries that provide various account types like saving the account, online trading and Demat accounts.
  • In fact, there are only few good Brokers having entity in India, due to strict restrictions and regulations for Forex Trading. While the majority of Forex Brokers Internationally may accept India traders
  • However, India being a quite New zone for Forex Trading attracts many Scam Brokers mainly unregulated or based offshore to attract traders. For this reason, it is important to stay allert as safety remains an issue, so we advise picking only regulated brokers essential in protecting your investments from fraud, either selecting a Reputable Broker with strict licenses and opening account under its international entity.

India SEBI Website

Top 5 Best Forex Brokers India

Below you will find our selection of Top Forex Brokers in India but mainly Brokers accepting Indian clients and based elsewhere. This list was created by our top experts following our specific criteria for broker evaluation and Trust Score:

  • HFM – Best Overall Broker in India 2022
  • BlackBull Markets – Best Lowest Spread Broker in India 2022
  • FP Markets – Best MT4 Broker in India 2022
  • Pepperstone– Best for Beginners Broker in India 2022
  • BDSwiss – Best Social Trading Broker in India 2022

How to Invest in Share Market without brokers in India?

There is no way for a retail trader to access trading or invest without Brokers in India or anywhere else. To access interbank you should be either a legal institution with high capitalization or an authorized dealer, that’s why retail traders need Brokers to be used as execution venues.

Which Brokers trade in India?

There are many Brokers that are international firms and accept Indian traders as clients. We recommend trading only with reliable firms like XM, FP Markets, or IG.

Forex Brokers in India List

This list is made of well-regulated brokers that accept Clients from India and were reviewed by our experts:

Broker Detail
HFM
Min. Deposit: 5 US$
Max. Leverage: 1:30 | 1:1000
Trading Platforms: MT4, MT5
Regulation: CySEC, FCA, DFSA, FSCA, FSA, CMA
1
HFM Review
BlackBull Markets logo BlackBull Markets
Min. Deposit: 0 US$
Max. Leverage: 1:500
Trading Platforms: MT4, MT5
Regulation: FMA, FSA
2
BlackBull Markets Review
FPM logo FP Markets
Min. Deposit: 100 US$
Max. Leverage: 1:30
Trading Platforms: IRESS, MT4, MT5
Regulation: ASIC, CySEC, St. Vincent and the Grenadines, FSP
3
FP Markets Review
Pepperstone Review Pepperstone
Min. Deposit: 200 US$
Max. Leverage: 1:30 to 1:400
Trading Platforms: MT4, MT5, cTrader, TradingView
Regulation: ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN
4
Pepperstone Review
BDSwiss Review BDSwiss
Min. Deposit: 100 US$
Max. Leverage: 1:500
Trading Platforms: MT4, MT5, BDSwiss Webtrader and App
Regulation: FSC, FSA
5
BDSwiss Review
FXchoice Review logo FXChoice
Min. Deposit: $100
Max. Leverage: 1:200
Trading Platforms: MT4, MT5
Regulation: FSC
FXChoice Review
FBS
Min. Deposit: 1 USD
Max. Leverage: 1:3000
Trading Platforms: MT4, MT5, FBS trader
Regulation: CySEC, FSC, FSCA, ASIC
FBS Review
Eightcap
Min. Deposit: 100 US$
Max. Leverage: 1:500
Trading Platforms: MT4, MT5, TradingView
Regulation: ASIC, SCB
Eightcap Review
Orbex Review Orbex
Min. Deposit: US$100
Max. Leverage: 1:500
Trading Platforms: MT4
Regulation: MFSC
Orbex Review
FXCC Review FXCC
Min. Deposit: No minimum deposit
Max. Leverage: 1:30 | 1:500
Trading Platforms: MT4
Regulation: CySEC, SVG FSA
FXCC Review