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.
What is 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 be RBI approved Forex Broker in India to operate legally complying with their strict rules
- While in India itself there are two types of Indian Brokers – discount 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 Pros
|Forex Trading in India Cons
|Highly regulated by SEBI
|Not many brokers are regulated by SEBI or RBI
|Indian Traders can open accounts with International Brokers
|Many restrictions are in place for Forex Traders
|Client Protection Standards
|Many Scams attracting Indian clients due to restrictions
|High trading standards and strict rules
|No Compensation Scheme
|No restriction on trading market
|No Negative Balance Protection
|No restrictions on trading strategies
|High Leverage not available
Which Forex Broker is legal in India? 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.
See some of our notes about Trading conditions and Forex trading Broker in India below:
- 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.
- Being established in 1988 SEBI operates for a quite long time already, yet still gives rather an identification to Forex broker registration than serious regulation like in comparison to top-tier FCA. You can check SEBI registered Forex broker in India through its website, see more details on the regulator’s official website: www.sebi.gov.in.
- 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 International 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 100% offshore Brokers that target Indian traders. For this reason, it is important to stay alert as safety remains first, so we advise picking only regulated brokers as trusted forex broker in India
that is essential in protecting your investments from fraud, either way selecting a Reputable Broker with strict licenses and opening account under its international entity.
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 mainly via International entities. This list was created by our top experts following specific criteria for broker evaluation and based by category:
- HFM – Best Broker for Forex Trading in India Overall 2024
- BlackBull Markets – Best Lowest Spread Broker in India 2024
- FP Markets – Best MT4 Broker in India 2024
- Eightcap – Best India Forex Trading for Beginners 2024
- BDSwiss – Best Zero Spread Forex Broker in India 2024
How to Invest in Share Market without brokers in India?
There is no way for a retail trader to access trading or invest in Shares 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. Therefore picking right Broker for Stocks and Shares trading is first step.
Which Brokers trade in India?
There are many Brokers that are international firms and accept Indian traders as clients, but in India itself due to strict regulation not so many brokers operate. We recommend trading only with reliable firms like XM, FP Markets, or IG.
Which Broker is best for Forex Trading in India?
The Best Forex Broker first is safe Broker that adheres to good operation standards set by Top-tier regulations and then is a Broker that offers trading conditions suitable for you. For these, we advise to check trading strategies available like Trading Forex News or Scalping, then check trading fees, availability of education and good customer service, or Brokers with Bonuses.
List of Forex Broker in India
This list is made of well-regulated brokers mainly its International entities that accept Traders from India and were reviewed by our experts:
No regulated broker available.