Best Forex Broker In India – List of Top 10 Forex Brokers in India

By TBS Team | June 10, 2024

The purchase and sale of various currencies on the Forex market are known as foreign exchange trading or Forex trading. For forex trading first you will need a forex broker, In this article we will guide you to choose the Best forex broker in India to generate a sizable profit. Forex market also called currency market is the biggest financial market in the world with a daily trading volume of approximately $7 trillion. You can easily invest in forex market by using the best forex trading platform in India offered by Indian forex brokers.

best forex broker in IndiaAfter mastering the fundamentals of the currency market, selecting a forex broker is the next logical step. Traders and investors may connect with the foreign exchange market via any forex broker. With their help, you may get access to the market and use a wide range of trading resources designed to increase your chances of financial success.

Since there is a wide selection of brokers from which to choose, it is crucial that you find one that you can trust and is suitable for your needs. The Best Stock Broker suggest you to choose only between legal top 10 forex brokers in India authorized by SEBI.

How to verify SEBI Authorization of a forex broker in India

In 1995, the government-designated regulator SEBI received statutory authority to regulate and oversee financial institutions that serve the securities market. SEBI-regulated top forex brokers in India are examined and monitored for financial discrepancies, resulting in numerous brokers and others being fined and having their licenses canceled.

Due to this, it is crucial to “Ask and Check” about assets and investing experts before making a purchase. Use these procedures to determine whether a salesperson seeking to offer you an investment is SEBI regulated:

  • Only use Sebi regulated forex brokers in India. You may inquire about the broker’s license or look it up online.
  • Keep an eye on SEBI’s official website to find out which news forex trading brokers in India have been allowed or refused.
  • If the forex broker offers to trade several currency pairings, end the transaction immediately. It is against the law in India to exchange any currency for another without retaining INR as the foundation currency.


List of Top 10 Forex Brokers in India

S. No. Forex Broker
1 Pepperstone
2 Fusion Markets
4 AvaTrade
5 Tickmill
6 Axi
7 Saxo Bank
8 HotForex
9 CMC Markets
10 XM


Complete review Of The Top 10 Forex Brokers In India –

  1. Pepperstone

A cryptocurrency, CFD, and FX trading firm launched in 2010, Pepperstone is one of the top 10 forex brokers in the world. It offers a growing number of tradeable markets, top-notch research, and support for several social copy trading platforms.


  • 50+ intelligent charting tools
  • Over 100,000 custom user-built indicators and scripts
  • Synchronized layout for multiple charts
  • Customizable tools
  • MT4, MT5, and cTrader platforms
  • Educational Resources
  • Razor Sharp Spreads
  • Fast and reliable
  • 1200 + instruments to trade
  • Offers Demo Account


Min. Deposit


Max. Leverage 30:1
Trading Cost USD 7 / lot


  1. Fusion Markets

Fusion Market, a young Australian broker, is also the best forex broker in India. It was established in November 2017 and started offering its complete range of services in 2019. The firm provides CFDs and currency pair trading.


  • Great customizability
  • Customer support
  • Fast and reliable
  • Simple and utterly digital account opening
  • Classic account and zero account types
  • Offers demo account
  • Mt4 platform
  • Social/copy trading


Min. Deposit


Max. Leverage Forex & Metals: 500:1,

Index CFDs: 100:1

Trading Cost USD 2.25 / lot



A licensed multi-asset broker, has locations in the UK, Cyprus, Australia, Seychelles, and other places. More than 500,000 people have already chosen for trading and investing, and the platform is solid and well-designed.


  • Lightning-fast order execution
  • Great security
  • 24/7 support
  • Over 5000 assets
  • Range of markets
  • MetaTrader integration
  • TradingView support
  • Demo accounts
  • Commission-free


Min. Deposit

USD 20

Max. Leverage 100:1
Trading Cost USD 6 / lot


  1. AvaTrade

Best in Class for Beginners for 2023, AvaTrade is an established global company famous for its extensive selection of FX and CFD trading platforms and excellent educational materials. We found AvaTrade competitive on mobile, with reasonable prices, and under industry standards regarding our study and pricing for copy trading.


  • MT4 and MT5 platforms
  • Fast and reliable
  • Customizable tools
  • 90 indicators, 13 drawing tools, 10 ten-time frames, and three chart types
  • Overlays strike prices onto a chart
  • 14 default options-trading strategies


Min. Deposit

USD 100

Max. Leverage 400:1
Trading Cost USD 9 / lot


  1. Tickmill

A low-cost FX and CFD best forex broker in India is Tickmill. Tickmill offers low forex and non-trading fees. Opening an account is quick, simple, and entirely digital, and there are several free methods for depositing money and withdrawing it. On the downside, MetaTrader’s trading platforms have an old-fashioned look and a haphazardly organized news feed.


  • Low forex fees and average CFD fees
  • Fast and easy account opening process
  • Fast and reliable
  • Metatrader supported
  • Many options to trade
  • Great trading aids, such as Autochartist (a pattern recognition tool) or expert analysis
  • Customer service
  • Great educational content


Min. Deposit

USD 100

Max. Leverage 30:1
Trading Cost 4 USD / lot


  1. Axi

For traders who need additional resources, Australia-based Axi is an affordable forex broker. Its limited CFD offering is made up for by its low forex expenses, a wide selection of currency pairs, and many base currencies for accounts to save conversion costs.


  • Mt4 platform
  • Social/copy trading
  • Incredible customizability of analytical tools
  • Simple and utterly digital account opening
  • Customer support
  • Fast and reliable
  • Educational Content


Min. Deposit


Max. Leverage 500:1
Trading Cost 10 USD / lot


  1. Saxo Bank

Saxo Bank is a foreign exchange, top stock broker, and commodity investment bank. The Saxo trading site connects to over 20 stock exchanges worldwide. Saxo Bank platforms have earned several accolades for their performance and features. Each platform — desktop, online, and mobile — provides a different trading experience by trading app and gives customers an advantage in fast-paced markets.


  • High security
  • Great customizability
  • Customer support
  • Fast and reliable
  • Simple and utterly digital account opening
  • Vast choice of educational materials
  • 35,000 tradable instruments


Min. Deposit


Max. Leverage 30:1
Trading Cost Margin Rates Start At 3.33%


  1. HotForex

HotForex, founded in 2010, serves over 100 countries, and UK tier-1 Financial Conduct Authority (FCA) regulates the services. This market-maker, a winner of several industry honors, provides a large selection of assets, such as stocks, currency pairings, and cryptocurrencies.


  • Wide variety of account types
  • Competitive spreads
  • Technical charting
  • Financial analysis, features, tools
  • Educational offerings
  • Value-added functionality


Min. Deposit


Max. Leverage 500:1
Trading Cost 10 USD / lot


  1. CMC Markets

Given their reasonable price, CMC Markets is a great trading platform, particularly for new traders. Despite their modest prices, they provide a broad selection of products that give users access to all the financial markets and currency pairings they could want, including the most famous pair, INR/USD.

Although the site includes excellent instructional materials, seasoned forex traders may need help finding them to be particularly useful. However, if you’re beginning to start in the international foreign exchange market, it’s a terrific choice as an online broker.


  • Over 20 drawing tools
  • more than 30 overlays, 50 studies, 75 technical indicators
  • Extensive price history
  • Numerous chart intervals
  • Customizable charts
  • Compare price action
  • Save default chart layouts
  • Trade from charts


Min. Deposit


Max. Leverage 30:1
Trading Cost 7 USD / lot
  1. XM

For Indian investors, XM is a top choice broker. You may trade forex, cryptocurrencies, equities, and bonds from the same account, giving you access to various financial markets.

The XM Group is a MetaTrader-only best forex trading platform in India with access to extensive instructional materials and market data. To compete with the finest forex trading app in India offered by the industry’s leading top forex brokers in India, it has to expand its pricing options, market coverage, and platform features.


  • Simple and utterly digital account opening
  • Fast and reliable
  • Mt4 platform
  • Wide range of technical tools
  • Great customizability
  • Great economic calendar
  • Customer support
  • Educational support
  • Demo account


Min. Deposit


Max. Leverage 888:1
Trading Cost 7 USD / lot


How to choose the best forex broker in India

Markets for foreign currencies are essential for international business and financial transactions. Companies that deal in foreign exchange may use these exchange markets to convert currencies or receive deposits in the ones they wish. Forex brokers carry out the majority of transactions, when selecting a broker, keep the following in mind:

  1. Regulation

Check the broker’s regulatory status with a recognized organization like SEBI in India. This precaution ensures that your forex broker follows industry best practices.

  1. Trading Platform

The broker’s trading platform should meet your needs and be simple. This category may include charting, technical indicators, and order execution. Continue reading this guide, as we have outlined all the elements you should consider while choosing India’s top FX trading platform.

  1. Account Types

Multiple top forex brokers in India have various account kinds available, each with a minimum deposit and maximum leverage. Select the broker that caters to your trading preferences and expertise with the proper account.

  1. Customer Service

Look for the forex broker with accessible communication channels, including phone, email, and live chat. If you’re starting in the trading world, this may be a lifesaver.

Parameters to choose the best forex trading platform in India

Traders may feel overwhelmed by the sheer number of online trading platforms. Here’s an easy-to-follow road map that help you to choose best one:

  • Trading Goals

When trading in the financial markets, it might be beneficial to have specific trading objectives to increase one’s potential for profit. Thus, one must explain this initial step to oneself.

  • Trading Strategy

As was previously discussed, you must determine your trading persona. Following that, you should evaluate your experience and knowledge. Have you ever traded before? Are you just starting as a trader? Do you want to switch trading platforms without missing a beat?

  • Assess Licences and Regulatory Approvals

Trust is paramount with a broker or an application. Therefore, your broker should possess a crucial element of trust. Additionally, the relevant authorities, such as SEBI, must authorize every legal forex broker in India.

Check whether the appropriate regulatory agency authorizes the forex broker you choose.

  • Read Reviews

By perusing these testimonials of many Forex traders, one can narrow their choices to a small group of reputable brokers.

  • Updates In Real-time

The value of a currency may fluctuate at any moment, so having the most recent data at your fingertips is essential for making the most educated trades.

Some Successful Forex Trading Strategies

The foreign currency market provides a wide variety of trading strategies, so choosing one that matches your personality and comfort level is essential. Popular strategies include:

  1. Scalpers

To a maximum of a few minutes, scalpers will hang on to a currency. Their primary goal is to snag pips in the smallest increments possible as often as possible during peak business hours.

  1. Day traders

Day traders often take a stance at the start of the trading day and act on their bias, resulting in a gain or loss at the end of the trading day. These investors don’t engage in overnight holding strategies.

  1. Swing traders

Swing traders hold positions open for days or weeks because they are in it for the long haul. These traders spend a few hours each night studying the market so that they may make informed trading choices during the day when they do not view their charts.

  1. Position traders

Traders holding long-term positions hold onto their investments for weeks, months, or even years. Investors here focus their trading selections on fundamental themes because they anticipate that these will play a pivotal role in their analysis of the markets.

Forex trading limitations in India

Limitations for forex trading brokers in India are as follows:

  • The Indian Rupee is the country’s official currency, and Indian nationals can only trade INR-based currency pairings in India.
  • The Foreign Exchange Management Act (FEMA) prohibits Indians from sending INR abroad for currency conversions or investments without government approval.

Thus, converting INR to USD or other currencies to trade FX markets with foreign Forex brokers is unlawful and may result in penalties and jail time.

  • SEBI-regulated forex trading brokers in India may sell products, but they must obey SEBI and FEMA regulations. SEBI-regulated brokers will risk hefty penalties and legal issues if they violate the rules.
  • SEBI limits leverage, trading, and unusual currency pair regulations. SEBI Forex dealers can only sell INR-based currency pairs for USD, EUR, GBP, and JPY, and the government must allow FX trading for most other currency pairings.

There were only a few banks, and significant Indian financial institutions, operating in forex trading. However, as more people and smaller financial institutions began trading forex for worldwide enterprises and other investment possibilities, Forex trading soon became popular in the nation.


  1. Which forex broker is the best in India?

Pepperstone is a SEBI-approved, cutting-edge Indian forex broker who earned the title of Best in Class in 2023. The broker offers support on their website and platform on numerous social copy trading sites, growing markets for tradable items, and significant research. In addition to MetaTrader, it also offers access to cTrader.

  1. Is forex trading safe?

Cybercrime is rising every day, and if you search online, there is an overwhelming quantity of information about dishonest practices by forex brokers. Many fraudulent brokers are still operating in the foreign exchange industry even though it is becoming more regulated.

Finding reliable and effective brokers to trade FX with is essential, and you should use only those that are. Before putting down serious cash in a broker’s account, you’ll need to go through a few hoops. This information is vital to assess which brokers are trustworthy:

  • Sebi should regulate them
  • Communication is key
  • Look at reviews of past clients
  • Make sure there are no complaints against the broker
  • Read through all the fine print of the documents
  • Unbelievable numbers are always too good to believe
  • Evaluate your trades

Trading is challenging enough on its own, but when a broker uses strategies detrimental to the trader, it may be challenging to turn a profit. Hence, we think Fusion Markets is the most trustworthy forex broker by using the procedures we have outlined above.

  1. Which forex broker is best for beginners in India?

AvaTrade is a well-known international company that stands out for its broad selection of FX and CFD trading platforms and excellent training materials. AvaTrade received the accolade of Best in Class for Beginners in 2023.

  1. Is a forex broker legal in India?

The market where the actual transaction takes place has rigorous regulations governing currency exchange. The legal forex broker in India should be SEBI accredited and follow India’s currency exchange laws.

  1. Which is India’s top FX trading platform?

Pepperstone is the most promising FX app and broker in India and the globe, according to our study. Major selling features of the software include its usability, accessibility, and support for low-cost trading. Fortunately, trustworthy financial institutions regulate it.

  1. Does Zerodha support forex?

Yes, Zerodha provides FX trading (currency). Using your Zerodha trading account, you may trade currency derivatives at the BSE and NSE markets. Before beginning to trade in FX, the consumer must activate the currency trading section. The procedures to trade them on Zerodha are:

  • Uploading your income proof will make the currency section available for your account.
  • By adding currency pairings to your watchlist when your section is authorized, you may begin trading in futures and options contracts for those currency pairs.
  • In the global search on Kite, input the name of the currency pair, for example, “USDINR,” and view all contracts in the dropdown menu to add these contracts to your Marketwatch.

Disclaimer: This blog is written for educational purpose only. Data, Securities, Advisory and Quotes mentioned here are for guidance only. Doing research by investors itself is highly recommended.

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