Best Forex Brokers in India – TOP 10 List – (Updated: October 2020)

Forex trading has been very popular in India. More and more people including expats invest their money in the largest and most dynamic finance market of the world. In this detailed broker comparison we provide you with the list of the best forex brokers in India for 2020.


Pepperstone is a legendary ECN forex broker with a long history and worldwide expert in forex trading.

Main features:

  • The cheapest trading costs from 0.0 Pips (RAZOR Account)
  • Your forex trades will be executed within 30 miliseconds in average 
  • Leverage up to 1:500
  • Accepts forex traders from India
  • Many deposit methods available
  • Over 180+ currency pairs 
  • Minimum first deposit only $150
  • Best forex trading platforms: Metatrader MT4/MT5 and cTrader for automated forex trading




What are top forex brokers for traders in India?

  • Pepperstone– best forex broker in India
  • XM – best for VIP accounts / leverage 1:888
  • eToro – best social trading platform
  • IQ Option –  best for binary options
  • AVATRADE –  fix spreads forex broker

How to Find the Trusted Forex Broker in India

Forex trading is very popular among Indians, especially in a large cities like New Delhi, Hyderabad, Tamil Nadu or Chennai.

According to the latest research study, 60% of expats from India like to invest in foreign currency trading. During the past recent years, there have been many attempts by Indian government and Reserve Bank of India to regulate the currency trading market. Especially in situation with weak Indian Rupee currency and shortage of dollars.

What to Look for in a Good India Forex Broker:

  • Good reputation among forex traders around the world
  • Allows you to trade micro lots
  • Affordable minimum deposit (anywhere between $5 and $200 is fine)
  • Allows you to use local deposit methods
  • Oversight by a strong financial regulator (ASIC,FCA,CySEC etc.)
  • MT4/MT5 is necessary only in case you plan to use Expert Advisor automated trading
  • Segregated bank account in a safe top tier world bank
  • Your deposits are insured → in case the broker goes bancrupt your money is safe
  • Insurance against negative balance


Is Forex legal in India ?

The truth is, forex is only half legal in India.

As a result of the government regulatory attempts, currently RBI (Reserve Bank of India) allows you to legally trade with forex companies located in India only the currency pairs that include Indian rupees and that is USD/INR, EUR/INR, GBP/INR, JPY/INR. And what is the worst, those are not real forex companies, in fact these are in fact stock exchange brokerages !

Find a Regulated International Forex Broker

Vast majority of Indian forex traders use foreign forex brokers who accept traders residing in India without problem and speculate on the major currency pairs since it gives them not only more thrill but these pairs are far more liquid and it means more room for profit (due to higher price volatitlity).


So in case you also want to trade some of the most liquid and popular global currency pairs, you need to look for a foreign forex broker  that is accepting traders who reside in India. There is a vast choice of authorised fx brokers with good reputation including the most renowned brands that give you the cutting edge technology  (Metatrader 4 + mobile apps + social trading etc.) and they allow you to trade over 50+ currency pairs on the world’s largest finance market – the currency trading forex market.

Another advantage of course is that you get the lowest spreads, due to very high competition between fx companies. If you decide to go this route, we strongly advise you to choose a brokerage that is regulated either by the british FCA, or Cyprus CYSEC or even Australian ASIC. We think these three regulators are the TOP. We kindly ask you to review the comparison table that can be found at the top of this page.

Indian Financial Market Overview

Local Indian currency is Rupee (symbol: INR) which is divided into 100 paisa (p).

India’s currency Rupee makes up only approx. 1% of daily forex turnover, which is a very small portion. Country’s GDP is the fifth largest in the world (by nominal numbers) and it has been rising sharply since 2000’s thanks to the free market and economic liberalisation.  GDP per capita is only 2199$ in 2019 according to the International Monetary Fund IMF.ORG.

SEBI Regulated Forex Brokers

India’s main state owned regulatory body for securities markets is Securities and Exchange Board of India (SEBI) which is overseeing the providers on Indian’s financial market. Established back in 1995 SEBI is the official agency that is responsible for issuing the license for forex brokers doing business in this country.

There are three SEBI registered stock exchanges in the country that act as fx brokerages:

  1. The National Stock Exchange (NSE)
  2. MCX-SX
  3. United Stock Exchange (USE)

In case you want to trade only INR against main currencies, you can use some of the above companies legally. But in case you want to trade EURUSD and such pairs, you will have to look abroad (or into our comparison on this page).

SEBI regulated forex brokers must allow trading along Indian Rupee also USD, EUR, GBP, and JPY currency. With above mentioned international brokers, the choice is much wider.

Forex trading in India

Forex can be very lucrative mainly due to the leverage effect.

You can start trading currency pairs with only a small amount of money.

    For example with a leverage of 1:100 one can act with an amount of $100 as if he had $10,000.

With such a small deposit of just $100 you can open  trades of correspondingly large volumes and make profit or loss . The fact that even a small investor can participate in this money game is the main reason that attracts hundreds of thousand of retail traders from all over the world!

Real life example of a forex trade:

Let’s say the Euro Dollar EUR/USD is trading at 1.4250 . The exchange rate is always reported as 4, decimal places. The last decimal place is called as pip.

They buy (long order) of 100,000 EUR (1 lot), which corresponds to a value of $142,500. However, you do not have to pay the full value in dollars, but only a margin of 1% (= $ 1,425.00). This gives you a leverage effect of 100% (1:100) on your investment. However, one has to keep in mind that the leverage is effective even in the event of a negative price development. If the EUR/USD pair rises to 1.4500, you will earn 250 pips worth $ 100,000, which equates to a profit of $ 2,500 (0.0250 x 100,000).

If, contrary to your expectation, in case the Euro Dollar falls to $ 1.40, you will suffer a loss of 250 pips (= $ 2,500). On the other hand, if you believe that the euro will depreciate against the dollar in the future, just go short and sell euros against dollars. With every pip that the euro loses against the dollar, you make a profit!

* T&C’s Apply. Trading Bonuses are not available for European Union residents.
** Maximum Leverage depends on financial instrument and trader’s country.