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Best Forex Brokers in India for 2024

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: May 15, 2024

If you are intrigued by investing in foreign currencies and would like to learn more about the legality of forex trading in India this publication will provide you with useful information. Drawing on expert assessments by the team at BestBrokers, we have singled out several licensed brokers adapted to meet the trading needs of Indians. Examine our list of regulated and reputable brokers that we tested by creating live accounts and placing real trades.

Forex trading has acquired popularity in India in recent years, as the net disposal income has increased, providing its citizens with more investment opportunities. However, the regulatory landscape is quite complex, with stringent regulations in place on locally regulated financial institutions. Therefore, the primary option for Indian traders to engage in the forex market is through foreign brokers.

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
3easyMarkets
Rating: 4.5 ⭐
71% of retail investor accounts lose money
4Eightcap
Rating: 4.3 ⭐
76.09% of retail investor accounts lose money
5Spreadex
Rating: 4.4 ⭐
64% of retail investors lose money
6FXCM
Rating: 4.2 ⭐
70% of retail investor accounts lose money
7Forex.com
Rating: 4.7 ⭐
77.7% of retail investor accounts lose money
8Iron FX
Rating: N/A ⭐
67.62% of retail investor accounts lose money
9Capital.com
Rating: 4.2 ⭐
75% of retail investor accounts lose money
10FP Markets
Rating: 4.8 ⭐
73.85% of retail CFD accounts lose money

Indian Forex Brokers Ranked by Trustpilot Score

Indian Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. FP Markets0.100.300.300.30
2. Fusion Markets0.110.130.150.11
3. Global Prime0.130.280.280.22
4. Capital.com0.61021.3
5. FXCM0.61.110.8
6. Spreadex0.690.90.8
7. Iron FX0.70.40.90.8
8. easyMarkets0.71.01.00.9
9. Eightcap11.111
10. Forex.com11.21.31.3

Indian Forex Brokers Ranked by Commission per Lot

Important Note: This publication aims to provide a comprehensive overview of the legality of forex trading in India, so stay with us to find out more and navigate the forex investment market with confidence. The Securities and Exchange Board of India, or SEBI, is the financial regulatory institution in India. Traders can refer to its official website, https://www.sebi.gov.in/index.html for further information or look up its X (former Twitter) account @SEBI_news.

Top 10 FX Brokers in India

  1. TRADE NOW74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, Financial Services Authority of Seychelles, VFSC
    Min DepositNo min deposit
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.6 out of 1409 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$2.25 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0 (No min. deposit requirements)
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit Methods

    Visa, Mastercard, PayPal, Skrill, Neteller, Dragonpay, VNPay, Gate8, FasaPay, PromptPay, Pagsmile, QR Code (THB), BPAY, POLi, AstroPay, Bank Wire Transfer, Interac, Perfect Money, PayID, MiFinity, Jeton, XPay, Cryptocurrencies

    Withdrawal Methods

    Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

    Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    Key Pros

    • Overseen by a top-tier financial regulator (ASIC)
    • No fees on deposits and withdrawals
    • Low fees for FX trading
    • Streamlined sign-up process
    • A broad range of currency pairs

    Key Cons

    • Could use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  3. TRADE NOW71% of retail investor accounts lose money
    easyMarkets Broker Details
    RegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
    Min Deposit$100
    Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingView
    Trustpilot Rating4.5 out of 1618 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.0
    EURGBP: 1.0
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

    Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

    Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.

    Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.

    Key Pros

    • Offers tight spreads and low fees
    • Supports trading of over 60 currency pairs
    • Regulated by several reputable authorities
    • Supports a wide range of payment methods
    • Offers a proprietary platform

    Key Cons

    • Number of supported products is somewhat limited
    • Does not offer copy trading platform
    • Traders from certain countries may have access to fewer payment methods
  4. TRADE NOW76.09% of retail investor accounts lose money
    Eightcap Broker Details
    RegulatorsSCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)
    Min Deposit$100
    Trading PlatformsMT4, MT5, WebTrader, TradingView
    Trustpilot Rating4.3 out of 2133 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1
    USDJPY: 1.1
    EURGBP: 1
    GBPUSD: 1
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix
    Withdrawal MethodsMastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac

    Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 100 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like FCA, ASIC, and CySEC. It provides favorable trading conditions but its product range is a bit slimmer compared to competitors.

    There are around 800 financial instruments to choose from, which puts the broker’s selection of tradable products slightly below the industry averages. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum leverage ratios capped at 30:1 or 200:1, depending on the country of access.

    Traders at Eightcap can go long or short on approximately 50 forex pairs, with minimum spreads starting from zero pips on Raw accounts where a $7 round-turn commission is in place instead. Standard accounts allow for commission-free forex trading but have slightly higher spreads (from 1 pip) compared to their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal.

    Key Pros

    • Commission-free FX trading via standard accounts
    • Spreads from 0 pips on major currency pairs
    • Accepts cryptocurrency deposits
    • Fantastic variety of deposit and withdrawal methods
    • Insights section with webinars, trade ideas, and weekly forecasts

    Key Cons

    • Below-average range of tradable instruments
    • Crypto withdrawals incur transaction fees
  5. TRADE NOW64% of retail investors lose money
    Spreadex Broker Details
    RegulatorsFCA (No. 190941)
    Min Deposit$0
    Trading PlatformsTradingView, proprietary software
    Trustpilot Rating4.4 out of 93 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 9
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsMastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer
    Withdrawal MethodsVisa, Maestro, Mastercard, Bank Transfer, Check

    Spreadex is a UK-regulated firm that provides financial spread betting and leveraged trading through contracts for difference. The company carries the stamp of approval of the Financial Conduct Authority (FCA) and has over 25 years of industry experience. Over 60,000 customers worldwide choose Spreadex for its competitive pricing, advantageous trading conditions, and diverse product range comprising more than 10,000 financial instruments.

    Clients can trade over 60 currency pairs with tight spreads averaging 0.6 pips on majors like the EUR/USD. Beyond Forex, Spreadex has decent enough coverage of the equity index, commodity, and stock markets. Options, bonds, interest rates, and exchange-traded funds are also available for trading at favorable conditions.

    Traders at Spreadex can stay ahead of the curve with weekly technical analysis, trading updates, and an economic diary, all available under the News & Analysis tab. Connecting your Spreadex account to TradingView is an option, although the broker’s proprietary software also ensures a seamless trading experience and fast order execution. Spreadex does not support MT4 and MT5 at the moment but has earned an above-average Trustpilot score of 4.5 stars despite this shortcoming.

    Key Pros

    • Provides access to over 10,000 tradable symbols
    • Well-designed and intuitive mobile trading app
    • Offers spread betting on FX pairs
    • Commission-free FX trading with tight spreads
    • Seamless registration process

    Key Cons

    • No support for MetaTrader 4 or 5
    • Licensed by a single financial regulator (FCA)
    • Deposits under $/£50 may incur additional charges
  6. 6. FXCM
    TRADE NOW70% of retail investor accounts lose money
    FXCM Broker Details
    RegulatorsFCA, CySEC, ASIC, FSCA, ISA, IIROC,
    Min Deposit$50
    Trading PlatformsMetaTrader 4, TradingView Pro, Trading Station
    Trustpilot Rating4.2 out of 494 reviews
    Number of Forex Pairs to Trade40+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 1.1
    EURGBP: 1
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, Bank Transfer

    Starting its journey back in 1999, FXCM is the first Forex broker that was listed on the New York Stock Exchange. The company was among the innovators who introduced features like automated trading and flexibility in position sizing. Currently, the broker is one of the most reliable destinations for CFD and Forex trading, offering traders different instruments and platforms for smooth trading.

    While the broker lacks offerings like stocks and ETFs, it does offer tight spreads and a rather cost-effective way to handle your trading account. Traders will be charged no fee for depositing and withdrawing funds, and since the commission is built into the spread, there are no additional surcharges for trading. One thing we should note is that the broker does charge a $50 inactivity fee for accounts that have not been active for over a year.

    When it comes to trading platforms, FXCM definitely outshines some of its competitors, offering traders seamless action through the Trading Station platform, available both via desktop and web. Meanwhile, traders can also use the MetaTrader4 and TradingView Pro platforms. The minimum deposit at FXCM is $50, with broker’s clients being able to use credit/debit cards and bank transfers for their payments. Security is a top priority for FXCM, with multiple authorities like the FCA, CySEC, ASIC, and more being responsible for the regulation of the broker.

    Key Pros

    • Offers up to 1,000:1 leverage on all new accounts
    • Supports popular trading platforms
    • Does not charge depositing and withdrawal fees
    • Regulated by multiple top-tier regulators
    • Offers competitive spreads

    Key Cons

    • Charges a rather high inactivity fee
    • Offers limited number of products
    • Number of currency pairs is average
  7. TRADE NOW77.7% of retail investor accounts lose money
    Forex.com Broker Details
    RegulatorsASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC
    Min Deposit$100
    Trading PlatformsMetaTrader 4, MetaTrader 5, TradingView, WebTrader
    Trustpilot Rating4.7 out of 1288 reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1
    USDJPY: 1.2
    EURGBP: 1.3
    GBPUSD: 1.3
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Skrill, Neteller, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, Skrill, Neteller, Bank Transfer

    Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.

    Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.

    Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.

    Key Pros

    • Supports a great selection of trading platforms
    • Enables easy mobile trading
    • Offers over 80 currency pairs
    • Provides a vast variety of products
    • Forex spreads can be very competitive

    Key Cons

    • Navigating platforms can be difficult for beginners
    • Instruments on MT4 platforms are significantly fewer than other platforms
    • Charges monthly fee after 12 months of inactivity
  8. TRADE NOW67.62% of retail investor accounts lose money
    Iron FX Broker Details
    RegulatorsFCA (licensing no. 585561), FSCA (licensing no. 45276)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App
    Trustpilot RatingN/A out of N/A reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 0.4
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard
    Withdrawal MethodsBank Wire

    Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.

    Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.

    Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.

    Key Pros

    • Offers a wide selection of trading instruments
    • Supports several popular trading platforms
    • Enables easy trading on the go via dedicated app
    • Supports various deposit methods
    • Traders can choose from 7 different account types

    Key Cons

    • Bahamas entity operates with no license
    • Trustpilot score not available due to many fake review detected
    • Withdrawals are possible only via bank wire
  9. TRADE NOW75% of retail investor accounts lose money
    Capital.com Broker Details
    RegulatorsAustralian Securities & Investment Commission (ASIC) (License # 513393), CyprusSecurities and Exchange Commission (CySEC) (License# 319/17), Financial Conduct Authority (FCA) (License # 793714),The Financial Services Authority of Seychelles (FSA), The Securities Commission of The Bahamas (SCB)
    Min Deposit$20
    Trading PlatformsMetaTrader 4, TradingView
    Trustpilot Rating4.2 out of 10490 reviews
    Number of Forex Pairs to Trade125+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 10
    EURGBP: 2
    GBPUSD: 1.3
    Forex Commission per Lot per Trade$0
    Deposit MethodsBank transfers, VISA, MasterCard, Maestro, Apple Pay, PayPal, Neteller, Skrill, Sofort, Przelewy, TrueLayer, iDEAL, Trustly, SPEI
    Withdrawal MethodsBank transfers, bank cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly

    Capital.com is a broker that has been providing its services since 2016. It has licenses from several Tier-1 regulators, including the ASIC, CySEC, and FCA, ensuring a secure trading environment. More than 580K registered traders enjoy an excellent user experience, from hassle-free account opening to streamlined trading.

    Capital.com offers market-leading spreads on more than 125 currency pairs. The brand’s product offering goes far beyond forex trading, with 3,000 indices, commodities, shares, major cryptocurrencies, and altcoins tradable both on desktop and mobile.

    The minimum deposit requirements at Capital.com start from $20, with diverse payment methods, including bank transfers, bank cards, and various e-wallet brands. Withdrawals do not entail processing fees and demo accounts are available to practice in a simulated trading environment with virtual funds. The brand is praised for its rich assortment of educational materials, the latest market news, and advanced analytical tools.

    Key Pros

    • Trusted by 580K+ traders across the globe
    • Trading guides for beginner, intermediate, and advanced traders
    • Mobile apps for Android and iOS devices
    • Low FX fees built into the spread
    • Negative balance protection

    Key Cons

    • There is an inactivity fee after 1 year
    • No two-step login
    • No price alerts on the web platform
  10. TRADE NOW73.85% of retail CFD accounts lose money
    FP Markets Broker Details
    RegulatorsAFS (License No. 286354), CySEC (License No. 371/18)
    Min Deposit$50
    Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, IRESS
    Trustpilot Rating4.8 out of 6143 reviews
    Number of Forex Pairs to Trade63
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 50:1
    SpreadEURUSD: 0.10
    USDJPY: 0.30
    EURGBP: 0.30
    GBPUSD: 0.30
    Forex Commission per Lot per Trade$3 per lot
    Deposit MethodsVisa, mMastercard, BPay, PayID, PayPal, Neteller, Skrill, Broker to Broker
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal

    FP Markets is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.

    To offer an equally smooth trading to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.

    Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.8 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 30:1 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).

    Key Pros

    • Offers plenty of educational trading tools
    • Broker with competitive spreads
    • Allows easy trading on the go
    • Regulated by reputable authorities
    • Offers a decent number of currency pairs

    Key Cons

    • Supported trading platforms are a tad outdated
    • Could expand selection of products
    • No negative balance and investor protection for clients under ASIC

Is Forex Trading Legal in India?

While the popularity of Forex trading in India is undeniable, certain limitations make the journey to this investment opportunity fraught with challenges.

Brokers regulated by the Securities and Exchange Board of India do not offer traditional forex trading to Indian residents due to local restrictions. However, many offshore brokers accept traders from the country even if they are not regulated by the local authority. The Reserve Bank of India has issued warnings against brokers who do not hold licenses from the SEBI. Additionally, the Central Bank of India has implemented mechanisms limiting payments to foreign forex brokers not regulated by the local authority.

Generally, traders are advised to use brokers regulated by the financial monitoring institution in their country. However, due to limitations imposed on locally regulated financial institutions in the country, traders may need to look beyond the national borders and explore what internationally regulated forex brokers have in store for them. You are welcome to check our list of brokers accepting traders from India.

As stated above, forex trading in India is legal when done through a registered Indian broker. Furthermore, forex trading is limited to specific currency pairs including 4 Indian rupee pairs and 3 non-INR Forex pairs. The first group includes the USD/INR, EUR/INR, JPY/INR, and GBP/INR pairs, and the second – EUR/USD, GBP/USD, and USD/JPY. They must be traded as currency futures or derivatives.

Due to such restrictions, Forex traders based in India prefer to use the services of internationally regulated Forex brokers, with dozens of pairs at low cost.

The Securities and Exchange Board of India Regulation Info

Founded in 1988, the Securities and Exchange Board of India (SEBI) regulates the securities and commodity market in India and acts under the administrative domain of the Ministry of Finance. It was authorized to monitor the industry under the SEBI Act of 1992 passed by the Indian Parliament.

Headquartered in Mumbai, the SEBI has Regional Offices in New Delhi, Kolkata, Chennai, and Ahmedabad. SEBI’s board of members includes the chairman, two members from the Union Finance Ministry, one member from the Reserve Bank of India, and five members nominated from the Union Government of India.

The main functions of the regulatory body are “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.” Three groups fall under the regulations of SEBI – issuers of security, investors, and market intermediaries.

The regulatory powers of SEBI encompass multiple functions including approving by-laws of Securities exchanges, inspecting the book of accounts of financial intermediaries, registration of brokers, and sub-brokers, and ensuring the transparency of the security market, among others.

The Reserve Bank of India (RBI) monitors the broader institutional market in India, such as the operation of banks and financial institutions. The SEBI, along with the RBI, act as financial regulators setting rules and regulations.

How Can I Verify SEBI Authorization?

Indian Forex traders can check the authorization status of their selected broker by navigating to the disclosure text usually found at the bottom of the website’s homepage. The necessary regulation information normally includes the name of the company, its SEBI registration number, registered office, and contact details.

Furthermore, traders can look up SEBI’s register of authorized brokers in India by navigating to the official website of the institution https://www.sebi.gov.in/.

Are My Funds Safe with Forex Brokers in India?

Much like other trading and investment options, forex entails risk. Traders must consider various factors such as their risk tolerance, available investment budget, and the reliability of their selected broker.

Forex brokers usually have a disclaimer on their websites, explaining that trading involves a certain amount of risk and could result in a loss of capital due to incorrect trading decisions and market volatility.

Forex traders are also advised to set the “stop-loss” order to put a limit on potential losses from trades. Additionally, customer funds are held in segregated client bank accounts separate from the broker’s bank account. All these protections, along with knowledge of the market and a sound risk management plan should reduce the risk traders are exposed to.

Do Indian Brokers Provide Negative Balance Protection?

Applying effective risk management in forex trading is of essential importance to protect your capital from excessive losses. Negative balance protection is among the tools that may help traders mitigate or lower the risk exposure.

International Forex brokers accepting traders from India facilitate trading in the global financial market. These brokers comply with international standards for Forex trading. These include investor protection mechanisms such as negative balance protection. It is normally available to holders of retail accounts.

As its name suggests, the mechanism ensures that traders do not lose more money than they have deposited into their trading accounts. The safeguard protects from incurring debts to brokers due to poor investment decisions or market volatility. During volatile market conditions where a leveraged position may lead to a negative balance, traders’ losses will be reduced to the initial account balance. They are also advised to stay tuned to market conditions and make sure their trading accounts are properly funded.

Do You Pay Tax on Forex Trading in India?

Under Indian laws, investments in any instruments, including forex trading, are subject to taxes. As an investor, you should stay updated about the tax implications associated with trading.

Indian traders are banned from trading directly in the forex markets. Instead, they can participate in the forex markets through SEBI-recognized entities or stock exchanges, under the Foreign Exchange Management Act (FEMA). However, traders are subjected to particular limitations, such as the mandatory inclusion of the Indian Rupee as a base currency in a traded pair.

GST (Goods and Services Tax) is levied on profits from forex trading. The GST amount is normally 5% to 18%, depending on traders’ income.

How Does the Available Leverage of SEBI-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?

Leverage enables traders to control larger market positions by utilizing borrowed funds from brokers. It is important to note that although leverage amplifies traders’ buying power, providing opportunities for sizable profits, it also magnifies the risk they are being exposed to. Leverage is expressed in a ratio signifying how much traders control for 1 unit of their trading account.

The maximum allowable leverage in India for major currency pairs, including USD, EUR, JPY, and GBP, is 50:1. The leverage for other minor currency pairs is capped at 20:1. Setting leverage limits is important to protect traders from exposing themselves to excessive risk.

For comparison, brokers catering to traders from EU countries need to abide by leverage limitations of 30:1 for major currency pairs and 20:1 for minor currency pairs.

Traders should be careful with the level of leverage they are willing to trade with. Lower leverage like 5:1 or 10:1 is more suitable for inexperienced and risk-averse traders.

What Do You Need to be Designated as a Professional Trader in India?

Experienced traders who hold accounts with a Forex broker may want to upgrade their trading experience and see if they are eligible for professional trading accounts. International Forex trading brokers state several requirements that must be met.

Most commonly, the first requirement is related to their trading activity in the last 12 months. The successful candidates must have carried transactions of significant size, at an average frequency of 10 per quarter. To prove their trading activity, they must provide account statements from trading accounts.

Relevant experience in the financial sector is yet another important background information that brokers are typically interested in. A professional experience of a minimum of one year is normally required for successful candidates for professional trading accounts.

Last but not least, a financial instrument portfolio of at least €500,000, including cash savings and financial instruments is most commonly stated as a third requirement by international Forex brokers. Traders must meet at least two of these three criteria to become eligible for a professional account.

What Trading Platforms Are Available to Indian Traders?

Indian traders can choose between a variety of trading platforms at Forex trading brokers, so making sure they select the one that best meets their trading requirements is of essential importance.


MT4Developed by MetaQuotes in 2005, MetaTrader4 is among the most popular trading platforms for Forex trading. Although it is most commonly associated with it, the platform is used for a range of other markets, such as commodities and indices. MT4 is very popular due to its highly customizable interface adapting to traders’ individual needs and preferences. Additionally, the platform enables traders to automate their trading and close positions as per pre-set parameters.


MT5MetaTrader5 has been designed to accommodate advanced trading needs across a wider assortment of financial instruments than its predecessor MetaTrader4. Yet, the similar interface allows for a smooth transition from the MT4 platform. Some of the key features that make the MT5 platform especially appealing to professional traders are the regular news regarding financial markets, the free trading community chat function, and the seamless mobile compatibility enabling investors to trade anywhere, anytime.


CTraderCTrader is yet another popular Forex and CFD trading platform developed by Spotware Systems Ltd. and introduced in 2010. It has been specifically designed with high speed of execution in mind and offers advanced trading features, an intuitive interface, and customization options. The platform is also renowned for its copy trading feature and detailed trade analysis feature.


Below you can find some useful references with links to organisations that monitor the forex market in India.

  1. The Securities and Exchange Board of India (SEBI)