Best Forex Broker in India

Are you looking for the best forex broker in India? Based on our hands-on analysis, we've identified the 4 best options. Our experts provide practical tips.

Forex Trading in India

If you are looking for the best forex broker for trading in India, it is best to stick with brokers that are highly regulated and licensed. Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have yet to create a framework for licensing or regulating forex brokers.

This is why Indian traders often engage with foreign, regulated brokers that accept Indian clients and are supervised by foreign financial authorities, providing a more secure and safer trading environment. Foreign brokers are not all regulated equally, however.

Best Forex Broker in India

FXTM

With over 2 million customers, FXTM has quickly grown into a global brand. When it was active, FXTM sponsored the Indian Formula 1 team to make its presence known amongst Indian Forex traders. Cyprus Securities and Exchange Commission (CySec) regulates FXTM and it holds a Cyprus Investment Firm (CIF) license. In addition, client funds are held in top-tier banks and segregated from the company's operational funds.

PricewaterhouseCoopers (PwC) audits FXTM's performance and execution statistics independently. It takes less than 0.2 seconds for a trade to be executed, and it averages 0.1 seconds. With FXTM, traders get great prices when executing their orders since there is very little negative slippage on trades. The FXTM website publishes audited performance statistics.

• Excellent commission-based Forex pricing environment and transparency

• Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app

• Quality market research and educational content for beginner traders

• Proprietary copy trading platform, and high leverage

Octa

Octa was founded in 2011 and is a "Straight Through Processing" (STP) broker without an internal dealing desk. Buyers and sellers are simply connected directly. Through this model, Octa aims to be more cost-effective than its competitors. Their spreads are low, and 97.5% of trades are executed without slippage.

You can compete against other traders in Octa's "India contest." You can win a car (yes, a real car! ), laptops, phones, and smartwatches. Every year, Octa gives away 16 cars as prizes, giving away dozens of these prizes!

Quality educational tools and generous bonuses

• Low minimum deposit and high leverage

• Proprietary copy trading service and status program for improved conditions

• Commission-free and swap-free cost structure

Exness

With over 200,000 clients worldwide, Exness Group offers trading on 100+ Forex pairs, a limited selection of cryptocurrencies, 70+ stock CFDs, indices, and commodities. On the MT4 and MT5 platforms, Exness offers nine account types, far more than most brokers. 

With a 1 USD minimum deposit, micro-lots are unlocked, and spreads as low as 0.3 pips, the Standard Cent Account is designed for beginners. Traders can only trade currency and metals with this account, and MT5 is not supported. 

• Nine accounts on the MT4 and MT5 trading platforms

• ECN Accounts for experienced traders with raw spreads and 7 USD commission

• Automated instant withdrawal system, with free withdrawals to e-wallets.

• 24/7 customer service

• Great platform choice

• Tight spreads

• Wide range of FX pairs

• 24/7 customer service

FXGT

With its low trading fees and accessibility, FXGT has established itself as one of the best brokers in India. There is a $5 minimum deposit requirement for all four account types, and Forex trading costs start from 0.5 pips or $5.00 per 1.0 standard lot. Swap-free trading between three and six days lowers final trading fees further, while the well-balanced asset selection allows Indian traders to diversify across sectors.

MT4/MT5 is available to algorithmic and copy traders, and Bitwallet and STICPAY are payment processors. For traders who trade 5.0 GTLots per month with a minimum balance of $3,000, FXGT offers free VPS hosting.

• Deposit bonuses and financial transactions in cryptocurrencies

• Tier1 liquidity aggregation and low latency trade execution

• Good cryptocurrency selection, including synthetic cryptocurrency pairs

• Low minimum deposit and high leverage with negative balance protection

AvaTrade

AvaTrade is an ECN/STP broker based in Dublin, Ireland. It is one of the largest forex brokers in the world and a highly regulated trading platform. Regulators include the Australian Securities & Investment Commission (ASIC), the Japanese Financial Services Authority (JFSA), and the Investment Industry Regulatory Organization of Canada (IIROC).

Nevertheless, AvaTrade enjoys high levels of regulation in a number of countries, including Australia, Japan, South Africa, the British Virgin Islands, and the European Union. MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO, and WebTrader are some of the cutting edge trading options available to traders in India. Maximum leverage is 400 to 1.

• High-quality educational offering via SharpTrader

• Excellent choice of trading platforms catering to various trading needs

• Broad asset selection and cross-asset diversification opportunities

• Well-regulated and trusted broker with oversight from a central bank

How to choose a safe Forex broker in India?

Forex trading in India is a grey area. In India, neither the Reserve Bank of India (RBI) nor the Securities and Exchange Board of India (SEBI) have licensed or regulated forex trading. Traders in India will therefore trade with foreign brokers who accept Indian residents.

To trade with a foreign broker, you need to check their licenses and regulations. It is important to note, however, that not all regulators are the same. We classify them into three categories at FX Empire:

• Regulators at Tier-1 are located in well-recognized financial jurisdictions, such as the FCA in the UK, CySEC in Cyprus, and ASIC in Australia.

• Regulators at Tier-2 are located in stronger, but lesser-known financial jurisdictions, such as New Zealand's FMA or South Africa's FSCA.

• FSC BVI, FSC Mauritius, SCB, and other Tier-3 regulators are typically located offshore.

• Brokers based in unregulated locations do not have to be supervised.

The highest level of investor protection is provided by brokers licensed by Tier-1 regulators. To ensure your account doesn't fall below zero, the UK FCA, CySEC, and ASIC enforce legal requirements segregating client funds from company funds.

Avoid unregulated brokers because there is no legal recourse if they act fraudulently and take your money. You can check a broker's regulatory status by reading the terms and conditions carefully and searching the online register of a financial regulator. The website also provides a comprehensive list of reliable brokers by jurisdiction.

What to avoid when choosing a forex broker in India?

Here are a few things to avoid when choosing a forex broker in India:

• Unregulated brokers. If they take your money or act fraudulently there is no recourse for you to reclaim it.

• Lack of transparency. If a broker’s trading, deposit, or withdrawal fees are too difficult to find, consider it a red flag for insufficient transparency.

• No live customer support. If a broker does not provide access to live customer support through web chat, phone, or social media, then there is no one to help you in case of any issues, which is far from ideal.

• Beware of unrealistic profit promises, and always conduct your own due diligence before choosing a broker.

Conclusion

In summary, choosing the right forex broker in India is crucial given the absence of direct regulation. Our analysis identified four top options: FXTM, Octa, Exness, FXGT, and AvaTrade. These brokers offer regulatory oversight, low fees, diverse assets, and robust support. However, traders must avoid unregulated brokers and those lacking transparency or customer support. Prioritizing regulatory compliance and transparency enables Indian traders to navigate the forex market securely while optimizing their trading experience.