Updated on: January 7th, 2024
Forex Brokers For Successful Forex Traders In India
Forex trading is very popular in India, and over the last decade, the number of traders in the county has doubled. If you are interested in trading forex, you are never too late to start, but you will need to identify the best forex brokers India on whose platform you will trade.
Although there are so many forex brokers with open access to Indian traders, not all of them are secured and regulated by the Securities and Exchange Board of India. However, the Broker you pick does not have to be regulated by SEBI though as long as other global regulators regulate their operations. We recommend Indian traders to follow the SEBI twitter page, @sebi_india to stay updated. Also check out the Exchange Board of India webpage on Wikipedia.
Below, we have a list of the best forex brokers India you can try.
Updated on: January 7th, 2024
In This Guide
Top Forex Brokers India List
VFSC, CySEC
100% bonus
$100
500:1
ASIC, VFSC
N/A
$100
500:1
ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA
up to 40% bonus
$100
400:1
CySec, ASIC, BVI
up to 50% bonus
$100
400:1
VFSC, FSC, IBFC
N/A
$5
1000:1
ASIC, VFSC
$10 000 demo
$50
500:1
FCA, ASIC, CIMA, SIBL
up to 50% bonus
$100
500:1
Best Indian Forex Brokers Reviewed
IG Brokers
We rate IG as the most secured and trusted Broker overall in 2024 for Indian brokers for several reasons. IG was established in 1974 and is a publicly traded platform. As the world made the transition towards an internet based system, IG followed suit. Currently, the platform is regulated by as many as six tier 1 regulators, making it one of the most secure platforms in the world. IG is a safe and low-risk broker with as many as 19,000 tradable instruments. Their commission rates and fees are affordable, and their trading platform uses advanced tools and has a user-friendly interface. IG has three platforms, namely
- Progressive web app
- MetaTrader 4
- L2 Dealer
- ProRealTime
- Mobile trading app
This is definitely one of the best platforms for Indian traders.
Min $250 Deposit
Regulated By: ASIC, FCS, MAS, FINMA, CTFC, JFSA, FCA
Foundation Year: 1974
Headquarters: London, United Kningdom
Interactive Brokers
The second Forex broker India in our review is none other than Interactive Brokers. This platform is one of the oldest in the game and is in its 43rd year. Interactive Broker is an equity capital trading platform with more than $10.01 billion worth of equity capital. Interactive Brokers use technology to provide traders access to the global forex market.
As a trader, you can trade in a diverse range of assets like stocks, crypto, CFDs, and mutual funds. If you don’t want to spend too much on transaction fees, this is one of the best brokers to use. Currently, the platform provides access to 135 global destinations, and as many as 2,305,000 trades are executed on the platform per day.
Min $200 Deposit
Regulated By: SEC, FINRA, FCA, NYSE
Foundation Year: 1978
Headquarters: Connecticut, United States
Forex.com
Third, on our list is one Broker many professionals regard as one of the best brokers in the world. Forex.com was founded in 1999 and is a subsidiary of SNEX, which is a publicly traded company. This Broker offers traders access to the global marketplace and is a beneficiary of 7 awards in several categories. You will find a lot of educational materials on the platform. The trading tools are advanced but easy to use. Also, their Mobile trading app is user friendly.
There is a wide range of assets you can buy and sell on Forex.com. Indian traders can also take advantage of their low spreads along with other trader-friendly features and tools.
Min $100 Deposit
Regulated By: FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC
Foundation Year: 1999
Headquarters: New Jersey, United States
AVATrade
If you want to enjoy multiple trading options, AVATrade is your best bet. Founded in 2016, it has some of the best tools for retail trading. Over the years, AVATrade has built a solid reputation as an investment-friendly platform with more than 300,000 active traders. There are more than 1250 tradable instruments in this platform ranging from forex of different currency pairs to Cryptocurrencies, Stocks, commodities, and indices.
Depending on the one you prefer, you can trade on this platform using the Desktop and mobile platforms. The platforms open to Indian traders and traders in other parts of the world include
- MetaTrader 4
- MetaTrader 5
- WebTrader
- AvaOptions
- AvaTradeGo
- Mobile & Web based platforms
- Desktop
This website is available in 20 languages. Your funds are held in trust for you, and you can even utilize their segregated account options to secure your investments.
Min $100 Deposit
Regulated By: ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA
Foundation Year: 2006
Headquarters: Dublin, Ireland
XM.com Group
The last but not the least forex brokers India you should consider is XM. XM currently has more than 5 million active accounts registered on the platform, and the number keeps growing. Founded in 2009, it started as an investment broker before expanding into forex services. Available in over 30 languages, this is one of the best platforms for brokers at all levels. With as many as 25 secure payments options, you are not limited to ways to find your account or to make withdrawals.
It has 16 full-featured platforms and first class customer service to answer all your inquiries and resolve whatever complaints you might have. Their fees are also very affordable too.
Min $5 Deposit
Regulated By: ASIC, IFSC, DFSA, CySEC
Foundation Year: 2009
Headquarters: Limassol, Cyprus
Conclusion
If you are based in India and you want to get the best trading outcomes, you definitely need to use only regulated forex brokers for your trading. The Forex brokers India reviewed in this post are some of the best in the business and rest assured that your investment will always be in safe hands.
Forex Brokers India FAQs
Do Forex Brokers own the forex market?
No, forex brokers do not own the forex market. No single entity owns the market as it is a global free entry free exit marketplace.
Does a broker in India need to have a SEBI license before I can use it?
No, they do not. Of course, a broker with a SEBI license is a huge plus, but there are other international regulators like the FCA (UK), ASIC (Australia), JPSA (Japan), and others. If they have any of these licenses, then you can use their platform.
Do all forex traders India charge withdrawal and inactivity fees?
No. In fact, some of the brokers reviews on this post do not charge withdrawal and inactivity fees
What is the minimum deposit I will need to start trading?
That will depend on the forex broker you are working with. Most brokers have a minimum deposit account opening balance of between $50 -$100.
Do I have to trade with all my opening balance?
No, you do not. You can start trading on most platforms with as low as $10.
