Best Forex Broker in India With Low Spreads That’s Legal
Welcome to our latest guide on the best forex brokers in India. Our gurus have been busy putting the top competitors through their paces and have curated the below guide to help highlight the best forex brokers today.
As you read on, you’ll find out about the various perks of each Indian forex broker. We touch on the available forex trading account types, discuss forex trading platforms used and much more. Beyond finding the top forex brokers in India, we also highlight the importance of finding a regulated forex broker and how to start forex trading, too!
The Best Forex Broker in India: AvaTrade
- A safe regulated brand that’s been around since 2006
- Very competitive spreads
- Over 250 forex pairs are available
- Easy deposit and withdrawals
Our picks: The top five Forex brokers for India
We begin our latest guide by presenting this updated list of who we believe to be the best forex brokers in India today.
Review: A closer look at the best Indian Forex brokers today
Above, we briefly itemised the best forex brokers in India. Now, let’s take an in-depth look at what each broker has to offer. As you make your way through, you should find out all there is to know about the best brokers for FX and some unique attributes that should help determine whether they are the right choice for you.
AvaTrade – a true international forex broker
Sticking to a theme of international brokers that accepts Indian traders, we have AvaTrade. Founded back in 2006, AvaTrade is regulated by the Central Bank of Ireland, Dubai Financial Services Authority, Cyprus Securities and Exchange Commission, ASIC, and in South Africa, Japan, and Israel.
Registering an account with AvaTrade is fairly straightforward, requiring traders to pass sufficient KYC and provide basic financial and trading information. New traders can open standard retail investor accounts, professional accounts or an Islamic account. Those requiring a professional account will need to provide evidence of their trading portfolio over the past 12 months.
We found that AvaTrade provides trading platforms for users of all backgrounds, including a dedicated forex trading app, WebTrader, MT4, MT5 and DupliTrade. Any established trader will be able to tell you how well-equipped the MT4 and MT5 are for trading forex and how straightforward they are to use. However, we can also recommend alternative approaches to trading at AvaTrade and found that all platforms are simple to personalise and stacked with charting tools.
Some of the biggest perks of joining AvaTrade include its low fee structure. Traders can enjoy zero commissions, tight spreads, and the chance to trade 250 forex CFDs risk-free through the demo account. Alongside the above, traders are also given free access to additional educational resources including videos, rules, terms, blog posts and specifics for beginners.
XM – offering the largest leverage across the best forex trading platforms
At XM, you can look to trade over 50 currency pairs at a forex broker regulated by the ASIC in Australia, CySEC in Cyprus, the FSC in Belize and the DFSA.
Alongside regulation, XM provides new users with the chance to register for a demo, micro, standard, Islamic or XM Zero forex broker account. The demo account will provide traders with £100,000 of virtual currency and the chance to test their trading strategies across the forex market risk-free.
Those opening a real money account will be required to pass additional KYC checks and select whether they wish to make use of MT4 or MT5 trading platforms. While registering, we found that both the MT4 and MT5 were suitable for trading forex and users could have up to 8 accounts open at one time. When compared to many forex brokers, we also noted that XM offers the largest leverage at 1:1000.
The XM Members Area is one of the biggest perks of the XM online trading experience. Here, we found that traders could manage the main functions of their accounts, make deposits and withdrawals, view promotions, amend leverage and make use of charting tools. A dedicated research and learning centre is also provided to XM users, presenting educational videos on financial instruments, additional tools to use on the forex market, guides on how to utilise trading strategies, webinars and much more.
FP Markets – another foreign broker that offers swift entry to currency markets
FP Markets is another regulated forex broker that is registered in St. Vincent & the Grenadines. Much like the aforementioned forex brokers in India, FP Markets is overseen by the ASIC and the CySEC, too.
Registering with FP Markets is nice and straightforward, requiring new traders to fill out the on-site form or link their Facebook or Google accounts. Once traders have made their way through the KYC process and decided whether an individual, corporate or joint account is the right choice, they will be eligible to trade forex across 60 pairings, including major currency pairs. For those who aren’t quite ready to make a real money deposit, a 30-day free demo is also provided.
The MT4 is the preferred forex trading platform at FP Markets and can be accessed online or via dedicated forex trading apps. Traders can benefit from a range of forex trading indicators, charting tools and 24/7 customer support. A maximum leverage of 1:500 is also available and fast trade execution comes as standard, courtesy of the NY4 server facility.
FP Markets offers low trading fees, provides spreads as low as 0.0 pips and client funds are always kept separate. Unlike some of the alternative online brokers mentioned, FP Markets accepts clients who are interested in automated trading and copy trading, too. For those who are new to trading CFDs, forex, stock trading, or any other aspect of the trading world, additional educational resources are also available.
IC Markets – trade forex with top tools and negative balance protection
IC Markets was founded back in 2007 and is regulated by the Financial Services Authority of Seychelles (FSA).
Opening an account is extremely straightforward and follows a similar process to many of the best forex brokers in India detailed above. Traders can also opt to sign up for a demo account, allowing them complete access to the forex market without worrying about their capital.
Apart from a demo trading account, IC Markets users can make use of a Raw Spread (cTrader), Raw Spread, or Standard account. The main difference between these accounts is the trading platforms used and the spreads offered. For example, those using the Raw Spread (cTrader) can enjoy 0.0 pip spreads across the cTrader forex trading platform while those with a Standard account will make use of MT4 and 0.06 pip spreads.
Regardless of your chosen account, IC Markets traders can make use of a maximum leverage of 1:500, all servers are located in the NY4 data centre, too, reducing latency and allowing for super-fast entries and exits from the stock market.
A minimum deposit of $200 is required to be made at this top forex broker before any financial instruments become available. Additional charting tools and negative balance protection come as standard, as does the chance to access forex markets via the dedicated forex trading app. For those who are relatively new to trading forex, make sure you take advantage of tutorials and videos detailing currency pairs, explaining how to make forex trades, use trading tools and more.
Libertex – a top forex broker for all types of traders
Being properly regulated is a critical element to get right in order to qualify as one of the best forex brokers India has to offer. We are happy to highlight that Libertex is regulated by the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission
Currently, over 455,000 forex traders make use of the multi-award-winning forex broker worldwide, and new users can register using an email address, Facebook, Google or Apple account. Once registered, Indian traders need to verify their account by disclosing nationality, date of birth, reason for trading and passing various other KYC checks.
Libertex is ideal for corporate or retail traders looking to trade CFDs or spreads. Any users who are completely new to the foreign currencies market can make use of various additional trading tools and educational resources. When we last made use of Libertex, we found that traders could read through specific forex news, make use of guides on placing forex trades and much more.
New and experienced traders can link TradingView to Libertex’s very own proprietary trading platform and receive live updates and price alerts for 130 forex pairs. Deposits can be made online or via the dedicated forex trading app using Visa, Skrill and Neteller.
Before placing any trades, Libertex users can utilise various technical indicators, analytical tools and advanced charts. The site boasts negative balance protection and the chance to test your trading strategy through the use of demo forex accounts, too. Forex trading fees at Libertex are also very low and compete with many of the best foreign forex brokers today.
Is Forex trading legal in India?
Now that we’ve covered a little more on the best forex brokers India has to offer, it’s time for us to answer that all-important question – is forex trading legal in India? In short, the answer is yes. However, there are a fair few regulatory restrictions that make answering this question not quite so straightforward.
So, forex trading in India is legal, but some forex trading platforms are banned. Currently, you cannot trade in the foreign exchange market directly but you can trade forex across SEBI regulated forex brokers, and international brokers that accepts Indian residents.
At the time of writing, all forex trading is regulated by the Reserve Bank of India and the Securities and Exchange Board of India.
The Reserve Bank is responsible for managing international forex exchanges and regulated brokers under the FEMA Act 1999. The Foreign Exchange Management Act states that all forex trading must be conducted through SEBI regulated forex brokers.
But granted most retail trading does not result in actual delivery of currency, this opens up some international brokers to accept Indian customers.
Dedicated SEBI regulated forex brokers can be easily identified by visiting the Securities and Exchange Board of India register. Here, forex brokers can be searched for by name, registration, location and even through contact name.
How to select the best Forex broker in India for you: Get the basics covered then look for additional perks
Armed with the best forex brokers and a firm understanding of the legal side of trading forex in India under your belt, it is now time to focus on you. In this next section, we take a closer look at the main attributes that help to set top forex brokers aside from the competition and how you can choose the right forex broker for you.
Security and regulation
We’ve spent a fair amount of time detailing the importance of finding SEBI registered forex brokers. Though with the international brands we’ve recommended, you get more flexibility available with your trading.
When it comes to security, any financial firm that is dealing with your hard-earned cash needs to be providing sufficient security features and conducting relevant safety checks. Generally, all of the best Indian forex brokers makes use of SSL encryption technology, credible payment methods, and negative account balance protection. They also request relevant KYC documents and have 2FA utilised.
The top forex brokers in India cater to the masses. When reviewing the market, we were quick to spot that most forex brokers will offer an individual account, professional/corporate account, joint account and the chance to open a demo account, too.
For those who opt to make use of a retail account, further options are often provided. Here, we would suggest considering the currency pairs you plan to trade and taking a closer look at commissions, spreads, maximum leverage and trading tools presented to you. For any of our Muslim readers, it is worth considering whether your chosen forex broker provides an Islamic account.
It is no secret – the best forex brokers will offer low trading fees. As discussed above, these fees may vary depending on the forex trading accounts you look to open but should be made available before you make your final decision.
Transparency is a key attribute of the best forex brokers in India and you should soon be able to find a dedicated section that highlights the fee structure across any website of a reputable forex broker. Here, you can take a look at fees associated with a minimum deposit and whether additional charges are incurred for transferring from the Indian rupee. You should also be able to check if you are liable for any costs when copy trading, if you are subject to any overnight fees and much more.
Although all Indian regulated forex brokers must adhere to the laws set out under the FEMA Act 1999, forex brokers can still look to challenge for the title of the best forex broker in India by providing a range of trading platforms and the use of mobile apps to help users gain instant access to forex markets and trade currencies.
When on the hunt for the best forex broker in India, it also pays to double-check that you have the right customer support team behind you. Naturally, if you are new to forex trading, we would suggest registering with a forex broker that offers 24/5 or 24/7 customer support. This way, if you have any issues with copy trading, making a minimum deposit or trading a particular currency pair, you’ll have someone on standby to help you through the process.
Of course, experienced traders may receive a dedicated account manager based on the forex account you open. If this is the case, you’ll have one-on-one guidance on just about anything and everything.
Forex trading is growing in popularity and is now more accessible than ever. However, before signing up to any forex broker, we suggest checking out the additional resources available to you.
There is little dispute that the chance to test your strategies out risk-free is the perfect way to hone your skills. So, it is unsurprising that we would suggest finding yourself a forex broker that offers a demo account. Alongside a demo, it may be wise to find a forex broker that presents webinars, videos and blogs that offer insights into forex pairs, the best forex strategies, rules surrounding the National Stock Exchange and any other useful resources that could help your trading experience.
How to open a trading account in India: Time to start trading forex
In this penultimate section of our forex brokers in India [yyyy] guide, we offer a quick step-by-step guide on how you can sign yourself up and begin trading currencies with a credible forex broker in India.
Select the best forex broker for you: The first step is nice and simple – review the best forex brokers in India here and find one that is suited to your preferences.
Hit the register button: All clear? Great! Click that register button and begin the sign up process.
Enter your personal details: Make your way through the onsite form and fill in your personal and financial details, including trading background, as openly and honest as possible.
Choose the right account type: Select whether you are trading for yourself, as a company or as part of a joint venture. Then select the type of account that suits you – remember to review lot size, spreads, commission and platform used.
Forward identification and pass KYC: Next, it’s time to prove that you are who you say you are. Get your photo ID ready and a couple of household bills.
Build and test your strategies: Once verified, you can begin researching further into forex pairs and building strategies. When you feel you’re ready, head to the demo section and place your first risk-free trade.
Make your first deposit: If you’re happy with your strategy, comfortable with your chosen forex pairs and confident with the trading tools, it’s time to make your first deposit. Double-check the minimum deposit value and keep your eyes peeled for any fees.
Chart, check and trade: Make use of charting tools and review when you plan to place your trade. Don’t forget to set your stop-loss, too.
Reflect: There’s always room to improve. Did you choose the right currency pair? Should you have utilised a trailing stop-loss? Reflect on your wins and losses before entering the market again!
Conclusion: Find the best legal forex brokers in India today
Forex trading is legal in India; however, all trading activity must be completed through a SEBI regulated broker or an international broker that accepts Indian traders (like the one we recommend).
Currently, we believe that the top five brokers include AvaTrade, XM, FP Markets, IC Markets and Libertex. When it comes to finding the right forex broker for you, we suggest paying attention to security, regulation, customer support, platforms, accessibility and additional resources that could help take your trading to the next level. Once you have found the right forex broker in India, test your strategies on a demo account, and reflect on both your wins and losses.
That brings us to the end of our guide on the best forex brokers in India. We hope that you now feel confident when it comes to finding the ideal forex broker for you.
The Best Brokers for India:
Forex Brokers in India FAQ
🔓︎ How is forex trading regulated in India?
Just like the Commodity Futures Trading Commission oversees the US derivatives market, the best forex brokers in India need to be regulated. Unfortunately, things are a little more complicated when trading in India; however, our latest guide offers a great explanation on the roles that the Reserve Bank of India and the Securities and Exchange Board of India play.
📱 How do I choose which forex trading platform to use?
There are many factors to consider before placing your buy/sell order on specific currency pairs. One consideration is the trading platform you plan to use. As you’ll see in our latest guide, the MT4 and MT5 are ideal for forex traders; however, many top forex brokers are now creating their own innovative platforms with mobile accessibility, too. Find out what suits your preferences next!
✅ Is forex trading legal in India?
The legal side of forex trading in India is a little more complex than in other places around the world. For example, you could find and register with the best UK forex brokers within a matter of minutes! Read our latest guide on forex brokers in India to find out the importance of registering with a foreign broker that features on the SEBI register today.
🚀 Can I get rich trading at the best forex brokers in India?
Whether you are looking at trading currency futures, spreads or even copy trading, it is important to remember that there are no guarantees when it comes to making profits. In our latest guide on forex brokers in India, we highlight the importance of finding a broker that provides educational resources and the chance to test out your strategies first.
💯 What is the minimum deposit I can make at a forex broker in India?
In our latest guide to forex brokers in India, we discuss all the key attributes that help to separate top forex brokers from the crowd. You can expect to learn more about fee structures, INR based currency pairs, maximum leverage and commission, as well as the impact that these can have on your trading experience.