Best Forex Brokers India for 2022.
The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.
Trading forex is increasingly popular in India, but is also somewhat unique and fairly heavily regulated.
As a general rule, it's best to use a broker regulated in your country. However, due to restrictions on locally regulated financial institutions in India, the only way for local citizens to speculate in the forex market is to use a foreign broker — such as those on our list — that accepts clients who reside in India.
The Securities and Exchange Board of India, or SEBI, is the financial regulatory body in India. The SEBI was established in 1988 as a nonstatutory body and given powers with the SEBI Act 1992. Read more about SEBI history on its Wikipedia page.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers India.
To find the best forex brokers in India, we created a list of all brokers that accept new customers from India and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers. This exacting analysis of more than 100 variables includes our proprietary Trust Score (more on Trust Score below).
Here is our list of the best forex brokers in India.
- Best web-based trading platform - Great overall, best for professionals - Excellent all-round offering - Great for beginners and copy trading - Great for MetaTrader - Best MetaTrader broker overall - Great for beginners, easy to use.
India Forex Brokers Comparison.
Compare India authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.
In addition to our top picks above, we've reviewed and rated several more brokers who accept residents of India as clients, included below.
Forex Broker Accepts IN Residents Average Spread EUR/USD - Standard Minimum Deposit Overall Visit Site Saxo Bank Yes 0.800 $2,000.00 5 Stars Visit Site Interactive Brokers Yes 0.600 $0 5 Stars Visit Site FOREX.com Yes 1.100 $100.00 4.5 Stars Visit Site AvaTrade Yes 0.910 $100.00 4.5 Stars Visit Site Admiral Markets Yes 0.800 100 4.5 Stars N/A IC Markets Yes 0.620 $200 4.5 Stars Visit Site Capital.com Yes 0.800 $20.00 4.5 Stars Visit Site XM Group Yes 1.600 $5 4 Stars Visit Site FP Markets Yes 1.200 $100 AUD 4 Stars Visit Site Tickmill Yes 0.270 $100.00 4 Stars Visit Site HYCM Yes 0.600 $100 4 Stars Visit Site HFM (HF Markets) Yes 1.200 $5 4 Stars Visit Site BDSwiss Yes 1.500 $100-$5000 (depending on account type) 4 Stars Visit Site Vantage Yes 1.220 $200 4 Stars N/A Moneta Markets Yes 1.220 $50.00 4 Stars N/A BlackBull Markets Yes 0.845 $50 4 Stars N/A Trade Nation Yes 0.60 $0 4 Stars N/A ACY Securities Yes 1.200 $50 4 Stars N/A Eightcap Yes $100 4 Stars N/A VT Markets Yes 1.200 $200 4 Stars N/A easyMarkets Yes 0.900 $100.00 4 Stars N/A OctaFX Yes 0.600 $25 3.5 Stars N/A.
Is your broker safe?
Choosing a regulated broker is important for avoiding scams, and the country where your broker is regulated is equally important. Our Trust Score, a proprietary algorithm, ranks regulatory agencies into three groups, with Tier 1 indicating the most trusted financial centers and Tier 3 the least. Our data collection on each broker results in a ranking from 1 to 99 of the broker's overall trust. The higher a broker's Trust Score, the better. Learn more about Trust Score here.
We rank SEBI as a Tier 2 Jurisdiction.
How to verify SEBI Authorisation.
To identify if a forex broker is authorised by the SEBI, the first step is to identify the registration number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from Interactive Broker's website,
INTERACTIVE BROKERS (INDIA) PVT. LTD. is a member of NSE, BSE [http://www.sebi.gov.in]. Regn. No. SEBI Registration No. INZ000217730; NSDL: IN-DP-NSDL-301-2008. CIN-U67120MH2007FTC170004. Registered Office: 502/A, Times Square, Andheri Kurla Road, Andheri East, Mumbai 400059, India. Tel: +91-22-61289888 / Fax: +91-22-61289898.
Next, look up the FSP number on the financial register available on the SEBI's website to validate that the broker is currently authorized in India.
What is the best forex broker in India?
Our top pick for Indian citizens is IG if you are looking for a broker that accepts residents of India and offers forex and CFDs.
If you specifically want a broker that is also regulated in India, Interactive Brokers is a top contender, as it is a member of the National Stock Exchange, Bombay Stock Exchange and the Securities Exchange Board of India, or SEBI. However, due to regulatory restrictions, Interactive Brokers does not offer forex or CFDs in India. If your interests lie in stock trading, it remains an excellent choice due to its access to local stock exchanges in India and 90 international markets, including bonds, stocks and ETFs (including some forex-related exchange-traded products).
What is forex?
Forex, short for foreign exchange, refers to the trading or exchanging that takes place in international currency markets, in which one currency is bought or sold in return for another foreign currency. The goal for forex traders -- and it's a tricky one -- is to profit by accurately predicting fluctuations in value.
Commonly traded forex pairs include the euro and U.S. dollar (EUR/USD), British pound and U.S. dollar (GBP/USD), euro and Japanese yen (EUR/JPY), and several others.
There are various types of participants in the forex markets: retail and institutional traders, large corporations, banks, and central banks that help regulate monetary policy, such as when printing money that enters circulation.
There are at least two sides to every forex trade. On one side is a buyer, and on the other side a seller. Forex market participants either have a need for the particular currency, such as for business use or hedging risk; or are speculators taking an investment position expecting the price to move in a favorable direction.
For example, let's say you have U.S. dollars and expect their value to go down and want to sell them in order to buy euros for an upcoming trip to Europe. Or maybe you expect the euro price to go higher relative to the U.S. dollar and are looking at it as an investment.
Either way, you pay for the euros with your U.S. dollars and agree to exchange the dollars you have for the euros at a specific price (the price can be quoted either in euros per dollar, or dollars per euro). Such a trade can result either in a profit, loss, or break-even, depending on the price when you exit the trade and any fees incurred.
Forex trading is mostly decentralized, though it does take place on regulated exchanges. In most developed countries forex brokers must hold proper licenses with financial market regulators, to help ensure compliance with local laws and regulations.
Is forex trading safe?
Like most sorts of investing, forex carries risk. Primary among risks specific to forex trading are market risk (investment risk) and counterparty risk if your broker goes bankrupt.
Pro tip: When you ask yourself "is forex trading safe for me?" the answer will depend on your available investment budget and risk appetite -- how much you can afford to lose and how much you want to risk -- and the trustworthiness and financial stability of your broker. That means not only the broker's integrity and reliability, but its financial capability and level of capitalization or financial buffer to protect the broker and the money they hold on your behalf in the extraordinary event of a market anomaly.
More Forex Guides.
Methodology.
For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 01/10/2022 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the "Contact" link at the bottom of this page.
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