Best regulated forex broker in India - Interactive Brokers
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Accepts IN Residents |
SEBI Regulated |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Standard |
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 Interactive Brokers
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check
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$0 |
0.63 info |
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If you are looking for a forex broker regulated in India, Interactive Brokers is a member of the National Stock Exchange, Bombay Stock Exchange and the Securities Exchange Board of India (SEBI). Interactive Brokers is a highly trusted multi-asset broker that delivers competitive fees, high-quality research and education, as well as a modern trading platform suite. It's worth noting that, due to regulatory restrictions, Interactive Brokers does not offer forex or CFDs in India.
If your interests lie in stock trading, Interactive Brokers 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, such as listed currency derivatives).
- Trust: Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR), holds a staggering nine Tier-1 regulatory licenses, and regulated by the SEBI for forex trading in India.
- Forex trading platforms: Interactive Brokers' award-winning trading platform suite includes its flagship desktop software – Trader Workstation (TWS) – and mobile trading app – IBKR Mobile – both of which provide access to advanced trading tools and global financial markets (including forex and CFDs) for forex traders in India.
The best overall forex broker in India - IG
| Company |
Accepts IN Residents |
SEBI Regulated |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Standard |
Visit Site |
 IG
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check |
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£250.00 |
0.98 info |
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IG is the best broker for forex trading in India. IG accepts residents of India as clients and outranks the competition in many of our most important review categories. Though technically not regulated by the RBI or SEBI for forex trading in India, IG has obtained the highest Trust Score in our database of over 62 forex brokers. IG's award-winning offering delivers a wide range of currency pairs, tradeable symbols (including forex options), and complex order types for advanced trading strategies. IG also caters extremely well to beginner forex traders and delivers a rich educational experience for investors who are new to forex trading.
- Trust Score: Though not regulated by the RBI or SEBI to trade forex in India, IG is one of the most highly regulated brokers in the world. Founded in 1974, IG is publicly traded (LON: IGG), regulated in a staggering 11 jurisdictions, and holds eight Tier-1 licenses. I consider IG to be a Highly Trusted broker for forex trading.
- Commissions: IG delivers consistent pricing regardless of what you choose to trade. The broker's Forex Direct account features excellent pricing for active traders.
- Forex trading platforms: IG offers a wide range of trading platforms for mobile, web, and desktop. These proprietary platforms are some of the best forex trading platforms in India. IG also offers third-party platforms like MetaTrader and premium MT4 add-ons from FX Blue.
An excellent all-round offering - FOREX.com
| Company |
Accepts IN Residents |
SEBI Regulated |
Overall Rating |
Minimum Deposit |
Average Spread EUR/USD - Standard |
Visit Site |
 FOREX.com
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$100 |
1.4 info |
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FOREX.com is a trusted broker that delivers an outstanding trading experience for forex and CFD traders worldwide, including those in India. It offers an extensive range of markets and provides a powerful suite of proprietary platforms, alongside limited access to MetaTrader. While not the lowest-cost option for smaller traders, FOREX.com’s comprehensive multi-asset offering appeals to traders of all experience levels.
- Trust Score: FOREX.com is Highly Trusted, with a stellar Trust Score of 99 out of 99. The broker’s parent company, StoneX, is publicly traded (NASDAQ: SNEX) and regulated by seven Tier-1 regulators. While not directly regulated by the RBI or SEBI, its strong global regulatory framework makes it a reliable choice for forex traders in India.
- Commissions: FOREX.com offers competitive pricing, especially for high-volume traders. Its RAW Spread account, with spreads on the EUR/USD as low as 0.13 pips (before commission), is ideal for active traders looking to minimize costs. However, the Standard account can be pricier, with typical spreads averaging 1.4 pips for the EUR/USD in the U.S.
- Forex trading platforms: FOREX.com excels in its platform offerings, featuring its flagship desktop platform Advanced Trading and the browser-based Web Trading platform, the latter of which is powered by TradingView’s charting. It also supports MetaTrader 4 and 5, making it versatile for traders seeking either proprietary or third-party tools.
India Forex Brokers Comparison
Compare forex and CFD brokers that are authorised in India, side by side, using the forex broker comparison tool or the summary table below. This broker list is sorted by my overall rankings of the top forex brokers and includes brokers who accept residents of India as clients.
FAQs
Is forex trading legal in India?
Yes, forex trading is legal in India but comes with strict limitations. Even with SEBI-regulated brokers, Indian traders cannot engage in spot forex trading. The Reserve Bank of India (RBI) also does not allow clients to engage in leveraged forex transactions from a margin account. However, forex trading is allowed through exchange-traded futures and options, as approved by SEBI in 2008.
For example, Interactive Brokers offers exchange-traded currency derivatives but not traditional spot forex due to these restrictions. Physical currency exchange is legal (but highly regulated) when done with a SEBI-regulated broker, and otherwise illegal if done without being regulated.
That said, when retail traders are speculating on the price of forex by using currency pairs using CFDs, no physical currency is delivered, and thus many foreign brokers can accept clients from India even if they don’t hold regulatory status with the SEBI.
If you choose to use a foreign broker, ensure they are highly regulated, as the Reserve Bank of India (RBI) has warned against unregulated brokers. Additionally, be aware that the Central Bank of India has restrictions in place that can make it difficult to deposit and withdraw funds with foreign forex brokers that are not regulated by SEBI.
menu_bookLong story short
Forex traders in India will have a hard time trading non-deliverable spot forex from a margin account unless they use an international forex broker that accepts Indian residents. Many foreign brokers accept clients from India even if they don’t hold regulatory status with the SEBI.
How do I trade forex in India?
To trade forex as a resident of India, you will either be working with a SEBI-regulated broker that offers exchange-traded currency derivatives or with a foreign broker (preferably regulated and trustworthy) that offers retail forex from a margin account.
I’ve put together some important first steps to take if you want to get started trading forex in India:
- Decide whether you want to trade off-exchange forex – also known as over-the-counter (OTC) – from a margin account with a foreign forex broker, or if you prefer exchange-traded currency derivatives (i.e. a listed product).
- Choose your forex broker; make sure it’s highly regulated to reduce your chances of falling victim to a scam broker.
- Consider the available payment methods, and choose the method that will serve you best for depositing and withdrawing funds from your broker.
- Open and fund a live brokerage account with an amount you can afford to risk, and then practice trading with a demo account to learn the trading platform software and mobile trading app.
- Identify your trading goals and work towards developing a trading plan. Consume as much educational content as you can (your broker is usually a good place to start) to make informed choices about how to structure your trading plan.
- Test your trading strategy with live funds, using an amount that you can afford to risk.
<span class="material-icons">calculate</span>Pro tip:
When testing trading strategies, make sure to focus on the percentage returns before scaling your strategy to take on higher potential risk/reward levels.
How much money do I need to trade forex in India?
You can trade forex with as little as $100 (roughly 8,200 Indian Rupees) if you are using a forex broker based outside of India that offers micro contracts. In this case, your broker will need to accept Indian residents as clients, and will ideally be highly regulated in trusted jurisdictions.
Forex trading in India is limited to exchange-traded currency derivatives and futures, so the amount of money you’ll need to trade forex in India will be dictated by the contract sizes available for trading on the National Stock Exchange (NSE) and the amount of margin required to open a position. You’ll also need to be aware of your broker’s minimum deposit requirements.
announcementExample forex trade in India with the NSE
Let’s say you wanted to open a position for a EUR/INR forex futures contract on the NSE through your broker. With a January 2024 contract priced at 90.35 INR per euro, you’d need 2,845 INR (roughly 32 euros, as of January 2024) for the margin requirement to open one lot.
What are the best forex trading platforms in India?
Interactive Brokers, IG, and FOREX.com provide the three best forex trading platforms in India.
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 on the other hand, Interactive Brokers 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, such as listed currency derivatives).
IG is my top pick for Indian citizens who are looking for a forex broker that offers both forex and CFDs, and also accepts residents of India as clients. The only drawback is that it is not directly regulated by SEBI like Interactive Brokers.
Finally, FOREX.com provides an all-round great multi-asset offering. It also excels for beginning forex traders with their Trading Academy, which won our 2024 Annual Award for #1 Interactive Educational Experience. This makes it a great option for beginning Indian traders first learning how to trade forex.
What are the best apps for forex in India?
After evaluating forex brokers that accept clients from India, I’ve concluded that the following brokers provide the best mobile apps for forex trading. All of these brokers provide mobile trading apps that feature advanced charting, a rich variety of sophisticated trading tools, and an easy-to-use platform:
- IG - IG Trading mobile app, IG Academy.
- Saxo - SaxoTraderGo mobile app.
- Interactive Brokers - IBKR mobile app and Impact app.
- FOREX.com - FOREX.com mobile app.
- AvaTrade - AvaTradeGo mobile app and AvaOptions mobile app.
- IC Markets - MT4, MT5 and cTrader mobile apps.
- Capital.com - Capital.com mobile app, Investmate app, and MT4.
<span class="material-icons">smartphone</span>Pro tip:
Like to trade forex on the go? Check out my in-depth guide to mobile forex trading here, where I’ve tested and scored the forex trading apps of over 40 of the top forex brokers.
Why you should trust us
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.
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. Click here to learn more about how we test.
How we tested
At ForexBrokers.com, our online broker reviews are based on our collected quantitative data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).
Mobile testing is conducted on modern devices that run the most up-to-date operating systems available:
- For Apple, we use MacBook Pro laptops running macOS 14.5, and the iPhone XS running iOS 17.6.
- For Android, we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 14.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser.
Our researchers thoroughly test a wide range of key features, such as the availability and quality of watch lists, mobile charting, real-time and streaming quotes, and educational resources – among other important variables. We also evaluate the overall design of the mobile experience, and look for a fluid user experience moving between mobile and desktop platforms.
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.
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Tickmill
FP Markets
Pepperstone
Tickmill
IC Markets
BlackBull Markets
Vantage
HYCM (Henyep Capital Markets)
HFM
ActivTrades
Trade Nation
Eightcap
Moneta Markets
Spreadex
Exness
ACY Securities
easyMarkets
Octa
Libertex (Forex Club)
