Home Best Indian Forex Brokers in 2023
Michael Graw

Currency is the world’s most traded asset class by volume. However, in India, trading currency hasn’t always been as straightforward as in other countries.

The Indian rupee is known as a partially convertible currency, which means the amount allowed to be traded on world markets is limited. Now, after an easing of regulations over the last decade, both domestic and foreign investors can trade rupees and many other currencies through licensed Indian forex brokers.

If you want to take try out forex trading in India but don’t know where to begin, this guide is for you. We’ll compare some of the best forex brokers in India and explain everything you need to know to get started with currency trading.

What is a Forex Broker?

A forex broker provides you with a platform where you can trade currencies. A broker will either write contracts for you to buy or sell a currency at a preset rate or will match you with another forex trader who is looking to buy or sell the same currency pair.

All currencies trade in pairs. For instance, USD/GBP is a currency pair between the US dollar and the Great British pound. Brokers provide you with a list of currency pairs that you can trade. Generally, all brokers let you invest in popular pairs like the USD/EUR and the USD/GBP.

However, there are some pairs that are not as widely traded and are know as called exotic pairs. You should check the currency pairs available with your broker before opening a trading account. You can currently trade the Indian rupee against four other currencies: INR/USD, INR/GBP, INR/EUR, and INR/JPY.

Most forex brokers offer a range of trading tools for charting and analysis, as well as trading platforms where you can apply technical analysis to identify trading opportunities. Some even enable you to interact with other forex traders through social trading networks.

What Makes a Good Forex Broker?

Choosing a forex broker is a big decision and there are many things to take into account. Here are some of the top factors you should consider when picking a broker:

  • Regulation: The safety of your funds is paramount when it comes to forex trading, so you should only ever go with brokers licensed by leading authorities, such as the UK’s FCA or Australia’s ASIC.
  • Ease of Account Opening: If you want to get started trading right away, you want to be able to open an account online within a few minutes. Beware that some Indian brokers require you to visit a physical branch to open an account.
  • Currency Pairs: The majority of forex brokers offer most major currency pairs, but there’s a lot more variation when it comes to minors and exotics, including the Indian rupee, so be sure to check this before signing up.
  • Trading Platform: You’ll use charts to identify trading opportunities and create your own strategy. Take a close look at whether the trading platform is easy to use and what advanced features it supports.
  • Trading Fees: There are many excellent commission-free forex brokers in India, and we recommend choosing one of these. Make sure to check the spreads for the forex pairs you plan to trade as well since these can add up over time.
  • Asset Classes: Many forex brokers offer more than just forex trading. If you want to build a diversified portfolio, look for cryptocurrency trading, commodity trading, or stock trading options.

The Best Forex Brokers in India

With those considerations in mind, let’s take a closer look at the four best Indian forex brokers you can start trading with today.

1. FXCM - Advanced Forex Charting

FXCM is an excellent choice for more advanced Indian forex traders. The platform doesn’t charge commissions on trades and enables you to trade forex pairs involving the Indian rupee at leverage up to 20:1. On top of that, the platform’s spreads are extremely competitive and you can expand your trading options by taking advantage of spread betting on currency pairs.

One major advantage to FXCM is that you get access to several different trading platforms. You can use FXCM’s proprietary Trading Station software for advanced charting with built-in technical indicators. If you want to design your own technical studies or automate your trades, you can connect your account to Ninja Trader or MetaTrader 4. You can also integrate with ZuluTrade to bring social forex trading to this brokerage platform.

To help even more, FXCM also offers its own forex trading signals and advanced tools like a market scanner. You can place trades on the go using the mobile apps for any of the integrated platforms as well.

Our Rating

  • Leverage: Trade forex pairs at up to 1:30
  • Trading Platforms: Integrate with Ninja Trader or MetaTrader 4
  • Trading Signals: Automated forex trading
  • Advanced Platform: Not easy for beginners to use
There is no guarantee you will make money with this provider.

2. AvaTrade - MT4 & MT5 Forex Trading

If you want the ability to trade forex on the go, AvaTrade is the Indian forex broker of choice. This broker’s trading platform is available in an easy to use mobile app for iOS and Android. Even on a smartphone, you can take advantage of advanced charting capabilities and technical studies.

Importantly, AvaTrade also gives you access to both MetaTrader 4 and 5. These highly advanced forex trading platforms include trading signals, forex trading robots and an advanced scanner, and they give you the option to backtest and automate your trading strategy.

Forex trading with AvaTrade is commission free, although you will need to pay the spread on every trade. The spreads at this broker are competitive, although not the lowest we’ve seen. The upside is that there are relatively few account fees and the overnight fees for leveraged positions are relatively low.  Leverage at AvaTrade limits depend on your level of experience, but professional traders can trade with up to 1:400 leverage on MetaTrader 4 and 5.

Our Rating

  • Mobile Apps: Chart and trade on the go
  • MetaTrader 4: Develop custom forex trading strategies
  • Leverage: Up to 1:400 for professional traders
  • Average Spreads: Not the lowest-cost forex broker
There is no guarantee you will make money with this provider.

3. Forex.com - Low-Cost Forex Trading

Forex.com ranks highly on our list of top Indian forex trading platforms. You can trade using  a range of custom strategies or algorithms built into the platform. One major plus to Forex.com is that this brokerage has a competitive cost structure. It provides integrated account management and you can view your active orders, margin, open positions, and historical trades in real time.

Forex.com uses MetaTrader 4, which is an advanced trading platform. In addition, after opening an account you can request for access to its API (Application Programming Interface) and then develop and automate your trading strategy.

Forex.com is registered by several reputable regulators including the National Futures Association (NFA) in the US and the Financial Conduct Authority (FCA) in the UK. It provides several technical analysis tools on its platform. You can trade in shares, indices, commodities, and cryptocurrencies.

Our Rating

  • Trustworthy: Regulated by several reputable regulators
  • Find Setups: Provides good technical analysis tools
  • Easy to Use: Good trading platform
  • Contract Fees: Charges an overnight fee for trades
There is no guarantee you will make money with this provider.

How to Choose an Indian Forex Broker

While we’ve picked out the top forex brokers for you, it’s always a good idea to perform your own research before committing to a broker. In addition to the factors we highlighted above, there are a number of other things you should consider when picking a forex broker:


It’s essential that your forex broker is trustworthy, since you’ll be placing a fair amount of money in your trading account. Look for brokers that are regulated by top-tier regulators like the Financial Conduct Authority in the UK or the Cypress Securities and Exchange Commission. This ensures your funds are kept secure in separate accounts and that your personal information is protected by encryption technology.

Forex Pairs

The currency pairs you can trade varies a lot from broker to broker. While some offer less than 30 and mostly majors, others offer more than 80 with plenty of minors and exotics to trade. If you’re keen on trading a particular forex pair, we recommend checking it’s available before creating a broker account.

Payment Methods

Many online brokers offer multiple ways to fund your account, including by debit or credit card and bank transfer. If you prefer to use an e-wallet like PayPal, Skrill, or Neteller, make sure that is supported by the broker you choose.

Also keep in mind that some brokers charge currency conversion or deposit fees that can eat into your trading funds.


The spread is a charge that is the difference between the buy and sell price of a forex pair. This can vary widely between forex brokers – even for the same currency pair. Make sure that you’re paying as low a spread as possible, since this can add up if you place a lot of forex trades over time.


Thankfully, trade commissions have begun to disappear from forex brokers, with top platforms charging 0% commission. That said, they’re not gone entirely and many brokers still charge flat fees for every trade. Whenever possible, use a commission-free Indian forex broker like the ones on our list.

Trading Tools and ResearchMetaTrader 4

Trading tools can make a huge difference in your ability to succeed as a forex trader. Make sure that the charting platform your broker provides comes with a range of technical studies.

Advanced traders will also want the ability to develop custom indicators and to backtest strategies. Advanced trading platforms like MetaTrader 4 come with these capabilities as well as forex trading signals and forex trading robots.

Customer Support

While you hope that there’s never a problem with your trading account, it’s important to be able to get help if you need it. Check to see what methods you have to get in touch with your broker – for example, phone and email, email only, or email and live chat. If your broker is based overseas, make sure the customer service team is available during Indian daytime hours.

How to Join an India Forex Broker

Now that you know about the top forex brokers, you’re nearly ready to begin trading currencies in India.

All that is left for you to do is select a Forex broker and open an account.

Leverage at India Forex Brokers

When trading forex in India, most brokers give you the option to apply leverage to your trades. For retail traders, this is typically limited to 30:1 for major currency pairs and 20:1 for minors and exotics, although some brokers do offer much higher limits.

The idea behind leverage is that it multiplies the effective size of your position. For example, if you trade a currency pair with 10:1 leverage, you can invest just 1,00o rupees, but your effective position will be 10,000 rupees. This means you can potentially make larger profits from small changes in the price of a currency.

That said, leverage also magnifies your losses. Beginner forex traders should be very careful with leverage.


When to comes to forex trading, Indian traders have a wide variety of top overseas brokers to choose from, though you’ll need to compare different brokers to find the right one for you. You’ll also need to research the market to ensure you have a sound understanding of how forex trading in India works.


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Michael Graw

Michael Graw

Michael is a writer covering finance, new markets, and business services in the US and UK. His work has been published in leading online outlets and magazines.