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10 Best Forex Brokers in India

Forex Brokers India

 

The Top 10 Best Forex Brokers in India revealed. We have rated and reviewed the best Forex Brokers accepting Indian Traders.

 

This is a complete listing of The 10 Best Forex Brokers in IndiaIn this in-depth write-up you will learn:

 

  • Who is the Best Suited Broker for Beginner Indian Traders?
  • Pros and Cons of Forex in India.
  • INR Accounts and how they work.
  • ₹ Costs of Trading Forex

 

 

and much, much more!

 

Indian Rupee ₹ (INR) – A Definition

 

The Indian rupee (INR) is the currency of India.  the International Organization for Standardization currency code for the Indian rupee is .  The Indian rupee (INR) is managed and printed by The Reserve Bank of India (RBI).

 

10 Best Forex Brokers in India in 2022 – A Comparison

 

🔎 Broker🤝 Accepts Indian Traders💰 Minimum Deposit (USD)💰 Minimum Deposit (INR)🚀 Open an Account
🥇 XM☑️ Yes$5 USD₹390 INR👉 Click Here
🥈 AvaTrade✅ Yes$100 USD₹7796 INR👉 Click Here
🥉 HotForex☑️ Yes$5 USD₹390 INR👉 Click Here
📌 Etoro✅ Yes$50 USD₹3898 INR👉 Click Here
📌 FXTM☑️ Yes$10 USD₹780 INR👉 Click Here
📌 FP Markets✅ Yes$100 USD₹7796 INR👉 Click Here
📌 XTB☑️ Yes$100 USD₹7796 INR👉 Click Here
📌 FBS✅ Yes$1 USD₹78 INR👉 Click Here
📌 HYCM☑️ Yes$100 USD₹7796 INR👉 Click Here
📌 OctaFX✅ Yes$5 USD₹390 INR👉 Click Here

 

 

10 Best Forex Brokers in India (2022)

 

  1. ☑️ XM – Overall, Best Broker in India
  2. ☑️ AvaTrade – Well-Regulated Forex Broker
  3. ☑️ HotForex – High Indian Trust Score
  4. ☑️ eToro – Best Online Trading Experience
  5. FXTM – Low INR Minimum Deposit
  6. FP Markets – Excellent Technical Tools
  7. XTB – Lowest Overall Costs in Indian Rupee
  8. FBS – Award-Winning Broker in South Asia
  9. HYCM – Competitive Fees and Spreads
  10. OctaFX – Best Globally Regulated Broker

 

XM Review

XM

 

Overall, XM.com is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly-traded company but is authorized by two tier-1 regulators (high trust).

 

XM Overview

 

🔎 Broker🥇 XM.com
📌 RegulationFCA
🎉 Bonus✅ Yes
🆓 Demo Account☑️ Yes
💵 Fees from$ 3.5
🔁 Spreads from0.6 pips
💳 CommissionAccount depending
🚩 Max Leverage1:888
💰 Minimum Deposit$5
🚀 Open an Account👉 Click Here

 

XM Landing Page

 

XM Pros and Cons

 

✔️ Pros❌ Cons
Low stock CFD and withdrawal feesLimited product portfolio
Easy and fast account openingAverage forex and stock index CFD fees
Great educational toolsNo investor protection for non-EU clients

 

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MT4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

 

AvaTrade Review

 

AvaTrade

 

Overall, Avatrade is considered a low-risk and can be summarised as a trustworthy forex broker. Regarding spread and security, Avatrade guarantees fast trading speeds and secure trading conditions. In terms of users, Avatrade has more than 500 000 registered clients globally.

 

AvaTrade Overview

 

🔎 Broker🥇 AvaTrade
💰 Minimum Deposit$100 USD
🚀BonusOpen a trading account in 1 minute
and receive up to $ 10.000 Bonus.
📱 MetaTrader 4 (MT4)Yes
📱 MetaTrader 5 (MT5)Yes
📊Trading Islamic AccountYes
🎮 Demo account providedYes
🚀 Open an Account👉 Click Here

 

Avatrade Landing Page

 

AvaTrade Pros and Cons

 

✅ Pros❌ Cons
Fee Free DepositLimit Offers
Low Trading FeesInactivity Fee
User FriendlyAdministration Fee

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

📈 Total Pairs

55+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

HFM Review

 

 

HotForex

 

Overall, HotForex rebranded as HFM Markets can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators (medium trust). It has a trust score of 95% out of 100.

 

Hotforex Overview

 

🔎 Brokers Name🥇 HF Markets Ltd
⚖️ Regulation
CySEC, FCA, FSCA
💳 Minimum deposit$5 USD
💰 Maximum Leverage
1000:1
🔘 Asset Types
Forex, Metals, etc.
📊 Trading platformsWeb, MT4, MT5

📈 Types of accountsPremium: min $100

Zero Spread: min $200

Auto: min $200

HFcopy: min $500

💳 Supported lot

0.01 - 500

💳 Demo☑️ Yes
🚀 Open an Account👉 Click Here

 

HotForex Welcome Bonus

 

HotForex Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsLimited range of instruments
Regulated by CySECNot FCA Regulated

 

Overall Rating

4.8/5

Rated #6 out of 66
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

📱 Trading Desk

MT4, MT5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

 

eToro Review

eToro

 

Overall, eToro can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Etoro has an overall trust score of 91 out of 99. eToro offers a world-class social trading platform with immediate order execution.

 

eToro Overview

 

🔎 Broker🥇 eToro
📌 RegulationFCA, ASIC, CySEC
☪️ Islamic account✅ Yes
👍 Demo Account☑️ Yes
💰 Minimum Deposit$50 USD
📊 Institutional Accounts❌ No
📊 Managed Accounts✅ Yes
📈 Maximum Leverage20:1
🚀 Open an Account👉 Click Here

 

etoro Landing Page

 

eToro Pros and Cons

 

✔️ Pros❌ Cons
Used by 6,000,000+ tradersDoesn’t allow scalping
Established in 2006Inactivity Fee
Regulated by FCA, CySEC, and ASICLimited range of instruments

 

Overall Rating

4.8/5

Rated #20 of
Recommended FX Brokers

💰Minimum Deposit

USD 50

🌐 Regulators

CySec, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

 

 

FXTM Review

 

FXTM

 

Overall, FXTM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.

 

FXTM Overview

 

🔎 Broker🥇 FXTM
📝 RegulationFCA / FSCA
💰 Min. Deposit$10 USD
☪️ Islamic Account☑️ Yes
🆓 Demo Account☑️ Yes
📈 Max Leverage1:2000

 

FXTM Landing Page

 

FXTM Pros and Cons

 

✅ Pros❌ Cons
Excellent Customer ServiceHigh Stock CFD Fees
Great Educational ToolsInactivity Fee
No Deposit FeeNo Price Alert

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXTM Review

 

FP Markets

 

Overall, FP Markets is considered a low-risk and can be summarized as trustworthy and reliable. FP Markets is fully licensed and regulated by the Securities Commission of the Bahamas (SCB). FP Markets is currently one of the top-rated platforms, ranked #13 out of 992.

 

FP Markets Overview

 

🔎 Broker🥇 FP Markets
💰 Minimum Deposit$100 USD
📌 Tradeable Symbols9000+
✅ Forex Pairs60+
💻 Trading PlatformsMT4 / MT5
🚩 Copy TradingYes
🛑 Inactivity FeeNo
📉 Trading Fee ClassLow
Open an Account👉 Click Here

 

FXTM Landing Page

 

FXTM Pros and Cons

 

✅ Pros ❌ Cons
Excellent Customer SupportHigh CFD fees
Great educational toolsInactivity and withdrawal fees
Fast account openingLimited product portfolio

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

XTB

 

XTB

 

Overall, XTB can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.

 

XTB Overview

 

🔎 Broker🥇 XTB
💰 Min. DepositNone
🛑 Inactivity Fee$10 USD
🆓 Demo Account✅ Yes
🔁 Spreads from0.1
📌 CommissionsPro Account
🎉 Sign Up Bonus✅ Yes
🚀 Open an Account👉 Click Here

 

XTB-Landing-Page

 

XTB Pros and Cons

 

✔️ Pros❌ Cons
Lowest FX spreadsDoes not accept U.S. clients
Regulated by FCA (U.K.)Non-FX spread costs are high
Offers protection for client accountsNo guaranteed stop loss
Emphasis on customer serviceNo back-testing or automated trading capabilities

 

Overall Rating

4.6/5

Rated #69 of
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

FCA, CySEC, IFSC, KNF

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XTB

 

FBS Review

 

FBS

 

FBS can be summarised as a trustworthy broker with a good reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.  FBS offers quality education material, friendly trading conditions, and research tools.

 

FBS Overview

 

🔎 Broker🥇 FBS
💰 Minimum Deposit$1 USD
📝 RegulationFSCA, CySEC
🎉 Welcome Bonus✅ Yes
☪️ Islamic Account✅ Yes
🆓 Demo Account✅ Yes
➕ Max Leverage1:3000
🔁 Spreads from0 Pips
☑️ Spread TypeFixed, Floating
📈 Copy Trading✅ Yes
🛑 Inactivity Fee❌ No
💻 Trading PlatformsMT4, MT5
⚙️ Trading Instruments100+
🚀 Open an Account👉 Click Here

 

FBS

 

FBS Pros and Cons

 

✔️ Pros❌ Cons
Negative Balance ProtectionLimited Tradable assets
Excellent RegulationLimited Trading Platforms

 

Over 16 000 000+ Traders

Overall Rating

4.7/5

Rated #71 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

IFSC, FSCA (south africa), ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform

Crypto

Yes

📈 Total Pairs

250

☪️ Islamic Account

No

📊 Trading Fees

Low

Welcome bonus

$140 (Find out More)

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FBS

 

HYCM Review

 

HYCM

 

Overall, HYCM can be summarized as a trustworthy broker that offers excellent customer support, a wide selection of market instruments, and technologically advanced programs to assist traders with maximizing funds and developing trading skills.

 

HYCM Overview

 

🔎 Broker🥇 HYCM
📝 RegulationFCA, CySEC, DIFC, DFSA, CIMA
☪️ Islamic Account✅ Yes
🆓 Demo Account☑️ Yes
📈 Institutional Accounts✅ Yes
📉 Managed Accounts☑️ Yes
📊 Maximum Leverage1:30
💻 Trading PlatformsMT4 / MT5
🤝 Customer Service24/5
🚀 Open a account👉 Click Here

 

HYCM Landing Page

 

HYCM Pros and Cons

 

✔️ Pros❌ Cons
Segregates client fundsDoesn’t offer VPS
Established in 1977Inactivity Fee
Regulated by FCALimited range of instruments
Minimum deposit from $1Not ASIC Regulated

 

Overall Rating

4.5/5

Rated #36 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

69

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

 

OctaFX Review

 

OctaFX

 

Overall, OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out 100. OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings.

 

OctaFX Overview

 

🔎 Broker's NameOctaFX
📍 HeadquarteredKingstown, St Vincent, and the Grenadines
📅 Year Founded2011
⚖️ Regulating AuthoritiesSVGFSA
🌐 Countries not accepted for tradeThe United States, Canada, Belgium, and others outside Europe
☪️ Islamic account (swap-free)Yes
👍 Demo AccountYes
📊 Institutional AccountsNo
📊 Managed AccountsNo
📈 Maximum Leverage1:500
💰 Minimum Deposit5 USD
💳 Deposit OptionsVisa
Bitcoin
Skrill
Neteller
💳 Withdrawal OptionsVisa
Bitcoin
Skrill
Neteller
💻 Platform TypesMetaTrader 4, MetaTrader 5, cTrader
📱 OS CompatibilityDesktop, iOS, and Android
📈 Tradable assets offeredForex, metals, stock indices, cryptocurrencies, and energies
👨‍💼 Languages supported on WebsiteEnglish, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese
👥 Customer Support LanguagesEnglish, Indonesian, Malay, Hindi, Urdu, Thai and Vietnamese
📆 Customer Service Hours24/7
🚀 Open an Account👉 Click Here

 

OctaFX Overview

 

OctaFX Pros and Cons

 

✔️ Pros❌ Cons
octafx.eu domain is Regulated and authorized by CySECLimited assets
Unlimited demo accountLow Crypto coverage
Advanced technologyNo VPS
Forex and CFDs offeredNo education tools on Forex
More than 30 FX pairs to tradeTelephonic support not available 24/7
No commission deposits or withdrawal optionsNo clients from USA, Canada, Belgium, or others outside EU

 

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

 

Conclusion

 

👉 Now it is your turn to participate:

 

➡️ Which Indian broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the INR minimum deposit or the Pros and Cons?

 

👉 Regardless, please share your thoughts in the comments below.

 

 

You might also like:  XM Review

You might also like:  AvaTrade Review

You might also like:  HotForex Review

You might also like:  Etoro Review

 

 

Disclaimer

 

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.

Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.

 

Frequently Asked Questions

 

Is forex trading legal in India?

Yes.  Forex Trading is 100% legal in India.

 

Which is the most used forex broker in India?

According to research, XM is the most popular broker choice in India.

 

How many forex traders are currently active in India?

The rough estimate is approximately 50 000 active Indian traders per month.

 

Can you make money with forex trading in India?

Yes.  However, according to research, approximately 75% of all traders lose money due to a wide number of factors.

 

Who regulates Forex Trading in India?

Forex trading in India falls under the regulatory authority of the Securities and Exchange Board of India.

 

 

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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