9 Best Forex Brokers in India 2022: Choose Your Trading Companion

Best Forex Brokers in India 2022

Table of Contents

Finding the best forex broker in India can be a tough task, as there are many different brokers to choose from. However, there are a few things that you can look for when trying to find the best broker for you.

First, you want to make sure that the broker is regulated by the Securities and Exchange Board of India (SEBI). This will ensure that the broker is following all of the proper procedures and is not a fly-by-night operation.

Second, you want to make sure that the broker offers a good trading platform. This is important as you want to be able to trade easily and efficiently.

Third, you want to make sure that the broker offers good customer service. This is important as you want to be able to get help when you need it and not have to wait for a long time.

In this article, we have listed the best forex brokers in India on the basis of their tools, fees, platforms, account tiers, 0 pips, MetaTrader4 and MetaTrader5, real-time trading, and many other trading services. Some of them have recently started operating in India to provide a feasible platform for forex trading to Indian traders and investors. 

The list provided below consists of forex brokers that we find most suitable for each level of trader. As traders have different experiences and risk appetites, these brokers have the tendency to satisfy the needs of each kind of trader. 

Let’s get started.

Indian Forex Market

Before analyzing the best forex broker that offers various services for a profitable trade, let’s understand how the forex market of India works. Trading currencies in the Indian market arises the first thought in traders mind is, is forex trading legal in India?

Yes, it is absolutely legal to trade in the forex market, although with certain restrictions for forex traders and forex brokers. To begin with, Indian forex traders have to check with the market currencies that are allowed to trade in the market. As per the Indian forex market rules, traders can trade in only four currencies. These are; USD, EUR, GBP, and JPY, and all these should have INR as their base currency. 

Moreover, the forex brokers of India should be the Securities and Exchange Board of India; SEBI regulated forex brokers to trade in India. Thus, an Indian trader has to trade with a regulated forex broker that follows the proper guidelines of SEBI and is allowed by the authority to operate in the forex market. 

So, forex trading in India has rules for traders but for the best forex broker as well. SEBI-regulated forex brokers provide a secure trading environment with control on the Indian currency value to not go below a certain amount. The Reserve Bank of India made this necessary to control the trading to protect the Indian rupee, and therefore SEBI regulated forex brokers, SEBI guidelines, FEMA all were established. 

Another significant part of forex brokers in India is the Foreign Exchange Management Act (FEMA). The act was made to control the trade and market worth of the Indian rupee in the international market. 

Other than this, there are other authorities such as the Financial Sector Conduct Authority (FSCA) that regulate forex market trading. 

Even most of the forex brokers are listed with the stock exchange for trading, such as the Metropolitan stock exchange. 

Top 9 Best Forex Brokers in India

Best forex brokers always work to provide the best to their clients. Currency trading has become popular in India although SEBI-regulated forex brokers operate in the market. These are offering good quality trade in comparison to the foreign forex brokers. 

But, here we have simplified the task with the top forex brokers in the India list:


Investby is best known for providing this kind of educational material to clients. The brokerage firm has recently started operating in India and has gained the attraction of a lot of active Indian traders by being among the top 10 forex brokers. The brokerage firm offers three account tiers to serve each trader with sufficient needs. The three account types are silver, gold, and platinum account types. 

The forex trading account is set as per the needs of the clients. From beginners to professionals all have a choice with the Investby forex broker. Silver account is for the novice, gold for traders with some market experience while platinum is for the professionals of the forex trading market. 

Plus, the financial service provider allows traders to use the demo account for free to get familiar with the trading platform like MetaTrader4 (MT4) and understand the forex market. There is a wide range of trading tools that you can use for technical analysis and fast trade execution. 

Thus, the forex broker has one of the best forex trading platforms for easy and convenient trading. Investby is the best forex broker in India and ranks among the top 5 of the market. 

There is no minimum initial deposit required to activate your trading account. Investby also charges no commission on deposits and withdrawals. The only revenue stream of the broker is to earn from spreads which is nothing but the difference between the bid and ask price. 

Pros and Cons

There are multiple pros and cons of Invesby. Then let’s look at them. 


  • 350+ tradable assets available 
  • MetaTrader 4 (MT4)
  • Tight Spreads
  • No Commission
  • Fast deposits and withdrawals
  • 24/7 market access available
  • High data and funds security
  • Fast systematic transfer plan (STP) execution
  • Free educational and research tools 
  • Real-time trading
  • Modern trading tools 
  • Trading CFDs 


  • No MetaTrader 5


FXTM forex broker is another top forex trading service provider that has the best features to trade and earn money from. The broker has several services, forex trading platforms, indicators, tools, 0 pips,  and other various ways for smooth trading. It is counted in the list of the best forex brokers in India.

On your live and demo trading accounts, you can keep the financial markets at your fingertips with FXTM Trader and respond to market moves in seconds. Simply launch the app to see all of your accounts in one location, allowing you to easily open, change, and close positions. Activate either a 4-digit PIN or fingerprint access for a faster method to check your accounts.

Take use of the tools and research available on the FXTM trading platform to stay informed when trading forex, gold, commodities, and more. You may also remain up to speed with the newest insights wherever you are thanks to news, market research, and industry-leading training materials.

Pros and Cons


  • Best customer service
  • Fast trade execution
  • Quick account opening
  • Vast educational and research tools
  • No commission on deposits and withdrawals
  • Customized trading platforms
  • Intuitive trading
  • Negative balance protection


  • High CFD fee
  • Inactivity fees
  • No 24/7 client support


XM provides clients with an interface that allows them to trade worldwide markets using either a demo or a genuine account from a single login.

XM is one of the greatest forex brokers in India. The forex broker charges very low trading fees and exceptional educational and research support for two types of traders; young and novice traders. Users of the MT5 platform may use the app to manage their brokerage accounts and trade our whole product suite.

The forex broker has several forex trading services such as tools, trading platforms, customer support, indicators, charts, advanced software, low commission and fees, and many others to make it worth trading. 

Users who are installing the app for the first time may register and manage their accounts without needing to use a desktop computer. This will provide them with support and help in getting high returns on their investment. In addition, they can begin by deposit of 100 dollars to fund their account and more. 

However, to make money traders have to stay updated and have all the market information. 

Pros and Cons


  • Highly regulated broker with two tier-1 licenses
  • Wide range of tradable assets
  • Virtual demo trading is available
  • MetaTrader4 and MetaTrader 5 (MT5)
  • Low minimum deposit
  • Social trading 
  • Mobile App
  • More than 50 currency pairs
  • XM Ultra-low account 
  • Maximum leverage 


  • No physical or CFDs on cryptocurrency
  • No active trader or VIP discounts
  • Limited research tools


Open a free forex trading account with eToro today and invest in prominent stocks from the world’s biggest exchanges with no commission. eToro, unlike other stock trading platforms, offers you to build a diversified stock portfolio with no markup, ticketing, or administration costs. Where appropriate, eToro also absorbs Stamp Duty and Financial Transaction Tax.

To offer you a full crypto solution, rely on eToro’s experience as a global financial leader from the early days of Blockchain. Buy Bitcoin, Ethereum, XRP, and other popular cryptocurrencies with no deposit fees and a range of easy deposit methods, such as credit card and PayPal. Moreover, the broker is Cyprus Securities and Exchange Commission (CySEC) regulated with license number 109/10. 

You may get the tools you need to build your ideal investing portfolio. eToro allows you to view useful market surveys and technical analyses with ease. Apart from all these, eToro offers its clients unique accessibility called copy trading. You can make maximum use of it in order to make high profits and minimize your losses.

Forex brokers in India are many but finding the right one needs a lot of research. But, eToro is the best forex broker that traders can have with advanced services. 

Pros and Cons


  • Unique social trading facility available
  • Highly regulated with two tier-1 jurisdictions
  • Intuitive web trading platform
  • Over 3000 symbols of tradable assets from various markets
  • Premium perks for club members
  • Negative balance protection
  • Currency derivatives trading 
  • Deposit and withdrawal via bank wire transfer and other methods
  • Automated trading 


  • High trading fees
  • Limited research materials and tools 
  • Not supportive of automated trading strategies


Primefin is the newly come forex broker in India. For the fastest market access, you can join the PrimeFin brokerage firm. Develop your own trading style, customize your account, and wow the market with quick and precise decisions. Flexible trading conditions, a diverse asset portfolio, and a full educational center are all available to you.

Make quick, accurate bids on any of the 350+ items on offer. Open bids are unrestricted on PrimeFin, which covers Forex, cryptocurrencies, indices, precious metals, stocks, and commodities. The PrimeFin platform is compatible with a wide range of devices, including PCs, laptops, tablets, and smartphones.

The FX broker requires a minimum deposit to begin trading and have access to the trading services. It is among the most reliable brokers that traders can trust and the regulated one. PrimeFin is regulated by the Labuan Financial Service Authority (LFSA) which provides modern tech solutions, account segregation, etc.  

Professional support supervisors are available to answer your questions 24 hours a day, 7 days a week. You may benefit from a completely protected account as well as better financial transaction security. The forex broker, PrimeFin Security system, has powerful firewalls.

Forex trading becomes easy with such trading features and security for the traders. The PrimeFin broker has some of amazing trading services available for its clients making it a famous forex broker in India. 

Pros and Cons


  • 300+ Trading Instruments
  • MetaTrader 4 (MT4) intuitive trade platform available
  • A broad range of world-class analytical tools for technical analysis
  • 24/7 Dedicated Support
  • Exceptional research support
  • Highly Regulated
  • Advanced Educational Support
  • ECN account 
  • Advanced tools 


  • No MetaTrader 5 (MT5)


IG is one of the forex brokers currently operating in India. It is important to note that IG allows its clients to enjoy a favorable trading environment. There are more than 30 tools and a wide range of assets to trade. The broker provides fantastic spreads and leverage to gain traction in the journey of forex trading.

One can maximize their earnings using the tools to analyze the market in a very good manner. You can also minimize your losses using the stop loss and order tools. Weekend trading on forex and worldwide indices is available, as well as after-hours trading on 70 US stocks. Begin spread betting, trading CFDs, or constructing a share dealing investment portfolio.

With IG, you can trade over 15,000 global markets on the go, including currencies, stocks, commodities, options, and more. Get access to interactive charts, breaking news, and trading alerts. Get exclusive access to worldwide data and expert analysis, as well as real-time pricing. 

Thus, a range of services makes it easy for traders to invest in forex trading and be the finest forex brokers in India. The broker is a regulated one and has all its subsidiaries in various countries also regulated such as the Dubai branch is authorized by the Dubai Financial Services Authority (DFSA). Similarly, other countries are also regulated to provide safe trading services. 

Pros and Cons


  • Good quality web trading platform
  • A wide array of deposit and withdrawal options
  • Multiple trading tools for traders’ convenience
  • Good educational support
  • Low minimum deposit
  • No deposit or withdrawal fee


  • Mediocre customer support
  • Forex and Stock CFDs are high


You can trade FX from your phone or tablet whenever and wherever it is convenient for you. Alpari is among the top forex brokers of India that have ample services for their clients to trade in a secure and potential market. 

Alpari now incorporates not just the most relevant insights from experienced financial traders, but also the entire trading platform’s functionality. You can now get complete access to the financial market for free by downloading the smartphone app.

Even for those with no prior trading knowledge, Alpari offers Mobil’s intuitive interface that will make forex trading quick and straightforward. Alpari intends to improve this app on a regular basis, so keep an eye out for updates and don’t lose out on any of the app’s new features.

Pros and Cons


  • A good number of trading instruments are available
  • Best tools for forex trading research
  • Good platform for beginners
  • Friendly and customized platforms 
  • Quality educational tools 


  • Not strong regulation in some countries
  • No 24/7 support

Saxo Bank

Saxo Bank is the most popular trading platform for active traders, offering 35,000+ financial instruments across all asset classes. It is one of the best forex brokers in India. 

Wherever you are, you can access powerful trading tools, unique risk-management features, and comprehensive news and analysis.

Saxo Group is a well-licensed and regulated broker that specializes in online trading and investment. From a single cross-currency margin account, it gives multi-asset access to global financial markets. Our technology is used by more than 100 financial institutions throughout the world, and our award-winning trading platforms are available in 20 languages.

All these services and facilities make it possible for traders to find opportunities in the market and consider Saxo in the list of forex brokers. 

Pros and Cons


  • User-friendly and best trading platform
  • Wide range of trading instruments
  • Great research tools
  • No withdrawal fee
  • Fully digital account opening
  • Low forex fees
  • Web-based trading


  • High minimum deposit
  • No 24/7 support


Ava trade has everything you need to facilitate trading in forex, cryptos, CFDs, all from any device, with low spreads and high leverage, safe payments, and quick withdrawals. Indian traders consider AvaTrade also as one of the finest and top 10 forex brokers

The Ava Trade platform allows you to trade with a variety of instruments while on the go. There are over 250 currency pairings to choose from, as well as various derivatives. Commodities, cryptocurrencies, stocks, equity indexes, and bonds are all available for trading on mobile devices. 

For Forex, ETFs and vanilla options are also accessible. Traders can benefit from a comprehensive dashboard that includes a set of straightforward management tools, clear charts, and zoom for details, as well as smooth trading. Ava Trade is an excellent service provider and is therefore considered the top forex broker in the Indian market.

Pros and Cons


  • More than 50 forex currency pairs are available
  • The social trading feature is available 
  • Fast account opening
  • Extensive research options
  • Fast deposit and withdrawal process
  • No withdrawal fee


  • No US stock trading
  • No physical cryptocurrency
  • High minimum deposit

Bottom Line

There are some excellent forex brokers in India operating currently. You just have to be aware of only those with a high reputation, high level, leading forex brokers having a great number of clients. Sometimes, traders just blindly choose the broker by being heavily driven by their emotions.

The foreign exchange market is volatile and liquid which makes it difficult to trade and great to make money from at the same time. Trading with the best forex broker would make it easier to do so. 

Be aware whenever you find something online, it’s genuine and comes out of a genuine source. Many traders are rapidly losing their money because of scams flying around. Leading forex brokers that are among the top 10 forex brokers should be considered. 

Forex brokers discussed in the article have been preferred by Indian traders for feasible and successful forex trading. The services and features, make the trade more convenient and supports traders in having the best market opportunities.

In the age of technology and blockchain, you need to learn the definition that what exactly the “best broker” is because everyone has a different perception of the best broker according to their trade experience and risk appetite. So track your risk appetite and according to your trading experience, go for the broker that you find the most suitable. 

Above are the best-reputed forex brokers from which you can choose. Each of them is capable enough to serve the traders from beginners to highly experienced. However, traders should be careful of their trade as the one wrong decision can lead to losing money rapidly. So, better knowledge and understanding of the market is a must for a profitable investment. 

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