Best Forex Brokers In India: Top 10 RBI Approved FX Brokers

Best Forex Brokers in India 2022

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

In this article, we have listed the best forex brokers in India on the basis of their fees, platforms, forex broker account tiers, real-time trading, and customer services. Some of them have recently started operating in India to provide a feasible platform for forex trading to Indian traders and investors. At the same time, some have been in the Indian market for quite a long time.

The list provided below consists of some 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.

Top 9 Best Forex Brokers in India

Best forex brokers in India always work to provide top-notch services to their clients. Currency trading has become popular in India, all thanks to the emergence of mobile trading and SEBI-regulated forex brokers. These are offering good quality trade in comparison to offshore brokers.

However, finding the best forex brokers in India is still a tedious task. But, here, we have simplified the task with the top fx brokers in the India list:

InvestBy – Top Forex Trading Broker

InvestBy is best known for providing rich 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 India. The brokerage firm offers three account tiers to serve each trader with sufficient needs. The three retail investor accounts 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 to choose from the available account types. 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). There is a wide range of trading tools that you can use for technical analysis and fast trade execution.

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

There is a $250 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 – Best Forex Trading App

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 demo trading and retail CFD 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.

Make use of the tools and research available on the FXTM’s own proprietary 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. The platform is regulated by the Cyprus Securities Exchange Commission and financial sector conduct authority in the UK.

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 Global is a sister concern of Trading Point Holdings and is regulated by SEBI in India and by the International Financial Services Commission.

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

XM is one of the greatest fx 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


  • Broker regulated 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

eToro – Best Broker For Forex Trades

Open a free forex trading account with the best forex broker – eToro and invest in prominent currency pairs with no commission. eToro, unlike other forex platforms, offers you to build a diversified forex portfolio with no markup, ticketing, or administration costs. Where appropriate, eToro also absorbs Stamp Duty and Financial Transaction Tax.

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 forex traders can have with advanced services to start trading forex.

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 – Top Broker For Trading Currencies

Primefin is the new entry in our list of the best forex brokers 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 centre 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.

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 top forex broker – PrimeFin‘s security system, offers powerful firewalls.

Forex trading becomes easy with such trading features and security for the traders. The PrimeFin broker has some 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 – Regulated Forex Broker

IG is one of the best forex brokers in India, all thanks to its favourable 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, trade CFDs, or construct 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.

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

Alpari – Best Forex Broker for Beginners

You can trade Forex from your phone or tablet whenever and wherever it is convenient for you. Alpari is among the top fx brokers in 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 – Regulated Broker

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. More than 100 financial institutions use the platform throughout the world. The 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 on the list of the best forex trading brokers in India.

Pros and Cons


  • User-friendly mobile and web-based 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

AvaTrade – Best International Broker

AvaTrade has everything you need to facilitate trading in forex, cryptos, and CFDs, all from any device, with low spreads and high leverage (Brokerage Credit), safe payments, and quick withdrawals. Indian traders also consider AvaTrade as one of the finest and top 10 fx 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, and ETFs 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. AvaTrade is an excellent service provider and is therefore considered the top International 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

Comparing Forex Brokers In India

Forex brokers offer traders an access portal to the market, allowing the buying/selling of currency. It’s easy to create a free account online. However, all forex brokers offer different services and features. Here’s a quick comparison of the best Indian Forex brokers:

Brokers Features
Commission Spreads Leverage Minimum Account Deposit
InvestBy 0.03 1:100 $250
FXTM 1.5 1:30 $10
XM 1 1:1 to 1:100 $5
eToro 1 1:5 $10
PrimeFin 0.03 1:100 $250
IG 0.08 50:1 $300
Alpari 0.6 1:3000 $5
SAXO Bank 0.7 1:30 $2000
AvaTrade 0.9 1:400 $100

Forex Brokers In India – Regulation

A significant part of forex brokers in India is the Foreign Exchange Management Act (FEMA). The Indian Parliament and the Reserve Bank of India (RBI) adopted the FEMA Act in December 1999 and modernized the rules governing Indian financial services companies, and expanded their coverage in India.

The act is far different from stock market acts for exchanges such as the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and MSE (Metropolitan Stock Exchange).

In fact, the act was made to control the trade and market worth of the Indian rupee in the international market. As per the Indian forex market rules, traders can trade in only four foreign currencies. These are; USD, EUR, GBP, and JPY, and all these should have INR as their base currency.

Under FEMA, SEBI controls forex markets with a process to monitor its maintenance. 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 both domestic and foreign broker in India 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.

What Are The Best Way To Avoid Indian Forex Broker Scams?

As forex is the largest financial market, Indian Forex traders often get scammed by scam brokers. These are some important things to consider for anyone looking to start forex trading:

  • First, you want to make sure it is a Securities and Exchange Board of India (SEBI-regulated broker). 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.

Bottom Line

There are some best 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. Even experienced traders end up losing money rapidly because of scams flying around.

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 support traders in having the best market opportunities.

Next To Read InvestFW Review


Which Forex Broker Is The Best In India?

After analysing a list of the top online forex brokers in India, InvestBy emerges as the best one.

Is Forex Trading Legal In India?

Forex/currency trading in India is legal but failing to adhere to the regulated forex brokers is a crime under the FEMA. You can trade forex online to create a diversified portfolio.

Which Are The Safest Forex Brokers In India?

FXTM is the safest forex broker in India, all thanks to its regulatory compliance.

Which Are The SEBI-Registered Forex Brokers In India?

In India, SEBI controls all domestic and foreign forex brokers. The list includes some prominent names such as Alpari, and FXTM.

Which Is The Best Forex Trading Platform?

PrimeFin is probably the best forex trading platform in India.

How to Choose The Best Forex Broker?

The broker should be regulated by Regulatory bodies, such as the Commodity Futures Trading Commission (CFA) and the National Futures Association (FTA).