Best Forex Broker in India 2023

RANK	VISIT BROKER	REGULATION We only list licensed brokers that comply with the requirements of prominent regulatory agencies.	MIN DEPOSIT The minimum amount you need to deposit in order to start trading.	DEPOSIT BONUS	RATING	MAX LEVERAGE Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.	PAYMENT SYSTEM	SUPPORT	START TRADING
1		ASIC, CySEC, FSP	$100	No Bonus	99 Read Review	1:500		Telephone: +44 28 2544 7780	Open an Account More Information
Pros Excellent education tools Low forex fees Fast account opening Easy funding methods Cons No bonuses Platforms & Devices READ FULL REVIEW
2		FCA, CySEC, FSCA, SCB	$100	No Bonus	94 Read Review	1:100		Telephone: +44 (0) 203 151 5550	Open an Account More Information
Pros Excellent customer service Free deposit and withdrawal Negative balance protection Wide range of platform Cons Inactivity fee High Trading Fees for some CFDs Platforms & Devices READ FULL REVIEW
3		ASIC, CySEC, FSA, SCB	$200	No Bonus	92 Read Review	1:500		Telephone: +248 467 19 76	Open an Account More Information
Pros Low forex fees Fast order execution Analytical training materials 90+ instruments Cons Slow live chat support Non-EU traders don’t get investor protection Platforms & Devices READ FULL REVIEW
4		ASIC, CySEC	$1	100%	91 Read Review	1:3000		Telephone: +35 7251 23212	Open an Account More Information
Pros No withdrawal fee Low stock and stock index CFD fees Negative balance protection No inactivity fee Cons Average forex CFD fees No PAMM accounts Platforms & Devices READ FULL REVIEW
5		ASIC, CySEC, FSC	$5	Up to $5000	90 Read Review	1:1000		Telephone: +501 223-6696	Open an Account More Information
Pros Low withdrawal fees Great educational tools Wide range of leverage Multilingual customer support Cons Non-EU traders don’t get investor protection Lack of weekend customer support Platforms & Devices READ FULL REVIEW
6		FSA	$0	No Bonus	90 Read Review	1:500		Telephone:	Open an Account More Information
Pros 9 base currencies 24/7 technical service Direct market access VPS, FIX API, copy trading Superior trading conditions Cons No negative balance protection Withdrawal fees Platforms & Devices READ FULL REVIEW
7		FCA, DFSA, FSCA, FSA, CMA	$5	100%	88 Read Review	1:1000		Telephone: +44-2030978571	Open an Account More Information
Pros Low spread Controlled by several regulators Numerous deposit and withdrawal Favorable trading conditions Cons Few account currencies Only USD or EUR as base currencies Platforms & Devices READ FULL REVIEW
8		ASIC, FCA	$0	No Bonus	85 Read Review	1:500		Telephone: +61 2 9965 5830	Open an Account More Information
Pros Automatic insurance coverage Low entry threshold Fully digital account opening Low forex fees Cons Limited research tools Only forex and CFD trading Platforms & Devices READ FULL REVIEW
9		CFTC, FCA, ASIC, FSA, MFSA	$0	up to $1000	78 Read Review	1:50		Telephone: 1 212 858 7690	Open an Account More Information
Pros Outstanding research tools Excellent trading platforms Accepts U.S. clients Superior research offerings Cons No account protection for U.S. clients Monthly inactivity fee Platforms & Devices READ FULL REVIEW
10		FCA, ASIC, DFSA	$200	No Bonus	75 Read Review	1:30		Telephone: +1786 628 1209	Open an Account More Information
Pros Digital account opening process Seamless deposit and withdrawal Attractive trading conditions No inactivity fee Cons No cent account Few analytical materials Platforms & Devices READ FULL REVIEW

60% of the expats in India invest in the forex industry. They use the SEBI regulated forex brokers in India to ensure their fund are safe. Any of the names on the top forex brokers list provide services that ensure they have a good reputation as well as trusted and regulated Forex brokers in India.

Forex brokers in India have affordable deposits, oversight and regulation and insurance on deposits which are SEBI regulated forex brokers in India.

We have listed best Forex broker in India which are also SEBI regulated forex brokers in India you can trade with. To Become the best forex brokers in the India, these brokers have built a solid reputation.

Look for the brokers regulated by India SEBI, British FCA, Cyprus CYSEC or Australian ASIC in India. If you can get the right broker, that will be half the battle won.

Condition of Indian Financial Market

The Rupee is the base currency of India, which is used for any kind of forex trading. As per the GDP, India ranked fifth in the world, which has been rising since 2000, and the curve is going upwards. After looking at the GDP growth, you may wonder about the reason behind their rise. Thanks to India’s free-market condition and economic liberalization. This market structure will surely attract the forex market as a whole.

Ways to Trade Legally in India?

When you heard about forex trading in India, the first thing that may come to your mind if forex trading is legal or illegal in India! Sadly, the answer might be confusing to you as it is neither illegal nor legal in India. Hence, you can establish the fact that forex trading is half legal in India. For safety, the government doesn’t allow some currencies to trade for retail traders. Further, cross-currency trading in India is illegal. Therefore, the base currency has to be the Rupee.

You might think this rule is illogical, but the government has an appropriate reason behind this. The Indian financial authority ensures the safety of the traders, as well as the foreign country, don’t get outflow because of the loss of the local traders. It is because any kind of loss will surely pressure the local currency. And, exactly this is the reason many neighbor countries banned forex trading.

Despite all those restrictions, there are a significant number of Indian traders who trade legally.

For the legal trading procedure, Indians need to go through a middleman, the broker. Nevertheless, the brokers should have the license from different authorized exchanges. For instance, BSE, MCX, and NSE-SX are authorized exchanges. Security Exchange Board of India regulates these exchanges.

Available Currency Pairs to Trader in India

We have already mentioned that forex trading in India requires Rupee as the base currency. Hence, retail Indian traders cannot trade GBP/USD, EUR/USD, or even USD/JPY. Therefore, you can trade the pairs mentioned in the following table.

How to Look for the Best Forex Broker in India?

Indian economy is booming, and a huge amount of daily trading takes place in the country. And those trading volume is good enough to bring you some profit. However, you will need to trade with SEBI regulated forex brokers in India and best forex trading platform in India.

Despite the high growth rate of GDP, most part of India is not rich. Only a portion of the population grabs most of the money and runs the economy of India. Moreover, foreign investors also have a good contribution to the Indian economy. Besides the local investment, a significant amount of foreign investment also takes place every year, which can increase the number of retail FX trading involvement.

So, there is no alternative other than trading with a trusted forex broker in India. Choosing the right broker will certainly save your time from changing the brokers frequently. Looking for a trusted forex broker in India? You may want to check the following list to ease your finding.

Check the SEBI Database

Indian government authorizes the SEBI to look after the trusted forex broker in India. SEBI has an open list that includes all the legal and authorized brokerage firms in India. So, if you like any broker, you should search on the SEBI database through their website and check your broker. If the broker is listed on SEBI regulated forex brokers in India or not, so you can safely trade with them.

Trading Platforms

Top forex brokers in India offer single and multiple platforms. But the best forex trading platform in India will allow trading the approved currencies only. Before signing up with a broker, you may look at the details of the platforms and understand them properly.

However, you can compare the local platform with the international one and pick the one that matches your requirements.

Account Types

Usually, forex brokers India provide different types of accounts according to the trader’s experience. But, you may also start trading with a single account type. Instead of using multiple accounts, you can take a large position through leverage. So, make sure you know the offered account types by your broker.

Commission and Spreads

Commissions and spreads are the broker's income source. Therefore, you should look for a local broker that offers low commission rates as well as low spreads. To know which broker offers the best commission and spread rates, you will have to compare the top 10 forex brokers in India and select the best one that goes with your needs.

Customer Support

Prompt customer support is a must-have feature for any best forex broker in India. However, India has different languages, so finding the broker with your local language should be another criterion. However, if you have no problem in English or Hindi, you can go for any trusted forex broker in India.

Additional Services

Additional services include financial support, education support on forex, consultancy. However, these are not essential, but having those on the platform will certainly increase your profitability and boost confidence in your trading. So, when you choose a broker, you may look for those additional services.

Tips to Search Best Forex Broker in India

Following are some significant tips and tricks we have found while researching brokers. You may follow those to pick the best forex broker for your trade.

• What are your trading goals? Know them before you find a broker.
• Define your trading strategy, and then look for a broker that can help you to succeed in your strategy.
• Get knowledge about the forex and its terms.
• Check reviews to identify the scam brokers and stay away from them.
• Know the frequent economic news and trading activities.

Conclusion

It is evident from this article that you can never trade other pairs that don’t have Rupees in them. However, you may find different ways to trade those illegal currencies. But we don’t suggest you do that, as those are illegal and punishable under FEMA Act. Hence, you should follow the law and trade with the best forex broker in India.

Furthermore, if you are confused about which broker to choose, you can definitely check our forex broker reviews and decide yourself.

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