7 Best Forex Broker in India [2023]

Best forex Broker in India

In India, forex trading is a popular business. Along with your current income, it’s a great way to earn some more profits.

That’s right; in order to become a high-earning forex trader, you should be aware of the market, trading strategies, etc. You can gain some knowledge about forex trading in India if you’re just starting to work.

However, there are many places where you can start trading forex; the only way to consider is the forex broker who will help you with your trading orders, strategies, etc.

A large financial market with low margin requirements and high liquidity is the forex market. In India, you can trade with any currency.

What is a Forex Broker?

A forex broker is a business that provides financial services to traders and provides access to a platform for buying and selling foreign currencies.

Foreign exchange is shortened as forex. Every transaction in the foreign exchange market includes a pair of two different currencies.

A forex broker may also known be as a retail broker or a dealer in foreign currency.

7 Best Forex Brokers India


Trading with OctaFX is simple as it has features for both beginners and expert traders.

OctaFX is one of the most well-known forex trading platforms in India and is used by many famous investors and financial experts in the field as it is regulated by SEBI in that country.

You can easily trade stocks, indices, cryptocurrencies, metals, currency pairs, commodities, and CFDs using this platform.

The minimum deposit required to open a trading account with OctaFX is $20.

Different payment options are available, like Skrill, Neteller, regional banks, Paytm, and even Bitcoin. Sure, you can make withdrawals and deposits with your MasterCard.

There is no commission that will be cut, and it provides the ability to trade in a variety of languages, including Hindi.

Best Features

  • Quick Liquidity Access
  • Slippage-free orders at 97.5%
  • 3 indices, 2 metals, and 35 currency pairs
  • Trading using smart technology
  • iOS and Android apps
  • Hindi Language Support


  • CySEC is regulated and authorized by octafx.eu domain.
  • Unlimited demo account
  • advanced technology
  • Forex and CFDs are offered.
  • more than 30 FX trading pairs
  • No commission options for deposits or withdrawal


  • limited resources
  • Low crypto coverage
  • No VPS
  • There is no Forex education tools.
  • No telephonic support is available 24/7
  • No clients from the USA, Canada, Belgium, or any other non-EU country

Trading Charges

No brokerage are charged to users of OctaFX. It charge nothing for traders to trade their favorite assets.

Website Link


Olymp Trade

Olymp Trade is a member in the International Financial Commission, and Saledo Global LLC owns and manages the website.

Using the Olymp Trade platform, you can trade commodities, stocks, indices, Etf, currencies, OTC assets, and crypto assets. Up to 500 times of leverage is available.

Additionally, Olymp Trade offers innovative “Fixed Time Trading” (FTT), which allows you to make profit by forecasting currency exchange rates.

You have the flexibility to choose the trade time and amount to suit your trading needs.

Best Features

  • Experience Points for active traders
  • Profit line tool
  • Advisor for Trading Techniques
  • Personal Manager
  • Android, iOS, and Windows OS App
  • Multiple methods, including UPI, are available for payment and withdrawal.


  • An easy user interface is provided by the web and mobile trading platforms.
  • attractive spreads and offers leverage of up to 400:1.
  • Low minimum deposit in compared to other traditional platforms.
  • On Android and iOS devices, the Olymp Trade mobile app is simple to access.
  • 24/7 customer service is offered by Olymp.


  • The broker doesn’t accept clients from EU or the US.
  • Deals and bonuses are limited.
  • Withdrawals are difficult with non-verified accounts.
  • does not provide clear bonus terms.

Trading Charges 

The Olymp Trade charges a brokerage fee of 0.8% to 15% of the total investment value. The minimum trading amount has been kept at $1 only apart from that.

Website Link



FSCA of South Africa, the Financial Sector Conduct Authority(UK), and the Cyprus Securities and Exchange Commission (Cyprus) all regulate FXTM, a brand of Forex Time Limited.

Over 2 million individual traders worldwide trust FXTM. You can trade stocks, cryptocurrencies, commodities, precious metals, currency pairs, CFDs, stocks, and more.

Across web, desktop, and mobile devices, you can quickly and securely trade over MetaTrader (MT4) and MT5 trading platforms.

Although FXTM does not have its own trading platform, it offers trading tools that can be combined with MT platforms. Tools to aid your trading strategy with FXTM include the pivot point strategy and trading signals.

Best Features

  • With the help of its financial instruments involving stocks and cryptocurrencies, FXTM provides a better global market access.
  • It offers a variety of trading accounts, such as standard, cent, and share accounts.
  • FXTM uses modern trading tools such as MetaTrader 4 and MetaTrader 5. It also provides specialized apps for tablets and mobile devices.
  • Beginners can learn how experienced traders invest money by using the FXTM invest feature.
  • An global research team of FXTM provides in-depth analysis of the market conditions every day.


  • a long list of trading instruments
  • Webinars and seminars offered online
  • Copy trading, PAMM, and managed accounts


  • doesn’t accept U.S. traders
  • No futures or options trading
  • Does not support Myfxbook or ZuluTrader for social trading.

Trading Charges

No, there are no FXTM commissions or charges. There is no commission fees associated with any of the three types of accounts provided by the brokerage house. You can trade for no brokerage fees.

Website Link


XM Forex

A subsidiary of Trading Point Holdings Ltd. is XM Global Limited and is regulated by the International Financial Services Commission (Belize).

Trading Point is the name of the other group companies are regulated by CySEC (Cyprus), FCA (UK), ASIC (Australia), and DFSA (Dubai).

Over 2.5 million traders from 196 countries are users of XM. You can trade more than 1,000 instruments over six asset classes, including 55 currencies pairs, CFDs on major global indices, commodities, stocks, metals, and energies.

Through MT Web Trader, XM offers MT4 and MT5 trading platforms across platforms (Android, iOS, iPad, Mac, and PC).

Best Features

  • For the help and guidance of novice traders, XM has a large reserve of video tutorials.
  • Multiple devices can access the forex trading indicators provided by XM.
  • Irrespective of their capital investment, it provides the same quality of service to different customers.
  • You can obtain daily updates on the state of the market.
  • In addition to Forex, you can trade CDS, shares, indices, metals, and more.


  • affordable stock CFD and withdrawal fees
  • Quick and simple account opening
  • great educational tools


  • limited product portfolio
  • Average forex and stock index CFD fees
  • No protection for investors for non-EU clients

Trading Charges

Trading fees for XM are low. The broker maintains a low cost profile by using the low commission MetaTrader 4 and MetaTrader 5 platform. The XM Standard, Micro, and Ultra-Low accounts, make money by charging 1.7 pips on the spread, while owners of the XM Zero account pay a flat commission of $3.5 per lot plus a small spread cost.

Website Link


eToro Demat Account

For forex trading, this is a popular and widely used platform in India.

Etoro is regulated by the Financial Conduct Authority and the Australian Securities Commission, and the Cyprus Securities Exchange Commission.

On this platform, there are many trading options available. 2000+ instruments and subjects are covered, including as CFDs, ETFs, stocks, commodities, currency pairs, and indices.

If you’re a beginner, you can open a virtual account with a deposit of $100,000 and use it to practice all the real-time strategies.

Best Features

  • The broker provides educational services with a broad range of content.
  • It encompasses various areas and is available to people with different levels of expertise.
  • Also, eToro provides additional services like email alerts, copy trading, and trading signals.
  • Other features include hedging, automated trading, trailing SP/TP, OCO orders, and more.


  • Free stock and ETF trading
  • Easy account opening
  • social trading


  • high non-trading fees
  • Customer support should be improved
  • only a account base currency

Trading Charges

There are no brokerage charge on eToro. They take pride to be brokers with no management costs.

Website Link



IForex is a trademark owned by Formula Investment House Ltd and is licensed by the BVI Financial Services Commission (British Virgin Islands).

The trading platform allows users to trade CFDs in currencies, crypto, indices, shares, commodities, and ETF assets.

With over 900 tradeable instruments and real-time charts, iForex trading platforms are web-based and mobile trading platforms. One-click deal execution is beneficial for traders.

With a $100 initial deposit, you can open an account. The trading account may be funded using Wire transfers, Mastercard, Diners, Neteller, Jeton, Skrill, and Diners.

Best Features

  • Join the world’s largest financial market.
  • Invest in a variety of currency pairs.
  • Open big deals with a relatively small investment
  • Receive free access to useful learning resources
  • From a laptop or a mobile device, trade in your free time.


  • Availability of license from the international authority BVI FSC
  • a huge variety of more than 800 financial instruments
  • trading platform, website, and customer service in 11 languages.


  • high spread: from 1.8 pip
  • The minimum deposit is $100.
  • Trading restrictions apply on algorithmic trading and scalping.

Trading Charges

iForex charges brokerage based on the type of trading account you choose. The iForex charges for a standard mini account would be $5 per lot of the asset you are trading. In contrast, if you select a VIP account, the commission would be 1 for per 100,000 traded units.

Website Link


Alpari International

With 2 million traders, Alpari International has been a presence of the forex market for 20 years. The Financial Service Commission – Mauritius regulates Alpari, a brand owned of Exinity Limited.

MT5 and MT4 trading platforms are offered by Alpari. Stocks, commodities, indices, cryptocurrencies, and metal assets are all available for trading.

The copy trading programme from Alpari, where you can copy the strategist’s trade and share a portion of your profits, is beneficial to new traders.

Best Features

  • You can deposit money into your account from anywhere in the world due to Alpari’s collaboration with FasaPay.
  • You can deposit money with this forex trading strategy broker without any hassle by linking it directly to your bank account.
  • Using computers and mobile devices, Alpari offers MetaTrader 4 and MetaTrader 5.
  • For different types of investors, Alpari signal trader for forex offer different subscription accounts. Standard, ECN, Pro.ECN, and Nano are some of these.


  • no trading commissions.
  • segregated client funds or money.
  • Platforms MT4 MT5 and Alpari Copytrade.
  • Minimum deposit of $1 is required.
  • supports ECN trading accounts.


  • Educational resources are limited.
  • It lacks advanced trading instruments.

Trading Charges

Alpari International has no fixed trading costs. It can vary and fluctuate over time. It is up to you to open a trading account.

Website Link


What factors to consider while selecting a Forex Broker app?

  • Check that the broker is regulated.
  • Good trade execution
  • Ensure that your data is secure.
  • Consider the product’s coverage area.
  • Consider the costs of trading.
  • Consider trading platforms.
  • Consider trading tools and educational materials.
  • Customer service efficiency

What is forex?

Forex is short for foreign exchange, which is the process of changing one currency into another. This process can be performed for a variety of reasons, including commercial, tourism, and international trade.

Forex is traded on the forex market, which is open to buy and sell currencies 24 hours a day, five days a week and is used by banks, businesses, investment firms, hedge funds, and retail traders.

Is your broker safe?

While there are concerns about online stock trading, traders and investors can feel assured that the brokerage firms that offer this service use extremely high levels of security. According to experts, online trading is as safe as offline trading as financial transactions are always protected.

How to verify SEBI Authorisation

To determine if a forex broker is authorised by the SEBI, the first step is to identify the registration number from the disclosure text at the bottom of the broker’s homepage.

This is an example of key disclosure text from Interactive Brokers’ website:

INTERACTIVE BROKERS (INDIA) PVT. LTD. is a member of the NSE and the BSE [http://www.sebi.gov.in]. SEBI Registration No. INZ000217730; NSDL: IN-DP-NSDL-301-2008; CIN-U67120MH2007FTC170004. Registered office: 502/A, Times Square, Andheri Kurla Road, Andheri East, Mumbai 400059, India. +91-22-61289888 / Fax: +91-22-61289898

Next, look up the FSP number on the SEBI website’s financial register to ensure that the broker is currently authorized in India.

Is forex trading safe?

Please be sure that forex trading carries a high risk of loss. There are more variables, since you are dealing with a currency pair. However, risks are involved in any financial transaction or investment.


Before you begin trading in global currencies and forex, You should first check your requirements, risk tolerance, and regional laws and regulations.

There are specific laws in India for trading in currencies and forex, which you should be aware of. You can also learn strategies that will help you keep going in the trade.

Ritik Namdev

Welcome to The Money Explain Blog. I founded this site to help make a difference in people's lives by delivering objective, reliable advice and recommendations that help them make more money, save more money, and invest wisely.​


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Ritik Namdev

Ritik Namdev



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