Best forex brokers in India.
29 brokers with real search demand from India, ranked by regulation, yearly cost and outside ratings.
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Read this first if you live in IndiaUnder FEMA, Indian residents may trade forex only in permitted currency pairs on authorised platforms (recognised Indian exchanges). The RBI keeps an Alert List of platforms that are not authorised; brokers on it are marked in the table and on their pages. This page is information, not advice to trade.
Legal route for Indian residents
SEBI-registered brokers for currency F&O.
Exchange-traded currency futures and options on NSE and BSE, and commodities on MCX, through brokers regulated by SEBI. Ranked by the same formula; costs are brokerage per order, shown on each page.
| # | Broker | Regulation | Max leverage | |||||
|---|---|---|---|---|---|---|---|---|
| 1 | HDFC Sky own app | 7.6 | TIER 1 · SEBI · NSE +2 | — | $0 | — | — | Verdict |
| 2 | Kotak Securities (Kotak Neo) own app | 7.6 | TIER 1 · SEBI · NSE +2 | — | $0 | — | — | Verdict |
| 3 | Angel One own app | 6.8 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 3.2 (8) | Verdict |
| 4 | Dhan own app | 6.6 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 3.2 (1) | Verdict |
| 5 | 5paisa own app | 6.5 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 2.1 (9) | Verdict |
| 6 | Upstox own app | 6.4 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 1.6 (42) | Verdict |
| 7 | Zerodha own app | 6.4 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 1.6 (46) | Verdict |
| 8 | Groww own app | 6.3 | TIER 1 · SEBI · NSE +2 | — | $0 | — | 1.6 (55) | Verdict |
| 9 | Motilal Oswal own app | 6.3 | TIER 1 · SEBI · NSE +2 | — | — | — | 2.5 (5) | Verdict |
| 10 | ICICI Direct own app | 6.2 | TIER 1 · SEBI · NSE +2 | — | — | — | 2.1 (10) | Verdict |
Offshore forex & CFD brokers
Global brokers Indians search for.
Many are not authorised by the RBI for Indian residents; the RBI Alert List status is in the table. Full offshore comparison with UPI/INR deposits.
| # | Broker | Regulation | Max leverage | |||||
|---|---|---|---|---|---|---|---|---|
| 1 | FP Markets MT4 · MT5 · RBI Alert List | 9.4 | TIER 1 · FSA-SC · ASIC +1 | $1,440 | — | 1:500 | 4.8 (10,366) | Verdict |
| 2 | Fusion Markets MT4 · MT5 · RBI Alert List | 8.7 | TIER 1 · VFSC · FSA-SC +1 | — | $0 | — | 4.8 (10,127) | Verdict |
| 3 | Capital.com MT4 · MT5 | 8.6 | TIER 1 · SCB · FCA +4 | — | $10 | — | 4.6 (15,158) | Verdict |
| 4 | AvaTrade MT4 · MT5 · RBI Alert List | 8.3 | TIER 1 · CMA-KE · CBI +6 | — | — | — | 4.8 (13,589) | Verdict |
| 5 | IG MT4 · MT5 · RBI Alert List | 8.3 | TIER 1 · FCA · DFSA +1 | $1,440 | — | — | 3.7 (10,205) | Verdict |
| 6 | Moneta Markets MT4 · MT5 | 8.3 | TIER 1 · FSCA · FSC-MU +3 | $2,064 | $50 | 1:1000 | 4.2 (639) | Verdict |
| 7 | FxPro MT4 · MT5 | 8.1 | TIER 1 · FCA · SCB +1 | — | $0 | 1:500 | — | Verdict |
| 8 | HFM (HotForex) MT4 · MT5 · RBI Alert List | 8.1 | TIER 1 · FCA · FSA-SC +1 | — | $0 | 1:2000 | — | Verdict |
| 9 | Trading 212 (CFD) own app | 8.1 | TIER 1 · FCA · BaFin +2 | — | — | 1:30 | 4.6 (106,347) | Verdict |
| 10 | FOREX.com MT4 · MT5 · RBI Alert List | 8.0 | TIER 1 · CIMA · FCA +1 | — | — | — | 4.6 (2,488) | Verdict |
| 11 | CMC Markets MT4 · MT5 | 7.8 | TIER 1 · FCA · BMA | — | — | 1:200 | 4.3 (3,524) | Verdict |
| 12 | Darwinex MT4 · MT5 | 7.6 | TIER 1 · FCA · CNMV +1 | — | $500 | 1:200 | — | Verdict |
| 13 | OANDA MT4 · MT5 | 7.6 | TIER 1 · BVI FSC · FCA | $2,400 | — | — | 3.5 (1,239) | Verdict |
| 14 | Saxo SaxoTrader · SaxoInvestor | 7.6 | TIER 1 · Danish FSA · FINMA +3 | — | $0 | — | 3.6 (8,968) | Verdict |
| 15 | FBS MT4 · MT5 · RBI Alert List | 7.4 | TIER 2 · CySEC | — | $5 | 1:3000 | 4.3 (10,035) | Verdict |
| 16 | Exness — · RBI Alert List | 7.2 | TIER 2 · FSA-SC · FSCA +4 | — | — | — | 4.7 (33,688) | Verdict |
| 17 | Interactive Brokers Trader Workstation · IBKR Desktop | 7.2 | TIER 1 · SEC/CFTC · FCA +8 | — | $0 | — | 3.0 (5,534) | Verdict |
| 18 | NAGA own app · TradingView | 7.2 | TIER 2 · CySEC · FSCA +2 | $1,440 | — | — | 3.4 (4,098) | Verdict |
| 19 | LiteFinance MT4 · MT5 | 7.1 | TIER 2 · CySEC · FSC-MU | — | $10 | 1:1000 | 3.8 (686) | Verdict |
| 20 | Axi MT4 · MT5 | 6.8 | OFFSHORE · SVG-FSA | $840 | $100 | 1:1000 | 4.1 (8,111) | Verdict |
| 21 | Axiory MT4 · MT5 | 6.8 | TIER 2 · FSC-BZ · FSC-MU +1 | $2,160 | $10 | 1:2000 | 2.6 (70) | Verdict |
| 22 | IFX Brokers MT4 · MT5 | 6.6 | TIER 2 · FSCA | $1,440 | $10 | 1:1000 | 1.5 (38) | Verdict |
| 23 | Pepperstone MT4 · MT5 · RBI Alert List | 6.6 | TIER 3 · SCB · CMA-KE | — | $0 | 1:30 | 4.2 (3,712) | Verdict |
| 24 | Noor Capital MT4 · MT5 | 6.5 | TIER 1 · CMA-UAE · FCA | — | — | — | 2.3 (17) | Verdict |
| 25 | ADSS ADSS Platform · MT4 | 6.4 | TIER 2 · CMA-UAE | — | $100 | — | 3.9 (25) | Verdict |
| 26 | Century Financial Century Trader · MT5 | 5.9 | TIER 2 · CMA-UAE · FSC-MU +1 | — | — | — | 2.6 (25) | Verdict |
| 27 | XM MT4 · MT5 · RBI Alert List | 4.6 | OFFSHORE · FSC-BZ | — | $5 | — | — | Verdict |
| 28 | Eightcap MT4 · MT5 | 4.3 | OFFSHORE · SCB · FSA-SC +1 | — | $100 | — | — | Verdict |
| 29 | RoboForex MT4 · MT5 | 4.0 | OFFSHORE · FSC-BZ | — | — | 1:2000 | 2.0 (776) | Verdict |
Inclusion rule: India is one of the broker's top five organic-search markets, or sends it at least 500 organic visits a month (Semrush). Brokers that bar residents of India in their terms are removed when we find it.