Best India Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by John Bringans

April 19, 2024

The first step for every forex trader should be choosing a reliable, well-regulated forex broker. The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for India-based forex traders. Read more to learn which forex broker is best for your needs.

travel_explore A little bit of India trivia

Check out some general India facts as well as some info about some of the country's most important financial bodies in the paragraph below, generated by ChatGPT (to learn more about how we ethically incorporate AI into our content, read our generative AI policy).

India is the world’s second most populous country, with an estimated population of over 1.35 billion people. The national currency of India is the Indian Rupee, abbreviated as INR. The central bank of India is called the Reserve Bank of India (RBI). The primary responsibilities of the RBI include formulating and administering the Indian monetary policy, maintaining India’s external and internal financial stability, acting as banker to the Government of India, and acting as the agent of the Central Government in advising and exercising control over other State-owned commercial banks. Besides the RBI, there are certain institutions dedicated to regulating India’s financial markets. These include the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA). The responsibility of SEBI is to regulate the Indian securities market and protect the rights of investors. It mainly focuses on investor protection, preventing insider trading, and regulating operations in the stock market. The IRDA, on the other hand, regulates and promotes insurance and reinsurance in India. It is responsible for protecting the interests of policyholders, creators, and the general public.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers India for 2024

Interactive Brokers
star 9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Visit Site

Earn up to 4.83% on idle cash balances.

(66% of retail CFD accounts lose money.)

What are the best India forex brokers?

We’ve tested over 60 international forex brokers and created unbiased, data-driven broker ratings to show you the best forex brokers in the industry. To help you navigate the world of forex regulations and choose a broker that you can trust, our expert research team has built a proprietary database containing over 100 global regulatory licenses and jurisdictions; that research determines each broker's individual Trust Score. Check out our top picks for the best India forex brokers:

Winner: Interactive Brokers

Founded in 1977, Interactive Brokers is a long-standing highly trusted broker that holds a stunning nine Tier-1 licenses from regulatory jurisdictions across the globe numerous regulatory licenses. We've consistently rated Interactive Brokers as an excellent choice for professional traders, and its Trader Workstation (TWS) platform offers a variety of advanced trading tools that will be appreciated by experienced traders. Interactive Brokers delivers access to over 100 markets, including forex and CFDs. IBKR's recently introduced web-based platform is a great choice for beginner forex traders, and its powerful research and extensive educational content make for a balanced experience for newcomers and professionals alike.

Interactive Brokers Trading Platform Screenshots

Interactive Brokers Features

  • Overall rating - 9.9/10
  • Trust Score - 99
  • Tradeable symbols - 8500
  • Minimum deposit - $0

Runner Up:

Trading Platform Screenshots

Features

  • Overall rating - /10
  • Trust Score -
  • Tradeable symbols -
  • Minimum deposit -

Podium Finisher:

Trading Platform Screenshots

Features

  • Overall rating - /10
  • Trust Score -
  • Tradeable symbols -
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Compare trading costs for the best India forex brokers

Based on our own data (our independent database contains over 4,000 data points), this table compares trading costs for the top India forex brokers.

Company Accepts IN Residents Minimum Deposit Average Spread EUR/USD - Standard Average Spread EUR/USD - Mini All-in Cost EUR/USD - Active Active Trader or VIP Discounts
Interactive Brokers logoInteractive Brokers check $0 0.63 info 0.63 info 0.63 info Yes
FOREX.com logoFOREX.com check $100 1.4 info 1.4 info 0.83 info Yes
AvaTrade logoAvaTrade check $100 0.92 info 0.92 info 0.61 info Yes
Admirals logoAdmirals check $100 0.8 info 0.8 info 0.8 info Yes
XM Group logoXM Group check $5 1.6 info 1.7 info 0.8 info No

Comparing trading platforms between India forex brokers

Trading platforms grant access to the foreign exchange market and allow you to analyze market conditions, manage positions, and execute trades. Check out a side-by-side comparison of the trading platforms available at the best India forex brokers, based on our independent product testing.

Company Accepts IN Residents Desktop Platform (Windows) Web Platform Proprietary Platform MetaTrader 4 (MT4) MetaTrader 5 (MT5) ZuluTrade cTrader
Interactive Brokers logoInteractive Brokers check Yes Yes Yes No No No No
FOREX.com logoFOREX.com check Yes Yes Yes Yes Yes No No
AvaTrade logoAvaTrade check Yes Yes Yes Yes Yes Yes No
Admirals logoAdmirals check Yes Yes Yes Yes Yes No No
XM Group logoXM Group check Yes Yes No Yes Yes No No

Comparing investment options between India forex brokers

We closely monitor the availability of investment products such as forex trading (CFD and spot), stocks (CFD and non-CFD), spread betting, ETFs, and social copy trading – among many others. These investment types are tracked as variables within our extensive independent database. Check out the offering of investments at the top India forex brokers.

Company Accepts IN Residents Forex Trading (Spot or CFDs) Spread Betting Social Trading / Copy Trading U.S. Stocks (CFD)
Interactive Brokers logoInteractive Brokers check Yes No No Yes
FOREX.com logoFOREX.com check Yes No No Yes
AvaTrade logoAvaTrade check Yes Yes Yes Yes
Admirals logoAdmirals check Yes Yes Yes Yes
XM Group logoXM Group check Yes No Yes Yes

What is the best forex broker in India?

Interactive Brokers is our pick for the best forex broker in India. Founded in 1977, Interactive Brokers holds licenses across a number of notable global regulatory jurisdictions, and has earned an overall Trust Score rating of 99. Interactive Brokers's impressive offering of 8500 tradeable symbols opens up a wide variety of trading opportunities for its clients. If you are interested in opening an account, the minimum deposit to get started as a trader at Interactive Brokers is $0. We've tested and reviewed dozens of forex brokers and created unbiased, data-driven broker ratings to highlight the best forex brokers in the industry. Our overall rating for Interactive Brokers is 9.9/10. Read our data-driven broker reviews to learn more.

Check out a gallery of screenshots from Interactive Brokers's trading platforms, taken by our research team during our product testing.

Best India Forex Brokers

Here are our picks for the best forex brokers that accept India-based clients in 2024. The below table is sorted by the brokers' Overall Ratings.

Company Accepts IN Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Read Review Visit Site
Interactive Brokers logoInteractive Brokers check 9.9 $0 0.63 info Interactive Brokers Review Visit Site
FOREX.com logoFOREX.com check 9.4 $100 1.4 info FOREX.com Review Visit Site
AvaTrade logoAvaTrade check 8.7 $100 0.92 info AvaTrade Review Read Review
Admirals logoAdmirals check 8.5 $100 0.8 info Admiral Markets Review Read Review
XM Group logoXM Group check 8.4 $5 1.6 info XM Group Review Read Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.1 info FP Markets Review Read Review
IC Markets logoIC Markets check 8.1 $200 0.62 info IC Markets Review Read Review
Tickmill logoTickmill check 8.1 $100 0.51 info Tickmill Review Read Review
BlackBull Markets logoBlackBull Markets check 8.0 $0 0.76 info BlackBull Markets Review Read Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

AI disclaimer

We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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