Best Forex Brokers India 2023
Written by Marcus Taylor
December 27, 2022
Here are the best forex brokers accepting residents of India as clients.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.-
FOREX.com
- 9.3/10 Overall
- AvaTrade - 8.6/10 Overall
- Capital.com - 8.4/10 Overall
- XM Group - 8.4/10 Overall
- Admiral Markets - 8.3/10 Overall
- Markets.com - 8.2/10 Overall
- Tickmill - 7.9/10 Overall
- BlackBull Markets - 7.9/10 Overall
- HFM - 7.7/10 Overall
- HYCM (Henyep) - 7.7/10 Overall
- Eightcap - 7.6/10 Overall
- ThinkMarkets - 7.4/10 Overall
- easyMarkets - 7.3/10 Overall
- AxiTrader - 7.1/10 Overall
- FXPrimus - 6.9/10 Overall
Overall Rating
9.3
/ 10
Minimum Initial Deposit
$100
Trust Score
Highly Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 1.0 (July 2022) |
| All-in Cost EUR/USD - Active | 1.0 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 1999 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 2 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 5500 |
| Forex Pairs (Total) | 91 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | No |
| Charting - Indicators / Studies (Total) | 203 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
8.6
/ 10
Minimum Initial Deposit
$100
Trust Score
Highly Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 0.91 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.61 (Aug 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2006 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 4 |
| Tier-2 Licenses | 3 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 1260 |
| Forex Pairs (Total) | 55 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 90 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
8.4
/ 10
Minimum Initial Deposit
$20
Trust Score
Average Risk
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 0.6 (July 2021) |
| All-in Cost EUR/USD - Active | 0.6 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2016 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 6000 |
| Forex Pairs (Total) | 138 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | No |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | No |
| Charting - Indicators / Studies (Total) | 75 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | No |
| Economic Calendar | Yes |
Overall Rating
8.4
/ 10
Minimum Initial Deposit
$5
Trust Score
Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 1.6 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.8 (Aug 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2009 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 1372 |
| Forex Pairs (Total) | 57 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
8.3
/ 10
Minimum Initial Deposit
$100
Trust Score
Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 0.8 (July 2021) |
| All-in Cost EUR/USD - Active | 0.7 (July 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2001 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 1 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 8425 |
| Forex Pairs (Total) | 50 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
8.2
/ 10
Minimum Initial Deposit
$100
Trust Score
Highly Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 1.9 (as of Oct 2019) |
| All-in Cost EUR/USD - Active | 1.9 (as of May 2019) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 1999 |
| Publicly Traded (Listed) | Yes |
| Bank | No |
| Tier-1 Licenses | 2 |
| Tier-2 Licenses | 2 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | No |
| Tradeable Symbols (Total) | 2179 |
| Forex Pairs (Total) | 57 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | Yes |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 89 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | No |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
7.9
/ 10
Minimum Initial Deposit
$100
Trust Score
Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 0.51 (August 2022) |
| All-in Cost EUR/USD - Active | 0.31 (August 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2014 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 2 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 295 |
| Forex Pairs (Total) | 62 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Overall Rating
7.9
/ 10
Minimum Initial Deposit
$0
Trust Score
Average Risk
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 0.827 (August 2022) |
| All-in Cost EUR/USD - Active | 0.827 (August 2022) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2014 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 0 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 26000 |
| Forex Pairs (Total) | 72 |
| Bitcoin | No |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 30 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | No |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | No |
| Economic Calendar | Yes |
Overall Rating
7.7
/ 10
Minimum Initial Deposit
$5
Trust Score
Trusted
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Cost & Funding
| Average Spread EUR/USD - Standard | 1.2 (August 2021) |
| All-in Cost EUR/USD - Active | 0.9 (August 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Regulation
| Year Founded | 2010 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 3 |
Investment Options
| Forex Trading | No |
| Mobile Trading - Forex or CFDs | Yes |
| Tradeable Symbols (Total) | 3500 |
| Forex Pairs (Total) | 47 |
| Bitcoin | Yes |
Trading Platforms
| Virtual Trading (Demo) | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| Proprietary Platform | No |
| Social Trading / Copy Trading | Yes |
| Charting - Indicators / Studies (Total) | 15 |
Apps & Tools
| Android App | Yes |
| Apple iOS App | Yes |
| Has Education - Forex or CFDs | Yes |
| Daily Market Commentary | Yes |
| Forex News (Top-Tier Sources) | Yes |
| Economic Calendar | Yes |
Here are some additional brokers worth checking out.
Why Choose Forex.com For India?
Forex.com scored best in our review of the top brokers for india , which takes into account 120+ factors across eight categories. Here are some areas where Forex.com scored highly in:
- 19 + years in business
- Offers 300 + instruments
- A range of platform inc. MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
- 24/7 customer service
- Tight spreads from 1.00pips
- Used by 0 + traders.
- Offers demo account
- 1 languages
Forex.com offers one way to trade Forex, if you wanted to trade EURUSD
The two most important categories in our rating system are the cost of trading and the broker's trust score. To calculate a broker's trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
Forex.com have a AAA trust score. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19 years.
Trust Score comparison
A Comparison of Forex.com vs. ThinkMarkets
Want to see how Forex.com stacks up against ThinkMarkets? We've compared their spreads, features, and key information below.
Spread & fee comparsion
The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Comparison of account & trading features
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
| Company | Accepts IN Residents | Overall Rating | Minimum Initial Deposit | Average Spread EUR/USD - Standard | Trust Score | Trust Score | Tradeable Symbols (Total) | Visit Site |
 IG
|
9.9 | £250.00 | 0.86 (September 2022) | 99 | Highly Trusted | 19537 |
Visit Site
|
|
 Saxo Bank
|
9.7 | €2,000 | 0.9 (September 2022) | 99 | Highly Trusted | 60000 | ||
 Interactive Brokers
|
9.7 | $0 | 0.6 (Aug 2022) | 99 | Highly Trusted | 8500 | ||
 CMC Markets
|
9.6 | $0 | 0.51 (August 2022) | 99 | Highly Trusted | 12377 | ||
 TD Ameritrade
|
9.5 | $0 | 1.25 pips (September 2022) | 99 | Highly Trusted | 0 | ||
 FOREX.com
|
9.3 | $100 | 1.0 (July 2022) | 99 | Highly Trusted | 5500 |
Visit Site
|
|
 City Index
|
9.2 | £100.00 | 1.0 (July 2022) | 99 | Highly Trusted | 13500 | ||
 XTB
|
9 | $0 | 1.07 (Q3 2022) | 95 | Highly Trusted | 12000 | ||
 eToro
|
8.8 | $10-$10,000 | 1 (August 2021) | 93 | Highly Trusted | 3458 | ||
 Swissquote
|
8.7 | $1000 | N/A | 99 | Highly Trusted | 466 | ||
|
AvaTrade
|
8.6 | $100 | 0.91 (Aug 2020) | 93 | Highly Trusted | 1260 | ||
 FXCM
|
8.5 | Starts from $50 | 1.38 (Q2 2022) | 96 | Highly Trusted | 441 | ||
 Plus500
|
8.5 | €100 | 0.6 (as of Aug 2018) | 98 | Highly Trusted | 2800 | ||
|
Capital.com
|
8.4 | $20 | 0.6 (July 2021) | 77 | Average Risk | 6000 | ||
|
XM Group
|
8.4 | $5 | 1.6 (Aug 2020) | 90 | Trusted | 1372 | ||
 Pepperstone
|
8.4 | $200 | 0.77 (September 2022) | 93 | Highly Trusted | 1200 | ||
 OANDA
|
8.4 | $0 | 1.26 (5/22-5/27/22) | 92 | Highly Trusted | 124 | ||
|
Admiral Markets
|
8.3 | $100 | 0.8 (July 2021) | 87 | Trusted | 8425 | ||
 FP Markets
|
8.3 | $100 AUD | 1.2 (August 2022) | 86 | Trusted | 10000 | ||
 IC Markets
|
8.2 | $200 | 0.62 (August 2022) | 86 | Trusted | 3583 | ||
|
Markets.com
|
8.2 | $100 | 1.9 (as of Oct 2019) | 98 | Highly Trusted | 2179 | ||
 FxPro
|
8.1 | $100 | 1.51 (August 2020) | 90 | Highly Trusted | 2249 | ||
 Fineco Bank
|
7.9 | $0 | N/A | 92 | Highly Trusted | 126 | ||
|
Tickmill
|
7.9 | $100 | 0.51 (August 2022) | 82 | Trusted | 295 | ||
|
BlackBull Markets
|
7.9 | $0 | 0.827 (August 2022) | 74 | Average Risk | 26000 | ||
 DooPrime
|
7.8 | $100 | -1 | 84 | Trusted | 10000 | ||
 BDSwiss
|
7.8 | $100-$5000 (depending on account type) | 1.6 (08/10/22) | 83 | Trusted | 1081 | ||
 TMGM
|
7.8 | $100 | 0.96 (July 2021) | 79 | Average Risk | 12000 | ||
|
HFM
|
7.7 | $5 | 1.2 (August 2021) | 85 | Trusted | 3500 | ||
 FlowBank
|
7.7 | $0.00 | N/A | 77 | Average Risk | 408600 | ||
 HYCM (Henyep)
|
7.7 | $100 | 0.6 (Sept 2021) | 86 | Trusted | 245 | ||
 Vantage
|
7.7 | $50 | 1.22 (August 2021) | 83 | Trusted | 1000 | ||
 Trading 212
|
7.6 | EUR 10 | N/A | 77 | Average Risk | 1785 | ||
 Eightcap
|
7.6 | $100 | 1.0 (Aug 2022) | 87 | Trusted | 326 | ||
 Trade Nation
|
7.5 | $0 | 0.6 | 83 | Trusted | 601 | ||
 Moneta Markets
|
7.5 | $50 | 1.27 (September 2022) | 71 | Average Risk | 965 | ||
 ThinkMarkets
|
7.4 | $250.00 | N/A | 86 | Trusted | 1674 | ||
 VT Markets
|
7.4 | $200 | 1.2 (September 2021) | 71 | Average Risk | 168 | ||
 ACY Securities
|
7.4 | $50 | 1.2 (Sept 2021) | 75 | Average Risk | 1600 | ||
 easyMarkets
|
7.3 | $100 | 0.9 (as of Mar 2020) | 84 | Trusted | 199 | ||
 RoboForex (RoboMarkets)
|
7.3 | $100 | 1.4 (Jan 2022) | 69 | High Risk | 12000 | ||
 IronFX
|
7.2 | $50 | 1.2 | 84 | Trusted | 340 | ||
 Exness
|
7.2 | $1 | 0.9 (as of May 19) | 74 | Average Risk | 112 | ||
 Spreadex
|
7.2 | $0 | -1 | 70 | Average Risk | 2000 | ||
 Trade360
|
7.1 | $250 | N/A | 75 | Average Risk | 1062 | ||
 AxiTrader
|
7.1 | 0 | N/A | 83 | Trusted | 175 | ||
 GKFX
|
7.1 | $0 | N/A | 66 | High Risk | 354 | ||
 Vestle
|
7.1 | -1 | -1 | 79 | Average Risk | 750 | ||
 OctaFX
|
7 | $25 | 0.6 (August 2021) | 67 | High Risk | 80 | ||
 FXOpen
|
7 | $100 | N/A | 80 | Trusted | 87 | ||
 TeleTrade
|
7 | $100 | -1 | 67 | High Risk | 500 | ||
 FXPrimus
|
6.9 | $100 | N/A | 69 | High Risk | 140 | ||
 Forex4you
|
6.9 | $0 | -1 | 62 | High Risk | 150 | ||
 LegacyFX
|
6.9 | $500 | 0 | 75 | Average Risk | 425 | ||
 GBE brokers
|
6.8 | $500 | -1 | 69 | High Risk | 500 | ||
 Alpari
|
6.8 | $20 | N/A | 67 | High Risk | 105 | ||
 TopFX
|
6.7 | Depends on payment method | N/A | 67 | High Risk | 655 | ||
 Libertex (Forex Club)
|
6.7 | $10 | -1 | 72 | Average Risk | 300 | ||
 ATFX
|
6.6 | $500 | -1 | 70 | Average Risk | 150 | ||
 UFX
|
6.6 | $100 | 3 (Jan 2021) | 67 | High Risk | 619 | ||
 Xtrade
|
6.5 | $250 | -1 | 80 | Trusted | 142 | ||
 Tradeo
|
6.4 | $200 | -1 | 67 | High Risk | 256 |
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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.
About the Editorial Team
Marcus Taylor
BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.