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Best India Forex Brokers for 2020

Based in India and wish to trade forex online? If so, read our guide to find out the best India forex brokers of 2020.
Modi India
Modi India

Are you based in India and wish to trade forex online? The laws are somewhat restrictive for Indians, not least because you are limited to Ruppe (INR) denominated currencies. However, these restrictions are only applicable to brokers based in the domestic market, which is why so many leading forex brokers overseas accept Indian traders.

In this article, we discuss the best five India forex brokers currently active in the market. We cover the ins and outs of what you need to look out for when choosing a broker – such as fees, regulation, spreads, commissions, tradable currencies, leverage, and more.

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    Our Recommended India Forex Platform

    Looking to get started with an India forex broker right now? If so, we would suggest checking out the best trading platform listed below. We have hand-picked the forex trading site in question, not least because it offers commission-free trading, competitive spreads, heaps of everyday payment methods, and top-notch customer support. All you need to do is click on the link below and open an account, and you’ll be placing your first forex order in less than 10 minutes!

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • Millions of Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    Top Indian Forex Brokers

    Below we have listed our top five Indian forex broker picks of 2020. We would suggest reading through our all of the brokers listed to ensure you find one that best meets your needs. For example, while some brokers are great for offering low spreads and competitive commissions, others excel by offering e-wallet deposits and lots of tradable currencies.

    Note: None of the brokers listed below offer accounts in Indian rupees – which is industry-standard. Instead, everything will be denominated in US dollars. This includes your deposits and withdrawals, fees, commissions, and profits!

    eToro - Forex Broker with $200 Minimum Deposit

    eToro is our top Indian forex broker pick for a number of reasons. First and foremost, the platform is perfect for beginners. Not only can you open an account in a matter of minutes, but the platform accepts heaps of payment methods. This includes debit/credit cards, bank transfers, and even e-wallets like Skrill and Paypal.

    Moreover, eToro offers an innovative Copy Trading feature that allows you to mirror the forex trades of other investors at the site. In the trading department itself, the broker offers dozens of currencies across the majors, minors, and exotics - as well as thousands of other financial instruments. This includes stocks, cryptocurrencies and CFD products. Regardless of what you are trading, eToro does not charge any trading commissions.

    You will, however, need to pay a fee indirectly via the spread. You won't pay any fees to deposit funds, and withdrawals are charged at just $5 per cashout. The platform doesn't offer hallmark trading software platforms like MT4 or MT5. Instead, eToro utilizes its own user-friendly platform. Finally, the broker also offers a demo account for those of you that wish t start with paper money!

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    Our Rating

    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    75% of retail investors lose money when trading CFDs with this provider

    2. - Trusted Broker That Specializes Exclusively in Forex is a US-based broker that holds heaps of regulatory licenses. On top of the NFA in the US, this also includes regulators in the UK, Australia, Japan, Canada, Hong Kong, Singapore, and the Cayman Islands.

    As such, the safety of your funds is a top priority for As the name suggests, the broker specializes exclusively in forex trading, so you won't be able to invest in other assets like stocks or CFDs. Nevertheless, you'll have access to more than 80 pairs at, which is huge. In terms of fees, you'll pay a minimum spread of 1.2 pips on the majors - and more on minors/exotics. There are no fees to deposit funds, and you can get started from just $50.

    You will, however, need to pay a $40 withdrawal fee if cashing out to a non-US bank account. For those of you looking to trade via MT4, this is fully supported by Moreover, the platform has a highly extensive research department that allows you to keep tabs on key market developments.

    Assets: Forex

    Demo Account: Yes

    Educational Material: Highly extensive forex research department and technical indicator tools

    Fees: 1.2 pips on major pairs, $40 wire withdrawal fee, $15 monthly inactivity fee

    Minimum deposit: $50

    MT4/MT5: MT4

    Regulation: Regulated by authorities in the US, UK, Australia, Japan, Canada, Hong Kong, Singapore, Cayman Islands

    Payment methods: Credit/debit card, Bank wire


    • Spreads from just 1.2 pips
    • Regulated by US bodies
    • More than 80 pairs
    • $40 wire withdrawal fee
    • $15 monthly inactivity fee

    3. FXTM - Regulated Forex Broker with Heaps of Payment Methods

    We often come across India forex brokers that tick all of the right boxes - until it comes to the payment department. In other words, although the platform might offer industry-leading spreads and low commissions, it might only offer an international bank wire as a supported payment method. With that said, FXTM is well worth considering if you want more flexibility with getting money in and out of a forex broker.

    You'll get to choose from a debit or credit card (Visa and MasterCard), e-wallet (Skrill and Neteller), Bitcoin, or a bank transfer. In terms of account minimums, this depends on the specific account type that you decide to open. For example, if you think that you'll be trading large volumes, an ECN account requires a minimum deposit of $500. On the flip side, this account type will get you access to spreads of just 0.6 pips.

    There are no fees to deposit, and e-wallet withdrawals come at no cost. When it comes to regulation, FXTM holds licenses with South Africa's FCSA and CySEC in Cyprus. We also like FXTM for its top-notch research department - which is tailored to both newbie traders and seasoned investors. This includes educational videos, expert analysis, and even step-by-step tutorials.

    Assets: Forex, cryptocurrencies, indices, commodities, CFD stocks

    Demo Account: Yes

    Educational Material: Educational videos, step-by-step trading tutorials, frequent analysis publications

    Fees: Major spreads of 0.6 pips via ECN account, €30 withdrawal fee for non-EU bank wires, free e-wallet withdrawals

    Regulation: Licensed by FCSA and CySEC - Registered with FCA, BaFin, CONSOB, and more.

    Minimum deposit: $500 on ECN accounts

    MT4/MT5: Both

    Payment methods: Credit/debit cards, Bank wire, Skrill, Neteller, Cryptocurrencies

    Our rating

    • Spreads from 0.6 pips
    • Supports e-wallets
    • Reguated by FCA and CySEC
    • Fees charged on most withdrawal options

    4. AVATrade - Regulated Forex Broker with Spreads Starting at 0.9 Pips

    AVATrade is an online forex broker that ticks a lot of boxes for Indian traders. Firstly, the platform offers spreads of just 0.9 pips on a number of its major pairs. Minors and exotics cost more, but generally, they're still competitive. Moreover, if you want to diversify by trading indices like the S&P 500, spreads cost just 0.5 pips.

    Secondly, we like AVATrade because of its strong commitment to client safety. Crucially, the platform holds heaps of regulatory licenses. This includes regulators in Japan, Ireland, South Africa, and the BVI. In order to get started at AVATrade you'll need to deposit at least $100, and setting up an account takes just minutes.

    Supported payment methods include a debit/credit card or a bank wire - meaning you're out of luck if you want to use an e-wallet. Nevertheless, a further benefit of using AVATrade is that it supports both MT4 and MT5 - which are two of the most utilized trading software platforms in the online forex space.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported

    5. IG - Some of the Lowest Spreads in Forex

    If your main priority is keeping your trading costs to a minimum, then you'll find it difficult to locate a more competitively priced broker than IG. This is because you can trade major currency pairs like EUR/USD at a spread of just 0.6 pips. EUR/GBP and GBP/USD are also competitive at 0.9 pips.

    Take note, you'll need to be trading during standard market hours to obtain these minimums. In even better news, IG does not charge any trading commissions, so it's only the spread that you need to keep an eye on. Nevertheless, the hallmark brokerage firm - which was launched way back in 1974, offers heaps of tradable currencies. This includes all majors and minors, and a good number of exotics.

    If you're looking to trade instruments other than just forex, IG lists thousands of CFD products. When it comes to funding, you'll need to deposit at least $300 at IG. The broker supports bank wires and debit/credit cards. You will need to pay a 1% fee if using Visa, and 0.5% with MasterCard. Finally, IG is heavily regulated, with notable licenses including the FCA, MAS, BaFin, and ASIC.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Regulated by heaps of notable licensing bodies
    • Highly customizable and easy to use trading platforms
    • Advanced charting features and tools such as the alert system for specific indicators and sentiment readings
    • Spreads much higher outside of standard trading hours
    • No e-wallet support

    How to Choose a Forex Broker in India

    We always suggest taking the time to research a broker on a DIY basis to ensure that it meets your needs. In doing so, you stand the best chance possible of choosing an Indian forex broker that mirrors your long-term investment goals. As such, we would suggest reviewing the following metrics before signing up with a new platform.

    • Licensing

    At the forefront of your search should be the broker’s regulatory standing. As you’ll see from the top five brokers we have recommended on this page – they all hold heaps of tier-one licenses. This should include leading bodies like the UK’s FCA, CySEC in Cyprus, and ASIC in Australia. If your chosen broker isn’t regulated – or it holds a license from a suspect issuer – this should be a major red flag.

    • Forex Pairs

    You should also explore the broker’s site to assess what forex pairs it allows you to trade. India forex brokers typically support all major pairs like EUR/USD and GBP/USD, as well as heaps of minors. With that said, if you want to trade the Indian rupee against currencies like the USD or CAD, you’ll need to check this before signing up, not least because INR is classed as an exotic.

    • Payment Methods

    Have you thought about the specific payment method that you wish to use to fund your brokerage account? For example, if you’re looking to deposit funds with an e-wallet, you should check to see whether the broker supports this prior to opening an account. You should also check to see what deposit and withdrawal fees are in place.

    • Spreads and Commissions

    Spreads and commissions will dictate how much you are charged to trade at an Indian forex broker. The spread is the difference between the buy and sell price of a forex pair, and it’s a fee that you pay indirectly. Some of the brokers listed on this page offer spreads from just 0.6 pips on major pairs, which is very competitive.

    On top of the spread, you also need to assess whether or not a trading commission is charged. Not all brokers charge commissions, but if they do, this is based on a variable model. For example, if the broker charges 0.1% and the size of your trade is $400, you’ll pay a fee of $0.40.

    • Trading Tools and Research

    Trading tools such as technical indicators allow you to analyze the historical price of a forex pair, and whether any trends are formulating in the markets. As such, choose a platform that offers heaps of advanced charting tools. You should also assess whether the broker offers fundamental news is real-time, as well as handy educational tools like webinars and videos.

    • Customer Support

    Check to see what customer support channels the India forex broker offers. Key channels include telephone support, email, and live chat. It’s also important to check what times the customer service team operates to ensure it mirrors your local timezone.

    Leverage at India Forex Brokers

    Due to the grey area surrounding Indian-based forex brokers, the amount of leverage that you are able to obtain will be determined by the broker itself. As such, there are no caps per-say to make you aware of. With that being said, just because your chosen forex broker offers leverage of 100:1, this isn’t to say that you will be able to get this much.

    On the contrary, the broker will ask you a range of questions when you open an account to determine how much experience and knowledge you have in online trading. Crucially, you need to understand the risks of applying leverage to your trades, not least because you could lose your entire account balance in a single trade.


    In summary, you should know have the required tools to find an India forex broker that best meets your needs. The most important metric that you need to look out for is regulation, as this will ensure your funds are kept safe at all times. After that, you then need to look at other metrics, such as fees, spreads, customer support, and payment methods.

    If you don’t have time to research a broker yourself, then it might be worth considering one of the five India forex brokers that we discussed in this guide. Each broker has been independently tested to ensure it offers our readers a top-notch trading experience.

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • Millions of Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.


    Are India forex brokers safe?

    This depends on whether or not your chosen forex broker is regulated. We prefer India forex brokers that are regulated by leading bodies like the FCA, CySEC, MAS, and ASIC.

    What leverage limits do India forex brokers offer?

    If you're based in India and trading forex online, then you'll all-but-certainly be using an overseas broker. As such, the specific leverage limits will be determined by the platform you sign up with.

    Do India forex brokers support INR?

    The Indian rupee - or simply 'INR', is an exotic currency pair. Nevertheless, a number of brokers will allow you to trade it against major currencies like the USD, GBP and EUR.

    What is the minimum deposit amount at India forex brokers?

    This will vary from broker-to-broker. While some brokers have no minimum deposits per-say, other ask for $500 or more.

    What payment methods do India forex brokers support?

    Most brokers support a bank wire or debit/credit card - across both Visa and MasterCard. Some brokers will also support e-wallets like Paypal or Neteller.

    Forex brokers by country


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