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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

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

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
    • 30 Million 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
    eToro exchange
    Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

    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

    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
    • 30 Million 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
    eToro exchange
    Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.


    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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