Intro and winners
Find below the strengths of the best forex brokers available in India, updated for 2024:
- Fusion Markets is the best forex broker in India in 2024 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
- CMC Markets - Immense number of currency pairs. Low withdrawal fee. FX spreads are competitive.
- Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.
- FP Markets - Decent currency pair selection. Great mobile trading platform. Outstanding education tools.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- MultiBank - Comptetitive EUR/USD trading fees. Excellent customer service. Social trading available.
- TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
- GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
Comparison of top forex brokers and trading platforms in India in 2022
While many forex brokers catering to clients in India offer an excellent service, the ones in our toplist go the extra mile. These international brokers and trading platforms are suitable for beginners and experienced traders alike.
| Broker | FX commission per lot | Currency pairs (#) |
|---|---|---|
| Fusion Markets | $2.25 commission per lot per trade | 90 |
| Global Prime | $3.50 commission per lot per trade | 56 |
| Pepperstone | $3.50 commission per lot per trade | 97 |
| CMC Markets | No commission is charged | 330 |
| Moneta Markets | $3.00 commission per lot per trade | 45 |
| FP Markets | $3.00 commission per lot per trade | 70 |
| Axi | $3.50 commission per lot per trade | 86 |
| MultiBank | $3.00 commission per lot per trade | 55 |
| TMGM | $3.50 commission per lot per trade | 60 |
| GO Markets | €2.00 commission per lot per trade | 50 |
Popularity of the best forex brokers in India
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
Fee comparison of the best forex brokers in India
See the spreads charged by these online brokers for the most popular currency pairs.
| Broker | EURUSD spread | GBPUSD spread |
|---|---|---|
| Fusion Markets | 0.0 | 0.0 |
| Global Prime | 0.1 | 0.2 |
| Pepperstone | 0.1 | 0.2 |
| CMC Markets | 0.5 | 0.9 |
| Moneta Markets | 0.2 | 0.2 |
| FP Markets | 0.1 | 0.5 |
| Axi | 0.2 | 0.6 |
| MultiBank | 0.6 | 0.6 |
| TMGM | 0.1 | 0.2 |
| GO Markets | 0.2 | 0.4 |
Non-trading fees at the best forex brokers in India
| Broker | Withdrawal fee | Inactivity fee |
|---|---|---|
| Fusion Markets | $0 | |
| Global Prime | $0 | |
| Pepperstone | $0 | |
| CMC Markets | $0 | |
| Moneta Markets | $0 | |
| FP Markets | $0 | |
| Axi | $0 | |
| MultiBank | $0 | |
| TMGM | $0 | |
| GO Markets | $0 |
Is forex trading legal in India?
Forex trading in India is legal, however, with a number of restrictions. The Indian forex market is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
Indian citizens are allowed to trade foreign currencies by opening an account with brokers authorized and regulated by SEBI.
All the forex brokers featured in BrokerChooser’s toplist are licensed to operate in India and you can rest assured that they are required to abide by the restrictions that are in place.
Forex trading limitations in India
Forex trading also can only be conducted on official exchanges, such as the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Multi Commodity Exchange Stock Exchange (MCX-SX).
Foreign currencies can only be traded through currency derivatives, such as futures and options. The available currency pairs are also limited. Indian forex traders can only buy and sell the Indian rupee against four major currencies: EUR, GBP, USD and JPY. In addition, some major currency crosses – GBP/USD, EUR/USD, USD/JPY – are also allowed for trading.
Permitted currency transactions can be executed electronically but only on authorized electronic trading platforms.
For an overview of all the rules and regulations that apply if you want to trade currencies in India, read BrokerChooser's guide to FX trading rules in India.
How to start forex trading in India
The forex market is the largest financial market in the world with a daily turnover of about $7.5 trillion, attracting millions of traders from across the globe. Forex trading is becoming a popular way of earning extra income in India, as well.
If you are new to forex trading, tread carefully as it is complex and not without risks. As a beginner, your best bet is to start by learning the basics and then try your hand at it with a demo account, without risking your own capital. To give you a starting point, the forex team at BrokerChooswer put together a forex education section. To stay within the legal boundaries as discussed above, Indian citizens can start trading forex by opening an account with brokers licensed by the SEBI.
To stay within the legal boundaries discussed above, Indian citizens can start trading forex by opening an account with brokers licensed by the SEBI.
Once you know the basics of forex trading, found a reliable broker licensed to operate in India and practiced trading with a demo account, you can place your first forex trades. Remember to start with small amounts, as the inherent risks in forex are very high.
How to choose the best forex brokers and trading platforms in India
An excellent overall service level is required to make it to the BrokerChooser list of best brokers in any category. In addition, all service providers included in our list are reliable brokers. When it comes to forex trading and forex brokers, some criteria weigh more heavily in our methodology.
The most important selection criteria for best forex broker in India are:
- First of all, fair forex fees.
- A wide selection of currency pairs.
- A great trading platform with advanced charting.
- Educational tools to guide you through the basics of trading.
And now, let's see the top forex brokers for Indian residents one by one, starting with the winner, Fusion Markets.
Visit broker
74-89% of retail CFD accounts lose money
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 90 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2024 |
Visit broker
74-89% of retail CFD accounts lose money
| Global Prime snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 56 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Global Prime services, check out our review for 2024 |
Visit broker
75.2% of retail CFD accounts lose money
| Pepperstone snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 97 |
| Deposit methods | Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay, MPESA+FaceID |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Pepperstone services, check out our review for 2024 |
Visit broker
71% of retail CFD accounts lose money
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Inactivity fee | Yes |
| Currency pairs | 330 |
| Deposit methods | Bank transfer, Credit/debit cards |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2024 |
Visit broker
74-89% of retail CFD accounts lose money
| Moneta Markets snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 4.3 stars |
| Inactivity fee | No |
| Currency pairs | 45 |
| Deposit methods | Bank transfer, Credit/debit cards, Fasapay, JCB, SticPay, UnionPay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Moneta Markets services, check out our review for 2024 |
Visit broker
72.5% of retail CFD accounts lose money
| FP Markets snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 70 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, PayPal, Asia Banks, Sticpay, fasapay, Virtual Pay, Rupee Payments, Rapyd, Perfect Money, pagsmile, Cryptocurrency Solution, Crypto (finrax), mybux, ypay, Apple Pay, Google Pay, B2Binpay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of FP Markets services, check out our review for 2024 |
Visit broker
76.3% of retail CFD accounts lose money
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | Yes |
| Currency pairs | 86 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Union Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Axi services, check out our review for 2024 |
Visit broker
74-89% of retail CFD accounts lose money
| MultiBank snapshot | |
|---|---|
| Minimum deposit | $50 |
| Mobile app score | 4.3 stars |
| Inactivity fee | Yes |
| Currency pairs | 55 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Swift, pagsmile, my Fatoorah, Plus wallets, Thai QR payment, PayTrust, Pay Retailers, korapay, PaymentAsia, Boletol, pix, SPE, Praxis, GCash, dragonpay, Gobe pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of MultiBank services, check out our review for 2024 |
Visit broker
80.26% of retail CFD accounts lose money
| TMGM snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Inactivity fee | Yes |
| Currency pairs | 60 |
| Deposit methods | Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of TMGM services, check out our review for 2024 |
Visit broker
62% of retail CFD accounts lose money
| GO Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 50 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Bpay, PayID, dotpay, checkout, Worldpay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of GO Markets services, check out our review for 2024 |
Didn't find the best broker for you?
Answer a few questions and get a personalized broker list!
Get a personalized broker recommendation
Where do you live?
How did BrokerChooser select the best FX brokers in India?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fee, commission),
- Compared the number of currency pairs,
- Checked order routing and research,
- Opened an account and tested the platform (charting, features, usability, customer service).
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.
FAQ
Are there any legal forex brokers in India?
Forex trading has regulatory limitations in India imposed by the Reserve Bank of India (RBI). Forex brokers and trading platforms allowed to serve Indian investors are regulated by the Securities and Exchange Board of India, or SEBI. The SEBI and RBI are responsible for issuing licenses to these brokers and ensuring that their activities comply with existing regulations. All the forex brokers featured in our top list are licensed to operate in India. In order to avoid scams, make sure that your broker is regulated either by Indian authorities or at least one top-tier regulator such as the FCA in the UK or BaFin in Germany.
Where can I trade forex in India?
You can trade forex in India with exchanges such as the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Multi Commodity Exchange Stock Exchange (MCX-SX).
You will have to open an account with a regulated broker and gain access to a trading platform and licensed forex trading products. Many international brokers accept clients from India and have account structures tailored to the country's legal requirements.
Does Zerodha offer forex trading?
Zerodha is the largest securities broker in India. It offers a wide range of instruments for trading including stocks and forex pairs. It’s a discount broker offering very low fees.
You can trade currencies at Zerodha in the form of derivatives, such as futures and options available on the NSE and BSE exchanges. You will have to enable the ‘currency trading’ segment within your account.
The available currency pairs at Zerodha are the following: EURINR, USDINR, JPYINR, GBPINR. Zerodha has super low currency futures fees. There is exceptionally transparent information on fees on the website of Zerodha, supplemented by an easy-to-use fee calculator.
Is trading forex legal in India?
Currency trading in India is not fully legal. The country's regulator imposed certain restrictions on trading forex. Permitted forex transactions can be executed electronically and they should be undertaken only on authorized electronic trading platforms. Investors can trade the Indian rupee (INR) against the EUR, GBP, USD and JPY as well as some major currency crosses. These are: GBP/USD, EUR/USD, USD/JPY.
What are derivatives in forex trading?
In India forex traders are only allowed to buy and sell a limited number of currency pairs and in the form of derivatives, such as futures and options. The transactions must be done on an official exchange.
Forex futures are standardized contracts to buy or sell a currency pair at a predetermined date, time, and contract size. These contracts are traded on futures exchanges. A forex option is a contract that gives the buyer the right to buy or sell a currency pair at a specified exchange rate on or before a specified date without being obliged to do so.
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.
