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Intro and winners
To help you find the best forex brokers in India in 2022, we analyzed more than 100 online brokers globally, checked and compared their fees, currency pair selection, charting tools and educational materials. We have done all the work for you in comparing fees, safety and service quality. Now let's jump straight to the results.
Our top 5 picks for the best forex brokers in India in 2022:
- Saxo Bank is the winner, the best forex broker in India in 2022. Low forex fees. Great trading platform. Broad product portfolio.
- Fusion Markets takes second place. Low forex and CFD fees. Fast and easy account opening. Great customer service.
- CMC Markets comes third. Low forex fees. Great web and mobile platform. Advanced research and educational tools.
- Interactive Brokers is ranked fourth. Low trading fees. A wide range of products and many great research tools.
- Capital.com just made it to the list, taking the number five spot. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
Best forex brokers
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 | Info | Currency pairs | Minimum deposit | ||
|---|---|---|---|---|---|
| #1 | Saxo Bank | Danish investment bank | 190 | $2,000 | Visit broker |
| #2 | Fusion Markets | Australian forex broker | 89 | $0 |
Visit broker
74-89% of retail CFD accounts lose money |
| #3 | CMC Markets | Global CFD broker | 338 | $0 |
Visit broker
76% of retail CFD accounts lose money |
| #4 | Interactive Brokers | International broker providing all asset classes | 105 | $0 | Visit broker |
| #5 | Capital.com | Global CFD broker | 138 | $20 |
Visit broker
81.40% of retail CFD accounts lose money |
Best forex brokers
Is forex trading legal in India?
Forex trading is becoming increasingly popular in India. Although not without risks, foreign exchange (forex) trading is a great means to earn handsome profits by applying the right trading strategies.
Forex brokers and trading platforms that serve Indian citizens are regulated by the Securities and Exchange Board of India, or SEBI. The SEBI and the Reserve Bank of India (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 5 list are licensed to operate in India.
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Best forex brokers
Forex trading limitations in India
Under the Foreign Exchange Management Act (FEMA), the legal framework for forex trading set forth by the RBI, trading in foreign currencies is allowed in India with certain restrictions. Permitted forex transactions can be executed electronically and they should be undertaken only on authorized electronic trading platforms. The safest bet to avoid a scam is to open a forex trading account at one of the SEBI regulated forex brokers. The base currency being traded upon or the quote currency has to be the Indian Rupee (INR). You can trade EUR, GBP, USD and JPY against the Indian Rupee. In addition to INR-based currency pairs, the following can also be traded in India:
- GBP/USD
- EUR/USD
- USD/JPY
The global currency market is huge and highly liquid, meaning that there is a high number of buyers and sellers at all times. If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.
Best forex brokers
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 in 2022 for Indian citizens one by one, starting with the winner, Saxo Bank.
#1 Best forex broker
Saxo Bank
Saxo Bank, a Danish investment bank founded in 1992, is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA). Being regulated by top-tier financial authorities, having a long track record and a banking background are all good signs for Saxo Bank's safety.
Indian investors trading with Saxo Bank are not entitled to investor protection or negative balance protection.
Saxo Bank is recommended for investors and traders looking for a great trading platform and solid research tools.
| Saxo Bank snapshot | |
|---|---|
| Minimum deposit | $2,000 |
| Trading platforms | WebTrader, Mobile App, Desktop platform |
| Mobile app score | 5.0 stars |
| Inactivity fee | $150 per month after six months (180 days) of inactivity |
| Currency pairs | 190 |
| EUR/USD minimum spread from | 0.6 |
| EUR/USD margin rate from | 5% |
| Deposit methods | Bank transfer, credit/debit card |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Saxo Bank services, check out our review for 2022 |
Saxo Bank fees
Saxo Bank has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#2 Best forex broker
Fusion Markets
Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
Indian investors trade with Gleneagle Securities Pty Limited, a legal entity of Fusion Markets regulated by the Vanuatu Financial Services Commission (VFSC). Customers trading with this entity are not entitled to investor protection and negative balance protection.
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Trading platforms | WebTrader, Mobile App, MetaTrader4 desktop platform |
| Mobile app score | 3.8 stars |
| Inactivity fee | Not charged |
| Currency pairs | 89 |
| EUR/USD minimum spread from | 0 |
| EUR/USD margin rate from | 1.1% |
| Deposit methods | Bank transfer, credit/debit card, electronic wallets |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2022 |
Fusion Markets fees
Fusion Markets has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#3 Best forex broker
CMC Markets
CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier German regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). The company is also listed on the London Stock Exchange, which adds an additional layer of regulatory scrutiny.
Indian investors trade with the BaFin-regulated legal entity of CMC Markets. As a result of regulatory limits, CMC Markets imposes a leverage limit of 30:1 for forex trading for clients in India.
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Trading platforms | WebTrader, Mobile App, MetaTrader4 for desktop |
| Mobile app score | 5.0 stars |
| Inactivity fee | $10 per month after one year of inactivity |
| Currency pairs | 338 |
| INR/USD minimum spread from | 6.0 |
| INR/USD margin rate from | 5% |
| Deposit methods | Bank transfer, credit/debit card, Paypal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2022 |
CMC Markets fees
CMC Markets has low fees when it comes to trading forex. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#4 Best forex broker
Interactive Brokers
Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC), and is considered safe.
Indian investors trade with Interactive Brokers India, a legal entity of IB regulated by the Securities and Exchange Board of India (BSE). Indian residents are not entitled to investor protection.
| Interactive Brokers snapshot | |
|---|---|
| Minimum deposit | $0 |
| Trading platforms | WebTrader, Mobile App, Desktop platform |
| Mobile app score | 3.5 stars |
| Inactivity fee | Not charged |
| Currency pairs | 105 |
| EUR/USD average spread | 0.2 |
| EUR/USD margin rate | 1.6% |
| Deposit methods | Bank transfer |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Interactive Brokers services, check out our review for 2022 |
Interactive Brokers fees
Interactive Brokers has average fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#5 Best forex broker
Capital.com
Capital.com is a global CFD broker founded in 2016. Its legal entities are regulated by the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).
Indian investors are served by Capital Com Live Stock Investing Limited, a legal entity of Capital.com regulated by the Financial Services Authority of Seychelles (FSA). Customers trading with this entity are not entitled to investor protection, however, Capital.com provides negative balance protection to all its customers.
| Capital.com snapshot | |
|---|---|
| Minimum deposit | $20 |
| Trading platforms | WebTrader, Mobile App, Desktop platform |
| Mobile app score | 4.9 stars |
| Inactivity fee | $15 per month after one year of inactivity |
| Currency pairs | 138 |
| EUR/USD minimum spread from | 1.0 |
| EUR/USD margin rate from | 2% |
| Deposit methods | Bank transfer, credit/debit card, Paypal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Capital.com services, check out our review for 2022 |
Capital.com fees
Capital.com has low fees when it comes to buying and selling currency pairs. To have a clear picture of forex trading fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| Saxo Bank | Fusion Markets | CMC Markets | Interactive Brokers | Capital.com | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $7.1 | $5.2 | $8.8 | $10.4 | $8.7 |
| GBPUSD benchmark fee | $5.5 | $3.2 | $5.8 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.7 | $2.5 | $8.2 | $7.9 | $6.1 |
| EURCHF spread | 1.4 | 0.6 | 2.5 | 0.4 | 2.2 |
| EURGBP benchmark fee | $8.7 | $5.7 | $10.2 | $10.7 | $10.9 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Best forex brokers
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 5 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.
Save hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you.
Does Zerodha support forex?
At Zerodha, you can trade currencies in the form of futures. The lineup of available currency pairs at Zerodha is 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.
Use our in-depth broker comparison table to see how Zerodha compares to similar brokers.
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.
