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Intro and winners
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 minimum deposit requirements,
- Opened an account and tested the platform (charting, features, usability, customer service) with real money.
Top 5 best forex brokers in India in 2023:
- Fusion Markets is the best forex broker in India in 2023. - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- CMC Markets - Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
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 | FX commission per lot | Currency pairs | Forex fee class | |
|---|---|---|---|---|
| #1 | Fusion Markets | $2.25 commission per lot per trade | 85 | Low |
| #2 | IC Markets | $3.50 commission per lot per trade | 61 | Low |
| #3 | Tickmill | $2.00 commission per lot per trade | 62 | Low |
| #4 | CMC Markets | No commission is charged | 338 | Low |
| #5 | Axi | $3.50 commission per lot per trade | 76 | Low |
Best forex brokers
Fee comparison of the best forex brokers in India
See the spreads charged by these online brokers for the most popular currency pairs.
| Fusion Markets | IC Markets | Tickmill | CMC Markets | Axi | |
|---|---|---|---|---|---|
| EURUSD spread | 0.0 | 0.0 | 0.2 | 0.7 | 0.1 |
| GBPUSD spread | 0.2 | 0.0 | 0.5 | 0.9 | 0.1 |
| AUDUSD spread | 0.0 | 0.0 | 0.1 | 0.7 | 0.4 |
| EURCHF spread | 0.6 | 0.0 | 0.9 | 2.5 | 0.4 |
| EURGBP spread | 0.3 | 0.0 | 0.4 | 1.1 | 0.4 |
Best forex brokers
Non-trading fees at the best forex brokers in India
| Fusion Markets | IC Markets | Tickmill | CMC Markets | Axi | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
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 list are licensed to operate in India.
Best forex brokers
Forex trading limitations in India
Forex trading in legal in India bt it comes with a set of restrictions and strict rules. For a full rundown of what you need to know if you want to trade currencies in India, read our guide to FX trading rules in India.
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.
Best forex brokers
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And now, let's see the top forex brokers in for Indian residents one by one, starting with the winner, Fusion Markets.
#1 Best forex broker
Fusion Markets
Fusion Markets is based in Australia. It was founded in 2010 and it is regulated by the Australian Securities and Investments Commission (ASIC) as well as the Vanuatu Financial Services Commission (VFSC).
Indian investors trading with Fusion Markets are served by the broker's VFSC-regulated entity.
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 85 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2023 |
#2 Best forex broker
IC Markets
IC Markets is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).
Indian investors trade with a legal entity of IC Markets regulated by the FSA. Customers trading with this entity are entitled to negative balance protection.
| IC Markets snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 61 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2023 |
#3 Best forex broker
Tickmill
Tickmill is regulated by several financial authorities, including the UK's Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Authority of Seychelles, the South African Financial Sector Conduct Authority (FSCA) and the Financial Services Authority of Labuan Malaysia (LFSA).
Indian investors trade with the Labuan Financial Services Authority (Labuan FSA)-regulated legal entity of Tickmill. The broker provides negative balance protection to all retail customers.
| Tickmill snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 62 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Tickmill services, check out our review for 2023 |
#4 Best forex broker
CMC Markets
CMC Markets is regulated by a number of financial authorities globally, including the UK's Financial Conduct Authority (FCA), Germany's Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the Australian Securities and Investment Commission (ASIC) as well as the Monetary Authority of Singapore (MAS).
Indian investors trade with a legal entity regulated by the FCA. Indian residents are entitled to investor protection of £85,000.
| CMC Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 5.0 stars |
| Inactivity fee | Yes |
| Currency pairs | 338 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of CMC Markets services, check out our review for 2023 |
#5 Best forex broker
Axi
Axi (previously known as AxiTrader) is an Australian forex broker founded in 2007. The new Axi brand was launched in 2020. Axi is regulated by multiple financial authorities worldwide, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).
Indian investors are served by AxiTrader Limited, a legal entity of Axi regulated by the Financial Service Authority of St. Vincent and the Grenadines (FSA). Customers trading with this entity are not entitled to investor protection or negative balance protection.
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | Yes |
| Currency pairs | 76 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Axi services, check out our review for 2023 |
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.
