Forex Trading and Currency trading is trending in India. Full time traders are earning great profits with just a few hours of trading. It’s also a great way to earn a side income or extra profit with your current income.
The user needs to know the market and trading strategies to become a successful forex trader. A beginner must gain knowledge about forex trading.
It is a massive financial market with high liquidity and low-margin requirements. Reading the laws and regulations created for forex traders in India is highly recommended.
Once you are sure that you have a brief idea about trading in the forex markets, the next important step is to choose a goo broker.
The Top Forex Brokers in India are generally safe and reliable. Here is a list of some of the Safest forex brokers in India.
The Securities and Exchange Board of India regulates the companies and shares held by them. SEBI is responsible for issuing licenses to Forex brokers.
NOTE: Please keep in mind that this article is written according to the information available on the internet. OTI Blog does not have any experience with these brokers, nor are we recommending/endorsing any particular ones. Users are advised to do their own market research before investing with any of the below mentioned FX Brokers in India.
Keeping that in mind, following are the top 10 Forex Brokers in India:
1. XM Global
XM Global is the best Forex Broker In India.
It is regulated by SEBI in India and by the International Financial Service Commission.
XM deals with more than 200 countries and has around 2.5 million traders from all over the globe. It has various tools like currency pairs, stocks, commodities, metals, indices and energies.
The user can trade in platforms like MetaTrader 4 and 5, which runs on various operating systems and the web.
In addition, one can start a micro account for a deposit of $5 or get a demo account with a $10000 virtual balance.
| Founded in | 2009 |
| Number of Instruments | 1000+ |
| Payment Methods | Credit card, Debit card, Neteller, Skrill, UnionPay, Web money, and Bank Wire |
| Platform Available | MT4 & 5 |
| Minimum Deposit Amount | $5 |
| Official Website | Click here |
2. IForex
IForex is one of the highly rated Forex Brokers in India by traders and financial institutions in India.
They are regulated and registered by SEBI and the British Virginia Islands Financial Services.
IForex offers various instruments like currency pairs, Crypto, indices, commodities, ETFs and shares to trade. It is a web-based and mobile-based platform. It is a beginner-friendly broker with strategies, markets and charts available to trade. The initial deposit is $100.
| Founded in | 1996 |
| Number of Instruments | 750+ |
| Payment Methods | Credit card, Debit card, Neteller, Skrill, and Bank Wire |
| Platform Available | MT4 & 5 |
| Minimum Deposit Amount | $5 |
| Official Website | Click here |
3. Alpari
It has been in the business for over two years and has been serving more than 2 million traders worldwide. The platform is based in Mauritius and regulated under the Mauritius Financial Law. Beginners can learn quickly from this particular platform. There are virtual accounts available for practice. It offers both MetaTrader 4 and 5 to trade at ease.
A micro account is for $5, which increases with another type of account.
| Founded in | 1998 |
| Number of Instruments | 700+ |
| Payment Methods | Credit card, Debit card, Perfect Money, Neteller, Skrill, and Bank Wire |
| Platform Available | MT5 |
| Minimum Deposit Amount | $100 |
| Official Website | Click here |
4. Olymp Trade
Olymp Trade has received good traction from audiences and users all over its platform. It is a member of the International Financial Commission and is registered under SEBI.
The platform is relatively easy to trade, has a smooth interface that can be easily understood, and is beginner-friendly.
The users can learn the tips and tricks to trade better by using the practice account. With a leverage of up to 500 times, the user can trade in stocks, indices, commodities, ETFs, crypto assets and currencies.
In addition, this platform offers Fixed Time Trading where you can easily predict exchange rates giving you up to 90% of your order amount.
| Founded in | 2014 |
| Number of Instruments | 750+ |
| Payment Methods | Credit card, Debit card, Neteller, Skrill, and Bank Wire |
| Platform Available | MT5 |
| Minimum Deposit Amount | $100 |
| Official Website | Click here |
5. FXTM
FXTM is a foreign brand that belongs to Forex time limited and comes under the Cyprus Securities Exchange Commission, UK and financial sector conduct in the UK.
Once you sign up with their official account, your journey begins. If you are a beginner, you can start with a minimum deposit of $10 and begin trading.
One can learn new strategies, and the platform contains indicators and charts that can be applied to the trading account. The user can trade in CFDs, stocks, currency pairs, metals and Cryptocurrencies.
There are various platforms available across different operating systems.
| Founded in | 2013 |
| Number of Instruments | 1000+ |
| Payment Methods | Credit card, Debit card, Neteller, Skrill, and Bank Wire |
| Platform Available | Own Platform |
| Minimum Deposit Amount | $10 |
| Official Website | Click here |
6. Forex.com
Forex.com is the number one platform in the US and leads the forex trading broker in numerous countries. In India, it is regulated by SEBI. To open a new account, the user requires a minimum deposit of $250 which enables the user to begin trading. The user can start with micro amounts, and it offers MetaTrader 4 and MetaTrader five platforms with different versions for desktop and mobile. The leverage ratio is 50: 1 which can be a good start for beginners in forex trading. You can trade in different stocks, securities and currency pairs and CFDs.
| Founded in | 2001 |
| Number Of Instruments | 5500+ |
| Payment Methods | Credit or Debit Card · Wire Transfer |
| Platform Available | MT4 and 5 |
| Minimum Deposit Amount | 100 |
| Official Website | Click Here |
7. OctaFX
OctaFX is a very easy-to-use trading platform. It contains different features for both beginners and experts. It is regulated under SEBI in India and is considered one of the most popular forex trading platforms in India. Many top investors and financial experts use it. The user can easily trade CFDs, currency pairs, metals, indices, cryptocurrencies, commodities and stocks. One can open a trading account with a minimum deposit of $ 20. For deposit and withdrawal, various payment options are available, like Skrill and Paytm. The platform is available in multiple languages.
| Founded in | 2012 |
| Number Of Instruments | 80 |
| Payment Methods | Paypal, Credit, Debit card, Skrill |
| Platform Available | MT4 and 5 on IOS, Android |
| Minimum Deposit Amount | $25 |
| Official Website | Click Here |
8. ROInvesting
ROInvesting trading platform uses novel trading techniques. With more than 30 analytical instruments, it has multiple chart windows for benefiting customers.
It contains numerous video tutorials and ebooks, which are helpful for both beginners and professionals.
ROInvesting also uses data encryption technology which assures that all transactions are safe. Furthermore, it has a cross-platform functionality and can be used on tablets, mobile devices and desktops. Customer service is available 24 by seven except on weekends.
| Founded in | 2017 |
| Number Of Instruments | 250 |
| Payment Methods | Debit, Credit Card, Paypal, Bank Wire |
| Platform Available | Android, IOS App |
| Minimum Deposit Amount | $250 |
| Official Website | Click Here |
HotForex
HotForex is one of the most popular Forex brokers in India. It provides a wide range of assets, including currency pairs, stocks, indices, commodities, Crypto, and ETF. HotForex has a mobile and desktop app that allows users to trade.
It also has many features which are of great help, like experience points for active traders, a profit line tool, and payment and withdrawal through multiple methods, including UPI. It’s on Android, IOS and Windows OS apps.
| Founded in | 2010 |
| Number Of Instruments | 1000+ |
| Payment Methods | Bank Wire Transfer, Debit and Credit Card |
| Platform Available | MT4, MT5 and Webtrader |
| Minimum Deposit Amount | $5 to $250 |
| Official Website | Click Here |
FBS
FBS is an international broker used by numerous experts and top traders worldwide. It operates in more than 190 countries and has more than 14 million traders. It is compatible with IOS, Android, Mac Os, Windows and other desktop applications. In addition, it has a mobile trading app and more than 50 currency pairs, allowing you real-time stats and charts. The leverage is around a 1:50 ratio.
| Founded in | 2009 |
| Number Of Instruments | Commodities, stocks, indices |
| Payment Methods | Wire transfer, Skrill, Bank Cards |
| Platform Available | MT4 and MT5 |
| Minimum Deposit Amount | 100 euro (standard) or 10 euro (cent) |
| Official Website | Click Here |
FAQS
Q) Which broker is best for forex in India?
Answer: According to OTI, XM Global is the best forex broker in India.
Q) Is there any legal forex broker in India?
Answer: Several Forex Brokers in India are regulated by SEBI and approved by RBI: XM, FXTM
Q) Which forex broker is best for beginners in India?
Answer: XM Global, IForex is the best for beginners in India.
Q) Which are the SEBI-regulated forex brokers in India?
Answer: SEBI-regulated Forex Brokers in India are OctaFX, Forex.com, and XM Global.
Q) Which are the RBI-approved forex brokers in India?
Answer: Olymptrade, ROInvesting, and XM Global are RBI-approved Forex Brokers in India.
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