10 Best Forex Broker in India 2024 (Review and Comparison)

Forex exchange is regulated by the RBI (central bank) in India and permits trading only on stock exchanges.

RBI does not acknowledge or approve any Forex brokers listed in the article.

Non-Indian persons may check the regulations of forex brokers based on the region of their residence.

Disclaimer – The information present in this article is for information purposes only. It does not solicit investment, account opening, or trading in assets mentioned in the article. Please check with your financial & legal advisor before taking forex trading.

In India, you can trade only in INR-based currency pairs on the NSE, BSE, and MSE (Metropolitan Stock Exchange). 

Only four INR-based currency pairs are available in India – USD/INR, EUR/IND, GBP/INR and JPY/INR. You can also trade cross-currency F&O contracts in EUR-USD, GBP-USD, and USD-JPY. That is because the cross currencies have corresponding INR pairs. 

However, if you want to trade in other FX, such as AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs, you need to open a forex account with an international forex broker. 

Foreign forex brokers allow Indian residents to open an account and trade in different forex currencies, stocks, indexes, commodities and even in top cryptocurrencies.  

Here is our list of the best forex brokers in India 2024

• Octa – Best for Indian audience
• Olymp Trade – One of the most trusted
• FXTM – Best for fast trading platforms
• eToro – Great for multiple trading assets options
• XM Forex – Demo account with $100,000 of virtual balance
• iForex – Great for one-click deal execution
• Forex.Com – Best for advanced tools & charts
• FBS – Best for highest leverage
• HYCM – One of the oldest

10 Best Forex Brokers in India 2024

#1. Octa Forex Broker Review

You can trade 35 currency pairs, metals, CFDs, indices, and digital assets on Octa.

Octa is known for its competitive trading conditions, extensive range of trading instruments, and user-friendly platforms, making it a preferred choice for novice and experienced traders.

You can open an Octa account online with a minimum deposit of $20. You can add the funds using Neteller, Skrill, Local banks, and Paytm. You can also deposit/withdraw through Mastercard.

The company is registered in Saint Lucia under business registration number 2023-00092. The authorities of Saint Lucia supervise OCTA activity.

With OctaFX, you can take advantage of a practice demo account, enjoy zero commission on deposits and withdrawals, and experience rapid trade execution.

You can trade-in  

• 35 currency pairs, for example, EUR/USD, GBP/USD and others
• 150 CFDs on stocks
• 2 Metals, Gold & Silver
• 3 Energies
• 10 Indices like Nasdaq and DowJones
• 230 trading assets, including digital assets 

Depending on your trading experience & platform requirement, you can open the following three account types

• MetaTrader 4 account – for new Fx traders 
• MetaTrader 5 account – for experienced traders
• OctaTrader account – easy to use and adopted a charting technology by TradingView

You need to maintain the account currency in either USD or EUR. 

You can trade higher limits with a maximum leverage of 1:500 and negative balance protection. 

New FX traders can explore the video tutorials and gainfully use the copy trading option to get started trading. 

What I Like

• 0% commission, no overnight fee, and negative balance protection
• Quick withdrawals and deposits via various payment options
• Trading in digital assets (cryptos) available
• Space feed shows you personalized trading ideas
• 24×7 online support in Hindi and English language
• Option to have a 100% Sharia-compliant account

What I Didn’t Like 

• Mobile copy trading only on Android

#2. Olymp Trade Forex Broker

Olymp Trade is a popular online trading platform with a global audience, including a significant user base in India. It offers a range of trading instruments and is well-known for its user-friendly interface.

You can trade Commodities, Stocks, Indices, ETF, Currencies, OTC and digital assets (crypto) using the Olymp Trade platform.

Olymp Trade is a licensed and regulated broker by the Vanuatu Financial Services Commission, ensuring a certain service quality and transparency standard.

Olymp Trade also offers innovative “Fixed Time Trading” (FTT), which allows you to profit by forecasting currency exchange rates. 

In fixed-time trading, you make forecasts as to whether the price of an asset will rise or fall over a certain period. If your forecast is correct, you get a profit of up to 90% of the trade amount.

You can choose the trade time and set the trade amount per your trading convenience. You get leverage available up to 500 times.

What I Like 

• Trading assets include Cryptos and other instruments
• Innovative Fixed Time Trading
• Demo practice account
• Trading guides, webinars, interactive course & Insights

What I Didn’t Like 

• Inactivity commission of $10 per month 
• At times commissions on forex trades can differ 

#3. FXTM Forex Broker Review

FXTM, also known as ForexTime, is a globally recognized forex and CFD broker Known for its extensive educational resources, robust trading platforms, and competitive trading conditions.

FXTM is trusted by over 4 million individual traders worldwide. You can trade currency pairs, CFDs, stocks, cryptocurrencies, precious metals and commodities. New forex traders can copy trade in real-time by following experienced traders using FXTM Invest. 

You can trade fast and securely over MetaTrader (MT4) and MT5 trading platforms across web, desktop, and mobile devices. 

MT4 is known for its user-friendly interface and robust charting tools, while MT5 offers enhanced features and functionalities for more advanced trading.

You can get benefit from FXTM’s tight spreads starting from 0.1 pips, competitive leverage up to 1:2000, and fast execution speeds. With a minimum deposit requirement as low as $10, FXTM is accessible for traders with varying capital.

FXTM is regulated by the Financial Services Commission (FSC) of Mauritius, with an Investment Dealer License number C113012295.

You get six account options:

Account Types	Minimum deposit	Spreads	Commissions	Trading Instruments
Micro	$10	From 1.5 pip	Zero	Fx, Metals, Commodities
Advantage	$500	From 0.0 pip	$0.4 to $2 based on volume	Fx, Metals, Commodities, Indices, Stocks & Stock CFDs
Advantage Plus	$500	From 1.5 pip	Zero	Fx, Metals, Commodities, Indices, Stocks & Stock CFDs

What I Like 

• FXTM Invest – copy trading option
• Range of accounts with affordable minimum deposits
• Leverage up to 1:2000
• Negative balance protection

What I Didn’t Like 

• No proprietary trading platform
• $500 minimum deposit in advantage and advantage plus account 

#4. eToro Forex Broker Review

eToro is a leading social trading platform that allows you to interact, share insights, and replicate the trades of other traders. This has changed the traditional approach to online trading by incorporating social and community aspects into the process.

eToro is regulated by the Cyprus Securities Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK, and the Auralian Securities and Investments Commission (ASIC). 

You can trade in multiple assets, such as Global stocks, ETFs, Crypto, Indices, Commodities, and Currencies. CFDs are available on currency pairs, indices, and commodities. 

The new traders can open a virtual money demo account with $100K to practice strategies and real-time trading. 

Based on your region and country regulations, the minimum first-time deposit varies from $10 to $10,000. 

eToro offers leverage between 1:2 to 1:30 depending on the instrument and account with a facility of negative balance protection so that you trade comfortably. 

What I Like 

• $100,000 virtual practice account
• Copy-trading and social trading facility

What I Didn’t Like 

• Flat $5 withdrawal fees
• Minimum withdrawal amount of $30
• Crypto transfer & conversion fees
• Lower leverage of 1:30 

#5. XM Forex Broker Review

XM Forex is a well-established forex and CFD broker that offers a wide range of trading instruments and competitive trading conditions.

You can trade over 1,000+ instruments across 10 asset classes: 50+ currency pairs, CFDs on major global indices, commodities, stocks, metals, and energies. 

XM Global Limited is registered by the Financial Services Commission (FSC) under the Securities Industry Act 2021 (license number 000261/4).

XM offers MT4 and MT5 trading platforms across devices (Android, iOS, iPad, Mac and PC) and even on the web through MT Web Trader.

New traders can test their forex trading skills on a demo account that comes with $100,000 of virtual balance. 

XM has four account types with negative balance protection. 

Account Types	Minimum deposit	Spreads	Leverage
Micro Account	$5	As low as 1 pip	Up to 1:1000
Standard Account	$5	As low as 1 pip	Up to 1:1000
XM Ultra-Low Account	$50	As low as 0.6 pip	Up to 1:1000
Shares Account	$10,000	As per the underlying exchange	No leverage

What I Like 

• Demo account with $100,000 of virtual balance
• Low minimum deposit Forex account
• Negative balance protection

What I Didn’t Like 

• No proprietary platform

#6. iForex Broker Review

iForex is a reputable broker committed to providing accessible and reliable trading services. iForex is a trademark owned by Formula Investment House Ltd and is licensed & supervised by the BVI (British Virgin Islands) Financial Services Commission.

You can trade in currencies, crypto, indices, shares, commodities, and ETF assets through iForex.

You can open an account with a minimum initial deposit of $100 and fund it using VISA, Master, Diners, Neteller, Jeton, Skrill, GlobePay, or net banking. 

You get leverage up to 1:400, depending on the assets and negative balance protection. 

iForex offers a wide range of educational materials, including videos, books, and exclusive one-on-one training with a trading coach.

What I Like 

• One-click deal execution
• Education & support in over 16 languages

What I Didn’t Like 

• Withdrawal fees of $20
• No MT4 or MT5 trading platform

#7. AVATrade Forex Broker Review

AvaTrade is known for its user-friendly platforms and robust trading conditions. You can trade in 1000+ financial instruments such as forex, commodities, indices, cryptocurrencies, and stocks.

AvaTrade is regulated by the Central Bank of Ireland in Europe, ASIC (Australia), Financial Services Agency (Japan), BVI Financial Service Commission (British Virgin Islands), FRSA Abu Dhabi and South African Financial Sector Conduct Authority (South Africa).

You can trade on desktop, web, tablet and mobile-based trading platforms with

• AvaTradeGO (proprietary trading app)
• MetaTrader 4 
• MetaTrader 5

You can open an AvaTrade margin account with a minimum deposit of $100 by paying in any of the four currencies (USD, Euro, GBP).

You can add the funds using credit cards and wire transfers. AvaTrade also accepts e-payments from Skrill, Webmoney, and Neteller. However, E-payment options are not available for Australian and EU traders.

AvaTrade offers leverage of up to 1:400 with negative balance protection so that your account never goes below zero. 

What I Like 

• Trading websites in local languages
• Negative balance protection

What I Didn’t Like 

• Lower leverage of 1:400

#8. Forex.Com Broker Review

FOREX.com was established in 2001 and is one of the oldest forex brokers.

FOREX.com is a trading name of GAIN Global Markets Inc., authorized and regulated by the Cayman Islands Monetary Authority with License number 25033.

You can trade 80+ currency pairs, stocks, indices, commodities and cryptocurrencies.

Forex.com offers its own proprietary trading platform for desktop web and mobile trading through apps. The platform has 80+ technical indicators, various time intervals, multiple chart types, and drawing tools. 

You can open a Forex.com account with an initial deposit of $100. You can fund the account through credit, debit, forex cards, and wire transfers. 

Forex.com has a default leverage setting of 1:50 and expects you to trade within that setting. MT4 accounts can request changes in leverage to 1:20 or even up to 1:10.  

What I Like 

• VPS hosting for active traders
• Account funding through credit & debit cards and wire transfer

What I Didn’t Like 

• Commodity Futures Trading Commission registration only
• $100 initial deposit

#9. FBS Forex Broker Review

FBS is trusted by 23 million traders from 150 countries and is regulated by the International Financial Services Commission (IFSC) in Belize.

With FBS, you can trade over 550 financial instruments across various markets, including forex, commodities, indices, stocks, cryptocurrencies, bonds, and ETFs.

You’ll have access to the MetaTrader 4 and MetaTrader 5 platforms, which are compatible with Android, iOS, Windows, Mac OS, and WebTrader desktop applications.

You can also use the proprietary FBS trader App. The app allows real-time stats & price charts to help you trade over 50 currency pairs and metals.

FBS provides leverage starting from 1:50 and going up to 1:3000 with negative balance protection. 

What I Like 

• Leverage up to 1:3000
• Proprietary FBS App-based platform

What I Didn’t Like 

• $20 commission on Zero Spread accounts

#10. HYCM Forex Broker Review

HYCM (Henyep Markets) is a well-established forex and CFD broker with over 40 years of operational experience. HYCM is known for its comprehensive range of trading instruments, robust regulatory oversight, and strong customer support.

Henyep Markets is a multi-regulated forex broker, registered under several reputable authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Cayman Islands Monetary Authority (CIMA).

You can trade in 300+ instruments across 5 asset classes like forex, stocks, indices, cryptocurrencies, commodities, and ETF.

You can open a trading account by funding it with a credit card (VISA, Master), bank wire, VISA transfer, Interac, Neteller, or Skrill. The minimum deposit required to start trading is $20, and you can leverage your account up to 1:500.

New traders have the option to open any of the three accounts:

Account Type	Minimum Deposit	Spread
Fixed Account	$20	fixed from 1.5 pips
Classic Account	$20	variable from 1.2 pips
Raw Account	$20	raw spreads from 0.1 pips

One can trade assets over MetaTrader 4 and MetaTrader 5 trading platforms using a laptop, smartphone or PC. 

What I Like 

• A minimum deposit of $20
• Negative balance protection

What I Didn’t Like 

• Max leverage of 1:500

Features of Best Forex Broker in India

#1. Registered With a Reputable Financial Regulator

A trusted forex broker should be regulated by a respected financial authority, such as the UK’s FCA or Cyprus’ CySEC.

This ensures the forex broker follows strict rules to protect your money and ensure fair trading practices.

#2. Accepts Affordable Minimum Deposit

Forex trading requires opening a margin account with a minimum deposit ranging from $5 to $200 or more. Look for a broker that offers a low and reasonable initial deposit.

So that you can start trading without needing a large amount of money upfront.

#3. Trading Assets

Top brokers let you trade various financial instruments, including different currency pairs, commodities, indices, stocks, cryptocurrencies, bonds, and ETFs. Not all brokers offer the same range of assets, so check what’s available.

Based on your trading requirements, pick a broker that provides all the assets you want to trade in.

#4. Leverage Available

Leverage lets you trade with more money than you actually have. For example, with 1:100 leverage, $1,000 in your account allows you to trade $100,000 worth of assets. Some brokers offer leverage up to 1:1000.

Leverage is like a double-edged sword. You can make larger trades and potentially earn more profit with a small investment, but be careful, as it also increases risk.

#5. Trading Platform

A good forex broker should offer popular trading platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are easy to use and have many helpful features.

Other commonly used forex trading platforms are cTrader and Ninja Trader. 

Some brokers also have their own platforms.

#6. Negative Balance Protection 

Negative balance protection ensures you don’t lose more money than you have in your account. If trades go badly, this feature limits your losses to your initial deposit.

This protects you from going into debt due to trading losses, keeping your financial risk in check.

Tips to Avoid Negative Balances:

• Use stop-loss orders to limit losses
• Be cautious with leverage
• Keep your trade sizes manageable

Conclusion

Incorporating forex trading into your portfolio can enhance your investment strategy.

You should start with a demo account to practice without risk, educate yourself on market trends, and always use risk management tools like stop-loss orders.

To further diversify, consider exploring my guides on how to start stock intraday trading and options trading in India. These resources will help you broaden your trading skills and opportunities.