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Trading forex (currencies) in India is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Exchange Board of India (SEBI) to accept residents of India as customers.
The Securities and Exchange Board of India is the financial regulatory body in India. Website: https://www.sebi.gov.in. We recommend India residents also follow the SEBI on Twitter, https://twitter.com/sebi_india.
The SEBI was established in 1988 as a non-statutory body and given powers with the SEBI Act 1992. For a historical breakdown, here's a link to the Securities and Exchange Board of India webpage on Wikipedia.
Best Forex Brokers India
To find the best forex broker in India, we created a list of all brokers that list India as a country they accept new customers from. We then ranked brokers by their Trust Score Ranking.
Here is our list of the best forex brokers in India.
- IG - Best Overall, Most Trusted
- Saxo Bank - Best Web Platform, Research
- FOREX.com - Great All-around, Low Costs
- City Index - Well-rounded Offering
- Swissquote - Best Banking Services
- Markets.com - 3.5 Stars
India Forex Brokers Comparison
| Forex Broker | Accepts IN Residents | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Open Account |
|---|---|---|---|---|---|---|
| IG | Yes | 0.750 | £250.00 | 99 | Visit Site | |
| Swissquote | Yes | N/A | €500.00 | 99 | N/A | |
| Saxo Bank | Yes | 0.900 | $2,000.00 | 98 | N/A | |
| FOREX.com | Yes | 0.770 | $250.00 | 91 | Open Account | |
| City Index | Yes | 0.770 | £100.00 | 91 | N/A | |
| Markets.com | Yes | 1.900 | $100 | 90 | N/A | |
| easyMarkets | Yes | 1.800 | $100.00 | 81 | N/A | |
| LCG | Yes | 1.450 | $0.00 | 79 | N/A | |
| XM Group | Yes | 1.600 | $5-100 | 78 | N/A | |
| ThinkMarkets | Yes | N/A | $250.00 | 77 | N/A | |
| Vantage FX | Yes | 1.400 | $100 | 74 | N/A | |
| IC Markets | Yes | 1.100 | $200 | 72 | N/A | |
| Alpari | Yes | 0.92 | $100.00 | 69 | N/A | |
| ForexTime | Yes | 0.80 | $100 | 69 | N/A | |
| iTrader | Yes | 0.700 | $250 | 68 | N/A | |
| Instaforex | Yes | N/A | $1 | 66 | N/A | |
| FX Choice | Yes | N/A | $100 | 54 | N/A |
How to Verify SEBI Authorisation
To identify if a forex broker is authorised by the SEBI, the first step is to identify the registration number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from Interactive Broker’s website,
INTERACTIVE BROKERS (INDIA) PVT. LTD. is a member of NSE, BSE [http://www.sebi.gov.in]. Regn. No. SEBI Registration No. INZ000217730; NSDL: IN-DP-NSDL-301-2008. CIN-U67120MH2007FTC170004. Registered Office: 502/A, Times Square, Andheri Kurla Road, Andheri East, Mumbai 400059, India. Tel: +91-22-61289888 / Fax: +91-22-61289898.
Next, look up the FSP number on the financial register available on the SEBI's website to validate that the broker is currently authorized in India.
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