The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.
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 brokers 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.
- Saxo Bank - Best VIP client experience
- IG - Best Overall Broker 2020
- Swissquote - Best banking services
- Interactive Brokers - Best for professionals
- FOREX.com - Great platforms and pricing
- City Index - Excellent all around offering
- eToro - Best copy trading platform
- FxPro - 4.0 Stars
- XM Group - 4.0 Stars
India Forex Brokers Comparison
Compare India authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Trust Score.
| Forex Broker | Accepts IN Residents | Average Spread EUR/USD - Standard | Minimum Initial Deposit | Trust Score | Overall | Visit Site |
|---|---|---|---|---|---|---|
| Saxo Bank | Yes | 0.800 | $10,000.00 | 99 | N/A | |
| IG | Yes | 0.745 | £250.00 | 99 | Visit Site | |
| Swissquote | Yes | N/A | $1000.00 | 99 | N/A | |
| Interactive Brokers | Yes | N/A | $0 | 94 | N/A | |
| FOREX.com | Yes | 1.400 | $100.00 | 93 | Visit Site | |
| City Index | Yes | 1.100 | £50.00 | 93 | N/A | |
| eToro | Yes | 1.00 | $200 | 91 | N/A | |
| FxPro | Yes | 1.510 | $100.00 | 89 | N/A | |
| XM Group | Yes | 1.600 | $5-100 | 84 | N/A | |
| HYCM | Yes | 2.00 | $100 | 84 | N/A | |
| Tickmill | Yes | 0.530 | $100.00 | 81 | N/A | |
| easyMarkets | Yes | 0.900 | $100.00 | 81 | N/A | |
| FP Markets | Yes | 1.140 | $100 AUD | 81 | N/A | |
| IC Markets | Yes | 0.800 | $200 | 80 | N/A | |
| Vantage FX | Yes | 1.350 | $200 | 79 | N/A | |
| Moneta Markets | Yes | 1.300 | $200.00 | 79 | N/A | |
| VT Markets | Yes | 1.30 | $200 | 79 | N/A | |
| BlackBull Markets | Yes | 0.76 | $200 | 70 | N/A | |
| OctaFX | Yes | 1.100 | $5 | 63 | 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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Methodology
For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
