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Best Forex Brokers India for 2022

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified September 12, 2022

The ForexBrokers.com annual forex broker review (six 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. Here's how we test.

Trading forex is increasingly popular in India, but is also somewhat unique and fairly heavily regulated.

As a general rule, it's best to use a broker regulated in your country. However, due to restrictions on locally regulated financial institutions in India, the only way for local citizens to speculate in the forex market is to use a foreign broker — such as those on our list — that accepts clients who reside in India.

The Securities and Exchange Board of India, or SEBI, is the financial regulatory body in India. The SEBI was established in 1988 as a nonstatutory body and given powers with the SEBI Act 1992. Read more about SEBI history on its Wikipedia page.

Securities and Exchange Board of India

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers India

ForexBrokers.com 2022 Review

To find the best forex brokers in India, we created a list of all brokers that accept new customers from India and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers. This exacting analysis of more than 100 variables includes our proprietary Trust Score (more on Trust Score below).

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

  • IG
    - Best overall broker, most trusted
  • Saxo Bank - Best web-based trading platform
  • Interactive Brokers
    - Great overall, best for professionals
  • FOREX.com
    - Excellent all-round offering
  • AvaTrade - Great for beginners and copy trading
  • Admiral Markets - Great for MetaTrader
  • IC Markets - Best MetaTrader broker overall

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 Overall ranking.

In addition to our top picks above, we've reviewed and rated several more brokers who accept residents of India as clients, included below.

Company Accepts IN Residents Average Spread EUR/USD - Standard Minimum Initial Deposit Overall Rating Visit Site
IG logoIG check 0.828 (September 2021) £250.00 starstarstarstarstar Visit Site
Saxo Bank logoSaxo Bank check 0.8 (August 2020) $2,000 starstarstarstarstar
Interactive Brokers logoInteractive Brokers check 0.6 (August 2022) $0 starstarstarstarstar Visit Site
FOREX.com logoFOREX.com check 1.1 (US August 2021) $100 starstarstarstarstar_border Visit Site
AvaTrade logoAvaTrade check 0.91 (Aug 2020) $100 starstarstarstarstar_border
Admiral Markets logoAdmiral Markets check 0.8 (July 2021) $100 starstarstarstarstar_border
IC Markets logoIC Markets check 0.62 (August 2021) $200 starstarstarstarstar_border
Capital.com logoCapital.com check 0.6 (July 2021) $20 starstarstarstarstar_border
XM Group logoXM Group check 1.6 (Aug 2020) $5 starstarstarstarstar_border
FP Markets logoFP Markets check 1.2 (August 2022) $100 AUD starstarstarstarstar_border
Tickmill logoTickmill check 0.27 (September 2021) $100 starstarstarstarstar_border
HYCM (Henyep) logoHYCM (Henyep) check 0.6 (Sept 2021) $100 starstarstarstarstar_border
HFM logoHFM check 1.2 (August 2021) $5 starstarstarstarstar_border
FlowBank logoFlowBank check N/A $0.00 starstarstarstarstar_border
Vantage logoVantage check 1.22 (August 2021) $200 starstarstarstarstar_border
Moneta Markets logoMoneta Markets check 1.22 (August 2021) $50 starstarstarstarstar_border
Trade Nation logoTrade Nation check 0.6 $0 starstarstarstarstar_border
BlackBull Markets logoBlackBull Markets check 0.845 (October, 2021) $50 starstarstarstarstar_border
ACY Securities logoACY Securities check 1.2 (Sept 2021) $50 starstarstarstarstar_border
Eightcap logoEightcap check N/A $100 starstarstarstarstar_border
VT Markets logoVT Markets check 1.2 (September 2021) $200 starstarstarstarstar_border
easyMarkets logoeasyMarkets check 0.9 (as of Mar 2020) $100 starstarstarstarstar_border
OctaFX logoOctaFX check 0.6 (August 2021) $25 starstarstarstar_borderstar_border

Is your broker safe?

Choosing a regulated broker is important for avoiding scams, and the country where your broker is regulated is equally important. Our Trust Score, a proprietary algorithm, ranks regulatory agencies into three groups, with Tier 1 indicating the most trusted financial centers and Tier 3 the least. Our data collection on each broker results in a ranking from 1 to 99 of the broker's overall trust. The higher a broker's Trust Score, the better. Learn more about Trust Score here.

We rank SEBI as a Tier 2 Jurisdiction.

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.

What is the best forex broker in India?

Our top pick for Indian citizens is IG if you are looking for a broker that accepts residents of India and offers forex and CFDs.

If you specifically want a broker that is also regulated in India, Interactive Brokers is a top contender, as it is a member of the National Stock Exchange, Bombay Stock Exchange and the Securities Exchange Board of India, or SEBI. However, due to regulatory restrictions, Interactive Brokers does not offer forex or CFDs in India. If your interests lie in stock trading, it remains an excellent choice due to its access to local stock exchanges in India and 90 international markets, including bonds, stocks and ETFs (including some forex-related exchange-traded products).

What is forex?

Forex, short for foreign exchange, refers to the trading or exchanging that takes place in international currency markets, in which one currency is bought or sold in return for another foreign currency. The goal for forex traders -- and it's a tricky one -- is to profit by accurately predicting fluctuations in value.

Commonly traded forex pairs include the euro and U.S. dollar (EUR/USD), British pound and U.S. dollar (GBP/USD), euro and Japanese yen (EUR/JPY), and several others.

There are various types of participants in the forex markets: retail and institutional traders, large corporations, banks, and central banks that help regulate monetary policy, such as when printing money that enters circulation.

There are at least two sides to every forex trade. On one side is a buyer, and on the other side a seller. Forex market participants either have a need for the particular currency, such as for business use or hedging risk; or are speculators taking an investment position expecting the price to move in a favorable direction.

For example, let's say you have U.S. dollars and expect their value to go down and want to sell them in order to buy euros for an upcoming trip to Europe. Or maybe you expect the euro price to go higher relative to the U.S. dollar and are looking at it as an investment.

Either way, you pay for the euros with your U.S. dollars and agree to exchange the dollars you have for the euros at a specific price (the price can be quoted either in euros per dollar, or dollars per euro). Such a trade can result either in a profit, loss, or break-even, depending on the price when you exit the trade and any fees incurred.

Forex trading is mostly decentralized, though it does take place on regulated exchanges. In most developed countries forex brokers must hold proper licenses with financial market regulators, to help ensure compliance with local laws and regulations.

Is forex trading safe?

Like most sorts of investing, forex carries risk. Primary among risks specific to forex trading are market risk (investment risk) and counterparty risk if your broker goes bankrupt.

Pro tip: When you ask yourself "is forex trading safe for me?" the answer will depend on your available investment budget and risk appetite -- how much you can afford to lose and how much you want to risk -- and the trustworthiness and financial stability of your broker. That means not only the broker's integrity and reliability, but its financial capability and level of capitalization or financial buffer to protect the broker and the money they hold on your behalf in the extraordinary event of a market anomaly.

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2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with 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. Read more on forex trading risks.

About the Author

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.


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