Best Forex Brokers In India

Without further delay, let’s begin the intro. After reading this writing piece you will be able to figure out the best forex broker in India.

Your search for the best forex trader in India ends today! Start your trading activities now with the underlying finest names of the forex broker in India.

1. Olymp Trade

With more than 25,000 registered active clients, the fist name top in this table is Olymp Trade. They offer you a user-friendly interface, with customer-friendly support servicers, amazing bonuses and other perks like easy withdrawal for beginners and seasoned traders making it the premium best forex brokers in India.

Related: Forex Trading vs. Regular Trading: Figure Out the Right One for You

This online Forex trader is regulated by IFC (International Financial Commission). Other a wide range of features like bank wire transfer, debit card payment, fixed-time trading and currency derivatives this Forex trading platform provides.

We know you won’t get satisfaction by reading just one option. Other names are highlighted below.

2. OctaFX

OctaFX is one of the leading CFD (Contract For Difference) brokers offering platforms like MT4, MT5 and cTrader. The main motto of providing such platforms is to streamline trading activity. There are multiple support-level offices in different locations worldwide. However, the company is based in Grenadines and St Vincent.

In India, OctaFX has captured a massive market share and thus we included this name 2nd in the list. Additional perks that a user gets are promotional offers for beginners in trading. Zero-cost commission trading following all EU (European Union) regulations. Traders are getting the freedom to trade in 35 foreign currency pairs.

3. iForex

Next, it is about the iForex which is Cyprus located Forex trading platform. Its parent company Formula Investment House Ltd holds the proprietary trading platform. As for their business is concerned, they accept clients from over 100+ nations worldwide and operate in more than 16 languages.

iForex has emphasized UI/UX parameters. Thus, they provide a user-friendly interface, multiple trading assets, copy trading options, Knowledge insights (blogs and articles), excellent customer service, and a safer trading mechanism. These features win the trust of traders. That is why to assist them regularly, iForex has an email support option to acknowledge and answer every trading query.

Trading in ETFs (Exchange Traded Funds), shares buying and selling, and cryptocurrencies like Bitcoin, Ripple and Ethereum are possible with this Forex trading platform.

4. HYCM

Henyep Capital Markets Holdings Group owns Henyep Markets (HYCM). It is an international CFD-regulated forex broker spread worldwide. The platform also offers multiple foreign currency trading opportunities. Also, it is regulated by FCA, CySEC, CIMA, and DIFC for providing financial services. Under their parent brand, 4 other distinct brands are also available. Their distinct brands are registered by financial institutions making foreign dealing easier.

For 40 years, the company has existence and running its operation with a good market share. Talking about their features, with HYCM you can trade around 40 forex pairs, have competitive leverage ratios, and trade a variety of assets.

5. XM

XM is a next-gen forex trading platform founded in 2009. They offer rewards for forex trading with unique gifts (gadgets or vehicles). Traders can easily open a trading account within minutes. Beginners can begin trading with a demo account. 

6. Capital.com

Both beginners and experienced traders will benefit from Capital.com’s high-quality research, strong educational content, and innovative web platform. They offer 119 cryptocurrency CFDs (contract for differences), alongside a respectable range of 2,700 tradable symbols. Apart from competitive pricing and a decent selection of tradable instruments (including crypto CFDs – though they are not available to retail traders in the U.K.), Capital.com holds fewer regulatory licenses and offers fewer markets than the industry’s top brokers.

7. Saxo Bank

Saxo Bank was founded in 1992. Over 70,000 instruments are available for trading at Saxo Bank, an exclusive multi-asset broker with brilliant research and an excellent platform. The required minimum deposit for traders is €2,000 to open an entry-level classic account. 

With an expansive selection of tools, research, and premium features, Saxo Bank provides an immersive, rich trading experience for active traders.

8. Interactive Brokers

With a wide range of global markets available for trading, Interactive Brokers is one of the most trusted multi-asset brokers in the market. The firm offers competitive fees, high-quality research and education, and a modern, institutional-grade trading platform. Registered traders get access to 33 countries and 135 markets. Freedom to trade with 23 currencies makes them the preferred option for traders. 

The advanced trading tools and sophisticated order type configurations will appeal to professionals, but these features may overwhelm beginners, and MetaTrader is not an alternative platform. In terms of presence, they have had a commendable presence since 1977.

9. IC Markets

Algorithmic traders will benefit from IC Markets’ competitive pricing and scalable execution. They always maintain strict Tier I and tier IV jurisdictions and have been ranked the best MetaTrader broker for an online portal. As part of its educational and research offerings, they offer an impressive selection of copy-trading platforms and plugins.

Any trader who wants to trade on algorithm trade strategies, their low-cost and scalable platforms allows it. And in case there is a requirement of assistance, you can research through their educational content. IC Markets’ video series and articles will guide you through trading fundamentals. 

10. AvaTrade

AvaTrade was founded in 2006. With its extensive selection of forex and CFD trading platforms, as well as exceptional educational content, it was awarded the Best in Class rating for Beginners in 2023. As per the social proof, AvaTrade was found to be excellent for copy trading, competitive for mobile, and generally priced and researched in line with the industry average.

AvaTrade also offers proprietary trading platforms AvaTrade WebTrader and AvaTradeGO, including AvaProtect. Their clients have access to an excellent forex options trading platform with the AvaOptions app, powered by Sentry Derivatives. Besides 44 forex options, AvaTrade offers more than 1,200 CFDs.

Is Forex Trading Safe in India?

The Forex Trading market is highly volatile. So, there is a risk associated with the stock market. However, the counterpart is that traders keep liquidity in case of a down market. Both SEBI and RBI impose strict regulation in the Forex trading market to uphold the trader’s spirit. 

It depends on the budget and capital size on which you want to invest. The risk appetite should be higher and the forex trader should be SEBI registered to ensure the trustworthiness of brokers. 

How much money do I need to trade forex in India?

Since forex trading in India is limited to exchange-traded currency derivatives and futures, the amount of money you’ll need to trade forex will depend on the contract size and margin required to open a position on the National Stock Exchange (NSE). Also, make sure you know what your broker’s minimum deposit is.

With a forex broker outside of India that offers micro contracts, you can trade forex with as little as $100 (roughly 8,200 Indian Rupees). You’ll need a broker who accepts Indian residents as clients, and who is highly regulated in a trusted jurisdiction.

How MilesWeb Can Help in Forex Trading?

MilesWeb’s enterprise-grade Forex VPS servers are compliant with MT4 and MT5 trading platforms. Run your trading applications at a low latency rate and no technical hassles. We promise to keep the pace of forex trading activities with 99.95% uptime. There are 28 Global server locations to access forex trading software worldwide.

Related: What is Forex Trading and How Does It Work?

The XM group is a parent business that manages a number of brands. Each brand is governed by a separate regulatory body, and it ranks among the best forex providers in the world.

This FX trading platform allows beginners to sign up for a sample account, which will help you practise trading utilising real-world situations while still being simple to use. Moreover, XM group provides the greatest customer service, better platform support, and research tools.