The 10 Best Forex Brokers For India
The Top Forex Brokers For Indian Traders
One of the most common questions we get from new traders is, “What are the best forex brokers in India?” It’s a fair question. Forex trading can be somewhat confusing, with so many options to choose from for almost everything.
That’s why we have this review: to give you all the facts about forex brokers in India so you can make an informed decision about which is right for you.
The Best Forex Brokers in India
So, we’ve done some research on what makes a good forex broker and compiled this list of the 10 best forex brokers in India for your convenience:
| Broker | Best For | Number Of Currency Pairs | Average Spreads (EURUSD) | Minimum Deposit |
|---|---|---|---|---|
| FBS | Best Overall | 28 pairs | 0.9 pips | $100 |
| AvaTrade | Fore versatile traders | 50+ pairs | 0.9 pips | $100 |
| XM | Highly trusted | 50+ pairs | 1.7 pips | $5 |
| FXTM (Micro Account) | For when you simply want to trade forex | 60+ pairs | 1.5 pips | $10 |
| Admiral Markets | For the Lowest Spreads and Fees | 40+ pairs | 0.7 pips | $100 |
| IQ Option | For beginners and mobile traders | 31 pairs | 4.7 pips | 550 INR |
| Axi | For Swing Traders | 80+ pairs | 1.5 pips | $0 |
| Blackbull | For Beginners and Professionals | 30 pairs | 1.5 pips | $0 |
| Fusion Markets | For Low Trading costs | 80+ pairs | 0.8 pips | $0 |
| VT Markets | For excellent customer support | 40+ pairs | 1.2 pips | $100 |
FBS
Best Overall
Key features
- 100 USD Minimum Deposit
- Maximum Leverage of 1:3000
- 0.9 pips spread on EUR/USD
- Offers a Copy Trading service
- Less than 30 forex pairs
- Website: https://www.fbs.com
FBS is a regulated broker that has been around since 2009, and they offer great bonuses and promotions to their clients. The company is based in Cyprus, so it’s not surprising that its reputation for offering quality services is strong.
Here’s what FBS does well to deserve a spot on this list of the best forex brokers in India:
Not everyone who is into trading actually loves analyzing charts and placing trades. FBS knows this, and it made its copy-trading services available. This allows the account owner to copy the trades of other professionals automatically.
Alternatively, if you choose to trade all by yourself, you have an array of instruments to choose from, including forex, stocks, and commodities. All of these offerings make FBS one of the most diverse brokers.
Pros
- Wide range of trading assets
- Excellent customer service
- Low spreads
Cons
- A minimal number of currency pairs.
AvaTrade
For Versatile Traders
Key features
- Over 50 forex currency pairs.
- 100 USD minimum deposit
- 0.9 pips spread on EUR/USD
- Offers Demo account.
- Website: https://www.avatrade.com
If you are one of those traders who go beyond trading conventional currency pairs, AvaTrade might be the best broker for you. They offer various other trading instruments, such as commodities, indices, and cryptos.
Huge spreads and high commissions can be the end of a scalper or, sometimes, a day trader. But this is where AvaTrade can save the day. They offer low spreads and commissions to keep entries and exits tight for traders.
The Financial Conduct Authority regulates this broker in the UK, and CySEC regulates them in Cyprus, so you don’t have to worry about the safety of your investment.
The company also has an excellent customer service team who can answer any questions or concerns about your brokerage account or investment options available at AvaTrade.
Pros
- Fantastic trading tools
- No costs for deposits or withdrawals
- Low spreads
- Low minimum deposit
Cons
- Inactivity charges are very high.
XM
Highly Trusted
Key features
- $5 Minimum deposit
- 55+ Currency pairs available
- 1.6 Pips Spread on EUR/USD
- Website: https://www.xm.com
With tons of educational resources available for free on their website, XM easily makes itself one of the most beginner-friendly trading platforms.
XM also offers retail and institutional accounts and access to its platform via mobile phones and tablets (Android & iOS).
The company also works with several other regulators worldwide to protect its clients from any wrongdoing or fraud associated with trading currencies on foreign exchange markets.
Pros
- Reasonable spreads
- Well regulated
- Excellent educational resources
Cons
- No live chat support
- Does not offer cryptocurrencies
FXTM
For when you simply want to trade forex
Key features
- 62 Currency Pairs
- 10 USD Minimum deposit
- Demo trading
- 1.5 Pips Spread on EUR/USD
- Website: https://www.fxtm.com
FXTM is based in Cyprus. It was founded in 2011 and now offers trading in over 60 currency pairs. Some of the regulators of this broker include CySEC, FCA, and BaFIN.
Where FXTM shines the brightest is how it has one of the most comprehensive collections of trading tools on this list. It’s like the broker went all out to gather all the tools a trader needs, including educational resources, to be profitable in one place.
For instance, the broker offers three trading accounts that are designed to suit various forex traders. They also offer copy trading with unique features that make it easy for new traders or traders who are unenthusiastic about staring at charts to still make money off forex trading.
All of these goodies come at a cost, though. FXTM has a downside that is worth mentioning, and it’s their relatively high withdrawal fees.
Pros
- Well regulated
- Low minimum deposit
- Wide range of currency pairs
Cons
- Withdrawal fees
Admiral Markets
For the Lowest Spreads and Fees
Key features
- 40+ currency pairs.
- Offers Demo account
- 0.7 Pips spread on EUR/USD
- 100 USD minimum deposit
- Website: https://www.admiralmarkets.com
Admiral Markets offer the lowest spreads among the forex brokers highlighted on this list. This makes them the most affordable and suitable for day traders, who can use tighter stop-losses and potentially make more money while not risking more.
Their customer service team is excellent, with Admiral Markets representatives available 24/7 to help you overcome any issues that may arise during trading or investing.
This is a great choice if you can deal with trading fewer currency pairs as a day trader.
Pros
- Spreads that are typically small
- Provides a zero-spread account
- Excellent for beginners
Cons
- Limited forex trading instruments
IQ Option
For beginners and mobile traders
Key features
- 550 INR minimum deposit
- 30+ Currency pairs offered
- Offers Demo Account
- Maximum leverage of 1:30
- Website: https://www.iqoption.com
Let’s get the bitter part out of the way first:
IQ Option doesn’t offer MT4, MT5, or any other desktop or web trading platforms. This broker only has a mobile trading app. And as you might expect, this is a massive bummer for serious traders who want to back their trading decisions with complex chart analyses and research that are only available for big-screen devices.
But if you can force yourself to look away from that potentially colossal downside, you’ll see the sweet parts of IQ Option. That same weakness of being a mobile-only forex broker is its major strength!
Being mobile-only forex broker, IQ Option has put a lot of research and effort into making the rather complex forex scene fit simply and easily into the small world of smartphones. This makes the broker the perfect match for beginners who want to test the forex waters. Everything has been de-sophisticated and simplified for them!
Pros
- Well regulated
- Fast withdrawals
- Excellent for beginners
Cons
- No MT4 or MT5
- Wide spreads
Axi
For Swing Traders
Key features
- Over 80 forex currency pairs
- 0 USD minimum deposit
- Average spread of 1.5 pips on EURUSD
- Low swap fees
- Website: https://www.axi.com
Axi (formerly, AxiTrader) has over 12 years of experience in the market, which means they understand what most traders are looking for—something that many other brokers don’t do well enough.
For instance, if you are a swing or a position trader, that is, you regularly allow your trades to run for a long time (days, weeks, or months), Axi roots for you. They charge the lowest swap fees on the list, allowing you to leave your trades open for long without feeling like your broker is stealing from you.
Unfortunately, if you want to practice forex trading with a demo account before you trade live accounts, Axi is not for you. The broker only offers a free demo account that lasts for 30 days.
Ironically, this forex broker has a lot of educational materials on their website, ranging from videos to webinars and forex trading ebooks. It’s a pity they won’t give you enough time on their platform to practice what you’ve learned.
Pros
- No minimum deposits or fees.
- Impressive trading tools
- Low Swap fees
Cons
- Limited Demo account
Blackbull
For Beginners and Professionals
Key features
- Over 60 currency pairs.
- 0 USD minimum deposit
- Average spread of 1.5 pips on EURUSD
- Demo account
- Website: https://www.blackbullmarkets.com
BlackBull is a global provider of online trading solutions. The company has been in business since 2014, providing an array of services to customers from all over the world.
The platform offers both desktop and mobile trading platforms, so you can access your account wherever you want.
BlackBull offers two main types of accounts: standard and professional.
Standard accounts are free to open, but they do require that you deposit money into them before making any trades; this money can be withdrawn at any time by withdrawing it from your Blackbull account balance or transferring it back into another type of investment (like stocks).
Professional accounts come with higher limits on daily deposits and withdrawals as well as access to premium features like real-time streaming quotes (MT4) or advanced charting tools (cTrader).
Pros
- 0 USD minimum deposit
- No Inactivity costs
- Amazing educational resources
Cons
- Few trading tools
Fusion Markets
For Low Trading costs
Key features
- 80+ Currency pairs
- 0 USD minimum deposit
- 0.8 pips average minimum spread
- Offers Demo account
- Website: https://www.fusionmarkets.com
Trading is about minimizing expenses and maximizing your wins. The combination of their high leverage and low commission, if well used, can get you to your goal faster. However, high leverage is a double-edged sword. It cuts both ways. So, you can burn your account as quickly as you can make sizeable profits.
Finally, it seems Fusion Markets expects you are already conversant with the world of trading before using the platform because they offer few educational resources. You may want to explore other options if you are a beginner.
Pros
- No minimum deposit
- Wide range of Currency Pairs
- Low commissions
- Limited educational resources
Cons
- Limited educational resources
VT Markets
VT Markets For excellent customer support
Key features
- 39 Currency Pairs
- 100 USD minimum deposit
- Maximum leverage of 1:500
- 1.2 Pips on EUR/USD
- Website: https://www.vtmarkets.com
VT Markets is one of the best forex brokers in India because of its proven track record of providing its clients with the best possible trading conditions.
For instance, they offer one of the best customer services in the industry, a feat they can’t stop talking about. This is quite important if you ever run into a problem using the platform.
The company has been in business since 2016, and it has maintained its position as one of India’s leading online brokers by continuously innovating and expanding its offerings.
VT Markets offers three types of accounts: MT4, Mini Account, and ECN Trader (also known as “Full Service”). Each account type comes with different levels of risk management tools.
The minimum deposit of $200 is relatively high, especially when it is put into the context of how much beginners in India actually are willing to risk while starting out.
Pros
- Low Spread
- Excellent Customer Support
Cons
- Only limited forex pairs are available.
Other Comparisons
This section contains how the best forex brokers in the India on our list fare when pitted against one another on certain factors.
Funding Options
| FBS | AvaTrade | XM | FXTM | Admiral Markets | IQ Option | Axi | Blackbull Markets | Fusion Markets | VT Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Deposit | $0 | £100 | $5 | $10 | $100 | 550 INR | $0 | $0 | $0 | $100 |
| Bank Wire Funding | No | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Debit/Credit Funding | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Check Funding | No | No | No | No | No | No | No | No | No | No |
| Paypal Funding | No | No | No | No | No | No | No | No | No | No |
| Payoneer Funding | No | No | No | No | No | No | No | No | No | No |
| Skrill Funding | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes |
| Neteller Funding | Yes | Yes | Yes | Yes | No | No | Yes | Yes | Yes | Yes |
| China Union Pay Funding | No | No | Yes | No | No | No | No | Yes | No | No |
| Klarna Funding | No | No | No | No | No | No | No | No | No | No |
| Deposit Fees | Free | Free | Free | Free | Free | Free | Free on bank transfers alone. | Free | Free | Free |
| Inactivity Fees | Free | $50 tri-monthly | $5 monthly | $5 monthly | $10 monthly | $10 monthly | $10 monthly | Free | Free | Free |
Withdrawal Fees
| FBS | AvaTrade | XM | FXTM | Admiral Markets | IQ Option | Axi | Blackbull Markets | Fusion Markets | VT Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
| Bank Wire | Free | Free | Free | 30 EUR | 10 USD | Not applicable | Free | $5 | Free | Free |
| Debit/Credit | $1 | Free | Free | 3 USD | Free | 2% | Free | $5 | Free | Free |
| Others | Varies | Free | Free | 0.5% – 2% | Free | 2% | Free | $5 | Free | Free |
Trading Platform
| FBS | AvaTrade | XM | FXTM | Admiral Markets | IQ Option | Axi | Blackbull Markets | Fusion Markets | VT Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
| Proprietary Platform | Yes | Yes | Yes | No | No | No | No | No | Yes | Yes |
| Desktop Platform | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Web Platform | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Mobile Platform | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Metatrader 4 (MT4) | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Metatrader 5 (MT5) | Yes | Yes | Yes | Yes | Yes | No | No | Yes | Yes | Yes |
| TradingView | No | No | No | No | No | No | No | No | No | No |
| NinjaTrader | No | No | No | No | No | No | No | No | No | No |
| CTrader | No | No | No | No | No | No | No | No | No | No |
| Automated Trading | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Demo Account | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Social/Copy Trading | Yes | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes |
Education
| FBS | AvaTrade | XM | FXTM | Admiral Markets | IQ Option | Axi | Blackbull Markets | Fusion Markets | VT Markets | |
|---|---|---|---|---|---|---|---|---|---|---|
| Webinars | Yes | No | Yes | No | Yes | No | Yes | No | No | No |
| Videos | Yes | Yes | Yes | Yes | No | No | Yes | Yes | No | Yes |
| Market Glossary | Yes | No | No | Yes | Yes | No | Yes | No | No | No |
| Courses | No | No | No | No | Yes | No | Yes | No | No | No |
| Ebooks | No | No | No | No | Yes | No | Yes | No | No | No |
| Podcasts | No | No | Yes | No | Yes | No | No | No | No | No |
| Physical Events | Yes | No | No | No | No | No | Yes | No | No | No |
| Blog posts and Articles | No | Yes | No | Yes | Yes | Yes | No | Yes | No | Yes |
How to Choose a Good Forex Broker
If you’re new to forex trading, it can be tempting to go with the first broker you find. However, this could end up costing you in the long run. But that’s why we’re here: to help you to choose a good forex broker.
Many factors go into choosing a good forex broker, let’s explore them briefly:
1. Regulation information
A regulated broker has been authorized by the government of a region or country to conduct business in the same location. A regulated forex broker must have passed a series of tests from regulatory bodies and can provide you with a safe, secure trading environment. The more high-quality regulatory bodies have regulated a broker, the better.
2. Commissions and fees
The cost of a forex broker depends on the type of account you open and the kind of trading strategy you use. A lot of brokers charge flat fees, but some also offer discounted commission rates for certain types of accounts.
3. Leverage
Leverage is the amount of money a broker lends you. The higher your leverage, the bigger your profit or loss will be. Smaller brokers generally offer lower leverage than larger ones. But don’t see a broker that offers very high leverage as being generous. This is because leverage can harm you as easily as it can make you rich.
4. Account type
Forex traders can choose between a micro account and a standard account with most forex brokers. Micro accounts are good for beginners, while standard accounts are better suited for experienced traders who want to trade large amounts of money.
5. Financial company reputation
Forex traders can choose between a micro account and a standard account with most forex brokers. Micro accounts are good for beginners, while standard accounts are better suited for experienced traders who want to trade large amounts of money.
You can also check the track record of your chosen forex broker by looking at their customer support team. It is also worth checking if your chosen broker has a good track record in terms of returns earned through their services over time.
6. Trading platforms
When it comes to best trading broker platforms, most brokers have a similar set of features. They all offer their own particular mix of features and functionality. But if you’re looking for a forex broker that has all the bells and whistles you need, it pays to look at more than just the basic platform.
7. Customer support
Customer support is one of the most important factors when choosing a forex broker. You need to know that you can get in touch with someone who knows what they’re doing and will help guide you through any issues or questions you have. This means that customer service should be available 24/7, 365 days per year—and preferably by phone, as well.
Do Forex Traders Pay Tax in India?
If a trader is making profits from trading in foreign exchange, they will likely have to pay tax on those profits. A forex broker is also liable to pay taxes on their income.
If you are ever unsure it’s always best to speak to a qualified accountant.
Is Forex trading legal in India?
Forex trading is legal in India.
The Reserve Bank of India (RBI) has issued a circular stating that forex trading is permitted in India and does not require any license or permission from the government to operate as a broker/dealer.
However, it’s important to note that certain restrictions exist on how much you can invest in this market.
For example, if you want to open an account with a forex broker in India, a small amount of brokers may require you to deposit at least 10% of your total investment amount into it within 30 days after opening the account. The reason is so that no one jeopardizes their liquidity reserves by creating too much demand for their services at once without enough supply available to their customers.
Conclusion
A well-regulated forex trading environment is beneficial for the trader. The trader is protected from fraud by regulation.
We have a selection of the best Forex brokers in India. From high-quality trading and margin trading to advanced tools and research, these brokers offer a wide range of products that can help you make more money trading.
We hope this article has been helpful for you to choose the right broker for your trading needs.
