The Best Forex Broker in India of 2023.

There are many restrictions on Forex trading in India compared to other countries due to many forex scams. Legally Indian citizens can only trade in currency pairs with the Indian rupee as a base currency. Hence citizens can only trade in USD, EUR, GBP, and JPY paired with the Indian rupee. The Indian rupee is the eighteenth most traded forex currency in the world. Citizens can trade in Forex through India’s brokers regulated by SEBI and its three major stock exchanges. However, traders can use foreign forex brokers if they use PayPal, Neteller, or similar methods.

The Best Forex Broker in India

The best forex broker in India is HF Markets because of its excellent support, tight spreads, and 100% for Indian traders. HF Markets has more than 2 million registered clients, and the majority are traders from India.

HFM Overall Best broker
  • RANK 99

    10 types of trading products
    Various deposit and withdrawal options
    Zero spreads offer
    Excellent support

  • 100% bonus

How to find a good Forex broker in India?

While there are a large number of Forex brokers, most of the better forex brokers will have the following features:

  • approved by a reputed foreign regulator
  • positive reviews by Forex traders in the market
  • low minimum deposits for trading
  • gives the user maximum leverage while trading
  • fast payment and withdrawal
  • several deposit and withdrawal options

Forex brokers that accept customers from India:

Some of the top Forex brokers that accept customers residing in India are listed below. These brokers do not have any office in India yet accept payment through electronic wallets.


List of the Top forex trading companies in India

Largest Forex broker ReviewVisit

Min. lot size

Max. leverageMin. depositGrade

VISIT HFM0.011:1000$199
VISIT CAPITAL0.011:30$2098

VISIT AVATRADE0.011:400$197

VISIT FXPRO0.011:500$10096

IC Markets
VISIT IC MARKETS0.011:500$20096
VISIT XM0.011:888$594

Hotforex Forex Broker in India

Hotforex offers a 100% bonus on deposits, and there is no minimum deposit. Hotforex is one of the best forex trading companies in India. The trading platform used in MT4, MT5, and Sirix web-trader. The financial authorities regulate its activities in Cyprus and Dubai. Based in Cyprus, Hotforex is regulated in various countries like the UK, South Africa, Cyprus, and UAE. In addition to Forex, traders can also trade in commodities and stock indices. The minimum deposit required is low at $50, and the leverage is high at 1000:1. It supports the popular and the best online forex trading platform in India, Metatrader 4 and 5.
Forex trading is becoming increasingly popular all over India, especially in metro cities, and many people are making money from Forex trading. These companies are advertising extensively and helping those who wish to invest in Forex; India’s Top 10 Forex trading companies are listed below.

HotForex is probably the most credible forex broker across the economies in the world. It’s regulated by several regulatory and supervisory institutions, including FSCA (South Africa), FCA (U.K.), CySec (Cyprus), and DFSA (Dubai). As the broker operates under these institutions’ continuous surveillance, your money is completely secure with the company. You can access the trader on MT4. The pace of execution of trade is pretty fast. Forex Broker in India is popular among beginners and experienced traders since it offers a non-deposit bonus of $30, and the initial deposit is only $5. It uses MetaTrader 4 (MT4) and MetaTrader 5 (MT5), Sirix web trader, and Android and iOS. It is regulated in Australia, Cyprus, Belize,

XM is regulated in Australia, South Africa, and Cyprus. It offers protection against a negative balance to traders. In addition to currency pairs, traders can also trade in commodities and stocks. Metatrader 4 (MT4) and 5 (MT5) are available for trading using a desktop, mobile, or web. The multi-terminal MT4 allows the trader to manage a large number of accounts. It requires the lowest deposit at $5, and a leverage of 500:1


Accessible markets Forex Broker in India

New and less experienced traders prefer the Easymarkets forex trading platform due to its features like Deal cancellation. The trader can cancel a losing trade within sixty minutes. This platform uses Metatrader 4 for forex trading.


Avatrade Forex Broker in India

Avatrade offers a bonus of up to 40% and requires a minimum deposit of $100. It uses the MT4 trading platform. It is regulated by the central bank of Ireland, FSB South Africa.

While there are many forex traders, it is essential to check the broker’s reputation trader and ensure it is regulated by one or more countries’ financial authorities. The deposits should be kept in segregated bank accounts and be insured. The minimum amount for deposit should be less, and traders should be allowed to trade in micro-lots.

Legal issues

Forex traders should be aware that India’s Reserve Bank allows residents of India to trade all forex currency pairs, including the Indian rupee. Since this is not very volatile due to the smaller market size, the profits are usually lower.

Foreign exchange Regulation in India

The forex market in India is regulated by the Foreign Exchange Management Act, 1999 (“FEMA”) and the Securities and Exchange Board of India (SEBI). SEBI is the regulatory authority that monitors and regulates the securities market and the whole trading industry.SEBI is responsible for brokers’ activities and individual investors to ensure that the securities market operates with integrity and transparency without affecting the overall stability of the Indian market.

Security and Exchanges Board of India (SEBI) is the official regulatory body for India’s financial markets. It is issuing licenses to foreign exchange brokers. The three Forex brokerages in India are the National Stock exchange, MCX, and United Stock exchange.

SEBI guidelines for forex trading

Below are presented SEBI guidelines for forex trading that SEBI created to protect traders from a trading scam:

“It has come to the notice of Securities and Exchange Board of India (SEBI) that investors in India are being offered services by various firms through online web portals to trade in a variety of financial products including various types of derivatives, which are apparently traded on overseas platform/exchange. These firms are operating from overseas, but providing/offering services to Indian residents. These firms/entities in order to attract clients solicit their business through various means of communications such as electronic messages, blogs, advertisements, websites, emails, leaflets/pamphlets, apps, calls etc., and also many such entities/portals offer free online registration without complying with the basic Know Your Customer (KYC) procedures and often offer high level of leverage, low brokerage and other incentives for trading on overseas platform/exchange.

Such firms/web-portals/platforms are not supervised by any Regulatory body in India. Further, the inherent complexity of the products offered by such firms/web-portals/platforms may not suit the risk profile of the investors and their excessive leverage can result in significant losses to investors.

In view of above, all investors are cautioned to avoid participating in such unregulated web portals / entities offering transactions in securities (including derivatives) which are executed or undertaken on the terminal of foreign exchanges/platforms. The investors may also note that for any kind of claim/dispute relating to such participation or enforcement of any agreement/contract/claim, etc., the following recourses shall not be available to them:

Rights of investors under bye-laws/regulations of Recognized Stock Exchange(s) and investor protection under Indian securities laws.
Dispute resolution mechanism administered by Recognized Stock Exchange(s).
Investor grievance redressal mechanism administered by Recognized Stock Exchange(s).”



Igor has been a trader since 2007. Currently, Igor works for several prop trading companies. He is an expert in financial niche, long-term trading, and weekly technical levels. The primary field of Igor's research is the application of machine learning in algorithmic trading. Education: Computer Engineering and Ph.D. in machine learning. Igor regularly publishes trading-related videos on the Fxigor Youtube channel. To contact Igor write on:

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