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11 Best Forex Brokers And Trading Platforms in India 2021

Published by Usman Ahmed, MBA (Researcher)

Reviewed by Bowen Khong, ACCA

India is the world’s second-most populated country with a population exceeding 1.3 billion and a booming economy of over $2.6 trillion in GDP. While dealing with the high national poverty rate remains a challenge, many aspiring Indians have taken up day trading as a way to improve their lot in life. 

However, the Reserve Bank of India has imposed strict restrictions due to safety concerns involved in forex trading. It now depends on you, whether you prefer sticking to the national regulatory framework concerning forex, or you choose to sign-up with some reputable international forex brokers that are equally safe. 

In this article, I review 11 brokers which in my view are the best forex brokers in India.

11 Best Forex Brokers in India 2021

  1. Plus500
  2. Forex.com
  3. IG Market
  4. Hot Forex
  5. XM
  6. Pepperstone
  7. etoro
  8. Avatrade
  9. OctaFX
  10. Saxo Bank
  11. Interactive Brokers


Plus500 is a UK-based broker known for providing premium trading solutions to its clients all around the world. With over 200,000 active customers and a traded volume of more than one trillion US Dollars, the broker remained one of the top favorite forex brokers in 2019. 

Being diversified, the Plus500 company offers easy-to-navigate trading platforms, along with multiple trading tools and technical indicators for a seamless trading experience. Besides FSCS, the broker also provide advanced risk management tools ensuring maximum security of clients’ funds. 

Using trailing stops and negative balance protection, clients of Plus500 become well equipped to deal with the uncertain market conditions. Offering absolute reliability, the broker ensures instant order filling along with competitive pricing options. 

Plus500 makes the account opening process quick & easy. Traders can choose between multiple methods available to fund their accounts or withdraw profits. Round the clock customer support helps clients to get their issues resolved on time. 

  • Founded: 2008
  • Regulation: FCA, ASIC
  • Headquarter: United Kingdom
  • Minimum Deposit: $100
  • Trading Platforms: Online, Desktop & Mobile

Read: Plus500 Review


  • Low spreads 
  • Min deposits 
  • FSCS funds protection
  • Strong Regulations
  • Instant trade execution


  • Floating/Variable spreads
  • Slow customer support 
  • No US Clients
  • Limited options for research


Forex.com is a multi-regulated forex broker available online. The broker is in the business for more than two decades. Offering trading services in 4500+ trading instruments, Forex.com also offer competitive spreads along with fast-paced trading platforms. 

With low deposit accounts, traders with limited funds can go for instant sign-ups. Tailoring the needs of clients, the broker offers four types of accounts, allowing traders to choose the one that fits their needs. Cash rebate offers, real-time price quotes, and in-depth market analytics are some premium services offered by the Forex.com.

Rich educational library, intuitive trading platforms, and a variety of trading resources help clients to trade with confidence. Forex.com round the clock customer support makes things even more convenient.

  • Founded:1999
  • Regulation: CIMA, FCA, FSA, NFA,  ASIC
  • Parent Company:  Gain Capital UK, Ltd
  • Headquarter: New Jersey, US
  • Minimum Deposit: $100
  • Trading Platforms: Online, Desktop & Mobile (MT4, MT5)

Read: Forex.com Review


  • Multiple regulations
  • Multiple educational resources
  • Easy-to-use trading platforms
  • US Clients are allowed


  • Complex margins
  • Slow Customer Support 
  • Retirement accounts unavailable

IG Market

IG is the most reputable forex broker of the modern age. Clients seeking multiple trading solutions under one roof might find IG to be their ultimate destination. Whether it is about user-friendly trading platforms or low-cost spread betting, IG has no comparison at all. With the facility of copy trading through the most advanced social trading platforms, novice traders can tie knots to the industry’s top professionals for a safe trading experience. Investment in the crypto10 index provides traders to manage their crypto portfolios more effectively at IG. 

Advanced technical tools and latest forex indicators help traders to rule the market with confidence. IG offers multiple trading platforms in addition to ProRealTime to make traders well equipped when it comes to trading with the industry-standard advanced trading platforms.  

  • Founded:1974
  • Regulation: FCA
  • Headquarter: London, UK
  • Minimum Deposit: $300
  • Trading Platforms: Online, Desktop & Mobile 

Read: IG Trading Review


  • Multiple deposit & withdrawal methods
  • US Clients are allowed
  • Advanced trading platforms
  • Wide range of educational material


  • Webchat unavailable
  • High minimum deposit 
  • High CFDs fee


HotForex is an award-winning forex broker offering trading services around the globe. The broker is known for low-cost trading solutions. From micro accounts to premium accounts, the minimum deposit requirement does not exceed $100 with HotForex. Being the world leader in financial trading, the company offers more than 1000 tradable products as well as six types of accounts across 12 trading platforms. Autochartists tools with advanced market insights allow traders take control of the market irregularities. High volume traders can enjoy direct market access accounts for increased exposure at HotForex. 

HotForex offers a wide range of educational material to help clients learn every bit of forex trading. With PAMM accounts, traders can subscribe to the fund management service at Hotforex. The interest-free Islamic account, free VPS hosting, and one-touch trading are some of the premium services available at HotForex. 

  • Founded: 2010
  • Regulation: Cysec, FCA, FSA, DFSA
  • Headquarter: Cyprus
  • Minimum Deposit: $5 for Micro Account, $100 for Premium Account
  • Trading Platforms: Online, Desktop & Mobile (MT4, MT5)

Read: HotForex Review


  • DMA accounts available
  • Multiple  tradable assets
  • Non-dealing desk
  • Competitive spreads


Zero accounts commission
Unresponsive customer support
Average educational resources


XM is an online broker that offers trading services in forex, indices, commodities, shares, and metals. With low spreads starting from 0.6 pips, the company lets you trade 1000+ financial instruments. Besides offering advanced trading tools, XM offers generous leverage of 888:1 to help clients maximize their trading potential. Getting started with the broker is as easy as filling up the registration form and depositing $5 in your account. The broker has multiple deposit and withdrawal methods that make the payment process quite convenient. XM offers supported trading platforms for both desktop and mobile-based operating systems. 

XM also offers a demo account enabling traders to improve their trading skills without risking their real funds. With low margin requirements, reduced trading cost, free educational resources, and 24/5 customer support, the broker could be the best option for Indian traders.  

  • Founded: 2009
  • Regulation: ASIC, CySEC, IFSC
  • Headquarter: Limassol, Cyprus
  • Minimum Deposit: $5
  • Trading Platforms: Online, Desktop & Mobile (MT4, MT5)

Read: XM Review


  • Competitive pricing
  • Low deposit accounts
  • Multiple Regulations
  • Islamic account


  • Average FX fee
  • Variable spreads
  • No clients from the US 


Pepperstone is a reliable broker that offers multiple trading solutions under one roof. The broker is well-known for its user-friendly trading conditions and transparent raw spreads. Clients can access a wide range of tradable instruments across different asset classes, including forex, indices, commodities, and crypto CFDs. The company’s lightning-fast trade execution policy is ideal for scalpers. With a quick sign-up process and fast account verification, the company makes it easier for clients to get started. Trades have the flexibility to deposit and withdraw funds using multiple available methods, such as debit cards, credit cards, bank transfers, and e-wallet payments. 

In addition to online access to the available trading platforms, clients can install them on their desktop and mobile phones. Besides demo accounts, the broker’s social trading service enables newbies to learn forex trading and make hassle-free money. Being regulated by ASIC, FCA, and DFSA, the broker is a safe call for forex traders residing in India. 

Regulation: FCA, ASIC, DFSA
Headquarter: United Kingdom
Minimum Deposit: $200
Trading Platforms: Online, Desktop & Mobile 


  • Multiple regulations
  • Quick account signups
  • Instant trade execution
  • Intuitive trading platforms
  • Quick customer support


  • Does not accepts US clients
  • Minimum deposits are high 
  • High fees for CFDs  


With a range of financial instruments and a competitive fee structure, eToro is the all-time favorite broker of thousands of customers worldwide. Multiple accounts, intuitive trading platforms, tight spreads, and round-the-clock customer support give the broker an edge over its competitors. The broker also offers a customized wallet to store, send and receive digital currencies. 

eToro’s social trading platform is equally beneficial for both novice and veteran traders; it enables investors to make money by following other professional traders. The broker also offers decent research and educational resources, helping clients to learn and grow. 

Regulation: CySEC
Headquarter: Limassol, Cyprus
Minimum Deposit: $50 via online &  $500 via Bank Transfer
Trading Platforms: Online, Desktop & Mobile 


  • CySEC regulation
  • Extensive product portfolio
  • Social trading platform
  • Multiple deposit and withdrawal options
  • Customized crypto wallet 


  • Availability of fewer cryptocurrencies
  • Basic customer support
  • High fees for CFDs  


AvaTrade is an online forex broker that offers a diverse range of financial derivatives, including forex, stocks, indices, options, ETFs, and cryptocurrencies. Along with traditional trading platforms, the broker also supports social trading to help clients looking for an easy start. The broker is known for having low-cost trading solutions. With its un-restricted trading conditions, traders can employ both hedging and netting techniques to diversify their trading risks. The broker also offers fast trade execution, helping scalpers to maximize their earning potential. The broker holds regulations across nine regions around the world. It also offers interest-free Islamic accounts that ultimately make it one of the preferred choices for shariah practicing traders. 

Avatrade’s trading platforms can be accessed online using the web terminal or AvaTradeGo mobile app. The broker offers round-the-clock customer support in multiple languages of the world. Rich educational resources, a user-friendly trading interface, and competitive pricing models are some commendable features of the broker. 

Regulation: ASIC, ADGM, JFSA
Headquarter: Dublin, Ireland
Minimum Deposit: $100
Trading Platforms: Online, Desktop & Mobile 


  • Multiple regulations
  • Fast account signups
  • Instant trade execution
  • User-friendly trading platforms
  • Efficient customer support


  • Does not accepts US clients
  • No research tools available
  • High fees for CFDs  


OctaFX is relatively a new addition to the forex industry. However, the broker has managed to attract thousands of clients due to its favorable trading terms. Besides offering a deposit bonus, the broker also holds promotional contests and giveaways. Traders can choose between the cTrader or MT4/MT5 trading platforms to explore endless trading opportunities with the broker. Both manual and copy trading services are available at OctaFX. With a range of trading tools, market analytics, and educational resources, clients can trade the market confidently. The broker has a quick account registration process and accepts multiple payment methods for deposits. Traders can also use OctaFX demo accounts to practice different trading strategies without risking their real capital. 

OctaFX does not charge any commission on deposits and withdrawals. While ensuring minimum slippage, the broker also offers negative balance protection. Instant trade execution and swap-free accounts make the broker a competitive choice for Indian nationals. 

Regulation: CySEC
Headquarter: United Kingdom
Minimum Deposit: $5
Trading Platforms: Online, Desktop & Mobile 


  • Easy account signups
  • Fast trade execution
  • Intuitive trading platforms
  • Quick customer support


  • US clients are not accepted
  • High fees for CFDs
  •  Weak regulatory framework

How Did I Select The Above Forex Brokers?

Owing to the strict forex restrictions and limited number of forex brokers offering services in India, I had to pick brokers that don’t only accept Indian citizens but are also known to be highly secure for investment. Just for your information, after trading for the past twelve years and using hundreds of forex brokers, I understand every nitty-gritty of the forex world. I exactly know what to look for while searching for the best forex broker. 

I cannot forget my bad experiences with the forex world and the money I lost to dishonest brokers. It took me three whole days to search through the pile of brokers to finally come with the list of the top five forex brokers in India. During my search, I looked for various factors such as regulations, the safety of funds, trading platforms, spread, commissions, and customer services, etc. 

The Reserve Bank of India (RBI)

The Reserve bank of India stipulates the legal framework concerning foreign financial transactions under the Foreign Exchange Management Act (1999). The RBI also regulates and oversees foreign transactions taking place within the country. On the other hand, the Securities and Exchange Board of India (SEBI) is the main regulatory body for financial intermediaries dealing with the Indian stock market. [1]

All forex brokers based in India need to comply with the FEMA regulations to continue offering services in India. [2

The Reserve Bank of India can cease the broker from operations if found in breach of conduct with the stipulated regulatory framework. Additionally, the broker might have to face other legal proceedings as well. 

Read: SEBI Registered Forex Brokers

Factors To Consider When Choosing A Forex Brokers 

For a successful forex trading experience, the selection of a broker is crucial.

There are two types of forex brokers, let’s explain both types of brokers briefly:

Dealing Desk Brokers

Dealing desk brokers are also known as market makers. Creating markets for clients, they usually trade the other side of traders’ positions. Dealing desk brokers make money from the spreads or commissions charged to clients. Also, dealings desk brokers might or might not interfere with your trades before executing them in the market, depending upon the policy of each broker.

Non-Dealing Desk Brokers

Non-dealing desk brokers are further subdivided into two main categories;

  1. STP
  2. ECN
  • Straight Through Processing – STP

STP brokers directly route orders to their liquidity providers having direct access to the interbank market. However, STP brokers also charge a nominal fee, usually in the form of spreads.  

  • Electronic Communication Network – ECN

ECN brokers match orders of clients with the orders of other clients available on the ECN networks. In other terms, all clients on the ECN compete against each other with their best ask and bid prices. Clients on ECN usually enjoy the depth of the market. In addition to a fixed markup, you might need to pay a nominal commission on your trades to the ECN brokers. 

Now let’s discuss some factors that a trader must consider while choosing a forex broker;


Regulation of a broker makes your investment safe. If your broker is regulated, you can rest assured that your broker will abide by the rules and regulations of a respective regulatory body, ensuring best practices. The foremost requirement that a regulated broker needs to fulfill is to be sufficiently liquid. Other prerequisites might include plans for funds protection, the security of confidential information, etc.  For other legality you may read here and here.

Fees & Commission

One of the main factors you must carefully consider is the fee schedules of the broker. The type of fee a broker might charge includes spreads, commission on spreads, overnight fees, inactivity fee, fee on deposit and withdrawals, etc. A fee might look nominal but can make a substantial impact on your profits when aggregated.


Most of the time, brokers offer leverages to their clients to open large positions by investing only a fractional amount. Where leverage options can be a great source of profit maximization, it can also lead you towards severe losses if the market moves against you. 

Demo account 

A demo account is a great tool to practice your trading skills and try different money management strategies without compromising your real funds. Always check if your broker offers a demo account. A broker not offering a practice account doesn’t worth your investment in any case. 

Customer Support

Customer support is an integral part of a company’s success. If your broker doesn’t offer efficient customer services, it might also lag in other services. Think twice before opening an account with such a broker. 


After a careful review of various brokers operating in India, I consider plus500 to be the best brokerage company due to its low spreads and funds security. 

Usman Ahmed, MBA (Researcher)
Usman Ahmed, MBA (Researcher)
Usman Ahmed is a currency trader and financial market analyst with more than 7 years of active trading experience. Besides holding a Masters degree in Business Administration, he has worked for some of the most renewed companies in the forex industry including FXCM, IQOption, MetaQuotes, Alpari, FXStreet, DailyFX and several others. Usman possesses strong technical analytical skills and is famous for his very own, informative and entertaining, writing style. He believes in naked chart trading analysis that is commonly known as price action trading. He follows global financial news and macro-economic events very closely.
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