You’re in the right place if you’re looking for the best forex brokers in India. With this comprehensive guide, we aim to help you choose a broker that meets your trading needs, leaving you to focus on what matters, which is profitability in the forex markets.
Ranking Methodology – While assessing and ranking the best forex brokers in India, some of the critical factors which influenced our judgments include the brokers; regulatory compliance and safety, product offering, execution model, execution speed, assets offered, trading cost (trading and non-trading fees), payment methods, trading platforms provided, research offering, education offered, and customer support service.
Table of Contents
5 Best Forex Brokers In India
Following our in-depth review and ranking process, here are the best forex brokers in India;
- IC Markets
- Pepperstone
- Saxo Bank
- Forex.com
- Capital.com
1. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2250+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and 24/7 customer support service.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for traders of all experience levels. IC Markets also provides adequate support for various trading strategies, such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- Flexible leverage (up to 1:500).
- Fast trade execution.
- Supports all trading styles and strategies.
- Offers swap-free account.
- Low trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods.
- The demo account has an unlimited usage duration.
- No inactivity fee is charged.
- Excellent customer support service.
Cons
- Its product offering is limited to forex and CFDs.
- No proprietary trading platform is offered.
2. Pepperstone
Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across various international markets, including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.
With Pepperstone, you can enjoy cutting-edge brokerage solutions such as low trading fees, deep liquidity, spreads from 0.0 pips, industry trading platforms, social trading, copy trading, ultra-fast execution, an Active Trader program, research, education, and an awarding-winning customer support team.
Pepperstone’s outstanding and flexible trading solutions make it a good fit for all levels of traders, including novice, intermediate and professional traders. It also provides adequate support with multiple industry-standard terminals, tools, and excellent trading conditions, ideally suited for scalping, algorithmic trading, copy trading, and social trading.
Clients also have the option to choose from two account types, which are the Standard and Razor account. The critical difference between these account types is how fees are charged.
The Standard account has a one pip mark on the raw spread (from 0.0pips) with no commissions charged. The simplicity of this account type makes it a good fit for beginners and casual traders.
The Razor account, on the other hand, offers access to consistent raw spreads from 0.0 pips with a small commission charge applied. The lower cost setup traditionally seen in this account type makes it ideally suited for traders with particular trading styles, like algorithmic trading and scalping.
Pepperstone Overview
| Broker | Pepperstone |
|---|---|
| Regulation | ASIC, FCA, and DFSA. |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader4, Metatrader5 and cTrader and Duplitrade. |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli. |
| Trading Tools | Smart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), DupliTrade. |
Pros
- Strong regulatory framework.
- Great for beginners.
- Easy account registration process.
- Deep liquidity.
- Fast order execution.
- Multiple account base currencies.
- Supports all trading styles and strategies.
- Over 61 currency pairs, including major, minor and exotic pairs.
- Multiple fast and secure payment methods.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Great for algorithmic traders.
- Low forex trading fee.
- Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
- Active Trader Program for high-volume traders, with cash rebates that are paid daily.
- No inactivity fee is charged.
Cons
- The demo account duration is limited to only 30 days.
- Only CFDs are offered.
3. Saxo Bank
Saxo Bank is a reputable Danish investment bank specializing in online trading and investments. Saxo connects traders and investors to a massive range of over 40,000+ financial products, including forex, cryptocurrencies, stocks, commodities, futures, forex options, listed options, ETFs, bonds, mutual funds, and CFDs (on forex, single stocks & ETFs, indices, bonds, commodities & index options) all from a single integrated trading account.
Saxo’s outstanding trading solutions and services include; deep liquidity, professional-grade trading platforms, ultra-competitive pricing, low forex trading fees, quality in-platform research, quality educational offering, VIP benefits, and excellent customer support service.
The brokerage solutions offered by this broker are designed to meet the needs of high-volume traders, professionals, advanced active traders, investors, and institutions.
In contrast, the services offered by Saxo Bank would be less suitable for you if you’re a low-volume trader, as there are few that you might encounter, some of which include high minimum deposits (depending on your region) and tiered pricing structures which are more favorable to high volume traders.
Saxo Bank Overview
Broker | Saxo Bank |
|---|---|
| Regulation | FSA, FCA, JFSA, ASIC, FCA, Bank of France, SFBC, CONSOB, MAS, JFSA |
| Forex Pairs | 182 |
| Trading Platforms | SaxoTraderGO, SaxoTraderPRO, MetaTrader 4, TradingView. |
| Minimum Deposit | $2000 or currency equivalent. (varies for different countries) |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:200 |
| Account Currencies | AED, AUD, CAD, CHF, CNH, GBP, JPY, PLN, SGD, CZK, HKD, MXN, RON, ZAR, DKK, HUF, NOK, RUB, TRY, EUR, ILS, NZD, SEK, USD |
| Payment Methods | Bank Wire Transfer, Card Payments, Sub-account Transfer, Portfolio Transfer (Broker to Broker) |
| Trading Tools | FIX and OpenAPI, OpenAPI for Excel, Dynamic Trend, MultiCharts, UpData |
Pros
- Strong regulatory framework.
- Over 25+ years of experience in the industry.
- 810,000+ customers in over 180 countries worldwide.
- Wide product portfolio.
- Offers managed portfolios (SaxoSelect).
- Wide range of asset classes.
- Deep liquidity.
- Multiple industry standard trading platforms.
- Fast trade execution.
- Competitive spreads.
- Lower fee rates for active traders.
- Outstanding research offering.
- An extensive list of educational offerings (including webinars, courses, guides, and tutorials).
Cons
- The demo account duration is limited to only 20 days.
- An inactivity fee is charged per quarter.
- High minimum deposit in certain countries.
- Limited deposit and withdrawal methods.
4. Forex.com
Forex.com is a global FX and CFD provider founded in 2001. It is owned and operated by its parent company StoneX Group Inc, a publicly-traded company listed on the NASDAQ Stock Exchange (NASDAQ: SNEX).
Forex.com offers CFDs, spreads betting, and futures across over 9,500+ global markets, including forex, commodities, indices, stocks, metals, and cryptocurrencies, through institutional-grade platforms, excellent execution, and high-touch expertise.
Other outstanding brokerage solutions you can enjoy with Forex.com includes deep liquidity, competitive pricing, transparent fee structure, superior trade executions, low slippage, multiple account types, an Active Trade Program (which can reduce trading costs by up to 15%), multiple industry-standard trading platforms, education & research tools, VPS hosting and an excellent customer support service.
The brokerage solutions offered by Forex.com makes it an ideal broker for traders of all experience levels, although high-volume traders would benefit more from its services.
Forex.com Overview
| Broker | Forex.com |
|---|---|
| Regulation | NFA (US), CFTC(US), FCA (United Kingdom), ASIC (Australia), FSA (Japan), IIROC (Canada) |
| Forex Pairs | 80+ |
| Trading Platforms | MT4, MT5, NinjaTrader, Web |
| Minimum Deposit | $100 |
| Demo Account | Yes (90 Days) |
| Maximum Leverage | 1:50 EU/UK Clients – 1:30 |
| Account Currencies | USD, EUR, CAD, JPY, CHF, AUD, GBP |
| Payment Methods | Wire Transfer, Card Payment, Paypal. |
| Trading Tools | VPS Hosting, Autochartist, Recognia, Smart Signals, Performance Analytics |
Pros
- Strong regulatory framework.
- 20+ years of industry experience.
- Parent company StoneX is a publicly-traded company listed on the NASDAQ Stock Exchange (NASDAQ: SNEX).
- Over 500,000+ clients worldwide.
- Multiple industry standard trading in mobile, web, and desktop versions.
- Fast order execution.
- Wide range of asset classes.
- Low minimum deposit.
- Fast and secure payment methods.
- Competitive pricing.
- Offers Active Trader Program, which helps reduce trading costs by up to 15%.
- Great customer support service.
Cons
- Limited payment methods
- Slow account verification process.
- The demo account is only available for 90 days.
5. Capital.com
Capital.com is a cutting-edge global online broker which offers CFDs across various asset classes, including indices, commodities, shares, ETFs, and cryptocurrencies, with over 6000+ instruments to trade.
Some outstanding benefits traders can enjoy with Capital.com include deep liquidity, low trading fee, tight spreads with zero commissions, fast order execution, industry-standard trading platforms, and great customer support service.
Capital.com suits traders of all experience levels, including beginners and professionals. Also its low minimum deposit and low trading fee also make it a great choice for traders with low capital and those looking for low trading costs.
Capital.com Overview
| Broker | Capital.com |
|---|---|
| Regulation | ASIC (Australia), FCA (United Kingdom), CySEC (Europe), NBRB (Belarus) |
| Forex Pairs | 138 |
| Trading Platforms | Capital.com Web Platform, MetaTrader 4, TradingView |
| Minimum Deposit | $20 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | GBP, USD, EUR, PLN, AUD |
| Payment Methods | Bank Wire Transfer, Visa, MasterCard, Skrill, Neteller, iDeal, Giropay, Przelewy24, QIWI, WebMoney, Trustly, Worldpay, and AstroPay |
Pros
- Strong regulatory framework.
- Easy account registration process.
- Low minimum deposit (from $20).
- Deep liquidity.
- Fast order execution.
- Industry-standard trading platforms in mobile, web, and desktop versions.
- Zero commissions.
- Free quality trading education, including online courses, guides, and webinars.
- Unlimited demo account duration.
- Great customer support service.
Cons
- MetaTrader 5 is not available.