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Here’s The Best Forex Trading Broker in India

In the booming landscape of Forex trading, finding a trustworthy broker and a platform that is best for Forex trading is vital. For Indian traders, choosing a platform with competitive spreads and a collection of currency pairs is important. Additionally, it is also about ensuring the broker complies with the regulatory framework set forth by the SEBI (Securities and Exchange Board of India) and RBI (Reserve Bank of India).

In this guide, we will begin a journey to explore some of the platforms that are best for Forex trading. Keep reading to unveil a comprehensive list of brokers in India along with its meaning, safety, and much more.

Overview Of Forex Trading: 

Forex trading, also known as FX trading or foreign exchange, is the conversion of one currency to another. It is one of the most actively traded markets worldwide. Many companies, individuals, and banks carry out around $6.6 trillion worth of forex transactions every single day.

There are several types of participants in the forex markets, including large corporations, institutional and retail traders, central banks, and banks helping regulate monetary policy. 

Additionally, trading forex is increasingly popular in India, but it is also highly regulated. Also, the path to trading forex in India is not always easy. It is best to use a broker regulated in your own country of residence. However, due to some restrictions on locally regulated financial bodies in India, the one and only way for local citizens to suspect the forex market is to use a foreign broker. 

Is Forex Trading Safe? 

With most of the trading or investing, forex carries risk. However, beyond those risks, it is also essential to consider counterparty risk. It simply means when the other party or side to your trade fails to uphold its part of the trade or defaults.

When determining if trading forex is correct for you, the answer will depend on your available investment budget, your risk tolerance factor, and the financial stability and trustworthiness of your broker.

How To Trade Forex In India?

To trade forex in India, you will either be working with a foreign broker offering retail forex from a margin account or with a SEBI-regulated broker offering exchange-traded currency derivatives.

We have put together some essential points to take if you want to begin trading forex in India:

  1. Determine whether you want to trade off-exchange forex over-the-counter (OTC) from a margin account with a foreign broker or if you like exchange-traded currency derivatives.
  1. Select your forex broker. Ensure that it is highly regulated to lessen your probability of falling prey to a scam broker.
  1. Assess the available payment modes and select the mode that serves you best for withdrawing and depositing funds from your broker.
  1. Open and finance a live brokerage account with a fee you can afford to risk. Eventually, practice trading with a demo account to learn about the mobile trading app and trading platform software.
  1. Determine your trading objectives and work towards creating a trading plan. Consume educational content as much as you can to make an informed selection about how to create your trading plan. 
  1. With live funds, test your trading strategy by using an amount that you can afford to stake.

Additionally, you will need to be aware of the broker’s requirement for a minimum deposit. If you are using a forex broker outside of India offering micro contracts, you can trade forex with $100 (8,200 in Indian Rupees). In this situation, your broker needs to accept Indian residents as clients and will preferably be positively regulated in trustworthy jurisdictions.

List Of Platforms Best For Forex Trading:

Which platform is the best for Forex trading? Over the last few years, Forex trading has become more accessible to average Indians. However, the FEMA (Foreign Exchange Management Act laid down by the RBI has various laws relating to Forex trading, making it difficult to trade in the nation. 

When choosing a platform that is best for forex trading, it is essential to consider not only the personal fit but also the financial aspects. We have curated a list of the best forex trading platforms below. 

Here are our best picks for forex trading platforms, including: 

  • Octa- Best forex broker in India
  • Exness: Best trading account conditions for beginners
  • XM- Lowest spreads 
  • AvaTrade- Best mobile trading experience
  • Axi- Best ECN broker on MT4
  • HFM (HotForex)- Highest leverage for market education


Founded in 2011, Octa is best for forex trading. It offers 150 stocks, 35 forex pairs, 30 cryptocurrencies, ten indices, and five commodities. Their website is translated into Hindi and features two account types and a demo account, which is unlimited. It supports two of the most popular trading platforms in the world, MT4 and MT5. Additionally, the new intuitive OctaTrader is the best forex trading platform for beginners

Additionally, Octa has launched its very own app, available on Android and iOS devices. It has seamless integration with desktop trading accounts and all-day customer service in Hindi, English, and Urdu.

Also, Octa’s two types of accounts have some of the lowest trading prices available. The spreads are starting at 0.6 pips on the USD/EUR with zero commission. Both accounts have a minimum of 100 USD deposit and a choice between USD or EUR on your account currency. The central difference is trading on stock CFDs is available only on the MT5 platform.

Octa Features:

  • Availability of copy trading on all accounts
  • Frequently updated bonuses and promotions for Indian clients
  • Free AutoChartist with a 1,000 USD balance for traders
  • Availability of Islamic trading accounts for all account types and platforms


Exness Group, founded in 2008 in Russia, has over 200,000 customers worldwide. It offers trading in 70+ stock CFDs, 100+ Forex pairs, commodities, indices, and a small range of cryptocurrencies. It has nine account types on the MT5 and MT4 platforms, comparatively more than most of the brokers.

The Standard Cent Account is especially for beginners who want low fees and a minimum with a 1 USD minimum deposit, spreads of 0.3 pips, and micro-lots unlocked. An advantage to this account is that the traders will only be able to trade metals and currency, and MT5 is not supported.

Exness Features: 

  • Nine accounts on the trading platforms of MT4 and MT5
  • ECN accounts for skilled traders with raw spreads and a 7 USD commission
  • 24/7 customer service
  • Instant automated withdrawal system with cost-free withdrawal to e-wallets 


XM was founded in 2009 and is one of the most well-regulated and best for forex trading. It also offers CFD trading on stock CFDs, Forex, shares, equities, commodities, energies, and precious metals. 

This platform is popular for its low trading fees, execution speed, wide account choice, and extensive range of CFD assets available on both the MT5 and MT4 platforms. Algorithmic, scalping, and hedging trading are all permitted. 

XM Features: 

  • Both trading platforms, MT4 and MT5, are supported
  • The XM Ultra-low accounts allow a minimum deposit of 50 USD, and its spreads start at 0.6 pips with zero commission.
  • Each account has a no-requote execution policy, and XM orders of 99.35% are executed in less than a second.


AvaTrade’s most significant selling points are free deposits, withdrawals to local bank accounts, and minimum trading fees. Its Forex spreads start at 0.9 pips on the USD/EUR. While AvaTrade’s minimum deposit of 100 USD is not the lowest, you can still find it low for most beginners.


Traders on the move will like AvaTrade’s Forex trading app, AvaTradeGO. It has tools for small risk management and a direct connection to AvaSocial, a popular social trading system. Additionally, AvaTrade has 13 cryptocurrency pairs, which is more than most of the other brokers in India.

Cryptocurrency traders will surely appreciate the 24/7 crypto trading customer service. AvaTrade has 625 CFDs to trade, which includes popular tech stocks like Amazon, Google, and Apple.

  • Good all-around broker with low costs
  • Free withdrawals 
  • Well-designed
  • 24/7 crypto trading customer support 


Founded in 2007, Axi is an ECN broker offers trading on cryptocurrencies, commodities, metals, and indices- a smaller group of assets than most of the brokers but with a great selection of 70+ Forex pairs.

This platform only offers support for the MT4 trading platform. However, the MT4 NextGen plugin has the perfect ECN MT4 experience for trading. The plugin also includes an advanced sentiment indicator, a more intuitive terminal window, a correlation trader, and an automated trade journal.

Axi Features: 

  • Maximum leverage of 1:500 
  • Pro account, which has spread starting at 0 pips and 7 USD per commission 
  • 20 liquidity providers, ECN trading conditions, so fewer requotes and slippage
  • Trading tools include VPS hosting, Pysquation (an AI trade diagnostic), and Autochartist


HFM was founded in 2009 with its headquarters in Cyprus and is a global brand name of HF Markets Groups. Regulated by the FSCA, FCA, and CySEC, HFM is a platform that is best for forex trading. It offers trading on Forex, bonds, indices, commodities, shares, and ETFs. however, they have recently stopped offering crypto CFDs. 

HFM has a no-dealing desk STP execution for every trade, and the clients’ trades are directly posted to the market. Also, the leverage is available up to 1000:1 on the Micro account, which charges a 0 USD minimum deposit. 

HFM Features:

  • FCA regulation
  • Spreads starting at 1:00 pip on its micro account
  • In-depth market analysis, especially for professionals and beginners, including trade analysis, outlooks, and daily market news

Best Apps For Forex Trading In India: 

After estimating forex brokers that accept Indian clients, we have concluded that the below-mentioned brokers provide the best app for forex trading. All of the mentioned brokers offer mobile trading applications that feature highly advanced charting, an easy-to-use platform, and a variety of trading tools.

  • IG: IG academy and IG trading mobile app 
  • Saxo Bank: SaxoTraderGo mobile app 
  • Interactive Brokers: Impact app and IBKR Mobile app 
  • mobile app 
  • IC Markets: MT4, MT5 and cTrader mobile apps.
  • MT4, mobile app, and Investmate app

What Is The Best Strategy For Forex Trading?

Several trading strategies are suitable for Forex trading in India. Some of the important ones include:

  • Price Action
  • Trend Trading
  • Counter trend trading
  • Breakout Trading 
  • Range Trading
  • Position Trading
  • Carry Trade 
  • Day Trading
  • Scalp Trading
  • Swing Trading

What To Avoid When Choosing A Forex Broker In India? 

There are a few things to keep in mind and avoid when selecting a forex broker in India:

  • Lack of Transparency: If a broker’s withdrawal fees, trading, and deposit are too difficult to find, consider it as a red flag for lack of transparency.
  • Unregulated Brokers: If they are acting fraudulently by taking money, there is no recourse for you to reclaim the money.
  • No Live customer service: If a broker is not providing you access to live customer support through social media, web chat, or phone, then there is no one to help you in case of any problem. 
  • Beware of fake profit promises: Always use your own mind and intelligence before choosing any broker.

Final Line: 

Finding the platform best for forex trading in India will be easier for you after reading our extensive article. We have given every information to you, making it easier to understand everything about forex trading. However, there are some things that you can avoid and keep in mind for a better forex trading experience. Additionally, don’t forget to check out the safety, apps, and strategies of forex trading. 

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Frequently Asked Questions (FAQs): 

Q. Which platform is best for forex trading?

There are several platforms for forex trading, including Octa, Exness, XM, AvaTrade, Axi, HFM, and many more. 

Q. Which device is best for forex trading?

You can go for the Apple iMac 21.5-inch MNDY2LL/1, which is a high-speed and powerful computer that can work in multitasking mode.

Q. Which forex trading is the best?

There are several forex trading platforms, including Saxo Bank, CMC Markets, IG, Interactive Brokers, and many more. 

Q. Which Forex app is legal in India? 

You can download the MT4 or the MT5 application from your broker’s website and trade forex on the mobile device. 

Q. What is the safest forex to trade? 

The safest forex to trade is EUR/USD (Euro/US Dollar).

David Gillmore

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