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Best Forex Broker in India

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The global Forex (foreign exchange) market is the most actively traded and largest financial market in the world. Below you can find a list of the best forex brokers in India in 2020. Based on our research where we have compared the most important factors from a traders perspective (currency pairs, fees, charts, trading platform, education, regulation etc) this are the winning brokers.

Our Top 7 Picks For The Best Forex Broker in India in 2020

  • IG
  • Robinhood
  • Pepperstone
  • Swissquote
  • Forex.com
  • Plus500
  • IQ Option

All of these brokers offer excellent trading platforms and tight spreads.

In the US, only three of these brokers are in full operation. IG was the winner of our review but has only been in full operation in the United States since February 2019.


IG Trade

  • Best Forex Broker
  • $0 Account Minimum
  • Fees starting at 0.6 pips (EUR/USD)
  • Read full review

IG has been involved in CFD and forex trading for over 40 years. However, it has only just re-entered the US market in February 2019. IG Group has more than 185,000 clients worldwide and is a Financial Times Stock Exchange (FTSE) 250 company. 

Because of its size, IG can offer some of the lowest commissions and spreads in the industry. They also provide a comprehensive product line, including stock indices, stock sectors, individual equities, cryptocurrencies, commodities, and bonds. This is done through a range of professional grade trading platforms that can be accessed through their mobile apps or their web-based interface.


  • Multiple spread types (e.g., broker-spread, raw-spread)
  • No minimum account size
  • Recognized and regulated by government bodies worldwide (ASIC, IIROC, CFTC, FCA, among others).


  • News and research only available through external sources
  • Slow customer service response time
  • Disorganized education tools


Robinhood (Best For Beginners: 4.1)

Based in the United States, Robinhood is a discount broker that has the distinction of being the only zero-fee broker on this list. This is limited; however, to customers in the US and Australia. It is regulated by the US-based FINRA (Financial Industry Regulatory Authority) a maximum of $500,000 in investment protection and up to an additional $250,000 of protection for cash in deposit.

Robinhoodis highly recommended for beginners who are following the “value investing” or “buy-and-hold” strategy.


  • Top-quality web and mobile trading platforms
  • Commission-free stock trading
  • Fully digital account opening and management


  • Product catalog is limited
  • Australian and US clients only
  • Limited trading platform tutorial videos

Web trading platform


  • Clean design
  • Transparent fees
  • Intuitive


  • Limited customizability


Robinhoodprovides free US stock trading to all account holders. There are no transfer fees, deposit fees, withdrawal fees, or inactivity fees. Commissions on non-US stock trades are surprisingly expensive.


  • $0 inactivity fee
  • $0 withdrawal fee
  • $0 commission on US stocks


  • Expensive fees for non-US stock trades
  • High percentage for leverage and financing

All stock commissions, financing, and spreads are based on opening a $2,000 position and then holding it for one week.

All Forex commissions, financing, and spreads are based on opening a $20,000 position and then holding it for one week.


For beginning traders who want to trade US stocks for free and I are looking for an intuitive platform, Robinhoodis by far the best choice. There are zero fees, zero commissions, and both the mobile and web trading platforms are fast, easy, and user-friendly.

The negatives attached to Robinhoodrelate mostly to the limited scope and what can be traded. For example, while European stocks can be traded using Robinhood, they are far more expensive than other brokers. In addition, many investors prefer having access to their broker through live chat, phone, and email. Robinhoodonly offers email as a means of contacting support. This may be a drawback for some as it can cause delays in response time.



  • AUD $200 account minimum
  • Fees “starting at” 0.0 pips
  • Best Australian Forex broker

Pepperstone is based in Melbourne, Australia, and offers competitive trading capabilities through multiple platforms such as mobile devices, MetaTrader 4, and web-based tools. With a broad range of account types, Pepperstone customers have more than 80 tradeable financial instruments across more than 72 asset classes, including forex, commodities, metals, cryptocurrencies, and index CFDs. It also provides comprehensive educational and research resources.


  • Industry leading rates on CFD executions
  • Meta-trader 4 desktop and mobile interface, WebTrader, and cTrader
  • No trading against clients


  • No CFDs for single stocks
  • Unclear execution costs
  • Least competitive of this review


Swissquote (Best for mutual and exchange traded funds (ETFs) – 4.5)

With more than 25 billion Swiss Franks under management, Swissquote Group Holding is one of the largest brokerages in the world. Based in London, this is a subsidiary of Swissquote Bank and is regulated by the United Kingdom’s FCA (Financial Conduct Authority). Since Swissquote has a base in the UK, it can offer European-based traders higher quality execution and liquidity on funds, bonds, commodities, and Forex.


  • Competitive fee structure
  • Daily multilingual reports
  • Easy set up on the desktop and mobile apps


  • Only three products can be researched at a time
  • Limited customization with desktop watchlists
  • No technical indicators on mobile charts

Trading platform

Swissquote offers different trading platforms for their different clients. Clients registered with their Switzerland-based division will most likely use Advanced Trader with deep functionality and simple design. UK based clients will most likely use MetaTrader 4. However, despite the robust feature set offered by MetaTrader 4, UK clients will only be able to trade in Forex and CFDs.


  • Multilingual support
  • Dual factor authentication
  • Price alerts


  • Disappointing search function
  • Limited variety of order types


While there is no inactivity fee at Swissquote, there are trading fees and non-trading fees which range from average too expensive.


  • No inactivity fee


  • Withdrawal fee
  • Expensive trading fees


Being attached to an exchange and a bank give Swissquote a level of trust that few brokers enjoy. Accounts opened in Switzerland have far more features, but UK based accounts have higher investor insurance.

Account opening is fast, and account management is straightforward for both countries.

Moreover, with no minimum deposit and no inactivity fee, Swissquote is an excellent choice for beginning investors who are interested in trading bonds, stocks, mutual funds, or cryptocurrencies.



  • USD $50 Account Minimum
  • Average fees of 1.3 pips (EUR/USD)
  • Best research and educational materials
  • Read Full Review

Forex.com is a global industry leader and in the US is the primary competitor of OANDA. Forex.com is owned by the publicly traded GAIN Capital (NYSE: GCAP) and has invested heavily in custom-built systems and trading platforms over the past few years. Because of this, both Forex.com and City Index (a spread betting company and another acquisition of GAIN Capital) are industry leaders and “edge out” OANDA in the USA in terms of customer assets.

Through Forex.com and City Index, GAIN Capital has acquired customers from across the globe and currently provide their clients with continuously updated and useful market insights through their global team of market analysts. Forex.com offers industry-leading trading tools for forex, CFDs, and Bitcoin.


  • Custom client and web platforms and custom integration with MetaTrader 4
  • Client-focused market research team
  • Forex, bonds, indices, shares, commodity CFDs, and cryptocurrency.


  • Cumbersome navigation of educational materials
  • Guaranteed stops only available in some markets for a fee
  • Highest trading costs of this review


Plus 500

  • USD $100 Account Minimum
  • Average fees of 1.1 pips (EUR/USD)
  • Buy or sell as CFD’s, with leverage up to 1:300, commission-free
  • Best for CFD Trading
  • Read full review

Plus500 is a quality CFD’s provider and operates around the world via its subsidiaries: Plus500AU, AFSL #417727 issued by ASIC, Derivatives issuer licence in New Zealand for NZ clients, FSP No. 486026; Financial Services Provider # 47546 in South Africa. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).

Plus500 has one of the most user-friendly platforms that allow instant access to variousmarkets, including commodities, indices, shares, andoptions. Every asset is availableto buy or sell as CFD’s, with leverage up to 1:300, commission-free.

Many other featuressuch as stop, limit, andtrailing stop are all present on the platform. Customers can also enjoy trading in a free unrestricted demo account that imitates real action. The platform has a lot of news, market information, training tools and comes with solid customer support. Everything is available in the Arabic language, including customer support.


IQ Option

  • USD $10 Account Minimum
  • Average fees of 1.2 pips (EUR/USD)
  • Best For Binary Options Trading
  • Read full review

IQ Options has a long trading services history. The company started operating in 2013. Having their main quarters in Limassol, Cyprus, they are authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) only. IQOPTION LTD is registered at St. Vincent and Grenadines, this entity is not regulated.

IQ Options index brand has been recently updated to make sure the UAE clients get the same advanced tools and platforms, internationally available to other customers. They provide an improved in-house advantage platform different from the most known Metatrader 4/5 platform.

Those powerful tools are available without any risk – you can open a demo account with no limitations. $10,000 in virtual currency is also provided for you to practice with and is not limited in any way.

IQ Options has won many awards due to the quality of their services. IF you are looking for a solid platform you don’t have to look any further.


The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online brokers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a brokers platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Brokerages were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.


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