Best Forex Brokers in India

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The best forex brokers in India are IQ Option, Plus500, Forex.com, OandA, and XTB. Experienced Indian traders choose Plus500 due to the versatility of their tools. Beginner traders enjoy the straightforward platform at XTB. 

Each forex broker has its strengths and weaknesses. This article discusses the best online trading platforms in India.

The Top 5 Forex Brokers For Indian Citizens  

Our review uses a Trust Score Ranking system. The brokers listed in this article are the best brokerage firms in India: 

1. IQ Option has the most comprehensive offer for Indian traders. 
2. Plus500 is the leading forex broker for professional traders. 
3. Forex.com  is the best forex broker in India for advanced research tools. 
4. OandA has the best API for Indian traders.
5. XTB is the leading beginner-friendly online broker.

Best Forex Brokers for India

RANKBROKERGENERALPLATFORM SCOREBEST FORWEBSITE
#1IQ OptionBest for options trading4.9/5Binary OptionsOfficial website
#2Plus500Best for CFD Trading4.8/5Experienced tradersOfficial website
#3Forex.comBest for Forex Trading4.6/5Forex tradingOfficial website
#4OandABest Overall Offer4.5/5Best APIOfficial website
#5XTBBest for beginners4.2/5Forex pairs, crypto optionsOfficial website

TOP 5 Forex Brokers in Overview:

01. IQ Option: Best Overall Offer For Indian Citizens

IQ-option-logo-1

IQ Option is the best online broker for options trading, known for low spreads, a sophisticated trading platform, free demo account options, and responsive customer support. It is a great platform for traders looking to invest in options on a feature-rich and easy-to-use platform.

The trading experience on their proprietary web, desktop, and mobile platforms is smooth. It is an easy-to-learn-and-navigate platform suitable for professional and beginning traders. Their platform offers a great variety of charting tools that help traders predict future market movements.

 IQ Option is a trustworthy online broker subject to the highest standards of regulation and safety in the industry. It is a CySEC authorized company with a 100% clean history.


02. Plus500: Best Broker For Advanced Research Tools

Plus500 is a legit and safe online broker listed on the London Stock Exchange (LSE). It is a great online broker for those who want to trade CFDs on a simple to use trading platform. We can recommend Plus500 to beginner and advanced traders.

Plus500 offers 2200 CFD trading instruments from seven different asset classes. This include indices, forex, commodities, individual shares, ETFs, options, cryptocurrencies.

Plus500 trading fees are low. There is no trading commission or deposit and withdrawal fees. The minimum deposit is 100 eur (or dollars) for credit cards and electronic wallets. The minimum deposit for wire transfers is 500eur.


03. Forex.com: Best Forex Broker In India

Forex.com is a trustworthy forex broker with a professional trading platform, low fees, and advanced research tools. This broker offers many assets, like forex, CFD, and cryptocurrencies.

Forex.com has top-tier licenses, and it is listed on the New York Stock Exchange. This broker has a long track record on the market, which increases its reliability.

It is a versatile broker with no withdrawal or deposit fees. The required starting deposit is 100 USD. Creating a new account with Forex.com is straightforward because of the smooth verification process. It offers knowledgeable customer support via email and live chat.

Other recommended features at Forex.com include premium research and educational tools.


04. OandA: Best API for Indian Residents

Oanda is one of the most reliable online forex brokers with access to corporate FX services, 124 trading instruments, currency management solutions, and data on exchange rates for international business.  

This online broker has 8 international financial hubs and customers from more than 196 countries. Oanda has licenses from leading regulatory jurisdictions in the United States, the United Kingdom, Australia, Singapore, Japan, and Canada.  


05. XTB: Best Forex Broker For Beginner Traders

XTB is a forex and CFD trader with a long track record on the market. It is highly regulated by the leading financial regulators, including the FCA and Cyprus’s CySec. XTB is listed on the Warsaw stock exchange.

This online broker has impressive research tools. Withdrawing and depositing funds with XTB is transparent and fast.


Final Verdict 

IQ Option, Plus500, Forex.com, OandA, and XTB are the best forex brokers in India. All brokers mentioned in this article have licenses from top-tier authorities. IQ Option is our top choice because of its comprehensive offer for Indian traders. Beginner traders prefer XTB for its easy-to-use interface, while advanced traders prefer Plus500. Indian residents get a versatile product range and trading experience. Read about the best forex brokers in India in our in-depth reviews. 

Frequently Asked Questions  

We review each forex broker with real accounts and money. Our findings depend on 105 criteria, like research tools, ease of use, and safety. 

How We Identify A Reliable Forex Broker?   

Safety and security represent an essential aspect of our research. We select the best forex brokers in India depending on many factors. Fee structure, markets, and products are some of the key points we discuss.

Safety Risks For Indian Citizens   

Forex trading in India is legal but remains unregulated. Most traders select a brokerage firm licensed by a trustworthy authority. The leading forex trading licenses are from the FCA, CySEC, and ASIC.

What Is The Financial Regulatory Authority In India?   

The financial regulatory authority in India is the Reserve Bank of India. The RBI regulates all commercial banks and non-banking financial companies. It handles all trading activities and recommends choosing online brokers with top-tier licenses.

How We Chose The Top International Forex Brokers For Indian Residents?      

We identify the top international forex brokers for Indian residents after in-depth research. We use 105 data points like: 
Costs:  A reliable Indian broker has a transparent fee structure. Brokers have higher fees than others. Read our in-depth reviews to discover the “all-in costs” of each broker. 
Accounts:  Each forex broker has distinct account types. Indian brokers provide a single account type. Others offer several account tiers. Verify what type of account suits your trading needs by reading our in-depth reviews. 
Withdrawal and deposit:  Withdrawing and depositing funds needs to be simple. Online brokers charge a minimum deposit fee. Others don’t have an initial deposit fee for opening a new account. Check which forex broker has the best withdrawing and depositing process in our in-depth reviews. 
Market and products:  Market and products differ from broker to broker. Some online brokers have a wide range of currency pairs, while others focus on a limited set. Read about forex brokers and their offerings in our in-depth reviews. 
Trading platforms:  an excellent trading experience begins with a user-friendly platform. Choose a broker with a safe and simple-to-understand platform. The brokers mentioned in this article have premium platforms. Some of them are challenging to use. Read our reviews to learn which platform is best for your trading experience. 

Checking For SEBI Authorization    

Forex trading in India is legal. Brokerage firms don’t need authorisation from the Securities and Exchange Board of India (SEBI). Having one increases their trustworthiness. The SEBI oversees all financial transactions and recommends trading with licensed brokers.
To verify if a forex broker has a SEBI license, you have to do the following:
Identify the registration number included on a broker’s homepage, such as:
INTERACTIVE BROKERS (INDIA) PVT. LTD. is a member of NSE, BSE [http://www.sebi.gov.in]. Regn. No. SEBI Registration No. INZ000217730; NSDL: IN-DP-NSDL-301-2008. CIN-U67120MH2007FTC170004. Registered Office: 502/A, Times Square, Andheri Kurla Road, Andheri East, Mumbai 400059, India. Tel: +91-22-61289888 / Fax: +91-22-61289898.
Check the number in the financial register available at the SEBI. This will validate whether a broker is licensed in India.


Methodology

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex 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.

Disclaimer: By trading with securities you are taking a high degree of risk. You can loose all of your investment money. You should start trading only if you are aware of this risk. Business24-7 is not providing any investment advice, we only help you find the best broker based on your needs and preferences. Business24-7 is free for everyone, but earns commission from some of the brokers. We get commission with no additional cost for you.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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