In order to operate in India, the Forex brokers must be registered with SEBI and approved by RBI. SEBI stands for the Securities and Exchange Board of India, and RBI is the Reserve Bank of India. But these limitations do not apply to Indian traders, they have the ability to choose between Forex brokers that are not registered locally. The terms and conditions from brokers offered to Indian traders are the same as for other international traders. So the main terms and offers apply to Indian traders as well. This is very convenient for Indian traders who want to get the best terms and conditions for trading Forex, stocks, and other popular assets.
In this review, we explore the best brokers for Indian traders and also will describe their offered values with fees, spreads, commissions, etc.
A quick comparison of top-rated Forex brokers for Indians
The brokers mentioned in these comparisons don’t offer the Indian rupee (INR) as a base currency, seeing that global terms are applied to all Indian traders. There is also no USD/INR currency pair available for Indian citizens, but as they can enjoy terms that are set for international traders, it gives them better trading terms when compared to other heavily regulated countries like the USA.
Exness
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Visit broker 8.4 6.97 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money.
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Tickmill
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Visit broker 7.6 6.29 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.
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easyMarkets
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Visit broker 7.62 0 CFDs and Options are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Options work and whether you can afford to take the high risk of losing your money. Please refer to our full Risk Disclaimer. Easy Forex Trading Ltd (CySEC – License Number 079/07).
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FBS
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Visit broker 6.52 ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.93% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider. You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
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| RBI, SEBI registered, approved | No | No | No | No | No |
| Operates in India under | Seychelles | Seychelles | Cyprus, Seychelles | Cyprus | Seychelles |
| Account currency is available in INR | No | No | No | No | No |
| Spreads on EUR/USD (commission – free Standard accounts*) | From 1 pip | From 1.6 pips | From 1.8 pips | From 0.8 pips | From 1.5 pips |
| Spreads on GBP/USD (commission — free Standard accounts*) | From 1.3 pips | From 1.6 pips | From 2.4 pips | From 0.9 pips | From 1.9 pips |
| Maximum available leverage offered to Indian clients | Unlimited | 1:500 | 1:500 | 1:3000 | 1:1000 |
| Minimum initial deposit | 10 USD | 100 USD | 25 USD | 1 USD | 5 USD |
| Desktop Trading platforms | MetaTrader 4, MetaTrader 5, Exness Terminal | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5, TradingView | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
*Brokers usually offer 2 types of accounts, namely spread-free and commission-free accounts. With a spread-free account, traders are charged commissions on their trades, while with a commission-free account, fees are integrated into spreads. To make comparisons easier, we prioritize displaying prices of commission-free standard accounts where possible.
More about the 6 best FX brokers for Indians
Let’s now switch to a more detailed description of the best Forex brokers Indian traders can start trading with. We have double-checked all the information with their support teams to confirm our findings, here are the exact terms and conditions provided by these brokers for Indian traders.
Exness
Exness was established in 2008 with headquarters located in Cyprus. The broker offers Indian traders the same trading terms and instruments as all other international traders. Exness gives traders access to trading Forex pairs, stocks as CFDs, indices, commodities, and cryptocurrencies as CFDs.
Exness is regulated by several overseeing bodies, but it offers Indian citizens trading terms under the Seychelles regulator, namely the Financial Services Authority (FSA).
Trading instruments offered by the broker are as follows
- Forex 98 available pairs
- Stock CFDs 100
- Cryptos 35
- Indices 10
- Commodities 13
Because clients from India are regulated by the Seychelles authority, Exness will offer them the services according to Seychelles guidelines, and the account base currency has to be in USD.
Visit broker
8.4
6.97
| Standard | Standard Cent | Raw Spread | Zero | Pro | |
|---|---|---|---|---|---|
| Spreads on EUR/USD | From 0.3 pips | From 1 pip | From 0.2 pips | From 0 pips | From 0.6 pips |
| Spreads on USD/JPY | From 1.2 pips | From 1.2 pips | From 0 pips | From 0 pips | From 0.7 pips |
| Spreads on GBP/USD | From 1.3 pips | From 1.3 pips | From 0.1 pips | From 0 pips | From 0.8 pips |
| Commissions | 0 USD | 0 USD | 7 USD per traded lot | 3.5 USD each side per lot | 0 USD |
| Minimum deposit | 10 USD | 10 USD | 200 USD | 200 USD | 200 USD |
| Contract size | 1 lot = $100 000 | 1 lot = $100 000 | 1 lot = $100 000 | 1 lot = $100 000 | 1 lot = $100 000 |
| Negative balance protection | Yes | Yes | Yes | Yes | Yes |
| Maximum open/pending orders per client | 200 | 200 | 200 | 200 | 200 |
| Minimum trade volume | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Islamic account version availability | Yes | Yes | Yes | Yes | Yes |
USD trading with the Exness broker
Below, we have gathered all info about spreads offered to Indian traders by Exness for the major currency pairs.
| Standard | Standard Cent | Raw Spread | Zero | Pro | |
|---|---|---|---|---|---|
| Spreads on EUR/USD | From 0.3 pips | From 1 pips | From 0.2 pips | From 0 pips | From 0.6 pips |
| Spreads on USD/JPY | From 1.2 pips | From 1.2 pips | From 0 pips | From 0 pips | From 0.7 pips |
| Spreads on GBP/USD | From 1.3 pips | From 1.3 pips | From 0.1 pips | From 0 pips | From 0.8 pips |
| Spreads on AUD/USD | From 1.3 pips | From 1.3 pips | From 0.2 pips | From 0 pips | From 0.8 pips |
| Spreads on NZD/USD | From 2 pips | From 2 pips | From 0.5 pips | From 0 pips | From 1.2 pips |
| Spreads on USD/CAD | From 2 pips | From 2 pips | From 0.3 pips | From 0 pips | From 1.3 pips |
| Spreads on USD/CHF | From 1.2 pips | From 1.2 pips | From 0.2 pips | From 0 pips | From 0.8 pips |
Tickmill
Established in 2014 Tickmill is servicing more than 270 000 traders globally. The broker is regulated by multiple trusted authorities including the FCA, CySEC, FSA, Labuan FSA, and FSCA. Tickmill offers more than 100 trading instruments in currencies, stock indices, commodities, bonds, and cryptos. The trading instruments are:
- Forex 60+
- Bonds 5+
- Cryptocurrencies 5+
- Indices 10+
- Commodities 10+
While the number of total trading instruments might be rather moderate, the broker is heavily regulated, making it hard to offer all trading instruments, as some regulators prohibit certain trading assets like CFDs. Spreads and commissions are competitive and Indian citizens fall under the terms and conditions that are set forth for international traders.
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7.6
6.29
| Classic account | Pro account | VIP account | |
|---|---|---|---|
| Spreads on EUR/USD | From 1.6 pips | From 0.1 pips | From 0.0 pips |
| Spreads on USD/JPY | From 1.6 pips | From 0.3 pips | From 0.0 pips |
| Spreads on GBP/USD | From 1.6 pips | From 0.1 pips | From 0.0 pips |
| Commissions | 0 USD | 2 per side per 100,000 traded | 1 per side per 100,000 traded |
| Minimum deposit | 100 USD | 100 USD | 50 000 USD |
| Contract size | 1 lot = $100 000 | 1 lot = $100 000 | 1 lot = $100 000 |
| Negative balance protection | Yes | Yes | Yes |
| Maximum open/pending orders per client | 200 | 200 | 200 |
| Minimum trade volume | 0.01 | 0.01 | 0.01 |
| Islamic account version availability | Yes | Yes | Yes |
US dollar trading on Tickmill
Since the broker does not offer USD/INR as a trading pair, we decided to describe their spreads for major and popular minor pairs.
| Currency pair | Classic account | Pro account | VIP account |
|---|---|---|---|
| EUR/USD | From 1.6 pips | From 0.1 pips | From 0.0 pips |
| GBP/USD | From 1.6 pips | From 0.3 pips | From 0.0 pips |
| USD/JPY | From 1.6 pips | From 0.1 pips | From 0.0 pips |
| USD/CHF | From 1.6 pips | From 0.1 pips | From 0.0 pips |
| AUD/USD | From 1.6 pips | From 0.3 pips | From 0.0 pips |
| USD/CAD | From 1.6 pips | From 0.3 pips | From 0.0 pips |
easyMarkets
easyMarkets was founded in 2001 and is regulated by four different bodies, including CySEC. Indian traders can enjoy full services under the international trading terms of the broker. There are 193 trading instruments available and these instruments include:
- Forex 63
- Share CFDs 64
- Cryptocurrencies 20
- Indices 15
- Commodities 31
Other key characteristics of easyMarkets are below.
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7.62
0
| VIP Account | Premium Account | Standard Account | |
|---|---|---|---|
| Spreads on EUR/USD | From 0.8 pips | From 1.5 pips | From 1.8 pips |
| Spreads on USD/JPY | From 1.4 pips | From 1.9 pips | From 2.4 pips |
| Spreads on GBP/USD | From 1.5 pips | From 2.2 pips | From 2.4 pips |
| Commissions | 0 | 0 | 0 |
| Minimum deposit | $10 000 | $2 000 | $25 |
| Contract size | 1 = $100 000 | 1 = $100 000 | 1 = $100 000 |
| Negative balance protection | Yes | Yes | Yes |
| Maximum open/pending orders per client | 200 | 200 | 200 |
| Minimum trade volume | 0.01 | 0.01 | 0.01 |
| Islamic account version availability | Yes | Yes | Yes |
US dollar trading on easyMarkets
Spreads for major and other popular pairs are also given in the following tables. There are no INR pairs now available for Indians, but all other major pairs are offered.
| Currency pair | VIP Account | Premium Account | Standard Account |
|---|---|---|---|
| EUR/USD | From 0.8 pips | From 1.5 pips | From 1.8 pips |
| GBP/USD | From 1.4 pips | From 1.9 pips | From 2.4 pips |
| USD/JPY | From 1.5 pips | From 2.2 pips | From 2.4 pips |
| USD/CHF | From 1 pip | From 1.5 pips | From 2 pip |
| AUD/USD | From 0.9 pips | From 1.2 pips | From 1.5 pips |
| USD/CAD | From 1.1 pips | From 2 pip | From 2.3 pips |
FBS
FBS launched its trading services in 2009 and has since managed to accumulate 23 million active traders across the globe. This broker has also gone the extra mile and amassed more than 400,000 partners and operates in 190 countries.
The account types offered by FBS are Standard, Zero Spread, ECN, Micro, Crypto, and C accounts. The trading instruments offered are as follows:
- Forex 37
- Share CFDs 127
- Cryptos 30
- Indices 11
- Commodities 5
The minimum deposits are as follows:
Standard account - 100 USD.
Zero Spread account - 500 USD
ECN account - 1000 USD
Micro account - 5 USD
Crypto and Cent accounts - 1 USD
The leverages on a Crypto account can go up to 5:1, with ECN accounts maxing out at 500:1, and Cent accounts providing a whopping 1000:1.
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6.52
| Standard | Cent | Micro | Zero spread | ECN | Crypto | |
|---|---|---|---|---|---|---|
| Spreads on EUR/USD | From 0.8 pips | From 0.8 pips | From 0.8 pips | From 0 pip | From 0.2 pips | From 0.8 pips |
| Spreads on USD/JPY | From 12 pips | From 12 pips | From 12 pips | From 0 pip | From 0.8 pips | From 12 pips |
| Spreads on GBP/USD | From 0.9 pips | From 0.9 pips | From 0.9 pips | From 0 pip | From 0.6 pips | From 0.9 pips |
| Commissions | $0 | $0 | $0 | from $20/lot | $6 | 0.05% for opening and 0.05% for closing positions |
| Minimum deposit | $100 | $1 | $5 | $500 | $1000 | $1 |
| Contract size | 1 lot = $100 000 | 1 lot = $1000 | 1 lot = $10 000 | 1 lot = $100 000 | 1 lot = $100 000 | 1 lot = $100 000 |
| Negative balance protection | Yes | Yes | Yes | Yes | Yes | Yes |
| Maximum open/pending orders per client | 200 | 200 | 200 | 200 | 200 | 200 |
| Minimum trade volume | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Islamic account version availability | Yes | Yes | Yes | Yes | Yes | Yes |
US dollar trading on FBS
We have collected info on up-to-date spreads for major and popular currencies in the below table.
| Standard | Cent | Micro | Zero spread | ECN | Crypto | |
|---|---|---|---|---|---|---|
| Spreads on EUR/USD | From 0.8 pips | From 0.8 pips | From 0.8 pips | From 0 pip | From 0.2 pips | From 0.8 pips |
| Spreads on USD/JPY | From 12 pips | From 12 pips | From 12 pips | From 0 pip | From 0.8 pips | From 12 pips |
| Spreads on GBP/USD | From 0.9 pips | From 0.9 pips | From 0.9 pips | From 0 pip | From 0.6 pips | From 0.9 pips |
| USD/CAD | From 1.4 pips | From 1.4 pips | From 1.4 pips | From 0 pips | From 1 pip | From 1.4 pips |
| AUD/USD | From 1.9 pips | From 1.9 pips | From 1.9 pips | From 0 pips | From 1.5pips | From 1.9 pips |
HFM
Established back in 2010, HFM is a heavily regulated legit broker that offers excellent trading service to its customers. The broker is focused on appealing to a wide audience of traders worldwide and offers competitive spreads, and commissions to scalpers and day traders with spreads starting from 0 pips.
Trading instruments offered by HFM are as follows:
- Forex 53
- Physical stocks 2170
- Stocks as CFDs, 89
- Indices 11
- Commodities 13
Additionally, there are bonds and ETFs available for trading.
| Micro | Premium | Zero Spread | |
|---|---|---|---|
| Spreads on EUR/USD | From 1.5 pips | From 1.5 pips | From 0.0 pips |
| Spreads on USD/JPY | From 2.2 pips | From 2.2 pips | From 0.0 pips |
| Spreads on GBP/USD | From 1.9 pips | From 1.9 pips | From 0.0 pips |
| Commissions | $0 | $0 | $3 per side per lot |
| Minimum deposit | 5 USD | 100 USD | 200 USD |
| Contract size | 1 lot = $10 000 | 1 lot = $100 000 | 1 lot = $100 000 |
| Negative balance protection | Yes | Yes | Yes |
| Maximum open/pending orders per client | 200 | 200 | 200 |
| Minimum trade volume | 0.01 | 0.01 | 0.01 |
| Islamic account version availability | Yes | Yes | Yes |
US dollar trading on HFM
The markup on USD spreads are as follows.
| Micro | Premium | Zero Spread | |
|---|---|---|---|
| Spreads on EUR/USD | From 1.5 pips | From 1.5 pips | From 0.0 pips |
| Spreads on USD/JPY | From 2.2 pips | From 2.2 pips | From 0.0 pips |
| Spreads on GBP/USD | From 1.9 pips | From 1.9 pips | From 0.0 pips |
| Spreads on USD/CAD | From 2.3 pips | From 2.3 pips | From 0.0 pips |
| Spreads on AUD/USD | From 1.8 pips | From 1.8 pips | From 0.0 pips |
Best choice of broker in India per category
To show which broker is best for each category, we have set up a more detailed table of information below.
Best Broker in India for Forex Trading
| Exness | Tickmill | easyMarkets | FBS | HFM | |
|---|---|---|---|---|---|
| Number of Forex pairs | 98 | 60+ | 63 | 37 | 53 |
| Standard account trading fees of EUR/USD | From 0.3 pips | From 1.6 pips | From 0.8 pips | From 0.8 pips | From 1.5 pips |
| Standard Account trading fees of GBP/USD | From 1.3 pips | From 1.6 pips | From 1.5 pips | From 0.9 pips | From 1.9 pips |
As you can see, the Exness is a winner in a number of pairs and lowest spreads on EUR/USD. For GBP/USD, the best broker is FBS, with spreads from 0.9 pips.
Best Broker in India for Share CFD Trading
| Exness | Tickmill | easyMarkets | FBS | HFM | |
|---|---|---|---|---|---|
| Number of Stock CFDs | 100 | 0 | 64 | 127 | 89 |
| Commissions | From 0.1 | N/A | From 0 | From 0.07% | From 0.01 USD |
For CFD trading, FBS has the most assets available and HFM offers the lowest commissions starting from 0.01 USD.
Best Broker in India for Crypto CFD Trading
| Exness | Tickmill | easyMarkets | FBS | HFM | |
|---|---|---|---|---|---|
| Number of cryptos pairs | 35 | 8 | 20 | 30 | 0 |
| Commissions | From 4.2 | From 0 | From 0.0003 | From 1 pip | N/A |
So, the smallest fees are offered by Tickmill and start at 0 pips, while Exness has most of the cryptos available with 35 cryptos in all.
How to check if the broker is registered by the SEBI or approved by the RBI
All the brokers we have gathered on this page are regulated outside of India but still provide trading services to Indians with global terms and conditions applying. There are two authorities in India overseeing Forex activities, namely the SEBI and RBI, and traders can check if the broker is registered under the SEBI with the following link. To check this information do the following.
Step 1
Just go to the website above and search for the broker you are interested in. The website will show the results if the broker is registered at the SEBI.
Step 2
Search for the broker and see if it is in the list provided on the SEBI. Generally, the brokers offer services to Indian traders under their Seychelles and Cyprus regulation guidelines.
