For this article, we reviewed and tested 5 forex brokers accepting Indian clients. The Securities and Exchange Board of India (SEBI) is tasked with regulating Forex brokers operating in India.

However, brokers are not mandated to receive a license from the regulator.

We opened a real account with each broker and deposited between $4000-$8000. Then, we placed live trades in the popular instruments to determine the actual spreads.

We also contacted the customer support team of each broker to resolve the issues we encountered. Finally, we withdrew our funds to assess whether the withdrawal process is smooth.

We handpicked the best forex brokers based on the trading data collected and our experience as traders.

SEBI-Licensed Forex Brokers in India

Forex brokers in India are authorised and regulated by the Securities and Exchange Board of India (SEBI). SEBI’s website is www.sebi.gov.in. We suggest investors and traders follow the regulator on Twitter, @SEBI_India, to get the latest news and updates.

SEBI-licensed brokers are safe to trade with since the Indian regulator is well-respected. However, traders should keep in mind that being licensed by SEBI is recommended but is not mandatory.

SEBI has not maximum leverage cap for brokers, with some brokers offering up to 400:1 leverage of Forex trades. The downside is that there is no deposit compensation scheme if a broker goes bankrupt.

Some of the key highlights of trading with SEBI-regulated brokers:

🏦India RegulatorSecurities and Exchange Board of India (SEBI)
📊Max. LeverageNo Max. Leverage
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionNo Negative Balance Protection
💰Compensation SchemeNo Compensation Scheme

Best Forex Brokers in India

We tested and reviewed 5 forex brokers serving Indian traders by opening live accounts, depositing real money, and placing real trades to identify the best forex brokers. We wanted to accurately assess the actual spreads, commissions, trading platforms, deposit and withdrawal conditions, trader education, and customer service provided by each broker. 

  • XM Group – Best Overall Forex Broker in India
  • AvaTrade – Best Forex Trading Platform India
  • FP Markets – Best MT4 Broker India
  • IG – Best Forex Broker for Beginners in India
  • Interactive Brokers – Most trusted broker in India

Of the five brokers above, only Interactive Brokers is licensed by SEBI.

Best Overall Forex Broker in India

We picked XM Group as the overall best forex broker in India. XM offers a comprehensive trading package with the added benefit of being pretty accessible due to its low minimum deposit requirement. The account opening process is smooth, and the broker offers multiple deposit and withdrawal methods naming the process smooth. XM Spreads are competitive at 1.15 on EUR/USD, and there are no limits on trading strategies. Additionally, the broker provides great education and trading tools, including video tutorials, webinars, Autochartist and more.

Best Forex Broker for Beginners in India

The best Forex broker for beginners is IG due to its in-depth educational materials offered to traders in multiple formats. New traders can learn about the markets and trading via educational videos, articles, live webinars, and market analyses.

IG also offers a demo account that traders can test their strategies before deciding to open a live account and risk their hard-earned cash.

Best MT4 Broker India

The best MT4 broker in India is FP Markets, an MT4 broker that offers the popular MetaTrader 4 platform and does not have a proprietary trading platform.

The broker provides both the web version of the MetaTrader 4 and the desktop and mobile applications, which are easily accessible to traders.

Indian Forex Brokers List & Review

Below are the details of the tests we conducted on each broker in our review.

Forex BrokerSEBI RegulatedAbout Our TestOur Review
XM GroupYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Group Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 12 trades
AvaTrade Review
FP Markets YesDeposit Amount: Over €6,000
Total Trades: 12
FP Markets Review
IGYesDeposit Amount: Over €4,000
Total Trades: 12
IG Review
Interactive BrokersYesDeposit Amount:
Over v
Total Trades: 12
Interactive Brokers Review

FAQ & more on Indian brokers

Low spread forex broker in India

IG is the lowest spread broker available in India, but traders should watch out for variations in the spreads, especially during periods of heightened market volatility.

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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