10 Best Forex Broker in India 2024 (Review & Comparison)

Most Indian stock brokers allow you to trade in four currency pairs –  USD/INR, EUR/IND, GBP/INR and JPY/INR. 

If you want to trade in other currency pairs, you have to look for international forex brokers. 

In this article, we would like to throw light on the best forex brokers in India so that you can make an informed decision to start your forex trading in international currency pairs.

You would also learn about important factors that you should consider while finalizing the best forex broker.

Disclaimer – The article is for informative purposes. In India, you can legally trade forex only in EUR-USD, GBP-USD, USD-JPY along with INR-based currency pairs with SEBI registered brokers. Forex trading is highly volatile and you may end up losing your money if you don’t have technical knowledge of the currency markets. Always trade with spare money that doesn’t affect your life if you lose the whole amount.

Best Forex Broker in India 2024

#1. OctaFX Forex Broker

OctaFX is registered with only St. Vincent and the Grenadines Financial Services Authority (SVGFSA).

You can trade in 28 different currency pairs on OctaFX alongwith 2 metals and 4 indices. 

OctaFX is among those forex brokers that allow UPI as well as Paytm wallet transactions for Indian citizens. However withdrawal through UPI/Paytm is not available. 

You can also deposit/withdraw through Neteller, Skrill, Local banks, bitcoins and other cryptocurrencies.

You don’t have to pay any commission on deposits and withdrawals. You can start trading with a minimum deposit of 20 USD.

OctaFX offers you a maximum leverage of upto 1:500. 

OctaFX 3 trading platforms

• MT4 – ideal for beginners and some experienced traders with 37 assets access
• MT5 – who want to access all the 45 assets for trading
• cTrade – ideal for experienced traders for customized trading 

Advantages of OctaFX

• Low spreads
• Allows transactions in UPI and PayTm
• Faster execution platforms
• No deposit and withdrawals commission
• Demo account to practice trading
• Negative balance protection

Disadvantages of OctaFX

• International division remains less regulated

Best for – Beginners in forex trading

#2. Forex.com

FOREX.com is regulated by the Cayman Islands Monetary Authority.

Forex.com is a reliable and faster trading platform with 99.83% trades executed within 1 second. They claim to have an average execution time as low as 0.04secs.

The leverage starts from 200:1 which low but you can get better margin if you become active trader.

There’s no deposit or withdrawal fee but you can withdraw a minimum of $100 or above.

Forex.com trading platforms

• Web Trading – faster trading through your browser
• Desktop Platform – Advanced platform with professional analytics tools
• Mobile Trading – Lightning-fast execution with one-swipe trading on the go

Advantages of Forex.com 

• Low spreads
• Different account options
• MT4 and MT5 platforms
• No deposit or withdrawal fee

Disadvantages of Forex.com 

• Minimum deposit amount is $100

Best for – Serious beginners who want to learn trading real time with live coaching.

Also read – how to start forex trading

#3. AVATrade Forex Broker

AVATrade is a trustworthy platform which is regulated by 6 jurisdictions worldwide.

The regulatory authorities are –

• Central Bank of Ireland in Europe
• ASIC (Australia)
• Financial Services Agency (Japan)
• BVI Financial Service Commission (British Virgin Islands)
• FRSA Abu Dhabi
• South African Financial Sector Conduct Authority (South Africa)

You can open an account with a minimum deposit of $100. You can deposit using credit cards, wire transfers, Skrill, Webmoney and Neteller.

You can get a leverage of up to 1:400 in trading. 

You can utilize 1250+ instruments to trade in currencies, indices, commodities, stocks CFDs, ETFs and cryptos.

AVATrade trading platforms

• AVATrade Go – Ranked #1 app with live feeds and social trends
• AvaOptions – Options trading platform for smartphone
• AvaSocial – Interactive social trading platform
• Mac Trading – MT4 based trading platform for Macbooks and iMacs
• MetaTrader5 – Advanced charting and trading tools for experienced traders
• Web Trader – To trade from your web browser

Advantages of AVATrade 

• Regulated by multiple authorities globally
• Enriched app experience
• Dedicated platform for Macbooks and iMacs
• No deposit or withdrawal fee
• Negative balance protection

Disadvantages of AVATrade 

• Leverage ratio is low

Best for – mobile forex trading with reliable trading apps

Check out – Is forex trading legal in India

#4. eToro Forex Broker 

eToro has  started its venture in 2007 and now has millions of users worldwide because of their secure platforms.

eToro has 3 worldwide regulations – the Cyprus Securities Exchange Commission (CySEC), Financial Conduct Authority (FCA) UK and Australian Securities and Investments Commission (ASIC).

You can trade in several assets such as currency pairs, global stocks, commodities, ETFs, cryptos and Indices.

You can also do social trading where you can copy the strategy of other traders in real time. It is quite helpful if you are a newcomer to use the strategy of an expert and understand why it worked or not.

You can also open a demo account with $100K virtual money to practice strategies and real-time trading on various assets. 

The downside of eToro is that you have to pay high spreads starting from 1 PiP up to 50 Pip. You also have to pay a withdrawal fee of $5 and currency conversion fee. If you have any CFD position open overnight, you have to pay a fee for that as well.

eToro trading platforms

• Social Trading platform – Efficient real-time copytrading platform
• CFD trading platform – Customized trading platform

Advantages of eToro

• ICF Membership
• Well Trusted globally
• FTT to earn profit with forecasting
• Customer loyalty program 
• No commission on deposit and withdrawal of INR
• Faster deposits and withdrawals
• Negative balance protection

Disadvantages of eToro

• You have to pay multiple charges 

Best for – social trading

Also read – Best time for forex trading in India

#5. FXTM Forex Broker

FXTM aka ForexTime is a globally renowned forex broker that allows you to trade in 57 forex currency pairs.

You can also trade in metals, energies, indices, cryptocurrencies, and some American stocks. FXTM offers you high leverage of up to 1:1000.

FXTM is ideal for copy traders where you can copy trade through FXInvest where you can get more than 700 strategy managers who only charge when you profit.

You can deposit through Bank transfer, wire, Visa, and Mastercard. You don’t have to pay any fee on deposit as well as on withdrawal. 

You have to deposit a minimum $5 to start trading.

You can also create a free demo account to learn & practice trading.

FXTM is regulated by the U.K., Cyprus, Mauritius, and South Africa financial authorities.

FXTM has 3 trading platforms

• MT4 – basic trading platform for beginners
• MT5 – Advanced technical indicators and other options for experienced traders
• FXTrader- Fast App to trade on the go 

Advantages of FXTM

• Globally regulated 
• Tight spreads
• Effecient copytrading platform
• Demo account to learn trading
• Wide asset choice
• No commission on deposit and withdrawal of INR
• Negative balance protection

Disadvantages of FXTM

• No UPI or Wallet payment option

Best for – Copy trading as well as currency trading

Also read – Hedonova Alternative Assets Investment Review

#6. iForex Forex Broker 

iForex is one of the oldest forex brokers which started its venture in 1996.

iForex is regulated by the BVI (British Virgin Islands) Financial Services Commission. 

You can trade in currencies, commodities, stocks, cryptos and ETFs. You can enjoy a leverage up to 1:400 that varies from asset to asset.

You need a minimum $100 to deposit in the account. You can deposit or withdraw funds using wire transfer, VISA, Master, Neteller, Jeton, and Skrill. 

iForex is popular for their intensive training modules. You can also go for 1-on-1 training with a live coach in real time. Along with that, they also offer other ranges of educational stuff such as videos, and books.

The spreads on iForex is high as minimum starts form 1 PiP.

iForex trading platforms

• Mobile First – Up to date trading platform on your smartphone

Advantages of iForex

• Oldest platform
• 1-click quick deal facility
• Intensive training programs
• Negative balance protection

Disadvantages of iForex

• High spread
• No MT4 or MT5 trading platform
• High withdrawal fee of $20
• Min. deposit is $100

Best for – Serious beginners who want to learn trading real time with live coaching.

Also read – best forex trading app in India

#7. Alpari International Forex Broker

Alpari is among the largest forex brokers in the world with 2 millions traders worldwide and they possess more than 20 years of experience.

Alpari is regulated by The Financial Service Commission, Mauritius. 

You can enjoy MT4 and MT5 trading platforms to trade in currencies, stocks and other assets.

You can also learn from their educational programs offered on the website with a demo account.

If you are a beginner you can start with copytrading by copying the strategy of an expert trader to learn trading in the real time.

However, you have to share a certain percentage of your profits to the expert.

Alpari offers free deposits but you have to pay a high withdrawal fee of 30 Euro over wire transfer and 2 Euros over Visa or Mastercard.

Alpari trading platforms

• MT4 – ideal for beginners
• MT5 – experienced traders

Advantages of Alpari 

• Oldest platform
• Copy trading facility
• Different account options
• MT4 and MT5 platforms

Disadvantages of Alpari 

• High withdrawal fee of 30 Euro over wire transfer

Best for – Serious beginners who want to learn trading real time with live coaching.

Also check – HDFC forex card charges

#8. Olymp Trade Forex Broker

OlympTrade is a highly reliable forex broker because OlympTrade has been a member of the International Financial Commission since February 22, 2016.

OlymTrade allows you to deposit/withdraw money through UPI, Phonepe, wallets, bank cards, bitcoins and tether.

With OlympTrade, you can trade in various assets such as currencies, indices, ETFs, commodities, stocks and cryptos.

You can trade in 33 currency pairs on OlympTrade platforms. You get a leverage of up to 1:500 which is not great if compared to peers.

OlympTrade also offers a customer loyalty program called ‘Status” where the more money you deposit, the higher status you get and avail more privileges. OlympTrade has 3 statuses – 

• Starter – Beginner level
• Advanced – Experienced trader
• Expert – Highest trading level with maximum benefits

Bigger status allows you to enjoy perks like higher profit yield, rapid funds withdrawal and many more.

You can also enjoy the Fixed Time Trading (FTT) feature of OlympTrade where you can earn profit by forecasting currency exchange rates. 

OlympTrade has 2 trading platforms

• MT4 – Fast trading platform on desktop and smartphone
• Window Trading – Advanced platform for experienced traders

Advantages of Olymp Trade

• ICF Membership
• Well Trusted globally
• FTT to earn profit with forecasting
• Customer loyalty program 
• No commission on deposit and withdrawal of INR
• Faster deposits and withdrawals

Disadvantages of Olymp Trade

• Charge inactivity commission of $10
• Leverage is limited to 1:500

Best for – If you are looking for a trustworthy platform 

Check out – Rock West Forex Broker Review

#9. Hot Forex

Hot Forex officially known as HF Markets (SV) Ltd is registered in St. Vincent & the Grenadine. HF is regulated by FCA (UK), DFSA (UAE), FSCA (South Africa) and FSA (Seychelles).

You can trade in currencies, energies, metals and recently HF has also introduced stock trading and ETFs.

You can trade in more than 50 currency pairs in forex trading. HF offers a leverage of 1:1000 which is great.

HF also has very tight spreads starting from 1.7 PIP, so you don’t have to pay much on your every trade if you compare with leverage.

You also get 18 powerful trading platforms based on MT4 and MT5 technology, dedicatedly designed for desktop, android phone, Web terminal, iPhone and even iPad.

Hot Forex trading platforms

• MT4 – faster execution with limited options ideal for new comers
• MT5 – Advanced platform with in-depth charting for advanced traders
• iPad Platform – Specifically designed to trade at super fast speed from iPad
• MultiTerminal platform – Allow you to use multiple account from one place

Advantages of Hot Forex

• High leverage
• Multiple account options
• MT4 and MT5 based platforms
• Dedicated platform for iPad

Disadvantages of Hot Forex

• Spread is slightly high

Best for – If you need versatile trading platforms with high leverage facility

Also check – What is swap in forex

#10. Axiory Forex Broker

Axiory is regulated by the International Financial Services Commission (IFSC) Belize. 

If you need a large pool of currency pairs, then Axiory is ideal for you. You can trade for 60 currency pairs from your account.

Axiory also deducts low spreads as compared to other brokers. 

Not only currencies, you can also trade in metals, energies, stocks and CFDs.

Axiory trading platforms

• MT4 – faster execution
• cTrader – user friendly platform with more than 60 native indicators

Advantages of Axiory

• High leverage
• Low spreads
• User friendly platforms

Disadvantages of Axiory

• No MT5 platform
• Only 1 regulatory 

Best for – If you need low fee with high leverage platform

Things to Consider While Selecting a Forex Broker

#1. Registered and Regulated

Always find a forex broker with maximum number of regulatory approvals in multiple countries. 

Financial regulatory authorities are like International Financial Services Commission (IFSC),  DFSA (UAE), FSCA (South Africa), Cyprus Securities Exchange Commission (CySEC), and Financial Conduct Authority FCA (UK).

#2. High Leverage

You can trade higher amounts with high leverage even if you have low account balance.

For example, if your broker allows you to trade at 1:100 leverage that means if you have $100 in your account, you can trade up to $10,000 ($100 x 100) from your account with just $100 in hand.

On the other hand, if you have leverage of 1:500, you would be able to trade up to $50,000 with only $100 in your account.

#3. Robust Trading Platform

The most popular trading platforms are MT4 and its latest version MT5. 

Go for at least MT4 if you are a beginner and move to MT5 when you have some experience.

#4. Low Fee Structure

Look for the fee structure. What spreads they are charging and how much withdrawal fee they are likely to charge.

Some brokers also charge overnight fees if your trade remains open throughout the night. 

If the forex broker accepts fund deposits in UPI and wallets such as Paytm, that helps you enjoy hassle free transactions instantly.

Otherwise, look for forex brokers with less withdrawal fee but high reputation.

#5. Negative Balance Protection

Some brokers offer negative balance protection by hedging your funds if you are likely to lose your money in the trade.

The brokers restrict your loss to the initial deposits to protect your account from turning negative.

#6. Multiple Asset Trading

Its good to have multiple asset trading facility. Check if your broker is offering you to trade not only in forex, but also in CFDs, social or copy trading as well as in stocks, commodities and other assets.

Final Thoughts

First of all, I would recommend you to go AVATrade Forex Broker because they have low commissions, latest trading platforms and negative balance protection as well.

Another option is OctaFX Forex Broker because they allow you to transfer funds from UPI and India e-wallets such as PhonePe. OctaFX has now registered with SEBI that proves their trustworthiness but make sure you only trade in what is legal as per SEBI.

 eToro Forex Broker is another choice if you want to participate in social trading or copy trading. eToro is reputed forex broker globally and allow negative balance protection as well.