Best Forex Brokers In India 2022 (SEBI Registered)

Indian domestic forex brokers offer trading in 4 major currency pairs 


You can start trading in the above-mentioned forex pairs through any broker like Zerodha or Upstox.

But if you want to trade in other global forex pairs, then you have to find out international forex brokers. Some international forex brokers like IB (Interactive Brokers) are now registered with SEBI and have also started operations like stock trading and F&O along with forex trading.

In this article, you’ll learn about the 10 best forex brokers in India along with SEBI registered brokers and I would also guide you on how to verify if a broker is registered with SEBI or not.

In the end, we’ll discuss is forex trading safe or not.

Disclaimer – This article is only for educational purposes and we don’t give any recommendations. As per SEBI rules, you can trade only INR-based currency pairs on NSE, BSE, and MSE in India. Forex trading is terribly volatile and up to 75% of traders end up losing their money. You should acquire deep technical knowledge of the forex markets before starting forex trading.

Best Forex Brokers In India 

#1. Interactive Forex Brokers Review

Interactive brokers

IB is a reputed US-based public company listed on Nasdaq making it a trustworthy broker across the globe. 

IB is also a part of the FX Global Code (FXGC). FXGC has been initiated to promote a fair, and transparent practices.

IB allows you to trade in 100+ cash forex pairs and 92 currency CFDs. IB also offers stock and F&O trading. The broker also offers a $0 minimum deposit, so you can deposit as per your requirements.

Interactive Brokers (IB) is a global broker that has also registered with SEBI against Regn. Nos. NSE – INZ000217730 and BSE – INE011288033.

Interactive Forex Regulations

IB has acquired 6 regulations globally other than SEBI

  • Investment Industry Regulatory Organization of Canada (IIROC) 
  • Securities Futures Commission (SFC), Hongkong
  • Japanese Financial Services Authority (JFSA)
  • Financial Conduct Authority (FCA), UK
  • Monetary Authority of Singapore (MAS)
  • Commodity Futures Trading Commission (CFTC), USA

Interactive Brokers Spreads & Charges

IB offers you a spread of 0.6 pips (on average) on a EUR/USD pair but you can pay lower spreads of 0.4 pips if your trade is above $100,00 making it a cheap affair for an active trader.

However, monthly minimum spending requirements are fixed at $30, which means if you don’t generate a monthly commission of $30, you have to pay the activity fee of $5 (for Indians) with 3 inactive months waiver.

#2. Alpari International Forex Broker

Alpari International

Alpari International is a Mauritius-based forex broker with a huge client base of more than 2 million traders worldwide. 

Alpari allows you to trade in 60 forex pairs, stocks, metals, and cryptocurrencies. You get the highest margin leverage of up to 1:1000. You have to deposit a minimum of $5 to start trading.

You can also do copy trading with Alpari. Copy trading allows you to replicate an expert’s strategy automatically in live trading, and you share a small portion of your profits with the expert trader in return.

Alpari International Regulations

Alpari is regulated by The Financial Service Commission (FSC), Mauritius. Alpari has registered with SEBI with Regn. No. NSE-INE231376935.

Alpari International is also a part of the Financial Commission Compensation (FCC) Fund that insures your funds up to €20,000 in case the broker goes defaulter.

Alpari International Spreads & Charges

Alpari offers just 0.4 pips which are tighter than its peers.

You have to pay a withdrawal fee of 30 Euro over wire transfer and 2 Euros over Visa or Mastercard which is high. But you can prefer Skrill or Neteller for withdrawals as they don’t charge commission. Deposits however are free.

Alpari also charges an inactivity fee of 5 USD if there’s no trading activity for atleast 6 months.

#3. AVATrade Forex Broker Review


Avatrade is famous for its unique volatility protection feature called AvaProtect. AvaProtect partially hedges your open position at nominal cost to avoid a huge money loss.

AvaTrade deals in  55 currency pairs along with 1250 other instruments like indices, commodities, ETFs, and cryptos.

You can also enjoy social trading and copy trading platforms for replicating expert traders’ strategies in real-time.

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

AVATrade Regulations

  • Central Bank of Ireland in Europe
  • ASIC (Australia)
  • Investment Industry Regulatory Organization of Canada (IIROC) 
  • Financial Services Agency (Japan)
  • BVI Financial Service Commission (British Virgin Islands)
  • FRSA Abu Dhabi
  • Israel Securities Authority (ISA, Israel)
  • South African Financial Sector Conduct Authority (South Africa)

AvaTrade is also a part of the Investor Compensation Company DAC (ICCL), to protect your funds up to EUR 20,000 in case of a broker’s bankruptcy. 

AVATrade Spreads & Charges

AvaTrade offers high spreads at 0.9 pips for the regular trader but you can get lower spreads at 0.6 pips if you trade above $1000.

The minimum deposit is also high at $100. However, deposits and withdrawals are commission free.

#4. IG Markets (Investor’s Gold) Forex Broker

IG Markets

IG (Investors Gold) is another trusted forex broker regulated by FINMA (The Swiss Financial Market Supervisory Authority) in Switzerland.  

Similar to IB in the USA, IG is also a publicly-traded company listed on the London Stock Exchange (LSE) making it a trustworthy broker.

You can trade in 90+ currency pairs like EUR/USD. Apart from that, you can trade in 18,000+ international shares,  25 commodities, and cryptocurrencies.

You can also learn in-depth about forex trading with IG Academy which has a vast library of video tutorials and articles.

IG Markets Regulations

  • Financial Conduct Authority (FCA), UK
  • Australian Securities & Investments Commission (ASIC), Australia
  • Monetary Authority of Singapore (MAS), Singapore
  • Financial Services Agency Japan (JFSA), Japan
  • Commodity Futures Trading Commission USA (CFTC), USA

IG Markets Ltd. is also a part of the FX Global Code of Conduct that assures fair & ethical business practices in the industry. 

IG Markets Spreads & Charges

IG offers high spreads for a regular trader that starts from 0.745 pips to 1.39 pips. But if you can trade above £300M per month, you’ll get the lower spreads starting from 0.6 pips.

The minimum deposit amount is very high in IG which is $250.

#5. eToro Review


eToro is the best forex broker for copy trading and social trading. In copy or social trading, you can replicate expert traders’ strategies in real-time for profitable trades.

eToro’s copy-trading platform allows you to mimic the trading strategies of professional traders automatically by simply selecting the expert trader from the list and you are good to go.

You can trade in 47 forex pairs through the eToro platform.

eToro Regulations

  • Cyprus Securities & Exchange Commission (CySEC, EU)
  • Financial Conduct Authority (FCA, UK)
  • Australian Financial Services Licence (AFSL) 
  • Australian Securities and Investments Commission (ASIC)
  • Financial Services Authority (FSA, Seychelles)

eToro has joined the Federal Deposit Insurance Corporation (FDIC), an independent entity to protect traders’ funds up to an amount of $250,000.

eToro Spreads & Charges

You have to pay high spreads with eToro that starts from 1 pip and goes up to 50 pips. 

eToro also charges a 0.75% commission for buying or selling bitcoins. 

Keep in mind that you have to pay a withdrawal fee of $5 which is on the negative side.

#6. OctaFX Review


OctaFX is another forex broker which is registered with SEBI at BSE – INZ000294138. 

You can deposit funds through UPI and Paytm which is a great feature. However, you can’t withdraw through UPI or Paytm. 

OctaFX allows a minimum deposit of $20 to trade in 28 different currency pairs. You get maximum leverage of up to 1:500, ideal for margin traders.

OctaFX Regulations

OctaFX is regulated only by St. Vincent and the Grenadines Financial Services Authority (SVGFSA).

OctaFX Spreads & Charges

You have to pay slightly high spreads around 0.6 to 1.1 pips. OctaFX provides commission-free deposits and withdrawals.

#7. NordFX Forex Broker


NordFX offers 3 different plans to trade up to 33 Forex currency pairs. The plan details are as below –

Min. deposit$10$250$500
SpreadMin. 2 pipsMin. 0.9 pips
Margin Leverage1:10001:10001:1000

NordFX Spreads & Charges

You have to pay spreads starting from 0 pip up to 2 pips as mentioned above.

The Zero account is an exception where you don’t pay any spreads but the NordFX charges a commission of 0.0035% per order.

NordFX Regulations

NordFX is regulated by the Vanuatu Financial Services Commission (VFSC), Vanuatu. NordFX is also registered with SEBI with Regn. no. NSE – INZ230000739.

#8. Review is popular for its blazing fast trading platform and vast education library to learn forex trading. is a trading subsidiary of GAIN Global Markets Inc. You can trade in 80+ currency pairs, stocks, commodities, and cryptocurrencies.

The spreads start from 1.1 pips for major pairs which seem higher.

You get leverage at 200:1 which is low but lower leverage is good for a newcomer to avoid bigger losses. Regulations is regulated by the Cayman Islands Monetary Authority. Spreads & Charges offers you plans –

StandardMin. 1 pip0
CommissionMin. 0.2 pips$5 per $100K traded
STP ProMin. 0.1 pipMin. 80 per $100M traded

You have to deposit a minimum of $100 which could be another turn-off for a newbie trader.

#9. Exness Review


Exness allows you to trade in 100+ forex pairs to trade in. You can start with a low deposit amount of $1. 

Exness is popular for low spreads and high leverage of up to 1:2000.

You can enjoy seamless trading on the go thanks to a faster Exness trader in-house app.

Exness Regulations

Exness has got 7 regulations worldwide

  • Financial Services Authority (FSA), Seychelles 
  • Central Bank of Curaçao and Sint Maarten (CBCS), Curaçao 
  • Financial Services Authority (FSA), British Virgin Islands
  • Financial Sector Conduct Authority (FSCA), South Africa
  • Financial Services Commission (FSC), Mauritius 
  • Cyprus Securities and Exchange Commission (CySEC), Cyprus
  • Financial Conduct Authority (FCA), United Kingdom

Exness Spreads & Charges

Exness has a low spread of 0.2 pips on an AUD/USD pair and you get high leverage of 1:2000 for a standard account. Exness offers multiple plans for professional traders.

#10. Pepperstone Review


Pepperstone is another global forex broker with ultra-low spreads starting from 0.1 pip. You can trade in 60 plus forex pairs and other assets like CFDs, and cryptos.

Pepperstone Regulations

Pepperstone has 7 regulations –

  • Australian Securities and Investments Commission (ASIC), Australia
  • Financial Conduct Authority (FCA), United Kingdom
  • Cyprus Securities and Exchange Commission (CySEC), Cyprus
  • Securities Commission of The Bahamas (SCB), Bahamas
  • Dubai Financial Services Authority (DFSA), UAE
  • BaFin (Federal Financial Supervisory Authority), Germany
  • CMA (Capital Markets Authority), Kenya

Pepperstone Spreads & Charges

You can choose from 2 account options – Razor and Standard. 

Razor0.1 to 0.3 pips$7 per $100K traded1:500
Standard0.6 pips01:200

Deposits and withdrawals are free in Pepperstone.

We will not add pros & cons in this article 

SEBI Registered Forex Brokers In India List

Broker NameSEBI Registration No.
Interactive Brokers (IB)NSE – INZ000217730
BSE – INE011288033
Alpari International NSE – INE231376935
OctaFXBSE – INZ000294138
NordFXNSE – INZ230000739

How to Verify SEBI Authorisation for Forex broker 

Step 1 – You can go to SEBI’s official website and click on the “Intermediaries/Market Infrastructure Institutions” link.


Step – 2 Click on “Recognized Intermediaries”.

sebi intermediaries

Step – 3 Now select “currency derivatives” from the list.

sebi list

Step 4 – Here you can search for a particular forex broker or go through the lists one by one. For example, I searched OctaFX as shown below.

octafx sebi

Is Forex Trading Legal in India

Yes, forex trading is legal in India but you have to fulfill some conditions like you can trade only in a few currency pairs which includes

  • USD-JPY 

You need to be careful while picking your forex broker. You should pick SEBI registered forex broker otherwise your forex trading becomes illegal.

Forex trading become Illegal in India in the following conditions

  • Signing up with an unauthorized broker and trading in other than the allowed forex pairs is illegal in India.
  • Binary trading is illegal in India in which you bet on the result of a currency pair’s price movement in yes or no like a Casino within a given timeframe.

Is Forex Trading Safe

Forex trading is not safe because of high volatility and high leverage you can easily lose a bigger amount in one go. You have deep technical knowledge of the currency markets to make a profit out of forex trading.

Secondly, you can legally trade forex (in India) only in EUR-USD, GBP-USD, and USD-JPY apart from INR-based currency pairs with SEBI registered brokers. 

Indian currency pairs are –


And even if the broker is registered with SEBI, trading in any forex pair other than the above-mentioned ones is illegal under the FEMA (Foreign Exchange Management) Act of RBI.

So forex trading is safe only if you follow the above-discussed points carefully.