How to Find SEBI Approved Best forex broker in India?

When it comes to trading, Indians are focused on stock trading instead of forex. It is because trading forex is complicated in Indian regulation as different rules than other countries. Despite the complicated policies, many Indian traders are successfully trading forex via different means. That is why the hype for best forex broker India is increasing significantly. Get the list of India forex brokers.


However, forex trading at the retail level has been evolving for the past several years. Due to the complicated rules and unavailability of all currencies, Indian traders show less interest in forex trading. On the other hand, India forex brokers are trying their best to attract traders. As a result, a few portions of the Indian population are getting involved cautiously via the best broker for forex trading in India.

In such circumstances, if you are highly interested in forex trading from India, you will have to trade through the top 10 forex brokers in India. And it is not difficult to find them. With that in mind, we have researched and made a checklist that you can go through while searching for top forex brokers in India.

best forex broker india

Indian Financial Market’s Condition

The Indian currency is named Rupee, and it is the base currency for any kind of trading in India. On the other hand, Indian is ranked in the fifth position as per the GDP rate. And GDP has been rising since 2000, which is still going upwards.

Economic liberalization and free-market condition are the main reason behind the GDP rise. Due to this, the forex market may get attention in the future.

Best Forex Brokers in India

19 ratings
No Bonus
  • 200+ tradable assets
  • Choose between 4 trading platforms
  • Competitive spread pricing on raw account
15 ratings
No Bonus
  • Axi Mobile Trading: Available
  • Currencies: 80+
  • Web Trading: Available
18 ratings
100% Bonus
  • Mobile Trading: Available
  • ECN: Available
  • Currencies: 45+

How can you Legally Trade Forex in India?

Forex trading is neither legal nor illegal in India. You can say it’s half legal. The Indian government restricted some currencies from retail trading. Cross currencies are illegal. Everything you are trading should be based on Indian currencies.

However, India has a logical reason behind the restriction. The authority just wants to make sure that the foreign currency doesn’t outflow due to the trader’s loss. And, the loss may create pressure on the local currency. Besides India, there are many countries that restrict forex because of similar reasons.

Now that question is how the Indian traders are trading legally?

To trade legally in India, traders need to trade via a broker that has a license from authorized exchanges such as MCX, NSE-SX, and BSE. However, all the exchanges must comply with the regulations from the Security Exchange Board of India (SEBI).

What are the Different Currency Pairs are Available to Trade in the Indian Forex Market?

As we have mentioned earlier, only the pairs that have Rupee in can be traded. So, as a retail trader, you cannot trade the major currencies pairs. Therefore, EUR/USD, GBP/USD, and USD/JPY are not available to trade. You can trade the following pairs.

Currency Pair Base Currency Quotation Currency
USDINR US Dollar Indian Rupee
GBPINR British Pound Indian Rupee
EURINR Euro Indian Rupee
JPYINR Japanese Yen Indian Rupee


However, given the fact of the Indian economy and daily trading volume, these currencies will also generate profit like the major and minor currencies. You just need to act properly with the best broker for forex trading in India.

How to find the SEBI Approved Top Forex Brokers in India?

Although Indian GDP growth is on the rise, they are not the richest country. Only a certain percentage of the population holds all the money. And, these people are running the Indian economy significantly. Besides, foreign investors are also contributing to the Indian economy, and more investments are coming through ‘Foreign Direct Investment’ every year. And, this may give a boost to retail forex trading.

So, it would be better if you start with the best forex broker India from the beginning instead of changing the broker frequently. So, check out the following points that will help you to find the best forex trading platform in India. Things you will have to check while searching for the India forex brokers are-

Look at the SEBI Database

SEBI is authorized by the Indian government to regulate the India forex brokers. They have a list of all the authorized brokers in India. So, you can simply search your selected broker on the SEBI website and see if it is listed or not.

Forex Trading Platforms

Indian forex brokers may offer multiple platforms or a single platform. However, the best forex trading platform in India will offer only the approved currencies. While looking at the platforms, you may see their features and understand them for future reference.

If you want to compare the platform with the international standard and want the best one, you can go for the MetaTrader 5 forex brokers in India. However, if you search deeply, you will get many MT5 brokers India, which can provide you the automatic trading feature.

Type of the Accounts

Usually, MT5 brokers India offer multiple account types based on the trader’s expertise. But a single account type is also good enough to start trading as you can order a larger position with the help of leverage. So, you better understand and make yourself clear about the broker’s account offerings.

Spreads and Commission

Normally brokers earn money from spreads and commissions. So, you must search for a broker that provides low spreads and charges low commission. Being said that, you can compare the spreads and commissions via forex broker reviews to find the broker that offers low spreads and eventually maximize your profit.

Customer Support

Quick customer support in a native language is necessary to resolve any trading-related issue. However, most of the best forex broker India offer location-based customer support in a different language as India has different languages in different states. So, check the broker if it offers support in your language.

Additional Service

Although additional service is not mandatory, it will not hurt to check them out before registering. Additional services may include education platforms, consultancy, financial support, etc. Therefore, you may search for these in your selected broker.

Some Additional Tips to find the best forex broker India

The following tips may boost your confidence while searching you’re a broker.

  • Set your trading goal first and also identify your strategy.
  • Understand the basic forex terms first.
  • Be careful about the scam brokers.
  • Keep yourself updated with economic news and activities.


As we have mentioned earlier, trading other currencies that don’t have the Rupee in the pair is illegal. And trading illegal currencies may cost you a lot. For example, these kinds of trading are punishable offenses, and you can get punished under FEMA Act. So, you don’t have any alternative other than choosing the best forex broker India.

So, make sure you sort out the top forex brokers in India and then pick the best one from that list.

Top Forex Brokers Review
Top Forex Brokers Review