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SEBI Registered Forex Brokers App

Published: 07 July 2025 Updated: 07 July 2025 Read Time: 3 min read Author: TradersTrusted
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In India, retail forex trading is strictly regulated by the Securities and Exchange Board of India (SEBI). Traders are only permitted to trade currency derivatives on Indian exchanges (NSE, BSE, MCX-SX) and only in INR-based pairs. This article lists the SEBI-registered forex brokers with mobile apps, helping traders in India identify compliant platforms offering access to regulated currency markets via smartphone.

What Forex Trading Is Allowed in India?

✅ Permitted:

  • Trading in INR pairs: USD/INR, EUR/INR, GBP/INR, JPY/INR
  • Only via SEBI-registered brokers on Indian exchanges
  • Instruments: Currency Futures & Options

❌ Not Allowed:

  • Trading non-INR pairs like EUR/USD or USD/JPY
  • Use of MT4/MT5 with offshore brokers
  • Spot forex or CFD trading via international apps
  • Depositing funds to unregulated foreign forex platforms

Top SEBI-Registered Forex Brokers With Mobile Apps

1. Zerodha Kite App

  • SEBI Registration: INZ000031633
  • Exchange Access: NSE, BSE, MCX
  • Pairs Available: USD/INR, EUR/INR, GBP/INR, JPY/INR
  • Features:
    • Fast order execution
    • Live charts, option chain
    • Clean, minimal interface
  • Ideal For: Beginners and mobile-first currency traders

2. Upstox Pro App

  • SEBI Registration: INZ000185137
  • Access: NSE Currency Derivatives
  • Currency Pairs: INR-based only
  • App Features:
    • Smart charting with 100+ indicators
    • Fast trade execution
    • Real-time news feed
  • Best For: Traders combining equity and currency positions

3. Angel One App

  • SEBI Registration: INZ000161534
  • Market Access: NSE, BSE, MCX
  • Mobile Features:
    • Full F&O chain
    • Voice-assisted trading
    • Strategy builder and alerts
  • Why It Stands Out: Legacy broker with full-service mobile suite

4. ICICI Direct Markets App

  • SEBI Registration: INZ000000990
  • Asset Classes: Equities, Commodities, Currency
  • Currency Instruments: USD/INR, EUR/INR, GBP/INR, JPY/INR
  • Strengths:
    • Integrated with ICICI Bank
    • Auto-pay, margin funding
    • Wealth tracking + derivatives

5. HDFC Securities App

  • SEBI Registration: INZ000186937
  • Currency Trading: Available via NSE and BSE
  • Mobile Highlights:
    • Real-time charts and watchlists
    • Trade from Demat + bank seamlessly
    • Risk management and limits setup

Comparison Table: SEBI Forex Apps

Broker AppSEBI Reg No.INR PairsMobile ChartingBank IntegrationIdeal For
Zerodha KiteINZ000031633✅ Yes✅ Yes❌ NoFast execution, low fees
Upstox ProINZ000185137✅ Yes✅ Yes❌ NoChart-based mobile trades
Angel OneINZ000161534✅ Yes✅ Yes✅ YesVoice features + alerts
ICICI DirectINZ000000990✅ Yes✅ Yes✅ YesBank-linked clients
HDFC SecuritiesINZ000186937✅ Yes✅ Yes✅ YesBanking + trading combo

How to Verify SEBI-Registered Forex Brokers

  1. Visit the official SEBI site: www.sebi.gov.in
  2. Check the broker’s registration number and license status
  3. Cross-check with NSE/BSE member lists
  4. Ensure the broker offers only INR-based pairs, not global spot forex or CFDs

Why Avoid Unregistered Forex Apps in India

  • Offshore brokers offering MT4/MT5, high leverage, or non-INR pairs are illegal for Indian residents
  • RBI and SEBI do not permit remittances under LRS for forex speculation
  • Traders using unregulated apps risk account freezing, legal action, or loss of funds

Key Takeaways

  • Only SEBI-registered brokers can legally offer forex trading in India via INR currency derivatives
  • Popular apps include Zerodha Kite, Upstox Pro, Angel One, ICICI Direct, and HDFC Securities
  • All trading must occur on NSE/BSE in permitted INR pairs: USD/INR, EUR/INR, GBP/INR, JPY/INR
  • Avoid offshore forex apps like Exness, Octa, FBS, Pepperstone, or any offering MT4/MT5 spot forex
  • Use only brokers with SEBI registration numbers and access to India’s recognised exchanges

Frequently Asked Questions

Which apps are SEBI-approved for forex trading?

Zerodha, Upstox, Angel One, ICICI Direct, and HDFC Securities are SEBI-registered and offer INR-based forex trading.

Can I use MT4 or MT5 apps in India?

No. MT4/MT5 are not legal for forex trading in India unless offered via an exchange-regulated product, which they currently aren’t.

No. These are not SEBI-regulated and are illegal for retail forex trading under Indian law.

What forex pairs can I trade legally in India?

Only INR-based pairs: USD/INR, EUR/INR, GBP/INR, and JPY/INR via NSE, BSE, or MCX-SX.

How do I check if a broker is SEBI registered?

Search their name or registration ID on the SEBI Intermediary List to confirm.

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