Trading forex in India is highly regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Indian residents are permitted to trade only currency derivatives on recognised Indian exchanges (like NSE, BSE, MCX-SX) and only in INR pairs such as USD/INR, EUR/INR, GBP/INR, and JPY/INR. However, several SEBI-registered and global brokers offer mobile apps that enable legal forex trading in India. This article ranks the best forex broker apps available to Indian users and explains key compliance rules.

Legal Overview: Forex Trading in India

• Permitted: INR-based currency pairs on NSE/BSE via SEBI-registered brokers
• Not Permitted: Cross-currency pairs (e.g., EUR/USD, GBP/JPY) unless under LRS route
• Apps Must Be Regulated: SEBI registration or legal offshore access via LRS
• No leverage from foreign brokers is allowed without RBI clearance

Best Forex Broker Apps in India (2025)

1. Zerodha Kite (Currency Derivatives)

• Regulator: SEBI, NSE Member
• INR Pairs: USD/INR, EUR/INR, GBP/INR, JPY/INR
• App Features:
  • Intuitive UI with real-time charts
  • Fast order execution and margin calculator
• Best For: Indian residents wanting fully legal domestic forex exposure

2. Upstox Pro

• Regulator: SEBI, BSE/NSE Member
• Currency Segment: INR-based pairs on NSE
• Mobile App:
  • Light and fast with 100+ indicators
  • Supports paper trading and watchlists
• Compliance: 100% RBI and SEBI aligned

3. Angel One App

• Regulation: SEBI, NSE, BSE
• Forex Offering: Currency derivatives in INR pairs
• Strengths:
  • Great for beginners
  • Integrated trading + advisory
• App Review: Highly rated in India’s Google Play Store

4. ICICI Direct Markets App

• Regulation: SEBI
• Forex Access: Currency futures on NSE/BSE
• Additional Tools:
  • Integrated research and stock/currency insights
  • Linked with ICICI bank accounts for seamless funds

5. HDFC Securities App

• Regulation: SEBI
• Currency Trading: INR pairs on NSE
• Key Features:
  • Integrated with HDFC Bank
  • Alerts and strategy calls within the app

Global Brokers With App Access (Under LRS Route)

6. Exness App

• Regulation: FCA, CySEC (not SEBI)
• Access in India: Via LRS route only (for resident individuals)
• App Highlights:
  • Trade global FX pairs with fast execution
  • Crypto and commodities included
• Note: Indian residents must comply with RBI rules for funding overseas accounts

7. Deriv App

• Regulation: Labuan FSA, MFSA
• Access: Via LRS for experienced traders
• Trading Options: Synthetic indices, forex, commodities
• User Feedback: Lightweight app, ideal for mobile-first traders

Forex Apps to Avoid in India

Avoid using unregulated or offshore brokers that:

• Offer cross-currency trading without RBI clearance
• Provide leverage above SEBI-permitted levels
• Operate without SEBI registration or legal compliance
• Do not support INR pairs on Indian exchanges

What to Consider in a Forex App (India)

• SEBI registration: Mandatory for legal domestic forex trades
• RBI compliance: Required for overseas broker funding via LRS
• Mobile UI/UX: Fast execution, real-time charts, order types
• Local INR pair support: USD/INR, EUR/INR, GBP/INR, JPY/INR
• Bank integration: Preferred for smoother fund transfers

Key Takeaways

• Zerodha Kite, Upstox Pro, and Angel One are the best SEBI-approved forex broker apps for Indian users
• Legal trading is restricted to INR-based currency pairs on Indian exchanges
• Apps like Exness or Deriv may be accessed under the LRS route, but not for leveraged or speculative trading
• Always verify SEBI registration, platform compliance, and RBI guidelines before using any forex trading app in India
• Use bank-integrated platforms for safer and faster deposits and withdrawals

Frequently Asked Questions

Is forex trading legal in India via mobile apps?

Yes, but only in INR-based pairs (USD/INR, EUR/INR, etc.) through SEBI-registered brokers on NSE/BSE.

Can I use global forex apps like Exness or Deriv in India?

Only via the Liberalised Remittance Scheme (LRS) and without using leverage or violating RBI norms.

Which forex app is best for Indian beginners?

Zerodha Kite and Upstox Pro offer beginner-friendly apps with legal INR pair trading.

Are forex profits from apps taxable in India?

Yes, profits from forex derivatives are taxable under business income as per Indian tax laws.

Does Zerodha allow trading in EUR/USD or GBP/JPY?

No, Zerodha only offers INR-based pairs on Indian exchanges, as per SEBI and RBI guidelines.

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