Forex Broker in India

Q: Is forex trading legal in India?

Yes, but only INR-based forex pairs are permitted through SEBI-authorised platforms like NSE or BSE.

Q: Can Indian traders use MT4 or MT5?

Yes, via offshore brokers like Exness and FXTM. Indian brokers do not support MT4/MT5.

Q: Which broker is best for Indian traders?

TibiGlobe for MT5 + high leverage, FXTM for local support, and Exness for scalping and fast INR deposits.

Q: Is UPI supported by forex brokers?

Yes. Exness, Octa, and FXTM support UPI and local netbanking options for Indian clients.

Finding a forex broker in India that meets both regulatory compliance and global trading standards is essential in 2025. The Indian forex market is regulated by SEBI and restricted to INR-based pairs on official exchanges. However, many traders continue to access offshore brokers offering broader currency exposure, higher leverage, and advanced platforms like MT4 and MT5.

This guide ranks the best brokers available to Indian residents, outlines the legal framework, and explains how Indian traders can participate safely.

Is Forex Trading Legal in India?

✅ Permitted (Regulated by SEBI)

Only INR-based currency pairs (e.g. USD/INR, EUR/INR)
Must trade through SEBI-authorised brokers
Exchanges: NSE, BSE using Currency Derivatives Segment
Leverage: Capped by SEBI (typically 1:20)

🚫 Restricted

Cross-currency pairs (e.g. EUR/USD) via offshore brokers
Use of unregulated platforms not authorised by Indian law
Violation can attract penalties under FEMA guidelines

Best Forex Brokers in India (2025)

1. TibiGlobe – Best Offshore MT5 Broker for Indian Traders

Regulation: Offshore
Platform: MT5
Leverage: Up to 1:1000
Spreads: From 0.2 pips (ECN)
Swap-Free: ✅
INR Deposit: ✅ via e-wallet and crypto
Best For: Experienced traders using MT5 with high leverage

2. Exness – Best for Instant INR Deposits and Scalping

Regulation: FSCA, CySEC
Platform: MT4, MT5
Leverage: Unlimited (conditions apply)
Spreads: From 0.0 pips
Swap-Free: ✅
INR Deposit: ✅ UPI, Paytm, Netbanking
Best For: Scalpers and EA traders with INR wallets

3. FXTM – Best SEBI-Compliant Alternative with INR Support

Regulation: FCA, FSCA, CySEC
Platform: MT4, MT5
Leverage: Up to 1:2000
Spreads: From 0.1 pips
Swap-Free: ✅ Auto-enabled in India
INR Deposit: ✅ via local banks
Best For: Beginners and Shariah-compliant accounts

4. Octa – Best Cashback Broker with UPI Support

Regulation: Offshore
Platform: MT4, MT5
Leverage: Up to 1:500
Spreads: From 0.6 pips
Swap-Free: ✅ Auto
INR Deposit: ✅ via UPI and e-wallets
Best For: Long-term traders using cashback rewards

5. HDFC Securities – Best SEBI-Registered Broker (INR Pairs Only)

Regulation: SEBI (NSE member)
Platform: HDFC Pro Terminal
Leverage: Up to 1:20
Spreads: Exchange-determined
Swap-Free: ❌
INR Deposit: ✅ Direct bank link
Best For: Fully legal INR pair trading via NSE

Broker Comparison Table

Broker	INR Deposit	Regulation	Leverage	Platform(s)	Swap-Free	Best For
TibiGlobe	✅	Offshore	Up to 1:1000	MT5	✅	High leverage MT5 trading
Exness	✅	FSCA, CySEC	Unlimited	MT4, MT5	✅	Scalping and EA traders
FXTM	✅	FCA, CySEC	Up to 1:2000	MT4, MT5	✅	Beginner-friendly INR access
Octa	✅	Offshore	Up to 1:500	MT4, MT5	✅	Cashback rewards
HDFC Sec	✅	SEBI (India)	Up to 1:20	Proprietary	❌	Legal INR pair trading in India

Legal Forex Trading in India

Option	Description
Via NSE/BSE	Trade INR-based pairs via SEBI brokers
Through SEBI Brokers	Zerodha, HDFC, Angel One, etc.
Offshore Brokers (Risky)	Exness, TibiGlobe, FXTM (outside Indian regulation)

Key Takeaways

Legal forex trading in India is limited to USD/INR, EUR/INR, JPY/INR, GBP/INR via SEBI-regulated brokers.
Many Indian traders use offshore brokers like TibiGlobe and Exness for access to global markets.
Look for brokers with INR deposit support, swap-free accounts, and multi-platform access.
TibiGlobe and FXTM offer the most flexibility for Indian retail traders.

Frequently Asked Questions

Is forex trading legal in India?

Yes, but only INR-based forex pairs are permitted through SEBI-authorised platforms like NSE or BSE.

Can Indian traders use MT4 or MT5?

Yes, via offshore brokers like Exness and FXTM. Indian brokers do not support MT4/MT5.

Which broker is best for Indian traders?

TibiGlobe for MT5 + high leverage, FXTM for local support, and Exness for scalping and fast INR deposits.

Is UPI supported by forex brokers?

Yes. Exness, Octa, and FXTM support UPI and local netbanking options for Indian clients.

What are the risks of using offshore brokers?

They’re not SEBI-regulated, so Indian law does not protect your capital. Use only well-known, transparent brands.

Forex Broker in India