Forex trading in India is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Indian residents are legally permitted to trade only INR-based currency pairs (like USD/INR, EUR/INR, GBP/INR, and JPY/INR) on local exchanges such as NSE, BSE, and MCX-SX, through SEBI-registered brokers. However, many Indian traders still access the global forex market via international brokers offering broader currency pairs, CFDs, and higher leverage.
Here is a complete list of the best SEBI-regulated and international forex brokers for Indian traders in 2025.
SEBI-regulated forex brokers in India (legal INR pair trading)
| Broker | Regulation | Platforms | Pairs Allowed | Notes |
|---|---|---|---|---|
| Zerodha | SEBI, NSE | Kite | USD/INR, EUR/INR, etc. | India’s largest retail broker |
| ICICI Direct | SEBI, NSE | Trade Racer | INR pairs only | Part of ICICI Bank |
| HDFC Securities | SEBI, NSE | ProTerminal | INR pairs only | Full-service broker |
| Sharekhan | SEBI, NSE | TradeTiger | INR pairs only | Good for beginners |
| Angel One | SEBI, NSE | Angel One App | INR pairs only | Offers commodities and stocks too |
| Kotak Securities | SEBI, NSE | KEAT Pro X | INR pairs only | Integrated bank trading accounts |
| Motilal Oswal | SEBI, NSE | MO Investor | INR pairs only | Focus on high-net-worth services |
โ ๏ธ Note: These brokers offer legal forex trading in India only for INR-based pairs via local exchanges. Cross-currency pairs and CFDs are not allowed for retail residents by RBI guidelines.
Top international forex brokers accepting Indian clients (offshore access)
| Broker | Regulation | Min Deposit | Leverage | Platform | INR Deposit | Notes |
|---|---|---|---|---|---|---|
| TibiGlobe | EU-compliant | $10 | Up to 1:1000 | MT5 | Yes | Full INR support + multilingual interface |
| Exness | FSCA, CySEC | $10 | Up to 1:2000 | MT4, MT5 | Yes | Instant INR deposits via local gateways |
| FBS | IFSC, CySEC | $5 | Up to 1:3000 | MT4, MT5 | Yes | Offers cent and micro accounts |
| JustMarkets | FSA, CySEC | $1 | Up to 1:3000 | MT4, MT5 | Yes | No-deposit bonus often available |
| RoboForex | IFSC | $10 | Up to 1:2000 | MT4, cTrader | Yes | Supports Indian payment processors |
| Octa | CySEC, SVG | $25 | Up to 1:500 | MT4, MT5 | Yes | Dedicated Indian support team |
| FXTM | FSCA, CySEC | $10 | Up to 1:2000 | MT4, MT5 | Yes | Fast INR withdrawal options |
| AvaTrade | DFSA, FSCA, ASIC | $100 | Up to 1:400 | MT4, AvaTradeGO | Yes | Regulated in multiple jurisdictions |
| Vantage | FCA, VFSC | $50 | Up to 1:500 | MT4, TradingView | Yes | Accepts UPI and Indian netbanking |
| Intertrader | UK-based | $100 | Up to 1:200 | MT4 | No | Good for professional traders from India |
INR deposit options offered
- UPI, Paytm, PhonePe, NetBanking
- IMPS/NEFT bank transfer
- Local wallets and exchange agents
- Crypto (e.g. USDT) for indirect INR conversions
Legal status of forex trading in India
| Category | Legality | Notes |
|---|---|---|
| INR-based trading via NSE | โ Legal | Must use SEBI-registered Indian brokers |
| Cross-currency pairs (e.g., EUR/USD) | โ Not legal for residents | Offshore access may violate RBI rules |
| CFDs and leveraged assets | โ Not allowed | Treated as illegal speculation by Indian authorities |
| International brokers | โ ๏ธ Use at own risk | Not regulated by SEBI; high-risk under FEMA guidelines |
How Indian traders use global forex brokers
While technically against RBI regulations, many Indian traders:
- Open accounts with offshore brokers not SEBI-regulated
- Fund via crypto, e-wallets, or third-party agents
- Trade non-INR pairs and CFDs using high leverage
- Withdraw in USD/crypto and convert via P2P platforms
โ ๏ธ Disclaimer: Trading forex via offshore brokers is not approved by Indian law and may involve legal or financial risks. Traders are advised to consult with legal advisors before engaging.
Key takeaways
- For legal forex trading in India, use SEBI-registered brokers via NSE or BSE, limited to INR currency pairs
- Top SEBI brokers include Zerodha, ICICI Direct, HDFC Securities, and Angel One
- International brokers like TibiGlobe, Exness, FBS, and JustMarkets offer PayPal, INR, and high-leverage trading but are offshore
- Always prioritise brokers with strong regulation, low fees, and local payment methods
- Using global brokers is common but unofficial; ensure you understand the risks
Frequently Asked Questions
Is forex trading legal in India?
Yes, but only INR-based currency pairs traded through SEBI-registered brokers on regulated Indian exchanges are legal.
Can Indian traders use international forex brokers?
Yes, but itโs considered against RBI rules under FEMA. Traders often use offshore brokers at their own risk.
Which Indian broker is best for legal forex trading?
Zerodha is the most popular SEBI-registered broker offering INR pair forex trading on NSE.
Which global brokers accept INR deposits?
TibiGlobe, Exness, FBS, JustMarkets, and FXTM all accept UPI, Paytm, and local bank transfers in INR.
Whatโs the minimum deposit to start forex trading in India?
For SEBI brokers: around โน1,000.
For international brokers: $1โ$100 depending on the platform.
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