8 Forex Brokers Operating In India

If you are looking to trade foreign exchange (Forex), there are many Forex brokers in India from which to choose. Here is a list of top brokers you can deal with that accept Indian clients. The comparisons at the brokers’ trading costs, trading platforms, range of markets, account types and more to help you make a choice!

The Forex Broker List For Indian Traders in 2025 Is:

1. Octa – Top Forex Broker for Indian Forex Traders
2. FP Markets – A Well-regarded Forex Platform Among Investors
3. XM – A Great Choice for Zero Commission Trading
4. Exness – Good Number of Trading Accounts
5. AvaTrade – Reliable Tools for Social and Copy Trading
6. Blackbull Markets – Quick and Dependable Trade Execution
7. Eightcap – The Go-to Broker for Crypto CFD Trading
8. Interactive Brokers – Tailored for Advanced Traders

All the brokers on this list are regulated by international bodies with strict operational requirements for the brokers to ensure your funds are safe and secure.

1. Octa – The Top Forex Broker for Indian Traders

Octa does not have specific types of brokers based on spreads, copy trading tools and high leverage. Low spreads from 0.9 pips (with no commission) are possible because of their Electronic Communications Network (ECN) execution model. MT4 and MT5 MetaQuotes trading platforms are available along with copy trading via Octa while trading can have leverage of 1:1000

Top Octa Features:

1. Leading commission-free spreads

2. Great third-party and proprietary platforms

4. Strong copy trading features on OctaTrade

Market-Leading Spreads

Octa’s spreads caught my attention right from the start. Usually, an ECN broker offers a RAW account to help you get the most out of the ECN model by keeping spreads low and paying a commission. However, Octa offers a standard account rather than a RAW account and these spreads are among the most competitive for many of the most popular pairs in the industry.

Take a look at the test results for EUR/USD, the average spread here was 0.9 pips which is 0.3 pips below the industry standard. The GBP/USD spread is a little broader, but shaves 0.4 pips off the industry standard, an even bigger saving for you!

Platform Options

MT4 is one of the most popular platforms in the markets which is why it was used to test the brokers’ spreads. Other platforms that Octa offers include MT5 and its own OctaTrader app.

As you can see, there are many similarities between the three platforms and Octa. Each platform offers the same minimum spreads, commission-free trading, minimum deposit requirements, and no-fee deposit and withdrawal. However MT5 comes out strongest overall, not only for the number of trading instruments but also for trading tools.

MetaTrader 5 offers 52 currency pairs, rather than 35, and four more cryptos than the OctaTrader app.

You also can’t trade stocks with MT4 or OctaTrader. MT5 gives you 150, bringing the total number of instruments up to 277.

Another difference observed was in the available leverage. On OctaTrader and MT5, I could trade with a maximum rate of 1:1000. This is quite high and implies that you can control a $100,000 position with just a margin of 0.01%, or $10.

Lastly, MT5 has 38 technical indicators, 44 analytical objects, 21 timeframes and unlimited charts. These are more than the 30 built-in indicators, 24 drawing tools and nine timeframes that MT4 offers.

Unique Tools on OctaTrader

While MT5 is my preferred choice for a broad range of instruments, MT4 is also a go-to option for specific forex trading. On MT4, you get a wider range of Expert Advisor algo-trading bots, thus offering a comprehensive scope for automated trading.

OctaTrader has some interesting aspects too. For instance, its Spaces feature, which is basically a trading information centre, providing market alerts. While this is not unusual, what’s great about Spaces is that you can customise the received updates.

After setting up Space to provide updates on candlestick patterns and chart patterns, I noticed that in addition to updates on these signals and patterns, a handy commentary was available as well. This was quite helpful in deciding the next move.

CompareForexBrokers co-founder, Justin Grossbard also gave insights into the Octa features he found helpful.

“Copy trading is a big part of the daily experience for many traders these days,” Justin said. “Octa’s 1,500+ copy trading candidates add a lot of value. Being able to filter your search is also helpful. You can find the copy trading candidate you need, based on risk score, minimum investment, timeframe, and expertise rating”.

My Verdict on Octa

While it is understandable that zero-commission can be attractive, you still need to keep a close eye on the spreads, as this is where the bulk of your trading costs will come from. The main reason for putting Octa at the top of the list is that they give you no-commission trades while still keeping spreads low – a must, in my view.

2. FP Markets – A Top Choice of Trading Platforms

FP Markets supports MetaTrader 4, MetaTrader 5, cTrader, and TradingView. In my opinion, this is quite significant as this broker is catering to traders of all styles.

Top FP Markets Features:

1. Good trading platform

4. Strong copy and social trading features

Great Platform Options

FP Markets scored significant points in my book owing to its support for some of the established trading platforms in the Indian market:

This is impressive as it shows that FP Markets is committed to offering solutions to suit all traders. But which platform is right for you when you trade with FP Markets? Let us decode it for you!

● MetaTrader 4 is a good choice for forex traders, and this is owing to its expert advisors. These are algorithmic-trading bots which can be either downloaded or coded. MT4 is known for offering a wide variety, which is a plus point.

● MetaTrader 5 is the updated version of MT4, and is better suited to more comprehensive trading strategies. You can trade stocks on MT5 but not on MT4. The former also has more charts and technical indicators. You can find Expert Advisors on MT5, but not as many as on MT4.

● cTrader provides detailed market analysis and advanced order execution. The platform features an intuitive interface, making it a good choice for intermediate traders looking to gain experience with advanced tools.

● TradingView is a solid option if you’re looking for a wider social network. You can connect with other TradingView users across the platform to seek out trading ideas and inspiration. TradingView’s strength however lies in its large range of charts and technical indicators.

Copy and Social Trading

It was observed that you can easily copy and social trade with FP Markets. The broker offers Myfxbook Autotrade, which I used to copy the strategies of expert traders, while also gaining valuable data (like facts and figures) on their performance. Signal Start is another excellent copy-trading tool and it enhanced my experience. I wasn’t just mindlessly copying trades but actively learning and gaining insights.

Known as the broker’s dedicated copy-trading app, FP Markets Copy Trading integrates with MetaTrader 4 and MetaTrader 5. This paves the way for the execution of automated copy trades through these platforms. Owing to dedicated virtual private servers, you can run your automated strategy even when your account is logged out or your device is switched off.

There’s more insight in FP Markets’ social trading area. Here, you’re not merely copying, but you’re discussing and sharing different approaches and strategies with the community, which is a great way to learn.

Account Types and Range of Markets

At first glance, FP Markets’ range is quite impressive – offering access to over 10,000 financial instruments. However, on closer inspection, I found that most of these are stocks. This is still a lot, but for my list, I’m focusing on forex and CFDs. Also, remember you won’t be able to trade stocks using MT4.

This range should serve you well as you build a diverse trading strategy. I found two account types to trade with:

In the Standard Account, you’ll get commission-free trading, and slightly wider spreads. On the other hand, the RAW Account gives you tighter spreads, but there’s a commission fee to pay.

My choice is the RAW Account as it gives you competitive spreads that beat the market average in most cases. The commission is only US$3.00, which is lower than the industry average, and your trades should work out cheaper as compared to the Standard Account.

Across most of the spreads tested, FP Markets performed below the industry average, sometimes by more than a whole pip. This translates to meaningful cost savings as you trade.

The Standard Account can’t compete with those kinds of spreads. In testing, these spreads hovered between 1.2 and 1.6 pips – well above the RAW spread, but still below the industry average as compared to the majority of pairs.

Even though there’s no commission on the Standard Account, I still recommend the RAW Account if you’re a cost-conscious trader – which, I feel, you certainly should be.

My Verdict on FP Markets

In my opinion, this is a solid choice for the majority of traders. Most traders use one of MT4, MT5, cTrader, and TradingView – and you’ve got all these here. There is an impressive growth in copy and social trading, which has been witnessing unwavering support from FP Markets

3. XM – A Great Choice for Zero-Commission Trading

XM is a good candidate among international forex brokers if you prefer avoiding commissions altogether. It supports MetaTrader 4 and 5, and their market execution model means no requotes and no rejected trades.

Top XM Features

1. Several zero-commission account options.

2. No requotes or rejections.

3. Strong risk management.

4. Plenty of forex pairs.

Three Zero-Commission Trading Accounts

I was impressed that XM offers three different account types for commission-free trading. Most will only offer one or two. These accounts are:

● XM Standard Account – Trading on normal lots of 100,000 units, with variable spreads. When I tested, these spreads began at 1 pip.

● XM Micro Account – Small contract sizes, lots of 1,000, and variable spreads.

● XM Ultra Low – Both of the above lot sizes are available, but with lower spreads starting from 0.6 pips.

You won’t get access to any of XM’s promotions on the Ultra Low Account, but I’d still say Ultra Low is an amazing option, especially if you are a high-volume trader. Getting lower spreads regularly is surely better than picking up a promotional deal here and there.

Market Execution and No Requotes or Rejections

One of XM’s key selling points is that there are no rejections and requotes – all your orders are filled at the current market price. This is a fancy way of saying that they use market execution. However, an issue which I have often encountered with market execution is slippage i.e., the current market price may change before the order is placed.

To counteract this, XM claims to offer ultra-fast execution times, with 99% of trades executed in under a second.

Trading Platforms and Markets

XM’s 55 currency pairs should be more than enough for most forex traders. You’ve also got eight energy commodities, 100 individual shares, and a range of indices, metals, stocks, and crypto CFDs, which are plenty for a diverse strategy.

To trade, XM supports both MT4 and MT5, which are strong options in my point of view. Mobile trading is accessible through the XM, MT4, and MT5 forex trading apps.

This sounds great, although I need to add a word of caution here. You can’t use MetaTrader’s custom indicators and Expert Advisors on the mobile platforms. These mobile apps are best used for checking trade progress and making occasional trades on the move.

My Verdict on XM

XM is quite a good option for you as an Indian trader, thanks to its negative balance protection, no rejections, and strong range of markets. However, in my opinion, Exness and OCTA might be better for zero-commissions.

4. Exness – Comprising a Wide Variety of Account Types

Exness is a recommended broker as well, mainly because of the wide variety of account types it has. This is in addition to the free VPS service on the MT4 and MT5 platforms. The most interesting aspect, however, was its unlimited leverage on some accounts. To my surprise, no other brokers I tested offered this facility.

Top Exness Features

1. Wide range of account types

2. Unlimited leverage available

3. Free VPS service on MT4 and MT5

Account Types

I was impressed with how Exness offers five different accounts for retail and professional traders, which was way more than other brokers. Given below is the breakdown:

Standard Accounts – With a Standard Account, you won’t be required to pay commission when you trade. Instead, the broker makes money with a slightly wider spread. This type might prove quite suitable as it offers fee simplicity, thus implying that you just need to pay for the spread.

Exness offers the main Standard Account, and the Standard Cent account. With the Cent Account, you can buy a cent lot (1,000 units) instead of buying a complete lot of 100,000 units.

Pro Accounts

There are three types of Exness’ professional accounts:

When all these were tested, the main difference was the spreads as they were much lower compared to the Standard ones.

With Pro, spreads start at 0.1 pip, and the account uses instant execution rather than market execution. So, you will get a requote if the brokers cannot match your order price to a liquidity provider – you can either accept or reject this requote.

On the RAW Account, the spreads can be 0.0 pips, and you’ll find a flat commission of $3.50 on all major forex pairs.

The Zero account was found to be highly dynamic. You’ll get 0.0 pip spreads on the top 30 traded instruments for 95% of the trading day. Commissions are low in some cases, but unlike the RAW account, these can vary. Notably, using a RAW account is more cost-effective in majority of the cases as the tighter spreads outweigh the commission fee.

Unlimited Leverage on Some Accounts

It was also observed that Exness offers a significant amount of leverage. A default leverage of 1:2000 can be availed on smaller accounts, which is why you can control a position 2000 times the size of your capital.

The leverage drops to 1:1000 and 1:500 on accounts with higher balances. However, accounts with less than $1000 in equity can enjoy unlimited leverage. Although an uncommon feature, this is a major selling point for Exness.

You won’t get unlimited leverage on all of Exness’ instruments. Then, there are additional caps too, for instance, during periods of extraordinary volatility.

Despite this, the available leverage continues to be exceptionally high. My CompareForexBrokers colleague and co-founder Noam Korbl explains its impact:

“Leverage boosts potential losses as well as profits,” Noam said. “I advise a conservative approach to leverage for beginner traders. Despite this, Exness’ unlimited leverage can be very attractive indeed if you have a bit more experience”.

Free Virtual Private Server on MetaTrader 4 and 5

In my experience, a virtual private server (VPS) is a valuable tool for trading. I use it in tandem with MetaTrader 4 and 5 to ensure my Expert Advisor auto-trading bots continue to work even if the device is turned off. The VPS also helps me trade across different market hours across the globe.

I also use the VPS to trade across different market hours worldwide, thus effectively enabling 24/5 trading. Additionally, it helps keep unstable internet connectivity interruptions at bay. Moreover, in my point of view, it is amazing that Exness offers free VPS services on MT4 and MT5.

I looked into this further and observed that Exness’s VPS servers are located near its own trading servers. No matter where you are based in India, you can expect fast execution speeds and reliable order placement. The way this broker is committed to offering a great experience to its clients is highly commendable and a major factor in Exness securing a top spot.

My Verdict on Exness

After much deliberation, Exness was placed among the top spot on the brokers’ list. In my tests, it got all the fundamentals right – highly competitive spreads, support for leading trading platforms, and a diverse range of account types.

Notably, Exness went beyond these elements. Features such as unlimited leverage on some accounts and free access to the broker’s VPS on MT4 and MT5 are unique on this list. All these factors set Exness apart from others on the list.

5. AvaTrade – A Good Choice for Copy Traders

AvaTrade offers three copy and social trading tools that help it stand out. Another notable aspect is AvaOptions, which supports options trading with 42 forex instruments and gold and silver.

Top AvaTrade Features

1. Strong proprietary copy trading tools

2. Integration with third-party copy trading tools

4. Support for options trading

Copy and Social Trading

One of the most interesting aspects of AvaTrade is how it combines copy and social trading through its AvaSocial feature.

With AvaSocial, you can share strategies and learn from others, while also having the option to copy trades. Since this tool integrates with your trading account, trades can be executed automatically.

I found this to be an efficient feature that eliminated many steps. While you do lose a bit of control when auto copy-trading, you can customise your settings for effective risk management.

While testing AvaTrade, I also found that the broker integrates well with third-party copy and social trading platforms. DupliTrade, for example, is known for its highly selective approach to copy trading signal providers, which many traders may prefer.

On ZuluTrade, you can search for different copy trading candidates using the platform’s ranking algorithm and access extensive trading data to make an informed choice.

Range of Markets

AvaTrade offers a wide range of markets to trade in, which I believe should be sufficient for most types of traders.

● 60 pairs for forex trading in India

● Commodities like precious metals, as well as sugar and coffee

● Options trading with 42 forex pairs plus gold and silver

In my view, this is a well-rounded mix of different markets, but what stood out was their support for options trading. They even have a dedicated AvaOptions app. I personally prefer using diverse options as a way to hedge other trades and reduce potential risk – and not all brokers provide this feature.

My Verdict on AvaTrade

AvaTrade is clearly serious about copy trading, offering its own developed tools, in addition to integration with third-party platforms. AvaTrade’s broad range of markets and competitive spreads make it a solid choice for you as an Indian trader.

6. Blackbull Markets – Has Fast Execution Speeds

Excelling in execution speeds, Blackbull Markets have market order executions as low as 72 ms – only a few brokers can match BlackBull. This is partly due to its proprietary technology and strategic selection of data centres. Available platforms include MT4, MT5, TradingView, cTrader and their custom-developed trading apps.

Top Blackbull Features

1. Good execution speeds

2. High potential leverage on crypto instruments

3. Support for the four top platforms

4. Strong proprietary copy trading tools

Great Execution Speeds

In our execution speed testing, Blackbull Markets ranked highest overall. My CompareForexBrokers colleague, Senior Analyst Ross Collins, examined different execution speeds offered by brokers; Blackbull was the most impressive.

As shown in the table above, Blackbull achieved a limit order execution speed of 72 milliseconds, making it one of the fastest options for Indian forex traders. This contributed to its overall average speed ranking among the highest. Ross explains why this is so important:

“The fastest possible execution speed is always best, but anything under 100 milliseconds should be enough to avoid slippage.”

High Leverage on Crypto

Blackbull offers leverage of up to 1:500. While this is quite high, brokers like Exness can go a lot higher than this. However, Blackbull extends this to its crypto CFDs as well. So, if you are a trader with high risk tolerance, the chance and ability to leverage crypto CFDs up to 1:500 is pretty good.

Strong Range of Trading Platforms

I was quite impressed to find that Blackbull offers all of the top platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView.

MT4 is my personal choice for automated trading, thanks to its wide range of Expert Advisor algo-trade bots. MT5 also offers these bots, though not as many as MT4. Designed intuitively, cTrader is also a good platform allowing you to place advanced order types with relative ease. TradingView, while a bit more difficult to use, is good for technical analysis.

Proprietary Copy Trading Platform

Blackbull also offers its own trading platform. On Blackbull CopyTrader, you can copy the actions of more experienced investors. In my opinion, this platform works well. You can set up automated copy trading so that positions are opened and executed whenever your chosen expert makes a trade, thus making trading absolutely hassle-free.

My Verdict on Blackbull Markets

For traders, Blackbull Markets does very well indeed in providing a range of different platforms. In my view, MT4, MT5, TradingView and cTrader are four amazing trading platforms, all of which can be used with Blackbull. With special stress on swift and precise execution, Blackbull performed better than all other brokers in our tests.

7. Eightcap – Notable Broker for Crypto CFD Trading

Eightcap provides forex and CFD trading to users around the world. For me, though, it’s the range of 95 cryptocurrencies that stands out. All the other brokers I reviewed could not match this.

Top Eightcap Features

1. Huge range of crypto CFDs

2. Support for MT4, MT5 and TradingView

3. Easy code-free automation

4. Competitive spreads on the RAW Account

Excellent Crypto CFD Range

Eightcap’s crypto range includes 79 crypto CFDs on MT4, and 95 on MT5 and TradingView. In my point of view, this is very impressive. The majority of brokers don’t even come close to this kind of range, making Eightcap an amazing option for exploring crypto as an Indian trader.

Code-free Automation

Outside of crypto, I really appreciated the support for Capitalise.ai, available on MT4. Capitalise.ai allows you to create EA algo-trading bots based on your own parameters, without the need for coding.

Account Types

The account types are fairly typical for the industry. You’ve got a Standard Account, which offers commission-free trades and broader spreads, and a RAW Account that has commissions but tighter spreads. For me, the latter is always the preferred option. You are required to pay commission, but your trades will work out cheaper.

My Verdict on Eightcap

In my view, the main advantage of trading with Eightcap is the crypto range. While crypto CFDs are certainly not for everyone, it is refreshing to see such a huge range of instruments offered here. I haven’t found any other broker that has even come close to this!

8. Interactive Brokers – Advanced Trading Platforms For Advanced Traders

If you are comfortable using advanced tools, Interactive Brokers is a good proprietary platform.

Top Interactive Brokers Features

1. Strong proprietary platform

2. Support for Trader Workstation

3. Advanced market analysis

4. Good auto trading features

Trading Platform Options

I only found two trading platform options available:

● IBKR Global Trader – IB’s own proprietary platform.

● Trader Workstation (TWS) – An advanced platform for market analysis and algorithmic trading.

In my opinion, Trader Workstation is the better of the two. This platform gives you access to the complete range of instruments offered by the broker. IBKR’s desktop version doesn’t support combinations and doesn’t offer inter-commodity spreads at all.

To be honest, though, this may not matter, as the instruments are fairly advanced. You might prefer the layout and interface of IBKR. One feature I personally liked about the IBKR platform is that you can access elements like futures and bonds in the corresponding platform as forex pairs and other CFDs. There’s no need to switch between platforms.

My Verdict on Interactive Brokers

I believe more advanced traders – who have a diverse set of trading instruments – are sure to find some value in this platform. However, a lack of support for more popular platforms may be a deterrent for some.

How We Selected 8 Popular Brokers in India?

My first priority is regulation as it ensures that the broker is offering a safe and reliable service while meeting strict operational requirements. Working with unregulated brokers is dangerous and not recommended.

The next most important feature is your cost. You should choose a broker with low spreads and commissions, as this will have an impact on your overall profits. I also considered trading platforms offered by the brokers. A good trading platform should have features like charts, technical indicators, automation, and backtesting, while also being easy to use.

Other factors I looked into included the range of trading products available, customer service, forex education, and market research. If you’re interested in a paid evaluation process instead of trading real money, you can check out our list of the top prop firms or visit PropFirms for a detailed comparison.

What Features Should a Forex Broker in India Offer?

When you’re searching for an Indian forex broker, I recommend looking for the following before you start trading.

● Cost – What are the spreads and commissions?

● Platforms – Which platforms are supported?

● Funding Types – Does the broker support the funding type you want to use?

● User Experience – Is the broker easy and intuitive to use?

● Client Reviews – What are users saying about the broker?

● Customer Service – Which customer service channels are available, and when?

● Regulation – Who regulates the broker? Only work with brokers regulated by recognised international bodies.

How To Choose the Right Forex Broker?

Ask yourself the following questions.

1. How Much Experience Do You Have?

Beginners should look for forex education, risk management and demo accounts, so you can reduce risk and build your skills.

2. How to Choose a Brokerage?

While choosing a brokerage, think about your financial objectives. Do you want to build wealth over time, or do you want to protect your investments in retirement?

3. What Type of Assets You Will Trade?

Decide whether you want to trade in forex, stocks, cryptos or gold. You may want to focus on one product, or hedge your trades across many instruments.

4. Is it Important to Compare Brokers’ Features?

Yes, before proceeding, compare the brokers’ features and accordingly decide which are most important.

5. Does a Broker’s Reputation Matter?

Always choose a trustworthy broker with a good reputation. A reputable broker is likelier to follow regulatory standards, handle client funds responsibly, and provide trustworthy customer service.

Who Regulates Forex in India?

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) regulate foreign exchange trading, but not online forex brokers. Instead, brokers are regulated by offshore bodies like those in the Seychelles, Bahamas, and Mauritius.

Only work with brokers who have achieved approval from reputable offshore regulators.

What Are the Most Popular Forex Trading Platforms In India?

The most popular forex trading platforms in India are:

1.MetaTrader 4 – A wide selection of Expert Advisor trading bots.

2. MetaTrader 5 – The updated version of MT4, with more features and stock trading capabilities.

3. cTrader – Offers detailed market analysis and advanced order execution.

4. TradingView – Good for social trading and advanced analytics.

FAQs

Q1) Can You Open an Account with Indian Rupees?

Some forex brokers may allow you to open a trading account in INR (Indian Rupees), but most do not. Instead, the most common currency for opening a trading account in India is USD (United States Dollars).

Q2) What are the Minimum Deposit Requirements to Trade Forex in India?

You will need to deposit some money before you start trading forex, but the amount required depends on the broker. Some will require you to deposit only a small amount, as little as INR 800, or US$10, while others have higher requirements – up to US$500, or around INR 40,000.

Q3) Is It Safe to Trade Forex in India?

There is always risk involved when trading forex. However, by choosing a reputable broker – regulated by reputable international bodies and providing strong risk management toolsand features – you can limit the danger and trade safely.

Q4) How to Avoid Forex Scam Brokers?

A good way to avoid scam forex brokers is to look for reputable regulation. Offshore regulatory bodies, such as those in Seychelles or Mauritius, provide good oversight for brokers operating in India – protecting both clients and funds.

Note to readers: This article is part of Mint’s paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy.

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