10 Best Forex Brokers in India 2022 (Included SEBI Registered Brokers)

Forex trading is getting popular among Indian residents and we have shortlisted the 10 best forex brokers in India. The curated list of best forex brokers are further divided into 3 categories –

  • Overall best forex broker in India 
  • Best SEBI registered forex broker in India
  • Best forex broker with lowest spreads 

Disclaimer – This article is for information purposes only. According to SEBI guidelines, you can trade only in INR-based currency pairs on NSE, BSE, and MSE in India. Forex trading is highly volatile and up to 80% of traders end up losing their money. Deep technical knowledge of the currency markets is required before starting forex trading. 

Best Forex Broker in India 2022

#1. IG Group

IG International
Spread (EUR/USD based)0.6 pips (min)
Minimum Deposit$250

IG (Investors Gold) is one of the most trusted forex brokers because IG Markets Ltd is a part of IG Group that includes IG Bank regulated by FINMA (The Swiss Financial Market Supervisory Authority) in Switzerland.  

IG is also a publicly-traded company listed on the London Stock Exchange (LSE) which makes it more reliable among its peers.

IG offers you trading in 90 currency pairs such as EUR/USD. You can also trade in 17,000+ international shares,  27 commodities, and cryptocurrencies through CFDs.


  • Financial Conduct Authority (FCA, UK)
  • Australian Securities & Investments Commission (ASIC)
  • Monetary Authority of Singapore (MAS)
  • Financial Services Agency Japan (FSA)
  • Commodity Futures Trading Commission USA (CFTC)

IG Markets Ltd. has also signed the FX Global Code of Conduct that assures authentic business practices in the market. 

Commissions & Fees

You can do forex trading at low spreads starting at 0.6 points if you are a highly active trader with a trade of over £300M per month. 

For a regular or beginner trader, the average trading cost is around 0.745 pips to 1.39 pips which seems high.

Trading platforms

IG web platform offers you vast features like virtual trading, social trading. 

You also get detailed charts with 32 indicators (such as MACD, RSI, and Bollinger Bands) with 20 drawing tools for in-depth analysis. You also have integrated access to ProRealTime for advanced charting (100 indicators) and analysis.

IG mobile app has a minimalist, easy-to-understand user interface (UI) with 28 indicators and 19 drawing tools for market analysis on the go. You can also set technical indicator alerts within the app to get notifications when the market meets your trading requirements.


You can learn more about trading with IG Academy which has vast video tutorials and in-depth articles to make you understand the complex trading jargon.


  • 90 currency pairs, 17K stocks, and 27 commodities for trading worldwide
  • Low spreads for active traders
  • Robust trading platform with 30 plus indicators and drawing tools
  • Easy to use mobile app
  • Inbuilt IG Academy to learn trading complexities


  • High spreads for a beginner trader
  • Slow account opening process 
  • Min. deposit amount is very high

Check out – Best forex broker for beginners

#2. eToro

eToro home
Spread (EUR/USD based)1 pip 
Minimum Deposit$50

eToro is one of the best forex brokers for copy trading across the globe. In copy or social trading, you can mimic the strategy of other traders in real-time.

If you are a newcomer, you can make a profit by replicating an expert trader’s strategy by sharing some profit with the trader.

The best part is once you add any trader to your copy-trading list, the trade is automatically copied and placed when the other trader trades.

You can trade in global exchanges for currency pairs, global stocks, commodities, cryptocurrencies (offers e-wallet as well), and indices.


  • Cyprus Securities & Exchange Commission (CySEC, EU)
  • Financial Conduct Authority (FCA, UK)
  • Australian Financial Services Licence (AFSL) 
  • Australian Securities and Investments Commission (ASIC)
  • Financial Services Authority (FSA, Seychelles)

eToro being a member of Federal Deposit Insurance Corporation (FDIC), your funds are insured up to an amount of $250,000 making eToro a highly trustable broker.

Commissions & Fees

You have to pay high spreads starting from 1 pip up to 50 pips.

eToro charges a 0.75% commission for buying or selling bitcoins which is industry average but you also pay a 5% fiat to crypto conversion fee which is high.

Indians can deposit or withdraw funds hassle-free through the wire to trade in forex, cryptos, or stocks. 

eToro also charges a withdrawal fee of $5 again high among its peers.

Trading platforms

The USP of eToro is its automated copy-trading platform that allows you to enjoy the trading strategies of professional traders. 

If we talk about charting, you get 67 technical indicators for a deep analysis of market trends. You can also customize your Watchlists and set alerts if any sudden fluctuation happens. 

The eToro app is simple and user-friendly but as compared to the web platform, you get only 5 charting indicators like RSI, Bollinger bands and the app doesn’t have any drawing tool.

You can also open a demo account with $100K virtual money to practice strategies in real-time.


  • 47 forex pairs, and 77 cryptocurrency pairs to trade
  • VIP account for active traders
  • Automated copy-trading platform
  • Copyportfolios for passive investors
  • Fully regulated cryptocurrency provider
  • Mobile app with a clean interface


  • Very high spreads 
  • High fiat to crypto conversion fee
  • $5 funds withdrawal fee 

#3. AVATrade

Spread (EUR/USD based)0.6 pips
Minimum Deposit$100 

You can utilize 1250+ instruments to trade in 55 currency pairs along with indices, commodities, stocks CFDs, ETFs, and cryptos.

Avatrade also offers social trading and copy trading platforms to replicate the top traders’ strategies across the globe. 

You can get leverage of up to 1:400 in trading. 


  • Central Bank of Ireland in Europe
  • ASIC (Australia)
  • Investment Industry Regulatory Organization of Canada (IIROC) 
  • Financial Services Agency (Japan)
  • BVI Financial Service Commission (British Virgin Islands)
  • FRSA Abu Dhabi
  • Israel Securities Authority (ISA, Israel)
  • South African Financial Sector Conduct Authority (South Africa)

AvaTrade is also a member of the Investor Compensation Company DAC (ICCL), which protects up to EUR 20,000 per client in case of broker’s insolvency. 

Commissions & Fees

AvaTrade is not a cheap broker as the spreads are slightly high at 0.9 pips for the regular trader but active traders get some discount and average spreads come down to 0.6 pips if you trade above $1000.

You can open an account with a minimum deposit of $100. You can deposit using credit cards, Skrill, Webmoney, and Neteller.

But if you are going to opt for a wire transfer, the minimum deposit is $500.

Avatrade doesn’t charge commission on deposits or withdrawals.

Trading platforms

AvaTrade Web Terminal is a robust platform that offers 93 technical indicators like Pivots, MACD, RSI for your trend analysis. 

You get a unique volatility protection benefit called AvaProtect. AvaProtect partially hedges your position at nominal cost to avoid a huge money loss in an open position.

Avatrade Go mobile app is a complete replica of its web platform with similar features that allows you to do market analysis through app on the go which makes AvaTrade ahead of the competition.

You can use Zulu and Duplitrader via Web terminal to fulfill the copy trading needs.


  • 8 regulations across the globe
  • Robust web and mobile trading platforms
  • Multiple platforms for copy or social trading
  • Integrated Trading Central for research and news
  • AvaProtect feature to avoid risk in a volatile market
  • 93 technical indicators in both web and mobile applications


  • High spreads for a regular trader
  • $500 minimum deposit if transfer via Wire

Also read – Best personal finance books for beginners

Best SEBI Registered Forex Broker in India 2022

Disclaimer – We are providing you details of SEBI registered forex brokers for information purposes only. Any broker’s registration with SEBI doesn’t permit you to trade in forex pairs other than INR-based pairs.

#4. Interactive Brokers

Interactive brokers
SEBI Regn. No. NSE – INZ000217730 

BSE – INE011288033
Spread (EUR/USD based)0.4
Minimum Deposit$0 

IB is a publicly listed company at Nasdaq making it among the most trusted brokers across the globe. Interactive broker has also got registered with Indian regulatory authority SEBI (Securities and Exchange Board of India). 

With IB, you can trade in 105 cash forex pairs and 92 currency CFDs making it more versatile for traders.


Apart from SEBI, IB has bagged 6 regulations worldwide 

  • Investment Industry Regulatory Organization of Canada (IIROC) 
  • Securities Futures Commission (SFC), Hongkong
  • Japanese Financial Services Authority (JFSA)
  • Financial Conduct Authority (FCA), UK
  • Monetary Authority of Singapore (MAS)
  • Commodity Futures Trading Commission (CFTC), USA

IB is also a member of the FX Global Code. FXGC has been set up to promote a robust, fair, liquid, open, and transparent market.

Commissions & Fees

IB offers an average spread of 0.6 pips on a EUR/USD pair but can be reduced to 0.4 pips if you trade above $100,00 which is cost-effective for an active trader.

But the beginners may find overcoming fees more demanding, due to monthly minimum spend requirements which are fixed at $30. 

That means if you don’t generate a minimum commission of $30 per month you have to pay the activity fee which is fixed at $5 for Indian residents and waived off for the first 3 inactive months.

Trading platforms

Interactive Broker offers its flagship desktop trading platform Trader Workstation (TWS) which is packed full of features like 104 available studies within its charts for detailed analysis along with 127 charting indicators with 7 drawing tools 

Interactive Brokers app is blazing fast and it automatically syncs with the TWS desktop. 

You get 98 indicators to keep an eye on market movements. The one minor con is a lack of drawing tools in the app.


  • Highly trusted broker with 6 international regulations
  • Registered with SEBI
  • Publicly listed at Nasdaq
  • Low commission than other top brokers
  • Robust desktop and mobile trading platforms
  • Low inactivity fee for Indian residents


  • Minimum spending condition makes it costly for beginners
  • The desktop platform is complex to use
  • Educational platforms are not highly focused on forex trading

#5. OctaFX 

SEBI Regn. No. BSE – INZ000294138 
Spread (EUR/USD based)0.6 pip
Minimum Deposit20 USD

OctaFX is focusing on Indian investors because it has not only got registered with SEBI but also among a few forex brokers that allow funds deposit in Indian instruments like UPI or Paytm. 

Remember, you can’t withdraw through UPI or Paytm. 

You can start trading with a minimum deposit of $20 which allows you to trade in 28 different currency pairs, 2 metals – gold & silver, and 4 indices. OctaFX provides you maximum leverage of up to 1:500 which is good for margin traders.


OctaFX is regulated only by St. Vincent and the Grenadines Financial Services Authority (SVGFSA).

Commissions & Fees

OctaFX charges 0.6 to 1.1 pip spreads on forex trading which is slightly high.  OctaFX doesn’t charge commission on deposits and withdrawals.

You can deposit money using UPI, Paytm, Phone pe, Skrill and even from your savings account.

Trading platforms

OctaFX offers MT4 and MT5 trading platforms that offer in-depth charting with more than 30 charting indicators and a couple of drawing tools.

OctaFX has also launched its proprietary android app that is easy to use. There’s no app for iPhone users which is strange. 


  • Indian payment options available like UPI, Paytm
  • Low minimum account deposit at $20
  • No commission on deposits and withdrawals
  • MT4 and MT5 based trading platforms
  • Proprietary android app


  • Fewer forex pairs for trading
  • Slightly high spreads
  • Only 1 regulation which is Tier-3
  • No iPhone app

#6. Alpari International

alpari home
SEBI Regn. No. NSE – INE231376935 
Spread (EUR/USD based)0.4 pips
Minimum Deposit$5

Alpari International is among the largest forex brokers with more than 2 million traders across the globe. 

You can trade in 60 forex pairs, stocks, metals, and cryptocurrencies.

If you are a beginner you can start with copy trading by replicating the strategy of an expert trader in real-time by sharing a small portion of your profits with the expert trader.

You get the nano account facility ideal for beginners to trade forex with a small amount initially. Alpari offers margin leverage of up to 1:1000 which is higher as compared to other competitors. 


Alpari is regulated by The Financial Service Commission, Mauritius. Alpari is now registered with SEBI, India as well.

Alpari International is a member of the Financial Commission Compensation Fund that will cover your funds up to €20,000. 

Commissions & Fees

In Alpari, spreads start from just 0.4 pips which are tighter than the market.

Alpari offers free deposits but you have to pay a high withdrawal fee of 30 Euro over wire transfer and 2 Euros over Visa or Mastercard.

But the best method for money transfer is Skrill or Neteller where you don’t have to pay any commission.

Alpari charges an inactivity fee of 5 USD if there’s no trading activity on your account for at least 6 months.

Trading platforms

Alpari doesn’t have its own in-house trading platform. You can enjoy MT4 and MT5 trading platforms to trade in currencies, stocks, and other assets.

MT4 is ideal for beginners with a simple user interface whereas MT5 is for advanced traders with 38 plus technical indicators for more precise analysis of market movements.


  • Tight spreads at 0.4 pips
  • Commission-free funds deposit
  • Highest leverage among the peers
  • Allows Copytrading
  • Registered with SEBI
  • FCCF Membership – investor money insured up to  €20,000


  • Inactivity fee applicable after 6 months
  • No in-house trading platform
  • High withdrawal fee

#7. NordFX

SEBI Regn. No. NSE – INZ230000739 
Spread (EUR/USD based)0.3 pips
Minimum Deposit$10

You can opt from 3 trading account types with NordFX that allows you to trade up to 33 Forex currency pairs. The account types are as below –

NordFX account types

NordFx has also started copytrading for investor interested in social trading.

Commissions & Fees

Spreads for major currency pairs start from 0 pip to 2 pips depending upon the account type mentioned above. 

For EUR/USD pair it’s 0.3 pips which are among the lowest in the industry.

For Zero account type, you don’t have to pay spreads but the broker will charge you 0.0035% per order.


NordFX is regulated by the Vanuatu Financial Services Commission (VFSC), Vanuatu. Registered with SEBI for operations under the National Stock Exchange of India.

Trading platforms

NordFX trading platform offers  4 order execution modes (immediate, market, on request, and exchange) to compete for your trade order.

You get interactive real-time charts with scaling and scrolling on 10 timeframes to get the right entry spot.

The Live charts provide 50+ indicators like Stochastic, Momentum, RSI, on web trading platform, and 40+ indicators on the smartphone app.


  • Lowest spreads in the industry
  • High margin leverage at 1:1000
  • 50+ technical indicators on the web platform
  • Registered with SEBI


  • Only 1 regulation authority
  • High commission in basic account 

Check out – How to invest in index funds

Best Forex Broker with Lowest Spreads in India 2022

#8. Tickmill 

Spread (EUR/USD based)0.1
Minimum Deposit$100

Tickmill offers highly low spreads starting at 0.1 pip only. You can start your trading in 87 financial instruments including 62 currency pairs. 

The maximum leverage you can avail of is 1:500.

Commissions & Fees

Let’s have a look at different account types and the starting spread details. 

tickmill account types

Since the Pro account offers lower commissions starting at 0.1 pip without any extra deposit condition, it has made the classic account totally obsolete. 

You also get a 5% rebate on commission on the Pro account. 

Whereas the VIP account is who are highly active traders that can keep a minimum balance of $50K in the account. 

Tickmil doesn’t charge any fee on fund deposits or withdrawals.


  • Seychelles Financial Services Authority (FSA)
  • Financial Conduct Authority (FCA), UK
  • Cyprus Securities and Exchange Commission (CySEC), 
  • Labuan Financial Services Authority (Labuan FSA). Malaysia
  • Financial Sector Conduct Authority (FSCA), South Africa

Trading platforms

Tickmill web & mobile platforms are based on MT4 and MT5 platforms, there’s no proprietary app.

You can use Autochartist for automated technical analysis, to save you spending several hours looking for a pattern, it does it automatically for you. You can set an alert when your required conditions are matched.

You can also do an in-depth market analysis to place your order at the right time thanks to the 51 charting indicators with 31 drawing tools.

Tickmill also covers the important forex news headlines direct from Investing.com to keep you aware of important events happening around the world that can affect your trade.


  • Lowest commission among the peers
  • No charges on fund deposits or withdrawals
  • 5 regulations worldwide
  • Offers 62 currency pairs along with stock indices, Bonds, and Cryptos
  • 1:500 margin leverage


  • No proprietary app
  • The minimum deposit is high at $100
  • No direct stock investment

#9. Trade Nation

Spread (EUR/USD based)0.6 pips
Minimum Deposit$0

If you are a beginner in forex trading, go with Trade Nation which is one of the best broker for beginners that offers fixed commission rates and you can open your account with a minimum deposit of $0 (ZERO).

You can start trading in 33 forex pairs, 100+ U.K. shares, and more than 400 U.S. shares. But the Trade nation doesn’t offer cryptocurrency trading.


  • ASIC (Australia)
  • FCA (UK)
  • FSCA  South Africa
  • SCB (Bahamas)

Commissions & Fees

You can enjoy fixed spreads at 0.6 pips forex and CFD trading which are highly competitive commission rates. 

But if you want to roll over the open position, the spreads are increased briefly during its rollover period each day to 1.4 pips (at max).

Trading platforms

Trade Nation provides a simple and easy-to-use trading platform with charting powered by ChartIQ, which offers over 90 indicators and 35 drawing tools.

We found Trade Nation smartphone app has more features as compared to the web platform. For example, you get a Smart News feature in the mobile app that helpfully curates important tweets like Elon Musk tweets. 


  • Fixed low commission rates
  • $0 minimum deposit account
  • Two Tier-1 regulations
  • Simple and easy to use platform
  • Chart IQ powered in-built charting
  • The trading app has intuitive features like smart news


  • Doesn’t offer cryptocurrency trading
  • Costly ‘Guaranteed stop-loss’ at 3 pips
  • No MT5 trading platform 
  • Smart news feature not available in the web platform

#10. Pepperstone

Spread (EUR/USD based)0.1 pip
Minimum Deposit$200

Pepperstone is another trustable forex broker with ultra-low spreads starting from 0.1 pip. You can trade in 160 instruments including forex (60 pairs), commodities, indices, and crypto CFDs.

You can trade in 5 cryptocurrency CFDs – Bitcoin, Bitcoin Cash, Ethereum, Dash, and Litecoin.


7 regulations with 2 Tier-1 and 3 Tier-2 regulations are appreciable.

  • ASIC (Australia)
  • FCA (UK)
  • CySEC (Cyprus, Europe)
  • SCB (Bahamas)
  • DFSA (UAE)
  • BaFin (Federal Financial Supervisory Authority), Germany
  • CMA (Capital Markets Authority), Kenya

Commissions & Fees

You can choose from 2 account options – Razor and Standard. Razor account offers low spreads starting from 0.01 to 0.3 pips but you have to pay the commission of 7 USD for 100K round turn traded. Still making it a cheaper option if you are much into Scalping or Algo-trading.

On the other hand, the average spread on the standard account is 0.6 which is slightly higher.

Pepperstone account types

Trading platforms

 Pepperstone offers 3 trading platforms

  • MT4
  • MT5
  • cTrader

MT4 is an easy-to-use, robust platform for beginner traders with 80+ technical indicators and several charting options available.

MT5 and cTrader are for professional traders who require a more in-depth analysis of trend movements. The platforms are a little complex to use but provide a plethora of features like 21 time-frames, inbuilt advanced reports, and faster execution.

Pepperstone doesn’t provide any in-house proprietary trading platform.


  • 7 international regulations 
  • Ultra-low spreads
  • Leverage up to 1:400
  • No deposit or withdrawal fee
  • No inactivity fee


  • No proprietary app
  • Spread is slightly higher in the standard account

Also read – Best free checking accounts

Final Thoughts

If you are looking for the most trusted forex broker, then go with IG Broker because IG is a publicly listed company and a part of IG Bank that reduces the chances of fraud. But the commission is slightly high.

If you want a trusted forex broker registered with SEBI as well, then Interactive Brokers is an ideal choice because IB is also a publicly-traded company on Nasdaq and you get premium services at a low cost.

If you are looking for a cheap and best forex broker, go with a Tickmill Pro account in which you get low spreads starting at 0.1 pip but you have to deposit a minimum of $100.

About Edward

Edward is the founder of MoneyChoice and has more than 10 years of experience in investment. Above all, he is passionate about sharing knowledge about money management and helping millions on their journey to a better financial future.

Leave a Comment