When selecting a Forex broker in India, they must be both RBI-approved and SEBI-regulated to ensure a secure and compliant trading environment. Selecting the correct broker can significantly impact your trading success in expanding the trading market.
The article presents the 8 best Forex brokers in India for 2024. It includes those that focus on those who satisfy the highest regulatory compliance criteria and provide excellent services to both new and experienced traders.
Whether you want low spreads, innovative trading platforms, or outstanding customer service, these brokers have been carefully chosen to fulfil the different needs of Indian traders
RBI & SEBI Regulated Forex Brokers in India: How They Work?
SEBI stands for Securities and Exchange Board for India (SEBI) which regulates companies, and the shares held by them. SEBI is responsible for issuing licenses to forex brokers who deal in the domestic market.
In addition to SEBI, other organizations are also involved in setting up the rules and regulations of derivative trading in India including the Reserve Bank of India (RBI). It oversees broader foreign exchange regulations under the Foreign Exchange Management Act (FEMA).
You can trade through three stock exchanges including the United Stock Exchange (USE), MCX-SX, and the National Stock Exchange (NSE).Trading in these futures is done on a margin basis, which requires a minimum deposit with SEBI-regulated traders.
Contracts are settled in INR(Indian rupees), and futures contracts typically last from one to twelve months. The normal quantity of lots for most currency pairs is 1,000 units, apart from the Japanese yen/Indian rupee pair, which is 100,000 units.
8 Best SEBI Regulated Forex Brokers List in India 2024
- Zerodha
- HDFC Securities
- Sharekhan
- Angel Broking
- Motilal Oswal
- Upstox Pro
- 5paisa
- Kotak Securities
Now your search for the top 10 forex broker regulated by SEBI and approved by RBI is over. We have listed the most popular forex traders in India that adhere to Indian laws and regulations.
Zerodha Forex Trading
Zerodha is a best trader platform for stock trading and investment within India’s stock market. While Zerodha specializes in equity trading, commodities, and derivatives, it also offers forex trading services.
Top Features of Zerodha Forex Trading
- Currency Futures and Options: Zerodha offers accessibility to currency futures and options on exchanges like NSE and MCX-SX. It ensures that traders can access forex markets along with stock trading.
- Real-Time Market Data: It provides real-time market data and forex quotes via trading platforms. It helps traders to make timely and informed decisions.
- Automated Trading: It allows algorithm trading on the platform and helps traders to automate forex trading strategies.
- Multi-Currency Accounts: This platform offers multi-currency accounts to facilitate forex trading and conversion.
- Customizable Charts: The Zerodha Kite provides customizable charting and other analyzing tools. These help in analyzing forex pairs and make the right trading decisions.
Pros and Cons of Zerodha
- Zerodha is popular for its low brokerage fees and transparent rates. The cost-conscious traders find this platform better.
- This trading platform is available with a wide range of educational resources, helping new as well as experienced traders to get the required information
- Operates under SEBI regulation and RBI-approved and ensures higher transparency.
- Offers various educational sources for traders to understand and improve their trading skills.
- It mainly focuses on the Indian market and limits the opportunities of international forex trading options.
HDFC Securities
HDFC Securities is one of the leading forex trading platforms in India. It mainly offers financial services and investment products and primarily focuses on equity, mutual funds, and derivatives. However, it also allows traders to do forex trading through the same platform.
Notable Features of HDFC Securities
- Research and Recommendations: This platform offers various research reports and recommendations for trading specialties for forex trading.
- Forex Hedging Tools: HDFC Securities provides forex hedging tools for forex traders to reduce their potential risk of loss.
- Integrated Trading Solutions: This feature allows traders to execute forex as well as other investment activities together.
- Order Types: HDFC Securities supports various order types to enhance trading strategies. It mainly includes market orders, stop-loss orders, and limit orders
Pros and Cons of HDFC Securities
- Sophisticated platform with advanced tools for foreign exchange and other trading activities.
- It is regulated under SEBI and approved by RBI, ensuring safe and regulated trading.
- HDFC Securities is a part of HDFC Group – a strong and credible reputation in the Indian Market.
- It provides multiple customer support options with a timely response.
- It has higher brokerage fees for forex trading that can impact the overall trading cost.
Sharekhan
Sharekhan is a very prominent forex trading brokers in India that provides various financial and forex trading services. This platform is regulated under SEBI which ensures safe and secure transactions.
Features of Sharekhan
- Currency Pairs: Forex trading is available for currency futures and involves currency pairs with INR.
- Higher Liquidity: It helps traders to be assured about price stability and more predictive increments.
- Local Expertise: Sharekhan offers localized support and helps to handle forex trading with Indian compliance.
- In-House Research: It is very popular for in providing detailed analysis reports for improved forex trading.
Sharekhan
Starting Price
Price on Request
Pros and Cons of Sharekhan
- Available with various advanced tools for enhanced trading.
- Offer expertise with a national reach and offer a strong presence in the Indian market.
- Traders will get integrated customer support specifically for their forex trading queries.
- It has higher brokerage fees for forex trading that can impact the overall trading cost.
Angel Broking
Angel Broking (Angel One) is a renowned broker in the Indian market primarily offering forex trading services through currency futures and options. This firm is regulated under SEBI and traders can safely do transactions; thus it is best foreign exchange trading platform.
Feature of Angel Broking
- Trading Platforms: Angel One offers various trading platforms including the Angel Broking App, Angel One Trader, etc. for seamless trading experience.
- Currency Futures and Options: Traders can trade in currency options and futures on reputed Indian exchanges like the National Stock Exchange (NSE) and Multi Commodity Exchange of India (MCX-SX).
- Research Reports: This platform offers various research reports and market analyses for better decision-making.
- Educational Resources: This platform offers a wide range of educational content for traders’ help.
Pros and Cons of Angel Broking
- Broking incorporates higher security features that safeguard traders’ information.
- Traders can integrate their forex trading with other financial services offered by this platform.
- Traders will get personalized alerts and notifications to help them stay updated
- Forex traders can integrate other asset classes like equities, commodities, and forex
- There are various features on the platform that may be overwhelming for traders to focus on forex services.
Motilal Oswal
Motilal Oswal is a well-known financial service provider and best currency broker in India, offering stocks, derivatives, commodities, currency, forex, and more. With regulation under SEBI, it is a reliable source of trading in the Indian market.
Top Features of Motilal Oswal
- Integrated Platform: Traders have a single platform to do all their investments whether it is a commodity, currency, stock, or derivatives.
- Real-Time Market Data: Real-Time market data is available for forex traders which helps them to stay updated with market trends and make informed decisions.
- Advanced Trading Tools: Various advanced trading tools and features are available on the platform like customizable charts, technical indicators, etc.
- In-Depth Analysis: With various tools and real-time data, forex traders can get an in-depth analysis of forex services.
Pros and Cons of Motilal Oswal
- It is a reputed and well-established firm and ensures higher safety and security.
- This forex trading platform is available with customer support is available 24/7 for traders.
- Various educational resources are available including research reports, stock market news, and more.
- It is a feature-rich platform that may divert the focus of forex traders
Upstox Pro
Upstox Pro is a great platform for trading with competitive brokerage rates making it a strong competitor in the Indian forex market. The advanced tools and features help beginners as well as professionals.
Upstox
Starting Price
Price on Request
Features of Upstox Pro
- Customizable Trading Interface: Traders can customize their workspace with available layouts.
- Execution Speed: This platform offers higher execution speed on the order and helps in forex trading.
- Multi-Device: It is accessible for both mobile and desktop devices for higher flexibility in forex trading.
- New and Alerts: Forex traders get updated news and alerts to make informed decisions.
Pros and Cons of Upstox Pro
- A user-friendly interface helps forex traders to easily navigate about tools and features.
- There are advanced tools for technical analysis essential for forex traders.
- It has a low brokerage fee which is beneficial for cost-concern traders.
- It may lack advanced forex features.
5paisa
5paisa is a leading stock market trader that mainly offers financial services like online trading, insurance, mutual funds, etc. It offers very affordable services at lower brokerage fees for every kind of trader.
Features of 5paisa
- Multiple Trading Platform: 5paisa is available for mobile and web platforms to trade from anywhere in the world.
- Real-Time Data: With real-time data, traders can understand the market accurately and make quick decisions.
- Higher Liquidity: This platform has higher liquidity with no hidden prices.
5Paisa
Starting Price
Price on Request
Pros and Cons of 5paisa
- Various charting tools are available for traders helping them to analyze and understand the market more.
- Provides numerous resources to provide information to forex traders about trading strategies.
- Offers very competitive fees and helps in reducing trading costs.
- Customer response time may be higher
Kotak Securities
Kotak Securities is a key platform for traders and is a registered broker under SEBI offering equity, F&O, commodity, currency, and more. It is 3 in 1 account where the user can combine bank account, trading account, and demat account.
Key Features of Kotak Securities
- Real-Time Updates: Forex traders can get real-time updates on the market and trading environment for better decision-making.
- Order Slicing: Traders can divide large orders into smaller sections.
- Basket Order: Forex Traders can place multiple orders simultaneously to save time.
- Advanced Chart: This platform has advanced charts, which help trade ideas and strategies.
Pros and Cons of Kotak Securities
- Traders can access the platform through web and mobile.
- There are various risk management tools for secure forex trading.
- Provides resources to educate forex traders for better trading.
- May lack advanced forex trading features.
Few Tips While Choosing a Best Forex Broker in India
Here are a few tips that can help you choose the best Forex broker in India:
Look for a SEBI Regulated Forex Broker
This is one of the most important things to look for while choosing a forex broker in India. A SEBI regulated broker means that the broker is authorized by the Securities and Exchange Board of India to provide forex trading services to Indian citizens.
Check if the Broker Offers Multiple Asset Classes
A good Forex broker should not just offer currency pairs, but also other assets such as stocks, indices, commodities, crypto and more. This will give you more flexibility in terms of choosing your investments.
Make Sure the Broker Offers a Mobile App
In today’s fast-paced world, it is important to have a mobile app that allows you to trade on the go. A good forex broker should have an Android, iOS or Windows mobile app that lets you trade from anywhere at any time.
Check for Multi-lingual Support
This is another important thing to look for especially if you are not comfortable with English. A good Forex broker should have options to choose other languages and offer customer support in regional languages so that you can get guidance and assistance in your own language.
Money Loading and Withdrawal Methods
The best Forex brokers in India will offer a variety of money loading and withdrawal methods so that you can choose the one that is most convenient for you. Some of the most common methods include UPI, bank transfer, credit/debit card, e-wallet, and more.
Updated Indian Forex Brokers Detailed Comparison of 2024
| Broker Name | Brokerage Fees | Trading Platforms |
| Zerodha | Low, Fixed Fees | Kite (Web & Mobile), Kite Connect API |
| HDFC Securities | Competitive | HDFC Securities Trading Platform, Mobile App |
| Sharekhan | Competitive | Trade Tiger, Mobile App |
| Angel Broking | Low, Flexible | Angel Broking App, Angel Speed Pro |
| Motilal Oswal | Competitive | MO Investor App, Trading Terminal |
| Upstox Pro | Low, Fixed Fees | Upstox Pro (Web & Mobile) |
| 5paisa | Very Low, Fixed Fees | 5paisa Mobile App, Web Platform |
| Kotak Securities | Competitive | Kotak Trading App, Kotak Platform |
Frequently Asked Questions (FAQs)
What are the restrictions on residents of India for forex trading?
It is illegal for Indian citizens to use online trading platforms that are not registered under SEBI and send rupee outside the country for investment or conversion. They can exchange foreign currencies only through SEBI regulated forex brokers.
Further, Indian government recognizes only GBP, USD, EUR and JPY.Which broker is best for forex trading in India?
Zerodha, HDFC Securities, Motilal Oswal, Upstox Pro, etc. are few recognized and SEBI-registered forex brokers in India.
Is Forex trading illegal in India?
Forex trading is legal in India till the time the Indian National Rupee (INR) is taken as the base currency and brokers are registered under SEBI.
Can I go to jail for Forex trading in India?
Forex trading is a heavily regulated trading and investment area in India. Although, Forex trading is not illegal, traders might land in trouble for dealing in foreign currencies through unregistered brokers and agencies.
For more real-time information keep checking Registered Stock Brokers in Currency Derivative Segment by SEBI
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Written by
Jyoti Sharma 
Jyoti Sharma is a skilled content writer with five years of experience in logistics, travel, IT, and education industry. Known for transforming complex concepts into clear, engaging content. She has been writing since 2019 and excels in making complex topics accessible and interesting. Whether it's for tech updates,... Read more
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