As forex trading is getting popular nowadays, picking the right broker is critical to success in the market. In 2024, a variety of brokers will provide unique features and services to meet a variety of trading needs.
This article covers the best unregulated forex brokers for 2024, based on regulatory compliance, trading platforms, and other support. Whether you have never traded before or are a pro trader, this list will help you discover a broker who matches your trading style and goals.
Each broker was chosen for their potential to provide a smooth trading experience while also effectively supporting your investing strategy.
However, the brokers listed are not RBI-approved and SEBI (Securities and Exchange Board for India) regulated. Thus, if you are choosing any forex broker not registered under SEBI, then make sure to carefully evaluate them.
Non-SEBI Regulated Forex: How They Operate?
Forex brokers that are not regulated by SEBI or approved by RBI (Reserve Bank of India) operate under international regulations including FCA, ASIC, CySEC, etc.
They offer various trading services and account types, but their regulatory standards are different than SEBIs (Securities and Exchange Board for India). Due to this, Indian clients should be aware of those regulations and ensure that they comply with Indian laws.
Additionally, Indian traders should do thorough research about the broker’s reputation and regulatory status to reduce the potential risk.
12 Best Non-SEBI Regulated Forex Brokers List for 2024
FP Markets: Super Quick Execution with NY 4 Facility
FXTM: Personal and Educational Support for Beginners
InstaForex: 24/7 Hindi Customer Support
Avatrade: Globally Regulated and Copy Trading Options
XM: Lower Fees and Brokerage Charges
ROInvesting: Huge Educational Resources and Dedicated Customer Support
Olymp Trade: Trading in Forex with Expert Advice
Forex.com: Advanced Trading Platforms with Research Tools
Exness: High Leverage Options and Competitive Spreads
Pepperstore: Tight Spreads with Fast Execution
OctaFX: Learning and Copy Trading
Alpari: Diverse Account Types
Your search for the best brokers for forex trading will end here. We have a list of unregulated forex brokers for you. However, before choosing any of them, make sure to check for compliance regulations.
FP Markets
In addition to Forex, FP Markets offers access to 19 global indices and commodities such as gold, silver, and even oil. FP Markets forex trading platform provides robust access to global markets 24X5.
FP Markets’ NY4 server provides quick execution of FX trades. The platform is popular for its easy spreads and efficient trading tools.
Feature of FP Markets Best Unregulated Forex Brokers for Beginners
FP Markets makes trading accessible with its dedicated mobile apps.
Provides customer support in multiple languages.
FP Markets uses modern trading technologies such as Meta Trader 4 (MT4), Meta Trader 5 (MT5), and so on.
Accessibility to an advanced client portal where you can track your trading decisions in real-time.
FP Market is known for maintaining fair trade practices as it avoids any price manipulation, dealing desk, and requotes.
Low forex trading fees
Easy account opening and funding
A reliable forex trading platform with more than 15+ years in the market
Limited product portfolio
Research tools are not up to the mark
Web and desktop platforms are outdated
FXTM
FXTM, one of the top unregulated forex brokers, makes trading easier for beginners with numerous education sources including video tutorials, seminars, and more. It also ensures that you earn maximum profits by keeping spreads to a minimum.
Moreover, with its faster trade execution processes, FXTM enables you to make informed trading decisions.
FXTM Signal Trader Features
FXTM provides better access to global markets with the help of its financial instruments involving cryptocurrencies and stocks.
It offers multiple trading accounts such as standard, cent, and shares.
FXTM makes use of modern trading technology such as Meta Trader 4 and Meta Trader 5. It also has designated apps for mobile and tablets.
By using the FXTM invest feature, beginners can copy investment practices done by experienced traders.
FXTM has a global research team that provides in-depth analysis of market conditions for the day.
Pros and Cons of FXTM
Low trading fees
Hassle-free account opening
Seamless access to MT4 and MT5 platforms
Fees on withdrawals are high
The overall capital required for investing in shares is high
Social trading is not available
InstaForex
InstaForex is one of its one-of-a-kind forex trading tool as it has different account options for beginners, traders, and investors. It provides online training to people new to forex trading. InstaForex also runs promotional campaigns for demo accounts.
Features of InstaForex Strategy Trading Forex Broker
You can add funds to your account without having to pay any commission.
PAMM system and ForexCopy let you invest in experienced traders with expected annual returns to be around 1000%
There is an option of monitoring their account activity in real-time.
If you think you invested in the wrong stock or CDS, you can initiate an automatic refund.
InstaForex makes use of around 10 trading servers, some of them being US, UK, HK, and so on.
Low minimum deposit
Consists of a plethora of financial instruments for trading, including stocks and cryptocurrencies
Extensive deposit and withdrawal options
Customer support is not reliable
There is a massive difference between the ask price and the bid
Trading conditions may vary according to entity regulations
AvaTrade
AvaTrade signal trader for forex has a user-friendly and intuitive interface which makes it perfect for first-time investors. With its AvaProtect feature, AvaTrade protects you in case you wind up in a losing position.
This forex trading platform also has a range of modern trading tools such as Meta Trader 4, AvaOptions, DupliTrade, etc.
AvaTrade Top Forex Broker Features
AvaTrade maintains low spreads for different transactions for maximized profit.
AvaTrade makes use of modern forex trading techniques including restriction-free scalping, short-selling, and unlimited netting.
It has several trading platforms like MT 4, MT 5, WebTrader, AvaTradeGo, etc.
Investors and traders can make use of tutorials and eBooks to gain knowledge about useful trading tactics.
AvaTrade offers robust customer service in different languages and through different social media channels.
Free deposit and withdrawal options
Excellent research tools for gaining insights and trends in the trading sector
Hassle-free account opening procedure
It only offers crypto, forex, and CFDs
Inactivity fees are very high
The website interface is not user-friendly
XM Forex Broker
XM forex trade broker makes use of more than 1000 trading instruments. XM maintains spreads as low as 0.6 pips. You can obtain tailored guidance with the help of personal account managers.
It is often touted as the best broker for forex trading as it provides free access to forex market research and webinars.
Features of XM Best Forex Broker
XM has a large reserve of video tutorials for the help and guidance of newbie traders.
The forex trading indicators provided by XM can be accessed on multiple devices.
It provides the same quality of service to different customers, irrespective of their capital investment.
You can obtain daily updates on how the market is behaving.
You can trade in CDS, shares, indices, metals, and more.
Over 1,000 trading instruments are available
No commission for withdrawal of money
Round-the-clock support in more than 30 languages is available
Offers passive investment services
The platform is unavailable for US-based clients
Real stocks are not available
ROInvesting
ROInvesting trading platform uses novel trading techniques, more than 30 analytical instruments, and multiple chart windows to benefit customers.
As ROInvesting makes use of data encryption technology, you can be assured that all your transactions are safe.
Features of ROInvesting-Unregulated Trading Platforms
It has numerous video tutorials and ebooks helpful for both beginners and professionals.
Due to its cross-platform functionality, you can use ROInvesting on tablets, mobile devices, and desktops.
Traders do not have to worry about commissions as the forex trading app regulates the entire process to keep commissions low.
You can obtain dedicated customer service instantly anytime, except on weekends.
Extensive and competitive trading conditions
Offers negative balance protection
It is regulated by the European ESMA standards
No referral bonus is offered
A trading bonus for loyal customers is not available
Does not offer multi-currency accounts
Olymp Trade
Olymp Trade is one of the most popular non-regulated Forex brokers. It provides access to a wide range of assets including currency pairs, stocks, indices, commodities, Crypto, ETF and more. Olymptrade also has a mobile and desktop app that allows you to trade on the go.
Features of Olypm Trade Registered Forex Trading Broker for Professionals
Experience Points for active traders
Profit line tool
Advisor for Trading Strategies
Personal Manager
Payment and Withdrawal through multiple methods including UPI
Android, iOS, and Windows OS App
The platform is quite interactive
Favorable trading conditions
Low minimum deposit
No investment programs are available
The platform has different trading terms and conditions for stocks, bonds, and real estate
There is a delay while withdrawing funds
Forex.com
Forex.com is a popular comprehensive trading platform for its extensive market accessibility and trading tools. It offers various features and tools for beginners as well as experienced traders. It allows users to do secure and efficient trading and experience top-notch trading.
Features of Forex.com
Cross-Platform Accessibility: Forex.com is available on various platforms including tablets, desktops, and mobile phones. It helps traders to manage their activities on the go.
Secure Transactions: This platform uses advanced data encryption technology, which ensures that all personal information and trading transactions are safe.
Multiple Accounts: Forex.com offers a variety of accounts for traders such as Standard Accounts, Meta Trader Accounts, RAW Spread Accounts, and Compare Accounts.
Advanced Tools: All types of traders get to use advanced tools like advanced charts, currency converters, performance analytics, and more.
This platform provides negative balance protection and prevents traders from losing more than the deposited amount
Forex.com offers a wide range of financial instruments such as forex pairs, commodities, and cryptocurrencies
It has high liquidity that helps in tighter spreads and the right execution speed
There are no multi-currency accounts
Exness
Exness is one of the versatile forex trading platforms for new and experienced traders. It provides accessibility to MetaTrader 4 and MetaTrader 5 with various other advanced tools and features. This platform is accessible via mobile and desktop, helping traders to trade across various platforms.
Top Features of Exness
Instant Withdrawals: Traders can get their deposits and withdrawals in just no time with one click.
Speedy Execution: Exness allows traders to execute their orders with ultra-fast speed despite their size.
Variety of Tools: It offers a wide range of tools like analytical tools, VPS hosting, trading calculators, economic calendars, and more.
Educational Tools: Exness offers a suite of educational resources like video tutorials, articles, etc.
Pros and Cons of Exness
It provides higher security transactions and offers negative balance protection.
It has a variety of financial instruments including commodities, forex pairs, stocks, indices, and more.
This platform also allows traders to an open demo account where they can practice and test forex trading strategies.
It offers local payment methods for Indian clients for their convenience.
There are no loyalty rewards for long-term customers.
Pepperstone
Pepperstone is popular among many non-regulated forex brokers and well-known for its competitive spreads. It has various advanced trading tools like market analysis, API trading, cTrader Automate, etc.
Features of Pepperstone
Wide Choice of Trading Platforms: Pepperstone offers multiple trading platforms such as TradingView, MetaTrader 5, MetaTrader 4, and more.
Fast Order Execution: It can perform high-speed order execution with minimal slippage.
Zero Commission on Standard Accounts: Standard accounts do not need any commission rate which makes it more cost-effective.
Global Market Accessibility: Pepperstore is globally recognized has international market accessibility and helps traders to take advantage of global trading opportunities.
Pros and Cons of Pepperstone
Traders will get 24/5 customer support for assistance.
There is a demo account for traders to practice their trading strategies.
There are no high deposit requirements, helping traders of varying capital.
This platform offers higher liquidity for better trade execution.
The traders will not get multi-currency accounts
Traders will get zero referral bonuses
Editor’s Choice: Best Forex Trading Platforms in India
Our editors did thorough research before bringing the list. Here are the 2 Forex brokers suggested by our editor. Their Indian subsidiaries are registered under SEBI and Indian traders can choose these platforms.
OctaFX
OctaFX is a SEBI-registered forex and crypto trading platform that has recently become a popular choice for Forex traders in India due to its low spreads and fast execution. OctaFX allows an unlimited number of demo accounts, trading account integration, profit calculation and analysis, and virtual investment.
Features of OctaFX: One of the Best Forex Brokers in India
Quick Liquidity Access
97.5% Slippage-free orders
35 Currency pairs, 2 Metals, and 3 indices
Smart Tech-enabled trading
Android and iOS app
Hindi Language Support
Pros and Cons of OctaFX
Offers reliable platforms for trading, including MetaTrader 4 and MetaTrader 5
The minimum deposit is low
Copy trading service is available
Limited withdrawal methods
Becomes inactive after 30 days
No guaranteed stop loss
Alpari Forex (India)
Alpari Forex (India) is a robust choice for traders as it is SEBI-regulated and trustworthy. It offers traders various forex and crypto trading opportunities. It is a well-established broker serving its services globally provide suite of features for beginners as well as experienced traders.
Top features of Alpari Forex (India)
It offers instant liquidity access and ensures quick and efficient trade execution.
Alpari Forex (India) offers a diverse range of trading instruments as it provides over 50 currency pairs and commodities.
It is available for mobile apps for Android and iOS and helps you to trade on the go with easy access.
It provides multi-language accessibility to traders.
Pros and Cons of Alpari Forex (India)
Easy accessibility for new traders
Multiple options for trading strategies
Selection of leverage according to risk tolerance
Limited withdrawal methods
Updated Top Unregulated Forex Brokers Detailed Comparison of 2024
When choosing forex brokers, it is important to know that forex trading is legal in India if the currency pair includes the Indian Rupee (INR). Indian citizens must use SEBI-regulated brokers and cannot trade on international online platforms. This regulation helps the Reserve Bank of India manage dollar reserves and prevent INR devaluation.
Ensure that the brokers you select adhere to these regulations to stay compliant. Always check for the latest updates on forex trading rules to avoid any legal issues.
How to Stay Secure from Forex Broker Scams?
Indian forex broker scams are more common than you think. If you are also thinking of dealing in foreign currencies, these are the few points you need to keep in mind.
Only hire SEBI regulated forex brokers in India. You can ask to see the license of the broker or check for the same on the site.
If you are thinking about dealing with non-SEBI-regulated brokers, then ensure they are well-regulated with Indian laws.
Keep a check on SEBI’s official site to know which new forex brokers have been approved or rejected.
In case a broker offers to trade different currency pairs, immediately cease the dealing. Indian laws make it illegal to pair with any other currency without keeping INR as the base currency.
Suggested Read: Tips For Choosing a Best Forex Broker in India
A Few Tips While Choosing the 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
Check if the Broker Offers Multiple Asset Classes
Make Sure the Broker Offers a Mobile App
Check for Multi-lingual Support
How Much Money Is Needed to Start Trading Forex?
Forex trading is slowly becoming a popular way to make money. However, it can be an overwhelming experience for those who have just set foot in it. One of the common questions that newbies have is how much money is needed to start trading.
The amount of money you need is based on many factors, including your overall experience level, risk tolerance, and the type of account you want to open. You are supposed to adhere to certain vital guidelines when it comes to the money you need for forex trading.
Forex Trading for Beginners
Forex trading can be a new experience for beginners, but with the right approach, it can be highly profitable and exciting. As a beginner, it is imperative to remember that forex trading is all about risk management.
It simply means how much you are ready to lose on a trade. Do not expect to make huge profits, as you are starting with your trading journey; take one step at a time and start by setting up your user profile.
What is an unregulated forex broker?
An unregulated forex broker is a broker that does not operate under any regulatory authority. Nevertheless, for Indian users, brokers who are not registered under SEBI are also unregulated forex brokers in India.
Is it safe to use an unregulated broker?
No, using unregulated forex brokers is not safe. It can lead to fraud, unfair practices, and financial loss. It is advisable always to pick authorized brokers for currency trading
Which forex broker is banned in India?
Recently, SEBI released a list of banned forex brokers are few of which are Alpari, AvaTrade, Binomo, and FBS. You can check out SEBI’s official website to explore other banned forex brokers in India.
Published On: August 27, 2024
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, travel guides, or educational resources, Jyoti creates content that is clear, engaging, and effective. Passionate and versatile, Jyoti ensures every project achieves its goal with creativity and precision.
