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Best Forex Brokers in India for 2022

Indian banks were allowed to transfer foreign currency with one another in 1978, when the government made it legal. Trading in the foreign exchange market in India is tightly controlled by the Central Government of India. All of India's Foreign Exchange Market is governed by the Foreign Exchange Management Act, 1999 (FEMA). Since 2001, the Clearing Corporation of India Limited (CCIL) has handled the majority of clearing and settlement functions in the foreign exchange market, with daily transactions totaling roughly 3.5 billion US dollars, or nearly 80% of all transactions.

The Securities and Exchange Board of India (SEBI) was created in 1988. In 1992, it was constituted a legal entity. Securities and capital markets in India are regulated by the Securities Regulatory Authority of India. Forex brokers in India must be registered with SEBI, which oversees that process as well.

The NSE, BSE, and MCX are some of the most well-known exchanges in India where currency futures can be traded. You must first open a currency trading account before you can begin trading. To legally trade forex, you must meet the broker's Know Your Customer (KYC) requirements. To keep your forex trade open, the broker will hold a certain amount of money in your account as a margin. Once your broker provides you with the login information for your trading account, you can begin trading. If you're looking for a trustworthy forex broker, we've compiled a list of the best in India for the year 2022 to help you make an informed decision.

Top 10 Best Forex Brokers in India

A long-established Broker, Strictly Regulated by Multiple Regulatory Bodies in Various Jurisdictions, Offering Sufficient Reliability.

Over 80 Currency Tradable, Competitive Pricing Structure with Tight Spreads from 0 Pips.

Licensed & Regulated in Multiple Jurisdictions: ASIC, CYSEC, FCA, DFSA, SCB.

Super-Low 1 USD Initial Deposit Quite Friendly to Active Traders.

Strictly Regulated by ASIC and CYSEC, a Safe Broker to Trade With.

MT4 & MT5 Available, Plus Two Copy Platforms: Social Trading & Myfxbooks.


FCA-reguated broker with thousands of assets to choose from;

Offering a professional trading platform on both web and mobile devices.


One of the most trusted brokers, strictly regulated in multiple jurisdictions

Superb Trading Conditions, low forex fees.


a well-regulated and reputable forex broker with smooth account-opening process

Competitive commissions and spreads


Globally Licensed and Regulated by FCA & CYSEC, Offering Great Reliability.

Advanced Trading Platforms Offering of Ultra-Low Spreads, Starting from 0 pips.


A Stringently Regulated Broker, Reliable and Safe to Trade With, The Choice of Over 3500,000 Clients from Over 190 Countries.

Quick & Easy to Start Your Real Trading by Funding As Low As 5 USD, Lower & Friendlier Cost Structure Available, Advanced Trading Platforms & Tools Drive You Succeed into the Forex World.


A Multi-regulated Broker for you to Start Real Trading with a $1 Initial Deposit.

Incredibly Unlimited Leverage Offering for Asia, Rare Among Brokers.


A Multi-Regulated Big Player that renders you adequate Safety.

Enjoy the Ease of Withdrawal without any Additional Charges.


Comparison of the Best Forex Brokers in India

Forex Broker


Minimum spread

Maximum Leverage

Minimum Deposit



Depends on the trading commodity




0.6 pips





From 0.0 pips


100 AUD or equivalent










$/€/£ 10, ₦10,000
















Forex Trading Knowledge Questions and Answers

Is Forex Trading Legal in India?

Following an RBI circular published in 2013, electronic or online trading websites for foreign currency have been banned. Foreign exchange trading is permissible as long as it is carried out through designated platforms and the base currency is the Indian rupee (INR) (Indian Rupees). Indian residents can only trade currency pairings that are benchmarked against the Indian rupee (INR) (Indian Rupee). NSE, BSE, MCX-SX and currency futures can all be traded legally if you use an Indian Brokerage that gives access to these Indian exchange markets and also provides access to currency derivatives.

Which Currency pairs can be traded in India?

In India, currency trading is permitted only in the following pairs:








Foerx Trading in India

What is the best time of day to trade forex in India?

The NSE, BSE, and MCX are some of the most well-known exchanges in India where currency futures can be traded. For the trader to begin trading, the broker requires that they open an account between the hours of nine in the morning and five in the afternoon (GMT). Due to the fact that the transactions are settled in cash, there is no requirement for a physical delivery method.

How to get started with forex trading in India?

Access the web

Forex trading in India requires a stable internet connection with minimal downtime. Forex trading necessitates rapid response. Even a delay of only five seconds can make or break a company. When trading forex, even a slight delay can have a significant impact on your losses.

Look for a reliable forex broker

Online, it's easy to find fake forex brokers. Finding a trustworthy forex broker takes a long time. Ensure that the forex broker you choose has the following:

Provides forex trading services that are approved by SEBI

forex traders regard him highly

providing a flat, low-cost brokerage model

With minimal margins, a large leverage ratio is offered

Providing a stable and high-performance trading platform

Open a forex account in India with the top provider

A lot of traditional and low-cost brokers still have a lengthy offline trading account opening process that necessitates unnecessary couriers to be dispatched. These couriers typically cost between Rs 120 and Rs 200. With the same amount, you can place 6-10 trade orders with Samco. For the first month, you'll get a 100% brokerage cashback rebate.

Getting access to a trading platform

Orders can be placed and trades can be initiated online with the help of the software that your broker will supply. The Giga trading engine powers Samco's new trading software, StockNote. In addition to providing you with real-time updates and market insights, it is the best and most reliable source of information available today. Take a position in the market.

You can begin trading in the Indian forex markets after successfully completing the preceding stages. It is best to start with small quantities and minimal leverage as a beginner. The amount of your capital that you put at risk in any one trade should likewise be kept to a minimum of 1 to 2 percent.

How to choose the right forex brokers in India?

Verify that all laws and regulations are being followed...

Verify that all laws and regulations are being followed.

If you're looking for a trustworthy forex broker, the first step is to verify that the broker is in conformity with legislation. Just because a broker has a nice website doesn't mean they're trustworthy. It's important to verify if the broker is licensed by looking at the broker's website thoroughly or by reading customer reviews.

Convenient Deposits and Withdrawals

Consider your deposit and withdrawal choices carefully before settling on a forex broker. The deposit and withdrawal options should be simple and dependable.

When it comes to Indian Forex traders, AximTrade has a wide range of deposit and withdrawal methods to choose from. Using UPI, Paytm, and Net Banking, deposits may be done quickly at AximTrade. Traders must deposit a minimum of 100 INR to begin trading. It's also simple to get your money out.

Access to a Variety of Currency Pairs

Additionally, it is crucial to keep an eye on the currency combinations your broker offers. Exchanging one currency for another is the sole purpose of doing business in the foreign exchange market (forex). As a result, the currency market deals in pairs of currencies.

A limited number of currency pairs may limit your trading alternatives even when there are a large number of currencies available for FX trading. Before you begin trading, you should check to see what currency pairs the broker offers.

Stable Trading Platforms

When a trader logs onto a trading platform, they are entering the Forex market. Choosing a broker should be simple and provide tools for both fundamental and technical analysis. Aside from these alternatives, you'll also want to look into order entry options and automated trading features as well as strategy builders and backtesting capabilities.

Do forex traders pay tax in India?

Traders that conduct forex trading as a business will have their gains taxed as business income if they earn profits from their trades. To avoid double-taxation, you might tax it as "income from other sources.

Do forex traders pay tax in India?

Risk Warning

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Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.