Top 10 Forex Brokers in India

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Top 10 Forex Brokers in India

If you have been thinking about getting into forex trading in India, you are not alone. Forex trading is becoming a popular option among those exploring new ways to grow their wealth. But before you dive in, it is critical to understand how forex trading works in India, and most importantly, who you can conduct forex trade with. Although forex trading is legal in India, it is subject to strict guidelines. You cannot just sign up on any global forex platform and start trading currency pairs like EUR/USD or GBP/USD. 

In India, forex trading has to go through SEBI-registered brokers only and be conducted on recognized stock exchanges like National Stock Exchange and Bombay Stock Exchange. Also, you are only allowed to trade certain INR-based currency pairs like USD-INR or EUR-INR.

If you are looking for a trusted place to start forex trading, then you’re on the right page. In this post, we will provide you with the list of top 10 forex brokers in India.

List of Top 10 Forex Brokers in India

The best forex brokers in India are mentioned below. All of them are authorized to provide forex trading through their platforms. Read about them, so you can figure out which one would be best for you.:

1. Angel One

Formerly known as Angel Broking Limited, Angel One Limited is one of the leading Indian forex brokers. It was established in 1996. Angel One is a member of Stock Exchange like National Stock Exchange, Bombay Stock Exchange, National Commodity & Derivatives Exchange Limited and Multi Commodity Exchange of India Limited. 

If you want to partake in forex trading, you can do so through Angel One’s platform. It allows you to trade currency pairs, in accordance with SEBI rules and the Foreign Exchange Management Act (FEMA). It is important to note that Angel One is a platform that permits currency trading through its licensed trading accounts. It is not a forex trading platform in the sense of a stand-alone forex broker like some international forex brokers in the world.

2. Zerodha

Zerodha, a prominent Indian broking firm and financial services provider, was founded in 2010. It offers a discount brokerage platform catering to both retail and institutional investors. Through Zerodha, users can trade in a variety of financial instruments, including stocks, derivatives, currencies, commodities, mutual funds and bonds. The company is a registered member of the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX).

Zerodha enables trading in currency derivatives, commonly referred to as forex trading, but with certain limitations. Investors can trade currency derivatives on the BSE and NSE using their Zerodha account. However, Zerodha does not provide access to the global forex market directly. Instead, it supports trading in currency pairs that involve the Indian Rupee (INR), such as USD-INR, but does not allow trading in cross-currency pairs like EUR-USD.

3. ICICI Direct

As a member of the ICICI Group, ICICI Direct is a well-known online broker in India that provides retail trading and investment services. As one of the top 10 forex brokers in India, it gives users access to a wide range of financial products, such as stocks, mutual funds, derivatives, initial public offerings and more. ICICI Securities, a registered broking firm, is the parent company of ICICI Direct. 

Customers of ICICI Direct can trade forex futures via the company's website and ICICI Direct All-in-One App. They provide trading on the National Stock Exchange (NSE) for both futures and options contracts. In particular, they presently allow trading on all INR pairs, including USDINR, EURINR, GBPINR and JPYINR.

4. HDFC Securities

In 2000, HDFC Securities was founded. One of India's top stock brokerages, HDFC Securities serves as a middleman for investors looking to purchase and sell stocks, bonds, mutual funds, and other financial products. Through a variety of platforms, including call and trade services, mobile apps and internet trading, it enables both individuals and institutions to engage in the stock market. 

According to HDFC Securities, the "mPowered" platform is one of their online platforms that provides currency trading (forex) in India. It offers access to currency derivatives such as futures and options on USDINR, EURINR, JPYINR and GBPINR. Additionally, HDFC Securities provides FX services via HDFC Bank, one of its bank branches.

5. Motilal Oswal 

In 1987, Motilal Oswal Financial Services Ltd. was founded. Raamdeo Agrawal and Motilal Oswal formed it in Mumbai, the capital of Maharashtra. Motilal Oswal is a well-diversified financial services organization with an integrated technology basis. It offers a broad range of services such as retail and institutional broking, asset management, wealth management, investment banking and more.

It facilitates the trading of stocks, mutual funds, and other financial goods by acting as a broker. Through its MO Trader app and other platforms, Motilal Oswal provides FX trading. 

You must have an active trading and Demat account with a broker who is registered with SEBI in order to trade FX. In accordance with RBI regulations, Motilal Oswal permits trading in particular currency pairs (based on INR).

6. Kotak Securities 

Kotak Securities Limited, founded in 1994, is a subsidiary of Kotak Mahindra Bank Limited. It operates as a full-service broker and is one of the leading brokerage firm and distribution firms in India. Registered with SEBI, Kotak Securities provides a broad spectrum of investment services, including trading in equities, derivatives, mutual funds, and other financial instruments. One of its key offerings is the 3-in-1 account, which integrates a bank account, trading account, and Demat account for seamless transactions. The firm also provides research services and multiple trading platforms.

Kotak Securities holds a forex license and offers a range of forex trading services. These include hedging solutions, currency and interest rate swaps, and FX forward contracts. Additionally, it facilitates trading in currency derivatives, subject to specific trading hours, lot sizes and applicable transaction charges.

7. 5Paisa 

5Paisa Capital Limited is a leading forex broker and discount broker in India. It was established in the year 2007. It was initially IIFL’s subsidiary. However, later on, it got listed on BSE and NSE in November 2017. 5Paisa Capital Ltd. is well-known for its online trading platform, which provides research, depository services and low stock brokerage fees. It makes trading in a number of markets easier, including mutual funds, stocks, commodities, derivatives, and initial public offerings. 

5paisa's platform consists of research and analytical tools, a desktop-based trading platform and a mobile trading app. It is possible to trade forex with 5Paisa including pairs like INR-USD, INR-EUR, INR-GBP and INR-JPY. They have a platform that lets customers trade forex and other currency derivatives. Additionally, 5Paisa offers tools and information on forex trading, including trading methods and currency derivatives. For trading while on the go, they provide a mobile app and an intuitive user interface.

8. IIFL Securities

IIFL Capital Services Limited, formerly known as IIFL Securities Limited, is a multifaceted financial services provider. It was incorporated in the year 1996. A member of the IIFL Group, IIFL Securities Ltd. is an Indian company that provides a variety of financial services. It functions as a broker and provides a number of services, such as investment banking, financial product distribution and retail and institutional broking. 

In particular, they offer services related to depository participant services, commodity broking and equity/currency broking. "Currency Trading" is the term used by IIFL Securities (India Infoline) to describe their currency trading services. They offer the "Trader Terminal" a trading tool for carrying out currency transactions. IIFL claims that this tool enables customers to execute trades and obtain real-time pricing

9. Sharekhan

Mirae Asset Sharekhan is an Indian brokerage firm, which has been in operation since 2000. In India, the organization serves 3.1 million customers through more than 120 branches. A wide range of online trading and investment services are provided by this Indian full-service stock broker. In November 2024, Mirae Asset Financial Group purchased it and rebranded it as Mirae Asset Sharekhan. Sharekhan was a BNP Paribas subsidiary before the takeover.

They serve serious traders and investors by offering a range of platforms, tools and services. Sharekhan is an Indian currency broker. Through their Demat account, they provide FX trading. 

10. Upstox Pro

Upstox Pro is an advanced trading platform by Upstox. It is designed for traders and provides them with features like advanced charting, real-time market data and one-click orders. It is distinct from the investor-focused basic platform offered by Upstox. Upstox Pro is a free online platform for trading stocks, futures, options and currencies on the NSE and BSE that is also accessible as a mobile app. 

Upstox Pro is a forex broker since it makes forex trading easier in India. You can trade in a number of other markets using Upstox Pro, including currency derivatives, which are a type of FX trading.

Conclusion

Every country has its own set of rules that regulate forex trading. In India, when it comes to forex trading, you cannot trade cross-currency pairs or use foreign brokers. However, you can still participate in currency trading legally, as long as you go through a SEBI-registered stock broker and stick to INR-based pairs. The brokers we mentioned in our list of top forex brokers in India are among the most trusted in the country. Each one has its strengths. Thus, the best choice really depends on what you’re looking for. Regardless of the broker you choose, make sure you understand the risks involved. Start small, keep learning, and don’t rush. Forex trading can be exciting. But like any investment, it works best when approached with patience as well as a clear roadmap.

Disclaimer: This blog post reflects the personal views of the author. We do not recommend making any investment decisions based solely on this content. In case you incur any losses, Registrationwala shall not be held liable. Invest wisely and seek professional advice if necessary.

Frequently Asked Questions (FAQs)

Q1. Which company is the best forex broker company in India?

A. The best forex brokers companies in India are Angel One, Zerodha, ICICI Direct, HDFC Securities, Motilal Oswal and IIFL Securities among others.

Q2. Does Motilal Oswal provide forex trading services?

A. Yes, Motilal Oswal provides forex trading services through their trading app called MO Trader App.

Q3. Does Zerodha provide currency trading services?

A. Yes, Zerodha provides currency trading services for four pairs: USD/INR, EUR/INR, GBP/INR and JPY/INR.

Q4. Can I conduct forex trading in India through an international forex broker?

A. No. Due to restrictions under the Foreign Exchange Management Act (FEMA), you cannot conduct forex trading in India through an international forex broker. However, you can trade in forex through SEBI-regulated trading apps like Zerodha and Motilal Oswal.

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