The best 5 Forex Broker in India – Comparison & test

Forex trading in India is incredibly popular today. But due to legal limitations, Indian forex traders can technically only trade Indian Rupees against four other main currency pairs – the Euro, the Japanese Yen, the US dollar, and the British pound.

However, despite the restrictions, forex trading in India remains a great way to make cash. Consequently, speculation is rife that the Indian government is now considering relaxing the rules soon to allow Forex traders greater flexibility on currency pairs. This relaxation will also allow more comprehensive regulatory protection than currently exists.

Broker:Review:Regulation:Spreads:Assets:Advantages:Open Account:
1. IQ Option
IQ Option logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySECStarting 0.0 pips variable500+
(41+ currency pairs)
+ Best platform
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$

(84% of retail CFD accounts lose money)

2. Olymp Trade
Olymp Trade logo
5 out of 5 stars (5 / 5)
➜ Read the review
IFCStarting 0.0 pips + fixed % commission (depending on leverage is used)200+
(30+ currency pairs)
+ Trade with 1$
+ Options and Forex
+ Bonus program

(Your capital is at risk)

3. BDSwiss
BDSwiss logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySEC, FSCStarting 0.0 pips + $ 2.0 commission per 1 lot250+
(52+ currency pairs)
+ Individual offers
+ Trading signals
+ Raw Spreads
+ Leverage up to 1:500
+ Best education
+ Personal support

(Your capital is at risk)

4. FxPro
FxPro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
FCA, CySEC, FSCA, SCBStarting 0.0 pips variable250+
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions

(79.58% of retail CFD accounts lose money)

5. eToro
Etoro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
CySEC, FCA, ASICStarting 1.0 pips variable2,000+
(50+ currency pairs)
+ Best platform
+ Social Trading
+ Cryptocurrencies
+ PayPal

(71% of private investor accounts lose when trading CFDs)

Who are the 5 best Forex brokers in India?

In the meantime, as ever with any form of trading, it is strongly recommended you do your homework first on forex trading. Research is vital to ensure your forex broker is a good fit with you, trustworthy, transparent, and reliable. To simplify matters for you, we have reviewed a range of trading platforms and narrowed our shortlist down to what we consider are the 5 best forex brokers in India.

In doing so, we have considered several criteria that should be at the heart of your deliberations. Namely, these vital criteria included such things as user-friendliness and speed of order execution, amongst other things.

5 Best Forex Brokers in India:

  1. IQ Option – User friendly
  2. Olymp Trade – Accomplished Forex Broker
  3. BDSwiss – Award-winning Swiss know-how
  4. FxPro – Allows trading bots
  5. Etoro – Best for copy trading

1. IQ Option

IQ Option forex broker in India

IQ Option forex broker in India

IQ Option is not only a hit in India; it’s a pretty significant player internationally as well. Since its formation in 2013 has consistently met with critical acclaim as an honest broker in the world of forex brokerage.

Its ground-up custom-built platform has won multiple awards. It is recognized as among one of the best for forex traders of all experience levels.

It is clear from the outset that IQ Option has expended considerable time, energy, and thought into developing a streamlined forex platform that’s well featured and as visually appealing as it is to use. But you need not commit yourself to the platform straight away as there is an option to set up a virtual $10,000 demo account first. These accounts are sandboxes to get your head around the platform and forex trading.

The first items that you will notice immediately are the sheer number of useful tools to represent a host of financial information graphically. The graphic features allied to IQ Option’s technical analysis indicators combine to give users a powerful and customizable toolbox suite to get to grips with the forex market in a visual way. All of which you can access via the demo account as well.

The care that was taken in creating the IQ Option shines through in its ease of navigation. Indeed the entire platform is intuitive, meaning it’s a less steep learning curve and allows for seamless hassle-free trading.

IQ Option is also very strong on the educational aspect of forex trading. There are many resources, including video tutorials and email newsletters, to help you get up to speed as quickly as possible. And it’s not just novice forex traders that will find the educational content useful. Veterans of the forex markets will, too, as it’s good to revisit basics and refresh your knowledge regularly.

At the last count, some 40 million-plus traders were registered on the IQ Option platform. And that’s a testament in itself as to the transparency of forex trading conditions. Indeed, users are voting for IQ Option with their feet, and there’s no more potent indicator than that.

Withdrawals are speedy and available via a range of payment methods. And there’s 24/7 customer service available should you run into a problem.

IQ Option advantages:

  • User-friendly
  • Educational resources
  • $10 minimum deposit
  • Spreads from 0.0 pips
  • Unlimited demo accounts
  • Transparent
  • Good track record
  • Proprietary platform
  • Widely compatible with several Operating Systems
  • Mobile app available
  • Well featured

(Risk Warning: Your capital is at risk)

2. Olymp Trade

Olymp Trade forex broker in India

Olymp Trade forex broker in India

Though it has only been around since 2014, Olymp Trade is punching above its weight. In Cyprus, Saint Vincent, and Grenadines registered company is indisputably making an impression on forex trading.

In a relatively short time, it has grown into a well respected and trusted forex broker. The company is accredited by the Financial Commission (FinaCom), and all order executions are independently audited by VerifyMyTrade. In its short lifespan, Olymp Trade has also won multiple international industry awards. Among the plaudits were Best Trading Platform of 2018 in the Forex Awards, 2019 Best Mobile Trading Platform in the Global Brand Magazine Awards, and 2020 Best Customer Support Broker in the Forex Brokers (FX Daily) Awards.

This dynamic growth, international recognition, and transparency explain why Olymp Trade can now boast 25 million user accounts. It also conducts 30 million transactions per month, an average monthly payout of $8 million, and a monthly trade turnover of $150 million.

So what makes Olymp Trade so special?

Olymp Trade is set up to do business with forex traders in India and 133 other countries. It also offers the platform in both English and Hindi.

All of this is backed by a creditable customer support team that is reachable 24/7 by telephone, email, web form, or live chat. According to the Olymp Trade website, their experienced team of support agents resolves some 5000 issues every day in 15 languages, with callers waiting an average of 13 seconds to talk to a human.

You should check out the extensive FAQ section of their website too. It’s impressive, has lots of informational videos, and is comprehensive should you wish to dig deeper into what makes Olymp Trade tick. A visit here is likely to inspire you to create a demo account. It’s free and comes pre-loaded with a pot of 10,000 virtual currency to let you try your hand at forex trading if you are a newbie. Even seasoned forex guys will find this feature useful before they commit to the platform.

Olymp Trade advantages:

  • Training and support for all experience levels
  • Easy and quick withdrawals
  • Unlimited demo account
  • Multiple awards
  • 100% deposit bonus
  • A minimum deposit of $10 or €10
  • Customizable platform to suit your preferences
  • Choice of account types to suit your needs
  • Transparent and user-friendly
  • Multiple chart and indicator options

(Risk Warning: Your capital is at risk)

3. BDSwiss

BDSwiss forex broker in India

BDSwiss forex broker in India

BDSwiss is consistently highly rated and recommended by forex industry commentators. However, mixed online reviews hint that they may have some work to do on the customer support side of the operation.

Nonetheless, the Zurich, Switzerland-based forex broker makes for a good choice for Indian forex traders regardless of whether they are starting out or are long in the tooth forex traders. This versatility is reflected in their support of both English and Hindi on the website and user support.

BDSwiss is a well-regulated broker and popular among the forex trading community. A significant part of its appeal is the number of different account types on offer. There’s a flavor for everyone, no matter your forex trading objectives and level of experience. These accounts are married to a platform that supports both MetaTrader 4 and 5.

As well as a platform with exceptional ease of use, it is underpinned by educational resources to help ensure you achieve the most from your forex trading. There are numerous training courses via their Trading Academy, regular strategy webinars in English and German, and live seminars that are easy to join. VIP Account holders can also access one-to-one Forex training.

Though Forex trading is inherently risky, BDSwiss goes out of its way to help its clients succeed in their foreign exchange trades. The level of risk involved is clearly spelled out on their website.

But the excellence that BDSwiss strives for is more than mere marketing hype. International bodies have widely recognized their efforts, leading to numerous industry award wins over the years. These wins include 2019’s Best Forex Trade Execution award in the Global Forex Awards.

It shows, too, on the platform itself, which supports ECN/STP trading as well as their in-house developed BDSwiss Webtrader platform. There is also a mobile app that offers trading, account management, and research functionality. So you can literally take BDSwiss with you in your pocket.

Overall, BDSwiss is well set up for forex trading if you are based in India. They make it easy and transparent. The international forex broker has about one million user trading accounts, so they must be doing something right with a client base that size. Each month BDSwiss executes in excess of €20 billion-worth of forex trades.

BDSwiss advantages:

  • Free withdrawals and deposits
  • Halal accounts
  • A minimum deposit of $100
  • Spreads from 0.0 pips
  • Accepts Bitcoin and other cryptocurrency payments
  • You can hold up to five different trading accounts
  • 24/5 customer support
  • A substantial commitment to Forex education resources and courses
  • Easy and fast account opening
  • Backed by Swiss financial know-how
  • Reputable background and foundations

(Risk Warning: Your capital is at risk)

4. FxPro

FxPro forex brokers in India

FxPro forex brokers in India

This online forex broker is relatively long-lived, having been incorporated in 2006. It is headquartered in London and overseen by multiple financial regulatory bodies around the world, including the UK, Cyprus, South Africa, and the Bahamas.

For Indian forex traders looking for brokerage recommendations, it would be a smart move to run your rule over FxPro before coming to a final selection. In 2020 alone, the brokerage won two prestigious accolades in the Personal Wealth and ForexBrokers.com awards. FxPro scooped Best FX Provider in the former and Best MetaTrader Broker in the latter awards competition. So you can safely conclude 2020 was a good year for FxPro, a global pandemic considered. All told, they have bagged more than 80 UK and international awards.

Apart from the odd blatantly spammy review, FxPro gets numerous positive reviews on Trustpilot. It scores well in the trustworthiness and reputation stakes. This level of trust and international recognition did not happen by accident. FxPro has put in a good 15 years’ worth of effort into achieving this acclaim. They are now a trusted broker in 170 countries as a result.

In addition to the standard MetaTrader 4 and 5 and c trader, FxPro also offers the option of trading on Edge. Their mobile app lets you trade wherever you are, like a pro forex trader. They are what is known as a No Dealing Desk Execution brokerage. This arrangement means they do not take the opposite position of the trade. Because there is no markup, this means FxPro can offer lower spreads as trades are executed electronically at the best market price.

Underpinning this is superior order execution technology. This tech enables FxPro to execute some 7000 orders per second in an average execution time of fewer than 11.06 milliseconds. This speed quite possibly leaves lightning behind in its wake.

FxPro lets you trade more than 70 currency pairs, including all the major players in the forex market that experience the largest trading volumes and liquidity.

Should you need assistance, the FxPro customer service team is available 24/5 and supports 17 languages. However, they have extensive online resources to DIY troubleshoot as well as numerous forex training and learning resources.

FxPro advantages:

  • Award winners
  • Supports MetaTrader 4 & 5, plus c trader
  • No charges for deposits and withdrawals
  • Widely regulated
  • $100 deposit minimum
  • Trade more than 70 currency pairs
  • Ability to run cAlgo trading bots
  • Tight spreads
  • Choice of instant execution or market execution
  • Free real-time market news and technical analysis

(Risk Warning: Your capital is at risk)

5. Etoro

Etoro forex broker in India

Etoro forex broker in India

Of all the social trade copying platforms, this Israeli offering is, without a doubt, the most famous. The premise that you can earn cash with zero knowledge of the forex market by merely copying an existing successful trader’s moves is undoubtedly an attractive one.

This social networking emphasis is where eToro differs entirely from other online forex brokerages that you may have encountered. With eToro, you can invest solo or link up with other traders to swap forex trading strategy ideas.

No matter your level of experience, it is eminently possible to make headway with forex trading by merely opting to copy another investor’s trades and reap the benefits of their experience. But if you are an old hand at forex trading, you can earn a little extra by allowing others to follow your trades. This aspect of the platform is handled by the company’s patented CopyTrader app that automatically mirrors your favorite trader’s trading portfolio.

The Popular Investor Program allows talented and responsible forex traders to earn up to 2% commission on the assets under their management.

eToro is headquartered in Limassol, Cyprus, and registered there as well as in the UK and Australia. The company was first incorporated in 2007. Over the last decade, eToro has been leading the charge of fintech, offering not only forex but a host of other investment instruments, including cryptocurrency.

With a focus on making trading accessible to the average person, much emphasis has been placed on developing people’s skills and learning. When you first register, you get a demo account topped up with $100,000 of virtual money. This fantasy money allows users to figure out the platform and forex trading before getting their feet wet with the real cash.

From here, you can access all the regular account tools you will be using when you trade for real, such as the economic calendar. Input dates, time zone, and forex you wish to trade. The calendar then displays how various events influence your assets.

Forex has its dedicated page on the platform. It is populated with the latest market news, detailed intel, research, and charts. There is also regular market analysis available as well as brief overviews, so you can choose how deep you want to go.

eToro advantages:

  • World’s largest social trader platform
  • Copy the trades of other traders easily
  • Minimum $200 deposit
  • Accepts IDR payments
  • Trade up to 47 currency pairs
  • Leverage of up to 1:30
  • Over 327 million trades executed so far
  • Regulated by the FCA & CySec
  • Industry-leading cybersecurity measures protect all funds
  • Trusted by millions of users

(Risk Warning: Your capital is at risk)

Which broker is best for forex trading in India?

The short answer is the ones we have highlighted here in our review.

  1. IQ Option
  2. Olymp Trade
  3. BDSwiss
  4. FxPro
  5. Etoro

Is it easy to open a forex trading account?

Yes. It’s as easy as opening a bank account. You are required to provide ID and the minimum deposit amount to get started with a live trading account. Opening a demo account usually involves only a basic registration process.

The final verdict on the best Forex Brokers in India:

Forex trading in India is not the challenge you may expect. Many forex brokers are geared up for Indian customers and usually offer their services in both English and Hindi. Our review has highlighted the providers we consider the 5 Best Forex Brokers in India. We carefully considered several criteria – the issues important to you – in our deliberations. These were transparency, reliability, and ease of use.

What we have come up with is a shortlist to act as a launching pad. This shortlist, we firmly believe, will help you avoid the endless hours of time-consuming research that’s typically required. And get you on the way to forex trading much faster than might otherwise be possible. Good luck!