11 Best Forex Broker in India 2022 (Review And Comparison)

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Best Forex Broker in India

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For Forex Brokers, SEBI registration is optional but most trusted brokers are registered with Security Exchange Board of India. We can check the registration number of forex brokers at the bottom of their website.

In India, we can trade only in INR based currency pairs on BSE, NSE and MSE (Metropolitan Stock Exchange).

Currently four INR-based currency pairs are available in India – INR/USD, INR/EUR, INR/GBP and INR/JPY. We can also trade cross currency F&O contracts on EUR-USD, GBP-USD and USD-JPY. That is why the cross currencies have corresponding INR pairs.

But if we want to trade in other Forex like AUD (Australian Dollar), CHF (Swiss Franc), Canadian Dollar (CAD), or other currency pairs then we need to open a forex account with an international forex broker.

International forex brokers allow Indian residents to open an account and trade in different currencies, stocks, indexes, commodities and even in top cryptocurrencies.

Forex is the bigest financial market with high liquidity and low margin requirements. We need the best forex broker in India 2022.

But before we pick a specific forex broker, we need to know the factors for selecting best forex broker in India 2022. We can check the factors that I have listed after the section – best online forex brokers in India.

Please find below our list of the best forex broker in India 2022

  • OctaFx – Best for Indian customers
  • Olymp Trade – One of the most trustworthy
  • FXTM – Greate for smooth trading platforms
  • eToro – Best for multiple trading assets options
  • XM Forex – Demo account with $100,000 of virtual balance
  • iForex – Best for one-click deal execution
  • Alpari International – One of the lowest minimum deposit
  • Forex.Com – Greate for advanced tools & charts
  • FBS – One of the highest leverage
  • HYCM – The oldest one


Best Forex Broker in India 2022

1. OctaFX Forex Broker Review


One of the best forex broker in India is OctaFX. We can trade 35 currency pairs, metals, CFDs, indices and crypto on OctaFX. This company is registered and regulated by the Law of Saint-Vincent and the Grenadines.

OctaFX trading account can be opened online with a minimum deposit of $20. Deposit can be made using Local banks, Bitcoin, Neteller, Skrill, UPI and Paytm. We can also withdrawal/deposit through Mastercard.

We can get a benefit from a practice demo account a best forex broker, nil deposit and withdrawal commission and fast trade execution on OctaFX.

We can trade-in

  • 35 currency pairs like EUR/USD, GBP/USD and others
  • 2 Metals like Gold & Silver
  • 10 Indices like Nasdaq and DowJones
  • 5 Cryptos like Bitcoin, Ethereum and Litecoin

Depending on our trading experience & platform requirement we can open the following three account types

  • MetaTrader 4 account – for new Forex traders
  • MetaTrader 5 account – for experienced traders

But we need to maintain the account currency in either USD or EUR.

We can trade higher limits with a maximum leverage of 1:500 and negative balance protection.

Also new FX traders can explore the video tutorials and use the copy trading option to get started trading.


  • Zero commission on deposit & withdrawal
  • Deposit through multiple gateway like Paytm and Bitcoins
  • Trading in cryptos are also available
  • cTrader ECN platform for auto (similar to algorithmic) trading
  • Support available in the Hindi language too
  • Option to get a 100% Sharia-compliant account


  • Only 37 trading assets are available

2. Olymp Trade Forex Broker


Another best forex broker Olymp Trade is a member of the International Financial Commission and the website is managed by Saledo Global LLC.

We can trade Stocks, Commodities, Indices, ETF, Currencies, OTC and Crypto assets using the Olymp Trade platform. Also the leverage available is up to 500 times.

Olymp Trade offers innovative “Fixed Time Trading” (FTT) where we may profit by forecasting currency exchange rates.

In fixed time trading, we get forecasts whether the price of an asset will rise or fall over a certain period of time. If our forecast is correct, then we can get a profit of up to 90% of the trade amount.

We have the flexibility to choose the trade time and set the trade amount as per our convenience.

The partner companies for the Olymp Trade are

  • VISEPOINT LIMITED; registration No. C94716, VICTORIA (GOZO) VCT 2604, Country MALTA
  • WALLFORT LIMITED; registration No. HE364695, Limassol, Cyprus


  • Multiple trading assets available include Cryptos and other instruments
  • Innovative Fixed Time Trading
  • Demo practice account
  • Good Trading guides, webinars, interactive course & Insights


  • Inactivity commission of $10 per month
  • Sometimes commission on forex trades can differ
  • Leverage is 1:500

3. FXTM Forex Broker Review


The best forex broker FXTM is the brand of Forex Time Limited and is regulated under Cyprus Securities and Exchange Commission (Cyprus), FSCA of South Africa and the Financial Sector Conduct Authority (UK).

FXTM is trusted by over 2 million traders worldwide. We can trade currency pairs, CFDs, stocks, cryptocurrencies, precious metals and commodities.

We can trade fast and securely over MetaTrader (MT4) and MT5 trading platforms across web, desktop and mobile devices.

FXTM does not have its own trading platform, but it offers trading tools in combination with MT’s platforms. The available tools are – FXTM pivot point strategy and trading signals tools that helps your trading strategy.

New forex traders can copy the trade real-time by following experienced traders using FXTM Invest.

FXTM allows deposits from host payment methods like – Bank transfers, VISA, Master, Maestro, Skrill, Neteller, Webmoney, VLoad. FXTM also supports bitcoin payment and crypto wallets.


  • FXTM Invest – copy trading option avaiable
  • Range of accounts with affordable minimum deposits
  • Leverage up to 1:2000
  • Can set negative balance protection


  • No proprietary trading platform available
  • Up to max 300 pending orders allowed

4. eToro Forex Broker Review


eToro is another best forex broker regulated by the Cyprus Securities Exchange Commission (CySEC), Financial Conduct Authority (FCA) in the UK and Australian Securities and Investments Commission (ASIC).

We can trade in multiple assets like Global stocks, Commodities and Currencies, ETFs, Crypto, Indices. The CFDs are also available on currency pairs, indices and commodities.

Here the new traders can also open a virtual-money demo account having $100K to practice strategies and real-time trading.

eToro execute social trading, where traders get to share their strategies and tips.  Furthermore, at eToro one can copy trade other trader’s orders/actions in real-time.

The minimum first-time deposit varies from $50 to $10,000 based on your region and country regulations.

eToro offers leverage ratio between 2:1 to 30:1 depending on the instrument and account with a facility of negative balance protection so that you trade comfortably.


  • 2000+ instruments to trade
  • $100,000 virtual practice account
  • Copy-trading and social trading facility


  • Flat $5 withdrawal fees
  • Minimum withdrawal amount of $30
  • Crypto transfer with conversion fees
  • Leverage of 30:1

5. XM Forex Broker Review

XM Forex

Another best forex broker is XM Global Limited which is a subsidiary company of Trading Point Holdings Ltd and is regulated by the International Financial Services Commission (Belize).

The other group companies by the name Trading Point are regulated by CySEC (Cyprus), FCA (UK), ASIC (Australia) and DFSA (Dubai).

XM has over 2.5 million traders from over 196 countries. We can trade over 1000+ instruments over six asset classes like 55 currency pairs, CFDs on major global indices, commodities, stocks, metals and energies.

XM also offers MT4 and MT5 trading platforms across devices (Android, iOS, iPad, Mac and PC) and even on the web through MT Web Trader.

New traders can test their forex trading skills on a demo account that comes with $100,000 of virtual balance.

XM has four account types with negative balance protection.


  • Demo account with $100,000 of virtual balance
  • Low minimum deposit Forex account
  • Negative balance protection


  • Max 200 open positions
  • No proprietary platform

6. iForex Broker Review


One of the other best forex broker iForex is the trademark owned by the Formula Investment House Ltd and is licensed & managed by the BVI Financial Services Commission (British Virgin Islands).

The platform offers to trade CFDs in currencies, crypto, indices, shares, commodities and ETFs assets.

iForex trading platforms are mobile and web-based trading platforms with over 900 tradable instruments and real-time charts. Traders benefit from one-click deal execution.

We can open an account with the minimum initial deposit of $100. The trading account can be funded using VISA, Master, Diners, Neteller, Jeton, Skrill, and wire transfers.

iForex has a wide range of educational materials in the form of videos, books and exclusive 1-on-1 training with a trading coach. Customer support is available in over 16 languages.

We can get leverage up to 1:400 depending on the assets and negative balance protection.


  • One-click deal execution
  • Education & support in over 16 languages


  • Withdrawal fees of $20
  • No MT4 or MT5 trading platform

7. AVATrade Forex Broker Review


AvaTrade, the best forex broker is regulated by the Central Bank of Ireland in Europe, ASIC (Australia), BVI Financial Service Commission (British Virgin Islands), Financial Services Agency (Japan), FRSA Abu Dhabi and South African Financial Sector Conduct Authority (South Africa).

We can trade on desktop, web, tablet and mobile-based trading platforms with

  • AvaTradeGO (proprietary trading app)
  • MetaTrader 4
  • MetaTrader 5

1250+ instruments on Forex, Commodities, Indices, ETFs, Stocks CFDs and Cryptocurrencies are the trading assets available with AvaTrade.

AvaTrade provides the online trading, information and educational materials in 14 languages.

We can open an AvaTrade margin account with a minimum deposit of $100 by paying in any of the four currencies (USD, Euro, GBP and AUD).

However, 100 GBP is for British traders and 100 AUD is for Australian traders only.

The account deposits can be made using credit cards as well wire transfers. AvaTrade also accepts e-payments from Webmoney, Skrill and Neteller. But, E-payment options are not available for EU and Australian traders.

AvaTrade offers us leverage of up to 1:400 with negative balance protection so that your account never goes below zero.


  • Websites for trading in local languages
  • Protection for negative balance


  • Leverage of 1:400

8. Alpari International Forex Broker Review


Alpari International is also a best forex broker providing services for 20 years in forex industry with 2 million traders. Alpari is a brand name of Exinity Limited which is regulated by The Financial Service Commission – Mauritius.

Alpari offers MT5 and MT4 trading platforms. Apart from forex we can trade in stocks, commodities, indices, cryptocurrencies and metal assets.

New traders can be benefited from Alpari’s copy trading program where you can copy the strategist’s trade by sharing a certain percentage of your profits.

We can fund the margin account using

  • Credit Cards (VISA, Master or Maestro)
  • E-wallets (Neteller, Skrill, Webmoney, Vload)
  • Bank wire transfer
  • Using local transfer


  • High Leverage up to 1:1000
  • Minimum deposits starting only from $5


  • No FCA regulation
  • No negative balance protection

9. Forex.Com Broker Review


FOREX.com is the another best forex broker which is brand name of GAIN Global Markets Inc. This forex broker is regulated by the Cayman Islands Monetary Authority.

We can trade on 80+ currency pairs, stocks, indices, commodities and cryptocurrencies.

Forex.com offers its own proprietary trading platform on web and mobile trading through apps. This platform offers 70+ technical indicators, a host of time intervals, multiple chart types and 50+ drawing tools.

Also we have access to MetaTrader platforms like MT5, MT4.

The best part is the MetaTrader VPN hosting, where we can get a MetaTrader 5 software pre-installed on Virtual Private Server (VPS) solution.

The solution offers us to get maximum uptime, fast trade execution and account access from any operating system via a web browser.

If we need to get a VPS solution we need to maintain a minimum of $5,000 in our account. Additionally, we have to execute at least 10 round trip mini lots or the equivalent every calendar month.

To open an account, the initial deposit is $100. But Forex.com recommends depositing at least $1000 for better risk management. We can fund the account through credit & debit cards and wire transfer.

The leverage/margin available at Forex.com ranges from 0.5% to 20% depending upon currency pairs.


  • VPS hosting for active traders
  • Account funding through credit & debit cards and wire transfer


  • Regulated only by the Cayman Islands Monetary Authority.
  • $100 initial deposit

10. FBS Forex Broker Review

FBS Forex

FBS is also a best forex broker and has trusted traders from 190 countries having 16+ million active traders. FBS activities are regulated by the IFSC (International Financial Services Commission) Belize.

We have trading access to MetaTrader 4 and MetaTrader 5 platforms compatible with Android, iOS, Windows, Mac OS along with WebTrader desktop applications.

Apart from that, we can use the proprietary FBS trader App. The app allows real-time stats & price charts to help you trade over 50 currency pairs and metals. We can also trade in forex, metals, CFD, Stocks, Forex exotic.

FBS provides the leverage starting from 1:50 and going up to 1:3000 with negative balance protection.

We can fund the account by using VISA, Neteller, Skrill, Stic Pay, Perfect Money and Bit wallet.


  • Leverage up to 1:3000
  • Proprietary FBS App-based platform


  • $1000 high initial deposit for ECN account
  • Can’t trade on crypto

11. HYCM Forex Broker Review


Henyep Markets is a multi-regulated best forex broker which is having registration under the FCA (UK), Cyprus Securities and Exchange Commission, Cayman Islands Monetary Authority, Dubai Financial Services Authority and also registered in Saint Vincent & the Grenadines.

This 40 years old forex trader offers trading in 300+ instruments across 5 asset classes like forex, stocks, indices, cryptocurrencies, commodities and ETF.

We can open a trading account by funding through bank wire, VISA transfer, Webmoney, Neteller and Skrill. The minimum deposit is required to start trading is only $100.

Henyep offers us maximum leverage of 1:500 and also provides negative balance protection.

We can trade assets over MetaTrader 4 and MetaTrader 5 trading platforms using a laptop, smartphone or PC.


  • A minimum deposit of $100
  • Negative balance protection


  • Max leverage of 1:500

Features of Best Forex Broker in India 2022

#1. Registered With a Reputable Financial Regulator

Best forex brokers operate online across the globe. To be trustworthy they need to be overseen by a major financial regulator having rigorous compliances on trading practices and client protection.

The financial regulators can be the U.K.’s Financial Conduct Authority (FCA), Cyprus’ Securities and Exchange Commission (CySEC), or any other country-specific regulator with strict regulations.

#2. Accepts Affordable Minimum Deposit

You need to open a margin account for forex trading.

You need to pay a minimum deposit amount while opening a margin account. The deposit amount ranges from $5 to $200 and above which varies from broker to broker.

All you need is to find a forex broker that asks for a reasonable minimum initial deposit amount corresponding to the services provided.

#3. Trading Assets

Best forex brokers let you trade in different currency pairs, currency derivatives (like options, swaps and forward), global stock, indexes, commodities and crypto. All forex brokers do not provide trading in all the currency pairs or assets.

You will frequently come to hear of Contracts For Difference (CFD) in forex broking. CFDs are over the counter (OTC) derivative products, where you trade on the price movement (difference) of financial assets without actually owning them.

The CFD contracts can be on Indices Futures, Commodity Futures, Stocks and Exchange Traded Funds (ETFs).

Before you select the best forex broker, you need to check your asset preferences for trading.

Based on your trading requirements pick a broker that provides all the assets you want to trade-in.

#4. Leverage Available

Leverage or margins help you trade a larger volume on a fraction of your money. For example, if you have a leverage of 1:100 means that with $1000 in your account you can enter a trade worth $100,000.

There are forex brokers offering leverage up to 1:1000 levels.

Leverage is like a double edge sword. They can help you earn plenty or lose huge amounts if the price movement is adverse.

Prudent practice suggests that you should always use appropriate leverage in line with your trading strategy and risk capacity.

#5. Trading Platform

MetaTrader 4 and 5 trading platforms are the popular global forex trading platforms. Both platforms support automated trading.

Other commonly used forex trading platforms are cTrader and Ninja Trader.

Your forex broker should atleast provide MetaTrader 4/5 in addition to their own proprietary trading platform.

#6. Negative Balance Protection

Forex trades are highly leveraged. Any adverse economic, political news and events have the potential to create high volatility. The sudden adverse movements can result in losses more than your capital/ account deposits.

This is where your account turns negative (i.e. situations where trade losses are more than the deposits in the account).

The best forex brokers who offer negative balance protection save you from any debt payments. Under negative balance protection, the losses are restricted up to the initial deposit.

Traders can also prevent negative balance situations by

  • Placing stop-loss order with each trade
  • Using leverage carefully
  • Keeping the trading volumes under check


Before you trade global forex, check your trading requirements, risk-taking capacity, and local regulations.

You can start forex trading with Olymp trade due to the benefits like innovative “Fixed Time Trading” (FTT), leverage up to 1:500 and free demo practice account.

Read Also:11 Best Online Trading Platform In India 2022

FAQs on best forex broker in india 2022:

Q1: Which is best forex broker for Indian 2022?

Ans: There are several forex broker available. But the best forex broker in india are:

  • OctaFx – Best for Indian audience
  • Olymp Trade – One of the most trusted
  • FXTM – Best for fast trading platforms
  • eToro – Great for multiple trading assets options
  • XM Forex – Demo account with $100,000 of virtual balance
  • iForex – Great for one-click deal execution
  • Alpari International – Greate for a lowest minimum deposit
  • Forex.Com – Best for advanced tools & charts
  • FBS – Best for highest leverage
  • HYCM – One of the oldest

Q2: Is OctaFX registered in India?

Ans: Yes, for details please follow this article….

Q3: Is Olymp trade legal in India?

Ans: Yes, for details please follow this article….

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