There are ongoing debates about whether Forex trading is legal or not in India.
The Reserve Bank of India (RBI) does everything in its power to prohibit Forex trading by individuals. If found trading, individuals will face strict charges for violating the law.
But the truth remains – there are many investors from India who trade Forex & open accounts with foreign brokers. However, you have to remember that the bank will monitor transactions to/from your bank account for any suspicious/unlawful activity related to currency trading.
We’re not aware of any Forex brokers being domiciled in India. But there is a large list of brokers who have international offices in India.
| Broker | Minimum Deposit | Maximum Leverage | Swap free account | Type |
|---|---|---|---|---|
| ACM Gold | $250 | 500:1 | yes | STP & Market maker |
| Alpari UK | $200 | 500:1 | yes | ECN/STP & Market maker |
| Alpha Trading CM | $500 | - | yes | STP & Market maker |
| BMFN - Boston Merchant Financial | $1 | 400:1 | yes | ECN/STP & Market maker |
| Bulls Capital Markets | $50 | 500:1 | yes | ECN/STP & Market maker |
| Euro Pacific Bank | $2500 | 100:1 | no | DMA/STP & Market maker |
| IFC Markets | $1 | 400:1 | yes | STP |
| InstaForex | $1 | 1000:1 | yes | STP |
| Interactive Brokers | $3000 (age 26 or younger) | 40:1 | no | ECN/STP |
| IronFX | $500 | 500:1 | yes | ECN/STP & STP & Market maker |
| MBCFX | $1000 | 200:1 | yes | STP |
| MRC Markets | $1 | - | yes | ECN/STP & Market maker |
| MTrading | $1 | 1000:1 | no | ECN/STP & Market maker |
| NordFX | $5 | 1000:1 | no | ECN/STP & STP |
| Saxo Bank | $1 | 200:1 | no | Market maker |
| SVSFX | $100 | 400:1 | no | STP |
| TeleTrade (UAE) | $1 | 100:1 | yes | STP & Market maker |
| V2FX | $100 | 500:1 | no | STP |
| Do you know another Indian Forex broker? Please suggest by adding a comment below. Thank you! |
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Securities and Exchange Board of India (SEBI) – www.sebi.gov.in
Reserve Bank of India (RBI) – www.rbi.org.in
