Forex trading in India is a popular activity, and several brokers cater to Indian traders with competitive spreads, low deposit requirements, and robust trading platforms. However, it's important to note that Forex trading on foreign currencies (except for INR pairs) is not legally permitted in India unless you trade via currency derivatives through regulated exchanges like NSE or MCX-SX. Always ensure that the broker you choose complies with Indian regulations.

Here are some of the top Forex brokers in India that cater to retail traders with INR-based currency pairs or offer currency derivative trading through Indian exchanges:

1. Zerodha

• Overview: Zerodha is one of the largest stock brokers in India and offers trading in currency derivatives like USD/INR, EUR/INR, GBP/INR, and more.
• Regulation: Regulated by SEBI (Securities and Exchange Board of India).
• Features:
  • Very low brokerage fees.
  • User-friendly interface (via Kite platform).
  • Advanced charting tools and research.
• Minimum Deposit: ₹2000.
• Spreads: Very competitive, starting from 0.1 pips (for currency futures).

2. Upstox

• Overview: Upstox is a popular choice in India for low-cost trading and offers currency futures and options through the NSE and MCX-SX.
• Regulation: Regulated by SEBI and NSE.
• Features:
  • Low brokerage fees (flat fee structure).
  • Intuitive trading platform (Upstox Pro).
  • Good research and market analysis tools.
• Minimum Deposit: ₹1000.
• Spreads: Competitive spreads for currency pairs.

3. Angel One (formerly Angel Broking)

• Overview: Angel One is a prominent stockbroking firm in India that also offers currency derivatives trading on NSE.
• Regulation: Regulated by SEBI.
• Features:
  • Access to currency futures and options contracts.
  • High-quality research and market updates.
  • Multiple platform options (Angel Broking App and Angel SpeedPro).
• Minimum Deposit: ₹1000.
• Spreads: Standard competitive spreads on currency pairs.

4. ICICI Direct

• Overview: ICICI Direct is one of India’s largest and most trusted brokers, offering currency futures and options trading.
• Regulation: Regulated by SEBI.
• Features:
  • Trading via ICICI Direct platform and mobile app.
  • Educational resources and research reports.
  • Access to multiple markets like equity, commodities, and currency.
• Minimum Deposit: ₹1000.
• Spreads: Standard spreads for currency pairs.

5. Kotak Securities

• Overview: Kotak Securities is a reputed name in the Indian brokerage industry, offering currency trading through the NSE and MCX-SX exchanges.
• Regulation: Regulated by SEBI.
• Features:
  • Access to currency futures and options.
  • Research-driven insights and analysis.
  • Robust and user-friendly platforms.
• Minimum Deposit: ₹5000.
• Spreads: Competitive, especially on major pairs.

6. Fyers

• Overview: Fyers is a relatively new yet growing broker in India, offering currency derivatives trading through NSE and MCX-SX.
• Regulation: Regulated by SEBI and NSE.
• Features:
  • Low brokerage fees with a flat fee structure.
  • Good platform with advanced charting tools.
  • Free market data and analysis.
• Minimum Deposit: ₹5000.
• Spreads: Generally competitive on major currency pairs.

7. Interactive Brokers

• Overview: Interactive Brokers offers global Forex trading and currency derivatives on Indian exchanges, though it is an international broker.
• Regulation: Regulated by SEBI for Indian customers and offers global regulatory oversight (e.g., by the CFTC, FCA).
• Features:
  • Wide range of currency pairs for global trading.
  • Low spreads and commissions.
  • Access to advanced trading platforms and tools.
• Minimum Deposit: $10,000 (for a margin account).
• Spreads: Very low, especially for major pairs.

8. HDFC Securities

• Overview: HDFC Securities offers currency futures and options on NSE, allowing you to trade in pairs like USD/INR, EUR/INR, and GBP/INR.
• Regulation: SEBI and NSE regulated.
• Features:
  • Simple and intuitive trading platform.
  • Good research reports and analysis tools.
  • Strong customer support.
• Minimum Deposit: ₹5000.
• Spreads: Standard spreads for currency pairs.

9. Motilal Oswal

• Overview: Motilal Oswal is a well-known name in the Indian financial services sector, offering currency derivatives trading via NSE.
• Regulation: Regulated by SEBI.
• Features:
  • Offers access to advanced trading platforms like MO Investor and MO Trader.
  • High-quality research and technical analysis tools.
• Minimum Deposit: ₹5000.
• Spreads: Competitive spreads on major currency pairs.

10. 5paisa

• Overview: 5paisa is a growing broker in India that provides currency derivatives trading at very low cost, making it suitable for retail traders.
• Regulation: SEBI regulated.
• Features:
  • Low brokerage charges with a fixed monthly subscription plan.
  • Good research and educational materials.
  • Easy-to-use platforms.
• Minimum Deposit: ₹1000.
• Spreads: Competitive on currency futures.

Important Notes for Forex Traders in India