Pick a SEBI-registered stockbroker that offers currency contracts on the NSE, BSE or MSE, and check it on the SEBI website. Do not use a broker on the RBI Alert List, or one that offers CFDs to Indian residents.
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India lets residents trade currency contracts only through SEBI-registered brokers on the NSE, the BSE and the MSE. The pairs allowed are USDINR, EURINR, GBPINR and JPYINR, plus three cross pairs, EURUSD, GBPUSD and USDJPY. Since 3 May 2024 a position in a rupee pair must be backed by a real need for the currency. Positions up to USD 100 million need no paperwork to prove it. No Indian exchange or SEBI broker offers CFDs.
The Reserve Bank of India keeps an Alert List of firms that have no permission to offer forex trading to residents. The list had 95 names on 19 November 2025. It includes FOREX.com, XM, XTB, IC Markets, Pepperstone, Vantage, Tickmill and FP Markets. It also lists Admirals, HFM, HYCM, JustMarkets, ThinkMarkets, Exness, eToro and IG Markets. The prop firms FTMO and FundedNext are on it too, and so are the MetaTrader 4 and 5 websites. The RBI says the list is not complete. A name that is missing is not a name that is allowed. Read the list at rbi.org.in.
Trading with an overseas forex platform can break the Foreign Exchange Management Act, known as FEMA. Section 13 allows a fine of up to three times the sum involved, plus up to ₹5,000 a day while the breach goes on. A tribunal has upheld fines against people who traded on overseas portals. The scheme that lets residents send USD 250,000 a year abroad does not cover margin payments to overseas brokers.
Nearly every broker in our catalogue is on the RBI Alert List or offers products that Indian residents may not use. So we do not show a broker list on this page. Profits on exchange-traded currency contracts are taxed as business income at slab rates. Residents fund SEBI brokers by UPI, NEFT, RTGS or IMPS.
If you want to learn how the market works before you trade the permitted contracts, start with our leverage guide and the forex glossary.
Sources: RBI press release of 4 April 2024 and NSE currency derivatives contract specifications. RBI Alert List, updated 19 November 2025. Foreign Exchange Management Act, section 13. RBI Electronic Trading Platforms Directions 2025, effective 16 June 2025. Checked 25 September 2026.
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India has some of the strictest rules in the world for retail forex trading. So this page is not like our other country pages. It starts with the rules, and it shows no broker list. Residents may trade currency contracts only through SEBI-registered brokers on Indian exchanges, in the pairs the RBI allows. Nearly every global broker in our catalogue is on the RBI Alert List, or sells products that Indian residents may not use. Read the rules above and check the Alert List. If you decide to trade currencies, use a SEBI-registered broker.
| # | Broker | Rating | Regulation | Founded | Platforms |
|---|---|---|---|---|---|
| 1 | FOREX.com | 10/10 | ASIC, CFTC, FCA | 2001 | MT4, MT5, Proprietary |
| 2 | Interactive Brokers | 10/10 | ASIC, CBI, CFTC | 1977 | Proprietary |
| 3 | Plus500 | 10/10 | ASIC, CFTC, CySEC | 2008 | Proprietary |
| 4 | Swissquote | 10/10 | CSSF, DFSA, FCA | 1996 | MT4, MT5, Proprietary |
| 5 | tastytrade | 9.1/10 | CFTC, NFA | 2017 | Proprietary |
| 6 | FP Markets | 9/10 | ASIC, CMA, CySEC | 2005 | cTrader, MT4, MT5 |
| 7 | TradeStation | 9/10 | CFTC, FCA, NFA | 1982 | Proprietary |
| 8 | HYCM | 8.7/10 | CIMA, CySEC, DFSA | 1977 | MT4, MT5 |
| 9 | Dukascopy Bank | 8.6/10 | FINMA, JFSA, Latvijas Banka | 2004 | Proprietary |
| 10 | Eightcap | 8.6/10 | ASIC, SCB | 2009 | MT4, MT5, TradingView |
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