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Regional Guide for Indian Traders

Best Forex Brokers in India 2026

Top forex and CFD brokers accepting Indian traders with UPI, Paytm, PhonePe deposits. Compare spreads, fees, and platforms.

Marcus Thompson

Written by

Marcus Thompson

Sarah Chen

Fact Checked by

Sarah Chen

Last reviewed:
•
By:Marcus Thompson
•
Fact-checked by:Sarah Chen

Top 10 Brokers for Indian Traders in 2026

Important: Forex trading in India is regulated by RBI and SEBI. Only INR-based currency pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR) traded on NSE/BSE are legally permitted. Our experts tested 40+ brokers to find the best options for Indian traders. Exness leads our rankings with UPI, Paytm, and PhonePe deposits, followed by XM (best for beginners) and HFM (best for copy trading). All recommended brokers offer MT4/MT5 platforms.

What is the best forex broker in India for 2026?

Exness is the best forex broker for Indian traders in 2026, offering UPI, Paytm, and PhonePe deposits, zero minimum deposit, and spreads from 0.0 pips. XM and HFM are also excellent choices with Hindi support.

Key Features for Indian Traders

Compare essential broker features for traders in India.

Broker
ExnessNone₹0
XMNone₹400
HFMNone₹0
FXTMNone₹800
AvaTradeNone₹8,000
Axi$3.50/lot₹0
RoboForexNone₹800
OctaFXNone₹2,000
FBSNone₹80
IC Markets$3.50/lot₹16,000

Detailed Broker Analysis

Exness logo
Exness
Read Review
Recommended
Best for Indian traders - instant UPI/Paytm.
4.6/5App Score

Exness offers the best local payment support for India including UPI, Paytm, and PhonePe with instant deposits and withdrawals. Zero minimum deposit and raw spreads.

Forex spread classUltra-Low
Minimum deposit₹0
Inactivity fee$0
Currency pairs107
Deposit methodsUPI, Paytm, PhonePe, Bank Transfer, Crypto
Withdrawal fee$0
Visit Broker Read review
XM logo
XM
Read Review
Recommended
Excellent education in Hindi.
4.5/5App Score

XM provides educational content in Hindi and accepts Indian payment methods. Low deposit of ₹400 makes it accessible for beginners.

Forex spread classLow
Minimum deposit₹400
Inactivity fee$5/mo
Currency pairs55
Deposit methodsPaytm, Bank Transfer, Neteller
Withdrawal fee$0
Visit Broker Read review
HFM logo
HFM
Read Review
Recommended
Zero spread accounts available.
4.3/5App Score

HFM offers zero spread accounts and copy trading features popular with Indian traders looking to learn from experienced signal providers.

Forex spread classUltra-Low
Minimum deposit₹0
Inactivity fee$5/mo
Currency pairs53
Deposit methodsBank Transfer, Skrill, Neteller
Withdrawal fee$0
Visit Broker Read review
FXTM logo
FXTM
Read Review
Recommended
Strong local presence and support.
4.2/5App Score

FXTM has strong brand recognition in India with local support and educational seminars. FXTM Invest allows following successful traders.

Forex spread classLow
Minimum deposit₹800
Inactivity fee$5/mo
Currency pairs62
Deposit methodsBank Transfer, Skrill
Withdrawal fee$0
Visit Broker Read review
AvaTrade logo
AvaTrade
Read Review
Recommended
Regulated with Indian focus.
4.2/5App Score

AvaTrade offers strong regulation and risk management tools. AvaProtect provides loss protection for a premium.

Forex spread classLow
Minimum deposit₹8,000
Inactivity fee$50/qtr
Currency pairs50
Deposit methodsBank Transfer, Skrill, Neteller
Withdrawal fee$0
Visit Broker Read review
Axi logo
Axi
Read Review
Recommended
Pro-grade execution.
4.2/5App Score

Axi offers institutional-grade execution with raw spreads from 0.0 pips. Zero minimum deposit.

Forex spread classUltra-Low
Minimum deposit₹0
Inactivity fee$0
Currency pairs70
Deposit methodsBank Transfer, Skrill
Withdrawal fee$0
Visit Broker Read review
RoboForex logo
RoboForex
Read Review
Recommended
High leverage up to 1:2000.
4.0/5App Score

RoboForex offers high leverage up to 1:2000 with CopyFX social trading. Cent accounts available for beginners.

Forex spread classUltra-Low
Minimum deposit₹800
Inactivity fee$0
Currency pairs40
Deposit methodsBank Transfer, Skrill, Crypto
Withdrawal fee$0
Visit Broker Read review
OctaFX logo
OctaFX
Read Review
Recommended
UPI and local bank support.
4.1/5App Score

OctaFX offers UPI payments and local bank transfers for Indian traders. No commission trading.

Forex spread classLow
Minimum deposit₹2,000
Inactivity fee$0
Currency pairs40
Deposit methodsUPI, PhonePe, Bank Transfer
Withdrawal fee$0
Visit Broker Read review
FBS logo
FBS
Read Review
Recommended
Ultra-low ₹80 minimum.
4.0/5App Score

FBS offers ultra-low ₹80 minimum deposit with leverage up to 1:3000. Great for beginners with limited capital.

Forex spread classStandard
Minimum deposit₹80
Inactivity fee$0
Currency pairs37
Deposit methodsBank Transfer, Skrill, Neteller
Withdrawal fee$0
Visit Broker Read review
IC Markets logo
IC Markets
Read Review
Recommended
Best for scalping.
4.5/5App Score

IC Markets provides true ECN execution with spreads from 0.0 pips. Excellent for Indian scalpers and algorithmic traders.

Forex spread classUltra-Low
Minimum deposit₹16,000
Inactivity fee$0
Currency pairs61
Deposit methodsBank Transfer, Skrill
Withdrawal fee$0
Visit Broker Read review

Frequently Asked Questions

Exness is the best forex broker for Indian traders in 2026, offering UPI, Paytm, and PhonePe deposits, zero minimum deposit, and spreads from 0.0 pips. XM and HFM are also excellent choices with Hindi support.

Forex trading is legal in India but regulated by RBI/SEBI. You can legally trade INR-based currency pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR) on NSE/BSE through SEBI-registered brokers. Trading with international brokers falls in a regulatory grey area.

Exness and OctaFX are the most popular brokers accepting UPI deposits in India. Exness supports all UPI apps including Google Pay, PhonePe, Paytm, and bank UPI with instant processing and zero fees.

Yes! Exness accepts Paytm deposits and withdrawals for Indian traders. You can also use PhonePe, Google Pay, UPI, and direct bank transfers (IMPS, NEFT).

To deposit INR: 1) Login to your broker (e.g., Exness), 2) Go to Deposit, 3) Select UPI/Paytm/PhonePe/Bank Transfer, 4) Enter amount in INR, 5) Complete payment. Exness processes INR deposits instantly.

Yes! All major brokers support INR withdrawals to Indian bank accounts via IMPS/NEFT/RTGS. Exness offers instant withdrawals to UPI and bank accounts. Most brokers process within 24 hours.

Minimum deposits vary: FBS accepts ₹80, XM accepts ₹400, Exness/HFM/Axi have zero minimum. We recommend starting with at least ₹5,000-10,000 for proper risk management.

FBS has the lowest minimum at just ₹80 (about $1). Exness, HFM, and Axi have zero minimum deposit requirements. XM follows with ₹400 minimum. All accept INR deposits.

Yes! With ₹1,000, you can open accounts with FBS, Exness, XM, or HFM. For proper risk management, we recommend ₹5,000-10,000. Start with a demo account first.

To start forex trading in India: 1) Learn basics through free courses, 2) Understand RBI/SEBI regulations, 3) Choose a reputable broker like Exness or XM, 4) Open a demo account to practice, 5) Deposit via UPI (₹1,000-5,000), 6) Start with USD/INR or EUR/USD.

The best forex apps for Indian traders are MT4 and MT5 (from all major brokers), Exness Trader (supports UPI), and XM app. These support INR deposits and work well on Indian networks.

Yes! XM offers free webinars and educational content in Hindi. Many YouTube channels also provide forex education in Hindi. Exness and HFM have Hindi customer support.

IC Markets and Exness offer the best MT4 experience in India with fast execution and full EA support. XM and HFM also provide reliable MT4 with Hindi support.

Yes! All major international brokers offer MT5 in India including Exness, XM, HFM, IC Markets, and FXTM. MT5 has more timeframes, order types, and a built-in economic calendar.

Exness, IC Markets, and Axi have the lowest spreads in India with EUR/USD from 0.0 pips on Raw/Pro accounts. These accounts charge a small commission per lot traded.

Yes! Exness, XM, HFM, and FXTM offer zero deposit fees for Indian traders. UPI and bank transfer deposits are typically free.

SEBI regulates stock brokers for currency derivatives on NSE/BSE (USD/INR, EUR/INR pairs). Zerodha and Upstox are SEBI-registered for currency futures. International brokers like Exness are regulated by FCA, CySEC, ASIC.

The London-New York overlap (6:30 PM - 10:30 PM IST) offers highest liquidity for EUR/USD and GBP/USD. The London session (1:30 PM - 10:30 PM IST) is also active. USD/INR is most liquid during NSE hours (9:00 AM - 5:00 PM IST).

Exness Social Trading and HFM's HFCopy are the best copy trading platforms for Indian traders. You can automatically copy successful traders with as little as $100 (₹8,000).

Forex trading profits in India are typically classified as 'Income from Other Sources' or 'Business Income' depending on trading frequency. You must report profits in your ITR. Consult a CA for your specific tax situation.

Top Forex Brokers in India

1
Exness logo
Exness
2
XM logo
XM
3
HFM logo
HFM
4
FXTM logo
FXTM
5
AvaTrade logo
AvaTrade

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Information on this website is for educational and comparison purposes only. This does not constitute financial, investment, or trading advice. How we rank brokers →

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Regional Availability Notice

Broker availability depends on your country of residence. Some brokers may not accept clients from certain jurisdictions including the USA, Canada, Japan, and others. The comparison table on this page shows country acceptance status. Please verify availability with the broker directly before proceeding.

Independent Analysis

Rankings based on verified data and hands-on testing. See our methodology →

Data Verified

January 2026