The first thing that comes to mind when you are starting your forex trading journey is whether it’s legal or illegal in India.
In India, forex trading is limited to INR-based currency pairs. The 4 primary INR-based currency pairs are:
- USD/INR
- EUR/INR
- GBP/INR
- JPY/INR
Additionally, there are cross-currency futures and options contracts available for trading on EUR-USD, GBP-USD, and USD-JPY pairs with SEBI-regulated domestic trading apps such as Zerodha kite.
However, if you wish to trade in any other forex pairs such as the Canadian Dollar (CAD), you have to open a forex trading account with an international forex broker.
Remember, RBI does not acknowledge or approve any specific forex brokers mentioned in this article.
Let’s discuss the best platform for forex trading in India in detail.
Disclaimer: This article is for informational purposes only and should not be considered as financial or legal advice. As per SEBI, you can legally trade forex only in EUR-USD, GBP-USD, and USD-JPY along with INR-based currency pairs with SEBI-registered brokers. Forex trading involves significant risks, and it is advisable to consult with a financial and legal advisor before engaging in any forex trading activities.
Best Forex Trading App in India
#1. Exness Trader
The Exness app provides you with an excellent opportunity to start forex trading with just a minimum deposit of $1. The best part is that you can quickly transfer the money through UPI or Phone Pe, making it convenient for you to get started.
Exness provides quick withdrawals and offers three charting styles: Line, bar, and candlesticks with 15+ technical indicators for in-depth market analysis.
The app has a dedicated customer support desk and is regulated by reputable authorities. Leverage of 1:2000 is also available on the app and you don’t have to pay any overnight charges (daily interest) for your open positions that you carry to the next day.
Regulated by
- Seychelles Financial Services Authority (FSA)
- Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority in the United Kingdom (FCA)
- South Africa Financial Sector Conduct Authority (FSCA)
- Central Bank of Curacao and Sint Maarten (CBCS)
- Financial Services Commission (FSC) – British Virgin Islands
- Financial Services Commission (FSC) – Mauritius
- Deposits as low as $1
- High leverage of upto 1:2000
- UPI payment options available
- Tight spreads at 0.3 pips
- Not regulated by any USA Authority
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Best Forex Trading Platform in India
#2. IG Trading App
IG Trading app stands out for its reliability and regulation, making it a trusted choice for forex trading with low spreads, access to multiple financial instruments, and a clean interface.
Regulated by FINMA in Switzerland, IG Markets Ltd. is a part of IG Bank and adheres to the FX Global Code of Conduct.
With the IG app, you can trade 90 forex pairs with low spreads starting from 0.6 points and access 27 major commodities. It also supports cryptocurrency trading.
The app features a clean interface, detailed charts with 28 indicators and 19 drawing tools, and offers technical indicator alerts. However, please note that the account approval process may take 7 to 10 days.
Regulated by
- Australian Securities & Investment Commission (ASIC)
- Japanese Financial Services Authority (JFSA)
- Monetary Authority of Singapore (MAS)
- Swiss Financial Market Supervisory Authority (FINMA)
- Financial Conduct Authority (FCA)
- Financial Markets Authority (FMA) – New Zealand
- Commodity Futures Trading Commission (CFTC)
- Highly regulated platform
- Easy to use app
- A large number of forex pairs are available
- Slow account approval process
- High minimum deposit amount
- Lower leverage ratio
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#3. OctaFX
OctaFX is the ideal choice for beginners in forex trading. You can easily deposit funds using popular options like UPI, including Google Pay and Phone Pe. The OctaFX Trading app offers user-friendly support in Hindi and Bengali, catering to regional language users.
You can trade in 35 currency pairs at 1:500 leverage which is lower than other peers in the industry.
OctaFX has recently launched copy trading to allow you to copy the trading strategies of top traders around the world.
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Regulated by
- Cyprus Securities and Exchange Commission (CySEC)
- Copytrading is available now
- Hindi and Bengali customer support
- Decent leverage ratio
- UPI payment available
- Spreads are high
- Min deposit amount is high
#4. iForex
The iFOREX app allows you to trade in 90 currency pairs, stocks, cryptocurrencies, indices, and commodities. iForex app offers free one-to-one training for beginners and provides access to live prices, technical analysis, charts, and market signals.
With up to 1:400 leverage, you can open large deals with a minimum investment. iFOREX app also offers Negative Balance Protection to limit your potential losses during trading.
Regulated by
- Financial Conduct Authority, United Kingdom
- Negative balance protection
- High-quality educational content
- Decent leverage ratio
- One-to-one training modules for beginners
- High spreads
- Min deposit amount is high
#5. eToro
eToro is the ideal app for you if you are interested in copy trading. Because the eToro app allows you to replicate the trading strategies of top traders by paying a nominal profit share. Once you connect with a trader, the app automatically copies their trades, simplifying the trading process.
eToro also offers seamless trading in popular cryptocurrencies like Bitcoin, Ethereum, and more, without any deposit fees. You can easily deposit or withdraw funds through wire transfers to trade in forex, cryptocurrencies, or stocks. eToro’s PayPal support is not available in India.
With eToro, your funds are secure and protected. The platform ensures the safety of your funds by providing insurance through the Federal Deposit Insurance Corporation (FDIC) for amounts up to $250,000.
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Regulated by
- Financial Conduct Authority, United Kingdom
- Cyprus Securities & Exchange Commission (CySEC, EU)
- Australian Financial Services Licence (AFSL)
- Australian Securities and Investments Commission (ASIC)
- Financial Services Authority (FSA, Seychelles)
- Automatic copy trading facility
- FDIC insurance of up to $250,000
- Decent leverage ratio
- Trustworthy app
- High spreads
- Min deposit amount is high
- Paypal support not available in India
#6. AVATrade GO
AvaTrade GO app is perfect for you if you are looking for volatility protection and access to a wide range of currency pairs and derivatives. As the AvaTrade GO app offers unique volatility protection through AvaProtect, allowing you to hedge your positions at a nominal cost and mitigate potential losses.
With the AvaTrade Go app, you can trade over 250 currency pairs, including derivatives, and engage in social trading and copy trading strategies with top traders worldwide.
The app provides a comprehensive range of 93 indicators, such as Pivots, MACD, and RSI, along with integrated research tools from Trading Central, enabling you to perform in-depth market analysis on the go.
As a member of the Investor Compensation Company DAC (ICCL), AvaTrade provides protection for up to EUR 20,000 of your invested money in the event of the broker’s insolvency.
Regulated by
- Australian Securities & Investment Commission (ASIC)
- Investment Industry Regulatory Organization of Canada (IIROC)
- Central Bank of Ireland (CBI) – Ireland
- Japanese Financial Services Authority (JFSA)
- Volatility protection facility
- Big range of indicators and analysis tools
- Insurance cover of up to 20000 Euros
- One-to-one training modules for beginners
- Low leverage ratio
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#7. IQ Option
IQ Option is the perfect choice for low-deposit traders seeking easy funds transfer options like UPI, Rupay card, Freecharge, Jiomoney, Paytm, debit, and credit cards.
You can trade with a minimum deposit of $10 and access over 500 trading assets, including currencies, stocks, commodities, cryptocurrencies, and global indices.
The app offers advanced charting tools with over 30 indicators to analyze market volatility and develop a solid trading strategy.
You can easily confirm market trends across various time frames using candlestick charts and choose from 18 different intervals. This level of flexibility empowers you to make informed decisions.
Regulated by
- CySEC (Cyprus Securities and Exchange Commission)
- High leverage ratio
- Low minimum deposit amount at $10
- 500 tradeable assets available
- Timeframe indicators for market analysis
- Only one regulatory authority
#8. Forex.Com
You can trade seamlessly across multiple markets and various assets such as Stocks, Indices, Commodities, Forex, and Cryptos with the FOREX.com app.
You can enjoy one-swipe execution for instant trading from the chart or watchlist. You can also access a wide range of chart types, 60+ technical indicators, and 14 timeframes for precise market analysis.
Forex.Com app allows you to practice risk-free with a demo account offering $10,000 virtual funds before diving into live trading. You can also read our latest article on the best trading app in India.
Regulated by
- Financial Conduct Authority (FCA, UK)
- Financial Services Authority (FSA, Japan)
- Australian Services and Investments Commission (ASIC)
- Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), USA
- Cayman Islands Monetary Authority (CIMA)
- One-swipe order execution feature
- 14 timeframes for in-depth market analysis
- Virtual trading is possible
- Low leverage ratio
#9. FXTM Trader App
With the FXTM app, you can dive into trading with 63 forex currency pairs, starting with a minimum deposit of just $50 (equivalent to Indian Rupees). The app offers seamless deposit options, including the convenience of using Google Pay (GPay) with no commission charges.
Not only is depositing funds hassle-free, but withdrawing funds is also commission-free, making the entire fund exchange process cost-effective. But you have to pay an inactivity fee of $5 per month after 6 months of inactivity.
Take advantage of the 1-click trading feature, allowing you to place buying and selling orders instantly, especially in volatile market conditions. This feature provides speed and convenience for executing trades efficiently.
The app provides a range of educational tools, including demo accounts and live webinars, to help you enhance your trading skills.
Regulated by
- Financial Conduct Authority, United Kingdom
- CySEC (Cyprus Securities and Exchange Commission)
- South African FSCA (Financial Sector Supervision Authority)
- FSC (Mauritius Financial Supervisory Commission)
- One-click trading facility
- 14 timeframes for in-depth market analysis
- Free withdrawals
- Good educational content
- Low leverage ratio
- Inactivity fee applicable
You can also read our list of the best option trading apps in India to know the best app that suits your requirements.
#10. OlympTrade
Similar to OctaFX, the OlympTrade app offers multiple fund transfer options for Indians, including UPI, PhonePe, Paytm, and debit/credit cards, as well as cryptocurrency deposits.
The app allows you to trade in over 30 currency pairs with leverage of up to 1:500. The unique Profit Line feature helps you identify break-even points and set exit prices to minimize losses.
OlympTrade is a member of the International Financial Commission, providing protection for traders’ funds up to €20,000 per trader through the Commission’s Compensation Fund.
Regulated by
- Vanuatu Financial Services Commission, Vanuatu
- International Financial Commission member
- Indian payment options available
- Profit-line feature to minimize loss
- Least regulated broker
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Best Platform for Forex Trading in India (App’s Comparison)
| Forex App | Min. Deposit | Leverage | Min. Spread(in pips) | Google Play /Apple AppStore Rating |
| Exness Trader | $1 | 1:2000 | 0.3 | 4.3 / 4.6 |
| IG | $250 | 1:50 | 0.6 | 4.1 / 4.5 |
| OctaFX | $25 | 1:500 | 0.8 | 4.3 / 4.5 |
| iForex | $100 | 1:400 | 1 | 4.3 / 4.3 |
| eToro | $100 | 1:400 | 1 | 4.1 / 4.7 |
| AVATrade Go | $100 | 1:30 | 0.9 | 3.7 / 4.2 |
| IQ Option | $10 | 1:500 | 0.6 | 4.4 / 4.3 |
| Forex.Com | $100 | 1:50 | 0.8 | 3.8 / 3.8 |
| FXTM | $10 | 1:50 | 0.5 | 3.8 / – |
| OlympTrade | $10 | 1:500 | up to 20% commission | 4.3 / 3.6 |
Conclusion
The Exness Trader app is an excellent choice for traders with limited initial capital. With a minimum deposit as low as 1 USD, Exness offers access to a wide range of trading assets and zero overnight fees.
eToro app stands out for its user-friendly interface and social trading features, allowing beginners to learn from and copy the strategies of experienced traders to minimize losses.
If you are an advanced trader, you will appreciate the AvaTrade GO app for its comprehensive range of technical analysis tools and unique volatility protection facility.
FAQs
Forex trading apps are mobile applications that allow users to trade in the foreign exchange market directly from their smartphones or tablets.
A user-friendly interface, a wide range of currency pairs and financial instruments to trade, competitive spreads, reliable execution, advanced charting tools, real-time market data, and secure fund transfer options.
Yes but only with INR pairs through RBI or SEBI regulated brokers
Yes, most forex trading apps allow you to trade on multiple devices, including smartphones, tablets, and desktop computers. You can usually log in to your account from different devices and access your trading platform seamlessly.
Different forex trading apps have different minimum deposit requirements. It is advisable to compare various apps and choose the one that suits your budget and trading needs. Some apps may offer low minimum deposits starting from as low as $1 or $250.
Forex trading carries inherent risks, including the potential loss of invested capital. It is important to understand the risks associated with forex trading and educate yourself about market dynamics, risk management strategies, and trading principles before engaging in live trading.
Yes, many forex trading apps offer demo accounts where you can practice trading using virtual funds. Demo accounts allow you to familiarize yourself with the trading platform, test strategies, and gain experience without risking real money.
To choose the best forex trading app, consider factors such as regulation, user reviews and ratings, available trading instruments, trading features, customer support, ease of use, and compatibility with your device. It is recommended to research and compare different apps before making a decision.
Forex trading apps may have various fees and charges, such as spreads, commissions, overnight swap fees, and withdrawal fees. It is important to review the fee structure of the app and understand the costs involved before opening an account.
Yes, forex trading apps are specifically designed for trading on the go. They provide access to real-time market data, charting tools, order placement, and account management features, allowing you to trade forex conveniently from anywhere with an internet connection.
Hello sir ae India me legal he
Forex trading is legal in India but with a lot of restrictions and catches.