Best forex brokers in India

BrokerCountryRatingMin. DepositWebsite
USA5/5$250Click for a special offerWebsite
US4.99/5$50Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5Click for a special offerWebsite
Australia, Cyprus4.93/5$100Click for a special offerWebsite
UK, Australia4.85/5$50Click for a special offerWebsite
Cyprus, SVG4.8/5$100Click for a special offerWebsite
Cyprus, Bermuda4.75/5$50Click for a special offerWebsite

Forex market in India is governed by the Foreign Exchange Management Act (FEMA), adopted in 2000 and latter revised as part of a broader effort by the Indian government to liberalize the economy and to facilitate the remittance of funds both in and out of India.

Officially forex trading in India is restricted to certain currency futures, which are paired against the Indian Rupee and a few cross currencies. Only USDINR, YENINR, GBPINR, EURINR, EURUSD, GBPUSD, USDJPY futures are available for trading.

Also, under the current regulations currency options are availed to investors with the USDINR pair only.

Spot forex trading is considered illegal under the FEMA. We should also note that FX trade is allowed only through brokers, registered with authorized Indian exchanges such as the National Stock Exchange (NSE), the Metropolitan Stock Exchange of India (MSE) and the Bombay Stock Exchange (BSE).

And yet, international brokers and traders in India have found ways to circumvent those restrictions. Although the Reserve Bank of India had ordered all commercial banks in India to close the accounts of customers, using credit or debit card for illegal online forex trading transactions, many traders manage to go around that ban, using e-wallets.

Basically, all transactions to international forex brokers are done via e-wallets like Neteller or Skrill, which are funded with credit cards or bank accounts with Indian banks.

Forex news from India

India to Enter Pilot CBDC Phase

India joins ranks of developing countries that are planning to launch a Central Bank digital currency or CBDC. The Reserve Bank of

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Proposed Indian Legislation to Impose Heavy Crypto Regulations

India is currently in the middle of reviewing an old legislation according to which all crypto-related businesses are to be regulated and

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Reserve Bank of India Examines CBDC Possibilities

The latest addition to the race for a central bank digital currency is none other than India. Currently, the Reserve Bank of

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India Considers Imposing an 18% Tax on Crypto Trading

A proposal was recently introduced by the Indian Central Economic Intelligence Bureau (CEIB), presenting for action the possibility of imposing an 18%

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India’s central bank proposes FX reforms

The Reserve Bank of India (RBI), India’s central banking institution, proposes a major reform on the India’s currency trading laws. A special

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India plans to ban all crypto besides “Digital Rupee”

A draft of a bill has been leaked in India inclining some to believe that the Indian government is considering prohibiting the

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FX broker TradeNext sets up TradeNext Securities unit in India

UK-regulated forex and contracts for difference (CFDs) broker TradeNext said on Wednesday it has set up a subsidiary brokerage in India, TradeNext

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