If you’re asking how many forex traders in India, estimates suggest that there are over 3 to 5 million individuals actively involved in forex-related activities, but only a fraction trade legally through SEBI-registered brokers offering INR-based pairs.

Legal vs Illegal Forex Traders In India

1. Legal Retail Forex Traders

• Trade through Indian exchanges like NSE, BSE, and MCX-SX
• Limited to INR-based pairs: USD/INR, EUR/INR, GBP/INR, JPY/INR
• Estimated: 300,000 to 500,000 active legal traders
• Use brokers like Zerodha, ICICI Direct, HDFC Securities, etc.

2. Illegal/Offshore Retail Traders

• Use unregulated foreign brokers to trade global pairs (e.g. EUR/USD, GBP/JPY)
• Technically prohibited under FEMA regulations
• Despite restrictions, millions of Indian traders access platforms like Exness, RoboForex, and IC Markets using VPNs or international transfers
• Estimated: 2 to 5 million+ individuals may be participating in offshore trading

Growth Trends In India’s Forex Market

• Increased awareness through social media and YouTube
• Rise in online education and prop firm challenges
• Government crackdown on unregulated brokers has made traders more cautious
• More Indians are now shifting toward legal, SEBI-regulated options

Who Makes Up India’s Forex Trading Base?

• College students and young professionals
• IT and finance employees exploring part-time trading
• NRIs and expats accessing global brokers
• Full-time traders and influencers

Conclusion

If you’re asking how many forex traders in India, there are likely 3–5 million individuals engaged in forex trading or learning about it. However, only a small percentage are trading legally through SEBI-approved channels. Most are attracted to offshore brokers despite regulatory risks.

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