If you’re asking which forex trading platform is legal in India, the answer is: only platforms offered by SEBI-regulated brokers that allow trading in RBI-approved currency pairs are legal. These platforms operate through authorised Indian exchanges like NSE, BSE, and MSEI.

Legal Forex Trading Platforms In India

These platforms are backed by registered Indian brokers and operate under SEBI and RBI regulations:

1. Zerodha Kite

• Broker: Zerodha
• Offers forex trading on NSE in INR-based pairs (e.g. USD/INR, EUR/INR)
• Fully SEBI-regulated and legal

2. Upstox Pro

• Broker: Upstox
• Supports INR pairs via NSE
• SEBI-compliant and safe for Indian residents

3. ICICI Direct

• Broker: ICICI Securities
• Offers currency derivatives on NSE and BSE
• Integrated with ICICI Bank for seamless funding

4. HDFC Securities

• Offers legal forex trading in currency futures/options on Indian exchanges
• SEBI-registered and RBI-compliant

5. Sharekhan TradeTiger

• Offers trading in INR pairs on NSE
• SEBI-authorised with strong customer support

Approved Currency Pairs For Legal Trading In India

Under RBI guidelines, Indian residents can only trade the following currency pairs:

• USD/INR
• EUR/INR
• GBP/INR
• JPY/INR

Cross-currency pairs like EUR/USD or GBP/JPY are only legal if traded on NSE/BSE via SEBI-regulated brokers offering exchange-traded products.

Illegal Platforms In India (For Residents)

Forex trading with offshore brokers (like Exness, IC Markets, RoboForex, OctaFX, etc.) is prohibited under FEMA regulations for Indian residents. This includes:

• Platforms that allow high leverage and non-INR pairs
• Brokers that accept crypto deposits or international wires without SEBI oversight
• Apps or websites that operate outside Indian regulatory frameworks

Conclusion

If you’re asking which forex trading platform is legal in India, use platforms provided by SEBI-regulated brokers like Zerodha, Upstox, ICICI Direct, or HDFC Securities, and trade only in INR-based currency pairs. Avoid offshore brokers to stay compliant with Indian law.

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