Forex trading in India is legal only through registered brokers on recognised exchanges like the NSE, BSE, or MCX-SX — and limited to INR-based currency pairs (USD/INR, EUR/INR, GBP/INR, JPY/INR). However, many Indian traders also access global forex markets through international brokers that accept Indian residents, while complying with RBI guidelines and FEMA regulations.

This guide covers the best forex trading platforms in India for both domestic and international traders, with a focus on safety, regulation, usability, and educational resources.

Key Takeaways

• Forex trading in India is restricted to INR pairs through SEBI-regulated brokers
• International platforms offer wider pair access, but traders must ensure compliance
• Top platforms include Zerodha, Dhan, and international options like IC Markets
• Beginners should prioritise platforms with strong education and risk controls
• RBI and SEBI guidelines must always be considered when selecting a broker

1. Zerodha Kite

Regulation: SEBI
Pairs Allowed: USD/INR, EUR/INR, GBP/INR, JPY/INR
Platform Features:

• Powerful, lightweight web platform
• Advanced charting by TradingView
• Real-time margin calculator
• Well-suited for currency derivatives on NSE

Pros:

• Fully compliant with Indian regulations
• Seamless integration with bank accounts
• Excellent educational content (Varsity)

Cons:

• No access to non-INR forex pairs

2. Dhan

Regulation: SEBI
Pairs Allowed: INR-based forex
Platform Features:

• Fast execution on INR pairs
• Clean, mobile-optimised interface
• Free API and algo trading support

Pros:

• Integrated TradingView
• Free educational content
• Solid mobile and desktop platforms

Cons:

• No exposure to global forex

3. IC Markets (International)

Regulation: ASIC, CySEC
Pairs Allowed: 60+ global forex pairs
Platform Features:

• Raw spreads starting from 0.0 pips
• MT4, MT5, cTrader support
• Fast execution and low latency

Pros:

• Widest access to global currencies
• Ideal for algorithmic and scalping strategies
• Advanced tools for experienced traders

Cons:

• Must comply with Indian rules under FEMA
• Bank transfers may require declaration to RBI

4. Pepperstone (International)

Regulation: FCA, ASIC, DFSA
Pairs Allowed: Full range of major, minor, exotic pairs
Platform Features:

• MT4/MT5 and TradingView support
• Excellent execution speed
• Strong global reputation

Pros:

• Transparent pricing
• Regulated by Tier-1 authorities
• Negative balance protection

Cons:

• Not locally SEBI-licensed

5. FXTM (International)

Regulation: CySEC, FSC
Pairs Allowed: 60+ forex pairs
Platform Features:

• Copy trading and beginner-friendly interfaces
• Low minimum deposit
• Offers local deposit options in India

Pros:

• Easy for Indian beginners
• Accepts INR deposits
• Educational webinars and tutorials

Cons:

• Not registered with SEBI or NSE

How To Choose The Best Platform

• Regulatory Safety: Prefer SEBI for INR pairs, or Tier-1 global regulators for international platforms
• Trading Instruments: INR-only or full forex market?
• User Interface: Must be intuitive and mobile-compatible
• Education: Opt for platforms offering a structured Forex Course
• Costs: Compare spreads, commissions, and funding fees
• Withdrawal Process: Local bank support is essential for convenience

Frequently Asked Questions

Is forex trading legal in India?

Yes, but only for INR-based currency pairs through SEBI-regulated brokers and recognised exchanges.

Can I use international forex brokers from India?

Yes, but it must be done under FEMA rules. Indian residents must ensure full legal compliance with RBI guidelines.

Which forex trading app is best for INR pairs?

Zerodha Kite and Dhan are top choices due to regulation, ease of use, and NSE access.

Are MetaTrader platforms available in India?

Not through SEBI brokers, but international brokers like IC Markets and Pepperstone offer MT4/MT5 for global pairs.

Do Indian forex brokers offer global currency pairs?

No. SEBI-regulated brokers only allow INR-based pairs to comply with Indian forex laws.

Conclusion

For fully legal and regulated forex trading within India, Zerodha and Dhan are the best platforms for INR pairs. If you’re an advanced trader looking to explore the global forex market, IC Markets or Pepperstone are highly regarded international options — but always ensure you’re in line with Indian regulatory rules. Platform selection should balance regulation, usability, educational support, and market access.