Rules · India

Forex trading in India: rules and brokers

Indian residents may trade currency derivatives only in permitted pairs on recognised Indian exchanges, through a broker registered with SEBI. Offshore forex and CFD brokers that accept Indian residents are not authorised to serve them, and the RBI keeps an Alert List of such platforms.

Written and checked by: Low Spread Brokers team
Updated: 20 Oct 2026

3brokers on this list
16regulators behind their entities
19 Oct 2026broker data last collected
25licensed entities in our data

Low Spread Brokers does not give personal investment advice.

This page is for Indian residents checking what is allowed before they open any account. The 3 brokers listed below accept Indian residents only through offshore entities; we show them so you can see which company you would be dealing with, not as a shortlist. Read first: how we rankhow we make moneyIndia rules

Edited by Low Spread Brokers team · Updated 20 Oct 2026

Quick answer

Can I trade forex with an overseas broker from India?

Not under the rules in our reference. Under FEMA, Indian residents may trade currency derivatives only in permitted pairs on recognised Indian exchanges, through SEBI-registered brokers. Offshore CFD brokers serving Indian residents are not authorised, and the Reserve Bank of India publishes an Alert List of unauthorised forex trading platforms.

Check the broker on SEBI’s list of registered intermediaries before you open a currency account.
Search any platform that offers you forex on the RBI Alert List at rbi.org.in.
On Indian exchanges the margin is set by the exchange; a broker quoting a leverage ratio such as 1:500 is not offering an exchange-traded product.

Brokers that accept Indian residents from offshore: not authorised in India

A record of who accepts Indian clients, from published broker data. Not a recommendation, and not ordered by commission. Advertiser disclosure

Why this order: every broker in our data that accepts residents of India, sorted by our regulation score for the brand; each serves India from an offshore entity, which is not authorised there, so this is a record, not a recommendation. Ranked from our data on 3 brokers, updated 19 Oct 2026. How we rank

Ranked by this page’s rule · 19 Oct 2026

The entity named on each card for residents of India decides your leverage and protections.

Rankings for other countries

Regulator tiers:Tier 1: e.g. FCA, ASIC, CySEC, BaFin, MASTier 2: e.g. FSCA, FMA, CMA KenyaOffshore: labelled; its leverage never adds to a score

Top pick

Pepperstone

Which entity serves my country?

Lowest EUR/USD spread

Protections depend on the entity

Minimum deposit: £10
EUR/USD spread from: 0.0 pips (Razor, 19 Oct 2026)
Platforms: MT4, MT5, cTrader, TradingView, proprietary
Max retail leverage: Depends on entity: up to 1:30 (retail, per Pepperstone support FAQ) (FCA)
Funding methods: Debit card, Credit card, Apple Pay, Google Pay, Bank transfer

StandardRawSpread bettingProfessional5 of 8 licences checked on the register, 20 Oct 2026

Why #1Regulation score: 9.0/10. Residents of India are served by Pepperstone Markets Limited (SCB, offshore, licence SIA-F217).

8.5/10

Score breakdown

Visit brokerUnpaid link

73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).

Read review

IG

Which entity serves my country?

Protections depend on the entity

Minimum deposit: £1
EUR/USD spread from: 0.6 pips (UK spread bet/CFD, 19 Oct 2026)
Platforms: MT4, MT5, TradingView, proprietary, API, ProRealTime, L2 Dealer
Max retail leverage: Depends on entity: up to 1:30 (major FX, retail; margin 3.33% on EUR/USD, GBP/USD) (FCA)up to 1:30 (major FX spread bets, retail; margin 3.33%) (FCA)
Funding methods: Debit card, Credit card, Bank transfer

StandardSpread bettingProfessional7 of 13 licences checked on the register, 20 Oct 2026

Why #2Regulation score: 9.0/10. Residents of India are served by IG International Limited (BMA, offshore, licence number not published).

7.9/10

Score breakdown

Visit brokerUnpaid link

70% of retail investor accounts lose money when trading CFDs with this provider (IG Markets Ltd / IG Index Ltd (UK)).

Read review

IC Markets

Which entity serves my country?

Protections depend on the entity

Minimum deposit: $0
EUR/USD spread from: 0.1 pips (Raw Spread (Global), 19 Oct 2026)
Platforms: MT4, MT5, cTrader, TradingView, proprietary
Max retail leverage: Depends on entity: up to 1:30 (ASIC)up to 1:30 (retail, all account types) (CySEC)up to 1:5000 (MetaTrader accounts), 1:1000 (cTrader); described as dynamic (FSA Seychelles)up to 1:200 (SCB)
Funding methods: Credit/debit card, Bank transfer, PayPal, Skrill, Neteller, UnionPay, BPAY, FasaPay, POLi

StandardRawIslamicProfessional3 of 4 licences checked on the register, 20 Oct 2026

Why #3Regulation score: 8.0/10. Residents of India are served by Raw Trading Ltd (IC / IC Markets Global) (FSA Seychelles, offshore, licence SD018) and IC Markets Ltd (SCB, offshore, licence SIA-F214). Outside the EEA and Australia most clients are onboarded by the Seychelles entity (leverage up to 1:5000 on MetaTrader) or the Bahamas entity; these carry no UK/EU-style retail protections.

8.0/10

Score breakdown

Visit brokerUnpaid link

73.46% of retail investor accounts lose money when trading CFDs with this provider (IC Markets (EU) Ltd).

Read review

Compare all brokers in one table How we choose and rank brokers How India regulates brokers

What each listed broker publishes

Platforms and deposits as the brokers publish them. None of this changes their status in India.

1PepperstoneMT4, MT5, cTrader, TradingView and own platform; minimum deposit £108.5/10
2IGMT4, MT5, TradingView, own platform, API, ProRealTime and L2 Dealer; minimum deposit £17.9/10
3IC MarketsMT4, MT5, cTrader, TradingView and own platform; minimum deposit $0; swap-free account listed8.0/10

At a glance · India

Forex broker comparison table

What the table shows

Licence numbers as each broker publishes them (not yet matched on the registers), which entity serves which country, and spreads with the date we copied them from the broker’s own pages.

How to use this table

Sort by score, spread or minimum deposit. Deposits stay in the broker’s own currency, so compare them only within one currency.

Sort:ScoreSpreadMin. deposit

Forex broker comparison table
Rank	Broker	Score	Min. deposit	EUR/USD spread from	Platforms	Account types	Max. leverage, retail	Actions
1	PepperstoneFCA · CySEC · BaFin · ASIC · DFSA · CMA (UAE) · CMA Kenya · SCBLicences and register check	8.5/10	£10	0.0 pipsRazor · 19 Oct 2026	MT4, MT5, cTrader, TradingView, proprietary	Standard, Raw, Spread betting, Professional	1:30 (retail, per Pepperstone support FAQ) (FCA)	Open accountUnpaid link Review	73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
2	IGFCA · FCA · FCA · BaFin · ASIC · FMA · FINMA · MAS · DFSA · JFSA · FSCA · BMA · CFTC/NFALicences and register check	7.9/10	£1	0.6 pipsUK spread bet/CFD · 19 Oct 2026	MT4, MT5, TradingView, proprietary, API, ProRealTime, L2 Dealer	Standard, Spread betting, Professional	1:30 (major FX, retail; margin 3.33% on EUR/USD, GBP/USD) (FCA) · 1:30 (major FX spread bets, retail; margin 3.33%) (FCA)	Open accountUnpaid link Review	70% of retail investor accounts lose money when trading CFDs with this provider (IG Markets Ltd / IG Index Ltd (UK)).
3	IC MarketsASIC · CySEC · FSA Seychelles · SCBLicences and register check	8.0/10	$0	0.1 pipsRaw Spread (Global) · 19 Oct 2026	MT4, MT5, cTrader, TradingView, proprietary	Standard, Raw, Islamic, Professional	1:30 (ASIC) · 1:30 (retail, all account types) (CySEC) · 1:5000 (MetaTrader accounts), 1:1000 (cTrader); described as dynamic (FSA Seychelles) · 1:200 (SCB)	Open accountUnpaid link Review	73.46% of retail investor accounts lose money when trading CFDs with this provider (IC Markets (EU) Ltd).

All rankings

Spreads as published by each broker, latest check 19 Oct 2026. Minimum deposits are shown in each broker’s own currency and are not converted. Leverage shown for all entities; yours depends on the entity named in the ranking.

Is forex trading regulated in India?

Two regulators matter: SEBI registers the brokers that may offer exchange-traded currency derivatives, and the RBI administers FEMA and names unauthorised forex platforms. Our reference is not yet verified, so open the SEBI and RBI links before you rely on it.

Not yet verified against the regulator: check the linked sources

Regulator

Tier 1SEBISecurities and Exchange Board of IndiaCheck on the register
Tier 1RBIReserve Bank of IndiaCheck on the register

Negative balance protection: Not published
Compensation scheme: None
Complaints body: SEBI SCORES (complaints against SEBI-registered intermediaries)

Rules to know

Indian residents may trade currency derivatives only in permitted pairs on recognised Indian exchanges, through SEBI-registered brokers (FEMA). Margin is set by the exchange, not as a broker leverage ratio.
The RBI publishes an Alert List of unauthorised forex trading platforms. Offshore CFD brokers that serve Indian residents are not authorised to do so.
Negative balance protection and compensation schemes for OTC forex do not apply in India.

Sourceswww.rbi.org.in www.sebi.gov.in scores.sebi.gov.in

Retail leverage caps India

There is no retail leverage cap to print for India: OTC forex and CFDs with overseas brokers are not permitted for residents, and on Indian exchanges the margin is set by the exchange.

UnderlyingMaximum retail leverage
OTC forex / CFDs with overseas brokersn/a (not permitted for residents)

Source: our country reference for India (SEBI, RBI, FEMA); not yet verified.

India permits exchange-traded currency derivatives, not offshore CFDs

In the UK, the EU and Australia a resident can open a CFD account with a licensed local company. In India the permitted route is different: currency derivatives in permitted pairs on recognised Indian exchanges, through a SEBI-registered broker. An offshore entity sits outside that route, whatever licences its brand holds elsewhere.

Tier 1Our class for regulators such as the FCA, ASIC, CySEC, MAS and CIRO
Tier 2Our class for regulators such as the FSCA, SCA and SEC Nigeria
OffshoreRegistration with light supervision; no compensation scheme in our data

One brand, several entities
A global broker runs separate companies for different regions. Your country of residence decides which one you sign with, not the website you land on.
A licence number you can check
Each entity has a number on its regulator’s register. We print the number the broker publishes; match it on the register yourself before you deposit.
Open the SEBI site
Protections come from the entity
Leverage caps, negative balance protection and any compensation scheme come from the regulator of the entity that holds your account.
Offshore entities are labelled
Where a brand serves you from an offshore entity, we name it. Its higher leverage is a risk and adds nothing to a score.

India next to three Tier 1 regimes

Tier is our own class. Every row comes from our country reference, which is not yet verified against the regulators.

India next to three Tier 1 regimes
Tier	Regulator	Retail protections in our reference	Max. retail leverage, FX majors	Regulator site
Tier 1	SEBI · India	complaints: SEBI SCORES (complaints against SEBI-registered intermediaries)	n/a (not permitted for residents)	sebi.gov.in
Tier 1	RBI · India	complaints: SEBI SCORES (complaints against SEBI-registered intermediaries)	n/a (not permitted for residents)	rbi.org.in
Tier 1	FCA · United Kingdom	negative balance protection; Financial Services Compensation Scheme (FSCS); complaints: Financial Ombudsman Service	1:30	register.fca.org.uk
Tier 1	CySEC · Cyprus	negative balance protection; Investor Compensation Fund (ICF) of CIFs; complaints: Financial Ombudsman of the Republic of Cyprus	1:30	cysec.gov.cy
Tier 1	ASIC · Australia	negative balance protection; complaints: Australian Financial Complaints Authority (AFCA)	1:30	asic.gov.au

What the FCA, CySEC and ASIC rules give a retail trader

Leverage caps
FX majors: 1:30 (FCA), 1:30 (CySEC), 1:30 (ASIC); lower on riskier assets.
Negative balance protection
Required for retail clients under all three regimes in our reference.
Margin close-out
The FCA and ESMA rules close positions at 50% of required margin; ASIC’s order also sets a close-out.
Compensation
Financial Services Compensation Scheme (FSCS): £85,000 per person per firm (investments). Investor Compensation Fund (ICF) of CIFs: €20,000 per client. Australia: no general scheme for CFD client money in our reference.
A complaints body
Financial Ombudsman Service, Financial Ombudsman of the Republic of Cyprus, Australian Financial Complaints Authority (AFCA).

These protections apply to accounts held by entities under those regulators. The rules for India are in the section above.

Leverage caps at three Tier 1 regulators

Maximum retail leverage at three Tier 1 regulators
Underlying	FCA (UK)	CySEC / ESMA (EU)	ASIC (AU)
FX majors	1:30	1:30	1:30
FX non-majors, gold, major indices	1:20	1:20	1:20
Commodities (ex gold), non-major indices	1:10	1:10	1:10
Individual equities	1:5	1:5	1:5
Cryptoassets	banned (crypto derivatives may not be sold to retail clients)	1:2	1:2

Source: our country reference, built from FCA PS19/18 and PS20/10, the ESMA CFD measures applied by CySEC and the ASIC CFD product intervention order. Not yet verified against those documents.

No bonuses on this site

We list no sign-up bonuses, cashback or deposit offers, under any entity.

A bonus offer is a reason to check which entity and which regulator stand behind it before you deposit.

Loss rates disclosed by Tier 1 entities of brokers on this page

Listed alphabetically · scale 0–100%

IC Markets73.46%
IG74%
Pepperstone74.1%

Source: each broker’s published risk warning, latest check 19 Oct 2026.

Whose figure this is

Each figure belongs to a brand’s Tier 1 entity. The entity that would hold an account for a resident of India may publish a different figure or none, and no figure here is a verdict on quality.

Compensation and complaints in India

Our reference records no compensation scheme and no negative balance protection for OTC forex in India, because residents are not permitted to trade it. Complaints against SEBI-registered intermediaries go through SEBI SCORES; an offshore broker is outside that system.

Something went wrong?

1Complain in writing to the SEBI-registered broker that holds your account
2Escalate through SEBI SCORES at scores.sebi.gov.in
3If a platform offered you offshore forex, check it on the RBI Alert List

Spot a clone

Clone firms copy real broker names and licence numbers. Search the number on the regulator’s own site (sebi.gov.in and rbi.org.in), compare the website address, and read the regulator’s warning list before you deposit.

Country rules: compiled from regulator sources, not yet verified · broker data up to 19 Oct 2026

Sources:rbi.org.in sebi.gov.in scores.sebi.gov.in

How we rank brokers

How to check a broker before you trade currencies from India

The check in India is whether the broker is registered with SEBI for exchange-traded products, and whether a platform appears on the RBI Alert List.

1Note the broker’s exact company name and SEBI registration number
2Find that registration on SEBI’s list of intermediaries
3Search the platform or app name on the RBI Alert List of unauthorised forex trading platforms
4Trade only exchange-listed currency derivatives in permitted pairs

Where to check

Spot an unauthorised platform

A platform that offers Indian residents leverage on global currency pairs is outside the permitted route. Search its name on the RBI Alert List before you send money; a name missing from the list does not make the platform authorised.

Scores by criterion

Each criterion scored 0–10. Darker means a higher score; an empty cell means not measured.

Scores by criterion
Broker	Costs	Platforms	Regulation	Accounts	Research	Support
Pepperstone	8.2	9.5	9.0	7.0	Not measured	Not measured
IG	7.6	8.5	9.0	6.0	Not measured	Not measured
IC Markets	6.8	9.5	8.0	8.5	Not measured	Not measured

Preliminary scores from published broker data. Research and support are not scored until live-account tests, and a broker with no published EUR/USD spread in pips has no costs score.

No further brokers

No other broker in our data accepts residents of India. The list above is complete as of the data date.

Not published

Methodology v1 · preliminary scores

How this ranking was built

A desk score from the brokers’ published terms. We have not opened live accounts yet, so nothing on this page is a test result.

1Copy published termsSpreads, commission, deposits, platforms and account types from each broker’s own pages, each with its date (latest 19 Oct 2026).
2Map entities to countriesEvery licensed company of a brand, the countries it serves and the licence number the broker publishes. Matching each number on the register is the next step.
3Score four criteriaCosts, platforms, regulation and accounts, 0–10 each, by a fixed formula. Research and support stay unscored until we test them.
4Apply this page’s ruleThe filter and sort written under the ranking heading. Ties are broken by the overall score.

Weights in the preliminary score

Costs · 31%
Regulation & safety · 31%
Platforms · 19%
Accounts & funding · 19%

3brokers scored
19 Oct 2026latest data check

What does not affect a score

Partner status and advertising. We have no affiliate or advertising agreements with brokers.

Published spreads behind the scores

Checked	Quote	Spread
19 Oct 2026	EUR/USD, Razor account, Pepperstone	0.1 pips
19 Oct 2026	EUR/USD, UK spread bet/CFD account, IG	0.6 pips
19 Oct 2026	EUR/USD, Raw Spread (Global) account, IC Markets	0.1 pips

Reviewed by the Low Spread Brokers team · 20 Oct 2026

Editorial policy Read the full methodology

What this ranking is, and what it is not

Scores from published data; no broker pays for a place on this list.

Who writes it

Each ranking is written and checked by the Low Spread Brokers team; the date of the data is printed under every list.

Low Spread Brokers teamAuthor and fact-checker

How we earn

We have no affiliate or advertising agreements with brokers, and no click to a broker is paid. If that changes, the site will say so first; partner status is not an input to any score, whose formulas use spreads, platforms, licences and account terms only.

What we don’t do

No bonuses or sign-up offers. No offshore leverage presented as a feature. No claim that we tested an account we have not opened. No personal investment advice.

How we make money and what does not affect a score

Best brokers by country

Each country page has its own ranking: only brokers with a company that accepts residents, ordered by a rule chosen for that country’s regulator, leverage caps and protections.

All countries

Country rules (compensation, complaints body, leverage caps) come from our country reference, which is not yet re-verified against each regulator; the regulator’s own text prevails.

Risk warning:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Low Spread Brokers does not give personal investment advice.

Advertiser disclosure How we rank brokers

Key pages on this site

FAQ

Forex trading in India: questions and answers

Country rules come from our reference, which is not yet verified against the regulators; broker facts are the brokers’ published terms up to 19 Oct 2026.

Ask a question

We cannot give personal investment advice.

1Is forex trading legal in India?

Partly. Residents may trade currency derivatives in permitted pairs on recognised Indian exchanges through SEBI-registered brokers, under FEMA. Trading forex or CFDs with an offshore broker is not authorised, per our country reference.