In India, Forex trading is generally limited to currency derivatives (like currency futures and options) traded on recognized exchanges such as NSE (National Stock Exchange) and MCX-SX. The platforms available for Forex trading in India must be SEBI-regulated and offer access to these currency derivative markets.
Here’s a list of the best Forex trading platforms in India that are widely used by traders:
1. Zerodha Kite
Platform Type: Web-based and mobile app.
Regulation: SEBI (Securities and Exchange Board of India).
Leverage: Up to 1:50 for currency futures.
Spreads: Tight spreads, with no hidden charges.
Pros:
Low brokerage fees and transparent pricing.
User-friendly interface, suitable for both beginners and experienced traders.
Access to advanced charting tools (TradingView integrated) and technical analysis features.
Zero minimum deposit requirement.
Cons: Limited research tools compared to some full-service brokers.
Why it's great for Indian traders: Zerodha is India's largest discount broker and offers a simple, low-cost Forex trading solution through its Kite platform. Its ease of use, low fees, and strong charting tools make it popular among retail traders.
2. Upstox Pro
Platform Type: Desktop, Web-based, and Mobile App.
Regulation: SEBI, NSE, BSE, MCX-SX.
Leverage: Up to 1:50 for currency futures.
Spreads: Competitive spreads.
Pros:
Low brokerage fees and zero account opening charges.
Provides advanced charting features and trading indicators.
Real-time data and quick execution.
Customizable interface.
Cons: Limited research content compared to full-service brokers.
Why it's great for Indian traders: Upstox Pro offers a robust trading experience for those looking to trade currencies and equity derivatives. The platform is lightweight, fast, and offers a clean user interface for ease of navigation.
3. Angel One (Angel Broking)
Platform Type: Web-based, Desktop, and Mobile App.
Regulation: SEBI, NSE, BSE, MCX-SX.
Leverage: Up to 1:50 for currency futures