Best Forex Brokers in India for 2023 by Forex Peace Army
India is the second most populous country in the world, it is also one of the world's fastest growing. Forex trading is one of the newer types of investment in the country. Numerous brokers offering lucrative returns with little investments have started to promote Forex trading in India. However, forex scams are also on the rise, this has forced the Indian government to put stringent measures to regulate forex trading in the country.
In 1995 Indian government created The Securities and Exchange Board of India (SEBI) to regulate and oversee all financial institutions involved in the securities market. SEBI ensures that the security markets operate with transparency and integrity, without destabilizing the Indian market.
The SEBI is very serious when it comes to regulating and overseeing the security markets. The board regularly audits and supervises all brokers under its regulation to check for possible financial discrepancies. As a result, several investment firms, brokers, investors, and security companies have been fined or had their licenses canceled because of failing to adhere to the SEBI guidelines.
With the proper consent of the Indian authorities, traders can also register with the international brokers that don't have as SEBI license.
Here is a list of popular brokers accepting clients from India:
How can I start forex trading in India?
You would think that the first thing to do would be to create an account with a SEBI-accredited forex broker. Unfortunately, there are almost no forex brokers registered with SEBI. If you consider trading with the international forex brokers, please get a proper authorization.
You will also need a desktop or smartphone with internet access since you can only access the forex market online. Once you fund your trading account, you are good to go to start trading using the platform provided by your broker.
What currency pairs are accepted by the Indian forex market?
If you can find a SEBI registered broker, you can trade using all the currency pairs containing Indian Rupees as your quote or base currency. Also, you trade cross currency pairs, like GBPUSD, EURUSD, and USDJPY. Offshore brokers will generally offer a wider range of options.
I am from India. Can I trade with the international brokers?
Yes, India residents can trade with offshore international brokers if they have consent from the Indian authorities. However, if you get caught violating the existing rules can lead to fines and other legal complications. It is safer to trade with a broker that doesn't have a SEBI license only after getting the required approvals. Some scam brokers have known to threaten to report Indian clients to the police, so take your time and carefully research the reputation of any offshore broker you are considering.