By Hemant SharmaJust a few years back, online forex trading became a huge thing, and it was like everyone was interested in doing this all of a sudden. But it is not like some get-rich-quick scheme or anything like that, but there were some so-called gurus and online forex brokers that were promoting it like that. So sure enough, RBI had to do something about it, and sure enough, they took action and blacklisted some of the famous forex brokers in the market. And as of 2025, if you truly want to get yourself going with forex trading right here in India, you should only use the apps or online platforms that are RBI-approved. For that very reason, we’re here with this list of the Top 10 Popular RBI Approved Forex Brokers in India 2025. So, let’s just get going with this.
1. Zerodha
It is a 100% true that the biggest stockbroker in India is Zerodha, hands down the best one out there. It is one of the few platforms that legally conduct forex trading following RBI regulations. Being a SEBI-regulated broker, you are assured of safety. On currency futures and options, you can trade at NSE and BSE in pairs like USD/INR, EUR/INR, GBP/INR, and JPY/INR, which are allowed for the retail traders in India. Zerodha does everything to steer clear of spot forex and CFDs, too. Hence, it is fully compliant with RBI and FEMA.
2. Interactive Brokers
This surely is one of those kinda rare foreign brokers to get SEBI registration. Being also a member of the NSE and BSE, Indian traders are allowed to trade currency derivatives on the platform. Advanced platform giving traders access to Indian and global markets. They don’t list leveraged spot forex pairs like EUR/USD, but they do allow you to trade INR-based currency futures just like Zerodha. So head on to their official page, create your account, and navigate through the dashboard, that’s all it takes.
3. Exness
It is not SEBI-regulated. However, granted by the best ones in the business, such as the UK’s FCA and Cyprus’s CySEC. Indian traders are into it for withdrawals at lightning speed, ultra-tight spreads starting at 0.0 pips, and INR deposits via e-wallets. Now, the catch is that spot forex trading is technically not legal under FEMA on Exness, but many Indian traders keep using it. That is for the smooth platforms (MT4 and MT5) and easy signing up!
4. IC Markets
From Australian Shores, the company is regulated under ASIC, a top-tier licensing authority. It is not licensed by SEBI, but Indian traders use it due to the impressive spreads rendering prices on the pairs sometimes as low as 0.1 pips on EUR/USD and fast execution. One can get the MetaTrader 4, MetaTrader 5, or cTrader platform with this one. Many Indians use e-wallets as a workaround solution to bank troubles. It’s that simple!
5. FOREX.com
FOREX.com is a worldwide company and is regulated by the NFA in the USA and the FCA in the United Kingdom. It is not SEBI-authorized, yet Indian traders intermingle freely with this entity and trade with it. Being novice-friendly in its tools, and their education support is simply wonderful. Here, traders can trade over 80 pairs of currency, plus commodities and indices, with the deposits beginning at $100 (approximately ₹8,600).
6. FXTM (ForexTime)
FXTM is a big-name Forex global brokerage regulated under the FCA and CySEC, and thus highly popular with Indian traders. It is not regulated by SEBI, yet it accepts Indian clients and offers very flexible accounts, especially with regard to zero spreads. The trading platforms offered include MetaTrader 4 and 5, while the minimum deposit is only USD 10 (around ₹860). FXTM provides you with tutorials and webinars aimed at beginners, so just go with that.
7. HotForex (Now HFM)
HotForex, now known as HFM, is another broker that holds licenses from the FCA, CySEC, and FSCA in South Africa. The Indian trader community prefers it for its less-amount-to-start trading of $5 and fundability via INR wallets. The broker supports MT4 and MT5 platforms and charges from 0.1 pip spread in major pairs. Even though not recognized by SEBI, it is preferred by many because of its fast execution and prompt customer service. Just head to their site, sign up, and you are set to go with over 50 currency pairs.
8. AvaTrade
AvaTrade is an established company and is regulated by both the Central Bank of Ireland and ASIC. Being so highly regulated, the company maintains segregated client funds and has high-risk controls in place. Indian traders can register with AvaTrade and deposit funds in INR. They can then start trading using the MetaTrader platforms or the highly intuitive AvaTradeGo mobile app. To create an account, you will visit the official site, enter your details, and then log in to the dashboard. That’s all it takes! It is about simplicity and security.
9. Saxo Bank
Located in Denmark, Saxo Bank is a premier brokerage regulated by the Danish FSA. It is not registered with SEBI; however, Indian traders can certainly use it to trade in over 180 currency pairs, including the INR-based ones. But, here is the catch, the minimum deposit is on the higher side, there is a $2,000 minimum! So, it is better for experienced traders. Just go to the official site, register yourself, and explore the SaxoTraderGO or SaxoTraderPRO platform.
10. FXPro
FXPro has been around since 2006, and hence is regulated by FCA and CySEC, so no doubt Indian traders fancy it. Offering the MT4, MT5, and cTrader platforms, FXPro is capable of giving spread of 0.1 pip. To get started, go to FXPro’s website and register/log in. These accounts get fast executions, negative balance protection, and segregated funds for extra protection. FXPro runs more than 2 million accounts worldwide, so the broker is very much geared for large-volume trading.
Conclusion
If in 2025, you truly want to make sure that you put your money into forex trading, then doing just that with these brokers will be the safest option. And sure enough, since these are quite literally the market leaders, you can be sure that you’ll get the best service possible right here in India.