SEBI Regulated Forex Brokers in India - Top Listed for 2021

For currencies operating under a floating exchange rate regime, the foreign exchange market is a global decentralized or over-the-counter market in which those currencies are traded. This market determines foreign exchange rates for all floating currencies. The FOREX market is the world's biggest market where every day 5 trillion transactions occur.

SEBI Regulated Forex Brokers in India


In terms of Forex trading, the line between legal and illegal Forex trading is still not clear. India has a somewhat confusing standpoint by allowing Forex trading but limiting it to certain requirements. For example, foreign Forex companies are welcome and have free hands, while Indian citizens are restricted to trade under certain conditions (which will be discussed below). India also maintains proper authorities to keep oversight over the financial markets in the country, which are in charge of market integrity, transparency, and protection of market participants.

The SEBI Authority

The Securities and Exchange Board of India (SEBI) dates back to 1988 when it was first established. In 1992, it was granted official legal power. Its role is to regulate the securities and capital markets in India. The role of the SEBI has grown, and it actually has the power to approve relevant by-laws, conduct inspections on companies’ records and their shares, and among other things, issue broker licenses.

List of Best SEBI regulated Forex Brokers in India 2021

Best SEBI regulated forex broker list

Among all of the above our choice is Exness, 

india's best forex broker 2021

SEBI and Forex

SEBI is also in charge of the registration of Forex brokers. Many people even today remain confused about whether Forex trading is legal or illegal in India. Well, it turns out that it is half-way legal, and that trading currencies are allowed if the traded currency pair includes the INR (Indian Rupee). In fact, only four currency pairs can be legally traded in India. Those are:

Also, Internet trading via online platforms is not permitted to Indian citizens. Trading including always the INR is aimed at strengthening the currency and avoiding further weakening. The Indian Reserve Bank is short of dollars, and Indian traders looking to trade, for example, USD/EUR, would buy their dollars from the Reserve Bank and send the money out of the country which means that the Reserve Bank would be faced with additional shortages. If the majority of Indians traded the dollar (which is the most traded currency) outside of India, the Bank would come to a point to be compelled to buy the USD with INR at cheaper rates.

That would weaken the already weak national currency, and the Indian government tries to prevent the devaluation of the currency. Still, Forex is a highly decentralized market hard to track down, and many European and American brokers established their seats in India and run their businesses normally for their European, American, and other non-Indian clients. Indian traders are allowed but at their own risk.

International Brokers and Restrictions for Residents

Internationally established brokers are not illegal, only Indian citizens are not allowed to use online platforms, and are restricted to trading with INR and SEBI registered brokers. If the international brokers fit this profile, Indians can trade freely. Nevertheless, many Indians can be found trading illegally without paying attention to whether the broker is “approved by SEBI or not” and enjoy online trading with international brokers. This is also one of the reasons why global brokers profit with regional offices in India.

Still, it seems that the Indian government is giving in to the pressure and new legislation has been launched to legalize cross-currency pair trading which includes the aforementioned currencies only combined with each other (USD/EUR, USD/JPY, EUR/GBP, etc.). India is one of the countries with the biggest gap between the rich and poor, but that does not affect Forex companies. Since the number of wealthy Indians is pretty much high, the Forex market does not lack Indian clients who seem to have developed a true passion for currency trading.

Other Forex market regulators

world forex regulated agency

Why Choose Exness?

Quick info

  • Founded: 2008
  • Regulator: FSA, Seychelles
  • Minimum deposit: $1
  • Leverage: Up to 1:2000
  • Average spread: 0 (Zero and Raw spread) 0.3 – Standard
  • Platforms: MT4, MT5, Web, Mobile  

Why trade forex with Exness.

– Super tight spreads
– Instant automated Withdrawals and deposits 24/7
– Multiple withdrawal and deposit methods
– Negative balance protection
– Regulated broker
– Mpesa and Mobile money broker  
– Funding in local currency

India's Best forex broker award 2021

Exness Forex Broker Review

Regulation – 4.3
Exness is regulated by FSA Seychelles.
Trading Instruments – 4.8
Exness offers the following trading instruments: Forex, metals, cryptocurrencies, energies, indices, and stocks.
Trading costs – 4.9

  1. Exness is one of the best forex brokers with low costs.
  2. The Professional accounts (Raw Spread and Zero) have average spreads 0 pips on EURUSD and 0.5 pips on GBPUSD.
  3. These attract a commission of $7 per lot round-turn.
  4. While the standard account has average spreads 10 pips on EURUSD and 15 pips on GBPUSD.

Withdrawal and deposit methods – 5
Online Bank Transfer, Bitcoin, VISA, Mastercard, Perfect Money, WebMoney, NETELLER, Skrill, Internal Transfer, Mobile Money.
Exness is a broker of choice for traders who want to transact with M-Pesa or with MTN mobile money and Airtel money.

I should also mention, the Internal transfer method allows you to send or receive money from someone who has an Exness account. Nice.
Client funds are held in bank accounts separate from those used by the company.

Trading Platforms – 4.6
MetaTrader 4, MetaTrader 5, MT WebTrader, MT iPhone/iPad, MT Android, MT Mac

Trading tools – 3.8
Exness provides Forex Calculators, Converters, and VPS hosting.
Trade Execution – 4.8
Very fast without re-quotes.

Customer care and support – 4.9
Available 24/7

Final thoughts on Exness.

Do you want a good forex broker? A forex broker with low trading costs?

Then try Exness is your best bet. I hope this exness review has helped you pick a forex broker.

Do you trade with Exness? Share with us your trading experience in the comments section below.

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