Before looking for a trusted top forex broker in India to handle your funds, consider whether you can legally trade forex。

Many people are eager for opportunities to profit from Forex trading, which offers unlimited opportunities for everyone who can operate a smart device。But not every forex broker can legally trade and still make huge profits。However, before looking for a trusted top Indian forex broker to handle your funds, consider whether you can legally trade forex。

A.India Forex Trading

Does India allow foreign exchange transactions?？The short answer to this question is: India allows Forex trading, but there are many restrictions on Forex trading in India。

The Reserve Bank of India (RBI), as the regulator of foreign exchange trading in India, together with the Securities and Exchange Commission (SEBI), as the regulator of the Indian stock market and foreign exchange brokers, is responsible for regulating foreign exchange trading.。The Reserve Bank of India (RBI) introduced the Foreign Exchange Management Act (FEMA) in 1999 as the legal framework for foreign exchange trading activities in India.。However, by law, Indian forex brokers can only offer options on four currency pairs and three exchange-traded currencies.。

Currency pairs allowed to trade in India include USD / INR, EUR / INR, GBP / INR and JPY / INR; there are also EUR / USD, GBP / USD and USD / JPY as extensions of the four major currency pairs。So what if someone wants to trade other currency pairs (e.g. AUD / USD)？

Retail traders cannot legally do so through a SEBI regulated forex broker。As a result, Indian residents can only access a wider range of opportunities by opening accounts with foreign forex brokers.。

Fortunately, many foreign brokers are now expanding their operations in the Asian region, including India, and some have even managed to introduce special rewards for Indian traders.。

B.How to trade with foreign currency dealers？

Foreign exchange is one of the most important issues for each country, it determines the lifeblood of the country, because every export and import will be paid according to its currency exchange rate。Foreign exchange transactions may also affect the country's foreign exchange reserves。From this line of thought, the Indian government's decision to strictly regulate foreign exchange trading is understandable.。

India is not the only country that has restricted foreign exchange trading, there are several other countries that have banned free foreign exchange trading for various reasons, such as China and Iran.。These countries rarely prevent individuals from registering with foreign forex brokers。However, they may crack down on foreign forex brokers operating illegally in the country.。

If people in these countries want to trade forex with foreign forex brokers, look for。There are a myriad of options that may or may not be legal, whether they can secure funds。Therefore, you need to perform some appropriate procedures to choose the right broker:

1. Ensure that the broker is regulated by a reputable regulator and is located in a country known for its good financial laws, such as the US, UK, Australia or Europe。
   Ensure that the broker has a good reputation among forex traders, which you can check with the testimony of online forums such as Forex Factory, Forex Peace Army。
   Be wary of any claims that brokers are blocking withdrawals or arbitrarily using traders' funds to trade。

C.3 Top Forex Traders in India

There are many top forex brokers regulated by reputable regulators and these are the top three that offer the best conditions for residents of India。

1. Forex.com

Minimum capital requirement: $100
Maximum leverage: up to 1: 50
Trading platform: Forex.com proprietary platforms, MetaTrader 4, MetaTrader 5
Advantages:

• Reputable company, one of the best in the world。
  Hold multiple licenses and have been registered in multiple countries。
  Provision of DMA (Direct Market Access) dedicated accounts。

Forex.Com is one of the world's largest forex brokers and is fully regulated in countries like the US and UK, so you can rest assured that your funds are safe and secure.。However, making transfers to U.S.-regulated brokers can sometimes be painful。The company only receives transfer payments by bank wire transfer, which takes days to process and requires significant fees。

2. Exness

Minimum capital requirement: $500
Maximum Leverage:1:200
Trading Platforms: MetaTrader 4, MetaTrader 5, Mobile Trading Platforms and MT4 WebTerminal
Advantages:

• Fast order execution from 0.01 seconds start。
  Most payment systems allow instant withdrawal of funds and are commission-free。
  Latest financial news from Dow Jones and free analysis from Trading Central。

Exness is authorised and regulated by the UK's Financial Conduct Authority (FCA) with registration number 730729 and is also registered across Europe through MiFID II.。Exness is ideal for Indian traders with low capital requirements and diverse account products。The official Exness website is available in dozens of languages, including Hindi。

3. XM Group

Minimum capital requirement: $5
Maximum Leverage:1:30
Trading platform: MetaTrader 4 and MetaTrader 5 for desktop (PC / MAC), mobile and web traders
Advantages:

• Free swap accounts available (Sharia-compliant trading accounts)。
  Zero fees for deposits and withdrawals through most available payment gateways。
  Free VPS services and loyalty programs for qualified customers。
  Over 1000 instruments available for trading。

XM Group is authorised and regulated by the Cyprus Securities and Exchange Commission (CySec) and is also MiFID II compliant, legalising its operations in Europe。XM Group is ideal for Indian traders as they offer multilingual website and personal account manager。No matter what information you need, you can contact them 24 / 5。

4. eToro

Minimum capital requirement: $200
Maximum Leverage:1:400
Trading Platforms: eToro Desktop Platform and Mobile Trader
Advantages:

• Multi-asset facility where you are free to plan and trade with the best portfolio in the market。
  World-renowned documentary trading platform with extensive social trading network。

Do you want to trade more than just currency？eToro is a leading multi-asset brokerage offering cryptocurrencies, stocks, commodities and foreign exchange on a single platform, authorized and regulated by CySec Cyprus, FCA UK, ASIC Australia and others.。

5. FXCM

Minimum capital requirement: $1
Maximum Leverage:1:400
Trading platform: MetaTrader4 and Trading Station II for desktop and mobile devices
Advantages:

• Multi-license holder, one of the most famous forex brokers in the world。
  Zulutrade Direct Connect is for anyone looking for a documentary deal。
  Trading Station II, a multi-functional trading platform, enables you to execute without a trading desk through micro-hands, one-click trading, automated trading and strategy backtesting。

FXCM is regulated and authorized by the UK FCA to provide foreign exchange trading facilities in Europe, and the company also has a subsidiary in Bermuda that provides foreign exchange trading elsewhere.。One of the most important advantages of FXCM is its proprietary trading platform Trading Station。Although Metatrader4 is arguably the most popular platform, many professional traders succumb to the superiority of Trading Station。If you don't need Expert Advisor (an advantage of Metatrader), then Trading Station II is the better choice。

6. HF Markets

Minimum capital requirement: $5
Maximum Leverage:1:1000
Trading platforms: MetaTrader4, MetaTrader5 and HFM mobile platforms
Advantages:

• Flexible leverage and 24 / 5 dedicated support in over 27 languages。
  Excellent trading tools including free VPS hosting, exclusive HFM analysis, HF SMS service and HFM app for anytime, anywhere transactions。
  Free account funding and a variety of promotions, including performance-based competitions and trading rewards from loyalty programs。

HF Markets, formerly HotForex, is a well-known retail CFD broker with extremely competitive trading conditions.。Their market is particularly aimed at novice traders, offering cents and micro accounts; it also offers PAMM (premium) and zero spread accounts for traders with more experience and higher funding capabilities.。