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.
• Spreads: Average, with good liquidity.
• Pros:
  • Offers comprehensive research and market analysis tools.
  • Reliable platform with fast order execution.
  • Provides educational content for beginner traders.
  • Good mobile app for on-the-go trading.
• Cons: Higher brokerage fees compared to discount brokers.

Why it's great for Indian traders: Angel One’s platform is well-suited for beginners because of the educational resources, research reports, and solid customer support. The mobile app allows you to trade anywhere.

4. ICICI Direct

• Platform Type: Web-based and Mobile App.
• Regulation: SEBI, NSE, BSE, MCX-SX.
• Leverage: Up to 1:50 for currency futures.
• Spreads: Competitive, with premium services.
• Pros:
  • Access to advanced trading tools and charts.
  • Comprehensive research and market analysis.
  • Offers a secure trading environment with quick trade execution.
• Cons: Higher brokerage charges compared to discount brokers.

Why it's great for Indian traders: ICICI Direct is a trusted name in the Indian stock and currency trading space. The platform is designed for serious traders who need more than just basic tools, offering access to extensive research and market analysis.

5. HDFC Securities

• Platform Type: Web-based and Mobile App.
• Regulation: SEBI, NSE, BSE, MCX-SX.
• Leverage: Up to 1:50 for currency futures.
• Spreads: Competitive spreads with multiple currency pairs.
• Pros:
  • Comprehensive research and market reports.
  • Strong customer service and support.
  • Good mobile app and web platform for easy trading.
• Cons: Higher brokerage fees than discount brokers.

Why it's great for Indian traders: HDFC Securities offers a premium experience with advanced charting and personalized advisory services, ideal for traders looking for research-driven decisions.

6. Fyers One

• Platform Type: Desktop and Mobile App.
• Regulation: SEBI, NSE, BSE.
• Leverage: Up to 1:50 for currency futures.
• Spreads: Transparent pricing with low cost.
• Pros:
  • Low brokerage fees and easy-to-use platform.
  • Offers advanced charting and customizable layout.
  • Real-time market data with high-speed execution.
• Cons: Limited research tools compared to some full-service brokers.

Why it's great for Indian traders: Fyers is a discount broker that provides a highly user-friendly platform with low trading costs, making it great for traders looking for quick execution and advanced technical analysis.

7. Sharekhan Trade Tiger

• Platform Type: Desktop, Web-based, and Mobile App.
• Regulation: SEBI, NSE, BSE, MCX-SX.
• Leverage: Up to 1:50 for currency futures.
• Spreads: Average, with good liquidity.
• Pros:
  • Advanced charting tools with custom indicators.
  • Strong market research and advisory services.
  • Real-time data feeds and customizable interface.
• Cons: Higher brokerage fees compared to discount brokers.

Why it's great for Indian traders: Sharekhan’s Trade Tiger platform offers robust tools and research for both novice and experienced traders. It also has an easy-to-navigate interface and is known for excellent customer support.

8. Kotak Securities

• Platform Type: Web-based, Desktop, and Mobile App.
• Regulation: SEBI, NSE, BSE, MCX-SX.
• Leverage: Up to 1:50 for currency futures.
• Spreads: Competitive spreads for currency pairs.
• Pros:
  • Excellent customer support and education resources.
  • Access to research reports and analytical tools.
  • Secure platform with quick execution.
• Cons: Slightly higher brokerage charges.

Why it's great for Indian traders: Kotak Securities is a reputable broker with a strong reputation in the Indian market. It offers extensive research and educational tools, making it great for beginners who want to learn more about trading strategies.