Economy
Best Indian Forex Brokers For 2023 Revealed By Analysts
The Indian Forex market has gained traction in recent years, and more traders are looking for reliable brokers to cater to their needs. With the increasing number of options available, choosing the right broker becomes critical for novice and experienced traders.
In this context, TU experts revealed a list of the best Indian Forex brokers to guide traders in making an informed choice, ensuring they have access to top-notch services and platforms for a seamless trading experience.
Forex regulations in India
TU experts highlight that Forex trading in India is subject to regulations and restrictions. While Indian traders can trade with local exchanges such as NSE, BSE, and MCX-SX, they are limited to currency pairs involving the Indian Rupee (INR). Trading non-INR forex pairs is illegal under the FEMA Act. Although many international Forex brokers accept Indian traders, residents must adhere to the law, limiting their access to certain instruments.
What Forex brokers accept Indian Rupee (INR)?
According to Traders Union analysts, several Forex brokers accept Indian Rupee (INR) deposits, allowing Indian traders to manage their funds in their local currency. Some of these brokers include:
- IC Markets: Regulated by ASIC (Australia) and CySEC (Cyprus), this broker offers competitive transaction fees for trading with Indian Rupees.
- Exness: With regulation from the FCA (UK) and the Financial Services Authority (FSA) in Seychelles, Exness provides a reliable platform for traders to deposit and withdraw funds in INR.
- RoboForex: This IFSC (Belize) regulated broker accepts Indian Rupee deposits and offers various trading instruments and platforms.
- FXTM: Regulated by the FCA (UK) and CySEC (Cyprus), FXTM supports INR deposits and withdrawals for Indian traders.
How to choose a Forex account in India?
TU experts recommend considering the following factors when choosing a Forex account in India:
- Safety and regulation: Ensure a reputable authority, such as RBI or international regulatory agencies like ASIC, FCA, or CySEC, regulate the broker.
- Trading conditions and fees: Compare spreads, leverage, execution speed, and potential hidden fees across brokers.
- Trading platforms: Opt for a user-friendly, reliable, and feature-rich trading platform, preferably with a mobile app.
- Customer support: Look for brokers with dedicated, responsive, and multilingual customer support teams.
- Reputation and track record: Research the broker’s financial stability, client satisfaction, and notable events or incidents.
Best Forex Brokers in India
Traders Union experts have compiled a list of the best Forex brokers in India based on their performance, reliability, and services offered:
OctaFX
OctaFX trading offers diverse assets and tools, including 35 currency pairs, over 150 CFDs on stocks, 10 indices, 5 commodities, and over 30 cryptocurrency pairs, making it an attractive option for Indian traders.
RoboForex
RoboForex supports Forex, stock, and crypto trading, providing access to over 8,700 trading assets and competitive commissions, depending on the chosen account.
Pocket Option
Pocket Option offers a wide range of trading instruments, including Forex, commodities, stocks, cryptocurrencies, and indices, with a minimum deposit of just $50 and spreads starting from 0.0 pips.
Tickmill
Tickmill, a leading Forex broker, offers 60+ currency pairs and CFDs on stocks, commodities, indices, and bonds. With competitive pricing, low spreads, multiple account types, and excellent customer support, Tickmill caters to traders of all levels.
EXNESS Group
EXNESS Group, a well-established Forex broker, provides 120+ currency pairs and CFDs on cryptocurrencies, stocks, energy, and metals for Indian traders. Offering low commissions, instant order execution, and fast withdrawals, EXNESS suits various trading styles and includes a demo account for practice.
Conclusion
The best Indian Forex brokers for 2023, as revealed by Traders Union, are OctaFX, RoboForex, Pocket Option, Tickmill, and EXNESS Group. These brokers offer unique advantages, competitive trading conditions, and excellent customer service. It is crucial for traders to carefully evaluate their individual needs and preferences before choosing a Forex broker to ensure a satisfying and successful trading experience. For more information on these top Indian Forex brokers and other valuable trading insights, visit the Traders Union’s official website.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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