RBI approved Forex Broker in India

Created on 21 Jun 2023

Wraps up in 6 Min

Read by 51.5k people

Updated on 04 Dec 2023

Forex trading is like a roller coaster ride. It can be thrilling, exhilarating, and rewarding but also scary, risky, and challenging. Precisely speaking, forex trading is the act of buying and selling foreign currencies in the global market, hoping to make a profit from the fluctuations in exchange rates.

But before you hop on this ride, you need to know one thing: forex trading is not legal in India. Well, not entirely. You see, India has some strict rules and regulations when it comes to forex trading. And if you don’t follow them, you may end up in legal trouble or worse.

So, how can you trade forex legally in India? The answer is simple: you need to choose an RBI-approved forex broker. 

RBI stands for Reserve Bank of India, which is the central bank and the regulator of the foreign exchange market in India. RBI monitors and controls the flow of foreign currency in and out of the country. It also issues guidelines and rules for forex trading activities in India.

One of the rules that RBI has imposed is that Indian residents can only trade forex through brokers that are registered and regulated by SEBI and RBI. 

SEBI stands for Securities and Exchange Board of India, which is the government regulator for stock and securities in India. SEBI and RBI work together to ensure that forex trading in India is legal, safe, and fair.

In this blog post, we will explain why you should choose an RBI-approved forex broker, how to find one, and how to do well in forex trading. We will also share some tips and tricks on how to trade forex successfully in India. So, buckle up and let’s get started!

Why Choose an RBI-Approved Forex Broker?

Choosing an RBI-approved forex broker is not only a legal requirement but also a smart decision for Indian forex traders. Here are some of the benefits of trading with an RBI-approved forex broker:

How to Find an RBI-Approved Forex Broker?

Finding an RBI-approved forex broker is not an easy task, as there are only a few brokers that meet the criteria set by SEBI and RBI. Moreover, some of these brokers may not offer the best trading conditions or platforms for forex traders. Therefore, you need to do some research and comparison before choosing an RBI-approved forex broker.

Here are some of the factors that you should consider when looking for an RBI-approved forex broker:

Now that you know how you can find an RBI-approved Forex broker, let’s make your task of finding the best broker easier by telling you some top names in the market.

The RBI-Approved Forex Brokers

Based on the above criteria, here are some of the RBI-approved forex brokers that you can consider for forex trading in India:

List of Unauthorised Forex Brokers

Knowing which platforms are unauthorised is more important than knowing which are authorised. So, to keep the investors and traders safe from fraudulent practices, RBI has a list of 56 unauthorised forex brokers, out of which here are some: 

Some unauthorised forex brokers:

Tips and Tricks for Forex Trading in India

Forex trading in India can be a rewarding and exciting thing if you know what you are doing. However, it can also be a daunting and challenging task if you are not prepared or informed. So, to assist you in this, here are some tips and tricks that can help you trade forex successfully in India:


When it comes to trading in the dynamic world of forex, it is always wise to partner with an RBI-approved forex broker in India. These brokers provide a secure and regulated trading environment, ensuring investor protection and transparency. By choosing an RBI-approved broker, you gain access to reliable platforms, fair trading conditions, and excellent customer support. However, it is essential to conduct your due diligence and select a broker that aligns with your trading goals and preferences. 

To simplify the process of selecting the right broker, you can compare from a pool of 20+ stock brokers in Select. Trade with confidence, and embark on your forex journey with an RBI-approved broker by your side. Happy trading!