Best Forex Brokers for Indian Traders – SEBI vs Offshore + MT4/MT5

Top Forex Brokers for Indian Traders

⚖️ Legal Note: In India, only SEBI-regulated brokers are legal for forex trading under RBI’s FEMA Act. Offshore brokers offering MT4/MT5 are not authorized for Indian residents, even if they allow registration. Trade at your own risk.

💻 MT4/MT5 Platforms – What Indian Traders Should Know

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular trading platforms for forex, offering advanced charts, EA bots, and custom indicators.

✅ These are widely used by offshore brokers like Exness, XM, and OctaFX.
❌ SEBI-regulated brokers in India do not offer MT4/MT5 directly. They use native platforms or NSE interfaces.
⚠️ Using MT4/MT5 via offshore brokers from India may violate FEMA/RBI norms.

✅ SEBI-Regulated Brokers (Legal in India)

✅ IG Markets (SEBI Regd.)

Operates legally in India. No MT4/MT5. Uses IG proprietary web platform for forex & derivatives.

Visit IG

✅ ICICI Direct (SEBI Regd.)

Legal for INR-based forex derivatives. No MT4/MT5. Trades via NSE platform (USDINR, EURINR).

Visit ICICI

✅ Zerodha (SEBI Regd.)

India’s largest broker. No MT4/MT5. Offers currency futures on Kite platform.

Visit Zerodha

⚠️ Offshore Brokers Offering MT4/MT5 (Not SEBI-Regulated)

⚠️ Exness (MT4/MT5 | Offshore)

Supports MT4 and MT5. No SEBI license. Not legal for Indian residents under FEMA.

Visit Exness

⚠️ XM (MT4/MT5 | Offshore)

Global broker with both MT4/MT5. Offshore regulation. Not authorized in India.

Visit XM

⚠️ OctaFX (MT4/MT5 | Offshore)

Offers MT4/MT5 with high leverage. Banned by Indian authorities in the past. Risky for Indian users.

Visit OctaFX

📢 Final Reminder: While MT4 and MT5 are powerful platforms, using them via non-SEBI brokers from India can result in RBI violations. Stick to SEBI-regulated platforms for safety.