In India, Forex trading is regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). While Indian residents are not allowed to trade directly in the global Forex market with foreign currencies (like USD/EUR pairs), they can trade currency pairs involving the Indian Rupee (INR) through registered Forex trading companies that comply with Indian regulations.

Below is a list of some of the top Forex trading companies in India:

1. Zerodha

• Overview: Zerodha is one of the leading and most popular stockbrokers in India, and it also provides Forex trading through Currency Derivatives. It is known for its low brokerage fees and user-friendly trading platforms.
• Key Features:
  • Offers currency trading with FO (Futures and Options) contracts on NSE and MCX-SX
  • NSE and BSE currency derivatives for trading INR pairs (USD/INR, EUR/INR, etc.)
  • Low brokerage and transparent pricing
  • Kite trading platform that supports charting tools and technical analysis
• Best For: Beginner and intermediate traders looking for a low-cost trading platform for currency derivatives.

2. Upstox

• Overview: Upstox is another prominent stockbroker in India that offers Forex trading with currency derivatives on Indian exchanges. It offers competitive pricing and a variety of tools to assist traders in making informed decisions.
• Key Features:
  • Offers trading in currency futures and options on NSE, BSE, and MCX-SX
  • Robo advisory services for automatic portfolio management
  • Upstox Pro trading platform with advanced charting tools
  • Low brokerage and free market data
• Best For: Traders who want a feature-rich platform and automated advisory tools.

3. Angel One (formerly Angel Broking)

• Overview: Angel One is one of India’s oldest stockbroking companies, and it offers trading in currency derivatives on major exchanges. It has an established reputation for excellent customer service and educational resources.
• Key Features:
  • Offers currency futures and options trading on NSE and MCX-SX
  • Angel Broking App and Angel SpeedPro platforms with real-time data
  • Educational content for beginners to understand currency trading
  • Investment advisory and research support
• Best For: Beginners and traders looking for a reliable broker with educational resources and low costs.

4. Sharekhan

• Overview: Sharekhan, a part of the BNP Paribas group, is one of the most trusted Forex and stock trading companies in India. It offers currency derivatives trading on the NSE and MCX-SX exchanges and provides a seamless trading experience.
• Key Features:
  • Offers currency futures and options on NSE and MCX-SX
  • Sharekhan TradeTiger platform with advanced charting and technical analysis tools
  • Offers educational resources and training programs for Forex traders
  • Customer support and research for informed trading decisions
• Best For: Traders looking for a long-established platform with a wide range of tools and resources.

5. ICICI Direct

• Overview: ICICI Direct is a leading financial services company in India that offers Forex trading services through its currency derivatives trading segment. It allows traders to trade in INR-based currency pairs on exchanges like NSE and MCX-SX.
• Key Features:
  • Provides access to currency futures and options contracts on the NSE and BSE
  • ICICI Direct Trader platform with user-friendly interface and advanced charting tools
  • Investment advisory services and market research
  • Robust customer service and secure trading environment
• Best For: Traders looking for a trusted, well-established platform backed by a strong financial institution.

6. 5Paisa

• Overview: 5Paisa is an affordable and popular trading platform in India, offering services for both stock and Forex trading. It provides access to currency trading on the NSE and MCX-SX exchanges.
• Key Features:
  • Offers currency derivatives trading on NSE and MCX-SX
  • 5Paisa Mobile App and desktop platform for easy trading
  • Low-cost brokerage and affordable pricing
  • Research and advisory services for better trade decision-making
• Best For: Budget-conscious traders looking for low brokerage rates and easy-to-use platforms.

7. Kotak Securities

• Overview: Kotak Securities is a well-known name in India's financial sector. It offers currency futures and options on the NSE and MCX-SX, and provides a comprehensive suite of trading tools and services.
• Key Features:
  • Offers trading in currency futures and options contracts on the NSE and BSE
  • Kotak Stock Trader platform for currency trading
  • Educational content and customer support for Forex traders
  • Integrated research services to help with decision-making
• Best For: Traders seeking a well-established platform with full-service support and reliable research.

8. HDFC Securities

• Overview: HDFC Securities is a major player in the Indian trading market, offering trading in currency derivatives through the NSE and MCX-SX. It is a part of the HDFC Bank group, ensuring trust and reliability.
• Key Features:
  • Offers currency futures and options on the NSE and MCX-SX
  • HDFC Securities App and Web-based platforms for trading
  • Research reports and investment advisory services
  • Robust customer support and educational resources
• Best For: Traders who prioritize reliability and financial security with trusted research resources.

9. Motilal Oswal

• Overview: Motilal Oswal is a prominent stockbroker in India, offering Forex trading services through currency derivatives. The company is known for its investment research and analytical tools.
• Key Features:
  • Offers currency futures and options on the NSE and MCX-SX
  • Motilal Oswal Trading App with real-time charting and technical tools
  • Research and advisory services to assist Forex traders
  • Personalized customer service and educational content
• Best For: Traders looking for a reliable company with strong research capabilities.

10. Kotak Mahindra Bank

• Overview: Kotak Mahindra Bank provides Forex trading services through currency derivatives. It has a strong reputation for offering comprehensive financial services and a robust trading platform.
• Key Features:
  • Offers currency futures and options on NSE and BSE
  • Trading platform with advanced charting and analysis tools
  • Market research and financial advisory
  • Customer support with a focus on quality service
• Best For: Traders who need a trusted and efficient trading platform backed by a strong banking institution.

Things to Consider When Choosing a Forex Trading Company in India:

1. Regulations: Ensure the company is registered with the appropriate Indian authorities like the SEBI and NSE.
2. Trading Platform: Look for a platform that offers essential tools like charting, real-time data, and technical analysis to assist in decision-making.
3. Fees and Charges: Compare the brokerage charges, commission, and any hidden fees associated with the trades.
4. Education: Many brokers provide training resources, tutorials, and research to help beginners understand currency trading.
5. Leverage: Understand the leverage offered by the broker and how it can amplify both profits and risks.
6. Customer Support: Ensure that the trading company offers responsive customer support, as issues can arise during live trading.

These Forex trading companies allow Indian traders to access the currency derivatives market via NSE, BSE, and MCX-SX exchanges. Always choose a company that best suits your trading needs, whether you're a beginner or an experienced trader.