5 Most Trusted RBI Approved Forex Brokers In India

With time forex trading in the Indian market is growing rapidly, and trust is the cornerstone in this venture. Indians seeking a reliable and trustworthy companion for trading in foreign exchange market, and what better assurance can be there than the stamp of approval from RBI? Let’s start and explore the most trusted RBI approved Forex Brokers In India, and see what they have to offer.

Further in the discussion we’ll unveil about the RBI approved forex brokers, highlighting each platform and will navigate through its features and offerings in the realm of trading market. 

Before getting into the discussion of RBI brokers in India, let’s first know about what are forex brokers?

What are Forex Brokers? 

A short form used for foreign exchange. Forex brokers are the financial companies or the intermediaries that allow and facilitate currency trading in foreign exchange. They provide a platform where traders can buy or sell foreign currencies. Forex brokers can also be termed as currency trading brokers or retail forex brokers.

• Forex brokers offer a variety of currency pairs for trading, allowing customers to speculate on the exchange rate movements.
• Most of the clients of forex traders are the currency traders or the investors for large institutional clients. 
• These brokers provide customers with the online platforms that allow customers to execute trades, access real-time market analysis, data insights, use various analytical tools, etc. 
• These forex brokers offer different types of trading accounts for various levels of risks.
• The foreign exchange market is considered to be the 24 hour global market.

Note: There are forex credit cards too in the market that offers various benefits and perks. To know more about these cards and how they differ from normal credit cards, visit our article Forex Cards Vs Credit Cards.

Trusted RBI Approved Brokers In India 

Here, comes the most trusted RBI approved forex brokers for foreign exchange trading. These brokers are fully approved and offer their best services to their customers. 

Note: The above brokerage firms in the table are ranked on the basis of active client base of 2023.

(A) Zerodha 

A discount brokerage platform founded in 2010 by Nikhil and Nithin Kamath. A platform that offers online trading and investment services. Zerodha provides a technology driven approach to brokerage services, aiming to provide a cost effective and user friendly platform for traders and investors. 

Provides access to use Kite app on their platform that offers Ability to create multiple marketwatch options, Option of a one-tap search for all stocks across different exchanges, etc.

It offers trading in Equity, Commodity, Futures, Currency, Options, Forex trading. Has an active client base 64,75,590 as of latest 2023. 

Fees Charged by Zerodha 

While Zerodha charges zero as the equity delivery charges and account maintenance charges , on the other hand it charges Rs.200 as the account opening fee. It charges a different amount and percentage for each parameter, like for commodity futures it charges 0.03% and for commodity options it charges Rs.20. 

Transaction Charges by Zerodha 

Here are some charges that Zerodha charges on its platform for different transactions, be it for equity, commodity, foreign exchange, currency, etc. 

(B) Angel One 

Second one on the list of RBI approved forex brokers in India is Angel One. a full time brokerage service firm in India, established in 1996. The company is a member of and deals in NSE, BSE, Multi Commodity Exchange of India Limited, and National Commodity & Derivatives Exchange Limited.

It offers trading in Equity, Commodity, Futures, Currency, Options, Forex trading. Has an active client base 49,14,984 as of latest 2023. 

Fees Charged by Angel One

Angel one offers zero charge for opening an account on their platform, and also charges zero for equity delivery charges. Whereas other charges differ based on the parameter. 

Transaction Charges by Angel One 

Angel One transaction charges vary according to the NSE and BSE different parameters. These charges help the customers to navigate through different trading options and what they offer while trading in foreign currency exchange. 

(C) ICICI Direct 

ICICI Securities Ltd. a subsidiary launched by ICICI Bank ltd. ICICI Direct is a part of ICICI Securities that offers a platform with investment choices in various domains, like, stocks, brokerage, funds, commodity, currency, NRI services, loans, global investment, etc. Boasts an active client base of 18,73,360 and enters into the list of RBI approved forex brokers in India.

ICICI Direct is considered to be among the largest retail broker and financial product distributor list. Offers a seamless and hassle free trading experience. 

Fees Charged by ICICI Direct 

Different fees charged by ICICI Direct according to the parameters on its platform. This’ll help customers to get through the different parameters on its platform. 

From the above table, it can be stated that for account opening in any category ICICI Direct charges zero, while it has different charges for account maintenance. For demat account maintenance it charges Rs.200, while for other account maintenance it charges Rs.700. The other charges vary based on the parameters and categories. 

Transaction Charges by ICICI Direct 

The above charges in the table are according to the NSE and BSE parameters. Charges vary according to different categories. 

(D) HDFC Securities 

The fourth one on the list of RBI approved forex brokers in India is HDFC Securities. The venture was launched by HDFC bank. HDFC securities operates as a brokerage firm. The company offers a platform for buying and selling of equities, derivatives, currency, IPOs, mutual funds, foreign exchange, bonds, and corporate fixed deposits, as well as provides online trading. Has an active customer base of 9,94,904.

Fees Charged by HDFC Securities 

HDFC Securities charges zero for its account maintenance charges, however it takes around Rs.750 for demat account maintenance charges. While it charges upto Rs.999 as the account opening fee. 

Transaction Charges of HDFC Securities

The above charges in the table are considered according to the NSE and BSE parameters. Charges vary according to different categories and a percentage of the total amount is charged.

(E) AXIS Direct

The last one on the list of RBI approved forex brokers in India is AXIS Direct. A venture started by AXIS bank. Axis direct is a brokerage platform by Axis bank. It provides a 3-in-1 online investment account and provides a combination of axis bank savings along with an axis direct trading and demat account services, investing online in stocks, currency, etc. It has an active client base of 3,24,603.

Fees Charged by AXIS Direct

AXIS Direct  charges different for ist account charges, for its account maintenance charges it takes Rs.790, account opening charges it takes Rs.999, while for demat account maintenance charges it takes fee around Rs.650. While other charges vary according to the category and parameters. 

Transaction Charges by AXIS Direct 

The above charges in the table are considered according to the NSE and BSE parameters. Charges vary according to different categories and a percentage is charged. 

Summing Up 

As we conclude this discussion, it becomes evident that the above RBI approved forex brokers in India not only provide various options in trading and investments that provide utmost security and integrity. With the RBIs approval, these brokers have carved a stage of trust, offering investors and customers a trusted platform for their ventures into the complex world of forex. These brokers help with safe and secure forex trading in India with reliability.