5 Most Trusted RBI Approved Forex Brokers In India

RBI Approved Forex Brokers In India

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.

RBI Approved Forex Brokers In India

  • 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: Visit the article Forex Cards Vs Credit Cards.

Trusted RBI Approved Brokers In India 

These RBI approved brokers offer best services to their customers. 

FOREX BROKER NAME ACTIVE CLIENT BASE 
Zerodha 72,23,525
Angel One 59,83,067
ICICI Direct18,69,925
HDFC Securities  10,88,561
AXIS Direct 3,57,390

Note: The above brokerage firms in the table are ranked on the basis of active client base as of February 2024.

(1) 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. 

Zerodha forex broker

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. 

Fees Charged by Zerodha 

CATEGORY   PARAMETERSCHARGES
Account Opening Rs.200
Maintenance Zero  
Equity Delivery Zero 
Intraday 0.03%
Futures 0.03%
Options Rs.20 
Equity Margin Delivery 0x
Intraday 3x
Futures 2.5x
Options 2.5x 
Currency Futures 0.03%
Options Rs.20 
Commodity Futures 0.03%
Options Rs.20 
Calculator zerodha
Fees and Charges of 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.

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. 

CATEGORY  PARAMETERS CHARGES  
Equity Delivery 0.00325% – NSE
0.00375% – BSE 
Intraday 0.00325% – NSE
0.00375% – BSE
Futures 0.0019% – NSE
Options 0.05% – NSE (provides it on the
premium basis)
Commodity Futures 0.0026%
Options 0.05%
Currency Futures 0.0009% – NSE 
0.00025% – BSE 
Options 0.0035% – NSE
0.001% – BSE 

(2) Angel One 

Angel One is 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.

Angel one forex broker

It offers trading in Equity, Commodity, Futures, Currency, Options, Forex trading.

Fees Charged by Angel One

CATEGORY PARAMETERS CHARGES 
Account Opening Free (zero)
Maintenance Zero 
Demat account maintenance Rs.240 
Equity Delivery Zero 
Intraday 0.03%
Futures 0.25%
Options Rs.20 
Commodity Futures0.25%
Options Rs.20 
Currency Futures 0.25%
Options Rs.20 
Equity Margin Delivery 1x 
Intraday 4x
Futures 4x
Options 3x/4x
Brokerage calculator Angel one 
Fees and Charges 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 

CATEGORY PARAMETERS CHARGES 
Equity Delivery 0.00325% – NSE 
Intraday 0.00325% – NSE 
Futures 0.0019% – NSE 
Options 0.05% – NSE 
Currency Futures 0.0009% – NSE 
Options 0.00022% – BSE 
Commodity Futures 0.0026% – NSE
0.00005% – BSE 
Options 0.05% (provides it on
premium basis)

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. 

(3) 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.

ICICI direct forex broker

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. 

CATEGORY PARAMETERS CHARGES 
Account Opening Zero 
Maintenance Rs.700 
Demat account maintenance Rs.200 
Equity Delivery 0.55%
Intraday Rs.20 or 0.05%
Futures 0.05%
Options Rs.20 
Equity Margin Delivery 2x
Intraday 7x 
Futures 4x
Options 4x or 2x 
Commodity Futures Rs.20 
Options Rs.20 
Currency Futures Rs.20 
Options Rs.20 
Fees and Charges by ICICI Direct

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.

Transaction Charges by ICICI Direct 

CATEGORY PARAMETER CHARGES 
Equity Delivery 0.00325% – NSE 
Intraday 0.00325% – NSE 
Futures 0.0019% – NSE 
Options 0.05% – NSE 
Currency Futures 0.0009% – NSE 
0.00022% – BSE 
Options 0.04% – NSE 
0.001% – BSE 
Commodity Futures 0.0026%
Options 

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

(4) 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. 

HDFC securities forex broker

Fees Charged by HDFC Securities 

CATEGORY PARAMETERS CHARGES 
Account Opening Rs.999  
Maintenance Zero 
Demat account maintenance Rs.750 
Equity Delivery 0.15%
Intraday 0.015%
Futures 0.025%
Options Rs.100 
Equity Margin Delivery 0x
Intraday 4x
Futures 0x
Options 0x
Currency Futures Rs.12 
Options Rs.10 
Commodity Futures Rs.20 
Options Rs.100 
Fees and Charges 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

CATEGORY PARAMETER CHARGES 
Equity Delivery 0.00325% – NSE 
Intraday 0.00325% – NSE 
Futures 0.0019% – NSE 
Options 0.05% – NSE 
Currency Futures 0.0009% – NSE 
0.00022% – BSE 
Options 0.04% – NSE 
0.001% – BSE 
Commodity Futures 0.0026%
Options 

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.

(5) 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.

AXIS direct forex broker

Fees Charged by AXIS Direct

CATEGORY PARAMETERS CHARGES 
Account Opening Rs.999 
Maintenance Rs.790 
Demat account maintenance Rs.650 
Equity Delivery 0.50%
Intraday 0.5%
Futures 0.5%
Options Rs.10 
Equity Margin Delivery 4x
Intraday 4x
Futures 4x
Options 4x
Currency Futures 0.05%
Options Rs.10 
Commodity Futures 0.03%
Options Rs.10 
Fees and Charges of 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 

CATEGORY PARAMETER CHARGES 
Equity Delivery 0.00325% – NSE 
Intraday 0.00325% – NSE 
Futures 0.0019% – NSE 
Options 0.05% – NSE 
Commodity Futures 0.0026% 
Options 
Commodity Futures 0.0009% – NSE 
0.00022% – BSE 
Options 0.04% – NSE 
0.001% – BSE 

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 

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.

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Published By: Aashita Singh
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Damanpreet Singh
Damanpreet Singh
3 days ago

True, these brokers are like guiding angels, that guides through the foreign currency exchange.