The short answer
- Legal apps are those of SEBI-registered brokers that offer NSE's currency segment. On 2 October 2026, Zerodha, Upstox, ICICI Direct, HDFC Sky and Kotak Neo said they offer it; Groww, Dhan and Fyers don't.
- Rupee pairs (USDINR, EURINR, GBPINR, JPYINR) are only for hedging a real currency exposure. RBI's current directions, in force since 3 May 2024, restate this, and brokers ask you to declare that you have one.
- Cross-currency pairs (EURUSD, GBPUSD, USDJPY) carry no such condition in RBI's rules, but few brokers offer them. Zerodha says it doesn't; Kotak Neo lists them.
- Offshore apps such as Exness, OctaFX, XM, IQ Option, Olymp Trade, Binomo and Quotex are on RBI's Alert List, and residents can't legally trade forex on them.
This page is general information, not legal advice. The background, with RBI's own wording, is in our guide to forex trading in India.
Brokers that offer currency trading in 2026
| Broker (app) | Currency segment | What you can trade | Brokerage on currency F&O | Opening and yearly fee |
|---|---|---|---|---|
| Zerodha (Kite) | Yes, after you sign RBI's declaration | Rupee pairs on NSE only; no cross-currency pairs | Futures: 0.03% or ₹20 an order, whichever is lower. Options: ₹20 an order | Free to open; yearly fee free in year 1, then ₹300 + GST |
| Upstox | Yes, for hedging (per its April 2024 notice) | Rupee pairs | Up to ₹20 an order | Free to open; yearly fee free in year 1, then ₹300 + GST |
| ICICI Direct | Yes | Rupee pairs (USDINR, EURINR, GBPINR, JPYINR) | ₹20 an order | Not checked |
| HDFC Sky | Yes, for clients with a currency exposure to hedge | Rupee pairs | Up to ₹20 an order | Free to open; no yearly fee in year 1 |
| Kotak Neo | Listed on its currency page | Rupee pairs, plus EURUSD, GBPUSD and USDJPY | ₹10 an order (Trade Free plan) | Free to open |
| Angel One | Unclear: its charges page lists currency, its risk policy says the segment is "currently inactive" | – | ₹20 an order | Free to open; ₹60 + GST a quarter after year 1 |
| Groww | No | – | – | – |
| Dhan | No, stopped on 1 July 2024 | – | – | – |
| Fyers | No, segment in square-off mode | – | – | – |
Segment availability changes, and some of these pages carry no date, so confirm with the broker before you open an account for currency trading. 5paisa and Motilal Oswal aren't in the table because we couldn't find current currency pricing on their own sites.
Which broker is best for forex trading in India?
It depends on what you want to trade, because the rules split the market in two:
- You have a real currency exposure, for example you're paid in dollars as a freelancer, you export or import, or you'll pay fees abroad. Then rupee pairs are open to you at any broker in the table that offers them, and the choice comes down to charges, charts and how the app handles margin.
- You want to trade without an exposure. Then only cross-currency pairs fit, and you need a broker that actually enables them on your account. Ask before you open one: on 2 October 2026 Kotak Neo listed EURUSD, GBPUSD and USDJPY, and Zerodha said it doesn't offer them.
- You want to trade gold. Gold isn't in the currency segment. The legal routes are MCX gold futures and options through a broker's commodity segment, or gold ETFs; see what about gold in the India guide.
Whatever you pick, check four things: that the currency segment is active for new clients, which pairs you can trade, the brokerage and other charges per order, and the margin the app blocks for one lot.
Is there a free forex trading app in India?
Opening an account is free at most of the brokers above, and several waive the yearly fee in the first year. Trading itself always costs something: brokerage on each order, plus the exchange's transaction charges, GST and stamp duty. Adverts for "zero brokerage forex apps" with high leverage nearly always come from offshore platforms.
Forex trading time in India
On NSE, rupee pairs trade from 9:00 a.m. to 5:00 p.m., and cross-currency pairs from 9:00 a.m. to 7:30 p.m., Monday to Friday, except exchange holidays. The 24-hour market you see on offshore apps follows London and New York; our forex market hours page shows those sessions in IST.
Apps on RBI's Alert List
RBI's Alert List, last updated on 19 November 2025 with 95 names, includes Exness, OctaFX, XM, IQ Option, Olymp Trade, Binomo, Quotex, Expert Option, FBS, IC Markets, Pepperstone, FXTM, Vantage, HFM (HotForex), Admiral Markets, AvaTrade and eToro. MetaTrader 4 and MetaTrader 5, the platforms most offshore brokers use, are on it too.
A platform missing from the list isn't approved. RBI says the list "is not exhaustive", and its rule covers every platform it hasn't authorised: residents may deal in forex only with authorised persons and on authorised platforms or Indian exchanges. So Deriv or FxPro, which aren't on the list, are still not a legal way to trade forex from India.
What is the punishment for forex trading in India?
RBI says residents who trade on unauthorised platforms are "liable for penal action under the FEMA". Section 13 of FEMA allows a penalty of up to three times the amount involved, or up to ₹2 lakh where it can't be quantified, plus up to ₹5,000 for every day the breach continues. In practice the Enforcement Directorate has gone after the platforms and the agents who collect deposits: in the OctaFX case it had attached assets worth more than ₹2,681 crore by October 2025. For traders, the more common loss is a deposit stuck in a frozen agent account, with no Indian regulator to complain to.
Forex trading in India for beginners: the legal way
- Choose a broker from the table that offers the pairs you want, and open a trading and demat account.
- Activate the currency segment. Brokers ask for RBI's declaration, and for rupee pairs, that you have an exposure to hedge.
- Learn the contract sizes: one EURUSD lot on NSE is EUR 1,000 and one USDINR lot is USD 1,000, both settled in rupees.
- Size every trade from your stop loss. One NSE EURUSD lot is the same size as 0.01 standard lot, so 0.03 lots in the lot size calculator means 3 NSE lots.
- Keep a record of every trade and charge for your ITR-3; the India guide explains how currency F&O profit is taxed.
How to check a broker yourself
- SEBI's list of registered stock brokers: search the broker's name or registration number.
- NSE's Know Your Broker: confirms the broker is an NSE member.
- RBI's Alert List: check any app, signal group or course before you pay.