By Lal Singh India follows tightly controlled rules when it comes to currency trading or Forex. To trade currencies legally, Indians are required to use INR-based currency pairs like USD/INR, EUR/INR, GBP/INR, or JPY/INR. Indian residents can trade using these pairs through recognized Indian exchanges using brokers that are registered with both the Securities and Exchange Board of India and the RBI.
Considering the tight guidelines, rules, and restrictions, there are a few RBI-approved Forex brokers in India. Out of which, most of these are the major Indian brokerage houses that offer currency derivative services. No doubt that opting for an unapproved broker or trading non-INR currency pairs has legal risks under the Foreign Exchange Management Act.
To trade safely without violating any rules and regulations, going with any of the top RBI-approved forex brokers is likely the best option for traders. Here are the top 5 RBI-approved forex brokers in India in 2025, which are not only safe but have quality services and features as well. Let’s get started:
1. Zerodha
Zerodha is a well-known and one of the largest retail brokers that offers a simple and cost-effective platform for trading currency derivatives among other assets. This platform has an active client of 7.2 million as of early 2024. Zerodha provides currency trading on the INR currency pair using NSE/BSE’s stock market.
The key strength Zerodha has over its competition is its low cost and strong technology platform model. Zerodha’s trading app is called Kite, and it is available on all major platforms like iOS and the Play Store, along with strong customer support to ensure brand credibility. Due to this, Zerodha has a large client base on this platform. For traders who want to trade forex currencies within Indian law, Zerodha is a top choice.
Brokerage fees in the currency segment start from almost Rs. 20 per order or 0.03% which makes this platform a good-to-go option among traders. The only downside about Zerodha Forex Trading is that it only offers trading for permitted INR-based pairs and does not offer cross-currency pairs.
2. ICICI Direct
ICICI Direct is owned by India’s largest private bank, ICICI, and this brokerage arm offers forex currency derivatives legally through stock exchanges for INR-based pairs. ICICI Direct is popular among its users because of trust, research support, strong banking integration, and reliability. Most people know ICICI Bank due to its strong hold in the Indian market for decades.
This brokerage firm uses the strong trust of the parent company to gain more audience on its platform. The client base is smaller on ICICI Direct as compared to Zerodha; however, the option to trade 1.9 million currencies with the trust and credibility of ICICI Bank ensures a smooth experience. The bank-broker integration is offered through its ICICI Bank, which also facilitates funding and settlement.
You can also find all the major currency pairs to trade. The widely preferred currency pairs on ICICI Direct are USD/INR, EUR/INR, GBP/INR, and JPY/INR. The only downside is slightly higher broker costs compared to other brokers.
3. HDFC Securities
Another major broker firm for forex exchange in the Indian market is HDFC Securities. It has a 1.1 million client base in the currency derivative segment as of early 2024. Traders get convenience through its integrated HDFC bank account for funding and settlement. Even though HDFC has higher brokerage charges as compared to other firms, you can still find currency trades starting around Rs. 20 per order in many cases.
Overall, HDFC Securities is a good to go option for those who are in the initial stage of investing in foreign currencies and want convenience over anything else. HDFC Securities offers legal currency trading (INR-pairs) as part of its service suite. Its strengths include brand trust, widespread branch/branchless network, and banking synergy for Indian clients. If you are someone who wants a reliable platform with ultra-low cost, then you can consider this brokerage platform.
4. Angel One
With 6 million active client bases as of early 2024, Angel One is the second-largest brokerage firm in terms of client base. It offers currency derivatives on INR-based pairs, which offer a great experience through the robust mobile-app platform. This platform uses a discount brokerage model where brokerage starts from Rs. 20 per order or a low flat fee.
Angel One was formerly known as Angel Broking, and it is a popular platform among younger retail traders. This is a full-service platform with currency derivatives for INR pairs. The advantage of this platform over any other broker platform is its strong mobile and digital offering, with low brokerage and quality research tools.
However, the major con of using Angel One is with brokerage, as it can be slightly higher for full-service accounts if you compare it with other discount brokers.
5. Upstox
In terms of fastest-growing broker firms, Upstox stands strong with its 5-6 million active clients. Even though Upstox is not as competitive as other brokerage firms, it offers all the research tools, quality customer support, and the option for trading through currency derivatives. The currency pairs supported by Upstox are USD/INR, EUR/INR, GBP/INR, and JPY/INR.
Upstox uses a discount brokerage model where it charges low commissions on currency trades. This platform has become the fastest-growing with its solid technology at affordable costs. The key selling point at the current time is a complete digital focus and a young client base that offers an edge in the 2025 landscape.
The only major downside that a few users have reported is with slightly slower customer support as compared to Zerodha and Angel One.
Conclusion
For Indian residents who want to trade forex legally, it is always better to go with RBI-approved forex brokers. Out of all the registered firms, choosing between top names is always recommended to ensure a safe, reliable, and quality experience. The above-mentioned top 5 RBI-approved forex brokers offer an excellent experience through their digital platform, research tools, and currency pairs to trade. Hope this guidepost helped you. If you think we forgot any specific name, then let us know in the comment section.