In India, Forex trading is regulated by the Securities and Exchange Board of India (SEBI) and can only be done through currency derivatives like currency futures and options on recognized exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The following are some of the top Forex trading companies in India, which provide platforms for currency trading along with other financial instruments like stocks and commodities:

1. Zerodha

• Overview: Zerodha is India's largest stock broker and a major player in the Forex trading segment through currency futures and options on NSE and BSE.
• Key Features:
  • Offers currency futures and options on NSE/BSE.
  • Kite platform with advanced charting tools.
  • Low brokerage fees and transparent pricing.
  • Access to Zerodha's educational content on trading through Varsity.
• Regulation: SEBI registered.
• Best For: Beginners and experienced traders looking for low-cost currency trading in India.

2. Upstox

• Overview: Upstox is a well-known discount broker in India, offering Forex trading via currency futures and options on major Indian exchanges like NSE and BSE.
• Key Features:
  • Competitive brokerage structure.
  • Upstox Pro trading platform with advanced charting and technical analysis tools.
  • Fast execution and low fees.
  • Access to NSE and BSE for currency trading.
• Regulation: SEBI registered.
• Best For: Traders seeking a user-friendly platform with low brokerage fees.

3. ICICI Direct

• Overview: ICICI Direct is one of India’s most popular brokers offering a wide range of financial products, including Forex trading through currency derivatives.
• Key Features:
  • Access to NSE currency futures and options.
  • Detailed market research and recommendations.
  • User-friendly trading platforms and mobile app.
• Regulation: SEBI registered.
• Best For: Traders looking for reliable customer service and research-backed insights.

4. HDFC Securities

• Overview: HDFC Securities offers Forex trading on Indian exchanges, allowing access to currency futures and options. It also offers an extensive research and trading platform.
• Key Features:
  • HDFC Securities trading platform with advanced charting tools.
  • Access to currency derivatives on NSE and BSE.
  • Research reports and educational content.
• Regulation: SEBI registered.
• Best For: Traders who want access to research-backed trading with reliable execution.

5. 5paisa

• Overview: 5paisa is another low-cost Indian broker that offers Forex trading via currency futures and options on exchanges like NSE and BSE.
• Key Features:
  • Offers currency futures and options.
  • Simple and affordable brokerage structure.
  • 5paisa trading platform with real-time data and charts.
• Regulation: SEBI registered.
• Best For: Traders looking for a no-frills, low-cost trading platform.

6. Angel One (formerly Angel Broking)

• Overview: Angel One offers a variety of trading services, including Forex trading through currency futures and options. It provides strong research and educational content to traders.
• Key Features:
  • Offers currency derivatives for trading on NSE/BSE.
  • Angel One trading platform with powerful tools for market analysis.
  • Access to a wide range of financial products beyond Forex.
• Regulation: SEBI registered.
• Best For: Traders who need robust research and education alongside currency trading.

7. Sharekhan

• Overview: Sharekhan, a leading Indian stockbroker, provides Forex trading through currency futures and options on NSE and BSE.
• Key Features:
  • TradeTiger platform with advanced trading features and charting tools.
  • Access to currency derivatives (NSE/BSE).
  • Comprehensive market research and analysis tools.
• Regulation: SEBI registered.
• Best For: Traders who value research and advanced charting tools.

8. Kotak Securities

• Overview: Kotak Securities offers Forex trading via currency derivatives on Indian exchanges like NSE/BSE. They provide a comprehensive range of services to retail traders.
• Key Features:
  • Kotak trading platform with access to a variety of financial instruments.
  • Research-backed recommendations and market analysis.
  • Offers currency futures and options trading.
• Regulation: SEBI registered.
• Best For: Traders looking for an all-in-one solution with research and support.

9. FXTM (ForexTime)

• Overview: FXTM is a global Forex broker that also caters to Indian traders. It offers access to a wide range of Forex pairs, CFDs, and commodities. While not an Indian company, FXTM is accessible to Indian traders and is regulated by international authorities like the FCA and CySEC.
• Key Features:
  • Access to a wide range of currency pairs.
  • Competitive spreads and high leverage options.
  • MT4 and MT5 platforms for advanced trading.
• Regulation: FCA (UK), CySEC, and others.
• Best For: Indian traders seeking global Forex market access with professional tools.

10. Exness

• Overview: Exness is another international Forex broker that serves Indian traders, offering access to a wide range of Forex pairs, CFDs, and other instruments. It is well-regulated and known for offering low spreads and high leverage.
• Key Features:
  • Access to over 100 Forex pairs.
  • Competitive spreads, high leverage, and flexible account types.
  • MetaTrader 4 and MetaTrader 5 platforms for advanced trading.
• Regulation: FCA (UK), CySEC, and others.
• Best For: Indian traders looking for global Forex trading with high leverage and advanced features.

Conclusion:

Choosing a Forex trading company in India depends on your trading needs, cost preferences, and whether you prefer Indian or global brokers. If you're looking for local brokers, Zerodha, Upstox, and Angel One are great choices, offering low brokerage fees and solid platforms for currency futures. If you're interested in a global Forex broker, companies like FXTM and Exness offer access to more Forex pairs and advanced tools, though they are based outside India.

For beginners, brokers like Zerodha, Upstox, and 5paisa offer low-cost options with beginner-friendly platforms. For advanced traders, brokers like FXTM, Exness, and ICICI Direct provide more complex tools and broader market access. Always ensure that your chosen broker is SEBI-regulated for a secure trading environment.