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+--- Thread: indian stock broker who support forex trading (/thread-566.html)
indian stock broker who support forex trading - Harpreet - 28-09-2024
In India, the regulatory framework for forex (foreign exchange) trading is governed by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). As a result, Indian residents are allowed to trade only in currency pairs where the Indian Rupee (INR) is one of the currencies, such as:
- USD/INR (US Dollar to Indian Rupee)
- EUR/INR (Euro to Indian Rupee)
- GBP/INR (British Pound to Indian Rupee)
- JPY/INR (Japanese Yen to Indian Rupee)
Here are some Indian stock brokers that support forex trading (limited to INR pairs):
### 1. **Zerodha**
- **Trading Platforms**: Kite
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Low brokerage, easy-to-use platform, charting tools.
### 2. **Upstox**
- **Trading Platforms**: Pro Web, Pro Mobile
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Competitive brokerage, fast execution.
### 3. **ICICI Direct**
- **Trading Platforms**: Trade Racer, ICICI Direct Mobile
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Multiple order types, comprehensive research.
### 4. **HDFC Securities**
- **Trading Platforms**: HDFC Securities Trading App, Pro Terminal
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Real-time price updates, research reports.
### 5. **Angel One (Angel Broking)**
- **Trading Platforms**: Angel One App, Angel Speed Pro
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Smart APIs, technical analysis tools.
### 6. **5Paisa**
- **Trading Platforms**: 5Paisa Web, 5Paisa App
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Low-cost trading, user-friendly platform.
### 7. **Kotak Securities**
- **Trading Platforms**: Kotak Stock Trader App, Kotak Securities Website
- **Supported Currency Pairs**: USD/INR, EUR/INR, GBP/INR, JPY/INR
- **Features**: Extensive research and analysis, integrated services.
### Key Considerations:
- **Leverage**: SEBI regulates leverage in currency trading to avoid excessive risk.
- **Brokerage**: Look for competitive brokerage rates, as some brokers may offer better fees.
- **Platforms**: Ensure the broker offers a robust platform for currency trading with advanced tools and real-time data.
For non-INR forex pairs (such as EUR/USD or GBP/USD), Indian residents are generally not permitted to trade through domestic brokers due to regulatory restrictions. If you're looking for broader forex trading opportunities, you might need to explore offshore brokers, but these involve complexities related to legal restrictions.