| Updated: September 3, 2024If you are intrigued by investing in foreign currencies and would like to learn more about the legality of forex trading in India this publication will provide you with useful information. Drawing on expert assessments by the team at BestBrokers, we have singled out several licensed brokers adapted to meet the trading needs of Indians. Examine our list of regulated and reputable brokers that we tested by creating live accounts and placing real trades.
Forex trading has acquired popularity in India in recent years, as the net disposal income has increased, providing its citizens with more investment opportunities. However, the regulatory landscape is quite complex, with stringent regulations in place on locally regulated financial institutions. Therefore, the primary option for Indian traders to engage in the forex market is through foreign brokers.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
Forex.com77.7% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
easyMarkets71% of retail investor accounts lose money
Spreadex64% of retail investors lose money
Capital.com75% of retail investor accounts lose money
Eightcap76.09% of retail investor accounts lose money
FXCM70% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyIndian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,662 | 4.9 ⭐ |
| 2. FP Markets | 6,706 | 4.8 ⭐ |
| 3. Forex.com | 1510 | 4.6 ⭐ |
| 4. easyMarkets | 1,648 | 4.4 ⭐ |
| 5. Spreadex | 93 | 4.4 ⭐ |
| 6. Global Prime | 142 | 4.4 ⭐ |
| 7. Capital.com | 10,796 | 4.3 ⭐ |
| 8. Eightcap | 2,460 | 4.2 ⭐ |
| 9. FXCM | 526 | 4.0 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Indian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. FP Markets | 1.1 | 0.30 | 0.20 | 1.2 |
| 2. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 3. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 4. Capital.com | 0.6 | 10 | 2 | 1.3 |
| 5. FXCM | 0.6 | 1.1 | 1 | 0.8 |
| 6. Spreadex | 0.6 | 9 | 0.9 | 0.8 |
| 7. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 8. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 9. Eightcap | 1.00 (min) | 1.1 | 1 | 1 |
| 10. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Indian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. easyMarkets | $0 |
| 2. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 3. Spreadex | $0 |
| 4. FXCM | $0 |
| 5. Forex.com | $0 for Standard accounts; $5 per standard lot per side for Raw accounts |
| 6. Iron FX | $0 |
| 7. Capital.com | $0 |
| 8. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 9. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 10. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
Important Note: This publication aims to provide a comprehensive overview of the legality of forex trading in India, so stay with us to find out more and navigate the forex investment market with confidence. The Securities and Exchange Board of India, or SEBI, is the financial regulatory institution in India. Traders can refer to its official website, https://www.sebi.gov.in/index.html for further information or look up its X (former Twitter) account @SEBI_news.
Top 10 FX Brokers in India
Fusion Markets Broker Details Supports Hindi No Indian Currency (INR) No Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.9 out of 1,662 reviews Number of Forex Pairs to Trade 90+ Leverage Forex & Metals: 1:30
Index CFDs: 1:5
Cryptocurrencies: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Supports Hindi No Indian Currency (INR) No Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.4 out of 142 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 1:500
Index CFDs: 1:100
Cryptocurrencies: Up to 1:2 (Retail); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
easyMarkets Broker Details Supports Hindi No Indian Currency (INR) No Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.4 out of 1,648 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Key Pros
- Offers tight spreads and low fees
- Supports trading of over 60 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer copy trading platform
- Traders from certain countries may have access to fewer payment methods
Eightcap Broker Details Supports Hindi No Indian Currency (INR) No Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, TradingView Trustpilot Rating 4.2 out of 2,460 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.1
EURGBP: 1
GBPUSD: 1Forex Commission per Lot per Trade $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac Key Pros
- Commission-free FX trading via standard accounts
- Spreads from 0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Fantastic variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
Spreadex Broker Details Supports Hindi No Indian Currency (INR) No Regulators FCA (No. 190941) Min Deposit $0 Trading Platforms TradingView, proprietary software Trustpilot Rating 4.4 out of 93 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 9
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer Withdrawal Methods Visa, Maestro, Mastercard, Bank Transfer, Check Key Pros
- Provides access to over 10,000 tradable symbols
- Well-designed and intuitive mobile trading app
- Offers spread betting on FX pairs
- Commission-free FX trading with tight spreads
- Seamless registration process
Key Cons
- No support for MetaTrader 4 or 5
- Licensed by a single financial regulator (FCA)
- Deposits under $/£50 may incur additional charges
FXCM Broker Details Supports Hindi No Indian Currency (INR) No Regulators FCA, CySEC, ASIC, FSCA, ISA, IIROC, Min Deposit $50 Trading Platforms MetaTrader 4, TradingView Pro, Trading Station Trustpilot Rating 4.0 out of 526 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 1.1
EURGBP: 1
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer Withdrawal Methods Visa, Mastercard, Bank Transfer Key Pros
- Offers up to 1:1,000 leverage on all new accounts
- Supports popular trading platforms
- Does not charge depositing and withdrawal fees
- Regulated by multiple top-tier regulators
- Offers competitive spreads
Key Cons
- Charges a rather high inactivity fee
- Offers limited number of products
- Number of currency pairs is average
Forex.com Broker Details Supports Hindi No Indian Currency (INR) No Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.6 out of 1510 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 for Standard accounts; $5 per standard lot per side for Raw accounts Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Iron FX Broker Details Supports Hindi No Indian Currency (INR) No Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
Capital.com Broker Details Supports Hindi No Indian Currency (INR) No Regulators ASIC, FCA, CySEC, SCB, MiFID Min Deposit $20 Trading Platforms MetaTrader 4, TradingView Trustpilot Rating 4.3 out of 10,796 reviews Number of Forex Pairs to Trade 125+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 10
EURGBP: 2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Bank transfers, VISA, MasterCard, Maestro, Apple Pay, PayPal, Neteller, Skrill, Sofort, Przelewy, TrueLayer, iDEAL, Trustly, SPEI Withdrawal Methods Bank transfers, bank cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly Key Pros
- Trusted by 580K+ traders across the globe
- Trading guides for beginner, intermediate, and advanced traders
- Mobile apps for Android and iOS devices
- Low FX fees built into the spread
- Negative balance protection
Key Cons
- There is an inactivity fee after 1 year
- No two-step login
- No price alerts on the web platform
FP Markets Broker Details Supports Hindi No Indian Currency (INR) No Regulators ASIC, CySEC, FSA (Seychelles), FSCA Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS Trustpilot Rating 4.8 out of 6,706 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: Up to 1:2 (Retail); Up to 1:5 (Pro)Spread EURUSD: 1.1
USDJPY: 0.30
EURGBP: 0.20
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand selection of products
- No negative balance and investor protection for clients under ASIC
Is Forex Trading Legal in India?
While the popularity of Forex trading in India is undeniable, certain limitations make the journey to this investment opportunity fraught with challenges.
Brokers regulated by the Securities and Exchange Board of India do not offer traditional forex trading to Indian residents due to local restrictions. However, many offshore brokers accept traders from the country even if they are not regulated by the local authority. The Reserve Bank of India has issued warnings against brokers who do not hold licenses from the SEBI. Additionally, the Central Bank of India has implemented mechanisms limiting payments to foreign forex brokers not regulated by the local authority.
Generally, traders are advised to use brokers regulated by the financial monitoring institution in their country. However, due to limitations imposed on locally regulated financial institutions in the country, traders may need to look beyond the national borders and explore what internationally regulated forex brokers have in store for them. You are welcome to check our list of brokers accepting traders from India.
As stated above, forex trading in India is legal when done through a registered Indian broker. Furthermore, forex trading is limited to specific currency pairs including 4 Indian rupee pairs and 3 non-INR Forex pairs. The first group includes the USD/INR, EUR/INR, JPY/INR, and GBP/INR pairs, and the second – EUR/USD, GBP/USD, and USD/JPY. They must be traded as currency futures or derivatives.
Due to such restrictions, Forex traders based in India prefer to use the services of internationally regulated Forex brokers, with dozens of pairs at low cost.
The Securities and Exchange Board of India Regulation Info
Founded in 1988, the Securities and Exchange Board of India (SEBI) regulates the securities and commodity market in India and acts under the administrative domain of the Ministry of Finance. It was authorized to monitor the industry under the SEBI Act of 1992 passed by the Indian Parliament.
Headquartered in Mumbai, the SEBI has Regional Offices in New Delhi, Kolkata, Chennai, and Ahmedabad. SEBI’s board of members includes the chairman, two members from the Union Finance Ministry, one member from the Reserve Bank of India, and five members nominated from the Union Government of India.
The main functions of the regulatory body are “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.” Three groups fall under the regulations of SEBI – issuers of security, investors, and market intermediaries.
The regulatory powers of SEBI encompass multiple functions including approving by-laws of Securities exchanges, inspecting the book of accounts of financial intermediaries, registration of brokers, and sub-brokers, and ensuring the transparency of the security market, among others.
The Reserve Bank of India (RBI) monitors the broader institutional market in India, such as the operation of banks and financial institutions. The SEBI, along with the RBI, act as financial regulators setting rules and regulations.
How Can I Verify SEBI Authorization?
Indian Forex traders can check the authorization status of their selected broker by navigating to the disclosure text usually found at the bottom of the website’s homepage. The necessary regulation information normally includes the name of the company, its SEBI registration number, registered office, and contact details.
Furthermore, traders can look up SEBI’s register of authorized brokers in India by navigating to the official website of the institution https://www.sebi.gov.in/.
Are My Funds Safe with Forex Brokers in India?
Much like other trading and investment options, forex entails risk. Traders must consider various factors such as their risk tolerance, available investment budget, and the reliability of their selected broker.
Forex brokers usually have a disclaimer on their websites, explaining that trading involves a certain amount of risk and could result in a loss of capital due to incorrect trading decisions and market volatility.
Forex traders are also advised to set the “stop-loss” order to put a limit on potential losses from trades. Additionally, customer funds are held in segregated client bank accounts separate from the broker’s bank account. All these protections, along with knowledge of the market and a sound risk management plan should reduce the risk traders are exposed to.
Do Indian Brokers Provide Negative Balance Protection?
Applying effective risk management in forex trading is of essential importance to protect your capital from excessive losses. Negative balance protection is among the tools that may help traders mitigate or lower the risk exposure.
International Forex brokers accepting traders from India facilitate trading in the global financial market. These brokers comply with international standards for Forex trading. These include investor protection mechanisms such as negative balance protection. It is normally available to holders of retail accounts.
As its name suggests, the mechanism ensures that traders do not lose more money than they have deposited into their trading accounts. The safeguard protects from incurring debts to brokers due to poor investment decisions or market volatility. During volatile market conditions where a leveraged position may lead to a negative balance, traders’ losses will be reduced to the initial account balance. They are also advised to stay tuned to market conditions and make sure their trading accounts are properly funded.
Do You Pay Tax on Forex Trading in India?
Under Indian laws, investments in any instruments, including forex trading, are subject to taxes. As an investor, you should stay updated about the tax implications associated with trading.
Indian traders are banned from trading directly in the forex markets. Instead, they can participate in the forex markets through SEBI-recognized entities or stock exchanges, under the Foreign Exchange Management Act (FEMA). However, traders are subjected to particular limitations, such as the mandatory inclusion of the Indian Rupee as a base currency in a traded pair.
GST (Goods and Services Tax) is levied on profits from forex trading. The GST amount is normally 5% to 18%, depending on traders’ income.
How Does the Available Leverage of SEBI-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
Leverage enables traders to control larger market positions by utilizing borrowed funds from brokers. It is important to note that although leverage amplifies traders’ buying power, providing opportunities for sizable profits, it also magnifies the risk they are being exposed to. Leverage is expressed in a ratio signifying how much traders control for 1 unit of their trading account.
The maximum allowable leverage in India for major currency pairs, including USD, EUR, JPY, and GBP, is 1:50. The leverage for other minor currency pairs is capped at 1:20. Setting leverage limits is important to protect traders from exposing themselves to excessive risk.
For comparison, brokers catering to traders from EU countries need to abide by leverage limitations of 1:30 for major currency pairs and 1:20 for minor currency pairs.
Traders should be careful with the level of leverage they are willing to trade with. Lower leverage like 1:5 or 1:10 is more suitable for inexperienced and risk-averse traders.
What Do You Need to be Designated as a Professional Trader in India?
Experienced traders who hold accounts with a Forex broker may want to upgrade their trading experience and see if they are eligible for professional trading accounts. International Forex trading brokers state several requirements that must be met.
Most commonly, the first requirement is related to their trading activity in the last 12 months. The successful candidates must have carried transactions of significant size, at an average frequency of 10 per quarter. To prove their trading activity, they must provide account statements from trading accounts.
Relevant experience in the financial sector is yet another important background information that brokers are typically interested in. A professional experience of a minimum of one year is normally required for successful candidates for professional trading accounts.
Last but not least, a financial instrument portfolio of at least €500,000, including cash savings and financial instruments is most commonly stated as a third requirement by international Forex brokers. Traders must meet at least two of these three criteria to become eligible for a professional account.
What Trading Platforms Are Available to Indian Traders?
Indian traders can choose between a variety of trading platforms at Forex trading brokers, so making sure they select the one that best meets their trading requirements is of essential importance.
Developed by MetaQuotes in 2005, MetaTrader4 is among the most popular trading platforms for Forex trading. Although it is most commonly associated with it, the platform is used for a range of other markets, such as commodities and indices. MT4 is very popular due to its highly customizable interface adapting to traders’ individual needs and preferences. Additionally, the platform enables traders to automate their trading and close positions as per pre-set parameters.
MetaTrader5 has been designed to accommodate advanced trading needs across a wider assortment of financial instruments than its predecessor MetaTrader4. Yet, the similar interface allows for a smooth transition from the MT4 platform. Some of the key features that make the MT5 platform especially appealing to professional traders are the regular news regarding financial markets, the free trading community chat function, and the seamless mobile compatibility enabling investors to trade anywhere, anytime.
CTrader is yet another popular Forex and CFD trading platform developed by Spotware Systems Ltd. and introduced in 2010. It has been specifically designed with high speed of execution in mind and offers advanced trading features, an intuitive interface, and customization options. The platform is also renowned for its copy trading feature and detailed trade analysis feature.To find more about the way the Indian forex market is regulated and contact sources that can provide additional help to traders who have questions about their trading experiences, we have listed a few links that can be useful to Indian forex traders.
- The Securities and Exchange Board of India (SEBI): This is the official regulatory body responsible for monitoring the financial market in India, including retail brokers authorized to offer forex trading to Indian investors.
- The Central Bank of India (RBI): Financial service providers, such as forex brokers, are also regulated by the Central Bank of India, which is restricting the provision of forex services carried out by unregulated brokers. You can also check a comprehensive list of full fledged money changers on RBI’s official website.