FxPro's websiteA local licence or an offshore one: the difference
A broker can take clients in India in two ways: through a company licensed by the SEBI here, or through a company licensed somewhere else. Both happen, and the second is not the same as being unregulated.
What changes is where you stand if something goes wrong. A locally licensed entity is answerable to the SEBI and to the complaint route that comes with it; an offshore entity is answerable to its own regulator, in its own jurisdiction, under its own compensation rules - which may be generous, limited, or absent.
The ten below hold a local licence. The brokers that do not are not hidden: they have their own page, because the question a reader asks is usually about one named firm.
Licensed in India, or not (88 of 90)
Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.
Key facts (22 of 90 counts · 73 brokers onboarding Indian residents)
Top 3 (of 2 ranked)
A local licence or an offshore one: the difference (22 of 90)
| # | Broker | Round turn, USDIN | Min deposit, USDIN | Leverage | Withdrawal, hIN | Score | Execution | Founded | Funding |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 7 | — | —stated, not verified | — | 4.38 | ECN/raw + standard | 1998 | 2 methods | |
| 2 | — | — | —stated, not verified | 48 | 4.31 | — | 1994 | 2 methods | |
| 3 | — | — | —stated, not verified | 24 | 4.25 | — | 1996 | 2 methods | |
| 4 | 5 | 0 group | —stated, not verified | 48 | 4.14 | ECN/raw + standard | 1977 | 1 methods · local | |
| 5 | — | — | —stated, not verified | 3 | 4.12 | — | 2008 | 2 methods | |
| 6 | 4 | — | —stated, not verified | — | 4.01 | ECN/raw | 2007 | 3 methods · local | |
| 7 | — | — | —stated, not verified | — | 3.92 | — | 2005 | 2 methods | |
| 8 | — | — | —stated, not verified | 24 | 3.9 | — | 1986 | 2 methods | |
| 9 | — | — | —stated, not verified | — | 3.7 | — | 1991 | 2 methods | |
| 10 | — | — | —stated, not verified | 48 | 3.68 | — | 2022 | 2 methods | |
| 11 | — | — | —stated, not verified | — | 3.51 | — | 2006 | 2 methods | |
| 12 | — | — | —stated, not verified | 24 | 3.39 | — | 2016 | 2 methods | |
| 13 | — | — | 100IN | 120 | — | — | 2011 | 2 methods · local | |
| 14 | — | 0 group | —stated, not verified | — | — | — | 2019 | 2 methods | |
| 15 | — | — | —stated, not verified | — | — | — | 2010 | 2 methods | |
| 16 | — | — | —stated, not verified | — | — | — | 2020 | 2 methods | |
| 17 | — | — | —stated, not verified | — | — | — | 1987 | 2 methods | |
| 18 | — | — | —stated, not verified | — | — | — | 1994 | 2 methods | |
| 19 | — | — | —stated, not verified | — | — | — | 2018 | 2 methods | |
| 20 | — | — | —stated, not verified | — | — | — | 1944 | 2 methods | |
| 21 | — | — | —stated, not verified | — | — | — | 1944 | 2 methods | |
| 22 | — | — | —stated, not verified | — | — | — | 1994 | 2 methods |
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
— the broker does not publish this figure; it is not read as a zero and it is not scored.
Axis Direct publishes a retail leverage of 1:100 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.
The ten above illustrate the term. SEBI-regulated brokers in India lists every broker that qualifies, with the figure each one publishes.
Identical for every row, so it is stated once: Who onboards Local · SEBI · Swap-free fee none, no limit · INR account Yes.
1. Interactive Brokers — highest score of the three · locally licensed (score 4.14)
- Round turn
- 5 USD
- Withdrawal
- about 2 business days
- INR account
- INR for domestic account.
- Licence
- SEBI INZ000217730
- Accepts residents
- yes
- Onboarding entity
- Private Limited
- Founded
- 1977
- Register
- https://interactivebrokers.co.in · 09.07.2026
- Group leverage
- uncleargroup
- Instruments
- NSE/BSE stocks (demat), F&O; overseas markets via separate overseas account (LRS).
- Platforms
- Funding
- Not served
- Reviews25%50
- Round-turn cost20%100
- Safety
- Payouts15%60
- Track record10%
- Platforms0
Round turn 5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.14.
Watch forPayouts axis 58 of 100; e-wallet times not published.
2. Finvasia — cheapest priced of the three · locally licensed (score 4.01)
- Round turn
- 4 USD
- INR account
- INR only.
- Licence
- SEBI INZ000176037
- Accepts residents
- yes
- Onboarding entity
- of Finvasia Securities Pvt Ltd
- Founded
- 2007
- Register
- https://shoonya.com · 09.07.2026
- Group leverage
- unclear
- Instruments
- Equities (delivery/intraday), F&O, currency, commodities (MCX/NCDEX), mutual funds/SIP, bonds, ETFs — real exchange-traded, not CFDs.
- Platforms
- Funding
- Not served
Round turn 4 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.01.
Watch forMin deposit 200 USD, double the India median of 50; withdrawal time not published.
What the data shows(22 of 90 distributions · 73 brokers)
Swap-free availability (22 of 90 brokers)
Admin fee after the free period (22 of 90 swap-free)
Who onboards Indian residents (22 of 90 brokers)
INR account (22 of 90 brokers)
Who grants the leverage figure (61 of 90)
Full list(22 of 90)
- 1JM Financial4.38
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- Round turn, USD
- 7
- INR
- Yes
- 2Ventura Securities4.31
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 3IIFL Securities4.25
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 4Interactive Brokers4.14
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- Round turn, USD
- 5
- Min deposit, USD
- 0 group
- INR
- Yes
- 5Nuvama4.12
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 6Finvasia4.01
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- Round turn, USD
- 4
- INR
- Yes
- 7Reliance Securities3.92
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 8Nirmal Bang3.9
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 9Anand Rathi Share & Stock Brokers3.7
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 10mStock (Mirae Asset)3.68
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 11Alice Blue3.51
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
- 125paisa3.39
- Onboards
- Local · SEBI
- Swap-free
- none, no limit
- INR
- Yes
How to read the ten below
- Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
- Check which company would onboard you.
The same brand can take a resident of India through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
- Read the cost beside the deposit.
The median round turn across this country is 7.0 USD and the median minimum deposit 15.0 USD; a low deposit beside a wide spread takes the difference back on every trade.
Neighbouring slices(6 rankings · 5 explainers)
FAQ
- How many brokers qualify for this ranking in India?
- 22 of 90 brokers measured for this country qualify.
- Which broker leads it, and on what basis?
- Interactive Brokers leads it with a score of 4.14. The order is computed score, highest first; unscored brokers follow.
- What does a trade typically cost here?
- The median round turn - spread plus commission for one standard lot, in and out - is 7.0 USD across the brokers that publish both parts.
- Why do some rows show a dash instead of a figure?
- Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.
- Why are only ten brokers shown here?
- This page explains the term; the ten illustrate it. The full ranking lists 22 of 90 and is one click away.
How this slice is scored
Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology
Verified · What changed · Sources(22 of 90 broker records)
Risk warning and affiliate disclosure
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.