Swap-free (Islamic) brokers in India

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 (45 of 90 counts · 73 brokers onboarding Indian residents)

45of 90

qualify for this ranking

50% of 90

39of 45

scored on all six axes

87% of 45

65of 90

publish a price

72% of 90

49of 90

publish a leverage figure for this country

54% of 90

Top 3 (of 3 ranked)

1FP Markets4.21highest score of the three · offshore/unregulated locally; trading of · withdrawal in 0 h 2Fusion Markets4.06cheapest priced of the three · offshore (vfsc/seychelles) for indian cl · withdrawal in 1 h 3AMarkets3.95unregulated locally; offshore only · withdrawal in 24 h

Swap-free (Islamic) brokers in India (45 of 90)

By slice score, formula v1.0. · 45 of 73 brokers in this ranking · all 45

#	Broker	Round turn, USDIN	Min deposit, USDIN	Leverage	Withdrawal, hIN	Score	Execution	Founded	Funding
1	FP Markets	6	100 group	500IN	0	4.21	ECN/raw + standard	2005	3 methods
2	Fusion Markets	4.5	0	500IN	1	4.06	ECN/raw + standard	2019	6 methods
3	AMarkets	11	100 group	3000IN	24	3.95	ECN/raw + standard	2007	5 methods · local
4	LiteFinance	5	50 group	1000IN	24	3.94	ECN/raw + standard	2005	3 methods
5	HFM	6	0 group	2000IN	24	3.92	ECN/raw + standard	2010	3 methods
6	MultiBank Group	3	50	500IN	48	3.92	ECN/raw + standard	2005	4 methods
7	FxPro	9	100	200IN	24	3.91	ECN/raw + standard	2006	3 methods · local
8	JustMarkets	6	10	3000IN	48	3.9	ECN/raw + standard	2012	3 methods
9	OctaFX	9	25 group	1000IN	3	3.9	ECN/raw + standard	2011	2 methods · local
10	ActivTrades	4.2	0	200IN	24	3.88	ECN/raw + standard	2001	4 methods
11	Grand Capital	9	10	500IN	0.25	3.87	ECN/raw + standard	2006	3 methods
12	NordFX	7	10 group	1000IN	24	3.84	ECN/raw	2008	4 methods
13	BlackBull Markets	6	0 group	500IN	72	3.82	ECN/raw + standard	2014	5 methods
14	Blueberry Markets	7	100 group	500IN	24	3.82	ECN/raw + standard	2016	5 methods
15	BDSwiss	10	10 group	2000IN	24	3.8	ECN/raw + standard	2012	3 methods
16	FIBO Group	6	50 group	1000IN	48	3.8	ECN/raw + standard	1998	7 methods
17	FXChoice	7	100	200IN	24	3.8	ECN/raw + standard	2010	3 methods
18	Pepperstone	7	10 group	200IN	48	3.79	ECN/raw + standard	2010	5 methods
19	Dukascopy	8	100 group	200IN	48	3.77	Standard	2004	3 methods
20	Axi	7	0 group	500IN	24	3.75	ECN/raw + standard	2007	7 methods
21	Swissquote	16	1000	100IN	24	3.73	ECN/raw + standard	1996	1 methods
22	Vantage	6	50	500IN	72	3.7	ECN/raw + standard	2020	1 methods · local
23	Moneta Markets	3	50	1000IN	24	3.69	ECN/raw + standard	2019	5 methods · local
24	AvaTrade	9	100 group	400IN	48	3.69	Standard	2006	4 methods
25	Eightcap	7	100 group	500IN	48	3.67	ECN/raw + standard	2009	4 methods · local
26	XM	3.5	5	1000IN	24	3.67	ECN/raw + standard	2009	3 methods · local
27	FXOpen	3	1 group	500IN	24	3.67	ECN/raw + standard	2005	6 methods
28	FBS	13	5 group	3000IN	24	3.66	Standard	1995	3 methods
29	Headway	3	1 group	—stated, not verified	0.5	3.63	ECN/raw + standard	2022	3 methods
30	TMGM	7	100 group	1000IN	24	3.62	ECN/raw + standard	2013	6 methods
31	CAPEX	6.5	100 group	300 groupIN	24	3.55	ECN/raw + standard	2016	3 methods
32	XChief	5.5	10	1000IN	120	3.55	ECN/raw + standard	2014	7 methods
33	ForexMart	6	1 group	500IN	48	3.53	ECN/raw + standard	2015	8 methods · local
34	Trade Nation	6	0 group	200IN	120	3.44	Standard	2008	3 methods · local
35	RoboForex	4	10 group	2000IN	48	3.4	ECN/raw + standard	2009	5 methods · local
36	HYCM	5	100 group	500IN	168	3.35	ECN/raw + standard	1977	5 methods
37	FXGT	14	5 group	5000IN	72	3.34	Standard	2019	4 methods
38	FXCM	11	50	1000IN	120	3.28	ECN/raw + standard	1999	2 methods
39	CMTrading	15	250 group	200IN	48	3.23	ECN/raw + standard	2012	2 methods
40	Equiti	7	0 group	2000 groupIN	120	3.22	ECN/raw + standard	2008	—
41	ADSS	14	100 group	500 groupIN	120	2.86	ECN/raw + standard	2010	—
42	Fortrade	—	100 group	30 groupIN	48	2.84	—	2008	4 methods
43	InstaForex	—	1 group	1000IN	144	2.8	ECN/raw + standard	2007	3 methods
44	IronFX	18	100 group	2000 groupIN	120	2.77	ECN/raw + standard	2010	3 methods
45	IFC Markets	—	1 group	400IN	1	—	ECN/raw + standard	2006	6 methods · local

Ten are shown; the button opens the rest.

"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.

BlackBull Markets publishes a retail leverage of 1:500 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

Identical for every row, so it is stated once: Who onboards Local · SEBI · Swap-free fee none, no limit · INR account Yes.

1. FP Markets — highest score of the three · offshore/unregulated locally; trading of · withdrawal in 0 h (score 4.21)

Round turn: 6 USD
Withdrawal: instant to one business day
INR account: USD/EUR/GBP/AUD and others; no INR-denominated account.
Leverage: 500IN
Accepts residents: through an offshore entity
Onboarding entity: FP Markets LLC
Founded: 2005
Register: https://fpmarkets.com/regulation · 09.07.2026
Group leverage: offshoregroup
Instruments: 10,000+ CFDs: 60+ FX pairs, indices, commodities, shares, ETFs, bonds and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Cards, bank wire and e-wallets; local UPI/INR bank rails not verified at review.
Not served: United States, Japan, North Korea, Iran, Iraq, Belgium

Reviews25%90
Round-turn cost20%95
Safety0
Payouts15%100
Track record10%
Platforms70

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis payouts 100 of 100. total score 4.21.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of FP Markets

2. Fusion Markets — cheapest priced of the three · offshore (vfsc/seychelles) for indian cl · withdrawal in 1 h (score 4.06)

Round turn: 4.5 USD
Withdrawal: under an hour for 85% of withdrawals
INR account: No INR base-currency account; accounts in USD, AUD, EUR, GBP, JPY, CHF, CAD, NZD, SGD, HKD, so rupee deposits incur conversion.
Leverage: 500IN
Licence: SEBI SD096
Accepts residents: through an offshore entity
Onboarding entity: Indian retail clients are onboarded under the offshore arms Gleneagle Securities Pty Limited (Vanuatu VFSC) and/or Fusion Markets International Ltd (Seychelles FSA), not a local entity.
Founded: 2019
Register: https://fusionmarkets.com/About-us/Regulations · 09.07.2026
Group leverage: unclear
Instruments: 250+ instruments: 90+ forex pairs, metals, commodities, indices, share CFDs and crypto CFDs.
Platforms: MT5MT4Web
Funding: Bank wire, Visa/Mastercard, Skrill, Neteller, PayPal and crypto (BTC/USDT); no verified UPI/local INR rail at review.
Not served: Afghanistan, Congo, Iran, Iraq, Japan, Myanmar, New Zealand, North Korea, Ontario (Canada), Palestine, Russia, Spain, Somalia, Sudan, Syria, Ukraine, Yemen, United States and its territories

Why it ranks here

Round turn 4.5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.06.

Watch for

Min deposit 200 USD, double the India median of 50; withdrawal time not published.

Full review of Fusion Markets

3. AMarkets — unregulated locally; offshore only · withdrawal in 24 h (score 3.95)

Why it ranks here

Round turn 11 USD against the slice median 7 USD. strongest axis track record 95 of 100. total score 3.95.

Watch for

Onboards Indian residents through an offshore entity: no SEBI licence, no SEBI complaints route, no INR account.

Full review of AMarkets

What the data shows(45 of 90 distributions · 73 brokers)

Swap-free availability (45 of 90 brokers)

Offered30Not offered14

Admin fee after the free period (45 of 90 swap-free)

Never16After 3–30 days9not published5

Who onboards Indian residents (45 of 90 brokers)

Local SEBI entity20Offshore entity24

INR account (45 of 90 brokers)

Yes16No23not published5

Swap-free accounts offered (90 of 90)

49Yes

2On request

25No

14Not stated

Round turn, one lot, USD (65 of 90 · median 7 USD)

13<5

3810

1015

420

0>20

Full list(45 of 90)

1FP Markets4.21
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100 group
Leverage
500IN
INR
Yes
2Fusion Markets4.06
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500IN
INR
Yes
3AMarkets3.95
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
11
Min deposit, USD
100 group
Leverage
3000IN
INR
Yes
4LiteFinance3.94
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
50 group
Leverage
1000IN
INR
Yes
5HFM3.92
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000IN
INR
Yes
6MultiBank Group3.92
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
500IN
INR
Yes
7FxPro3.91
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
200IN
INR
Yes
8JustMarkets3.9
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
3000IN
INR
Yes
9OctaFX3.9
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000IN
INR
Yes
10ActivTrades3.88
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
4.2
Min deposit, USD
0
Leverage
200IN
INR
Yes
11Grand Capital3.87
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10
Leverage
500IN
INR
Yes
12NordFX3.84
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
10 group
Leverage
1000IN
INR
Yes
13BlackBull Markets3.82
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
500IN
INR
Yes
14Blueberry Markets3.82
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500IN
INR
Yes
15BDSwiss3.8
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
10 group
Leverage
2000IN
INR
Yes
16FIBO Group3.8
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
1000IN
INR
Yes
17FXChoice3.8
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
200IN
INR
Yes
18Pepperstone3.79
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
10 group
Leverage
200IN
INR
Yes
19Dukascopy3.77
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100 group
Leverage
200IN
INR
Yes
20Axi3.75
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
500IN
INR
Yes
21Swissquote3.73
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
16
Min deposit, USD
1000
Leverage
100IN
INR
Yes
22Vantage3.7
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
500IN
INR
Yes
23Moneta Markets3.69
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50
Leverage
1000IN
INR
Yes
24AvaTrade3.69
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100 group
Leverage
400IN
INR
Yes
25Eightcap3.67
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500IN
INR
Yes
26XM3.67
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
5
Leverage
1000IN
INR
Yes
27FXOpen3.67
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1 group
Leverage
500IN
INR
Yes
28FBS3.66
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
13
Min deposit, USD
5 group
Leverage
3000IN
INR
Yes
29Headway3.63
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1 group
INR
Yes
30TMGM3.62
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
1000IN
INR
Yes
31CAPEX3.55
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6.5
Min deposit, USD
100 group
Leverage
300 groupIN
INR
Yes
32XChief3.55
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
5.5
Min deposit, USD
10
Leverage
1000IN
INR
Yes
33ForexMart3.53
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
1 group
Leverage
500IN
INR
Yes
34Trade Nation3.44
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
200IN
INR
Yes
35RoboForex3.4
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
10 group
Leverage
2000IN
INR
Yes
36HYCM3.35
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
100 group
Leverage
500IN
INR
Yes
37FXGT3.34
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
14
Min deposit, USD
5 group
Leverage
5000IN
INR
Yes
38FXCM3.28
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
11
Min deposit, USD
50
Leverage
1000IN
INR
Yes
39CMTrading3.23
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
15
Min deposit, USD
250 group
Leverage
200IN
INR
Yes
40Equiti3.22
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
2000 groupIN
INR
Yes
41ADSS2.86
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
14
Min deposit, USD
100 group
Leverage
500 groupIN
INR
Yes
42Fortrade2.84
Onboards
Local · SEBI
Swap-free
none, no limit
Min deposit, USD
100 group
Leverage
30 groupIN
INR
Yes
43InstaForex2.8
Onboards
Local · SEBI
Swap-free
none, no limit
Min deposit, USD
1 group
Leverage
1000IN
INR
Yes
44IronFX2.77
Onboards
Local · SEBI
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
100 group
Leverage
2000 groupIN
INR
Yes

How to read this ranking

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 · 6 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in India?: 45 of 90 brokers measured for this country qualify.
Which broker leads it, and on what basis?: FP Markets leads it with a score of 4.21. 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.

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(45 of 90 broker records)

Verified01.10.2026

data re-captured 28.09.2026

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.