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Rupee Desk
91 brokers measured52 pricedmedian 6.0 USDformula v1.0Data captured 03.10.2026Some links are partner links. They never change a score or a position.
Priya ShahPriya Shah AuthorSana BhattSana Bhatt EditorZara IyerZara Iyer Fact-checkerScore recalculated 03.10.2026

How to verify a broker licence in India

Licence numbers on file
26
Brokers in base
91
Without a local licence
69
Checked
2026-10-03

Four checks, in this order

1. Find the number, not the badge. A logo is not a licence. The broker pages here print the licence number we found, or say plainly that none is published for this country.2. Read it in the register. Open the regulator's own register and search the number. The regulator for India and its register are named on every broker page we publish.3. Check the name on the licence against the name on the contract. This is where most of the confusion lives: the brand you signed up with and the entity on the client agreement are often different companies in different countries. Our entity column exists for this reason.4. Check the permissions, not just the presence. A firm can be on a register for one activity and not for the one it is selling you.

What goes wrong locally

Common scams: Telegram/WhatsApp 'signal' and PMS groups promising guaranteed monthly returns, cloned/fake broker apps, and unauthorised platforms on the RBI Alert List soliciting deposits then blocking withdrawals; recovery-agent follow-on scams. KYC to open a (legal, exchange-linked) account requires PAN card (mandatory) plus Aadhaar, an address proof (Aadhaar/utility bill/bank statement, typically within ~3 months), and bank proof (cancelled cheque); approval usually 24-48h.

Brokers here without a local licence

Showing 25 of 91 brokers that onboard India residents.
BrokerOnboarding entityMax leverage
BlackBull MarketsBBG Limited500.0geo
EightcapEightcap Global Limited500.0geo
Fusion MarketsIndian retail clients are onboarded under th500.0geo
PepperstonePepperstone Markets Ltd200.0geo
Trade NationTrade Nation Ltd200.0geo
AlpariDoes NOT serve India - Alpari explicitly excno data
BDSwissIndian clients are onboarded under the offsh2000.0geo
CMC MarketsCMC Markets Singapore Pte. Ltd20.0geo
Capital.comCapital.com does NOT serve India - India is no data
FP MarketsFP Markets LLC500.0geo
FXGTGT Global Ltd5000.0geo
LiteFinanceLiteFinance Global LLC1000.0geo
Moneta MarketsMoneta Markets Ltd1000.0geo
Plus500Not applicable - Plus500 does not accept Indno data
TMGMTrademax Global Ltd1000.0geo
ThinkMarketsTF Global Markets Int Ltd500.0geo
VantageIndian retail clients are onboarded by the o500.0geo
XMXM Global Limited1000.0geo
XTBXTB does NOT serve India - Indian residents no data
ActivTradesIndian clients, where accepted, onboarded of200.0geo
FBSFBS Markets Inc3000.0geo
HFMHF Markets (SV) Ltd2000.0geo
HYCMHYCM Ltd500.0geo
IG MarketsIG International Ltd200.0geo
JustMarketsJust Global Markets Ltd3000.0geo

FAQ (2)

How do I check a broker licence in India?

Common scams: Telegram/WhatsApp 'signal' and PMS groups promising guaranteed monthly returns, cloned/fake broker apps, and unauthorised platforms on the RBI Alert List soliciting deposits then blocking withdrawals; recovery-agent follow-on scams. KYC to open a (legal, exchange-li

The broker shows a licence from another country. Does it count?

It means a foreign entity regulates that company, not that it is authorised to serve India residents. The two are different questions and the broker page names which entity signs the client.