Brokers With INR Accounts
An Indian Rupee (INR) trading account is based in India’s currency. Popular with Indians, they facilitate trades and transactions in a familiar currency while reducing conversion costs.
Explore the best brokers with INR accounts, personally tested by our experts.
Best Brokers With INR Accounts
Our tests show these are the 2 top trading platforms accepting INR accounts:
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1
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
2
Zacks Trade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2500$3FINRAStocks, ETFs, Cryptos, Options, BondsOwnWire Transfer, ACH Transfer, ChequeUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF
Here is a summary of why we recommend these brokers:
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- Zacks Trade - Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
Brokers With INR Accounts Comparison
| Broker | INR Account | Minimum Deposit | Markets | Regulator |
|---|---|---|---|---|
|
|
✔ | $0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
|
|
✔ | $2500 | Stocks, ETFs, Cryptos, Options, Bonds | FINRA |
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
Cons
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
Zacks Trade
"Zacks Trade will suit active day traders with experience using powerful platforms. Fees and margin rates are low while the market research is excellent."
Tobias Robinson, Reviewer
Zacks Trade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, ETFs, Cryptos, Options, Bonds |
| Regulator | FINRA |
| Platforms | Own |
| Minimum Deposit | $2500 |
| Minimum Trade | $3 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, RUB, PLN, CZK, HUF |
Pros
- 20+ account denominations
- Demo account
- Comprehensive research and data
Cons
- High minimum requirement of $2,500
- No MT4 or MT5 platform integration
- Shortcomings regarding platform loading times and technical glitches
How Did We Choose The Best Brokers?
To identify the top brokers with INR accounts we:
- Leveraged our directory consisting of 216 brokers and trading platforms
- Pinpointed those offering an account based in Indian Rupees
- Ranked them by their rating, combining 100+ data points with our personal testing observations
What Is An INR Account?
An INR account is a trading account in which the balance is denominated in Indian Rupees.
This means that the cash you hold or instruments you trade will be displayed in INR. It will also be the currency used for establishing margin requirements – a popular approach used by day traders.
You can see an example where I signed up for an INR account at Interactive Brokers below.
Do I Need An INR Trading Account?
This account may be appropriate if:
- You live in India and earn money in INR as it’s economical to operate a trading account in the same currency.
- You frequently trade currency pairs that contain the INR, such as USD/INR and EUR/INR, because it reduces the need for conversion and associated charges.
- You actively trade Indian equities listed on the National Stock Exchange of India as transactions are often faster and you don’t need to manage multiple currencies and exchange rates.
How Can I Check If A Broker Offers An Account In Indian Rupees?
Use these straightforward steps, which we took to check all our suggested trading platforms offer an INR account:
- Go to the account types page on the broker’s website to find a selection of ‘base currencies’.
- Confirm that ‘INR’ is available as a supported account currency for your country.
- Open a live or demo account and select ‘INR’ as your base currency.
Pros & Cons Of INR Trading Accounts
Pros
- Our tests show brokers with INR accounts often tailor their trading services to Indians in other ways, for example, providing localized customer support (available at Interactive Brokers) and Islamic accounts (Islam is India’s second-largest religion).
- They can reduce conversion fees when trading in Rupees. This can save frequent traders, such as day traders, money as if you want to deposit INR to an account based in the USD, for example, some firms like IG charge 0.8% on top of the prevailing exchange rate from various banks.
- For Indian day traders, they offer a convenient way to manage a high volume of trades and costs in a familiar currency, helping not to overwhelm newer investors especially.
Cons
- Although there’s an increasing number of trading platforms with INR accounts, they are still pretty uncommon (less than 10% of brokers we’ve evaluated), meaning you’ll have fewer first-rate firms to choose from.
- While the INR is a fairly stable currency (among its least volatile in the last 20 years according to Business Standard), maintaining balances in it will open you up to any fluctuations caused by changing oil prices for instance (India is a major oil importer).
- The Indian Rupee still has relatively limited trading volumes compared to the likes of the US Dollar and British Pound, in part due to its status as an emerging economy and strict capital controls, so short-term trading the INR with other currencies may result in wider spreads.
- Trading in popular international assets, such as US equities, may result in a conversion fee if your cash is in INR with Admirals, for example, charging 0.3% if you hold your balance in a non-USD account.
FAQ
Which Is The Best Broker With A INR Account?
See our ranking of the top-rated brokers with INR accounts to find the right platform for you.
How Much Does It Cost To Open A Trading Account Based In Indian Rupees?
You’ll need up to 250 USD, around 20,850 INR, to open a trading account based in Indian Rupees following our evaluations of 216 brokers, over 10 of which support INR trading accounts.
However, Interactive Brokers stands out with no minimum deposit in INR, making it the best option for budget traders.
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