Is IC Markets Legal In India?
IC Markets is not authorized by the Securities and Exchange Board of India (SEBI), but it still accepts Indian residents – we opened an account from a Mumbai IP address. So Indian residents can technically trade at IC Markets, but they may not get legal protections and could fall foul of local rules.
Written ByChristian Harris
Christian is a seasoned analyst, leveraging his expertise in stocks, forex, and crypto to evaluate brokers worldwide. With hands-on trading experience and a strong focus on risk management, he helps traders find reliable platforms. Christian's work for BrokerListings.com has been cited in the Financial Times.
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Fact Checked ByTobias Robinson
Tobias is committed to helping traders find the right brokerage for their needs. He has tested 200+ brokers, spent 2,600+ hours using different platforms, and placed 2,100+ trades.
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Edited ByJames Barra
James is an experienced broker analyst with a background in financial services. He has spent 2,500+ hours testing brokers, used 35+ different platforms and apps, audited 120+ broker T&Cs, and verified 300+ regulatory licenses.
James Barra Profile PageJuly 28, 2026
Interactive Brokers is our top-rated broker that’s allowed in India.
Is IC Markets Regulated In India?
No, we ran ‘IC Markets’ and its various entities (International Capital Markets Pty Ltd, IC Markets (EU) Ltd, IC Markets (KE) Limited, Raw Trading Ltd, IC Markets Ltd) through the SEBI’s database of Recognized Intermediaries, and it doesn’t appear. SEBI is the authority that licenses brokers for retail investors in India.
We also scoured the databases of other Indian financial bodies and found IC Markets on the Reserve Bank of India (RBI)’s Alert List, along with dozens of other well-known brokerages, as you can see below.
The RBI has jurisdiction over foreign exchange transactions. Under the Foreign Exchange Management Act (FEMA), Indian residents are permitted to remit up to $250,000 per year overseas under the Liberalised Remittance Scheme (LRS), but the RBI generally prohibits remitting money abroad for margin trading or to fund offshore forex trading accounts.
RBI regulations generally limit retail forex trading in India to INR currency pairs (USD/INR, EUR/INR, etc.), plus some cross-pairs, on recognized exchanges like NSE and BSE. Trading EUR/USD or many cross-pairs through an offshore broker like IC Markets falls outside this domestic framework. Enforcement against individual traders is rare, but the regulatory position is not supported.
IC Markets is upfront about not being authorized in India. When we registered for an account from an Indian IP address, there was a disclaimer underneath the contact fields, explaining their legal status, which you can see below.
What Indian Traders Should Do Before Opening An IC Markets Account
- Consult a tax adviser about reporting obligations — forex trading profits must be declared in India.
- Be aware that Indian banks may block LRS wire transfers to forex brokers based overseas.
- Keep in mind that although we consider IC Markets a legit broker, you may be routed to the FSA Seychelles entity of IC, which offers fewer protections than IC’s ASIC or CySEC branches.
- Understand that IC Markets does not offer an INR-based trading account so there may be conversion charges.
Alternatively, the safer route is to choose a broker regulated in India like Interactive Brokers.