Best Multi-Asset CFD Brokers for Indian Users

Q: Do Indian users need SEBI-regulated brokers for CFD trading?

SEBI does not regulate CFD or forex brokers. Most international CFD brokers accessible to Indian users are regulated by overseas authorities like ASIC, FCA or CySEC. Indian users should review RBI's FEMA guidelines and offshore broker risks.

Q: Which broker offers the tightest spreads?

IC Markets and Tickmill offer raw spreads from 0.0 pips on their ECN/Pro accounts. XM's Ultra Low account offers spreads from 0.6 pips with no commission.

Independent reviews of XM, EBC Markets, IC Markets, TMGM and Tickmill — compare multi-asset CFDs across gold, oil, stocks, indices and crypto with transparent scoring, fee breakdowns and risk notes.

XM

Est. 2009

PlatformsMT4, MT5, WebTrader

XM is a well-established multi-asset CFD broker offering MT4, MT5 and XM WebTrader. Known for low minimum deposits, high leverage options and extensive educational resources. Indian users can access gold, oil, stock CFDs, indices and crypto CFDs.

Read Full Review

EBC Markets

Est. 2017

PlatformsMT4, WebTrader, App

EBC Markets is a growing multi-asset CFD broker focused on Asian and global markets. Offers competitive spreads on gold, oil, indices and commodities through MT4 and a proprietary WebTrader.

Read Full Review

IC Markets

Est. 2007

8.7/10

Min Deposit$200

Max Leverage1:500

SpreadsFrom 0.0 pips (Raw)

PlatformsMT4, MT5, cTrader

IC Markets is one of the largest ECN brokers globally, popular among Indian traders for its raw spreads across gold, oil, stocks, indices and crypto CFDs, deep liquidity and multiple platform choices. Supports MT4, MT5 and cTrader.

Read Full Review

TMGM

Est. 2013

PlatformsMT4, MT5, IRESS

TMGM is an ASIC-regulated multi-asset broker with a strong presence in Asia-Pacific. Offers MT4, MT5 and IRESS platforms for gold, oil, stocks, indices and crypto CFD trading with competitive pricing.

Read Full Review

Tickmill

Est. 2014

8.3/10

Min Deposit$100

Max Leverage1:500

SpreadsFrom 0.0 pips (Pro)

PlatformsMT4, MT5, WebTrader

Tickmill is an FCA-regulated multi-asset broker known for tight spreads across gold, oil, indices and commodities, fast execution and strong reputation among professional traders.

Read Full Review

Broker Comparison Table

Account	XM	EBC Markets	IC Markets	TMGM	Tickmill
Min Deposit	$5	$50	$200	$100	$100
Max Leverage	1:1000	1:500	1:500	1:500	1:500
Spreads	From 0.6 pips	From 1.0 pips	From 0.0 pips (Raw)	From 0.7 pips	From 0.0 pips (Pro)
Platforms	MT4, MT5, WebTrader, App	MT4, WebTrader, App	MT4, MT5, cTrader, WebTrader, App	MT4, MT5, IRESS, App	MT4, MT5, WebTrader, App
Key Regulation	ASIC, CySEC, FSC, DFSA	FSA, FSC	ASIC, CySEC, FSA	ASIC, VFSC	FCA, CySEC, FSA, FSCA
	Read Full Review	Read Full Review	Read Full Review	Read Full Review	Read Full Review

Best Multi-Asset Brokers by Category

Quick picks for your trading style — find the right broker based on what matters most to you

Best for

Beginners & New Traders

XM offers the lowest minimum deposit at just $5, supports UPI deposits from India, and provides comprehensive educational resources including daily webinars, video tutorials, and market analysis. Its simple Standard account with no commission makes the learning curve smoother for first-time multi-asset traders.

$5 min depositUPI supportFree education

Best for

MT4 Trading Platform

IC Markets

IC Markets delivers the most polished MT4 experience among the five brokers — raw spreads from 0.0 pips, deep liquidity from 25+ providers, one-click trading, and full EA/automated trading support across all asset classes.

Raw spreads 0.025+ LPsEA support

Best for

MT5 Trading Platform

IC Markets

IC Markets leads on MT5 too — access to 2,200+ CFD instruments across gold, oil, indices, commodities, stocks, and more, with depth of market (DoM) and advanced charting.

2,200+ instrumentsDoM accessAdvanced charting

Best for

brokerHub.bestFor.gold

EBC Markets

brokerHub.bestFor.goldWhy

XAUUSD from 0.10Multi-assetBroad commodities

Best for

Lowest Trading Spreads

Tickmill

Tickmill delivers raw spreads from 0.0 pips on its Pro and VIP accounts with competitive commissions of $2.00 per lot per side. Combined with fast ECN execution and no requotes, Tickmill is the clear winner for cost-sensitive multi-asset traders.

0.0 pip raw$2/lot commNo requotes

Best for

Active & Experienced Traders

IC Markets

IC Markets is built for active traders — raw spread accounts across gold, oil, indices and stocks, cTrader and MT4/MT5 choice, 25+ liquidity providers, institutional-grade execution, and support for scalping, hedging and algorithmic trading.

cTrader + MT4/MT5Scalping okAlgo trading

Best for

Education & Learning Resources

XM has the strongest educational suite among the five brokers — free daily webinars, structured video courses, platform tutorials, market analysis, trading signals, and a comprehensive learning center covering multiple asset classes.

Daily webinarsVideo coursesMarket analysis

Best for

Best Alternative to XM

IC Markets

If you like XM's beginner-friendly approach but want tighter spreads across gold, oil and indices, more platform choice (including cTrader) and ECN execution, IC Markets is the logical step up. It retains UPI support while offering significantly tighter raw spreads.

Tighter spreadscTrader accessECN execution

Best for

Best Alternative to IC Markets

If IC Markets feels too advanced or its $200 minimum deposit is too high, XM is the natural alternative. The $5 minimum, simpler account structure, and rich educational content make it more accessible while still delivering quality MT4/MT5 execution across gold, oil and index CFDs.

$5 min depositSimple accountsGreat education

Frequently Asked Questions

Which CFD broker is best for Indian beginners?

XM is often recommended for Indian beginners due to its low $5 minimum deposit, UPI deposit support, strong educational resources including free webinars and market analysis, and user-friendly MT4/MT5 platforms. However, beginners should start with a demo account and understand CFD risks before trading with real funds.

Do Indian users need SEBI-regulated brokers for CFD trading?

SEBI does not regulate CFD or forex brokers — these fall under RBI's foreign exchange regulations. Most international CFD brokers accessible to Indian users are regulated by overseas authorities like ASIC, FCA or CySEC rather than Indian regulators. Indian users should review RBI's FEMA guidelines, understand offshore broker risks, and consult a qualified professional about regulatory compliance.

Which broker has the lowest minimum deposit for Indian users?

XM offers the lowest minimum deposit at $5 across most account types. Other brokers have higher entry points: EBC Markets and Tickmill at $50-$100, TMGM at $100, and IC Markets at $200. A lower minimum deposit is helpful for testing a broker's platform and execution before committing larger amounts.

Can Indian users deposit via UPI on these brokers?

Only XM and IC Markets support UPI deposits from Indian users. EBC Markets, TMGM and Tickmill do not accept UPI or INR-based deposits — they require international bank transfers, e-wallets or cryptocurrency. UPI support is a significant convenience factor for Indian traders.

Which broker offers the tightest spreads?

IC Markets and Tickmill both offer raw spreads from 0.0 pips on their ECN/Pro accounts, with commissions of $2.00-$3.50 per lot per side. XM's Ultra Low account offers spreads from 0.6 pips with no commission. For pure spread tightness, IC Markets and Tickmill lead.

Are these offshore brokers safe for Indian users?

The brokers reviewed hold licenses from international regulators like ASIC, FCA, and CySEC, which are respected globally. However, Indian users do not receive the same regulatory protections as residents of those jurisdictions. Key safety factors include: segregated client funds, negative balance protection, the broker's operating history, and regulatory track record. Indian users should never trade with money they cannot afford to lose.

Important Risk Notice: CFD, crypto and leveraged products are high-risk and may not be suitable for all users. Indian residents should carefully review applicable RBI, SEBI, FEMA, tax and local regulatory requirements before using any trading platform. Rankly provides educational content and platform comparisons only. We do not provide investment advice.