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Based on my careful review of Motilal Oswal’s reported offerings, I must clarify that this broker does **not provide forex trading services at all**, including major forex pairs. As an active trader who values transparency and regulatory protection, I always dig deep into a broker’s product suite before considering any leverage- or margin-related specifics. According to all available information, Motilal Oswal focuses only on Indian and US stocks, futures, options, IPOs, mutual funds, commodities, and other investment products such as insurance and portfolio management. Forex, indices, cryptocurrencies, bonds, and ETFs are explicitly marked as unsupported. From my perspective, and in line with conservative trading principles, the absence of forex means that leverage for major forex pairs is a non-issue here—there simply isn’t any such product on offer. For other supported asset classes, such as equity derivatives, leverage provisions would be governed by Indian regulations and the specific margin required by both the firm and exchange. However, it’s crucial for me to highlight that Motilal Oswal lacks any valid regulatory oversight at present, which increases operational risk for all traders, regardless of the asset class. Because of the lack of regulation and clear communication on margin ratios for its derivatives, I personally would exercise extreme caution before trading leveraged products here. All in all, if forex trading and leverage are your primary interests, Motilal Oswal is not a suitable choice.