we’ll break down the best forex brokers Indian traders can use with MT4, so you can trade confidently and safely. If you’re an Indian trader looking to step into the world of forex trading, one of the most powerful platforms at your disposal is MetaTrader 4 (MT4). But not every broker offers the right support, tools, or legal framework for Indian users.
1. What is MetaTrader 4 (MT4) and Why Do Traders Use It?
MetaTrader 4 (MT4) is a globally popular trading platform developed by MetaQuotes. It allows traders to:
- Trade forex, commodities, and indices
- Use Expert Advisors (EAs) for automated trading
- Analyze charts with technical indicators
- Access real-time market data
Why it’s popular in India?
Because it’s lightweight, supports mobile trading, and works with many global brokers—even with a low deposit amount.
2. Is It Legal for Indian Traders to Use MT4?
Yes and no.
- MT4 itself is legal software, and there’s no ban on using it.
- However, RBI regulations only allow forex trading in currency pairs involving INR (like USD/INR, EUR/INR) on regulated platforms like NSE or BSE.
- Trading international currency pairs via foreign brokers (even through MT4) is technically not permitted by Indian regulators.
What traders do:
Many Indians still use international brokers that offer MT4 via apps and websites. But it comes with legal risks, especially when transferring money abroad for trading.
3. Top MT4 Forex Brokers That Accept Indian Traders
Here are some brokers offering MT4, widely used by Indian traders:
1. Exness
- Low spreads
- MT4 + MT5 supported
- Instant deposits via UPI/NetBanking
- Regulated in multiple jurisdictions
2. OctaFX
- Great for beginners
- Local deposit methods available
- Fast MT4 execution
- Good educational resources
3. XM
- Offers both MT4 and MT5
- No hidden charges
- Up to 888:1 leverage (use cautiously)
- Multiple asset classes
4. IC Markets
- ECN broker with low spreads
- Advanced MT4 features
- Ideal for scalping and EAs
5. FXTM (ForexTime)
- Offers MT4 with Indian-friendly deposit methods
- Regulated in Europe and Africa
- Cashback and bonus offers
Tip: Always verify regulations and fund safety before using international brokers.
4. How to Start Trading on MT4 in India
- Choose a Broker – Sign up on platforms like Exness, OctaFX, or XM.
- Verify Your Account – Upload PAN, Aadhaar, or Passport.
- Download MT4 – Available for Windows, Android, iOS.
- Deposit Funds – Use NetBanking, UPI, or local wallets (some brokers offer local payment agents).
- Start Trading – Analyze charts, use indicators, or test demo accounts.
5. Final Thoughts: Which Broker Should You Choose?
- If you want fast withdrawals and UPI support, go with OctaFX or Exness.
- If you prefer ultra-low spreads and professional tools, choose IC Markets.
- For beginners, XM and FXTM are beginner-friendly with tutorials and support.
Important Note:
Always start with a demo account to learn and test the broker’s platform. Avoid investing more than you can afford to lose and stay informed about RBI rules on forex trading.
FAQs
Q1: Is MT4 legal in India?
Yes, the platform is legal, but trading non-INR pairs may violate RBI rules.
Q2: Can I use UPI to fund forex accounts?
Some brokers like Exness and OctaFX allow UPI through local agents or payment gateways.
Q3: Which is the best MT4 broker for beginners in India?
OctaFX and XM are beginner-friendly with low deposits and educational tools.