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Best MT4 Forex Brokers India 2023

For this list, we have searched and tested several Indian forex brokers offering trading on MT4 trading platform.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads. We also reached out to customer support to solve issues that we encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best MT4 forex brokers India based on our trading data and experience as a trader.

What is MT4?

MT4 (MetaTrader 4) is an electronic third-party trading platform used for forex trading. The software was developed and launched in 2005 by MetaQuote. Visit MT4’s official website – metatrader4.com.

Since its establishment, the platform has become one of the best forex trading platforms due to its vast range of instruments, technical features, and ease of use. It is used by almost all brokers (except for Japan).

  • MT4 is available on Windows, macOS, Linux, and other mobile operating systems.
  • The platform comprises both server and client components which enables building a bridge between brokers and clients.
  • MetaQuote stopped MT4 in 2018 to promote MT5 which is a more sophisticated version of MT4.

Even after the launch of MT5, MT4 still dominates the Forex and CFD trading market. However, the range of features and instruments strictly depends on each broker’s offering individually. While some brokers will go for the basic version only others will include more.

Key features of MT4 trading platform:

📈Trading InstrumentsForex and CFDs
🕐Timeframes9
🔜Pending Orders4 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop)
📊HedgingOnly Hedging
🔎Technical Analysis Tool30
📑Market DepthNo
🗓Economic CalendarNo
💰Order Execution Type3
📊Graphical Objects31
🖥Strategy TesterSingle-Threaded
💳Fund Transfer Between AccountsNo
💻Programming LanguageMLQ4

Best MT4 brokers in India

To select the best MT4 forex brokers India, we searched and reviewed several forex brokers regulated by Securities and Exchange Board of India (SEBI). We opened live accounts and deposited real money with each broker, placed real trades to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

  • BlackBull MarketsBest Overall MT4 Forex Broker India
  • XMBest MetaTrader4 Broker for India Beginners
  • AvaTradeBest India Fixed Spread Forex Brokers MT4
  • Vantage FX – Best MT4 ECN Brokers for India
  • Admiral Markets – Best MT4 with Lowest Spreads in India

Best Overall MT4 Brokers India

We chose BlackBull Markets as the best overall forex broker with MT4 for Indian clients.

Founded in 2014, BlackBull Markets is a global forex and CFD trading provider with the main headquarter situated in New Zealand. The broker provides over 200 tradable instruments in forex, indices, stocks, and commodities markets.

BlackBull Markets offers a full suite of MetaTrader (MT4, MT5) with MT4 being the most popular among forex traders. Through MT4, BlackBull Markets offers a feature package of charts and technical indicators, as well as supports EAs and VPS hosting.

BlackBull Markets is also known for its transparent low spreads and provides leverage as high as 500:1.

Best MetaTrader4 Broker for India Beginners

We picked XM as the best MT4 forex broker for beginners in India.

XM is one of the industry-leading brokerage companies worldwide. It offers over 1,000 tradable instruments in such categories as forex, indices, stocks, commodities, and cryptocurrency through the MT4 platform with spreads starting from 0.6 pips. The platform is available on the web, desktop, and mobile.

Low spreads, an outstanding learning center, and excellent research tools make XM the best fit for novice traders in India. Moreover, XM provides traders with an unlimited demo account that can be kept parallel to their trading account.

Best India Fixed Spread Forex Brokers MT4

We chose AvaTrade as the best fixed spread forex MT4 platform for Indian clients.

Founded in 2006, AvaTrade is a forex and CFD broker with a vast range of instruments in forex, indices, commodities, bonds, cryptocurrencies, stocks, and ETFs.

AvaTrade offers fixed spreads through MT4 with over 1,000 indicators and fast order execution time. MT4 supports automated trading by allowing traders to use, modify, buy, and sell EAs.

Best MT4 ECN Brokers for India

We picked out Vantage FX as the best ECN broker with MT4 in India.

Founded in 2009, Vantage FX is an Australian forex and CFD broker. It is regulated by several top-tier brokers across the globe making. The broker provides multiple trading instruments in forex, indices, commodities, cryptocurrencies, and shares CFDs.

Vantage offers a full suite of MetaTrader (MT4, MT5) with low fees on forex and tight spreads. The broker provides the next-gen Raw ECN trading environment giving the most cost-effective Forex trading solution with spreads starting from 0.0 pips.

Best MT4 with Lowest Spreads in India

We picked Admiral Markets as the best MT4 forex broker with low spreads in India.

Founded in 2001, Admiral Markets is a global forex and CFD broker with a range of thousands of instruments in forex, indices, stock, commodities, and cryptocurrencies. As compared to competitors, Admiral Markets’ instrument range is the most diverse in the industry counting over 3,300 instruments.  

Admiral Markets is a MetaTrader-only broker with the lowest spreads in the industry benchmark. As our test shows, the spreads offered for EUR/USD are 0.6 pips and for commodities – 2.9 pips.

India MT4 Brokers List

Apart from the best brokers listed above, here are some of the MT4 Forex brokers India that we have tested.

Forex BrokerAbout Our TestOur Review
XM GroupDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Group Review
AvaTradeDeposit Amount: Over €4,000
Total Trade: 12 trades
AvaTrade Review
FP Markets Deposit Amount: Over €6,000
Total Trades: 12
FP Markets Review
IGDeposit Amount: Over €4,000
Total Trades: 12
IG Website
Capital.comDeposit Amount: Over €3,500
Total Trade: 15 trades
Capital.com Review
Forex.comVisit forex.com
IC MarketsDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
HYCMVisit HYCM
Vantage FXDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
EightcapVisit Eightcap
BlackBull MarketsDeposit Amount: Over €4,000
Total Trade: 12 trades
BlackBull Markets Review

FAQ and More on MetaTrader4 Brokers

Many traders often rise different trading related questions. We tried to give comprehensive answers to the most peculiar questions related to MT4 forex brokers India.

India MT4 Binary Options Brokers List

A binary option is a financial derivative that requires speculating on price movements of the underlying assets. Trading binary options is quite risky; hence many forex brokers worldwide, including India, have either prohibited or restricted speculations on binary options.

However, some binary options brokers still operate under offshore licenses. But we don’t recommend offshore brokers due to the high risk of capital loss.

Indian MT4 CFD Brokers

CFD traders mainly speculate on price movements without actually owning any asset. The majority of regulated forex brokers offer CFD trading of popular instruments like Stocks, Futures, Cryptos, etc.

Here are some of the MT4 Forex brokers India offering CFD trading:

  • BlackBull Markets
  • XM
  • FP Markets
  • IG Markets

India MT4 Crypto Brokers

There are two ways how traders can trade cryptocurrencies: either on the exchange where traders have to open an electronic crypto wallet or on a CFD basis. Most forex brokers offer trading cryptos exclusively on a CFD basis.

Here are some of the MT4 Forex brokers India allowing trading cryptos on CFD:

  • XM
  • AvaTrade
  • Admiral Markets

MT4 Brokers Demo Account for India

A demo forex trading account is an account type offered by forex brokers that enables novice traders to experiment with different trading strategies before depositing real money. The account type is offered for practical and testing purposes.

Here are some of the MT4 Forex Brokers India offering demo accounts:

  • XM
  • FP Markets
  • BlackBull Markets
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Broker Categories

Best MT4 Forex Brokers 2023

For this list, we have searched and tested several forex brokers offering trading on MT4 trading platform.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best MT4 forex brokers based on our trading data and experience as a trader.

What is MetaTrader 4 MT4 Trading Platform?

MetaTrader 4 or MT4 is a popular electronic trading platform used for trading forex and contract for differences (CFDs). MetaQuotes Software developed the platform and launched it in 2005.

The MT4 platform gained massive popularity among traders as it allowed them to run trading scripts and robots for trading automation. It also allows both client and server components, meaning the platform has been built for both traders and brokers.

It has become the leading fx trading platform and is offered by almost all brokers (except Japanese brokers).

MT4 clients are available on the web, desktop, and mobile devices.

MetaQuotes have also launched MetaTrader 5, which is the updated version of MT4. Despite many additional features, the new platform failed to get the attention of both traders and brokers.

MetaQuotes licenses MT4 trading platform to brokers, but the company stopped the platform from January 2018 to promote the newer MT5.

Key features of MT4 trading platform:

📈Trading InstrumentsForex and CFDs
🕐Timeframes9
🔜Pending Orders4 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop)
📊HedgingOnly Hedging
🔎Technical Analysis Tool30
📑Market DepthNo
🗓Economic CalendarNo
💰Order Execution Type3
📊Graphical Objects31
🖥Strategy TesterSingle-Threaded
💳Fund Transfer Between AccountsNo
💻Programming LanguageMLQ4

Best MT4 MetaTrader 4 Forex Brokers

To select the best MT4 forex brokers, we tested and reviewed several forex brokers with good regulation and standing. Find top brokers in Nigeria that trade on MT4. We opened live accounts and deposited real money with each broker, placed real trades to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service. So here is our ranking:

Best Overall MT4 Broker

We have picked IC Markets as the best overall MT4 broker.

IC Markets is a Sydney-headquartered broker holding licenses from the regulators in Australia, Cyprus, Seychelles, and the Bahamas. It is a very popular broker around the globe due to its versatile offerings.

IC Markets offers services on three trading platforms – MT4, MT5, and cTrader – MT4 being the most popular among forex and CFDs traders. It provides services with trading instruments of forex and CFDs of indices, stocks, commodities, and cryptocurrencies.

The broker also offers an array of indicators and market research tools on its MetaTrader platform.

Best MT4 Broker for Beginners

We have picked XM as the best MT4 broker for beginners.

XM is another multi-regulated broker offering trading services in many countries. It is licensed in Australia, the United Kingdom, Cyprus, the UAE, and Belize. It offers two trading platforms: MT4 and MT5.

When comes to beginner-friendly broker, XM aces with its vast educational resources. It offers in-depth guides and videos on the forex market and trading techniques. It also conducts regular webinars to educate new traders.

Best MT4 High Leverage Forex Broker

We have picked BlackBull Markets as the best MT4 high leverage broker.

BlackBull Markets was founded in 2014 and is headquartered in New Zealand. It is regulated by New Zealand’s FMA, which is one of the few reputed regulators allowing brokers to offer leverage as high as 500:1.

BlackBull offers trading services on both MT4 and MT5 platforms, two of the industry-leading platforms developed by MetaQuotes Software. It is regulated by FMA in New Zealand and FSA in Seychelles that offer a maximum leverage of 500:1 and 300:1, respectively.

Best Forex MetaTrader Broker

We have picked FxPro as the best MT4 forex trading Broker.

FxPro offers excellent services when it comes to forex trading, but also offers CFDs of indices, stocks, commodities, and cryptocurrencies. The broker was established in 2006 and is regulated in the UK, Cyprus, South Africa, and the Bahamas.

FxPro offers forex trading with 70 currency pairs, which is more than many other good forex brokers. Combining the CFDs of other asset classes, the broker offers trading with 234 instruments. FxPro offers multiple trading platforms, but forex trading is usually done on MT4.

Best MT4 Broker with Low Spread and Fees

We have picked Admiral Markets as the best MT4 broker with low spread and fees.

Admiral Markets is regulated in the UK, Cyprus, Australia, and Estonia and offers trading on MT4 and MT5 platforms. When it comes to spreads and trading fees, Admiral Markets is one of the best.

Our testing found that the average spread on the EUR/USD pair is only 0.6 pips, while the industry average is 1.6 pips. Spreads on the popular instruments of other asset classes are also much lower than the industry average. The broker also provides raw spreads with certain account types, but charges commission on those.

MT4 Forex Brokers List

Apart from the shortlisted brokers, here is a complete list of forex brokers that are well-regulated and offers trading on the MT4 platform, which we have tested and reviewed.

Forex BrokerMT4 PlatformTest DetailsBroker Review
FxProYes
Deposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsYesDeposit Amount: Over €4,000
Total Trade: 12 trades
Visit BlackBull Markets
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Go Markets Review
ActivTradesYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
XMYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
ICM CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
TickmillYesDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
Capital.comYesDeposit Amount: Over €3,500
Total Trade: 15 trades
Capital.com Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GKFXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
DarwinexYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Darwinex Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
FP MarketsYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
CMC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
CMC Markets Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review

FAQ and More on MT4 Brokers

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to MT4 forex brokers.

MT4 Forex Broker in India

Financial service providers in India are regulated by the Securities and Exchange Board of India (SEBI). But forex brokers in the country are loosely regulated, allowing many offshore brokers to operate without SEBI’s authorization.

Some of the Indian MT4 forex brokers are:

  • FBS
  • FP Markets
  • IG Markets
  • XM

MT4 Forex Trading Platform in the US

All forex brokers should be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA), besides offering MT4 as a platform.

Forex brokers in the US that offer MT4 platform are:

  • IG (US)
  • Forex.com

MT4 ECN Forex Broker

ECN brokers directly connect buyers and sellers to a bridge network, allowing them to send quotes and trade without the involvement of a third party. Though tradings on an ECN broker can get zero spread, these brokers charges commission on the execution of each trade.

Some of the MT4 ECN brokers are:

  • FXTM
  • Vantage FX
  • INFINOX

MT4 Binary Options Brokers

A binary option is a controversial financial instrument that pays a fixed amount for correct prediction on the movement of a currency pair or CFDs instrument. As the name suggests, the broker will pay only if the prediction is correct, else the trader will lose all the capital put for the trade.

Most of the regulated binary options brokers are no longer offering trading services on MT4.

MT4 Forex Brokers with High Leverage

Leverage is a key in trading forex, but only a few good regulators are now allowing brokers to offer the high leverage. Two of these regulators offering high leverage are New Zealand’s FMA and Switzerland’s FINMA.

Some of the high-leverage MT4 forex brokers are:

  • BlackBull Markets
  • Dukascopy
  • CMC Markets