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 Instruments | Forex and CFDs |
| 🕐Timeframes | 9 |
| 🔜Pending Orders | 4 Types (Buy Stop, Buy Limit, Sell Limit, Sell Stop) |
| 📊Hedging | Only Hedging |
| 🔎Technical Analysis Tool | 30 |
| 📑Market Depth | No |
| 🗓Economic Calendar | No |
| 💰Order Execution Type | 3 |
| 📊Graphical Objects | 31 |
| 🖥Strategy Tester | Single-Threaded |
| 💳Fund Transfer Between Accounts | No |
| 💻Programming Language | MLQ4 |
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 Markets – Best Overall MT4 Forex Broker India
- XM – Best MetaTrader4 Broker for India Beginners
- AvaTrade – Best 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 Broker | About Our Test | Our Review |
|---|---|---|
| XM Group | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Group Review |
| AvaTrade | Deposit Amount: Over €4,000 Total Trade: 12 trades | AvaTrade Review |
| FP Markets | Deposit Amount: Over €6,000 Total Trades: 12 | FP Markets Review |
| IG | Deposit Amount: Over €4,000 Total Trades: 12 | IG Website |
| Capital.com | Deposit Amount: Over €3,500 Total Trade: 15 trades | Capital.com Review |
| Forex.com | – | Visit forex.com |
| IC Markets | Deposit Amount: Over €5,000 Total Trade: 12 trades | IC Markets Review |
| HYCM | – | Visit HYCM |
| Vantage FX | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| Eightcap | – | Visit Eightcap |
| BlackBull Markets | Deposit 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