In order to trade successfully, it is very important to choose the right broker. in India, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best mt4 brokers for day trading in India 2024. You can compare their features and trading conditions.
1
RoboForex - Best for day trading in India
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
👍 Advantages of trading with RoboForex for traders from India:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from India:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
2
Exness - Best for day trading in India
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
👍 Advantages of trading with Exness for traders from India:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from India:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
3
Vantage Markets - Best for day trading in India
Vantage Markets is a multi-asset broker offering a vast array of 1,000+ trading instruments, including currency pairs, CFDs on stocks, indices, commodities, energy, and ETFs. Holding licenses from reputable regulators like the FCA and ASIC, Vantage Markets ensures a level of security and trust for its clients.
The broker provides a choice between spread-based and commission-based account types, with leverage up to 1:500 on Forex pairs. Its PRO ECN option particularly stands out with commission starting from $1.5 per lot, making it attractive for high-volume traders.
Alongside the popular MetaTrader 4/5 platforms, the broker offers proprietary trading platform ProTrader and a convenient Vantage App. Additionally, Vantage Markets integrates with TradingView, enabling direct trading from the popular charting platform.
👍 Advantages of trading with Vantage Markets for traders from India:
•A vast array of trading instruments like 1000+ currency pairs and contracts for difference (CFDs).
•The broker has licenses from four reputable regulators.
•Classic trading terminals and a proprietary mobile application.
•An extensive array of trading signals to choose from for traders, regardless of the type of trading account.
👎 Disadvantages of Vantage Markets for traders from India:
•Customers from most countries are forced to cooperate with a branch that has an offshore license.
•Limited training and a lack of information on Forex trading.
•Snail-paced withdrawal of funds with the requirement to comply with special conditions.
4
IronFX - Best for day trading in India
IronFX was launched in January 2010 by a team of specialists in finance and software development. Today, IronFX has grown to be among the industry leaders that provide online trading services globally. Customers can use the MT4 advanced trading platforms and trade more than 300 tools from 6 various asset classes. IronFX serves individual as well as corporate clients from over 180 countries. IronFX is highly valued for providing cutting-edge technological innovation on trading platforms and trading tools.
👍 Advantages of trading with IronFX for traders from India:
•round-the-clock communication with a multilingual support TEAM on weekdays;
•wide range of trading assets;
👎 Disadvantages of IronFX for traders from India:
•the verification procedure can be repeated;
5
InstaForex - Best for day trading in India
InstaForex is a leading broker with over 7,000,000 clients. The company provides access to 2,500+ trading instruments, including Forex pairs, stocks, indices, commodities, and cryptocurrencies. Clients can benefit from competitive spreads starting from 0 pips, leverage up to 1:1000, and access to non-standard technological solutions like synthetic securities. The average execution speed is 0.1 sec.
The broker offers a wide range of cryptocurrency CFDs, with over 70 instruments available and zero spreads on major cryptocurrencies. Additionally, it supports passive investment options including PAMM accounts, copy trading services, and unique offering - OYS portfolios.
The company provides responsive client support and insurance coverage up to €20,000 under European regulation.
👍 Advantages of trading with InstaForex for traders from India:
•2,500+ trading instruments, including non-standard assets, such as InstaFutures and synthetic securities.
•Passive investment products, including PAMM accounts and a copy trading service.
•Non-standard technological solutions such as InstaSpot (P2P spot trading), OYS account, Stock Basket, etc.
•European regulation and IFC compensation fund with guaranteed insurance coverage up to €20,000.
•Comfortable trading conditions, such as a $1 minimum deposit and leverage up to 1:1000, for clients of the FSC-regulated broker.
👎 Disadvantages of InstaForex for traders from India:
•Tough conditions for retail European traders due to regulations.
•The time gap between a trade executed by a trader and the one copied to the investor’s account in the social trading service can be up to 15 seconds.
TOP 5 Comparison
This table makes it easy to compare the best mt4 brokers for day trading in India for 2024 by placing their information side by side all in one place. The table includes the categories that are most important when deciding on a broker to work with. The data contained in this table is verified and only includes the most reputable brokers.
| RoboForex | Exness | Vantage Markets | IronFX | InstaForex | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5, WebTrader, Mobile Apps |
WebTrader, MetaTrader4 |
MT4, MultiTerminal, Mobile Trading, MT5, WebTrader |
|
Min deposit |
$10 |
$10 |
$50 |
$100 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
Yes |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0 points |
From 0 points |
From 0 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
STP, Market Maker, ECN |
Instant Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
Yes |
No |
No |
No |
Yes |
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
RoboForex Commissions and Fees
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Pro |
$13 |
No |
|
Pro-Cent |
$13 |
No |
|
ECN |
$3 |
No |
|
Prime |
$1 |
No |
Exness Commissions and Fees
Exness charges only trading fees. These are spreads on Standard and Pro accounts and spreads + fees per lot on Raw Spread and Zero accounts. The company doesn’t withhold non-trading fees.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Cent |
$0.3 |
No |
|
Standard |
$3 |
No |
|
Standard Plus |
$10 |
No |
|
Raw Spread |
$0 |
No |
|
Zero |
$0 |
No |
|
Pro |
$1 |
No |
Vantage Markets Commissions and Fees
Experts at the Traders Union analyzed the trading and non-trading fees of the Vantage Markets broker. A spread is used for a standard STP account. The minimum size is 1.4 pips. For ECN accounts, spreads are not used, instead, a flat fee is applied. Its size is:
-
RAW ECN — 3 USD per lot;
-
Pro ECN — 1.5 USD per lot.
The broker also has swaps — a fee for transferring positions to the next day, which is charged at 00:00 GMT. There are no fees for depositing or withdrawing funds from the Vantage Markets broker.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard STP |
From $0 |
No |
|
RAW ECN |
From $3 |
No |
|
Pro ECN |
From $1.5 |
No |
|
Swap Free |
From $0 |
No |
IronFX Commissions and Fees
Trading terms at IronFX were analyzed by specialists at the Traders Union for trading and non-trading commissions. There are no hidden trading fees and no commission is charged for deposits or withdrawals. An exception may be the transfer fee set by the payment system.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
from $18 |
No |
|
Premium |
from $16 |
No |
|
VIP |
from $14 |
No |
|
Zero Fixed |
from $0 |
No |
|
No commission |
from $17 |
No |
|
Zero Spread |
from $0 |
No |
|
Absolute Zero |
from $3 |
No |
InstaForex Commissions and Fees
Traders Union specialists have analyzed InstaForex trading conditions for explicit and hidden commissions. All information on the size of commissions contained is on the broker's website. Trading account replenishment through the popular payment system takes place without commission. The commission is charged only by the bank or e-payment system. Information on the amount of commission fees is available on their website. Withdrawal fees range from 0.5% to 3.5%, depending on the electronic payment system. PayCo does not charge a withdrawal fee.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Insta.Standard (FSC) |
From 3-7 USD |
yes |
|
Insta.Eurica (FSC) |
From 0 USD |
yes |
|
Cent.Standard (FSC) |
From 3-7 USD |
yes |
|
Cent.Eurica (FSC) |
From 0 USD |
yes |
|
ECN.MT4 (CySEC) |
From 10 USD |
Yes |
|
ECN VIP.MT4 (CySEC) |
From 3 USD |
No |
|
ECN Pro.MT4 (CySEC) |
From 7 USD |
Yes |
|
All ECN-accounts MT5 (CySEC) |
From 0 USD |
No |
How to Choose MT4 Broker for Day Trading in India
In the world of day trading, the choice of your MT4 broker plays a pivotal role in your journey to success. To make an informed decision, it's crucial to consider certain key factors that can shape your day trading experience. Be sure to:
1. Check Regulation
The best MT4 broker for day trading in India 2024 always prioritises regulatory compliance. Ensure the broker is authorised by the Securities and Exchange Board of India (SEBI) or other reputable international regulatory bodies. This ensures the safety of your investments and the integrity of the trading platform.
2. Consider Trading Instruments
Look for a broker offering a wide range of trading instruments. The more diverse the assets you can trade, the more opportunities you have to profit. In addition to major and minor currency pairs, consider brokers that provide commodities, indices, and stocks.
3. Analyze Spreads and Commissions
Cost-effective trading is essential for day traders. Seek brokers with competitive spreads and minimal commissions. Low trading costs can significantly impact your profitability in the long run.
4. Understand the Leverage and Margin Offerings
Leverage can amplify your gains but also your losses. As a day trader, it's crucial to understand the broker's leverage offerings and margin requirements. Make sure they align with your risk tolerance and trading strategy.
5. Choose User-Friendly Interface and Tools
A user-friendly interface and comprehensive trading tools are essential. Top MT4 brokers for day trading typically offer a smooth, intuitive interface and analytical tools like technical indicators and charting features.
Is MT4 Legal in India?
Yes, MT4 is legal in India. The platform is widely used by Indian traders for Forex and other financial instrument trading. It is essential, however, to ensure that you choose an MT4 broker for day trading in India that complies with Indian financial regulations to avoid any legal issues.
Pros and Cons of MT4 for Day Trading
MT4 day trading has both strengths and weaknesses that traders need to keep in mind as they delve into the world of day trading. Let’s take a close look at each.
Pros
Among the advantages of MT4 day trading are:
1. Robust Technical Analysis Tools
MT4 provides a wide range of technical analysis tools, including custom indicators and automated trading strategies. This makes it a favoured choice for day traders who rely on technical analysis to make informed decisions.
2. Customisable Interface
The MT4 platform allows traders to customise their workspace. You can arrange charts, indicators, and other tools to suit your unique trading style and preferences.
3. Expert Advisors
MT4 supports the use of Expert Advisors (EAs) - automated trading bots that can execute trading strategies on your behalf. This feature can be a significant time-saver for day traders.
4. Mobile Trading
MT4 is available on mobile devices, ensuring you can monitor and execute trades on the go. This flexibility is a significant advantage for day traders.
Cons
There are certain drawbacks of the MT4 platform you need to be aware of. Here are some of them:
1. Resource-Intensive
The MT4 platform can be resource-intensive. This may lead to slower performance on older or less powerful devices.
2. Learning Curve
For beginners, the extensive features and tools available on MT4 can be overwhelming. It may take some time to grasp all the capabilities of the platform fully.
How to Use MT4 for Day Trading
Once you've chosen the best MT4 broker for day trading in India, the next step is to master the art of navigating the MetaTrader 4 platform effectively. Here are five crucial steps to embark on your day trading journey with confidence.
Step 1: Download and Install MT4
Begin by visiting the website of your chosen broker. Once there, look for the download link specific to MT4 and select the version that corresponds to your operating system, whether it's Windows, macOS, or mobile. Follow the provided installation instructions, which typically involve running the installation file and configuring basic settings.
Step 2: Login to Your Account
After successfully installing MT4, launch the application on your device. To gain access to your trading account, you'll need to input your account credentials, which are supplied by your chosen broker during the registration process. These credentials typically include your username and password. Upon entering this information, MT4 will connect to your broker's server, establishing a secure link that allows you to trade in real-time.
Step 3: Add Charts
Charts are the foundation of technical analysis, a critical component of day trading. To add charts in MT4, begin by clicking on the “File” menu within the platform. From there, select “New Chart”. You can then choose the specific trading instrument you wish to analyse, such as a currency pair, commodity, or stock. Customisation options include setting your preferred timeframes and adding various technical indicators to aid in your analysis.
Step 4: Analyze and Trade
This step involves the heart of day trading - analysing the markets and executing trades. MT4 offers an extensive array of technical analysis tools and indicators to assist you in making well-informed trading decisions. Utilise these tools to assess market conditions and potential trade setups. When you're ready to execute a trade, right-click on the chart and select “Trade”. Here, you'll define key parameters for your trade, including entry points, stop-loss levels to mitigate potential losses, and take-profit levels to lock in profits.
Step 5: Monitor and Manage
Successful day trading doesn't end with the execution of a trade; it's essential to continually monitor and manage your positions. Keep a watchful eye on your open positions, as market conditions can change rapidly. Adjust your stop-loss and take-profit levels as necessary, considering any new information that may impact your trades. Staying informed about market news and events is crucial, as unexpected developments can significantly influence your trading decisions and overall success as a day trader.
Summary
Many brokers are available for traders from India, but not all of them offer good conditions. In this review, TU experts chose the Best mt4 brokers for day trading in India 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best MT4 Brokers For Day Trading in India
| RoboForex | Exness | Vantage Markets | IronFX | InstaForex | |
|---|---|---|---|---|---|
|
Overall score |
9.71 |
9.34 |
8.8 |
7.64 |
8.22 |
|
Execution of orders |
8.95 |
9.6 |
8.2 |
6.85 |
8.85 |
|
Investment instruments |
8.2 |
8.79 |
9.19 |
8.87 |
7.1 |
|
Withdrawal speed |
9.71 |
8.79 |
8.2 |
7.23 |
6.9 |
|
Customer Support work |
9.17 |
9.29 |
6.64 |
7.03 |
7 |
|
Variety of instruments |
8.75 |
8.02 |
7.37 |
8.02 |
8.02 |
|
Trading platform |
6.86 |
1 |
4.31 |
3.88 |
9.1 |
|
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FAQ
Is MT4 legal in India?
Yes, MT4 is legal in India. It is a widely accepted platform for trading Forex and other financial instruments in the country.
Is Forex day trading legal in India?
Forex day trading is legal in India. The important thing is to make sure you use a broker authorized by regulatory authorities like SEBI.
Is MetaTrader good for day trading?
Yes, MetaTrader, especially MT4, is an excellent choice for day trading. Its technical analysis tools, customisable interface, and automated trading capabilities make it suitable for day traders.
What is the best MT4 indicator for day trading?
The best MT4 indicator for day trading may vary from trader to trader. Some popular choices include Moving Averages, Relative Strength Index (RSI), and Stochastic Oscillator. It's essential to select indicators that align with your trading strategy.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Best MT4 Brokers For Day Trading by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.