Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best MT4 Brokers in India for 2024. Five companies that enjoy huge popularity in India were selected and compared between each other.
1
RoboForex - Best in India for 2024
RoboForex bonus programs are the company's strong points. Every trader gets a $30 Welcome Bonus, if they deposit $10 or more to their account. Additional bonuses include 5%-15% cash back on the fees depending on the trading volume, as well as additional 10% extra funds for more than 1,000 traded.
The minimum deposit on all accounts except R StockTrader is $10. The minimum deposit for trading stocks on the R StocksTrader and copying trades on the CopyFx platform is $100. The spread on Prime and ECN accounts is floating, from 0 pips, on Pro and ProCent accounts – floating from 1.3 pips. You can trade 36 currency pairs, metals and CFDs on this type of account.
For trading, RoboForex has available the following applications: MetaTrader 4, MetaTrader 5, and R StocksTrader, as well as its web terminal, on which you can work on real and demo accounts.
Leverage is up to 1:300-1:500 depending on the account type, as required by the regulatory authorities. The leverage on the cent account is up to 1:2000. On standard accounts, manual increase of leverage to 1:2000 is possible during registration, but this option is subject to certain rules. This parameter is appreciated by experienced traders and amateurs of aggressive trading. With RoboForex, you can earn not only on trading but also on the affiliate program, making a profit from users you have referred to a broker. Multilingual support helps market participants solve their pressing problems 24/7.
2
Exness - Best in India for 2024
Due to an expanded range of trading accounts, Exness is suitable for both professionals and novice traders with little or no experience. The former trade on Pro accounts, and the latter trade on standard and cent accounts. Occasionally, Exness pays bonuses to its new and existing clients.
Not every broker can compete with the range of trading instruments offered by Exness. The company provides 5 classes of CFDs. Commodities can be split into two more groups — metals and energies. The choice of currency pairs is one of the widest on the market. There are over 100 pairs, including majors, minors, and exotics. Leverage is up to 1:2,000 on all account types. Further, active traders can use unlimited leverage subject to requirements for the number of traded lots. The requirements for standard and professional account types are 5 lots, for the cent account, it is 500 lots. The swap-free option is available for all account types.
Market execution is available for trades with currency pairs, indices, stocks, and commodities. Trades on the Pro account are executed instantly. This rule doesn’t apply to cryptocurrencies. Only market execution is available when trading those. Trading conditions on one account type on different platforms are similar. That is, swaps and spreads for Standard account types on MT4, MT5, or Exness in-house platforms are the same.
3
TeleTrade - Best in India for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
4
Vantage Markets - Best in India for 2024
Vantage Markets broker offers clients 1000+ CFD instruments, including 57 currency pairs. The company provides standard platforms MetaTrader 4 and MetaTrader 5 for trading. There is also a proprietary trading terminal: Vantage Markets App, which is compatible with iOS and Android devices.
Clients have access to a standard STP account and two types of ECN accounts (including RAW ECN). Traders are offered margin trading, with leverage ratio going up to 1:500. Vantage Markets supports swap-free trading for Muslim clients. Beginners can practice on a free demo account, which is provided without restrictions.
5
FxPro - Best in India for 2024
Traders registered with FxPro find the trading conditions of the company some of the most attractive in the Forex Market. First of all, these are narrow spreads and zero commissions for trading stocks.
FxPro broker company has many tools that simplify the technical and fundamental analysis and a variety of charts. You can work with a broker on the MetaTrader 4, MetaTrader 5, Edge, and cTrader trading platforms. It is possible to trade online on various operating systems: Windows, Mac, iOS, Android. TradingView charts were added on FxPro Mobile app, so the app now has advanced charting, indicators, chart tools, and other features.
TOP 5 Comparison
In order to choose the Best MT4 Brokers in India in 2024, TU analysts chose 5 best brokers in this country. In the table below, you can see a basic comparison of these companies. Experts selected only the most reliable brokers that are popular among traders in India.
| RoboForex | Exness | TeleTrade | Vantage Markets | FxPro | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MT5, WebTrader, Mobile Apps |
MT4, Mobile Trading, MT5, cTrader, FxPro Edge |
|
Min deposit |
$10 |
$10 |
$1 |
$50 |
$100 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0.8 points |
From 0 points |
From 0 points |
|
Level of margin call / stop out |
60% / 40% |
No |
70% / 20% |
100% / 50% |
25% / 20% |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
Yes |
No |
No |
No |
No |
How to choose MT4 broker in India
Selecting the right MT4 broker in India is a critical decision that can significantly impact your trading journey. Here are five key considerations to guide your choice:
1. Check regulatory compliance
When choosing an MT4 broker, regulatory compliance should be a top priority. In India, the Securities and Exchange Board of India (SEBI) is the regulatory authority responsible for overseeing the financial markets. Ensure that your chosen broker is registered with SEBI or another respected regulatory body.
2. Consider the trading instruments
The range of trading instruments available through your chosen MT4 broker can significantly impact your trading opportunities. The best MT4 brokers in India offer access to a broad spectrum of assets, including major and minor forex pairs, commodities, indices, stocks, and cryptocurrencies. Diversifying your portfolio across various assets can help manage risk and seize diverse trading opportunities.
3. Look at the trading costs
Understanding the cost structure of your chosen broker is critical for your trading strategy. Trading costs encompass spreads, commissions, and overnight financing rates. Transparent pricing is essential, so look for a broker that clearly outlines these costs. Keep in mind that the cost structure should align with your trading approach, whether you're a scalper, day trader, or long-term investor.
4. Consider trading tools and resources
A comprehensive set of trading tools and resources can significantly enhance your trading experience. Reputable MT4 brokers in India provide traders with a variety of analytical tools, educational resources, and responsive customer support.
Analytical tools may include advanced charting features, technical indicators, and market sentiment analysis. Educational resources can range from beginner-friendly tutorials to in-depth market analysis and trading strategies. Efficient customer support ensures that you can seek assistance whenever you encounter issues or have questions about the platform.
5. Prioritize user experience
The user experience offered by your chosen MT4 broker can impact your efficiency and comfort while trading. Test the broker's MT4 platform, focusing on its user-friendliness, stability, and functionality. An intuitive interface with customisable features allows you to tailor the platform to your preferences and trading style.
Additionally, a stable and responsive platform is essential to execute your trades accurately and efficiently. Consider checking if the broker offers a mobile version of the MT4 platform, allowing you to trade on the go. This mobile flexibility ensures that you can monitor your positions and seize trading opportunities at any time.
Is MT4 legal in India?
Yes, MetaTrader 4 is legal in India. Indian traders can access the global financial markets through authorized brokers that comply with Indian regulations. In fact, SEBI oversees and regulates financial markets within the country, including forex trading.
Can Indians use international MT4 brokers?
Yes, Indian citizens can open forex trading accounts with international MT4 brokers. This flexibility allows them to participate in global trading efficiently. However, it's essential to be aware of various factors when considering international brokers, especially the regulatory status of the broker. By conducting thorough research, Indian traders can effectively utilize international MT4 brokers to access a broader range of trading opportunities while staying within the bounds of Indian regulations.
Pros and cons of MT4 trading
MT4 is a powerful and versatile trading platform, offering both advantages and limitations for traders. Let's explore these aspects in detail:
Pros
User-friendly interface
MT4 boasts an intuitive and user-friendly interface, making it an excellent choice for traders of all experience levels. Whether you're a beginner or an advanced trader, you can quickly navigate the platform and execute trades with ease.
Advanced charting tools
MT4 offers an extensive range of technical analysis tools and indicators, providing traders with the capability to perform in-depth market analysis. Features like multiple timeframes, customisable charts, and a wide array of technical indicators empower traders to make well-informed decisions.
Expert advisors
One of the standout features of MT4 is its support for Expert Advisors (EAs). EAs are automated trading algorithms that can execute trades on your behalf, 24/7. This feature is particularly advantageous for traders who wish to automate their strategies, saving time and ensuring consistency in trade execution.
Mobile trading
MT4 provides mobile trading capabilities through its app. This feature allows you to access your trading account from your smartphone or tablet, ensuring you don't miss out on market opportunities while on the move. The mobile app is user-friendly and offers a seamless trading experience.
Security
MT4 places a strong emphasis on security. With robust encryption and secure login procedures, your trading account is well-protected from unauthorized access and cyber threats. Traders can have peace of mind knowing that their personal and financial information is secure.
Cons
Limited asset selection
While MT4 offers access to a variety of assets, it may not cover the full spectrum of trading instruments available in the market. Traders who wish to invest in more niche or exotic assets might find the platform lacking in options. To diversify into such assets, they may need to consider using multiple trading platforms or brokers.
High system requirements
Running MT4 smoothly may require a powerful computer and a stable internet connection. Traders with older hardware or unreliable internet access may encounter performance issues, such as slow chart loading and order execution delays. Ensuring that your hardware and internet connection meet the platform's requirements is crucial for a seamless trading experience.
No hedging
MT4 follows a first-in-first-out (FIFO) rule, which can limit hedging strategies. Traders who wish to hedge positions may find this restriction challenging to work around. To implement hedging strategies effectively, they may need to consider alternative trading platforms or brokerages that allow hedging.
How do I get started with MT4?
To kickstart your journey with MT4, here's a more comprehensive step-by-step guide:
Step 1: Choose a broker
Selecting the right broker is the foundation of your trading journey. Consider the factors mentioned in the "How to Choose MT4 Broker in India" section, including regulatory compliance, trading instruments, trading costs, trading tools, and user experience. Make a well-informed decision by researching multiple brokers and reading user reviews.
Step 2: Create an account
After choosing your broker, you'll need to create an account. Register by providing your identification and contact details. Follow the broker's specific account creation process, which may include submitting identity verification documents.
Step 3: Download MT4
Once you have your account, it's time to download and install the MT4 platform. Most brokers provide a direct download link on their websites. The installation process is straightforward, and you can quickly set up the platform on your computer.
Step 4: Login and fund
After installing MT4, launch the platform and log in using the credentials provided by your broker. Once you're inside the platform, it's time to fund your trading account. Choose a suitable payment method and deposit the amount you intend to trade with.
Step 5: Learn and practice
Before diving into live trading, take the time to familiarize yourself with the platform and trading basics. Most MT4 brokers offer demo accounts, allowing you to practice with virtual funds. Experiment with different trading strategies, explore the platform's features and build your trading skills.
Educational resources, such as video tutorials, webinars, and written guides, can be immensely helpful in expanding your knowledge of forex trading.
Step 6: Start trading
Once you feel confident in your abilities, transition to a live trading account. Start executing your trading strategies, but be cautious and manage your risk appropriately. Stay updated with market news and continually monitor your trades. Remember that learning and adapting are ongoing processes in the world of trading.
TU Expert Review for the best MT4 Brokers in India
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best MT4 Brokers in India is posted below.
RoboForex - TU Expert Review
Over the years, this broker has shown itself to be a reliable and trusted partner. RoboForex provides clients with the best conditions: tight spreads from 0 pips, the highest execution speed, and micro-accounts with a lot of 0.01. The positive feedback from real traders about RoboForex, instant withdrawal of funds, and operational support are what impress me about this broker. The brokerage company offers quality services to both beginners and seasoned traders. Over the years of cooperation with RoboForex, the broker has not received any significant claims against it. Therefore RoboForex is quite popular among Traders Union clients. All financial issues and claims on the broker's work are resolved by the company's representatives as quickly as possible and within minimum time. RoboForex always meets its clients and partners halfway. Following the mass of positive reviews about the work of roboforex.com, Traders Union recommends this company as a trusted broker with a high trust rating.
Exness - TU Expert Review
Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
Vantage Markets - TU Expert Review
Vantage Markets is the broker best suited for traders who prefer ECN trading. This gives users direct access to liquidity providers and can save on trading fees. The company offers two types of ECN accounts at once, one of which is for professional traders with a large deposit. Vantage Markets will be the optimal choice for clients who are primarily interested in trading. However, there are few options for passive investing. The company offers a vast array of currency pairs and does not impose restrictions on trading strategies. The company is also suitable for clients who prefer automated trading. Trading robots can be used without restrictions. Traders can choose an attractive type of commission for themselves: spread or fixed fee. To do this, you need to select the appropriate type of account. The size of the initial deposit can be considered quite low. The broker focuses on the safety of clients' funds, so traders will have to go through additional checks to withdraw funds. The company's technical support service is efficient and responds quickly.
FxPro - TU Expert Review
FxPro is one of the brokers that successfully combines marketing policy and technological development. The company has been in the market for more than 17 years and has been able to maximize its technical potential. Average order execution is up to 14-30 ms, while the market average is 100-150 ms. Average spreads for the EUR/USD pair range from 0.3 to 0.8 pips, and expansion at moments of fundamental volatility does not exceed 30-50%. You can check these numbers by installing a script for MT4/MT5. But there are no doubts that they are true. This is largely thanks to such liquidity providers as Barclays, Citibank, and RBS banks, which are FxPro's longtime partners. Trading conditions are ideal for everyone, regardless of experience level. Novice traders can improve their skills on demo accounts, which can be opened for any trading platform (cTrader, MT4/MT5, or FxPro Edge). All platforms, except FxPro Edge, support custom indicators, scripts, and Expert Advisors. There are auxiliary tools in the user account such as market sentiment, which is an indicator displaying the current position volumes and their number in both directions, volatility of currency pairs, analytics and tools of Trading Central, and news feed with streaming information. The number of payment methods is limited, but this is required by regulators. To compensate for this, FxPro guarantees instant processing of withdrawal requests and quick crediting of money. First impressions of the broker are positive, therefore it is rightfully included in the rating of the TU Top best companies. Check it out by opening a free demo account.
Summary
Many brokers operate in India, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best MT4 Brokers in India 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best MT4 Brokers in India
| RoboForex | Exness | TeleTrade | Vantage Markets | FxPro | |
|---|---|---|---|---|---|
|
Overall score |
8.61 |
7.58 |
7.19 |
7.32 |
8.5 |
|
Execution of orders |
8.95 |
9.6 |
3.21 |
8.2 |
8.25 |
|
Investment instruments |
8.2 |
8.79 |
6.7 |
9.19 |
8.9 |
|
Withdrawal speed |
9.71 |
8.79 |
7.79 |
8.2 |
6.5 |
|
Customer Support work |
9.17 |
9.29 |
8.41 |
6.64 |
8.9 |
|
Variety of instruments |
8.75 |
8.02 |
8.75 |
7.37 |
9.27 |
|
Trading platform |
6.86 |
1 |
8.29 |
4.31 |
9.2 |
|
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FAQ
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 are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
Can you earn passive income in the financial markets?
Yes, the best brokers of dia offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
Best MT4 Brokers by Countries
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.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).