Metatrader 4 (MT4) is the most popular forex trading platform in India. According to our research Indian forex traders use MT4, MT5 most often to speculate on the rise and fall of currencies.
Based on our research below is the list of the best MT4 brokers in India.
The Best MT4 Forex Brokers India for 2023
- XM – The Best MT4 FX Broker in India
- OctaFX – 50% Welcome Bonus
- Pepperstone – Best MT4/MT5/TradingView Forex Broker
- AvaTrade – Best Metatrader 4 broker with Fixed Spreads
- HFM HotForex – Best for scalping and EA trading
- IQ Option – One Stop Shop For Trading
- OANDA – Best for Research & Tools
- XTB – Award Winning CFD Broker
1) Pepperstone – The Best MT4 Broker for Beginners
Pepperstone is a high quality MT4 broker and one of the best international forex brokers. It is heavily regulated forex company with a long history and worldwide expert in trading. Multiple awarded broker is heavily regulated in Tier 1 jurisdictions including United Kingdom, Emirates, Germany and Australia! Online traders can rest assured that their money is safe thanks to segregated bank accounts. Tight currency spreads, state of the art trading platforms and bonuses is what you can expect when you sign up with Pepperstone.
- Highly regulated and 100% safe broker that accepts traders from India
- Minimum first deposit only $1
- One of the best non-dealing desk forex brokers
- Your trades will be executed within 30 miliseconds in average
- Leverage up to 1:200
- Many deposit methods available
- Over 70+ currency pairs available
- Top forex trading platforms: Metatrader MT4, MT5, TradingView + cTrader
How to find international MT4 brokers
Most Indian forex traders use foreign forex brokers who accept traders residing in India.
International forex brokers allow India residents to trade world’s major currency pairs that are very liquid, volatile which means more room for profit.
So in case you also want to trade some of the most liquid and popular global currency pairs, you need to look for a foreign forex brokers that is accepting traders who reside in India.
There is a vast choice of authorised forex brokers with good reputation including the most renowned forex brands that give you the cutting edge technology (Metatrader 4 + mobile apps + social trading etc.) and they allow you to trade over 50+ currency pairs on the world’s largest finance market.
Another advantage of course is that you get the lowest spreads, due to very high competition between forex brokers. If you decide to go this route, we strongly advise you to choose from forex brokers that are regulated either by the british FCA, or Cyprus CYSEC or even Australian ASIC. We kindly ask you to review the forex brokers comparison that can be found at the top of this page.
India Forex Regulations
India’s main state owned regulatory body for securities markets is Securities and Exchange Board of India (SEBI) which is overseeing the providers on Indian’s financial market. Established back in 1995 SEBI is the official agency that is responsible for issuing the license for forex brokers doing business in this country.
There are three SEBI registered stock exchanges in the country that act as fx brokerages:
- The National Stock Exchange (NSE)
- United Stock Exchange (USE)
In case you want to trade only INR against main currencies, you can use some of the above companies legally. But in case you want to trade EURUSD and such pairs, you will have to look abroad (or into our comparison on this page).
SEBI regulated forex brokers must allow trading along Indian Rupee also USD, EUR, GBP, and JPY currency.