Introduction
Since MetaTrader 4 was introduced back in 2005, its popularity among retail and corporate traders has always been rising. Even with the introduction of MT5 in 2010, the popularity of MT4 has not waned. This popularity has significantly contributed to the popularity of MT4 forex brokers based in India.
The MetaTrader 4 has been available for over ten years and continues to enjoy great popularity among retailers. The platform offered by MetaQuotes Software Corp can be downloaded free of charge. So, why is the MT4 so popular?
Who is MetaTrader 4 Suitable for?
Beginners
MT4 has one of the simplest interfaces, making it easy for novice traders to navigate easily. It is more than enough for you, especially if you are at the beginner level.
Most brokers offer it as a single platform or as an add-on with their private platform; thanks to this widespread use, you can find thousands of resources related to training resources and the use of the platform. Fully functional, the demo account offers strong support for beginners.
Experienced Investors
The platform can also meet the needs of experienced investors with its advanced graphics capabilities and technical analysis, various built-in indicators and graphics tools, etc. In addition, it allows you to auto-process by programming with MetaQuote’s proprietary MQL4 language and creating custom indicators, adding additional features to the already near-perfect program at hand.
MetaTrader 4 Features
MT4 has desktop, web and mobile platforms. The platforms support more than 30 languages. In particular, the desktop platform offers the possibility to perform advanced trading, operate trading robots and copy transactions that you can use when analyzing financial markets.
- MT4 Order types
Market orders and pending orders are possible in trading via MT4. Market orders are executed at the next best price. Pending orders include Buy Limit, Stop Limit, Sell Limit and Sell Stop. Both market and pending orders can be equipped with Stop Loss, Take Profit, and Trailing stops.
Trailing stops: These are stop-loss orders with regular, automatic adjustment to price gains. Unlike Stop Loss, Take Profit and Pending Orders, Trailing Stops are not stored on the server but only in the client terminal. This means that the desired adjustment of the SL limit can only be done when the software is active and the PC is turned on. Virtual Private Server (VPS) can work around this issue.
- Order Execution
When placing an order, you must indicate the type of order you are placing. MT4 supports three different execution modes. Which is used is decided by the account-holding broker.
In Instant Execution mode, orders with the current prices are transmitted to the broker and executed, or a new price is called with a requote.
The platform initially requests the Execution on Request mode from the broker. Subsequently, the order can either be executed or rejected at the called price.
In Execution by Market mode, orders are sent to the broker, which sets an execution price.
- Technical Analysis
Most CFD and FX brokers clients expect a complete trading solution and require charting and analysis options. The client version of MT4 integrates 30 indicators, including MACD, RSI, CCI, etc. Another 2,000 free indicators can be integrated into the software from the MQL4 database. In addition, about 700 paid indicators can be used.
The feature includes a total of about two dozen drawing stations, including trendline and channels, Gann lines, Fibonacci retracements, arrows … Each tradable market can be displayed in nine different period lengths – from a minute to monthly charts.
The range of functions also includes news (realized by integrating the news feed agencies) and alarms, which alert you via e-mail or a sound signal when a specified price level is attained.
- Trading Automation with Expert Advisors and MQL4
At the “heart” of MT4 is the Expert Advisors (EAs). These are automated trading systems or the codes for them. The trading systems can be programmed via an integrated development environment, checked with the Strategy Tester and then used or made available to the community or other users free of charge or for a fee.
The Strategy Tester enables backtests for trading systems and indicators and thus enables a concrete statement about profitability over a past period. Developers can publish their works in the Code Base and make them available to other traders for free or sell on a marketplace.
Users do not necessarily have to program themselves – MetaQuotes Software Corporation operates a topic-specific marketplace through which users can recruit freelancers without the knowledge or willingness to develop independently. Alternatively, ready-made scripts can be imported from the free-running inventory. A large number of users ensures a network effect in this context.
For Expert Advisors to be implemented round the clock, VPS servers are necessary. MetaQuotes provides VPS (Virtual Private Server) to users for a fee. These are available free of charge from some MT4 brokers (mostly under conditions).
Pros and Cons of MetaTrader 4
The Metatrader 4 offers numerous advantages such as fast order execution, a wide range of financial instruments, indicators, and automated trading. The latter is done with so-called Expert Advisors, which trade with a predetermined algorithm.
Using the MQL4 programming language, a personal robot can be created that can be used in many ways. The software was developed both for Web, PC and mobile use. This allows traders to execute and monitor their trades anywhere.
The MT4 uses 128-bit encryption between the trader, the terminal, and the servers in terms of security. The disadvantage is the missing order book (Forex Depth of Market Level 2) with which your trades can be documented. Support for the MT4, which was discontinued at the end of 2017, is also a major disadvantage. New updates are provided only for the MT5.
MT4 Forex Brokers Based in India
Here are the top MT4 forex brokers based in India.
1. AVATrade
Founded in 2006 under the name AvaTrade is headquartered in Dublin, Ireland. It provides trading services for commodities, stocks, Exchange Traded Funds, Bonds and market indices. Since its inception, AvaTrade has developed its services with more than 150,000 accounts worldwide.
In addition to management centres in Dublin and Ireland, AvaTrade has offices worldwide in Ulaanbaatar in Milan, Nigeria, Paris, Shanghai, South Africa, Sydney, Tokyo, and Mongolia.
- Leverage: Up to 400:1
- Minimum deposit: $100
- Spread: both fixed and variable
- Commission: None
- Regulator: ASIC, BVI, CBI, FSCA. AvaTrade is one of the highly regulated forex brokers with 8 regulators globally, including the EU, Australia, Asia, Japan, Middle East & South Africa.
2. XM
XM traders can trade with both fixed and variable spreads. Low spread from 0.6 pips which is relatively favourable compared to other providers. These spreads are available on both the XM Standard account and the Micro account.
Trading standard lots of the XM Zero account type. However, the spreads are quite low. You see spreads that can fall to 0 pips. You trade with whatever raw spreads come from the price provider. But you pay a commission of $3.50 per lot – a system similar to commissioned ECN accounts.
- Minimum deposit: $5
- Leverage: 1:888
- Commission: Yes
- Regulator: ASIC, FCA, FSP, CySEC, DFSA, IFSC
3. FBS
FBS is a global forex broker operating in over 190 countries. FBS Forex was founded in 2009 and provides CFD trading in stocks, forex, and metals. It offers several accounts, including cent, micro, standard, ECN, Zero spread accounts and Islamic trading accounts. The broker has one of the lowest spreads, with floating spreads from 0.2 pips, fixed spreads from 3 pips depending on the asset; and zero spreads but with a $20 commission per traded lot
- Minimum deposit: $100
- Leverage: up to 2000:1
- Commission: Yes
- Regulator: IFSC, CySEC for their EU operations
4. FXTM
Founded in 2011, FXTM is headquartered in the UK and is one of the best MT4 forex brokers based in India.
The broker has more than 1.5 million monthly visitors worldwide and offices in dozens of countries. Since it serves wide geography, they have diversified services such as account types. The commissions charged by FXTM vary by account type. There are no commissions on Standard Accounts, Cent Accounts, Share accounts, ECN Zero Accounts, or FXTM Pro Accounts. ECN Accounts have a commission of $2 per lot.
- Minimum deposit: $10
- Leverage: up to 1000:1
- Commission: Yes
- Regulator: FCA, CySEC, FSB, FSC
We hope you find this article on ‘Best MT4 Forex Brokers In India’ useful and informative. Incase of any questions or queries, please let us know in the comments below. Happy trading!