Why did India Ban MT4 & MT5?

The Google Play Store removed Meta Trader apps, MT4 and MT5 from India. Last week, an Indian YouTuber posted a video through its YouTube channel Forex Salary in which he discovered that MT4 and MT5 had been removed from the Play Store. This video has over 11,000 views. On 14 Feb 2024, MetaTrader 5 received the Best Multi-Asset Trading Platform award at Money Expo 2024 in Mexico.

In 2023, India's central bank, the Reserve Bank of India, blacklisted many forex firms, including prominent and regulated brokers such as Just Markets, Blackbull and Admiral Markets, and others. This is not the first incident. These platforms are banned in India. In September 2022, India banned MT4 and MT5. It made an impact on the market. The reason for similar prohibitions in India was also unknown at the time. Therefore, It's unclear why the Indian government took this decision. It is believed that allegations of a growing scam network are the reasons behind this move.

What is MT4 & MT5？

Meta Trader is a forex trading platform used by brokers in India and all over the world. MetaTrader is a reputable trading platform. What are MT4 and MT5？ Meta Trader 4 is the fourth version of the MetaTrader platform. It is a popular forex trading platform for traders. It is excellent for both new and experienced traders. They are capable of putting their strategies into action. The number of MT4 installations exceeded 10 million on the Google Play Store. MT5 is an updated version of MT4 that has advanced and versatile functionality.

Impacts of this ban:

The recent ban on MetaTrader 4 (MT4) and MetaTrader 5 (MT5) in India led Indian traders to seek alternative platforms to execute their trades, which could lead to disruptions and challenges in the forex market. MT4 and MT5 are widely used trading platforms by forex traders globally, known for their user-friendly interface and advanced trading tools.

Traders may face difficulties in adjusting to new platforms.This could result in a temporary slowdown in trading activities as traders navigate the transition to alternative trading platforms.

Furthermore, the ban on MT4 and MT5 in India may also have broader implications for the forex industry in the country. It could lead to a shift in trading volumes and market dynamics.

Install the WiKiFX app or visit its website to get the latest news about the forex industry.