MetaTrader 4 and 5 in India: what the RBI Alert List says
Both are named in the RBI Alert List of unauthorised forex trading platforms: MetaTrader 4 as entry No. 46 and MetaTrader 5 as entry No. 47. The developer says it only makes the software and that trading real money needs a separate broker. In our view, that makes the broker behind your account the thing to check.
RBI Alert List, checked 20 Oct 2026
The two entries on the RBI Alert List
The RBI lists the platforms by name and web address. These are the two MetaTrader entries, in order of entry number.
| Platform | RBI Alert List | Checked on |
|---|---|---|
| Named in the RBI Alert List 2 | ||
| MetaTrader 4 | Named No. 46 | 20 Oct 2026 |
| MetaTrader 5 | Named No. 47 | 20 Oct 2026 |
Source: RBI Alert List. The RBI started the list with a press release of 3 Feb 2022.
What the developer says MetaTrader is
Both apps are on the App Store in India, free, and the seller of each is MetaQuotes Software Corp. (20 Oct 2026).
The description in both listings says the same thing about the company. MetaQuotes calls itself "a software company" that "does not provide financial services". To trade with real money, it says, you need "a separate agreement with a financial company (broker)".
What that means for you
Our conclusion: the App Store listing tells you who wrote the app. It says nothing about who holds the money in your trading account. By the developer's own description, that is the broker you sign the separate agreement with. So the broker is the one to check, whatever app it hands you.
The RBI Alert List is also wider than trading platforms. Its opening note says it covers websites and platforms "promoting unauthorised entities/ETPs, including through advertisements", and those "claiming to be providing training/advisory services".
The same page says the list is "not exhaustive" and that "An entity not appearing in the list should not be assumed to be authorised by the RBI". How to check an app yourself walks through the search.
Where residents may trade forex
The RBI FAQ on forex answers this directly. Residents may trade forex electronically only on an ETP (electronic trading platform) authorised by the RBI, or on NSE, BSE or MSE.
For what is permitted and how the rules fit together, see legal forex trading in India.
How we checked
On 20 October 2026 we read the RBI Alert List and the RBI FAQ on forex, both public pages, with no login and not from an Indian connection. We read the App Store India listings for MetaTrader 4 and MetaTrader 5 through Apple's lookup on the same day. We did not install either app or open an account. This page is not legal advice.
Questions
Is MT5 legal in India?
MetaTrader 5 is named in the RBI Alert List of unauthorised forex trading platforms; the entry number and the date we checked are in the table above. The RBI FAQ on forex says residents may trade forex electronically only on an RBI-authorised ETP or on NSE, BSE or MSE. See where residents may trade forex.
Is MT4 the same?
On the RBI Alert List, yes: MetaTrader 4 has its own entry, next to MetaTrader 5. Both numbers are in the table.
Does a MetaTrader demo show the broker is authorised?
No. In a press release of 10 Feb 2023, the RBI warned that unauthorised entities offer forex trading through indirect means, including "demo trading" in a "simulated environment". In our view, a demo runs on practice money, so it shows nothing about the broker that would hold your real money. What a demo account is covers what practice money can and cannot show you.
My broker is not on the list, is it fine?
Not by that fact alone. See what that means for you.
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