Recently, MetaTrader4 and MetaTrader5, the most popular trading platform in the trading market, have encountered difficulties in India. According to local media reports, the Indian Google Play Store has taken down the MetaTrader Apps.
The vast number of retail investors in India constitutes one of the important user groups of MetaTrader. According to statistics, about 20% of global retail investors are using MetaTrader.
A few days ago, an Indian YouTuber Forex Salary updated a video in which he found that several popular trading applications, such as XM and Tickmill, were not searchable in the app shops for Android. MT4 and MT5 have also been banned from Indian Google Play.
The reason for the issue is not yet known. However, there is speculation that it has something to do with the recent actions by India's financial regulator to warn and crack down on unregulated brokers.
On 14 November 2023, the Reserve Bank of India (RBI) warned 75 unauthorized entities, noting that they operated electronic Forex trading platforms without authorization. The warned entities included not only the aforementioned MetaTrader, XM, and Tickmill, but also several industry-renowned forex brokers such as FXCM, eToro, Exness, and IC Markets.
In September 2022, the same situation happened on MetaQuotes. At that time, MT4/5 was taken down by the App Store, triggering a shock in the industry. Six months later, MetaTrader was back on the App Store.
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