Breaking News! MetaQuotes Platforms Blocked in India!

MetaQuotes, the developer of the widely used trading applications MetaTrader 4 (MT4) and MetaTrader 5 (MT5), is currently facing accessibility challenges in India, a country that accommodates a significant portion of the world's retail investors. Local reports suggest that MetaQuotes' trading platforms, MT4 and MT5, have been blocked in the Google Play Store India.

The Forex Salary channel, run by an Indian YouTuber with 120,000 subscribers, highlighted this development last week, showcasing the removal and banning of MT4 and MT5 from the Indian version of the Android app store. This issue is particularly concerning given that, as per Statista, 95% of individuals in India use Android devices.

While the specific reasons for the blockage remain unclear, recent actions by the Indian government and central bank in 2023 offer some context. Authorities have consistently warned against the activities of unregulated brokers, categorizing retail trading in foreign exchange (FX) as speculative and risky for small investors, leading to heavy restrictions despite its legality.

In November 2023, the Reserve Bank of India (RBI) updated its list of warnings, including “illegal” FX trading platforms, flagging numerous international brands. An unnamed official emphasized increased scrutiny by banks on forex transactions made on non-authorized platforms, underscoring the regulator's commitment to strict adherence to Know Your Customer norms.

MetaQuotes has encountered previous challenges with mobile app stores, including a temporary ban on MT4 and MT5 apps in Apple's App Store in September 2022. Although reasons were unclear, speculations linked it to trading scams impersonating popular platforms. The issue was eventually resolved after a prolonged re-listing process, prompting questions about the current situation with the Indian Google Play Store and the potential impact of regulatory pressure.

CEO Renat Fatkhullin expressed gratitude for the resolution with Apple, highlighting MetaQuotes' dedication to meeting marketplace requirements. Beyond India, global regulations have prompted MetaQuotes to take action against prop trading firms. A recent move targeted Blackbull Markets, resulting in a cessation of services for Funding Pips and causing disruption in the industry.

This action triggered a wave of suspensions among prop firms, particularly those serving clients in the USA. Consequently, prop firms have begun migrating to alternative platforms like Match-Trader, cTrader, and DXTrade. Evgeny Sorokin, Chief Product Officer at Devexperts, noted that providers independent of MetaQuotes would participate in the redistribution, implementing necessary controls to offer services to legitimate prop firms while acknowledging potential opportunistic exploitation.