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MetaTrader 4/5 blocked on Indian Google Play

MetaTrader 4/5 blocked on Indian Google Play

created Forex Club1 March 2024

MetaQuotes is facing further problems. The most popular trading platforms in the world, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), were removed from the Google Play Store last week. Not so long ago, at the end of 2022, MQ platforms have been removed from the App Store and therefore impossible to install on Apple mobile devices. They succeeded restore only after 6 months breaks. However, the mystery of why this happened has not been officially explained. In the case of Google Play, do you know what this is about? Not 100%, but there are some theories here.

This is a huge problem for MetaQuotes and... Indian traders

Last week, the Indian version of the Anrdoid app store, Google Play, withdrew its MT4 and MT5 lists of available programs for download. This is so disturbing that in a population of nearly 1,5 billion, according to Statista, as many as 95% of people use mobile devices with Android.

Although the official reasons for the blockade remain a mystery, the latest actions of the Indian government and central bank in 2023 suggest what the root of the problem may be. The local authorities consistently warn against the activities of unregulated brokers, classifying retail trade as: Forex market as speculative and risky for retail investors. And all this is aimed at "protecting" them, and thus limiting trade, even though it remains legal.

In November 2023 Reserve Bank of India (RBI) has significantly expanded its warning list, which includes a list of scams and illegally operating FX entities, including, among others: many international brands. The unnamed official highlighted banks' increased scrutiny over forex transactions made on unauthorized platforms, underlining the regulator's commitment to strict compliance with KYC norms (Know Your Customer), consisting in examining the experience and wealth of potential brokers' clients (these are questions familiar to traders about earnings and trading experience). At this stage, however, it is not known whether the banning of MT4/5 in Google Play is due to the mass activity of scams impersonating legally operating companies, or whether it is the beginning of a significant limitation in the availability of Forex platforms in India.

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Forex Club
Forex Club is one of the largest and oldest Polish investment portals - forex and trading tools. It is an original project launched in 2008 and a recognizable brand focused on the currency market.