Platform and broker are not the same thing
MetaTrader 5 is an app; it doesn't hold your money or take the other side of your trades. Brokers buy a licence for it and connect it to their own servers, so the same MT5 app can log in to hundreds of different brokers and prop firms. MetaQuotes, which makes it, says it "does not provide investment or brokerage services".
For Indians this matters, because the law is about who you trade with. Currency futures and options through a SEBI-registered broker on NSE are legal. Forex and CFDs with an overseas broker aren't, whatever app you use. Our guide to forex trading in India has the details.
The main forex trading platforms
| Platform | Made by, since | Known for | Who uses it | On RBI's Alert List |
|---|---|---|---|---|
| MetaTrader 4 (MT4) | MetaQuotes, 2005 | Expert Advisors in MQL4; 9 chart timeframes | Older offshore brokers; a few prop firms | Yes |
| MetaTrader 5 (MT5) | MetaQuotes, 2010 | 21 timeframes, MQL5 robots, depth of market, built-in economic calendar | Offshore brokers and most prop firms | Yes |
| cTrader | Spotware, 2011 | Depth of market, cBots written in C# or Python | Some brokers and many prop firms | Not listed |
| TradingView | TradingView | Charts, free paper trading, trading through partner brokers | Chart users everywhere; several Indian brokers connect to it | Not listed |
| Indian broker apps | Zerodha Kite, Upstox Pro, ICICI Direct, HDFC Sky, Kotak Neo | NSE currency futures and options, plus stocks and F&O | SEBI-registered brokers | Not applicable |
MT5 vs MT4
MetaTrader 4 came out in 2005 and is still the platform many traders learned on. MetaTrader 5 followed in 2010: it adds more timeframes (21 against 9), more asset classes, depth of market and a built-in economic calendar, and it uses the MQL5 language for trading robots. MetaQuotes stopped selling MT4 licences to new brokers in 2018, according to trade press reports at the time, so most new brokers and prop firms start on MT5.
Robots and indicators written for one don't run on the other without changes. If you're starting now, MT5 is the one most new brokers and prop firms offer.
cTrader
cTrader is made by Spotware, a company set up in Cyprus in 2010, and launched in 2011. Traders choose it for its cleaner layout and depth-of-market view, and for cBots, its trading robots, which are written in C# or Python. Many prop firms offer it next to MT5.
TradingView
TradingView is best known for its charts, but it's a trading platform too: you can connect a partner broker and place orders from the chart. Several Indian brokers work this way. TradingView announced in May 2026 that Kotak Neo clients can trade NSE, BSE, MCX and currency derivatives through it, and Dhan, Fyers and Angel One also connect; check which segments your broker supports there.
Zerodha and Upstox use TradingView's charts inside their own apps instead of connecting to tradingview.com.
Free demo trade accounts
A demo account lets you practise with pretend money. The options open to traders in India are fewer than most people expect:
- TradingView Paper Trading is free. TradingView calls it "a completely risk-free simulator with no fees or catches", and it covers forex, stocks and crypto. You can choose the account currency and reset the account to start again. See TradingView's Paper Trading guide.
- Indian brokers mostly don't offer one. Zerodha says it doesn't offer demo accounts for paper trading, and SEBI's May 2024 circular restricts sharing real-time prices for virtual trading. HDFC Sky's app page does list a virtual trading simulator.
- Prop firm free trials work like demos. FundingPips, for example, runs a free trial for practice only, with no profit and no route to a funded account.
- Offshore broker demos need an account with the broker itself, and many of the best-known brokers are on RBI's Alert List; MT5's own MetaQuotes demo runs on a platform that's on the list too.
Which platform do prop firms use?
| Prop firm | Platforms offered |
|---|---|
| The5ers | MT5, cTrader, TradingView |
| FundingPips | MT5, cTrader, Match-Trader |
| Goat Funded Trader (GFT) | MT5, cTrader, Match-Trader, TradeLocker |
| Blue Guardian | MT5, Match-Trader, TradeLocker |
| FXIFY | MT4, MT5, DXtrade (its FAQ) |
| Maven Trading | MT5, Match-Trader, cTrader (check its site) |
| Alpha Capital | MT5, cTrader, DXtrade, TradeLocker |
| E8 Markets | MT5, cTrader, Match-Trader, TradeLocker, E8 Terminal (perpetual futures only) |
Pick the firm first and the platform second: the rules, the price and how the firm measures drawdown matter far more than the app. If you're new, MT5 is the most widely offered platform, so most guides and tutorials use it. Keep in mind that MT4 and MT5 are on RBI's Alert List (see below). Our instant funding comparison covers the firms' rules.
MT5 and RBI's Alert List
MetaTrader 4 and MetaTrader 5 are both on RBI's Alert List of entities not authorised to deal in forex or run forex trading platforms in India; cTrader and TradingView aren't listed. RBI says the list is not exhaustive and that an entity not on it should not be assumed to be authorised. Its concern is forex trading through platforms it hasn't authorised. Prop firms use MT5 for simulated accounts; we haven't found an RBI or SEBI ruling that deals specifically with prop firm evaluations, so read the India guide before you decide.
How to choose a trader platform
- Start from what you'll trade and with whom. NSE currency contracts mean your broker's app, or TradingView if your broker connects to it. A prop firm means one of the platforms it offers.
- Check the chart and order tools you need: timeframes, drawing tools, one-click trading, and stop loss and take profit on every order.
- Check the mobile app if you'll trade away from a desk.
- Only then think about robots. MQL5 robots run only on MT5, cBots only on cTrader.
Whatever you use, size every trade from its stop loss with the lot size calculator; the platform won't do that for you.