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Updated: February 14, 2024Last Updated On February 14, 2024
MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.
Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we made sure that all brokers on this list were fully regulated to ensure trader safety.
These are the best MT5 brokers in South Africa for 2024, according to our testing and our research.
Best MT5 Forex Brokers 2024
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Broker | Broker Score | Official Site | Min. Deposit | Max. Leverage (Forex) | MetaTrader 5 (MT5) | Beginner Friendly | Cost of Trading | EUR/USD - Standard Spread | EUR/USD - Raw Spread | Regulated By | Total CFDs | Currency Pairs | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | 4.40 /5 Read Review | Visit Broker > 79% of retail CFD accounts lose money | AUD 100 | 500:1 | Yes | Excellent | USD 7 | 0.10 pips | 0.10 pips |      | 10162 | 70 | |
 | 4.59 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | ZAR 1900 | 400:1 | Yes | Excellent | USD 9 | 0.90 pips | 0.90 pips |     | 872 | 55 | |
 | 4.61 /5 Read Review | Visit Broker > 89%74- of retail CFD accounts lose money | USD 0 | 400:1 | Yes | Excellent | USD 10 | 1.00 pips | 0.17 pips |   | 1275 | 100 | |
 | 4.56 /5 Read Review | Visit Broker > 70.81% of retail CFD accounts lose money | USD 200 | 500:1 | Yes | Excellent | USD 8 | 0.10 pips | 0.02 pips |  | 1744 | 64 | |
 | 4.32 /5 Read Review | Visit Broker > 71.67% of retail CFD accounts lose money | USD 3 | 0:1 | Yes | Standard | USD 7 | 0.70 pips | 0 pips |   | 221 | 100 | |
 | 4.33 /5 Read Review | Visit Broker > 76% of retail CFD accounts lose money | USD 5 | 3000:1 | Yes | Excellent | USD 7 | 0.80 pips | 0 pips |  | 254 | 37 | |
 | 4.45 /5 Read Review | Visit Broker > 75.33% of retail CFD accounts lose money | USD 5 | 1000:1 | Yes | Excellent | USD 6 | 0.60 pips | 0.60 pips |  | 1554 | 57 | |
 | 4.68 /5 Read Review | Visit Broker > 70.3% of retail CFD accounts lose money | ZAR 1500 | 300:1 | Yes | Excellent | USD 7 | 0.70 pips | 0.60 pips | | 1009 | 56 | |
 | 4.53 /5 Read Review | Visit Broker > 72.90% of retail CFD accounts lose money | ZAR 0 | 2000:1 | Yes | Excellent | USD 10 | 1.00 pips | 0.10 pips | | 1230 | 53 | |
 | 4.39 /5 Read Review | Visit Broker > 71.58% of retail CFD accounts lose money | USD 100 | 200:1 | Yes | Excellent | USD 14 | 1.40 pips | 0.40 pips | | 2241 | 70 |
How to compare MT5 brokers
The newer of the two MetaQuotes platforms, MT5 has an updated user interface and additional functionality for clients who want to trade centralised markets and take advantage of updated features and programming languages.
Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.
Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.
Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.
Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.
Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.
Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.
Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.
FP Markets – Zero Pip Spreads, Two MT5 Accounts and Crypto Trading
4.40FP Markets is a leading ASIC-regulated broker, providing tight spreads on its two MT5 accounts and access to Forex, shares, commodities, indices, and crypto pairs. A standard commission-free account is available alongside the RAW Account, with spreads starting at 0 pips for a 6 USD round turn commission per lot. Minimum deposit on both accounts is 100 AUD.
FP Markets’ MT5 support allows hedging, scalping and automated trading and the broker’s ECN pricing model allows for fast execution using its network of liquidity providers and Equinix NYC servers.
Relative to other Forex brokers, FP Markets invests in new traders with award-winning customer service, dedicated account managers and a rich education section, which includes daily email updates of the latest financial news impacting the currency markets.
Accepts South African Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.AvaTrade – MT5 with Tight Spreads and No Commission
AvaTrade is a globally renowned and FSCA-regulated market maker with excellent commission-free trading conditions available on the MT5 platform. AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other non-commission accounts. MT5 traders have access to the full range of AvaTrade’s assets, including Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs. Max leverage is 400:1, and spreads are tight for a relatively low 100 USD minimum deposit and no commission.
AvaTrade supports all native features of MT5, such as twelve timeframes, EA functionality, 38 built-in indicators and 37 graphical objects – one-click trading is also fully supported. Islamic accounts are fully supported on MT5 but both the AvaProtect loss-protection tool and Trading Central are only on AvaTrade’s proprietary trading platforms.
Accepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.Pepperstone – Best MT5 Account for EAs and Scalpers
Pepperstone is an Australian ECN broker with two simple accounts, ASIC regulation and full support for MT5, including hedging and shares trading. Most orders are executed in less than 50 milliseconds, which is ideal for scalpers and clients who run MT5’s expert advisors.
Pepperstone offers two accounts, both with tight floating spreads and ECN execution. The Standard Account is commission-free and spreads on the EUR/USD starts at 1.00 pips. The Razor Account charges a commission of 7 USD round turn but the average spread on the EUR/USD is 0.10pips – about as close as traders can get to true market prices as possible.
Pepperstone offers a package of Smart Trader Tools for MT5, a suite of 28 expert advisors and indicators to help improve trade execution and management. In addition, all MT5 users will get access to Autochartist – a powerful pattern recognition plugin that automatically identifies trading opportunities based on price trends.
Accepts South African Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.IC Markets – Raw Spreads and 24/7 Customer Support
IC Markets is rare amongst ECN brokers, as it provides a welcoming environment for beginner traders. IC Markets offers an archive of structured course material, detailed independent market analysis, and expert-led webinars. IC Markets also provides excellent 24/7 technical support for the MT5 platform and more general queries.
IC Markets offers two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT5 platform. The Raw Spread Accounts charge a small commission of 3.50 USD, but spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The Standard Account charges no commission but spreads start at 1 pip. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.
Accepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, the SCB, and the FSA .Exness – Lowest Cost MT5 Account
Exness is an FSCA regulated broker offering exceptionally low-cost trading on its MT5 Standard Account and tight spreads and relatively low minimum deposits on its three MT5 Professional Accounts. The MT5 Standard Account only requires a minimum deposit of 1 USD but provides access to the full range of Exness assets, including crypto trading and indices. Spreads are floating but average 1 pip on the EUR/USD, about average for the industry.
Two of the MT5 Professional Account require a minimum deposit of 500 USD but provide raw spreads, sometimes down to 0 pips, in exchange for a commission of 7 USD round turn. The MT5 Pro Account, which provides instant execution, has no commission charge but spreads are slightly wider – with a minimum spread of 0.6 pips.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.FBS – Low Minimum Deposit and 3000:1 Leverage
FBS is a large international broker with a low minimum deposit and three trading accounts available on the MT5 platform. The Cent account is great for traders who want to minimize risk, both for beginners and for more experienced who want to test MT5. This option has a minimum deposit of 1 USD, and all transactions are in USD cents rather than USD, keeping fees very low. Leverage up to 1000:1 is available.
FBS Micro Account and Standard Account are also available on the MT5 platform, and both have a very high leverage of 3000:1. The minimum deposit on Micro Accounts is still relatively low at 5 USD, and traders can choose between three different bonuses when opening a new account: 100% Deposit Bonus, Level Up Bonus or a Cashback Bonus. With floating spreads from 0.5 pips, the Standard Account is for more experienced MT5 traders, with a higher minimum deposit, at 100 USD, but Level Up Bonus and 100% Deposit Bonus are still available.
All three accounts MT5 accounts are available as demo accounts and can be converted into a swap-free accounts for Muslim traders.
Accepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, FSCA, and the IFSC.XM – Tight Spreads, 1000+ CFDs to Trade
XM is a well-regulated market maker and with low minimum deposits, wide account choice, fast order execution and a good range of assets on both the MT4 and MT5 platforms. The XM Zero account offers spreads down to 0 pips and a commission of 3.50 USD per lot. Hedging, scalping, and algorithmic trading are all permitted on MT5.
The MT5 demo account at XM is funded with a 100,000 USD virtual balance and is aimed at traders who want to trade more than just Forex. With over 1000 instruments available, traders will have access to stock CFDs, stock indices CFDs, CFDs on precious metals and CFDs on energies. The MT5 demo account also features a market depth indicator, hedging, and full EA functionality. XM’s demo account is not time-limited.
Accepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.Markets.com – FSCA-Regulated and Tight Spreads
Founded in 2010, Markets.com is an FSCA-regulated market maker broker that offers a wide range of assets, including shares, ETFs, Indices, commodities, Forex, cryptocurrencies, and bonds. Beginners traders will also likely appreciate the comprehensive education section, as well as a wide scope of excellent tools for research and analysis.
Markets.com provides support for the basic version of MT5 via web, desktop or apps for iOS and Android via one live commission-free account, with a minimum deposit requirement of 1500 Rand. They also excel with impressive trading conditions, featuring exceptionally low spreads of just 0.6 pips on the EUR/USD. Additionally, traders can access leverage of up to 1:300.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the FSCA.HFM (HotForex) – Best MT5 Micro Account
Regulated by the FSCA in South Africa since 2012, HFM offers No-Dealing Desk STP execution and MT5 support on three of its four account types. The MT5 Micro Account offers leverage up to 1000:1, a minimum deposit of 70 ZAR or 5 USD, and spreads of 1 pip on major Forex pairs, very tight compared to Micro Accounts at other brokers. For more experienced traders, HFM’s MT5 Zero Spread Account offers spreads down to 0 pips and a round turn commission of 80 ZAR on major Forex pairs with a minimum deposit of 2800 ZAR or 200 USD.
HFM devotes a section of its website to detailed market analysis for beginners and professionals and trading tools; these include daily market news, trade analysis, and outlooks. Trading calculators and economic calendars are also available for reference outside of a trading platform, and customer support is available 24/5 from toll-free local phone numbers.
Accepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.FxPro – $100 Deposit, Market Execution, 70+ Forex Pairs
FxPro is a respected FCA regulated broker, offering NDD execution on MT5, MT4, cTrader and its own browser-based trading platform. The MT5 account offers a 100 USD opening deposit combined with competitive spreads on 70+ Forex pairs, indices, energies and precious metals. Most trades are executed in less than 10 milliseconds and only 9% of orders receive negative slippage. These execution statistics are ideal for traders who want to take advantage of MT5’s algorithmic trading capabilities across a range of assets.
The MT5 account at FxPro offers market execution, variable spreads, no requotes and will allow for partial fills for orders that lack liquidity. The MT5 account is commission-free with spreads sometimes down to 0.6 pips, though traders will find that the average spread on the EUR/USD is closer to 1.2 pips.
Accepts South African Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the SCB.What is MT5?
MT5 (MetaTrader 5) is a trading platform that allows traders to access the Forex market via a broker. Released in 2010, it is more powerful than MT4 and provides access to stocks and futures. It also has extra trading tools and charts and has more advanced back-testing.
Much like MT4, MT5 allows traders to access the Forex market via a broker, but it also provides additional access to CFDs, stocks and futures. This also means that it is a more valuable asset for brokers as it allows them to reach a broader base of clientele – this has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.
MT5 comes with a new script-writing language, MQL5, which is much more efficient than MQL4, if harder to learn for beginners.
Though the interface is similar to MT4, MT5 has more advanced charting tools, including 12 more timeframes and more built-in technical indicators.
MT5 also allows for an unlimited amount of charts to be used, shows Depth of Market and has a built-in Economic Calendar. It also has a larger number of pending order types than MT4 and features an embedded chat system.
What is the difference between MT4 and MT5?
MT5 has a lot more features than MT4, including an Economic Calendar, Depth of Market indicator, embedded chat function, and unlimited chart windows. It also has 80 built-in indicators and 12 more time-frames than MT4.
MT5 Pros and Cons
Pros:
- Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
- MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
- MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.
Cons:
- MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
- MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
- MT5 is a more complex platform than MT4.
MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.
Should I use MT5?
The answer to this question depends on what you want from your platform and your previous trading experience.
If you want to trade other CFDs as well as Forex but want to have a standalone client then MT5 is a good choice. If you only want to trade Forex on a simpler platform, then it’s a good idea to start with MT4.
If you already have some experience with MT4 and are thinking of switching, it really depends on your reasons why. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.
The big question is how much longer MT4 is going to be supported by the big brokers. It is unquestionably the industry standard at present and recent upgrades to the MQL4 language have made it almost as easy and efficient as MQL5 to create automated trading scripts.
That said, more brokers are offering MT5 all the time and some have chosen to only support MT5 from now on – if you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.
Which Brokers Use MT5
Here is our curated list of all of the MT5 brokers we have reviewed, ordered by overall score. The broker with the highest score will appear at the top of the list.
Which is the best MT5 broker?
AvaTrade is the best MT5 broker in South Africa. Regulated by the FSCA, AvaTrade’s MT5 trading platform offers spreads as low as 0.7 pips on the EUR/USD, much lower than most other MT5 brokers. AvaTrade clients can trade Forex, commodities, stocks, indices, cryptocurrencies, bonds, and ETFs.
Does MT5 support Automated Trading?
Yes, MT5 does support automated trading. Aside from copytrading through the MT5 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators.
Conclusion
MT5 will eventually overtake MT4 as the industry standard (unless one of the MetaQuotes competitors get there first) it’s just a matter of when.
The fact that MT5 is more feature-complete, supports trading across all financial markets, and allows for advanced script testing makes it very appealing to both brokers and traders. Allowing hedging for non-US users was a removal of a major obstacle to widespread support for MT5.
The only remaining problem is the lack of backward compatibility with MT4 robots and EAs – which is a problem that will never go away.
If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for some time yet – unless you want to trade other financial markets. If you are new to trading, it’s worth considering going straight to MT5.
Forex Risk Disclaimer
Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).
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Editorial Team
Chris Cammack
Head of Content
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida Hermansen
Financial Writer
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
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