10 Best MT5 brokers in South Africa
MetaTrader 5 (MT5) is the updated version of the MetaTrader 4 trading platform from MetaQuotes, which is the industry standard. MT5 is also the first platform to incorporate multi-asset capability, which allows traders to trade stocks, futures, and forex.
Despite the fact that it is not yet as widely used as Mt4, MT5 is gaining support from an increasing number of brokers, providing investors with a greater variety of trading platform options.
Here, we list the 10 best MT5 brokers which offer sound regulation and excellent trading conditions.
Khwezi Trade
Khwezi Trade is a licenced ODP offering the MT5 trading platform, which is great for traders who want fast trade execution, so you can get in and out of trades quickly. Khwezi Trade also offers a variety of other features that make it a great choice for MT5 traders, including deposit ZAR accounts and customer-focused approach to assisting traders.
Pros and Cons
| 👉 Pros | ❌ Cons |
|---|---|
| 💵 ZAR Accounts are available | ❌ Individual stock trading not possible |
| 👮♂️ FSCA regulations apply to this South African-based company | |
| 🧰 Provides a wide variety of trading tools | |
| 💰Trading costs are reasonable | |
| 🕵🏻 Ensures compliance with OTC regulations | |
| ⚖️ A vast variety of trading options are available |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 FSCA |
| 💵 Minimum deposit from | 💰 ZAR500 |
| ⚖️ Average spread from | 👉 0,6 pips |
| 📈 Commissions from | N/A |
| 💸 Deposit/Withdrawal Fees | N/A |
| ⚖️ Maximum Leverage | ⚖️. 1:400 |
| 🤑 Bonuses | 👍 30% |
| ❓ Customer Support | 🏪. 24/5 |
FXTM
FXTM provides clients with the option to open either a standard or an ECN account.
FXTM’s Cent Account requires a minimum deposit of fifty dollars (USD) and has spreads that begin at one and a half pip, but the company also provides two market execution accounts on MT5 that have spreads that begin at zero pip and leverage that may go as high as one thousand to one.
The Advantage Account has the lowest commission of any account type at just 4 USD round turn and has the tightest spreads of any account type. The minimum deposit for this account is 500 USD.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | Limited product portfolio |
| Great educational tools |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, FSC, FSCA |
| 💵. Minimum deposit from | 💰 $100 |
| ⚖️ Average spread from | 👉 0.9 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅 $3 |
| ⚖️ Maximum Leverage | ⚖️ 1:500 on average |
| 🤑 Bonuses | 💰 $300 Trading Bonus |
| ❓ Customer Support | 🏪 24/5 |
BDSwiss
In addition to Forex pairings, stocks, commodities, shares, indices, ETFs, and cryptocurrencies, BDSwiss also allows MT5 trading with no limits on trading strategy. B
BDSwiss provides traders of all skill levels with access to cutting-edge market information and education via its suite of MT5 trading tools. Experts from BDSwiss’ many fields provide analysis in the form of daily webinars, market insights, weekly outlook, and briefings.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| MetaTrader 4 and 5 available | Relatively high minimum deposit |
| Multiple regulations |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 CySEC, FSC, NFA |
| 💵 Minimum deposit from | 💰 $200 |
| ⚖️ Average spread from | 👉 1.3 pips |
| 📈 Commissions from | 🚀 0.1% for stock and CFDs |
| 💸 Deposit/Withdrawal Fees | 💶 10 EUR from 20 EUR upwards |
| ⚖️ Maximum Leverage | ⚖️. 1:500 |
| 🤑 Bonuses | 👍 No |
| ❓ Customer Support | 🏪. 24/5 |
FP Markets
With two MetaTrader 5 accounts and low spreads across Forex, stocks, commodities, indices, and cryptocurrency pairs, FP Markets is a top-tier broker that is regulated by the Australian Securities and Investments Commission (ASIC).
In addition to the RAW Account, FP Markets also offer a normal commission-free account with spreads beginning at 0 pips for a round turn commission per lot of USD 6. Both accounts require an opening balance of at least 100 AUD.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low forex fees | High stock CFD Fees |
| Streamlined and fast account opening process | Limited product portfolio |
| Fast processing for deposits and withdrawals |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 Australian ASIC, Cypriot CySEC, SCB |
| 💵. Minimum deposit from | 💰 $100 / 1600 ZAR |
| ⚖️ Average spread from | 👉 0.5 pips |
| 📈 Commissions from | 📈 $55 monthly commission for IRESS Trader users only |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 $30 / 480 ZAR welcome bonus |
| ❓ Customer Support | 🏪 24/7 |
Pepperstone
Pepperstone is an Australian ECN broker that offers two basic accounts, is regulated by the Australian Securities and Investments Commission (ASIC), and offers full MetaTrader 5 (MT5) functionality, including hedging and share trading.
Scalpers and MT5 clients who use the platform’s built-in expert advisors will appreciate the speed with which most orders are processed.
Pepperstone’s Smart Trader Tools for MT5 is a collection of 28 expert advisers and indicators designed to facilitate better trade management and execution.
In addition, Autochartist, a robust pattern recognition plugin that automatically detects trading opportunities based on price movements, will be made available to all MT5 customers.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low forex and equity index CFDs | Only forex, CFDs and cryptos available |
| No deposit fee | |
| Negative balance protection |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, ASIC |
| 💵. Minimum deposit from | 💰 AUD200 |
| ⚖️ Average spread from | 👉 0.4 pips |
| 📈 Commissions from | 📈 $3.76 commission per lot per trade |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 None |
| ❓ Customer Support | 🏪 24/5 |
FxPro
FxPro is a reputable FCA-regulated broker that provides NDD execution on MetaTrader 5, MetaTrader 4, cTrader, and its own web-based trading platform.
Spreads on 70+ currency pairs, indexes, energy, and precious metals are competitive, and the minimum beginning deposit for an MT5 account is just $100.
The vast majority of trades are completed in within 10 m
s, and only 9% of orders have negative slippage. If you’re interested in using MT5’s algorithmic trading capabilities across a variety of assets, these execution data will come in very handy.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Wide selection of market instruments | |
| Client funds stored in segregated accounts Low trading fees |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, CySEC, FSCA |
| 💵. Minimum deposit from | 💰 $500 |
| ⚖️ Average spread from | 👉 1.7 pips |
| 📈 Commissions from | 📈 $45 per million USD traded |
| 💸 Deposit/Withdrawal Fees | 🙅 1.6% for debit and credit card |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 None |
| ❓ Customer Support | 🏪 24/5 |
XM
XM is a reputable market maker that supports the MT4 and MT5 platforms and has a large variety of account types, cheap minimum deposits, fast order execution, and a respectable selection of underlying assets.
XM’s Zero Account has no commission per lot and spreads as low as 0 pips. MT5 allows for hedging, scalping, and algorithmic trading.
If you’re interested in trading more than simply Forex, check out XM’s MT5 trial account, which comes with a virtual balance of $100,000 USD. Over a thousand different assets, including stocks, stock indexes, precious metals, and energy, will be available to traders.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low CFD and withdrawal fees | Average forex fees |
| Great educational tools | Inactivity fees |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 IFSC, ASIC, CySEC, FCA and DFSA |
| 💵. Minimum deposit from | 💰 $5 |
| ⚖️ Average spread from | 👉 0.1 pips |
| 📈 Commissions from | 📈 $3.5 commission per $100 000 traded |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 $30 Trading Bonus |
| ❓ Customer Support | 🏪 24/5 |
AvaTrade
AvaTrade is a world-famous market maker that is licensed by the Financial Sector Conduct Authority (FSCA) and offers outstanding commission-free trading conditions on the MT5 platform.
Spreads on the EUR/USD pair start as low as 0.7 pips using AvaTrade’s MT5 trading platform, far less than with any other non-commission account. Forex, commodities, equities, indices, cryptocurrencies, bonds, and ETFs are all available to MT5 traders on AvaTrade.
Pros and Cons
| ✔ PROS | ❌ CONS | ||
|---|---|---|---|
| Broad range of tradable instruments | High EURUSD and inactivity fees | ||
| MetaTrader 4 and 5 available | |||
| Excellent educational resources |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 Central Bank of Ireland, MiFID, ASiC, BVI |
| 💵 Minimum deposit from | 💰 $100 |
| ⚖️ Average spread from | 👉 0.9 pips |
| 📈Commissions from | No commission on Forex |
| 💸Deposit/Withdrawal Fees | None |
| ⚖️ Maximum Leverage | 1:400 |
| 🤑 Bonuses | First Deposit Bonus |
| ❓ Customer Support | 🏪 24/5 – multilingual |
Exness
Exness is a registered broker that provides low-cost trading with its MT5 Standard Account, as well as tight spreads and low minimum deposits with its three MT5 Professional Accounts.
A single dollar is all that’s needed to open an MT5 Standard Account with Exness, which gives you access to trading in all of their assets, including cryptocurrencies and indices.
Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA |
| 💵. Minimum deposit from | 💰 $1 |
| ⚖️ Average spread from | 👉 1.3 pips |
| 📈 Commissions from | 📈 3 USD and 10 USD per 1 lot for CFDs |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:2000 |
| 🤑 Bonuses | 💰 Standard +10% Bonus Programme |
HF Markets
Three of HFM’s six account types have No-Dealing Desk STP execution, and the broker is regulated by South Africa’s Financial Sector Conduct Authority (FSCA) since 2012.
There is a very low minimum deposit requirement of only 70 ZAR or 5 USD for the MT5 Micro Account, and the spreads on the major Forex pairings are only 1 pip.
HFM’s MT5 Zero Spread Account provides traders with access to spreads as low as 0 pips and a round turn commission of 80 ZAR ($2.50) on major Forex pairs.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Award-winning broker | Offshore broker |
| Well regulated | |
| Low minimum deposit |
Features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 CySEC, DFSA, FCA, FSA, FSCA |
| 💵 Minimum deposit from | 💰 $5 |
| ⚖️ Average spread from | 👉 0.0 pips |
| 📈 Commissions from | 🚀 USD 0.03 per 1K lot. |
| 💸 Deposit/Withdrawal Fees | 💶 None |
| ⚖️ Maximum Leverage | ⚖️. 1:1000 |
| 🤑 Bonuses | 👍 100% Supercharged Bonus |
| ❓ Customer Support | 🏪. 24/5 |
Other Resources
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