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Regulators

Here are the best MT5 Brokers in South Africa

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Trading Experience
Trading Conditions
Account Types
Trading Platforms
Regulators
  • Minimum Deposit
    USD 5
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    TYPE OF BROKER

    Market Maker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    ASIC ASIC
    IFSC IFSC
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Sofort Banking
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 57
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Instant USD 5 Account Details
    Standard 1.0 pips None Instant USD 5 Account Details
    XM Ultra Low 0.6 pips None Instant USD 50 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Sofort Banking
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 57
  • Minimum Deposit
    USD 100
    TRADING INSTRUMENTS
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    • Futures
    TYPE OF BROKER

    NDD Intervention Market Maker

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • cTrader
    • FxProEdge
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Unionpay
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.6 pips
    • Currency Pairs : 70+
    Account Spread From Commission Execution Min. Deposit
    FxPro cTrader 0.45 pips $4.50 Market USD 100 Account Details
    FxPro MT4 1.2 pips None Market USD 100 Account Details
    FxPro MT5 1.52 pips None Market USD 100 Account Details
    TRADING INSTRUMENTS
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    • Futures
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • cTrader
    • FxProEdge
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Unionpay
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.6 pips
    • Currency Pairs : 70+
  • Minimum Deposit
    USD 5
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • WTIs
    TYPE OF BROKER

    ECN

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bank Transfer
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 80+
    Account Spread From Commission Execution Min. Deposit
    MT4 Pro Account 0.1 pips $7 Market USD 5 Account Details
    MT4 Standard Account 1.0 pips None Market USD 5 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • WTIs
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bank Transfer
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 80+
  • Minimum Deposit
    USD 100
    TRADING INSTRUMENTS
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    TYPE OF BROKER

    ECN/STP

    REGULATED BY
    CySEC CySEC
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • cTrader
    DEPOSIT METHODS
    • Visa
    • Skrill
    • Neteller
    • Bitcoin
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.0 pips
    • Currency Pairs : 28
    Account Spread From Commission Execution Min. Deposit
    cTrader ECN 0.0 pips None Market USD 100 Account Details
    MT4 Micro 0.4 pips None Market USD 100 Account Details
    MT5 Pro 0.2 pips None Market USD 500 Account Details
    TRADING INSTRUMENTS
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • cTrader
    DEPOSIT METHODS
    • Visa
    • Skrill
    • Neteller
    • Bitcoin
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.0 pips
    • Currency Pairs : 28
  • Minimum Deposit
    USD 10
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    TYPE OF BROKER

    ECN/STP

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    Trading Conditions
    • Max. Leverage : Flexible
    • Min. Spread : 0.1 pips
    • Currency Pairs : 59
    Account Spread From Commission Execution Min. Deposit
    Cent Account 1.5 pips None Instant USD 10 Account Details
    Standard Account 1.3 pips None Instant USD 100 Account Details
    ECN Zero Account 1.5 pips None Market USD 200 Account Details
    ECN Account 0.1 pips $2.00 Market USD 500 Account Details
    FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    Trading Conditions
    • Max. Leverage : Flexible
    • Min. Spread : 0.1 pips
    • Currency Pairs : 59
  • Minimum Deposit
    USD 100
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    TYPE OF BROKER

    STP

    REGULATED BY
    ASIC ASIC
    CySEC CySEC
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • IRESS
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Paypal
    • Skrill
    • Neteller
    • Fasapay
    • BPay
    • paytrust88
    • POLi
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 50+
    Account Spread From Commission Execution Min. Deposit
    RAW 0.0 pips $3.50 STP USD 100 Account Details
    Standard 1.0 pips None STP USD 100 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • IRESS
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Paypal
    • Skrill
    • Neteller
    • Fasapay
    • BPay
    • paytrust88
    • POLi
    Trading Conditions
    • Max. Leverage : 500:1
    • Min. Spread : 0.1 pips
    • Currency Pairs : 50+
  • Minimum Deposit
    ZAR 1000
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Metals
    • Equities
    • Energies
    • ETFs
    • Bonds
    • Blends
    TYPE OF BROKER

    Market Maker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Paypal
    Trading Conditions
    • Max. Leverage : 300:1
    • Min. Spread : 0.9 pips
    • Currency Pairs : 50+
    Account Spread From Commission Execution Min. Deposit
    LIve 0.9 pips None Market ZAR 1000 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Metals
    • Equities
    • Energies
    • ETFs
    • Bonds
    • Blends
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Paypal
    Trading Conditions
    • Max. Leverage : 300:1
    • Min. Spread : 0.9 pips
    • Currency Pairs : 50+
  • Minimum Deposit
    USD 1000
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Equities
    • Bonds
    • Futures
    TYPE OF BROKER

    Market Maker

    REGULATED BY
    FCA FCA
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • AdvancedTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Unionpay
    Trading Conditions
    • Max. Leverage : 400:1
    • Min. Spread : 1.7 pips
    • Currency Pairs : 78
    Account Spread From Commission Execution Min. Deposit
    Professional Custom pips None Instant Volume Based Account Details
    Standard 1.7 pips None Instant USD 1000 Account Details
    Premium 1.4 pips None Instant USD 10000 Account Details
    Prime 1.1 pips None Instant USD 50000 Account Details
    TRADING INSTRUMENTS
    • Commodities
    • Cryptocurrencies
    • Forex
    • Equities
    • Bonds
    • Futures
    TRADING PLATFORMS
    • MetaTrader4
    • MetaTrader5
    • WebTrader
    • AdvancedTrader
    DEPOSIT METHODS
    • Bank Transfer
    • Visa
    • Mastercard
    • Unionpay
    Trading Conditions
    • Max. Leverage : 400:1
    • Min. Spread : 1.7 pips
    • Currency Pairs : 78

All Forex Brokers in South Africa

Pros and Cons of Using MT5 Trading Software

Metatrader 5 (MT5) is the most recent version of the industry-standard MetaTrader trading platform. Though it is not as popular as MetaTrader 4 (MT4), MT5 is supported by a number of well-regarded brokers.

There are a number of pros and cons to using MT5 over MT4:

Pros:

  • Unlike MT4, MT5 allows users to trade the centralised markets – such as futures, 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 MT5 has 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.

Below, I will have a more detailed look at the platform.

MetaTrader: A brief history

Metatrader is a series of electronic trading platforms developed by my MetaQuotes software which allows retail (independent individual) traders to access financial markets via a broker. 

All versions of MetaTrader software have a client-side – which is downloaded to a trader’s desktop, mobile phone or accessed through a browser – and a server-side – which is run by a broker and provides the trader with access to financial markets and allows them to place trades.

The most common version of MetaTrader is MetaTrader 4 (MT4), which was built exclusively for trading the Forex market. MT4 was originally developed in 2005 and became successful mainly because it allowed the user to build their own automated trading scripts using the proprietary MQL4 coding language. Not only can users build their own scripts but they can make them available for other traders to use or purchase.

MT4 is now almost fifteen years old and certainly appears dated, though its excellence as a platform for trading the Forex market remains relatively undisputed, though some would argue that cTrader is a superior platform

What is MetaTrader 5?

Released in 2010, MetaTrader 5 (MT5) is the latest iteration of the industry-leading MetaTrader trading software. 

Recently, MetaQuotes – the makers of MetaTrader – have started a promotion drive as they attempt to move the legions of retail traders onto the newer platform. This has resulted in a noticeable uptick in the number of brokers supporting MT5, sometimes replacing their support for MT4 altogether.

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 – which also helps explain the increase in brokers supporting it.

MT5 also makes it easier to comply with US restrictions on hedging by aggregating all open positions – preventing traders from individually managing open positions separately, though this can now be deactivated upon request. 

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.

Should I use MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you are going to be trading more than Forex but want to have a standalone client then MT5 is a good platform. If you are only looking to trade Forex and want a simpler, more user-friendly platform, then it may be 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 main 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 – probably at the behest of MetaQuotes themselves. If you are just starting out trading there is something to be said for getting used to MT5 before it starts overtaking its younger sibling – which will inevitably happen.

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 backwards compatibility with MT4 robots and EAs – and this is a problem that is never going to go away.

If you use MT4 and you love it, stick with it as it’s going to remain the gold standard for a few years yet – unless you want to trade the other markets. If you are new to trading it’s worth considering going straight to MT5.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.