11 Best Forex Brokers in South Africa with MetaTrader 5
MetaTrader 5 is an electronic trading platform that was developed by MetaQuotes Software and launched in 2010. MetaTrader 5 was not intended to replace MetaTrader 5 but offers additional functions, markets, and a wider range of tools and capabilities.
MetaTrader 5 has six order types and provides access to the user-friendly MLQ5 programming language where traders can develop proprietary trading scripts, indicators, and trading robots. In addition, MetaTrader 5 offers forex, CFDs, Futures, and stocks, 21 timeframes, the ability to use hedging, netting, and more.
MetaTrader 5 offers 38 built-in technical analysis tools, market-depth, an economic calendar, 44 graphic objects, a multi-threaded strategy tester, the ability to transfer funds between accounts, and more.
Many forex brokers often offer MetaTrader 4 and MetaTrader 5 together, allowing traders to choose between the two according to their unique trading objectives and needs. Many forex brokers in South Africa rely on the innovation that MetaTrader 5 offers their clients, along with a plethora of functions, features, and capabilities.
Below we discuss the 11 best Forex Brokers in South Africa with MetaTrader 5.
IFX Brokers
Features
IFX Brokers is a well-known retail broker and the trading name of IFX Brokers Holdings (Pty) Limited, headquartered and regulated in South Africa by the Financial Sector Conduct Authority. IFX Brokers offers a range of markets that can be traded across different account types using either MetaTrader 4 or MetaTrader 5.
IFX Brokers offers traders an array of educational materials and sources, unlimited Virtual Private Service (VPS), and more, allowing traders the freedom to run automated algorithm strategies along with MetaTrader’s Expert Advisor (EAs) 24/7 through a virtual machine and several other useful tools.
Pros and Cons
PROS |
MetaTrader supported across devices |
Well-regulated South African-based broker |
Advanced trading tools offered |
Unlimited VPS offered |
Wide range of markets in which to trade |
GV Markets
Features
GV Markets is a CFD and forex broker that is based in South Africa, offering retail and professional traders competitive trading conditions, a wide range of tradable instruments, and negative balance protection that is applied to retail trading accounts.
GV Markets is also known for its commission-free trading, zero deposit fees, and an innovative affiliate program offered from the official website. GV Markets supports the use of MetaTrader 5 across different devices including web browsers, mobile, and desktop devices.
Pros and Cons
PROS |
Well-regulated |
Commission-free trading offered |
High maximum leverage offered |
Deposit fees are not charged |
Negative balance protection applied |
Trusted and reliable funding options |
CONS |
Withdrawal fee charged |
Limited account types |
Lack of education and research |
GT247
Features
GT247 has been in operation since 1998 and is a South African-based Market Maker broker that is regulated and authorised by the FSCA to offer comprehensive trading solutions. With GT247, traders can access a range of forex and CFD instruments that can be traded through MetaTrader 5.
In combination with this, retail traders can use the competitive trading solutions offered to meet their trading needs and objectives in several financial markets.
Pros and Cons
PROS |
Strict regulation in South Africa |
Offers more than 250 tradable instruments |
Offers competitive trading conditions |
MetaTrader 5 supported across devices |
Market research offered |
Market analysis provided |
CONS |
Live chat is not offered |
Limited funding methods |
Inactivity fees are charged |
Exness
Features
Exness is a popular name in the South African forex trading space as a well-regulated and comprehensive CFD and forex broker that offers competitive trading conditions, a range of trading tools, flexible account types, and dedicated, helpful customer support that is available 24/5.
Exness also offers the use of MetaTrader 5 through which traders have access to additional financial instruments in addition to added functions, features, and powerful charting capabilities.
Pros and Cons
PROS |
Dedicated and prompt 24/5 customer support |
Well-regulated by several entities |
Low minimum deposit when registering an account |
High leverage offered up to 1:2000 |
MetaTrader 4 and MetaTrader 5 offered |
Competitive trading conditions offered |
CONS |
Limited range of markets |
Pepperstone
Features
Pepperstone is a multi-regulated and multi-asset broker that has registered traders from 65 worldwide countries that use its comprehensive trading solutions across several domestic and international financial markets.
Pepperstone is one of the largest online trading brokers in the world by trading volume and it is well-known for its low-cost spreads, low latency, reliable trade execution speeds, and provision of powerful trading platforms through which trades can be carried out.
Pros and Cons
PROS |
Good selection of trading tools and education |
MetaTrader 5 provided |
Social trading supported |
Supports a range of trading strategies |
Flexible account funding offered |
Negative balance protection is applied |
CONS |
Fixed spreads are not offered |
AvaTrade
Features
AvaTrade has been in operation since 2006 and over the past 15 years, AvaTrade has become one of the most popular and trusted brokers in the industry. AvaTrade offers competitive trading conditions and some of the best trading solutions and offerings, consisting of fast execution, a dynamic trading account, flexible funding, excellent customer service, and a suite of innovative trading platforms.
With AvaTrade, traders can choose between different trading platforms including MetaTrader 4, MetaTrader 5, AvATradeGo, AvaOptions, AvaSocial, DupliTrade, and ZuluTrade.
Pros and Cons
PROS |
Multi-award-winning broker |
Commission-free trading |
Fast and reliable trade execution |
Social trading opportunities offered |
A decent choice between funding options |
Flexible trading platforms offered |
CONS |
Variable spreads not offered |
Spreads are not the tightest |
Tickmill
Features
Founded in 2015, Tickmill is a popular CFD and forex trading provider that is well-regulated and operates a fully automated No-Dealing Desk (NDD) execution model, ensuring complete transparency.
The liquidity that Tickmill offers is derived from global liquidity providers such as top-tier banks and hedge funds. Tickmill offers competitive trading conditions and more than 80 financial instruments that can be traded through powerful trading platforms including MetaTrader 5.
Pros and Cons
PROS |
Client funds are kept in segregated accounts |
FIX API provided along with VPS |
Commission-free accounts offered |
Member of a compensation fund |
Negative balance protection is applied |
Multi-regulated and trusted broker |
CONS |
Fixed spreads not offered |
Limited education |
Cryptocurrency trading not supported |
FXTM
Features
Established in 2011, FXTM is a globally recognised CFD and forex retail broker that has industry-leading trading conditions, a range of educational materials, and advanced trading tools, offering traders the best trading experience despite their level of trading knowledge or skills.
FXTM has more than a million registered accounts offering traders a choice between different retail accounts, flexible leverage, tight spreads, and a choice between powerful trading platforms.
Pros and Cons
PROS |
More than 250 trading instruments offered |
Commission-free accounts offered |
Low minimum deposit requirement |
Educational materials offered |
Dedicated customer support |
A choice between trading accounts |
CONS |
Inactivity fee charged |
HotForex
Features
HotForex is the trading arm of HF Markets, a reputable broker with a multi-award-winning history offering competitive commissions and some of the tightest spreads in the industry. HotForex offers a choice between different account types and the option for traders to choose between innovative and flexible trading accounts.
Pros and Cons
PROS |
Multi-regulated broker |
Client funds are kept in segregated accounts |
Premium trader tools offered |
Educational materials offered |
Free VPS and AutoChartist offered |
Member of a compensation fund |
CONS |
Fixed spreads are not offered |
FxPro
Features
FxPro is a UK-based NDD broker that offers its services to traders from around the world, including South Africa. FxPro offers traders a choice between different account types, with the benefit that the broker offers both fixed and variable spreads.
FxPro offers a wide range of markets that can be traded through cTrader, MetaTrader 4 and MetaTrader 5, various trading tools, third party market analysis, and educational materials and resources.
Pros and Cons
PROS |
Well-regulated and trusted broker |
NDD Execution model used |
VPS offered through Beeksfx |
Expert analysis provided through Trading Central |
Modern trading platforms offered |
Wide range of markets offered |
CONS |
Commissions are not the lowest |
Spreads are not the tightest |
Managed accounts not offered |
ThinkMarkets
Features
ThinkMarkets has been in operation since 2010 and is a reputable STP broker that incorporates some of the best trading technologies with competitive trading conditions, powerful trading platforms, and a wide range of markets that can be traded.
ThinkMarkets does not require that traders pay a minimum deposit and South African traders can choose between several different trading account types that suit various needs, objectives, and trading levels.
Pros and Cons
PROS |
Competitive trading conditions |
VPS service provided |
Educational materials offered |
Zero minimum deposit required |
Range of tradable instruments |
Well-regulated broker |
CONS |
Fixed spreads not offered |
FREQUENTLY ASKED QUESTIONS
Does MetaTrader support copy trading?
Yes, there is a signals market available on the MQL5 community that allows users to copy the live trades of more experienced traders onto their profiles.
What are MetaTrader 5 brokers?
MetaTrader 5 brokers are simply forex brokers that have the necessary licensing and permission to offer the use of MetaTrader 5 in conjunction with a live trading account.
Should I use MetaTrader 5?
If you want to trade other Contracts for Difference (CFDs) along with forex but you want a standalone client, MetaTrader 5 is a decent choice because it offers rich and diverse functionality across several different financial markets.
What are some of the differences between MetaTrader 4 and MetaTrader 5?
MetaTrader 4 is a prior generation and version of software while MetaTrader 5 is the latest version. MetaTrader 5 also has additional features such as supporting stock and futures trading. MetaTrader 5 also includes advanced functions, additional tools, and richer functionalities than the earlier version.
Why do more brokers offer MetaTrader 4 and not MetaTrader 5?
MetaTrader 5 is the newer version and despite its additional functions and benefits, MetaTrader 4 is still the most popular and trusted trading platform used in the industry.
