Best MetaTrader 5 (MT5) Brokers in South Africa
MetaTrader 5 (MT5) is a multi-asset trading platform that facilitates stocks, cryptocurrencies, futures, and forex trading. It provides top-notch tools for market analysis, copy trading, and algorithmic trading. The platform was released in 2010, five years after the release of MetaTrader 4. MetaQuotes, the MetaTrader developer, incorporated an extensive suite of trading tools to appeal to advanced traders. In this article, we are going to take a look at some of the best MetaTrader 5 (MT5) brokers in South Africa and we are going to explain the main features of this trading platform.
How to download and use MetaTrader 5
To open an MT5 trading account you first need to find a broker that offers this trading platform (some of such companies can be found in the list below). Once you do that, you can log in to your MT5 broker account. A great thing about trading on the MT5 platform is that if you, for some reason, decide to change a broker after some-time, you just request from your new broker new login details and you will again trade on the same platform to which you are already accustomed to.
MetaTrader 5 is available through an online web browser freely. You can also download the platform on your PC. The good news is that MT5 is compatible with Windows, Macs, and Linux devices. Moreover, it operates smoothly on 32 and 64 bits processors.
MetaTrader 5 (MT5) Brokers in South Africa
Exness
Trading platforms: MT5 and MT4
Regulation: FSCA, IFSC, FCA, CySEC
Spreads: as low as 0.3 pips
Min. deposit: 190 ZAR/10$
Exness features as trading platforms MT5 & MT4. The broker has a strong presence in SA where it is regulated by the local regulator FSCA, offers a base account currency in ZAR and offers for trading 9 currency pairs with ZAR. Exness specializes primarily in forex so it should not come as a surprise that from all 160 available assets, 107 are forex pairs. SA traders can get at Exness access to up to 1:Unlimited leverage.
XM.com
Trading platforms: MT5 and MT4
Regulation: FSC, ASIC, CySEC
Spreads: as low as 0.6 pips
Min. deposit: 94 ZAR/5$
XM.com provides access to two leading trading platforms - MT5 & MT4. The company features on these platforms over 1 000 trading instruments, some of which can SA traders trade with up to 1:1000 leverage. On the XM Ultra Low Account, XM spreads can be as low as 0,6 pips. XM.com also offers to SA traders a base account currency in ZAR and a 30 USD no-deposit bonus (T&Cs apply).
AvaTrade
Trading platforms: MT5 and MT4
Regulation: FSCA, ASIC
Spreads: as low as 0.9 pips
Min. deposit: 100$
AvaTrade is an FSCA regulated broker with a local office in Johannesburg that features two popular trading platforms - MT5 and MT4. On these platforms, one can trade over 700 trading instruments, some of which can be traded with up to 1:400 leverage. When it comes to AvaTrade fees, the company is mainly compensated for its services via the spreads which start from 0.9 pips on major currency pairs.
MT5 Fundumental and Technical analysis
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What does MT5 and MetaTrader 5 brokers offer when it comes to fundumental and technical analysis?
Features of MetaTrader 5
Metatrader 5 features a wide variety of features. Below are some of the prominent features.
Personalized Trading
MT5 is designed with customization in mind. Integration is supported through Gateway Java and Python APIs. This enables users to run custom indicators libraries and scripts (Scripts are somehow similar to robots. They perform specific actions at a predetermined time. Scripts also analyse and execute trades. However, unlike robots, they only execute trades once).
In case you want to program your own technical indicators and trading robots on the MT5 trading platform, you have to learn MQL5 programming language. This object-oriented programming language is based on C++. Since the language is highly specialized, it helps in financial programming solutions such as developing analysis tools and technical indicators.
Copy Trading
Do you want to earn money trading forex or other assets as you learn the ropes? Well, MetaTrader 5 brokers allow you thru MT5 to copy trades from successful and seasoned traders. Essentially, this feature allows you to copy trades from expert traders automatically into your account. In addition, you can choose signals from hundreds of free and paid signal providers. The good news is that even if you do not have sufficient trading expertise, you can easily copy trades and subscribe to signal providers with few clicks.
Mobile Platform
You don't necessarily need a PC to enjoy the benefits of MetaTrader 5. The terminal is available on the mobile version for both iOS and Android tablets and smartphones. The best part is that the mobile apps provide all the services and benefits present on the web terminal. This means you can see your trading history, monitor account status, and use numerous graphical tools and indicators to perform market analysis.
Algorithmic Trading
Perhaps the most outstanding attribute of MetaTrader 5 is algorithmic trading. Algorithmic trading involves using Expert advisors (robots) for automated trading. Essentially, robots use a pre-defined algorithm to analyse the market and execute a trade.
Here is an interesting point. You can customize the robot to trade according to your strategy. In fact, the terminal comes with a whole complex development environment to help you create and enhance your trading robots.
Virtual Hosting Feature
Virtual hosting is one of the features that make MetaTrader5 endeared by trades. The software enables traders to rent a virtual server from the MetaTrader platform directly. The dedicated server is permanently connected to the internet hence facilitating faster and safer trade execution. Essentially, it alleviates power problems, network issues, and computer viruses which affect trading adversely. It provides a perfect technical environment suitable for automated trading.
The virtual hosting feature enables you to enjoy round-the-clock operations. This means that your signal subscription and trading robots operate uninterrupted. Generally, you can trade any time of the day without delay.
Accounting Modes
The two most popular accounting modes are hedging and netting.
● Hedging - Hedging is a widely used feature in forex trading. It involves opening multiple positions of the same financial instruments in the opposite direction.
● Netting-Netting is the conventional trading method of consolidating two positions to create a single value.
Differences between MT5 and MT4
The first difference between the two terminals is the programming language. While MT5 uses MQL5, MT4 uses MQL4. MLQ5 is relatively more powerful than MLQ4 because it supports black box programming. In layman’s language, this means that MQL5 is easier to program. It also provides a better framework for both users and developers of the expert advisors such as robots.
Additionally, the programs do not support backward compatibility. This means that you can’t run MT4 programs on MT5. However, it is important to note that MT4 has also experienced significant upgrades.
MetaTrader 5 features numerous additions, features, and tools. To be specific, it comes with 68 analytical tools, which is much more than 33 tools present in MT4. Similarly, it is packed with 38 indicators compared to 33 indicators in MT4.
Also, MetaTrader 5 platforms support more order types. For instance, the terminal comes with six pending order types while MT4 offers four types. Pending orders found on MT5 include:
● Buy stop
● Sell stop
● Buy Limit
● Sell limit
● Sell stop Limit
● Buy Stop limit
Mt4 has only the first four order types.
MetaTrader 4 supports three execution modes.
● Execution on request
● Execution by market
● Instant execution
MT5 adds an extra exchange execution that sends orders to an external trading system. With diverse order types and various execution modes, investors can develop a strategy that works for them best.
Another advantage the MT5 has over MT4 is backtesting functions. First, MT5 allows you to backtest relatively faster. Also, this means that you conduct a large number of backtests. In addition, you can backtest multiple currencies simultaneously. This means that you will speed up the whole procedure and save much time testing your strategy.
Without a doubt, MetaTrader 5 is a trading platform for all traders to consider. It comes with additional and enhanced technical tools to make market analysis and trade execution a breeze. In a nutshell, MetaTrader is a handy tool for investors who want to experience a seamless trading experience. Please note that how fast your trades are executed or what fees you pay when trading is determined by the broker itself you choose to trade with, not by the MT5 platform.