raw spread accounts, automated withdrawals
MinimumBy region
EUR/USDfrom 0.0
Leverage1:Unlimited
FSA-SCCBCSFSC-BVI+6
Best MT5 forex brokers, compared on symbols, costs and tools
The best MT5 forex brokers vary far more than the shared software suggests, because each one sets its own symbol list, costs and add-ons. XM shows 1,583 symbols on MT5 while HFM shows 344. We compare Exness, HFM, XM, Deriv, Pepperstone, IC Markets, FP Markets and Vantage on what matters inside the platform.
Updated . Figures come from broker pages and published pricing data.
MT5 brokers compared
Every broker here offers MetaTrader 5 on desktop, web and mobile. Rows show entry cost and EUR/USD cost, and the first four are the brokers with the fullest data and the widest reach in Africa. Filters reorder the list by a single measure if you care most about entry or price.
MT5 itself is the same program everywhere, written by MetaQuotes. The difference sits in the server behind it: what you can trade, what spreads you see and what extras the broker adds. Demo accounts at each broker show that real server, so test your exact symbols there before you deposit.
no minimum deposit, cent accounts
MinimumUSD 0
EUR/USD1.1 pips
Leverage1:2000
FCAFSCAFSA-SC+1
small deposits, copy trading
MinimumUSD 5
EUR/USD1.1 pips
Leverage1:1000
CySECASIC
Derived Indices, mobile money deposits
MinimumUSD 5
Leverage1:1000
FSC-BVICIMAFSC-MU+2
small deposits, cTrader
MinimumUSD 10
EUR/USD0.8 pips
SCBASICFCA+4
IC Markets
cTrader, TradingView
MinimumUSD 200
EUR/USD0.72 pips
CMAASICEU
FP Markets
no minimum deposit, copy trading
MinimumUSD 0
EUR/USD0.9 pips
CMA
Vantage
TradingView, copy trading
MinimumUSD 50
EUR/USD0.72 pips
ASICFCAFSCA
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MT5 costs and licences side by side
This table shows entry cost, EUR/USD cost and licences across the group. IC Markets is cheapest on MT5 at about 0.72 pips all-in, closely followed by Vantage, and Pepperstone comes next at about 0.8 pips. Exness and HFM quote from 0 pips on raw accounts, with commissions added on top.
Licences in Kenya matter here too. Exness, HFM, Pepperstone, FP Markets and IC Markets all hold CMA licences, so a Kenyan MT5 user can trade with a local regulator. See our Kenya guide for licence numbers, and our South Africa guide for the FSCA picture.
| Broker | Minimum | EUR/USD cost | Leverage | Licences |
|---|---|---|---|---|
| Exness | By region | from 0.0 pips | 1:Unlimited | FSA-SC, CBCS, FSC-BVI, FSC-BZ |
| HFM | USD 0 | 1.1 pips all-in | 1:2000 | FCA, FSCA, FSA-SC, CMA |
| XM | USD 5 | 1.1 pips avg | 1:1000 | CySEC, ASIC |
| Deriv | USD 5 | 1:1000 | FSC-BVI, CIMA, FSC-MU, VFSC | |
| Pepperstone | USD 10 | 0.8 pips all-in | SCB, ASIC, FCA, CySEC | |
| IC Markets | USD 200 | 0.72 pips all-in | CMA, ASIC, EU | |
| FP Markets | USD 0 | 0.9 pips all-in | CMA | |
| Vantage | USD 50 | 0.72 pips all-in | ASIC, FCA, FSCA |
MT5 broker notes
Each note covers what that broker's MT5 server actually offers. Symbol counts come from published reviews, and they change by company and account, so your own list will not match these exactly. Look at your demo's Market Watch to see the real count on your server.
Exness runs MT4 and MT5 alongside its Terminal, with Raw Spread and Zero quoting from 0 pips. It holds CMA licence 162 and FSP 51024. Reported figures list USD 100 on Standard, and Exness says the figure changes by region. MT5 signals remain as its copying route, since its older service is closing.
HFM's MT5 server shows 344 symbols at its St. Vincent entity, including 157 share CFDs and 38 forex pairs. FX Blue-powered Premium Trader tools extend the platform. It has no broker minimum on three accounts, though its terms restrict scalping and AI-assisted strategies, so read those before running an expert advisor.
XM's MT5 shows 1,583 symbols, all CFDs, with 54 forex pairs. That is a broad list for a USD 5 entry, and Ultra Low averages 1.1 pips on EUR/USD. A USD 10 monthly inactivity fee after 90 dormant days affects bots too, if your account stops trading for that long.
Deriv MT5 carries 21 time frames, 38 indicators and Derived Indices such as Volatility 75, which no other broker's MT5 offers. M-Pesa and MTN deposits start at USD 5. Its licences are all offshore, and its measured spreads do not appear in the sources we can read.
Pepperstone's MT5 showed 1,427 symbols in published checks, and Razor costs about 0.8 pips all-in. Single sign-on and FX Blue add-ons make it easy to run. CMA licence 128 in Kenya and a USD 10 minimum make it a strong all-round pick.
IC Markets
MinimumUSD 200IC Markets is built for MT5 automation, with an unlimited strategy tester and free colocated VPS from 15 lots a month in Equinix data centres. Raw Spread costs 0.72 pips all-in. The EU entity shows 7,435 symbols and the wider IC brand just over 2,800, and USD 200 is the entry fee.
FP Markets
MinimumUSD 0FP Markets shows 764 symbols on MT5 and costs about 0.9 pips all-in on Raw ECN. Autochartist, FX Blue tools and TradeMedic analytics add real value. Its 10,000 share CFDs sit on a separate Iress platform with its own fees.
Vantage
MinimumUSD 50Vantage pairs MT5 with FX Blue add-ons and a Raw ECN cost of about 0.72 pips from a USD 50 deposit. No inactivity fee applies, so a bot that pauses will not be charged. Its 1,028 symbols are all derivatives, and 30 indicators ship by default before any MQL5 additions.
MT5 vs MT4: what you actually gain
MT5 carries more time frames, more order types and a faster strategy tester than MT4, and it handles share CFDs that MT4 usually cannot. Pepperstone, ActivTrades and Tickmill all show fewer symbols on MT4 for this reason. New traders should simply start on MT5, since most brokers now put their widest list there.
MT4 still has a huge library of older indicators and expert advisors. Those need rewriting to run on MT5, because MQL4 and MQL5 code are not interchangeable. If you already own tools built for MT4, read our guide to MT4 brokers first, and move across only when you are ready.
Why symbol counts change on MT5
A headline number can mislead you, so check what your MT5 server actually shows. FP Markets advertises over 10,000 shares on Iress and 764 symbols on MT5. BlackBull lists 26,000 overall and about 2,500 on MT5. HFM's widest list is 344, and it applies to its St. Vincent entity.
Your entity decides your list, so a Kenyan account and a Nigerian account at the same broker can show different symbols. Open the demo and search for each market you plan to trade before funding. African-currency pairs such as USD/ZAR and USD/NGN are especially worth checking, since coverage is thin across the industry.
Running expert advisors and bots on MT5
MT5 runs expert advisors written in MQL5, and a VPS keeps them running when your PC is off.
IC Markets offers free VPS hosting from 15 lots a month, FxPro offers a colocated VPS, and Tickmill offers discounted hosting. A home connection that drops during a news spike can leave a bot unable to manage its trades.
Read each broker's rules before you automate. HFM restricts scalping, arbitrage and AI-assisted strategies in its terms, and Octa has limits on high-frequency trading. Test any bot on a demo for at least 2 weeks, then trade small live size, because demo fills are usually better than the real thing.
How to choose an MT5 broker
Start with your country, then cost, then tools. Traders in Kenya should begin with CMA licensees, and those in South Africa with FSCA-authorised companies. Use the pip calculator to turn each spread into a cost on your own trade size, since 0.3 pips matters far more at 10 lots than at 0.01.
Check whether your symbols exist on the server, then whether the add-ons matter to you. A bot needs a VPS, while a manual trader might prefer FX Blue. Our broker comparison shows all these names side by side, and every profile links to the broker's register entries.
The best MT5 forex brokers for a bot and for a chart reader are rarely the same two names.
MT5 questions
Which broker is best for MT5 in Africa?
It depends on your country. In Kenya, Exness, HFM, Pepperstone, FP Markets and IC Markets all hold CMA licences and offer MT5. In South Africa, Exness and HFM hold FSP numbers. Elsewhere, compare cost and entry first.
Is MT5 better than MT4?
For most new traders, yes. MT5 has more time frames, more order types and usually more symbols, including share CFDs. Existing MT4 expert advisors must be rewritten in MQL5, so owners of older tools may prefer to stay on MT4 for now.
Can I use MT5 on my phone?
Yes. MT5 runs on Android and iOS at every broker here. Charting is solid, with about 30 built-in indicators on mobile, though expert advisors run only on desktop or a VPS, so bots need another machine behind them.
Why does my MT5 show fewer symbols than advertised?
Brokers advertise group totals, and your entity sets your own list. FP Markets shows 764 on MT5 and over 10,000 on Iress, for example. Open Market Watch and choose Show All, then search for the market you want.
Which MT5 broker has the lowest cost?
Among those here, IC Markets and Vantage cost about 0.72 pips all-in on EUR/USD, and Pepperstone about 0.8 pips. Fusion Markets, outside this shortlist, reaches about 0.54 pips on MT5, and our low spread shortlist covers it.
Which MT5 brokers accept M-Pesa?
Deriv's table lists M-Pesa from USD 5 to USD 1,000, and Exness promotes it on its Kenyan pages. Those are the two we can confirm, so check the deposit screen at any other broker before you rely on that route.