Best MetaTrader 5 Brokers
By Stéphane on 29/09/2023
MetaTrader 5 is the successor to MetaTrader 4, the world's most popular trading platform. We've reviewed the best MT5 brokers in Kenya, and highlighted those that allow all trading styles and Expert Advisors.
Brokers we recommend
- Exness Best Swap-Free Broker
- JustMarkets Best Broker for Gold & Silver (CFD)
- HYCM Best Forex Broker (Middle East)
- LiteFinance Best for Copy Trading
- RoboForex Best Offshore Broker
- 4XC Best Customer Service
Here's how and why rated these brokers, or learn more about our impartial 18-point methodology.
|Overall||Markets||Trading environment||Deposits and withdrawals||Investor protection||Customer service|
|Forex (CFD)||Cryptos (CFD)*||Stocks (CFD)||Indices (CFD)||Metals (CFD)||Energy (CFD)||Commodities (CFD)||ETFs (CFD)||Bonds (CFD)|
* Availability is subject to local laws and regulations.
Note: for brevity, this table only shows the most popular payment methods and regulators. Open a free account with any of these brokers to view funding options available in your country.
- Over 750 financial instruments on MT4/5.
- Get free daily trading signals.
- Easily copy professional traders.
- No fees on deposits or withdrawals.
- Get one-on-one assistance when you deposit US$1,000.
- You cannot trade on raw spreads.
- Quarterly and annual inactivity fees.
The breadth of assets available to trade through its platform sets AvaTrade apart from the competition. You'll find over 750 instruments, including currencies, stocks, indices, ETFs (and leveraged ETFs), precious metals, commodities, cryptocurrencies, and government bonds.
AvaTrade supports the MT4 and MT5 platforms, available for Windows and iOS devices. Its web trading platform is sleek, with advanced charting tools. AvaTrade's spreads are competitive and fixed, which can provide a more predictable trading environment, well-suited for beginners.
Its customer service is excellent too. Every time a question has arisen, we've been able to speak to a customer support agent easily through a local telephone number. Our queries were resolved within minutes. AvaTrade support is available five days a week through various channels, including WhatsApp.
- Trade over 1,200 instruments across many asset classes.
- Trade on MT4/5, cTrader or even TradingView.
- All trading styles and EAs are allowed.
- Wide range of currencies for your trading account.
- Excellent customer service.
- You cannot choose which Pepperstone entity to open an account with. For example, you will need to open an account with Pepperstone's FCA-regulated entity if you live in the UK.
We particularly enjoy Pepperstone's integration with TradingView, which makes it possible to open and close positions directly from the charts. This in addition to its support for the popular MetaTrader 4, 5 and cTrader platforms.
Fees are a big factor for any trader. And Pepperstone's competitive spreads and commissions are a significant plus point for us. Its Standard account with low and variable spreads will appeal to all traders. And its Raw account is designed for Forex day traders and scalpers.
Deposits and withdrawals are easy and hassle-free, which is exactly what we look for in a broker. Whenever we've reached out to customer service, we've found their agents to be responsive and attentive.
- CFDs on 250+ instruments.
- FxPro accepts all trading styles on MT4/5 and cTrader.
- Trade on fixed or floating spreads, with or without commission.
- Many deposit methods, including crypto and broker-to-broker transfers.
- Get daily trading signals from Trading Central.
- You cannot trade CFDs on ETFs or government bonds.
- Copy trading isn't available.
It's hard to find fault with FxPro, a broker with a 20-year track record. We've traded through FxPro's Raw account and enjoy the razor-thin floating spreads and low commissions. This account, which comes with a $1,000 minimum deposit, will appeal to experienced traders.
If you're new to trading, you could also open a Standard account with a low $100 deposit. You'll enjoy a more predictable trading environment with fixed, albeit wider, spreads. In short, FxPro is a platform you can grow into as you gain experience.
The educational content available on FxPro.com also caught our attention. You'll find learning paths for both beginners and advanced users, in the form of online courses, video tutorials and webinars.
Exness.com is an offshore broker trusted by over 500,000 active clients. Trade Forex, crypto, commodities, stocks and indices on MetaTrader 4 or 5 with unlimited leverage (conditions apply).
- Low and stable spreads.
- No swap charges across most FX pairs.
- Unlimited leverage on MetaTrader 4 and 5 (conditions apply).
- Withdrawals processed instantly in a wide range of currencies.
- Negative balance protection is available.
- No access to a compensation fund in the event of bankruptcy.
- No CFDs on agricultural commodities, ETFs or government bonds.
Once you start trading with Exness, you soon understand why this broker is trusted by over 500,000 active clients. We traded through its MT5 Standard account with spreads from just 0.3 pips. Most instruments have no swap charges at all, which makes it easy to estimate how profitable each trade could be.
You'll find a wide range of instruments through its platform. These include over 100 currency pairs, crypto, U.S. stocks, global indices and commodities. The gold and silver crosses against the euro, the British Pound and the Aussie dollar will appeal to gold bugs.
Its web trading platform, built around TradingView charts, is sleek. If you're into technical analysis, you'll be able to customise charts with over 100 indicators and save them for later. Visit Exness to create an account and see for yourself what this broker has to offer.
- Flexible leverage up to 1:3000.
- All trading strategies and EAs are allowed on MT4/5.
- You can also trade on raw spreads, plus commission.
- Daily Forex market commentary.
- No fees on deposits or withdrawals.
- No access to an investor compensation fund as this broker is incorporated in the Seychelles.
- Customer support is underwhelming.
JustMarkets offers trading accounts for traders both new and experienced. Its Standard and Standard Cent accounts, designed with beginners in mind, have a low US$10 minimum deposit. Its Pro and Raw Spread accounts will appeal to day traders and scalpers.
With JustMarkets, you can open a trading account in USD, EUR, GBP, JPY, MYR, IDR, THB, VND, KWD, CNY, and even ZAR. If possible, open a trading account in your currency to avoid currency conversion fees. Notably, JustMarkets charges no fees on deposits or withdrawals.
Our withdrawals have generally been processed swiftly. However, our first withdrawal took several weeks due to a failure by a third-party payment provider. During that period, customer support was slow to respond and acknowledge the underlying problem.
- Trade CFDs or invest in over 1,000 "real" stocks.
- Trade on MetaTrader 4 or MetaTrader 5.
- Get free signals from Trading Central.
- Account currencies include USD, EUR, GBP, CAD and AED.
- Trading fees on its Fixed and Classic accounts are a little high.
- Monthly inactivity fee after 90 days.
- Copy trading isn't possible.
HYCM is an established broker, in business since 1999. It also is a safe place to trade as it's overseen by regulators in the EU, the UK, the UAE and abroad.
Trade CFDs on a wide range of markets through its Classic and Raw accounts. You may also buy and hold over 1,000 "real" stocks, without leverage, and earn dividends.
Every client receives complimentary trading signals from Trading Central. Trading Central uses technical analysis to identify potential opportunities on a daily basis. Their signals could spark new ideas, or reinforce your existing convictions.
Overall, we have found HYCM to provide a reliable trading environment. However, its trading fees are a little higher than the competition, unless you open a Raw account.
- All trading strategies are allowed.
- Get free daily technical and fundamental analysis.
- Receive up to 2.5% interest on used funds.
- Copy trading accounts are also available.
- Withdrawals fees are somewhat high, especially card withdrawals.
We have been trading through LiteFinance's ECN account for over 3 years on raw spreads plus a commission of $5 per lot, per side, and we enjoy its unrestricted trading environment.
Their customer service team is responsive, even on weekends. Our withdrawals have always been processed as quickly as possible. However, their withdrawal fees are a bit high, especially card withdrawals.
LiteFinance publishes a lot of educational content in the form of webinars and articles on its blog, often focused on technical analysis. However, you might find yourself lost if you are new to trading.
RoboForex.com is an offshore broker based in and regulated in Belize. Access over 12,000 instruments, including real equities and CFDs on Forex, crypto and oil, from a single platform. We were able to start trading in minutes, without ID verification.
- Access 12,000 instruments, including real stocks.
- Start trading in minutes without ID verification.
- Enjoy negative balance protection.
- RoboForex is only regulated in Belize.
- Withdrawal fees across most funding methods.
RoboForex is an offshore broker you should consider, if you're looking for high leverage (up to 1:2000) across a wide range of asset classes.
We were able to open an account and start trading in under 5 minutes, as RoboForex postpones account verification until you raise a withdrawal request. It's free to fund your account, but pay attention to withdrawal fees across most withdrawal methods.
RoboForex accepts all trading styles and EAs on the MetaTrader 4 and 5 platforms. Its trading fees are on par with its competition, and swap fees generally lower. You may also qualify for a complimentary VPS if you trade at least 3 lots per month.
We particularly like its R StocksTrader platform, which allows you to invest in over 12,000 "real" stocks, in addition to CFDs across all other asset classes. If you're a buy-and-hold investor with an interest in stocks, this platform is one you should consider.
- Enjoy flexible leverage up to 1:500.
- Choose between MetaTrader 4 and 5.
- All trading styles and Expert Advisors are allowed.
- Fast execution speeds from its London data-centre.
- Negative balance protection is only available across Forex and precious metals.
- 4XC is regulated in the Cook Islands, a country without an investor compensation fund.
From the outset, 4XC has offered high leverage (up to 1:500) across Forex, gold and silver. It accepts all trading styles on MT4/5 without restrictions. Alternatively, you may open a PAMM account or a copy trading account.
Its customer service agents, available 6 days a week, have always been friendly and professional. So it's perhaps no surprise that 4XC has received several awards commending the quality of its customer service team.
Overall, we would recommend 4XC to anyone looking for a trustworthy broker, especially if you are primarily interest in trading Forex or precious metals on high leverage.
Here are 5 criteria to help you find the best MT5 broker, regardless of your experience or trading preferences.
1. Expert advisors
Expert Advisors, also known as EAs, are trading robots that run inside MetaTrader. They can perform technical analysis on the fly, open and close trades automatically without human intervention, and even copy other traders. EAs are popular because they can automate successful trading strategies and take emotion out of trading. Download indicators or robots from the MetaTrader 5 Market(1), or create your own. Brokers like LiteFinance and FP Markets support all trading styles and Expert Advisors, and even offer a complementary VPS (subject to conditions).
2. Trading signals
The MetaTrader 5 platform offers a wide selection of technical analysis indicators. But some MetaTrader 5 brokers go one step further by making trading signals available directly within the platform. For example, FxPro and FP Markets have integrated Trading Central signals into their MT5 platforms through a plugin. Trading Central uses algorithms and pattern recognition to identify daily trading opportunities in over 8,000 markets. Open and fund a live trading account with either broker to access these signals.
3. Educational content
Education is one of the keys to success, whether you're an experienced trader, or perhaps just starting out. If you're keen to improve your skills, look for a broker that offers a wide range of educational resources. We were impressed with FP Markets' range of educational content, that spans free online trading courses, webinars and podcasts(2). It's perhaps no surprise that FP Markets won the award for Best Education Material twice in the Investment Trends Report.
4. Customer support
Customer service can make all the difference between an outstanding and a disappointing trading experience. However, it can be one of the hardest things to assess before opening an account. When comparing brokers, look for one that provides a wide range of contact methods in your language. We'd also encourage you to contact customer support directly to assess how responsive a broker genuinely is.
Last but not least, be mindful about spreads and any commissions, as they will have a direct impact on your bottom line. Most brokers earn money through the spread, which is the difference between the price at which you can buy and sell an instrument. Some charge fixed spreads, others charge variable spreads that change based on market conditions. Most brokers publish minimum and typical spreads on their website.
If you're short on time, why not open an account with 2 or 3 brokers reviewed on this page. This will allow you to test-drive their service and assess their platform in a live trading environment. For information, FPMarkets.com was crowned Best Value Broker for a fifth consecutive year in the 2023 Global Forex Awards. FxPro.com was voted Best in Class MetaTrader Broker in the 2020 ForexBrokers awards(3).
MetaTrader 5 is an updated version of the MetaTrader trading platform, released in 2011. But surprisingly, it remains less popular to this day than MetaTrader 4, even though it's significantly more powerful than its predecessor:
- With MT4, you can trade Contracts for Difference (CFDs) on Forex, stocks, indices, commodities and cryptocurrencies. MT5 goes further by allowing you to trade futures and even options. Please note that the range of markets will ultimately depend on your broker.
- MT5 can handle an unlimited number of instruments, whereas MT4 is limited to 1,024 instruments. This is relatively little to the extent that thousands of shares are available to trade on the world's stock exchanges.
- MT5 incorporates fundamental data sourced from leading sites like Yahoo Finance, Google Finance and Finviz. This could be particularly useful if you're into fundamental analysis.
- MT5 shows real trading volumes (in lots) directly within the platform. Some traders use depth of market information to try to predict short term changes in prices. That information simply isn't available in MT4.
- MT5 includes historical prices for a wide range of instruments, which makes it easy to backtest and optimise trading strategies directly within the platform. In addition, MT5's Strategy Tester module is significantly faster and more advanced than MT4's.
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About the author
I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.
- 1. MetaQuotes. MetaTrader Market. https://www.metatrader5.com/en/automated-trading/mql5market
- 2. FP Markets. Expand Your Knowledge as a Trader. https://www.fpmarkets.com/trading-knowledge/?bta=35364&cxd=35364_417032&/redir=stv/
- 3. FxPro. FxPro Awards. https://www.fxpro.com/awards