Top 8 Locally Based Brokers
7 Best MT5 Brokers in Kenya
The 7 Best MT5 Forex Brokers in Kenya revealed. We tested and verified the best MT5 platforms from top forex brokers with a secure, dependable trading environment for Kenyan Traders.
This is a complete list of MT5 forex brokers in Kenya.
In this in-depth guide you’ll learn:
- What is the MT5 Trading Platform?
- How does MetaTrader5 work as a platform?
- How to open an MT5 account?
- Who are the best MT5 brokers in Kenya?
- How to choose a forex broker best suited for your trading style.
- How to download the MT5 platform on your phone (IOS and Android).
- Which MT5 broker offers a demo account?
- Which MetaTrader5 brokers offer a low minimum deposit of $5 (583 KES)?
- Which broker offers a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested MT5 forex brokers for Kenyan Traders…
Let’s dive right in…
- Louis Schoeman
Best MT5 Brokers in Kenya
| 🥇 Broker | ✔️ MT5/MetaTrader5 Broker? | 💰 Minimum Deposit? | 💸 Kenyan Shilling (KES) Deposits Allowed? | 👉 Open Account |
| 1. Exness | Yes | $1 (116 KES) | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | $100 (11 635 KES) | Yes | 👉 Open Account |
| 3. HF Markets | Yes | $5 (580 KES) | Yes | 👉 Open Account |
| 4. Tickmill | Yes | $150 (17 506 KES) | Yes | 👉 Open Account |
| 5. FBS | Yes | $5 (580 KES) | Yes | 👉 Open Account |
| 6. OctaFX | Yes | $100 (11 635 KES) | Yes | 👉 Open Account |
| 7. BD Swiss | Yes | $100 (11 668 KES) | Yes | 👉 Open Account |
7 Best MT5 Brokers in Kenya (Updated 2023)
- Exness – Overall, Best MT5/MetaTrader5 Broker in Kenya
- AvaTrade – Best Volatility75/VIX75 Forex Broker
- HF Markets – Best Trading App for Kenyan Traders
- Tickmill – Best MT5 Broker for Beginner Traders
- FBS – Best MT4/MetaTrader4 Broker
- OctaFX – Lowest Spread MT5 Broker in Kenya
- BD Swiss – Best MT5 ECN Broker in Kenya
What are MT5 brokers?
👉 MT5 Forex Brokers are brokers that use the MT5 or MetaTrader5 platform. MT5 is an evolution of the market-leading and widely used MT4 platform that is developed by MetaQuotes. MT5 brought enhanced features to Forex and commodities and Stocks and Futures trading.
1. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 1156 KES
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness is a low-risk CFD and Forex broker that is regulated and licensed by several authorities. Exness offers dynamic and flexible account types as well as some of the best trading conditions in the industry. Exness was started in 2008, and by 2014, it was trading more than $180 billion each month and adding 15,000 new accounts each month.
👉 Traders on Exness now have access to more than 200 financial products, a variety of retail account types, and a large number of resources. Exness is one of the most popular brokers, even though it has not been approved by the Capital Markets Authority (CMA) in Kenya yet.
👉 The Exness Group’s website is available in 18 different languages, and customer service is available 24 hours a day, seven days a week in 13 different languages. Users also have access to leverage, which can lower margin requirements by a large amount and make it easier to manage trading strategies.
👉 One more benefit of Exness is that traders can instantly withdraw cash through a number of electronic payment channels, giving them full control over their money.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit | 1 USD (116 KES) |
| ✅ Tradable Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 📉 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | Exness offers a limited number of payment methods for deposits and withdrawals |
| Traders can choose between several retail investor accounts | Exness only offers a limited portfolio of financial instruments to traders |
| Exness offers an Islamic account conversion with no additional fees charged | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
Trust Score
🥇 Exness has a trust score of 97%.
2. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 11560 KES
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade was started in 2006 as a global broker for CFDs and FX. The company’s administrative headquarters are in Dublin, but it also has sales centres in Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Kenya, Santiago, and Johannesburg.
👉 AvaTrade is regulated by financial watchdogs in Europe, the British Virgin Islands, Australia, Japan, and South Africa. To meet their own standards, the company’s AvaTradeGO app can be used anytime, anywhere, and has an easy-to-use interface and new tools for traders to use.
👉 AvaTrade has grown a lot over the years it has been in business. It now has more than 200,000 registered customers around the world who make more than two million trades every month.
👉 AvaTrade’s focus on the customer and strong financial backing make it a unique service in the dangerous world of online trading. The company’s wide range of platforms and services, as well as its 24-hour, multilingual support desks, make it possible for every level of trader to work in the best way possible. AvaTrade has a wide range of trading options, including Forex, stocks, commodities, indices, and more.
👉 Even though the Capital Markets Authority (CMA) in Kenya has not licenced or regulated AvaTrade and the broker does not have a local office in Nairobi, AvaTrade is a trusted and highly recommended broker for Kenyan traders who want to trade on the global financial markets.
Unique features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 11635,00 KES |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 11635,00 KES |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
| The broker enables customers to choose from a variety of trading strategies, providing Kenyan investors with flexibility. | The spreads are not at their most competitive levels. |
| A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
| AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
| Both social trading and trading in cryptocurrencies are supported. | |
| The services provided by AvaTrade will meet the needs of Kenyan merchants of all experience levels, to their complete satisfaction. | |
| Different trading platforms accessible, accessed from a variety of devices. | |
| Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
Trust score
🥇 The trust score for AvaTrade is 93%.
3. HF Markets
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 KES
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HF Markets, formerly HotForex, is a low-risk CFD and forex broker for Kenyan traders, with a 9/10 rating for trading conditions, retail investor accounts, client fund security, and customer support.
👉 HF Markets is well-regulated by several reputable entities, and the Capital Markets Authority (CMA) in Kenya recently granted a license to HFM Investments Limited, the brokerage firm’s subsidiary.
👉 HF Markets is a proud MetaTrader broker, offering MetaTrader 4 and MetaTrader 5 trading platforms. Retail investor accounts at HF Markets are suitable for both novice and expert traders, as well as professional traders looking for a competitive edge in their trading.
👉 To accommodate traders with varying trading styles, trading abilities, and investment objectives, each retail trading account has its own set of features and trading conditions. Over the last decade, HF Markets has won over 55 forex industry awards and has over 2.5 million active accounts.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| 💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | Yes |
| 💸 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF Markets only offers a few deposit and withdrawal methods to Kenyans |
| Kenyan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms | |
| A demo account is available for beginners who are learning to trade and professional traders who are testing strategies | |
| Kenyan traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HF Markets |
Trust Score and Kenyan Market Share
🥇 HotForex has a trust score of 83% and a Kenyan market share of 2.5%.
4. Tickmill
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 11560 KES
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Because of its 81 percent trust score, Tickmill is a low-risk alternative for Kenyan traders. Tickmill is well-regulated by respected bodies such as the Seychelles FSA, FCA, CySEC, Labuan FSA, and FSCA, despite the fact that it is not publicly traded.
👉 Traders can trust Tickmill despite the lack of regulation by Kenya’s Capital Markets Authority (CMA). Tickmill, a conventional MetaTrader broker, offers a limited number of tradeable assets. For pros, Tickmill’s VIP and Pro accounts offer very favorable commission-based pricing.
👉 Tickmill also offers a variety of trading tools and educational resources, including a variety of professional yet user-friendly trading platforms. Tickmill offers a large choice of CFD currency, stock, commodity, and index CFDs in addition to MT5 brokers, high leverage, and rapid execution times.
👉 This Tickmill review will give traders the information they need to decide whether the broker is right for their specific trading goals and needs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 100 USD or 11635 KES |
| ✅ Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| ✔️ Deposits Allowed | USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Tickmill spreads are not the tightest |
| Tickmill has a very high trust score and is known for its competitive trading conditions | Currency conversion fees will apply for foreign deposits |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others | No fixed spread accounts are offered |
| There are several convenient funding options available including Skrill, Neteller, and more |
Trust Score
🥇 Tickmill has a trust score of 81%
5. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 / 116 KES
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (16 373 KESFind out More)
Account Activation Time
24 Hours
Overview
👉 For Kenyans, FBS is a prominent forex and CFD broker. They provide a variety of trading accounts as well as a custom trading program that is both innovative and strong. FBS has cheap, competitive costs, and traders can be assured that their client’s money is safe.
👉 Despite the fact that FBS is not regulated by Kenya’s Capital Markets Authority (CMA), it is still an ideal choice for Kenyan traders of all levels of experience and trading styles.
👉 FBS is regulated by CySEC, ASIC, FSCA, and IFSC in over 150 countries, giving traders trust in the broker’s legitimacy. Straight Through Processing and an Electronic Communications Network are used by FBS to process data.
👉 Since 2009, FBS has been a leading worldwide CFD broker. FBS has built a reputation as a trustworthy and secure broker over the last 12 years. As an online forex broker that has quickly gained popularity and is well-regarded by its clients, FBS is regularly acquiring 10,000 new clients every day.
👉 FBS traders have access to a large library of educational videos, seminars, and articles in addition to the minimal minimum deposit requirements. Because it offers a variety of account options, FBS can suit any sort of trader.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, IFSC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD or 580 KES |
| ✅ Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💸 KES Deposits Allowed? | No |
| 📉 Minimum spread | From 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is well-regulated and offers competitive trading conditions | The demo account is only available for 40 days |
| Traders can choose between a range of FBS trading accounts | FBS only supports a few methods for deposits and withdrawals |
| Both a demo and an Islamic account are offered to traders | There are withdrawal and deposit fees applied |
| FBS offers customer support 24/7 | Inactivity fees apply |
| FBS offers a range of bonuses and promotions to new and existing clients |
Trust Score
🥇 FBS has a trust score of 75%.
6. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 578 KES
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Because of its low required minimum deposit, commission-free trading, and limitless practice account, OctaFX is recognized as a trustworthy broker. Despite the fact that OctaFX is not regulated by Kenya’s Capital Markets Authority (CMA), it is considered a solid option for Kenyan traders of all skill levels.
👉 OctaFX was created in 2011 and has received more than 28 different awards since then. Through the use of STP (Straight Through Processing) and ECN models, OctaFX’s objective is to keep trading costs as low as possible while ensuring a slip-free execution rate of 97.5 percent of all orders.
👉 This OctaFX review can provide traders with the information they need to make an informed conclusion about whether the broker matches their trading goals and needs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit | 11635 KES or 100 USD |
| ✅ Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💵 KES Deposits Allowed? | No |
| 💸 Bonuses for Kenyan traders? | Yes |
| 📉 Minimum spread | From 0.6 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| OctaFX accommodates all types of traders in a transparent and safe trading environment | Offshore broker with tier-2 regulation |
| OctaFX offers reliable, instant deposits and withdrawals | A limited selection of trading instruments offered |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | There is a limited selection of retail accounts |
| The broker offers copy trading accounts through a proprietary trading app | Limited options for base currencies on accounts |
| Offers an Islamic Account for Muslim traders | |
| Offers social trading opportunities | |
| A range of advanced trading tools available | |
| OctaFX offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score
🥇 OctaFX has a trust score of 61%.
7. BD Swiss
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 11660 KES
Regulators
CySec, FSC, FSA, BaFin, NFA
Trading Desk
MetaTrader 4 , MetaTrader 5
Crypto
Yes
Total Pairs
50 Forex Pairs and 20 Crypto Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 BDSwiss is a low-risk organization, as indicated by its Trust Score of 83 out of 100 and fair regulation.
👉 BDSwiss offers four different types of retail trading accounts: Classic Account, Premium Account, VIP Account, and RAW Trading Account.
👉 Since its debut in 2012, BDSwiss has established itself as a respectable, well-regulated broker with a huge clientele from around the world. Forex, commodities, stocks, indices, and numerous cryptocurrencies are all available for trading, which is far more than what most other brokers provide.
👉 Since the company’s origins are in Switzerland, the firm’s solid foundation is further bolstered by the outstanding work environment it has created for its employees.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSC, BaFIN, FSA |
| 📱 Social Media Platforms | • Facebook • YouTube • Blog • Telegram |
| 💻 Trading Accounts | • Classic Account • Premium Account • VIP Account • RAW Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • BDSwiss Mobile • BDSwiss Web • cTrader |
| 💰 Minimum Deposit | $100 |
| ✅ Trading Assets | • Forex • Commodities • Shares • Indices • Cryptocurrencies |
| ✔️ Kenyan Shilling-based Account? | No |
| 💰 KES Deposits Allowed? | No, only USD, GBP, EUR |
| 📉 Minimum spread | From 0.3 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| BDSwiss is well-regulated and offers services to countries worldwide | There are withdrawal fees charged |
| BDSwiss provides CTrader as multi-asset third-party trading platform for Forex and CFD trading. | The BDSwiss trading platform is not offered as a desktop application |
| Traders can choose from over 250 financial instruments that can be traded using powerful trading platforms | |
| BDSwiss offers MetaTrader and its own proprietary trading platforms on Web and Mobile devices | |
| BDSwiss has won several awards since its inception, proving that it is a reputable and reliable trading provider | |
| Demo accounts and Islamic accounts are offered | |
| BDSwiss caters for both beginner and professional traders |
Trust Score and Kenyan Market Share
🥇 Trust Score of BDSwiss is 83 out of 100.
How to choose an MT5 broker in Kenya
👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best MT5 Forex Brokers in Kenya
👉 In this article, we have listed the best Forex brokers which offer MT5 brokers to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.
Best MetaTrader 4 / MT4 Forex Broker in Kenya
👉 Overall, Exness is the best MT4 forex broker in Kenya. Exness provides dynamic and adaptable account types and some of the most advantageous trading conditions in the industry. Exness gives access to over 200 financial products, a variety of retail account types, and a wealth of resources.
Best MetaTrader 5 / MT5 Forex Broker in Kenya
👉 Overall, Axiory is the best MT5 forex broker in Kenya. Trades with Axiory are executed in less than 200 milliseconds, and Kenyan traders are provided with the best trading software that is linked to Equinix data centres. Forex and CFD trading can be done with Axiory’s cTrader, MetaTrader, and the FIX API.
Best MT5 Forex Broker for beginners in Kenya
👉 Overall, Tickmill is the best MT5 forex broker for beginners in Kenya. Tickmill’s VIP and Pro accounts also provide highly attractive commission-based pricing. In addition to low spreads, huge leverage, and fast execution speeds, Tickmill offers a wide range of CFD currency, stock, commodity, and index CFDs.
Best MT5 Minimum Deposit Forex Broker in Kenya
👉 Overall, HF Markets is the best MT5 minimum deposit forex broker in Kenya. HF Markets, formerly known as HotForex, also is a low-risk CFD and forex broker that offers fair trading conditions, retail investor accounts, client fund security, and customer support.
Best MT5 ECN Forex Broker in Kenya
👉 Overall, Pepperstone is the best MT5 ECN forex broker in Kenya. Pepperstone is also known for exceptional client service, research offerings, and an extensive selection of platforms.
Best MT5 Islamic / Swap-Free Forex Broker in Kenya
👉 Overall, CM Trading is the best MT5 Islamic/swap-free forex broker in Kenya. CM Trading is also a trading services broker that accepts Kenyan traders even though the Capital Markets Authority (CMA) does not regulate the broker.
Best MT5 Forex Trading App in Kenya
👉 Overall, Trade Nation is the best MT5 forex trading app broker in Kenya. Trade Nation is also a platform with minimal risk and an effective trading app. Trade Nation further has competitive costs, a secure trading environment, and cutting-edge solutions.
Best MT5 Lowest Spread Forex Broker in Kenya
👉 Overall, FBS is the best MT5 lowest spread forex broker in Kenya. FBS is also a top forex and CFD broker for Kenyans that provides a wide range of trading accounts as well as an innovative and powerful proprietary trading app. FBS charges low, competitive fees, and traders can be confident that their clients’ funds are secure.
Best MT5 Nasdaq 100 Forex Broker in Kenya
👉 Overall, XM is the best MT5 Nasdaq 100 forex broker in Kenya. XM also offers tight security, excellent customer service, account financing, and low fees.
Best MT5 Volatility 75 / VIX 75 Forex Broker in Kenya
👉 Overall, AvaTrade is the best MT5 Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade is worldwide regulated by financial watchdog authorities and is lauded as CFD and FX broker. It offers a 24-hour multilingual support desk. AvaTrade’s broad capacity includes a full spectrum of trading instruments including Forex, stocks, commodities, and indices.
Best MT5 NDD Forex Broker in Kenya
👉 Overall, FP Markets is the best MT5 NDD forex broker in Kenya. FP Markets also offers over 10,000 products in stocks, indices, forex, commodities, and cryptocurrencies, as well as a user-friendly mobile app and several account types.
Best MT5 STP Forex Broker in Kenya
👉 Overall, OctaFX is the best MT5 STP forex broker in Kenya. OctaFX is also a dependable broker because of its low required minimum deposit, commission-free trading, and the availability of an unlimited practice account.
Best MT5 sign up bonus Broker in Kenya
👉 Overall, Oanda is the best MT5 signup bonus broker in Kenya. Oanda also offers competitive trading conditions, an award-winning proprietary platform, and high-quality trading solutions. On OANDA’s platform, both professionals and novices can access a wide range of indicators and charting tools.
Understanding how MT5 brokers work
👉 There are numerous Forex trading platforms available, and which one is used should be one of the first considerations when choosing a Forex broker. For several reasons, a competent broker will almost certainly use the MetaTrader 5 platform.
👉 MetaTrader 5, also known as MT5, is a popular electronic trading platform among retail foreign exchange traders who trade online. It evolved from its predecessor, MT4, which was extremely popular because it is highly customizable to specific trading preferences.
👉 MT5 was launched by MetaQuotes in 2010 and uses the MQL5 programming language for a wide range of features.
👉 The platform’s redesigned iteration has improved functionality and allows you to trade a wider choice of products.
👉 The MT5 software includes both a client and a server component. The server component is managed by the broker, and the client software is distributed to the broker’s customers, who use it to view live streaming prices and charts, place orders, and manage their accounts.
Advantages of MT5 brokers
👉 MT5 brokers have several advantages. These advantages include:
➡️ MT5 provides a variety of trading and order types, execution styles, and Market Depth.
➡️ Users can open multiple locations in one instrument, either in the same or opposite direction.
➡️ The MT5 platform allows four methods for executing orders – Request, Market, Instant, and Exchange.
➡️ Trading using advanced algorithms is possible where automated systems handle trading on your behalf.
➡️ The MQL5 environment allows you to create, test, and fine-tune trading robots to meet your specific trading needs.
➡️ Orders can be executed faster in the MQL5 environment than on the MetaTrader 4 (MT4) platform.
➡️ The MT5 environment allows you to hire sophisticated expert advisors and makes it easier to process massive amounts of data.
Disadvantages of MT5 brokers
👉 MT5 brokers also have some drawbacks of traders in Kenya should take note of in order to mitigate their risk of losses:
➡️ Hedging is disabled in MT5.
➡️ To be used with MT5, all expert advisors and custom indicators written in MQL 4 for MT4 must be recorded in MQL 5.
➡️ Because MT5 is written from the ground up and not based on MT4, there are some bugs.
Conclusion
👉 Overall, MetaTrader 4 and MetaTrader 5 are excellent trading platforms with a plethora of features.
👉 Which of the two platforms you use will ultimately be determined by your trading objectives and level of experience. Advanced traders who want a customizable interface and access to a wider range of tradable assets will prefer MetaTrader 5 for its additional features and charting capabilities.
FAQ
What is MT5?
MT5 was designed to do some things that MT4 could not do. MT5 was designed to be able to trade markets other than Forex, such as stocks and commodities, essentially because it is better able to plug into a centralized trading exchange.
Is MT5 a good platform?
Yes, MT5 is a good platform. It facilitates online trading in forex, stocks, and futures. Rich analysis tools and indicators make it an excellent platform for experienced traders. Automated trading is also available through expert advisors and signals.
Is MT5 better than MT4?
There is a common misapprehension that MT5 is a new improved version of MT4, designed to do the same job better. This is not true although both are trading platforms and the graphical user interfaces look and feel fairly similar. MTN was aimed at a different market.
Why do some traders prefer MT4 to MT5?
MT4 was designed specifically for forex traders and its features reflect this. Therefore, MT4 is the preferred software platform for traders primarily focused on the forex market. MT5 has broader applications in CFD, stock, and futures trading.
For what is MT5 used for?
MT5 is suitable for trading in the Forex, Stocks and Futures markets. It provides tools for financial trading, technical and fundamental analysis, algorithmic and copy trading, as well as development of custom technical indicators and trading robots.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
