Compare Forex Brokers!
Compare top Forex brokers side-by-side and find the best fit for your trading needs. Start your comparison now!
FxScouts review services independently to help you make informed decisions.
Advertiser Disclosure

FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis. Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, they cannot pay to alter our recommendations, advice, ratings, or any other content. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. For more detailed information click this link.

Alison Heyerdahl
Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content
Learn more about Alison Heyerdahl
Author
Author
Chris Cammack
Partner Manager and Financial Writer

Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Chris has 15+ years of research, and editorial and design experience for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.

Learn more about Chris Cammack
Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

Advertiser Disclosure

FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis. Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, they cannot pay to alter our recommendations, advice, ratings, or any other content. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. For more detailed information click this link.

Best MT5 Forex Brokers in Uganda for 2025

Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content
Learn more about Alison Heyerdahl
Chris Cammack
Author
Chris Cammack
Partner Manager and Financial Writer

Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Chris has 15+ years of research, and editorial and design experience for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.

Learn more about Chris Cammack

MetaTrader 5 (MT5) is the most recent version of the MetaTrader Forex trading platform and the first to have native multi-asset functionality for stocks, futures, and crypto. Traders will also be looking to use the expanded set of indicators and run improved MQL5 scripts to enable automated trading. The previous version of MetaTrader (MT4) is being gradually phased out, so it’s a good time to try out this new, more advanced trading platform.

Many traders are drawn to MT5 because of the wide range of CFDs to trade, but to find the best MT5 brokers, we also compared trading costs, execution speed and the number of Forex pairs available. For many beginners, MT5 will be their first trading platform, so we also tested the quality of the brokers’ technical customer support and the quality of their education. Last but not least, we made sure that all brokers on this list were fully regulated to ensure trader safety.

Trusted. Transparent. Tested.

For over a decade, we’ve set the standard in forex broker reviews—collecting thousands of data points yearly to deliver unbiased, expert-backed insights.

Skip the trial and error! Below, you’ll find the best forex brokers for Ugandan traders for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.

Primary Image

Best MT5 Forex Brokers in Uganda for 2025

You can either use the arrow button or swipe on mobile

Official Site
Regulated By
Website Language: English
Support Language: English
Compare
Visit Broker
75.3% of retail CFD accounts lose money
USD 0
30:1
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services Authority
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
1597
90
Yes
Yes
Visit Broker
75.18% of retail CFD accounts lose money
USD 5
30:1
CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services Commission
1554
57
Yes
Yes
Visit Broker
77.41% of retail CFD accounts lose money
USD 10
1000:1
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityFinancial Regulatory Services Authority
2193
49
Yes
Yes
Visit Broker
71.67% of retail CFD accounts lose money
USD 3
0:1
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
221
100
Yes
Yes
Visit Broker
72.90% of retail CFD accounts lose money
USD 0
2000:1
FCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Commission
The Seychelles Financial Services AuthorityCapital Markets Authority
1230
53
Yes
Yes
Visit Broker
76% of retail CFD accounts lose money
USD 100
30:1
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
930
63
Yes
Yes
Visit Broker
75% of retail CFD accounts lose money
USD 100
30:1
FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority
Securities Commission of the Bahamas
2241
70
Yes
Yes
Visit Broker
69.21% of retail CFD accounts lose money
USD 5
3000:1
ASIC Regulated Forex BrokersInternational Financial Services Commission
573
72
Yes
Yes
Visit Broker
70.81% of retail CFD accounts lose money
USD 200
30:1
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority
1744
64
Yes
Yes
Visit Broker
79% of retail CFD accounts lose money
AUD 100
30:1
ASIC Regulated Forex BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersThe Seychelles Financial Services Authority
Financial Services CommissionCapital Markets Authority
10162
70
Yes
Yes
Pepperstone
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 0
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Total CFDs
1597
Currency Pairs
90
Website Language: English
Yes
Support Language: English
Yes
XM
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 5
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
Total CFDs
1554
Currency Pairs
57
Website Language: English
Yes
Support Language: English
Yes
NAGA
4.1
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 10
Max. Leverage
1000:1
Regulated By
regulatorregulatorregulator
Total CFDs
2193
Currency Pairs
49
Website Language: English
Yes
Support Language: English
Yes
Exness
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 3
Max. Leverage
0:1
Regulated By
regulatorregulatorregulatorregulator
regulatorregulator
Total CFDs
221
Currency Pairs
100
Website Language: English
Yes
Support Language: English
Yes
HFM
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 0
Max. Leverage
2000:1
Regulated By
regulatorregulatorregulatorregulator
regulatorregulator
Total CFDs
1230
Currency Pairs
53
Website Language: English
Yes
Support Language: English
Yes
AvaTrade
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 100
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Total CFDs
930
Currency Pairs
63
Website Language: English
Yes
Support Language: English
Yes
FxPro
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 100
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
regulator
Total CFDs
2241
Currency Pairs
70
Website Language: English
Yes
Support Language: English
Yes
FBS
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 5
Max. Leverage
3000:1
Regulated By
regulatorregulator
Total CFDs
573
Currency Pairs
72
Website Language: English
Yes
Support Language: English
Yes
IC Markets
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
USD 200
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
Total CFDs
1744
Currency Pairs
64
Website Language: English
Yes
Support Language: English
Yes
FP Markets
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Min. Deposit
AUD 100
Max. Leverage
30:1
Regulated By
regulatorregulatorregulatorregulator
regulatorregulator
Total CFDs
10162
Currency Pairs
70
Website Language: English
Yes
Support Language: English
Yes
Find Your Ideal Forex Broker

Compare Forex Brokers

  • Find the best broker for your trading needs
  • Compare spreads, fees, and platforms
  • Read in-depth reviews and analysis

How Brokers Are Scored

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features 
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit and Withdrawal: Simple and free deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

 

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

Pepperstone

Best For: Advanced traders and algorithmic trading in Uganda

Pepperstone
4.61
75.3% of retail CFD accounts lose money

Min. Spread

0 pips

Regulation

CMA, BaFin, SCB, DFSA, ASIC, FCA, CySEC

Min. Deposit

USD 0

Platforms

Pepperstone Platform, TradingView, cTrader, MT5, MT4

Max Leverage

30:1

Why Pepperstone Stands Out

  • FCA-Grade Security

    UK FCA and ASIC regulation with added regional presence in Kenya, offering localised trust

  • Zero Minimum Deposit

    Start trading MT5 with no entry cost—ideal for budget-conscious traders

  • Low-Latency Execution

    Pepperstone connects directly to Equinix data centers for sub-30ms execution speeds

  • MT5 with Depth of Market

    MT5 integration supports Level II pricing and 21 timeframes—perfect for intraday strategies

  • Smart Trader Tools

    Exclusive MT5 add-ons include sentiment indicators and correlation matrix—not widely available elsewhere

Why Pepperstone Falls Short

  • No Local Mobile Money

    No support for MTN/Airtel Money for deposits/withdrawals in Uganda

Pepperstone | Best For: Advanced traders and algorithmic trading in Uganda

Final Verdict: Is Pepperstone right for you?

Trade if:

  • Trade if
  • You're an algo or EA trader wanting raw spreads & deep liquidity
  • You need a broker with top-tier global regulation and execution

Consider Alternatives:

  • Consider alternatives
  • If you prioritize local deposit methods like mobile money
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

XM

Best For: Beginner Forex traders and small-budget traders in Uganda

XM
4.45
75.18% of retail CFD accounts lose money

Min. Spread

0.6 pips

Regulation

DFSA, FSC, ASIC, CySEC

Min. Deposit

USD 5

Platforms

MT5, MT4

Max Leverage

30:1

Why XM Stands Out

  • Micro & Ultra-Low Accounts
    Start with just $5 and trade micro-lots—ideal for learners managing risk
  • MT5 Education Integration
    MT5 webinars & tutorials are built into the platform interface via the client area
  • Bonus Programs
    Up to $30 no-deposit bonus (varies by region) – good trial option before funding
  • All-in-One Account Access
    Switch between MT4 and MT5 seamlessly without creating new accounts

Why XM Falls Short

  • Execution Delays During News
    Reports of mild slippage and requotes on major releases
  • MT5 Add-ons Limited
    Few proprietary tools or plugins compared to top-tier competitors

XM | Best For: Beginner Forex traders and small-budget traders in Uganda

Final Verdict: Is XM right for you?

Trade if:

  • Trade if
  • You are new to Forex and want a micro account to practice
  • You want simple access to MT5 with a low deposit threshold

Consider Alternatives:

  • Consider alternatives
  • If you're a scalper or high-speed trader
  • If you require deep liquidity and raw spreads
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.

NAGA

Best For: Social traders and copy-trading enthusiasts in Uganda

NAGA
4.14
77.41% of retail CFD accounts lose money

Min. Spread

0.7 pips

Regulation

FRSA, FSA-Seychelles, CySEC

Min. Deposit

USD 10

Platforms

NAGA Web App, MT5, MT4

Max Leverage

1000:1

Why NAGA Stands Out

  • MT5 Social Integration
    Direct copy-trading inside MT5 without third-party plugins
  • Proprietary Social Feed
    Integrated timeline of trades and trader stats similar to social media UX
  • Top Trader Rewards
    Earn commissions by being copied—monetise your own trades
  • German Fintech Backing
    Listed on the Frankfurt Stock Exchange, offering transparency and investor-grade stability

Why NAGA Falls Short

  • High Minimum Deposit
    Starts at $250—significantly higher than Exness or XM
  • Not Ideal for Manual Day Traders
    MT5 execution speeds are not optimised for scalping

NAGA | Best For: Social traders and copy-trading enthusiasts in Uganda

Final Verdict: Is NAGA right for you?

Trade if:

  • Trade if
  • You want to earn passive income through copy-trading
  • You value a hybrid social-media-like trading experience

Consider Alternatives:

  • Consider alternatives
  • If you're looking to start with less than $100
  • If you’re a manual scalper or news trader
Visit Broker
Does NOT accept Ugandan Clients. Average spread EUR/USD 1.70 pips on trading account with lowest minimum deposit of 10 USD. Max leverage 1000:1. Islamic account available. MT4/MT5 platform supported. NAGA is regulated by CySEC, BaFin, and SVG FSA.

Exness

Best For: High-leverage, automated and crypto-friendly traders in Uganda

Exness
4.32
71.67% of retail CFD accounts lose money

Min. Spread

0.1 pips

Regulation

JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA

Min. Deposit

USD 3

Platforms

Exness Terminal, MT5, MT4

Max Leverage

Unlimited:1

Why Exness Stands Out

  • Unlimited Leverage
    After verification and volume thresholds, leverage up to 1:Unlimited
  • Flexible Crypto Payments
    Supports Bitcoin, Tether, and more – rare for MT5 brokers in Uganda
  • MT5-Centric Tools
    Tick history, VPS hosting, and economic calendar integrated with MT5 terminal
  • Extremely Low Minimum
    Begin live trading with just $3—lower than most in the market

Why Exness Falls Short

  • No FCA or ASIC License
    Seychelles-based regulation may concern risk-averse investors
  • Customer Service Inconsistencies
    Mixed reviews on live chat speed and support effectiveness

Exness | Best For: High-leverage, automated and crypto-friendly traders in Uganda

Final Verdict: Is Exness right for you?

Trade if:

  • Trade if
  • You want ultra-high leverage and very small capital entry
  • You prefer crypto-based deposits or withdrawals

Consider Alternatives:

  • Consider alternatives
  • If regulatory protection is your top priority
  • If you require fast customer service for complex queries
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

HFM

Best For: Balanced traders who want all-round features with good education

HFM
4.43
72.90% of retail CFD accounts lose money

Min. Spread

0.0 pips

Regulation

CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA

Min. Deposit

USD 0

Platforms

HFM Trading App, MT5, MT4

Max Leverage

2000:1

Why HFM Stands Out

  • MT5 with Premium Analytics
    HFM App includes real-time signals and Trading Central plugins on MT5
  • Zero Minimum Deposit
    Open live accounts without a funding requirement—flexible for all budgets
  • FSCA and CMA Regulated
    Additional African regulation (South Africa and Kenya) boosts regional trust
  • MT5 Web Terminal Access
    Trade MT5 on a mobile browser without installing any software

Why HFM Falls Short

  • Spread Can Vary Widely
    Especially during volatile sessions; not always as tight as competitors
  • Bonus Terms Can Be Complex
    Promotions and bonuses come with strict volume requirements

HFM | Best For: Balanced traders who want all-round features with good education

Final Verdict: Is HFM right for you?

Trade if:

  • Trade if
  • You want regulated exposure with good education and analysis tools
  • You need a broker with no deposit barrier

Consider Alternatives:

  • Consider alternatives
  • If you’re a scalper seeking ultra-tight spreads
  • If you dislike promotional conditions or bonus restrictions
Visit Broker
Accepts Ugandan Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
Primary Image
Secondary Image

What is MT5?

MT5 (MetaTrader 5) is a trading platform that allows traders to access the Forex market via a broker.

MT5 Features

Regulation: Regulation is needed to ensure your trading funds are safe and that the broker’s trading desk is not manipulating your trades. Although multiple regulators can regulate a broker, a trader should always know which regulator is overseeing your account, as only one regulator will be responsible for your trading account.

Assets available: One of the main attractions of MT5 is the expanded amount of tradable assets. Research each broker to see who has the most tradable assets and in what classes. Having a wide range of assets means a wide range of trading opportunities. If you plan on mainly trading FX, always check the number of FX pairs your broker has available.

Trading costs: Trading costs, which include spread and commission fees, will vary with each broker. The lower the total trading cost, the more profit a client can make from each trade. Each trading account can also have different trading conditions, so research trading costs on the MT5 accounts are part of your comparison.

Fee structure: While most of the best-regulated brokers will have very few additional fees, additional fees will occasionally emerge. These fees are usually inactivity fees, withdrawal fees, or charges connected with special account types like Islamic accounts.

Trade execution: Trading venue and execution speed are important components of any MT5 trading experience. The trading venue will conclude if your broker is acting as counter-party to your trade or if your broker has found you a counter-party through its network. The trade execution speed will indicate how much slippage you should expect between when you open your position and when it is opened on the market.

Hedging: MT5 does not allow for hedging as standard, so check with your broker to see if they can enable it.

Customer service: A simple check, but check the opening hours for customer service. It is good to know when customer service is available to take your call and resolve issues promptly.

What is the difference between MT4 and MT5?

MT5 has a lot more features than MT4, including an Economic Calendar, Depth of Market indicator, embedded chat function, and unlimited chart windows. It also has 80 built-in indicators and 12 more time-frames than MT4.

MT5 Pros and Cons

Pros:

  • Unlike MT4, MT5 allows users to trade centralised markets – such as indices, stocks and commodities.
  • MT5 is more feature complete and comes with an Economic Calendar, Depth of Market indicator, embedded chat function, unlimited chart windows, 80 built-in indicators and 12 more time-frames than MT4.
  • MT5’s new scripting language (MQL5) is a more efficient language and features a powerful built-in script tester.

Cons:

  • MT5 does not allow for hedging as standard, you will need to request it to be enabled from your broker.
  • MT5 scripts are not backwards compatible with MT4 – so anyone making the transition will lose all their EAs, etc.
  • MT5 is a more complex platform than MT4.

MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers.

"MT5 has grown in popularity recently in response to higher demand for multi-asset trading and is now supported by a number of the better brokers."

Primary Image
Secondary Image

Frequently Asked Questions

Answers to common questions about the MT5 platform.

Should I use MT4 or MT5?

The answer to this question depends on what you want from your platform and your previous trading experience. 

If you want to trade other CFDs and Forex but want to have a standalone client, then MT5 is a good choice. If you only want to trade Forex on a simpler platform, it’s a good idea to start with MT4. 

If you already have some experience with MT4 and are thinking of switching, it depends on your reasons. The only significant reason I can think of for switching to MT5 is if you want to trade other markets. The significant reason for not switching is that programmes written for MT4 will not run in MT5, so you will lose all your EAs, indicators and automated scripts in the transition.

The big question is how much longer the big brokers will support MT4. It is unquestionably the industry standard at present, and recent upgrades to the MQL4 language have made creating automated trading scripts almost as easy and efficient as MQL5.

That said, more brokers are offering MT5 all the time, and some have chosen to only support MT5 from now on. If you are starting out trading, there is something to be said for getting used to MT5 before it starts overtaking its older sibling, which has already started happening.

Does MT5 support Automated Trading?

Yes, MT5 does support automated trading. In addition to copytrading through the MT5 signal service, traders can automate their trading via Expert Advisors (EAs) and technical indicators.

"If you are new to trading, it’s worth considering going straight to MT5."

Others Also Viewed

Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered.

Best Brokers in Uganda

Discover the top Forex brokers in Uganda. Compare top platforms, fees and features to make an informed trading choice.

Forex Trading Platforms

Compare the best Forex trading platforms for 2025, including MT4, MT5, cTrader, and TradingView. Find the right tools to enhance your trading experience.

How does Forex Trading Work?

What is Forex trading and how does it work? An easy-to-read guide including how to trade, and how to choose a reliable broker.

60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack

Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education.


With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users.


He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.


Alison Heyerdahl

Head of Content

Alison Heyerdahl
Alison joined the team as a writer in 2021. She is the Head of Content for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in Forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 120 Forex brokers.

Ida Hermansen

Financial Writer

Ida Hermansen
Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.

Stefan de Clerk

Financial Writer

Stefan de Clerk
The newest member of our team, Stefan has a degree in Marketing and more than a decade of experience writing quality content in both finance and tech. Stefan's deep fascination with how factors like geopolitical events, big data and market sentiment influence the financial markets drives his passion for Forex trading. He believes that if you want to feel the pulse of the world economy, trade Forex, and if you want to trade Forex, you need well-researched, unbiased and objective information.

                

Learn, Trade, Succeed

Hero Image
Our education section provides easy-to-follow resources that guide you through the fundamentals of Forex trading, risk management, technical and fundamental analysis, and more.
Polygon icon
Polygon icon