Best MT5 Forex Brokers in Uganda for 2025

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.

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.