Opinion

Best Crypto Exchanges for MT5 in South Africa

MetaTrader 5 (MT5)  refers to a web-based multi-asset trading platform developed by MetaQuotes. Over time, MT5 has become popular among cryptocurrency traders because it offers more unique features.  

Unlike its predecessor MT4, which is primarily used by forex traders, MT5 platforms allow investors to trade in a wide range of markets, including cryptocurrencies (via CFDs), Forex, indices, stocks, metals, and commodities. As such, investors can trade popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Ripple, using MT5 platforms. 

Some of the advantages of using MT5 instead of MT4 include; 

  • MT5 has more trading functionalities than MT4. 
  • MT5 offers 38 technical indicators, while MT4 offers 30. 
  • MT5 provides 44 geographical objects, while MT4 offers 31. 
  • Regarding software timeframes, MT5 offers 21 timeframes, while MT4 offers nine timeframes. 

In that case, you can trade using any of the following MT5 crypto brokers if you are looking to profit from the best cryptos in South Africa

1. Bitmex  

Bitmex is a cryptocurrency exchange that also supports derivative trading. It was founded in 2014 and is available on MT5 platforms like TradingToolCrypto. It prides itself as one of the most advanced crypto trading platforms for Bitcoin. 

The BitMEX MT5 tool allows you to chart and manual-trade Bitcoin and Altcoins from an MT5-supported broker. Besides, the platform supports all types of orders, including market, limit, stop, stop-limit, trailing spot, stop loss, and take-profit orders. 

Its main highlights are that it provides up to 100% leverage on Bitcoin and Ethereum, offers deep liquidity for Bitcoin perpetuals, and has low trading fees. 

On the downside, BitMEX only supports crypto-to-crypto trading and lacks regulatory compliance in South Africa. 

2. Binance

In 2022, Binance launched a new in-house gateway for MetaTrader 5 brokers. According to Binance, it would allow brokers to set up a direct connection from their external MT5 servers to Binance’s liquidity. However, the product was not meant for retail traders. 

In that case, platforms like TradingToolCrypto have packages designed specifically for MetaTrader. They allow you to trade in any market with all supported order types. 

Any interested broker can contact Binance via broker@binance.com to apply for the gateway to connect their MT5 server to the broker. As a result, they will be able to provide their clients with deep liquidity on more than 50 trading pairs since Binance supports over 350 cryptocurrencies. 

3. Buybit 

Buybit is another platform where you can trade cryptocurrency through MT5 using platforms like TradingToolCrypto. It allows you to trade in the market of your choice with all supported types of orders, including spot, options, margin, and future trading.  

The best part is that it allows you to download all historical data to improve your technical analysis. The platform supports all indicators, which you can apply to unlimited charts. 

Besides, it doesn’t limit your order size, no third parties are involved when hosting your MT5, and it doesn’t limit the number of accounts you can log into via API keys. Finally, it supports over 400 cryptocurrencies, allowing you to trade with your preferred pairs. 

4. OKX 

OKX is a leading crypto exchange that also supports MT5 platforms in South Africa. It boasts over 10 million users globally and supports more than 300 cryptocurrencies, which you can trade, buy, sell, or stake with highly competitive fees. 

Additionally, it offers advanced features like NFT marketplace, futures trading, and options trading. Finally, OKX is approved by FSCA in South Africa and regulated by SFC in Hong Kong, VAR in Dubai, and ESAM in Europe, making it one of the most trustworthy crypto exchanges in South Africa. 

5. Uniswap  

Uniswap is a decentralized cryptocurrency exchange that relies on Ethereum smart contracts to execute trades. CryptoAltum, a cryptocurrency broker headquartered in the Marshall Islands, listed Uniswap on MT5 to provide investors with ample opportunities when trading cryptocurrency. 

Uniswap is known to offer an unparalleled trading experience since it has an automated market maker (AMM) system. Besides, it supports over 7,000 Ethereum-based tokens. However, one of its major downsides is that it only accepts ETH and Ethereum-based tokens. 

And since Uniswap is a decentralized platform, it’s important to understand how it works before signing a trading account. Uniswap has higher security risks than centralized exchanges. 

Basics of Choosing a Reliable Cryptocurrency Exchange

Choosing a cryptocurrency exchange can be daunting, especially if you are a new investor. However, with the right information, you are sure to select the best crypto exchange according to your needs. Here are the most significant factors to consider when choosing a cryptocurrency exchange: 

  • The number of coins available 
  • Liquidity
  • Trading fees 
  • Enough security 
  • Regulation compliance 
  • Insurance policy 

Final Word 

If you decide to use MT5 to trade your cryptocurrencies, you will need to select a trustworthy exchange before creating a trading account. In that case, the exchange you choose must be regulated by reputable regulatory bodies to meet the bare minimum requirements. Nevertheless, the above list provides you with the best exchanges supporting MT5 brokers that you can use to trade cryptocurrency in South Africa. 

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