7 Best MT5 Forex Brokers in Cabo Verde for 2024

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Metatrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software. This platform is an upgraded version of MT4, offering a wider range of trading options and features with 38 technical indicators, 44 analytical objects, and 21 time frames (compared to MT4’s 30, 23, and 9). This is why many brokers are integrating MT5 as their trading platform of choice.

There are hundreds of online forex brokers in Cabo Verde that offer MT5 trading platforms. However, not all brokers are equally trusted, regulated, or provide similar quality services. With so many options to choose from, it can be difficult to determine which broker is the best fit for your needs.

In this article, we have curated and listed the top MT5 forex brokers in Cabo Verde that offer competitive trading conditions, a wide range of trading instruments, and excellent customer support. We have also reviewed their regulations, trading fees, pros, cons, and more. By comparing these brokers, you can better decide which ones are best suited to your trading style and goals in Cabo Verde

A List of Top 7 Meta Trader 5 (MT5) Forex Brokers in Cabo Verde

  1. Pepperstone: Best Overall Forex broker  
  2. IC Markets: Best for Low Spreads  
  3. XM: Forex Brokers that Offer Deposit Bonus 
  4. Exness: Fastest Withdrawal ( Withdraw funds under 1 Minute)  
  5. Eightcap: Best for Smart Trading Tools 
  6. FBS: Highest Leverage Forex Broker
  7. Avatrade: Best for Integrity and Innovation

Pepperstone: Best Overall MT5 Broker

Founded in 2010 by Owen Kerr and Joe Davenport, Pepperstone is a forex, CFD, and spread betting broker that provides online trading services to traders globally. The broker is regulated by 7 regulatory authorities, including FCA, ASIC, CySEC, BaFIN, SCB (Bahamas), CMA, and DFSA (Dubai).

Pepperstone supports three of the most popular trading platforms: MT4, MT5, and cTrader. The MT5 trading platform is available in all jurisdictions where Pepperstone operates. The broker offers access to Smart Trader Tools and Autochartist for its MT5 users.

Pepperstone integrates with other third-party charting and trading tools such as TradingView, DupliTrade, MirrorTrader, Myfxbook, cTrader Automate, and algorithmic trading. The broker allows almost all trading styles, including scalping, EA trading, news trading, hedging, copy trading, and more. Pepperstone also supports passive investment programs like PAMM and MAM. Additionally, the broker provides API trading and VPS hosting.

Key Features:

  • Trading Instruments: 1250+Trading instruments including Forex, Commodities, Cryptocurrencies, Shares/Stocks CFDs, etc 
  • Maximum leverage: 1:30 for retail traders of ASIC, CySEC, FCA, and BaFin jurisdictions, 1:200 for SCB Jurisdiction, 1:400 for CMA Jurisdiction, and 1:500 for professional traders. 
  • Minimum Deposit: No Minimum Deposit. However, Pepperstone recommends $200 or equivalent for the margin requirement. 
  • Account Types: Two ( Standard account, Razor Account) 
  • Trading Fees: Spread starting from 1 pip for Standard Account or Commission 3.00 to 3.50 per lot for Razor Account on a Single Trip. 
  • PAMM/ MAM:  Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Our Rating

9.4

Total Score
Regulation and Security (40%)10

Fees and Commissions (20%)9.2

Trading (15%)8.5

Trading tools (10%)9

Customer Support (10%)9.6

Trading Education (5%)8

Pros:

  • Pepperstone is regulated in 7 reputed jurisdictions, including FCA in the UK, CySEC in Cyprus, ASIC in Australia, BaFin in Germany, DFSA in Dubai, CMA, and SCB in the Bahamas.
  • Fast order execution is ensured, with an average of 30 milliseconds.
  • Competitive spreads starting from 0.0 pips are offered.
  • Clients’ funds are segregated with tier 1 banks for added security.
  • There are no inactivity fees associated with the platform.
  • Attractive trading conditions are provided.
  • Pepperstone offers over 1200 trading instruments for diverse investment opportunities.
  • The platform facilitates fast and complete online account opening.
  • MT4 Smart Trader Tools, Autochartist, Capitalise.ai, and free VPS are among the trading tools available for users.

Cons: 

  • US Traders are not allowed 
  • Only CFDs are Offered 
  • No cent/Micro Account 
  • Minimum recommended deposit is $ 200
  • Support works only 24/5  
  • Limited account protection for non-U.K./E.U. clients
  • No guaranteed Stop-loss 
  • 30-day expiry for demo accounts

Pepperstone offers a variety of platforms like MT4, MT5, cTrader, and TradingView. Along with these, they provide handy tools such as Smart Trader Tools, cTrader Automate, Autochartist, algorithmic trading, API trading, and VPS hosting. For those interested in social trading, Pepperstone offers options like MetaTrader Signals, DupliTrade, and Signal Start. Learn more about Pepperstone in Cabo Verde here. 

IC Markets: Best MT5 for Low-Spread Trading

Founded by Andrew Budzinski in 2007, IC Markets is a Forex and CFD brokerage firm offering online trading services for retail and institutional clients. Although the company is based in Australia, it provides online trading services globally. IC Markets is regulated by top-tier regulatory authorities such as ASIC, CySEC, and FSA. The firm typically onboard EU clients under CySEC, Australian clients under ASIC, and global clients under FSA jurisdiction.

IC Markets offers the most popular trading platforms, including MT4, MT5, and cTrader, which are accessible on desktops, web browsers, and mobile devices. IC Markets’ MT5 platform is available on both Global Raw Pricing and Standard account types. Traders benefit from mobility and advanced analytics, including Depth of Market (DOM), MQL5 integration, and advanced order types and execution. The platform also features an improved strategy tester for Expert Advisors (EAs).

The brokerage provides access to over 2,150 trading instruments, including 61 forex pairs, 25 indices CFDs, 20 commodity CFDs, 2,100+ stock CFDs, 21 cryptocurrency CFDs, and futures CFDs.

Key Features:

  • Trading Instruments: 2150+ including  Forex, commodities, indices, bonds, stocks, futures, cryptocurrencies
  • Regulations: ASIC, CySEC, and FSA
  • Maximum leverage: up to 1000:1 in FSA jurisdiction, in some countries, it offers 500:1 leverage, for ASIC, and CySEC entity the brokers offers up to 1:30 leverage.   
  •  Minimum Deposit: $200 or Equivalent
  • Account types: Standard Account and Raw Account (Metater, Ctrader) 
  • Fees:  Spread starting from 0.8  pips for Standard Account or 3.00 to 3.50 per lot for Raw Account on a single Trip. 
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

9.3
IC Markets Scores
Regulation and Security (40%)9.5
Fees and Commissions (20%)9.5
Trading (15%)8.5
Trading tools (10%)9
Customer Support (10%)9.6
Trading Education (5%)9.4

Pros:

  • A fully regulated broker operates in two tier-1 jurisdictions and one tier-4 jurisdiction.
  • It offers super-fast trade execution speed.
  • The broker provides low spreads starting from 0 pips.
  • Account opening is easy and fast.
  • Deposits and withdrawals are free.
  • The broker offers standard and raw spread account options.
  • Trading EA is allowed.
  • Traders have the ability to trade from a mobile device.
  • A demo account is available.

Cons:

  • The broker requires a higher minimum deposit of $200.
  • Non-EU clients do not have investor protection.
  • The product selection is limited.
  • Weekend trading is not available.
  • US traders are not accepted.
  • The broker is not regulated by the FCA.

Pepperstone offers trading platforms such as MT4 (web, Iphone/IPAD, Android, MAC,  MT5, cTrader (cTrader, cTrader Web, cTrader iPhone/iPad, cTrader Android, cTrader Automate, cTrader Copy Trading). Additionally, it provides a number of tools including VPS, advanced mt4 tool, and research tools like IC Insight). Learn More about IC Markets in Cabo Verde here. 

XM: Best for Deposit Bonus

Founded in 2009, XM is a forex and CFD broker that offers global online trading services. The broker operates through five entities worldwide and is regulated by top authorities such as ASIC, CySEC, FSC, DFSA, and FSCA. XM provides personal account managers for its clients and also offers in-depth video tutorials, daily news analysis, and a trading signal program for newbie traders. Additionally, XM organizes webinars to educate its clients about trading.

XM offers over 1,000 trading instruments, including Forex, Crypto CFDs, Indices CFDs, Commodity CFDs, Stock CFDs, Turbo Stock CFDs, Metal CFDs, Thematic CFDs, and Energy CFDs. The broker provides access to more than 10 versions of trading platforms, including MT4, MT5, and XM apps. The broker offers the MT5 trading platform for free with no rejections or requotes. The platform supports one-click trading and provides Depth of Market (DOM) along with over 80 technical analysis objects. Moreover, XM offers a 20% deposit bonus up to $5,000 on its global entity (FSC)

Key Features:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, Turbo Stocks CFDs, Metals CFDs, Energies CFDs
  • Maximum leverage: up to 1000:1 
  •  Minimum Deposit: $5 or Equivalent
  • Account Types: Micro, Standard, Ultra Low, Shares Accounts 
  • Fees: Starting from 0.6 in Ultra-low account, 1 Pips for standard account, and 1 Pips for Micro account
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

9.3
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.5
Trading (15%)8.4
Trading tools (10%)8.6
Customer Support (10%)9.5
Trading Education (5%)9.4

Pros:

  • CySEC, ASIC, DFSA in UAE, and FSC Belize regulate XM.
  • Minimum deposit is $5
  • Over 1000 forex/CFDs are available for trading.
  • Offers MT4 and MT5 Trading Platforms.
  • No FCA regulations 
  • Quality research, market analysis, and access to trading tools like Autochartist.
  • Quality training for newbies and ‘ultra-low micro account’ for beginners.
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)

Cons:

  • An inactivity Fee is applied. 
  • Trading of real stocks is not available to European traders.
  • Traders have no other choice apart from the MetaTrader platforms.
  • Limited tradable assets.
  • No passive investment services (social trading platform, PAMM accounts);
  • Funding with PayPal is unavailable.

XM offers MT4 and MT5 trading platforms with versions compatible with mobile, desktop, tablet, Mac, and iPhone. The broker also provides up to $5000 deposit bonus (20% of your initial deposit). Learn More about XM in Cabo Verde here 

Exness: Best for Instant Withdrawal

Exness is the best choice for those who value the instant withdrawal of their profits. With Exness, you can get your money out of your account quickly and easily, without having to wait for days or even weeks. Because Exness is a regulated broker, you can be sure that your money is safe and secure. So, if you’re looking for a forex broker that offers instant withdrawals, Exness is the perfect choice.

Exness is a forex broker regulated in multiple jurisdictions, including FCA (UK), CySEC (Cyprus), FSCA (South Africa), FSC (Mauritius), FSA-S (Seychelles), BVI FSC, CBCS (Curaçao and Sint Maarten), and FSA (Seychelles). The company offers the popular MT4 and MT5 trading platforms, available for desktop, mobile devices, and web traders.

Exness offers over 200 trading instruments on its MT5 trading platform, including over 115 currencies, popular cryptocurrencies like Bitcoin and Ethereum, as well as precious metals, commodities, and stock indexes such as CFDs. You can find a built-in economic calendar, 38 built-in indicators, and 46 graphical objects on this MT5 trading platform

Key Features:

  • Trading Instruments: 200+ trading instruments including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to Unlimited :1 
  •  Minimum Deposit: $1 
  • Account Types: Exness offers 5 different types of accounts including Standard, Standard Cent account, Pro,  Raw Spread, Zero accounts 
  • Fees: starting from 0.2 pips for a standard account, 0.3 pips for a standard cent account, 0.1pip for a pro account, up to 3.50 per Lot per one side for a raw spread account, 0.05/lot per side for a zero account,
  • PAMM/ MAM:  Not Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

9.1
Exness Scores
Regulation and Security (40%)9.3
Fees and Commissions (20%)9.5
Trading (15%)8
Trading tools (10%)9
Customer Support (10%)9
Trading Education (5%)9

Pros:

  • Regulated in multiple jurisdictions.
  • Offers popular MT4 and MT5 trading platforms.
  • Available for desktop and mobile devices.
  • Over 115 currency pairs are available for trading.
  • Trading Central analysis and VPS services are available.

Cons:

  • The minimum deposit required is $1.
  • Not available to residents of certain countries.

Exness offers MT4, MT5, Exness Terminal, and Exness Webtrader platforms. Exness is reputed for instant fund withdrawal. They process fund withdrawals within one Minute. Learn More about Exness in Cabo Verde here. 

Eightcap: Best for Smart Trading

Founded in 2009, Eightcap is an Australia-based forex and CFD broker that offers a wide range of trading instruments, including forex, CFDs, Cryptos, share CFDs, Commodity CFDs, and more. The broker provides a variety of trading platforms such as MT4, MT5, TradingView, and Webtraders. Eightcap allows scalping, EA Trading, and copy trading, and also offers passive investment programs like PAMM and MAMM.

Eightcap offers MT4, MT5, and TradingView trading platforms. MT5 is the upgraded version of MT4. MT5 offers more trading options than MT4 which offers Forex, futures, stocks, bonds, and options markets, while MT4 primarily focuses on Forex and CFD trading.

Regulated by ASIC, CySEC, FCA, and SCB, Eightcap provides several useful trading tools and services for traders, including AI-powered Economic Calendar Capitalise.ai, FlashTrader, and ForexVPS. The company is renowned for offering prop trading solutions to many brokers.

Key Features:

  • Trading Instruments: 1000+ including  Forex, Crypto CFDs, Indices CFDs, Commodities CFDs, Stocks CFDs, 
  • Maximum leverage: up to 500:1 for SCB regulation, and 30:1 for ASIC, CySEC, and FCA Jurisdiction.  
  •  Minimum Deposit: $100 or Equivalent
  • Account Types: Three Types of Accounts including Raw Account, Standard Account, Trading View Account 
  • Fees: about $3.5 per lot on each side for the raw account, 1 pip spread for the standard account, 1 pip spread for the Tradingview account 
  • PAMM/ MAM:  Available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed 

Our Rating

9
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9
Trading (15%)8.5
Trading tools (10%)8.6
Customer Support (10%)9
Trading Education (5%)7.2

Pros:

  • Top Tier regulated Broker
  • Free deposit and withdrawal
  • The maximum leverage is as high as 500:1
  • Fully Digital Account Opening
  • MT4 and MT5 trading Platforms are offered
  • TradingView is integrated
  • Stable Liquidity

Cons:

  • Does not accept US Clients
  • The minimum deposit is $100, which might be a bit more for beginners
  • Limited research and educational tools
  • No investor protection scheme in its Global Entity (in fact, no brokers have)

Eightcap offers MT4, MT5, and TradingView trading platforms. Additionally, the broker provides smart trading tools such as Capitalise.ai and Flash Trader. It also offers Prop Trading Platforms. Learn more about Eightcap in Cabo Verde here. 

FBS: Best MT5 Broker High leverage Trading

Founded in 2009 in Belize, FBS is a Forex and CFD broker that offers online trading services globally. The broker is regulated by ASIC, CySEC, and the FSC. FBS provides over 200 trading instruments, including Forex, CFDs, metals, energies, and shares. It supports almost all trading styles, such as scalping, news trading, EA trading, and hedging. FBS is a low-spread and high-leverage Forex broker, with maximum leverage as high as 1:3000, one of the highest in the industry.

FBS offers a wide range of trading platforms, including MT4, MT5, and FBS Trader. The broker provides all versions of MT5 trading platforms including desktop, MAC,  mobile, and web versions for free. FBS is also reputed for fast order execution, with orders executed in as little as 0.01 seconds. As one of the leading Forex brokers in the world, FBS offers excellent trading conditions and services to its clients.

Key Features:

  • Trading Instruments: Forex, Stock, Indices, Crypto, Metals, Energies, Forex Exotic.
  • Maximum leverage: 1:3000
  • Minimum Deposit: $5
  • Account Types: Three ( Standard, Cent, Pro) 
  • Trading Fees: Spread starting from 1 pip for Standard Account and Cent Account
  • PAMM/ MAM: Not available 
  • Scalping: Allowed 
  • News Trading: Allowed
  • EA/ Robot Trading: Allowed

Our Rating

8.8
Total Score
Regulation and Security (40%)9.6
Fees and Commissions (20%)9.4
Trading (15%)8
Trading tools (10%)5
Customer Support (10%)9.5
Trading Education (5%)9.5

Pros:

  • Regulated by the CySEC, ASIC, FSCA South Africa, and FSC Belize.
  • The Maximum Leverage is as high as 1:3000
  • The Minimum deposit is $5 
  • Trading is on the MT4, MT5, and FBS trader platforms.
  • There is an account type to suit newbies, experienced, and pro traders.
  • Low spreads, high leverage, and fast order executions
  • Easy and fast account opening
  • Forex Guidebook, Forex Intensive, trading ideas, webinars, and other training resources are provided.

Cons:

  • Tradable assets are not much, especially when compared to other top brokers.
  • Daily Market news and analysis are not regularly updated.
  • No premium trading tools to assist traders.
  • No investor protection for non-EU Clients 
  • Managed Accounts & Social Trading is unavailable 
  • Few Account Base Currencies

   Learn more about FBS in Cabo Verde here.

AvaTrade: Best for Trading Experience

Established in 2006 by Emanuel Kronitz, Negev Nosatzki, and Clal Finance Ltd., AvaTrade is a forex and CFD broker located in Dublin, Ireland. The broker offers trading in numerous markets, including currencies, commodities, stock indices, stocks, exchange-traded funds, options, cryptocurrencies, and bonds through its trading platforms and mobile application. AvaTrade is regulated by nine regulatory bodies across six continents. These regulatory bodies include ASIC, FSA in Japan, CBI in Ireland, FSCA, ADGM, ISA, KNF, and FSA in B.V.I.

AvaTrade offers various trading platforms including MT4, MT5, AvaOption, MAC trading, and Avasocial. MT5 is the 2nd most popular and widely used trading platform for forex trading. Traders can use MT5 with all its versions on AvaTrade, including desktop version, mobile, web version, and MT4 trading apps. AvaTrade also offers trading resources and education for newbie traders.

AvaTrade allows almost all trading styles, including scalping, EA trading, and news trading. The broker also offers social copy trading facilities like Avasocial, where traders and investors can copy trades from successful traders. The broker accepts clients worldwide except those from the USA, its territories, and OFAC-restricted countries

Key Features:

  • Trading Instruments: 1,250+ popular assets, across Forex, Stocks, Commodities, Indices, ETFs, and Options.
  • Maximum leverage: 1: 30 for EU, UK, and Australian clients, 1:400 for global clients
  • Minimum Deposit: $100
  • Account Types: Two ( Retail account, Professional Account) 
  • Trading Fees: Starting from 0.9 pips on forex 
  • MAM:  Available 
  • PAMM: No 
  • Scalping: Allowed 
  • News Trading: Allowed. However, spreads widen during major news 
  • EA/ Robot Trading: Allowed

Our Rating

8.7
AvaTrade Score
Regulation and Security (40%)9.8
Fees and Commissions (20%)7
Trading (15%)7.5
Trading tools (10%)9
Customer Support (10%)9
Trading Education (5%)9.2

Pros:

  • Free deposit and withdrawal options
  • Great research tools
  • a wide range of trading instruments
  • ability to trade from mobile devices
  • Unique social trading features
  • Impressive educational offerings
  • Negative balance protection
  • Does not charge any fees for deposits or Withdrawals
  • Offers commission-free trading
  • Offers negative balance protection
  • Supports multiple trading platforms and EAs

Cons:

  • High inactivity fees
  • Not regulated by the FCA
  • Does not accept U.S. clients
  • No guaranteed stop-loss
  • Do not have 24/7 customer support

What is MT5 Forex Broker?

Released in 2010, MT5 is a multi-asset trading platform developed by Metaquotes, the same company that developed MT4 in 2005. MT5 is the upgraded version of MT4. It offers more time frames on charts, with 21 compared to MT4’s 9. MT5 also offers a built-in economic calendar and partial order-fill policy. Additionally, MT5 allows depth of the market (DOB). The programmatic language of MT5 is MQL5. However, it is not as popular as MT4 yet. The broker that supports or uses the MT5 trading platform is called an MT5 forex broker. 

How to use Metatrader 5 In Cabo Verde?

Here is the step-by-step guide to using Metatrader5 (MT5) in Cabo Verde 

  1. Choose a reputable MT5 forex broker: Start by selecting an MT5 forex broker that is authorized and regulated to operate in Peru. Ensure that the broker offers the currency pairs and trading instruments you wish to trade.
  2. Open a trading account: Once you have chosen a broker, open a trading account by filling out the required forms and submitting the necessary documents for verification.
  3. Fund your account: To start trading, deposit funds into your trading account using the payment methods available.
  4. Download the MT5 platform: After your account is approved, download the MT5 platform from the broker’s website or the MetaQuotes website.
  5. Install the platform: Once the download is complete, run the installation file and follow the prompts to install the platform on your computer.
  6. Log in to your account: Open the MT5 platform and enter your login credentials to access your trading account.
  7. Customize the platform: Set up the platform to your preferences, including chart settings, technical indicators, and trading preferences.
  8. Start trading: Use the tools and features of the MT5 platform to analyze the market, identify trading opportunities, and execute trades directly from the platform.

What is the number 1 MT5 forex broker in Cabo Verde?

Based on our evaluation and broker ratings, Pepperstone is the number one MT5 Forex broker in Cabo Verde. The broker is regulated by top regulatory authorities such as the FCA, ASIC, CySEC, BaFIN, DFSA, CMA, and SCB. Pepperstone offers spreads as low as 0.0 pips with deep liquidity and no requotes. It provides a variety of trading instruments and tools, including MT4, MT5, cTrader, TradingView, DupliTrade, Autochartist, and more. Over 400,000 traders use the broker globally. 

Which MT5 Forex Brokers Are Good for Beginners in Cabo Verde?

 From our research, analysis, testing, and experience; XM, FBS, BlackBull Markets, and Exness are the best MT5  brokers for beginners in Cabo Verde. They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, some of these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

  • XM: Known for its low minimum deposit, low spreads, and comprehensive educational resources.
  • FBS: Offers a cent account, low minimum deposits starting from $1, and demo accounts for the practice.
  • BlackBull Markets: Provides low spreads, a user-friendly platform, and demo accounts for beginners.

These brokers are ideal for beginners due to their low entry barriers, affordable trading costs, and the availability of demo accounts to practice trading without financial risk

Which MT5 Forex Brokers Offer Copy Trading Platforms in Cabo Verde?

Pepperstone, IC Markets, and AvaTrade are good MT5 Forex Brokers for copy trading in Cabo Verde. For example, Pepperstone facilitates copy trading with third-party platforms like Signal Start, MetaTrader Signals, and DupliTrade. These platforms work seamlessly with Pepperstone.

IC Markets offers the IC Social copy trading platform. IC Social is a social trading app that allows traders to replicate or copy the strategies of signal providers and also to become signal providers using their IC Markets Global MetaTrader 4 account.

AvaTrade also offers the AvaSocial app for copy trading, allowing users to connect, copy, and conquer the markets alongside expert traders.

Additionally, brokers that have MT5 trading platforms generally support copy trading by default

Which MT5 Forex Brokers Offer High Leverage in Cabo Verde?

Many MT5 brokers offer high leverage in Cabo Verde. However, based on our research and evaluation FBS, XM, and IC Markets are some of the highest-leverage MT5 forex brokers that offer their services in Cabo Verde. The leverages of these brokers include 

  • FBS: 1:3000
  • XM: 1:1000
  • IC Markets: 1:1000

Which MT5 Forex Broker Has the Lowest Spread in Cabo Verde?

Pepperstone, IC Markets, and XM are among the lowest-spread MT5 brokers in Cabo Verde, offering good trading services. Pepperstone provides spreads starting from 0.0 pips for Razor accounts and 1 pip for Standard accounts. IC Markets offers spreads starting from 0.0 pips for Raw accounts and 0.8 for Standard accounts. XM provides spreads starting from 0.0 pips for Ultra Low accounts.

How to Choose the Best MT5 Forex Brokers in Cabo Verde

Here is the guide to choosing the MT5 forex brokers in Cabo Verde. 

Regulations and Safety:

Regulation is an important aspect of forex brokers. Brokers regulated by top-tier regulatory authorities are more serious and professional about their business than those who are not regulated. Additionally, regulatory bodies always monitor brokers under their supervision. Therefore, if you find any irregularities, you may report them to regulatory bodies for protection. Furthermore, regulatory authorities also ensure the safety and protection of your funds. For example, if a trader is under an FCA entity, and the FCA-regulated broker goes bankrupt, the client or traders may receive up to £85,000 per person or 90% of the invested capital.

There are many regulatory authorities worldwide, but not all are equally strict and powerful. Below is a list of regulatory bodies categorized into tiers based on their usefulness and strictness:

  • Tier 1 Regulatory Authorities: FCA, ASIC, CySEC, CFTC, FMA, BaFIN,
  • Tier Two Regulatory Authorities: CMA, DFSA, FSCA, ISA, SEBI, etc.,
  • Tier Three Regulatory Authorities: BMA Bermuda, ASFI Bolivia, FSC, BCU Uruguay,
  • Tier Four Regulatory Authorities: FSC Belize, FSC British Virgin Islands, SCB Bahamas, FSC Mauritius, (FSA) – Seychelles.

We always recommend trading with tier-one regulated forex brokers. The more tier 1 licenses the brokers have, the better. If you choose to trade with brokers regulated by other tiers, We recommend looking for brokers with additional licenses, especially if they have regulations from tier-one jurisdictions. 

N:BAlthough clients in Cabo Verde do not fall under the jurisdiction of top regulatory authorities like the FCA, ASIC, CySEC, and NFA, the presence of these regulations ensures that the broker has a solid foundation. This demonstrates that the broker is serious about their business and committed to long-term services, as such regulations require millions of dollars in insurance coverage 

Trading fees and Costs:

Understanding the trading costs associated with a forex broker is essential for effective trading. One of the key components of trading costs is the spread, which is the difference between the bid and ask price. Lower spreads indicate better trading conditions as they reduce the cost of entering and exiting trades. 

Additionally, it’s important to consider any additional fees that the broker may charge, such as inactivity fees, rollover fees (swap rates charged for holding positions overnight), and fees associated with depositing and withdrawing funds. These fees can significantly impact your overall trading costs and should be carefully evaluated before choosing a broker.

Trading Conditions:

Trading conditions significantly impact your trading experience and profitability. You should look for brokers that offer competitive spreads and reasonable commission structures to minimize your trading costs. Execution speed is also important; choose brokers known for fast and reliable execution with minimal slippage, ensuring that your trades are executed at the prices you expect. Consider the leverage options available and select a broker that offers leverage levels suitable for your risk tolerance and trading strategy.

Account Types:

Different traders have different needs, so choosing a broker that offers account types that suit your trading styles is essential. You should look for brokers providing options such as Standard, ECN, or Micro accounts to match your trading style and capital. You check carefully check the features of every account type. These features include stop-out level, margin call, min lot size, max lot size, and so on. The availability of different account types allows you to find the best fit for your trading goals and financial situation.

Deposit and Withdrawal:

Convenient and efficient deposit and withdrawal options are essential for smooth trading operations. You should check if your preferred brokers have a variety of deposit and withdrawal methods including bank transfers, credit cards, and e-wallets. You should carefully consider the processing times for these transactions and be aware of any associated fees. A broker that offers fast and low-cost deposit and withdrawal options enhances your trading flexibility and financial management. 

Customer Support:

Excellent customer service is a hallmark of a good broker. You should choose a broker that offers traders friendly customer support available 24/7 through multiple channels such as live chat, phone, and email. Good customer service ensures that any issues or queries you have are addressed promptly. If you prefer a language other than English, check if the broker provides support in your preferred language to facilitate better communication and understanding.

Reviews and Feedback:

User reviews and feedback are valuable sources of information about a broker’s performance and reliability. You should read reviews from other traders to get an idea of their experiences with the broker. Pay attention to both positive and negative reviews to get a balanced view. Carefully check the nature of the reviews, as many companies nowadays buy reviews unethically. Additionally, consider brokers that have received industry awards, as these accolades can indicate their quality of service and reliability

Frequently Asked Questions: (FAQs)

Is MT5 Forex Broker available in Cabo Verde?

Yes, MT5 forex brokers are available in Cabo Verde. Many international online brokers that support the MT5 trading platform accept clients from Cabo Verde. These brokers offer MT5 trading platforms for web, desktop, and mobile trading. They often provide services such as customer support in local languages, convenient deposit and withdrawal methods, and educational resources specific to Cabo Verde traders

Yes, trading with MetaTrader 5 (MT5) is legal in Cabo Verde. It is a widely used trading platform developed by MetaQuotes Software Corporation and is offered by forex and CFD brokers worldwide, including those operating in Cabo Verde. The trading platform is completely safe and legitimate.

Is MT5 Good for Beginners in Cabo Verde?

No, MT5 is not ideal for beginners. While MT5 is faster and more efficient than MT4, it also comes with more indicators, timeframes, and trading functionalities. However, this does not necessarily make MT5 better than MT4—just different. For those new to trading, MT4 is the right choice, as its basic functions are more than sufficient for trading. If you already have trading experience, you might consider trying MT5 for its additional features.

Can I use Metatrader5 for Free in Cabo Verde?

Yes, MetaTrader 5 (MT5) is entirely free to use in Cabo Verde. You can access a demo account without needing a broker. However, to start live trading, you may need to open a brokerage account. Brokers provide MT5 trading platforms at no additional cost other than their default commission or spreads.

Final Verdict:

There are numerous forex brokers available in Cabo Verde. These brokers offer various trading platforms and tools, including MT4, MT5, cTrader, TradingView, Tradelocker, Pro4, Zulutrade, and more. Among these platforms, MT5 is an advanced multi-charting trading platform with more capabilities than MT4. MT5 is used by more than 10 million active traders.

However, MT5 is just a trading platform and does not indicate whether a broker is good or bad. When choosing a forex broker in Cabo Verde, traders should consider factors such as regulations, reputation, trading fees, platforms and tools, and trading conditions. Although all MT5 trading platforms may appear similar, they can differ significantly in terms of service quality.

Both MT4 and MT5 forex brokers typically provide demo and live accounts. If you are a beginner, I suggest starting with a demo account before moving on to live trading.

Our Methodology

We developed a methodology with over 170 data points grouped into 6 macro areas for assessing the performance of forex brokers. They are as follows:

  • Regulation and Security
  • Fees and Commissions
  • Trading
  • Trading tools
  • Customer Support
  • Trading Education

Our team collated information from various sources and verified them before assessment and rating. We tested the services offered by the brokers using various devices, software, and strategies. Final fact-checking, evaluation, and editing were done and the best brokers were selected. To find out more, read our methodology.

Risk Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % 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.