Forex trading in South Africa has grown exponentially, spurred on by greater access to online trading, more investment knowledge amongst retail traders, and a proliferation of both offshore and local online Forex brokers.
In this article, we discuss seven of the best Forex Brokers in South Africa, which provide local traders with access to a regulated environment, a wealth of trading resources, and competitive pricing.
1. AvaTrade
Overview
AvaTrade is one of the world’s leading and most recognized forex brokers. AvatradeGO, the company’s award-winning mobile trading software, is only one of many trading options it provides.
Additionally, it has a world-class array of trading tools, including Trading Central, as well as strong analytical and educational areas.
Open an Trading Account with Avatrade
Pros and Cons
PROS | CONS |
Broad range of tradable instruments | High EURUSD and inactivity fees |
MetaTrader 4 and 5 available | |
Excellent educational resources |
Features
Feature | Information |
Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
Minimum deposit from | $100 |
Average spread from | 0.9 pips |
Commissions from | No commission on Forex |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | First Deposit Bonus |
Customer Support | 24/5 – multilingual |
2. Exness
Overview
In addition to currency pairs, commodities, energy, indices and equities, Exness offers CFD trading on a wide range of assets, allowing clients to have a taste of the global markets.
Customers of Exness are also able to take advantage of order execution that is quick, accurate, and tight spreads. Every Exness account comes with a free virtual private server (VPS), as well as support for the MT4 and MT5 trading platforms.
Pros and Cons
PROS | CONS |
Well-regulated | |
Tight spreads | |
Over 130 currency pairs |
Features
Feature | Information |
Regulation | CySEC, FCA |
Minimum deposit from | $1 |
Average spread from | 1.3 pips |
Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:2000 |
Bonuses | Standard +10% Bonus Programme |
Customer Support | 24/5 – multilingual |
You might like: What is forex trading in South Africa?
3. Tickmill
Overview
Tickmill is a great option because of the wealth of resources it provides for new traders, the free use of premium tools, and the favourable trading circumstances it offers.
The broker’s educational resources and platforms will also be appealing to both beginner and intermediate traders.
Pros and Cons
PROS | CONS |
Competitive pricing Well regulated High leverage Advanced trading software STP model |
Features
Feature | Information |
Regulation | FSA |
Minimum deposit from | $100 |
Average spread from | 0.1 pips |
Commissions from | ‎2 per side per 100,000 traded |
Deposit/Withdrawal Fees  | None |
Maximum Leverage | 1:500 |
Bonuses | $30 Welcome Bonus |
Customer Support | 24/5 |
4. HotForex
Overview
Because of its global reach, feature-rich website, and wide range of trading tools, HotForex is a wonderful choice for traders. The forex and CFD trading basics are given in an easy-to-understand manner on the user-friendly interface.
Pros and Cons
Pros No deposit or withdrawal fees Competitive spreads | Cons High commission charges on the Zero account |
Features
Feature | Information |
Regulation | CySEC, DFSA, FCA, FSA, FSCA |
Minimum deposit from | $5 |
Average spread from | 0,0 pips |
Commissions from | USD 0.03 per 1K lot. |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | 100% Supercharged Bonus |
Customer Support | 24/5 |
5. Khwezi Trade
Overview
Khwezi Trade is a South African brokerage firm and a subsidiary of Khwezi Financial Services as a provider of financial services. The FSCA regulates Khwezi Trade to protect the safety of its customers’ funds.
Khwezi Trade offers trading on a wide range of worldwide markets, including currency pairs, commodities, and indices.
Pros and Cons
Pros | Cons |
ZAR Accounts are available | Individual stock trading not possible |
FSCA regulations apply to this South African-based company | |
Provides a wide variety of trading tools | |
Trading costs are reasonable | |
Ensures compliance with OTC regulations | |
A vast variety of trading options are available |
Features
Feature | Information |
Regulation | FSCA |
Minimum deposit from | ZAR500 |
Average spread from | 0,6 pips |
Commissions from | NA |
Deposit/Withdrawal Fees | NA |
Maximum Leverage | 1:400 |
Bonuses | 30% |
Customer Support | 24/5 |
You might also like: Forex Brokers in Namibia
6. Globex360
Overview
GlobeX360° may be described as a reputable broker that provides trading capabilities on a wide range of financial instruments to investors across the world. Trade with confidence with GlobeX360°, which has a solid track record and offers straightforward terms of trade.
Pros and Cons
Pros | Cons |
Wide asset selection | Limited trading platforms |
Wide variety of trading accounts | Slow withdrawals |
Well-regulated broker | Negative balance protection not provided |
Features
Feature | Information |
Regulation | FSCA, FIAMLA, POCA 2002 and POTA 2002 |
Minimum deposit from | USD100 |
Average spread from | Variable |
Commissions from | 8 USD per lot |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | Yes |
Customer Support | 24/5 |
7. IFX Brokers
Overview
IFX Brokers is a regulated South African online Forex broker that provides a wide range of trading options. Only a few major investment banks and major hedge funds can compete with the broker’s low latency and quick execution rates.
Pros and Cons
Pros High leverage available MetaTrader 4 is supported. Resources for learning are available | Cons |
Features
Feature | Information |
Regulation | FSA |
Minimum deposit from | ZAR100 |
Average spread from | 0.5 pips |
Commissions from | NA |
Deposit/Withdrawal Fees | NA |
Maximum Leverage | 1:500 |
Bonuses | NA |
Customer Support | 24/5 |
Forex trading in South Africa has grown exponentially, spurred on by greater access to online trading, more investment knowledge amongst retail traders, and a proliferation of both offshore and local online Forex brokers.
In this article, we discuss seven of the best Forex Brokers in South Africa, which provide local traders with access to a regulated environment, a wealth of trading resources, and competitive pricing.
1. AvaTrade
Overview
AvaTrade is one of the world’s leading and most recognized forex brokers. AvatradeGO, the company’s award-winning mobile trading software, is only one of many trading options it provides.
Additionally, it has a world-class array of trading tools, including Trading Central, as well as strong analytical and educational areas.
Open an Trading Account with Avatrade
Pros and Cons
PROS | CONS |
Broad range of tradable instruments | High EURUSD and inactivity fees |
MetaTrader 4 and 5 available | |
Excellent educational resources |
Features
Feature | Information |
Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
Minimum deposit from | $100 |
Average spread from | 0.9 pips |
Commissions from | No commission on Forex |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | First Deposit Bonus |
Customer Support | 24/5 – multilingual |
2. Exness
Overview
In addition to currency pairs, commodities, energy, indices and equities, Exness offers CFD trading on a wide range of assets, allowing clients to have a taste of the global markets.
Customers of Exness are also able to take advantage of order execution that is quick, accurate, and tight spreads. Every Exness account comes with a free virtual private server (VPS), as well as support for the MT4 and MT5 trading platforms.
Pros and Cons
PROS | CONS |
Well-regulated | |
Tight spreads | |
Over 130 currency pairs |
Features
Feature | Information |
Regulation | CySEC, FCA |
Minimum deposit from | $1 |
Average spread from | 1.3 pips |
Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:2000 |
Bonuses | Standard +10% Bonus Programme |
Customer Support | 24/5 – multilingual |
You might like: What is forex trading in South Africa?
3. Tickmill
Overview
Tickmill is a great option because of the wealth of resources it provides for new traders, the free use of premium tools, and the favourable trading circumstances it offers.
The broker’s educational resources and platforms will also be appealing to both beginner and intermediate traders.
Pros and Cons
PROS | CONS |
Competitive pricing Well regulated High leverage Advanced trading software STP model |
Features
Feature | Information |
Regulation | FSA |
Minimum deposit from | $100 |
Average spread from | 0.1 pips |
Commissions from | ‎2 per side per 100,000 traded |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | $30 Welcome Bonus |
Customer Support | 24/5 |
4. HotForex
Overview
Because of its global reach, feature-rich website, and wide range of trading tools, HotForex is a wonderful choice for traders. The forex and CFD trading basics are given in an easy-to-understand manner on the user-friendly interface.
Pros and Cons
Pros No deposit or withdrawal fees Competitive spreads | Cons High commission charges on the Zero account |
Features
Feature | Information |
Regulation | CySEC, DFSA, FCA, FSA, FSCA |
Minimum deposit from | $5 |
Average spread from | 0,0 pips |
Commissions from | USD 0.03 per 1K lot. |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | 100% Supercharged Bonus |
Customer Support | 24/5 |
5. Khwezi Trade
Overview
Khwezi Trade is a South African brokerage firm and a subsidiary of Khwezi Financial Services as a provider of financial services. The FSCA regulates Khwezi Trade to protect the safety of its customers’ funds.
Khwezi Trade offers trading on a wide range of worldwide markets, including currency pairs, commodities, and indices.
Pros and Cons
Pros | Cons |
ZAR Accounts are available | Individual stock trading not possible |
FSCA regulations apply to this South African-based company | |
Provides a wide variety of trading tools | |
Trading costs are reasonable | |
Ensures compliance with OTC regulations | |
A vast variety of trading options are available |
Features
Feature | Information |
Regulation | FSCA |
Minimum deposit from | ZAR500 |
Average spread from | 0,6 pips |
Commissions from | NA |
Deposit/Withdrawal Fees | NA |
Maximum Leverage | 1:400 |
Bonuses | 30% |
Customer Support | 24/5 |
You might also like: Forex Brokers in Namibia
6. Globex360
Overview
GlobeX360° may be described as a reputable broker that provides trading capabilities on a wide range of financial instruments to investors across the world. Trade with confidence with GlobeX360°, which has a solid track record and offers straightforward terms of trade.
Pros and Cons
Pros | Cons |
Wide asset selection | Limited trading platforms |
Wide variety of trading accounts | Slow withdrawals |
Well-regulated broker | Negative balance protection not provided |
Features
Feature | Information |
Regulation | FSCA, FIAMLA, POCA 2002 and POTA 2002 |
Minimum deposit from | USD100 |
Average spread from | Variable |
Commissions from | 8 USD per lot |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | Yes |
Customer Support | 24/5 |
7. IFX Brokers
Overview
IFX Brokers is a regulated South African online Forex broker that provides a wide range of trading options. Only a few major investment banks and major hedge funds can compete with the broker’s low latency and quick execution rates.
Pros and Cons
Pros High leverage available MetaTrader 4 is supported. Resources for learning are available | Cons |
Features
Feature | Information |
Regulation | FSA |
Minimum deposit from | ZAR100 |
Average spread from | 0.5 pips |
Commissions from | NA |
Deposit/Withdrawal Fees | NA |
Maximum Leverage | 1:500 |
Bonuses | NA |
Customer Support | 24/5 |
Source: https://www.financemagnates.com/thought-leadership/7-best-forex-brokers-in-south-africa/