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7 Best Forex Brokers in South Africa

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

 

 

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

 

 

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