20 best forex brokers who accept South African traders

Forex trading is risky so if you’re thinking of trading currencies to make a profit, you need to sign up with one of the best global brokers that serves the South African forex trading market. All forex trading is done over-the-counter via a network of brokers and banks.

 

The forex industry in South Africa isn’t regulated like traditional banks are but it is well monitored by the FSCA. There are always those few dodgy brokers who try to pull scams on unsuspecting beginner forex traders but if you’re trading through a broker that’s regulated by a top-tier authority, there should be no problems.

 

In this in-depth guide you’ll learn:

• Why you need a broker to trade forex in South Africa
• How to pick the best broker to trade forex in South Africa
• The top 20 brokers for South African traders
• Pickin the best forex broker

 

And lots more…

 

Let’s dive right in…

 

 

Why you need a broker to trade forex in South Africa

 To access the global forex market, you need a forex broker. These companies operate predominantly online and offer traders and investors access to the global forex and CFDs market via an electronic platform like MT4. They’re also known as retail forex brokers or currency trading brokers.

 

 The big difference between trading forex and traditional stocks and shares is that retail forex trading is done over-the-counter (OTC). This means currency pairs are bought and sold via a network of brokers and banks, rather through a stock exchange.

 

 The forex market is the largest and most active market in the world. It’s open 24 hours a day/5 days a week. In 2010, forex accounted for approximately US$ 3 trillion of daily trading. This has surged to a daily volume of US$6.6 trillion, according to the 2019 Triennial Central Bank Survey of FX and OTC derivatives markets.

 

How to pick the best broker to trade forex in South Africa

 Good question.

 

 The forex market in South Africa is not heavily regulated and forex brokers are not subject to the strict licensing regulations of banks and other financial institutions. However, a reputable forex broker will be a member of a local regulation authority. In South Africa, this is the Financial Sector Conduct Authority (FSCA).

 

Three top tips for choosing the right forex broker

1. Always choose a forex broker that’s regulated in South Africa by FSCA or one of the top-tier global authorities. Check out online forex broker reviews and choose one that’s a member of a regulatory authority, has a proven track record and preferably has a presence in South Africa in the form of an office.
2. Check out the products and platforms offered by the broker before signing up and opening a forex trading account. As a beginner trader, choose a MetaTrader broker. MT4 is the most popular and widely-used trading platform in the world and a good place to hone your trading skills.
3. Compare commissions and financial fees charged by forex brokers in South Africa. Forex brokers make money on the bid-ask spread. Most brokers also charge other types of commissions or fees for their services and these can become quite costly, particularly if you’re a part-time forex trader.

 

TOP 20 BEST BROKERS FOR SOUTH AFRICAN TRADERS

 There are more than 50 forex and CFDs brokers that offer their services to forex traders in South Africa. Here is our list of the Top 20 forex brokers who accept clients from South Africa, are regulated by a local authority and are considered safe to use.

 

 

ADMIRAL MARKETS

 

 

Admiral Markets offers forex and CFD traders advanced trading tools via the MetaTrader platforms as well as excellent investor education and trading resources. With Premium Analytics, customers can access Trading Central, Dow Jones News and Acuity Trading.

 

Admiral Markets is recommended for forex traders with any level of experience but it’s particularly suited for beginners because of its educational content.

 

Founded	2001
Based in	Wales, United Kingdom
Regulated	FCA – United Kingdom ASIC – Australia CySEC – Cyprus EFSA – Estonia
Markets	Forex Commodities Indices Shares ETFs Bonds Cryptocurrency CFDs
Trading platforms	MetaTrader 4 MetaTrader 5 MetaTrader Supreme Edition MetaTrader WebTrader
Commissions & fees	One commission-free account with higher spreads for currency pairs. One account with a significantly lower spread for a fee. Equity CFDs and ETFs carry a commission.
Maximum leverage	30:1 Retail 500:1 Professional
Spreads	Advertised spreads from 0.5 pips (EUR/USD) Spreads are listed as low as 0.1 pips in the Zero MT4 account
Analytics	Premium analytics Fundamental analysis Technical analysis Economic Calendar Trading Central Trader’s Blog Market Heat Map Market Sentiment Weekly trading podcast
How to open an account with Admiral Markets	Create a Trader’s Room account Your personal account management system allows you to create demo and live trading accounts, deposit and withdraw funds and access customer support, news and educational resources. Choose your trading platform Download MT4 or 5 trading platform or trade directly in your browser via MT WebTrader Start trading forex Log in with your account details and start practicing on a demo account or deposit funds for live trading.

 

AVATRADE

 

 

AvaTrade is a well-known global broker that accepts South African clients who want to trade forex and CFDs. It’s quick and easy to open an account with AvaTrade and you’re offered the choice of the MetaTrader platforms as well a proprietary platform to access to the retail forex market.

 

AvaTrade offers a diverse range of accounts and various deposit and withdrawal options which are free of charge. The company has an excellent selection of analytics and research tools as well as publishes a host of educational videos and regularly conducts webinars with forex and CFDs experts.

 

Founded	2006
Based in	Ireland
Regulated	Central Bank of Ireland FSCA – South Africa ASIC – Australia FSC – British Virgin Islands FRSA – Middle East FSA – Japan and Poland
Markets	Forex CFDs; index, shares and commodity contracts Cryptocurrency CFDs
Trading platforms	MetaTrader 4 MetaTrader 5 MetaTrader Web Trader Mobile Trading AvaOptions AvaTrade Go Mac Trading
Commissions & fees	Low CFDs and average forex fees Withdrawals are free of charge but high fee charged for inactivity Fees are built into the spread; 0.5 to 2 points is the average spread cost during peak trading hours
Maximum leverage	Leverage up 400:1
Spreads	Spreads as low as 0.9 pip on EUR/USD with lowest minimum deposit
Analytics and tools	Fundamental analysis Technical analysis Sentimental analysis CFD Rollover Dates Trading Calculator Economic Calendar Earnings Releases
How to open an account with AvaTrade	Visit the AvaTrade website and register to open an account Fill in a short electronic registration form and create a unique password Deposit funds if trading with a live account Practice trading with a demo account if you are new to forex trading

 

 

AXI

 

 

Founded in 2007 and previously known as AxiTrader, Axi was launched as a new brand in 2020. The broker company is based in Australia but is represented in offices around the globe. Axi is regulated by several top-tier authorities and is considered safe to use by forex traders in South Africa.

 

Axi offers clients a fully-digital trading experience with low forex fees. The company doesn’t charge an inactivity fee and deposits and withdrawals are free of charge. The Axi product range is limited to forex and CFDs.

 

Founded	2007
Based in	Australia
Regulated	ASIC – Australia FCA – United Kingdom DFSA – UAE
Markets	Forex Indices Commodities Precious metals Oil Cryptocurrency CFDs Live spreads
Trading platforms	MetaTrader 4 MetaTrader 4 Web Trader
Commissions & fees	Low forex and average CFD fees No withdrawal or inactivity fees are charged Pro account pricing: $3.5 per lot per trade plus spread cost 0.4 pips is the average spread cost during peak trading hours
Maximum leverage	Flexible leverage up to 500:1
Spreads	Raw spreads from 0.0 Average spread of 1.20 pips on EUR/USD with lowest minimum deposit
Analytics and tools	CFD Trading Basics Video tutorials Seminars and webinars Free eBooks Market Blog PsyQuation Axi Academy
How to open an account with Axi	Visit the Axi website and register to open an account Install the MT4 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

CM TRADING

 

 

Founded	2012
Based in	South Africa
Regulated	FSCA – South Africa
Markets	Forex Indices Commodities CFD expirations
Trading platforms	MetaTrader 4 Sirix Platform Forex Trading App
Commissions & fees	Fees taken from the spread Minimum spread for trading EUR/USD is 0.7 pips
Maximum leverage	Up to 200:1 leverage
Spreads	Spreads from 1.50 pips on EUR/USD with lowest minimum deposit
Analytics	Technical analysis Forex Daily Signals Social Trading Flexi Signals Daily Forex Report Economic Calendar Guardian Angel
How to open an account with CM Trading	Open an account via the CM Trading website and fill in the electronic registration. It’s very simple and only takes a few minutes. Your CM Trading account is opened immediately once your personal details have been validated. Deposit funds if you are trading with a live account Start practicing using a demo account if you are new to forex trading

 

 

EASYMARKETS

 

 

Founded	2001
Based in	Marshall Islands, Pacific Ocean
Regulated	CySEC – Cyprus ASIC – Australia
Markets	Forex Shares Cryptocurrencies Metals Commodities Indices
Trading platforms	easyMarkets Platform MetaTrader 4 Mobile app
Commissions & fees	Fixed spreads No commission on withdrawals and deposits
Maximum leverage	Leverage up to 400:1
Spreads	Minimum spreads of 0.90 pips Fixed spreads from 1.0 pips on EUR/USD with lowest minimum deposit
Analytics and tools	Fundamental analysis Technical analysis Trading Central Indicator Trading Charts Market News Live Currency Rate Economic Calendar Trading Hours Freeze Rate Negative Balance Protection Guaranteed Stop Loss available on proprietary platform and mobile app
How to open an account with easyMarkets	Visit the easyMarkets website and register to open an account Install the MT4 trading platform or proprietary platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

ETOR0

 

 

Founded in 2007, eToro is a well-known Israeli fintech company best known as a social trading broker. It’s recommended for forex traders interested in copycat trading and zero commission stock trading. eToro is consistently ranked as top choose for social copy trading and cryptocurrency trading.

 

The brokerage is regulated by several top-tier authorities and is considered safe to use by forex traders in South Africa.

 

eToro offers commission-free stock trading, although the non-trading fees are high. There are withdrawal and inactivity fees. USD is the only currency you can hold your funds in your account.

 

eToro offers clients a user-friendly proprietory web platform designed for copycat trading as well as an innovative mobile app. The eToro trading platform is perfect for casual traders and investors, particularly beginner forex traders. All trading on eToro is done manually and automated platforms like MetaTrader 4 are not available.

 

Founded	2007
Based in	Cyprus and London
Regulated	CySEC – Cyprus FCA – United Kingdom
Markets	Forex Cryptocurrencies Stocks Commodities CFDs
Trading platforms	eToro proprietory platform All traders on eToro trade manually. Fully automated trading systems, such as those supported on MetaTrader, are not permitted at eToro. Therefore, when you copy another trader on eToro, you can be sure they are placing each trade manually.
Commissions & fees	When you open a long, non-leveraged position on a stock or ETF on eToro, you pay 0% commission. There are no spreads, no fees and no hidden charges, and you actually gain rights in the underlying asset. eToro offers competitive spreads on other asset classes, including spreads as low as 1 pip for leading forex pairs. Withdrawals incur a low fee of $5 and there are no clearance fees.
Maximum leverage	Leverage of up to 400:1 eToro does not offer the option to trade with leverage in the USA
Spreads	Variable spread of 1 pip on the EUR/USD
Analytics and tools	CopyPortfolios Cryptocurrency tools and wallet Copy trading structures Economic Calendar Fundamental analysis Technical analysis Sentimental analysis Wall newsfeed eToro Trading School eToro Club
How to open an account with eToro	Visit the eToro website and register to open an account Install the eToro trading platform and mobile app Deposit funds if trading on a live account and start when details verified Practice trading on a demo account if new to forex trading

 

 

EXNESS

 

 

Launched in 2008, Exness has grown at a remarkable rate and is today considered one of the market leaders in global trading. In December 2019, the company recorded monthly trading volume of over 325 billion USD.

 

Exness offers a wide range of financial instruments, with a focus on forex, metals, cryptocurrencies, energy, indices and stocks. It truly is a global company with its official website localised in 15 languages and customer support offered in 11 languages.

 

Exness is regulated by three top-tier authorities, including FCA in the United Kingdom. The brokerage employs the highest standards for protecting its clients’ funds and personal information and is regarded as safe to use by forex traders in South Africa.

 

Founded	2008
Based in	Netherlands
Regulated	Financial Services Authority (FSA) Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA)
Markets	Forex USA and UK oil Gold and other precious metals Top 30 stocks
Trading platforms	MetaTrader 4 MetaTrader 5 WebTerminal
Commissions & fees	Standard account is commission free
Maximum leverage	Leverage up to 2000:1
Spreads	Minimum spreads of 0.10 pips Average spread of 0.70 pips on EUR/USD with lowest minimum deposit
Analytics and tools	Technical analysis Currency Calculator Economic Calendar VPS Hosting WebTV
How to open an account with Exness	Visit the Exness website and register to open an account Install the MT4 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

FBS

 

 

Founded in 2009, FBS Markets Inc has established itself as a trusted fintech company that offers its services across the globe. The brokerage offers clients access to a wide range of financial assets via its modern trading platforms. The FBS website is available in 18 languages.

 

FBS uses the hybrid broker model of Straight-Through Processing (STP) and Electronic Communications Network (ECN). FBS also has a non-dealing desk.

 

Today, FBS has over 14 million clients globally and is an award-winning brokerage. In 2020, FBS received a number of awards, including Most Progressive Forex Broker Europe, Best Forex Broker Europe/Vietnam/Middle East and Best Copy Trading Platform.

 

Founded	2009
Based in	Belize, Central America
Regulated	CySEC – Cyprus IFSC – Belize
Markets	Forex Metals CFDs Stocks
Trading platforms	FBS Trader MetaTrader 4 MetaTrader 5 MetaTrader WebTrader
Commissions & fees	If the trader deposits money via credit card, FBS doesn’t charge any fee. FBS fee for credit card deposit is zero dollars. For each withdrawal, the FBS fee is $1; FBS charges $1 for 1 withdrawal attempt using a credit card.
Maximum leverage	Leverage up to 1:3000
Spreads	Floating, starting from 0.2 pip Fixed, starting from 3 pip Trading without spread (fixed spread of 0 pip)
Analytics and tools	Forex News Daily Market Analysis Forex TV Economic Calendar Currency calculator and converter
How to open an account with FBS	If you are 18+ years old, you can open an account with FBS and begin trading forex almost immediately. Visit the FBS website, click the ‘Open account’ button and proceed to the Personal Area. Before you can start trading, your personal details need to be verified. Select your preferred trading account and start trading via a live or demo account; deposit funds to trade on a live account. Study the basics using the free educational materials on the FBS website and practice trading with a demo account. Once you are ready to start trading with real money, you can switch to a live account.

 

 

FXCM [Forex Capital Markets]

 

 

Forex Capital Markets (FXCM) was founded in 1999 and is 100 percent owned by the Jeffries Financial Group which is listed on the New York Stock Exchange. The brokerage has a long track record, a strong parent company and is regulated by top-tier authorities. This includes FCA in the UK and ASIC in Australia.

 

Over-and-above its advanced proprietary platform and the popular MetaTrader platforms, FXCM provides clients with an excellent source of technical research tools and high-quality educational content.

 

FXCM’s product offering is limited to forex CFDs and cryptocurrency trading. Its withdrawal fees are high but its bid-ask spread is competitive.

 

Founded	1999
Based in	London, England
Regulated	FSCA – South Africa ACPR – France FCA – United Kingdom ASIC – Australia
Markets	Forex Shares Indices Commodities Cryptocurrencies
Trading platforms	Trading Station MetaTrader 4 Ninja Trader ZuluTrade Trading View
Commissions & fees	FXCM can be compensated in several ways, which include but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types and adding a markup to rollover.
Maximum leverage	Leverage up to 1:400 on forex Leverage up to 1:200 on CFDs
Spreads	Spreads from 1.4 pips on EUR/USD on lowest deposit required
Analytics and tools	Daily analysis reports Technical analysis Sentimental analysis Seminars and webinars Trading strategy guides
How to open an account with FXCM	Visit the FXCM website and register to open an account Install the MT4 trading platform or other electronic platforms offered Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

FXPRO

 

 

Founded in 2006, FxPro is a well-known global forex and CFDs broker. The brokerage is regulated by several top-tier authorities, including the FCA in the United Kingdom. FxPro has a long track record in the global forex market and is considered safe to use by forex traders in South Africa.

 

Opening an account with FBS is fast and fully digital, customer service is strong and deposits and withdrawals are free of charge. Trading fees for certain stock CFDs are higher than the industry average and FBS charges an inactivity fee after 6 months of no trading.

 

FxPro’s development has been impressive. It’s expanded to serve retail and institutional clients in more than 170 countries. It has consistently been voted ‘Best Broker’ by the Financial Times from 2015 to 2020.

 

FxPro is recommended for all levels of experience for forex and CFDs trading who are interested in trading via the MetaTrader platforms. All client trades are executed with No Dealing Desk1 intervention. Most trades are filled in under 10 milliseconds, with up to 2 000 trades executed per second.

 

Founded	2006
Based in	United Kingdom
Regulated	CySEC – Cyprus FCA – United Kingdom FSCA – South Africa DFSA – UAE SCB – Standard Chartered Bank
Markets	Forex Futures Indices Shares Metals Energies
Trading platforms	FxPro trading platform MetaTrader 4 MetaTrader 5 cTrader FxPro Edge (spread betting)
Commissions & fees	No commissions on MT4/MT5 accounts cTrader accounts have a commission of $45 for every US$1 million traded
Maximum leverage	Up to 500:1
Spreads	Spreads from 0 pips
Analytics and tools	Fundamental analysis Technical analysis Sentimental analysis Economic Calendar Trading Calculators
How to open an account with FxPro	Visit the FxPro website and register to open an account Install the FxPro trading platform or MT4/MT5 Deposit funds if trading on a live account and start trading when validated Practice trading on a demo account if new to forex trading

 

FXTM [ForexTime Limited]

 

 

Forex Time Limited (FXTM) was founded in 2011 and developed quickly to become a widely-popular global forex and CFDs broker. It’s regulated by several top-tier authorities, including the FCA in the United Kingdom. FXTM is considered safe to use by forex traders in South Africa.

 

FXTM is recommended for forex traders of different levels of expertise who are interested in trading via the MetaTrader platforms. The brokerage is renowned for its excellent customer service and outstanding analytical and educational tools.

 

FXTM has high CFD fees and charges an inactivity fee and a withdrawal fee. It’s product portfolio is limited with a focus on forex and CFDs. It doesn’t offer some asset classes such as bonds, mutual funds and ETFs.

 

Founded	2011
Based in	Cyprus
Regulated	CySEC – Cyprus FSC – Mauritius
Markets	Forex Indices Commodities Shares Cryptocurrencies
Trading platforms	MetaTrader 4 MetaTrader 5 FXTM Trader
Commissions & fees	No commission charged on Standard account
Maximum leverage	Floating leverage up to 1:1000
Spreads	Minimum spread of 0.10 pips Average spread of 1.90 pips on EUR/USD with lowest minimum deposit
Analytics and tools	Pivot Points Strategy Trading Signals Currency converter Indicators Forex VPS Trading Invest Profit Calculator Economic Calendar Market Outlook Forex News Timeline
How to open an account with FXTM	Visit the FXTM website and register to open an account Install the MT4 trading platform or proprietary platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

HOTFOREX

 

 

Founded in 2020, HotForex is an award-winning forex and commodities broker that provides trading services and facilities to both retail and institutional clients around the world. HotForex is the winner of 45 global industry awards.

 

HotForex is a MetaTrader broker and offers various accounts types, trading software and analytic tools with access to various spreads and liquidity via state-of-the-art automated trading platforms. The brokerage also offers an optional tools package called Premium Trader Tools to enhance the default experience.

 

HotForex’s pricing is slightly better than the industry average. The broker company is regulated by several top-tier authorities and is considered safe to use by forex brokers in South Africa.

 

Founded	2010
Country	Mauritius
Regulated	FCA – United Kingdom FSCA – South Africa CySEC – Cyprus FSC – Mauritius FSA – Seychelles DFSA – UAE
Markets	Forex Metals Energies Indices Shares Commodities Cryptocurrencies ETFs
Trading platforms	MetaTrader 4 MetaTrader 5
Commissions & fees	ZERO Spread account offers a highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot
Maximum leverage	Flexible leverage up to 1000:1
Spreads	Minimum spreads of 0.0 pips Average spread of 1.20 pips on EUR/USD with lowest minimum deposit
Analytics and tools	Advanced Insights Economic Calendar Traders’ Board Forex News HF app VPS hosting service Autochartist Tool Trading Calculator
How to open an account with HotForex	Visit the HotForex website and register to open an account Install the MT4 or MT5 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading

 

 

IG

 

 

IG was founded in 1974 and was a first-of-its-kind fintech company. Today, IG is one of the biggest CFDs and financial spread betting brokers in the world and serves clients all over the globe from over 17 sales offices based across 5 continents.

 

IG is recommended for traders of all levels of experience. IG has developed its own high-speed, user-friendly web-based trading platform and an award-winning app. The company also offers a wide selection of analytical and educational tools that makes it perfect for beginner forex traders.

 

IG’s trading fees for forex and stock CFDs are high. It’s product portfolio is limited to forex, CFDs and options trading. The company is regulated by a top-tier authority in the UK and South Africa and is considered safe to use.

 

Founded	1974
Based in	United Kingdom
Regulated	FCA – United Kingdom FSCA – South Africa
Markets	Forex Indices Commodities Shares Cryptocurrencies
Trading platforms	IG trading app MetaTrader 4 ProRealTime
Commissions & fees	IG has low non-trading fees. There is no fee for withdrawals and an inactivity fee is charged only after 2 years. IG fees for forex and stock CFDs are regarded as high. The fees are built into the spread; 0.6 pips is the average spread cost during peak trading hours on EUR/USD.
Maximum leverage	Low maximum leverage of 1:50
Spreads	Spreads from 1 point on the FTSE 100 and Germany 30 and US Crude spreads from just 2.8 points
Analytics and tools	Trading alerts Algorithmic trading APIs IG Academy IG Community
How to open an account with Admiral Markets	Visit the IG website and register to open an account Install the IG proprietary platform or MT4 trading platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading IG offers both a domestic and international account and it’s up to you whether you fund one or both accounts

 

 

MARKETS.COM

 

 

Markets.com was founded in 2008 and offers its clients seamless trading and investments in financial markets across the globe. As part of the TradeTech Group, Markets.com is a constituent of Playtech which is a FTSE 250-listed company.

 

From leveraged products to share dealing, you can control everything from one account with Markets.com’s intuitive, cutting-edge proprietary platform. Markets.com offers exceptionally low spreads.

 

Markets.com is recommended for traders interested in forex and CFDs trading. The broker company offers excellent analytical tools and educational resources.

 

Markets.com trading fees are relatively high and it’s product portfolio is limited. Otherwise, deposits and withdrawals are fast and free and added trading features are a benefit.

 

Founded	2008
Based in	Cyprus
Regulated	CySEC – Cyprus FSCA – South Africa ASIC – Australia FMA – New Zealand
Markets	Rorex Commodities CFDs Shares Cryptocurrencies
Trading platforms	Marketsx Marketsi MetaTrader 4 MetaTrader 5
Commissions & fees	The trading fees are regarded as high and there is an inactivity fee. No fees charged on accounts, deposits or withdrawals
Maximum leverage	Leverage up to 300:1
Spreads	Average spread on EUR/USD during peak trading hours is 0.4 pips
Analytics and tools	Fundamental analysis Technical analysis Sentimental analysis Bloggers’ Opinions Financial commentary Advanced alerts
How to open an account with Markets.com	Visit the Markets.com website and register to open an account Install the proprietary platform or MT4/MT5 trading platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading

 

 

PEPPERSTONE

 

 

Founded in 2010, the Australian-based forex trading company has a long record and a reputation for excellent service. It’s regulated by several top-tier authorities including the FCA in the UK, ASIC in Australia and BaFin in Germany. Pepperstone is considered a safe forex broker to use in South Africa.

 

Pepperstone’s product portfolio is limited to forex and CFDs. Deposits and withdrawals are mostly free of charge. The brokerage provides clients with basic analysis tools and limited educational resources.

 

Pepperstone is a MetaTrader broker and also offers cTrader. It’s recommended for algorithmic traders and copy traders. Pepperstone finished ‘Best in Class’ in the Social Copy Trading category for the third consecutive year in 2020.

 

Pepperstone offers premium platform add-ons for forex and CFDs trading to enhance the MetaTrader experience. Pepperstone offers the full MetaTrader and cTrader suites, including MT4 and MT5 (desktop and web), cTrader (desktop and web), and cAlgo.

 

Founded	2010
Based in	Australia
Regulated	ASIC – Australia FCA – United Kingdom DFSA – UAE
Markets	Forex Indices Commodity CFDs Share CFDs Cryptocurrencies Currency indices
Trading platforms	MetaTrader 4 MetaTrader 5 cTrader cAlgo Mirror Trader RoboX myFxbook
Commissions & fees	Commission per 0.01 lots (1000 base currency) USD 0.04 (USD 0.08 round turn) EUR 0.03 (EUR 0.06 round turn) GBP 0.02 (GBP 0.05 round turn)
Maximum leverage	Leverage up to 500:1 in ASIC jurisdiction Leverage up to 50:1 in UAE jurisdiction Leverage up to 30:1 in FCA jurisdiction
Spreads	Average spreads of 0.16 pips on the EUR/USD in the Razor account average spreads on the EUR/USD are 1.16 pips on the Standard account
Analytics and tools	Economic Calendar AutoChartist Smart Trader Delkos risk management tools Daily Fix Chart of the Day Educational videos Webinars
How to open an account with Pepperstone	Visit the Pepperstone website and register to open an account Install the MT4/MT5 trading platform or copycat platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading

 

 

PLUS500

 

 

Founded in 2008 in Israel, Plus500 a global leader in providing online trading services for CFDs across more than 2 000 securities and multiple asset classes. The fintech company is listed on the London Stock Exchange (LSE) and is regulated by several top-tier authorities, including FCA in the UK and ASIC in Australia. Plus500 is considered safe to use by forex traders in South Africa.

 

Plus500’s product portfolio is limited to contract-for-difference (CFDs) products. Unlike brokers who offer underlying forex pairs, all forex trading at Plus500 is done via CFDs.

 

Plus500 has a good reputation for quick and helpful customer service, it’s easy and quick to open a Plus500 account and its proprietary trading platforms is comprehensive yet easy to use.

 

Plus500 only offers a proprietary trading platform and MetaTrader is not available. Algorithmic trading and social copy-trading are not supported by Plus500.

 

Plus500 provides standard research tools and extremely limited educational resources. Plus500 is recommended for experienced CFDs traders who are interested in the broker’s award-winning Plus500 WebTrader platform.

 

Founded	2008
Based in	Israel
Regulated	FCA – United Kingdom ASIC – Australia MAS – Singapore
Markets	Forex CFDS Commodity CFDs Cryptocurrency CFDs ETFs Options CFDs Indices CFDs
Trading platforms	Plus500 WebTrader
Commissions & fees	There are no hidden fees at Plus500. Plus500 is mainly compensated for its services through the bid-ask spread.
Maximum leverage	Leverage for forex CFDs on Plus500 WebTrader is 300:1 Leverage for shares CFDs on Plus500 WebTrader is 300:1
Spreads	For the EUR/USD, the Plus500 platform displays a dynamic spread of 0.00008, which is 0.8 pips. During August 2020, the average spread from Plus500 for the EUR/USD was 0.8 pips.
Analytics and tools	Economic Calendar Risk management tools Alerts Trader’s Guide News & Market Insights
How to open an account with Plus500	Visit the Plus500 website and register to open an account Install the Plus500 WebTrader platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading
,

 

 

SAXO BANK

 

 

Founded in 1992, Saxo Bank is a Danish investment bank that provides online trading and investment services. It’s a leading fintech company in Europe that connects traders, investors and partners to over 40 000 financial instruments across all asset classes from a single cross-collateralised account

 

The global bank is regulated by several top-tier authorities, including the FCA in the United Kingdom and FSA in Denmark. It’s considered safe to use by forex traders in South Africa.

 

Saxo Bank obtained its banking license in 2001. It offers its clients an advanced proprietary trading platform and a wide range of products. Saxo Bank is recommended for experienced traders who trade in heavy volumes and can afford the USD 10 000 minimum deposit (GBP 500).

 

Note: Classic account minimums

The entry-level Classic account requires a USD 10 000 minimum deposit in most cases, with the exception being if you reside in the UK (GBP 500), Singapore (SGD 3,000) or Australia (AUD 3,000).

 

Saxo Bank builds digital trading platforms to facilitate multi-asset market access. In 1998, Saxo Bank launched one of the first online retail trading platforms with professional-grade trading tools.

 

Pricing on bonds, options and futures are high and the minimum deposit is very high. Saxo Bank excels in providing an excellent research service which is supplied by Saxo’s inhouse research team. Clients are constantly fed trading ideas and have unrestricted access to trading specialists.

 

Founded	1992
Based in	Denmark
Regulated	FCA – United Kingdom ASIC – Australia JFC – Japan MAS – Singapore FINMA – Switzerland SFC – Securities Futures Commission
Markets	Spot forex Forex options CFDs Futures Commodities Listed options
Trading platforms	SaxoTraderGO SaxoTraderPRO
Commissions & fees	Saxo Bank is commission-free which means it makes money off the spread. The only exception is traders who trade less than 50 000 units (half of one standard lot) per month. These customers are charged a ticket-fee of $3 per side.
Maximum leverage	Maximum leverage ratio allowed is 200:1
Spreads	Spreads as low as 0.4 pips on forex and 3 pips on forex options Average EUR/USD spreads were 0.8, 0.7, and 0.6 pips for the Classic, Platinum, and VIP accounts, respectively (2020)
Analytics and tools	Daily Market Commentary Forex News Weekly webinars AutoChartist Trading Central Delkos Research Social Sentiment Economics Calendar
How to open an account with Saxo Bank	Visit the Saxo Bank website and register to open an account. To complete the registration, you need to provide personal information and documents. Prepare proof of identity and proof of residence in advance. Minimum account funding requirement applies and the amount depends on where you reside. When you open an account, you are placed into a tier based on your initial funding within 30 days. After your first three months trading, you will automatically be moved to the tier that best reflects your volume with no additional funding required.

 

 

THINKMARKETS

 

 

Established in 2010, ThinkMarkets is a premium multi-asset online brokerage with headquarters in Melbourne and London and hubs in the Europe, Asia-Pacific, UAE, Africa and South America.

 

ThinkMarkets offers clients access to a wide range of markets via MetaTrader or its inhouse-developed trading platform called ThinkTrader. This platform received the award for Best Mobile Platform as voted by the forex community.

 

ThinkMarkets is regulated by several top-tier authorities, including ASIC in Australia and FCA in the UK. It’s also regulated by the FSCA in South Africa and is regarded as safe to use by forex traders in South Africa.

 

ThinkMarkets is an award-winning institution. This includes the award for ‘Best Value Broker in Asia’ at the 2020 Global Forex Awards.

 

Founded	2010
Based in	Australia
Regulated	FCA – United Kingdom ASIC – Australia FSCA – South Africa
Markets	Forex CFDs Commodities Indices Precious metals Cryptocurrencies Shares CFDs
Trading platforms	ThinkTrader MetaTrader 4 MetaTrader 5
Commissions & fees	From 0.4 pips for forex spreads on Standard account Average FX spreads is 1.20 pips on Standard account and 0.1 pips on ThinkZero
Maximum leverage	Leverage up to 500:1
Spreads	Spreads start from as low as 0.1 pips on EUR/USD, even under volatile market conditions
Analytics and tools	AutoChartist Trading Central VPS hosting ZuluTrade Social Trading Guide Economic Calendar Technical analysis Live webinars
How to open an account with ThinkMarkets	Visit the ThinkMarkets website and register to open an account Install the MetaTrader 4 platform or ThinkTrader proprietary platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading

 

 

TICKMILL

 

 

Founded in 2014, Tickmill is a member of Tickmill Group. It was established after Armada Markets moved its retail clients to Tickmill’s entity in Seychelles. The brokerage is regulated by several top-tier authorities, including the FCA in the UK. It’s regarded as safe to use for forex traders in South Africa.

 

Tickmill’s product portfolio is limited to forex and CFDs. Clients access the global markets via the MetaTrader 4 platform. Tickmill recommended for high volume, high balance forex and CFD traders who only trade the most popular currency pairs and CFDs.

 

Founded	2014
Based in	Seychelles
Regulated	FCA – United Kingdom FSA – Seychelles CySEC – Cyprus FSCA – South Africa Labuan FSA – Asia
Markets	Forex Stock indices and oil Precious metals Bonds
Trading platforms	MetaTrader 4 WebTrader
Commissions & fees	All deposits starting from 5 000 USD or equivalent are included in Tickmill’s Zero Fees Policy. Commission-free trading and swap-free accounts available
Maximum leverage	Leverage up to 500:1
Spreads	Average spread of 101 pips on EUR/USD
Analytics and tools	Fundamental analysis Technical analysis Market Insights Seminars and webinars AutoChartist MyFxbook Copy Trading Economic Calendar Forex Calculator Pelican Trading
How to open an account with Tickmill	Visit the Tickmill website and register to open an account Install the MetaTrader 4 platform or WebTrader Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading

 

 

XM TRADING

 

 

Founded in 2009, XM Trading is a widely-known and award-winning broker that offers clients access to the global forex and CFDs market. Its parent company is Trading Point Holding which also owns Trading.com.

 

XM is regulated by several top-tier authorities, including the CySEC in Cyprus, ASIC in Australia and IFSC in Belize. The broker company is considered safe to use by forex brokers in South Africa.

 

XM’s product offering is limited to forex and CFDs. It’s forex and stock index CFD fees are low to average. Opening an account with XM is quick and easy. XM is a MetaTrader broker and offers 16 full-feature trading platforms covering web-based, desktop and mobile applications.

 

XM is renowned for its strong customer service supported in 30 different languages. It also provides a wealth of wealth of excellent research and educational tools. XM has a solid reputation in the forex trading market and boasts over 3.5 million clients spread across 196 countries.

 

In 2020, XM was awarded ‘Global Forex Broker of the Year’ by Global Forex Awards and ‘Best Forex Affiliate Broker Programme in Europe’ by Global Forex Awards.

 

Founded	2009
Based in	United Kingdom
Regulated	ASIC- Australia CySEC – Cyprus DFSA – UAE IFSC – Belize
Markets	Forex Stock CFDs Commodities CFDs Equity indices CFDs Precious metals CFDs Energies CFDs Shares
Trading platforms	MetaTrader 4 MetaTrader 5 XM WebTrader
Commissions & fees	The commission for the XM Zero Account is $3.5 per $100 000 traded. The commission fee for the MT4 platform is deducted from the account during the opening of the transaction for both operations at once (opening and closing)
Maximum leverage	Flexible Leverage from 1:1 up to 888:1
Spreads	Minimum spread of 0.10 Average spread of 1.60 on EUR/USD with lowest minimum deposit
Analytics and tools	Markets Overview XM Research Trade Ideas Technical summaries Economic Calendar XM TV Podcasts Platform tutorials Forex webinars
How to open an account with XM	Visit the XM website and register to open an account Install the MetaTrader 4 platform or XM WebTrader Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading

 

FOREX TRADING AFRICA DISCLAIMER

Trading foreign currencies on margin carries a high level of risk and it may not be suitable for all traders and investors. Forex is a highly leveraged financial instrument and these high risk stakes can result in you losing money. Consider your appetite for risk before trading forex using a real live account.