Top 20 Forex Brokers in South Africa

Top 20 Brokers in SA

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.

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.
  1. 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.
  1. 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.

START TRADING WITH ADMIRAL MARKETS NOW

 

 

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

START TRADING WITH AVATRADE NOW

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.

Founded2007

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

START TRADING WITH AXI NOW

 

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

START TRADING WITH CM TRADING NOW

 

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

START TRADING WITH EASYMARKETS NOW

 

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

START TRADING WITH ETORO NOW

 

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

START TRADING WITH EXNESS NOW

 

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.

START TRADING WITH FBS NOW

 

 

 

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

START TRADING WITH FXCM NOW

 

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 services 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

START TRADING WITH FXPRO NOW

 

 

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

START TRADING WITH FXTM NOW

 

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

START TRADING WITH HOTFOREX NOW

 

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

START TRADING WITH IG NOW

 

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

START TRADING WITH MARKETS.COM NOW

 

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

START TRADING WITH PEPPERSTONE NOW

 

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

START TRADING WITH PLUS500 NOW

 

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.

START TRADING WITH SAXO BANK NOW

 

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

START TRADING WITH THINKMARKETS NOW

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

START TRADING WITH TICKMILL NOW

 

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

START TRADING WITH XM NOW

 

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.

forex trading africa

Featured Writer on SA Shares, Forexsuggest and Forextrading.africa

🔒 OPEN A TRADING ACCOUNT