You can start trading forex live in South Africa for an initial deposit under $100 (R1 500 approx.). Most beginner forex traders start with a free demo account to hone their forex trading skills using virtual money. Beginner traders can then upgrade to an entry-level Micro or Mini account that requires a small minimum deposit and allows you to trade in micro and nano lots. A Standard account is a next step.
In this in-depth guide you’ll learn:
- Minimum deposits required by the best forex brokers in South Africa
- What is a Micro or Mini account
- What is a Deposit bonus
- Can I start trading forex in South Africa with no money in my account
And lots more…
Let’s dive right in…
10 Best Forex Brokers in South Africa for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Minimum deposits required by the best forex brokers in South Africa
OANDA
Overall Rating
4.9/5
Rated #194 of
Recommended FX Brokers
JustMarkets
Hotforex
Overall Rating
4.8/5
Rated #6 of
Recommended FX Brokers
Minimum Deposit
USD 0
Regulators
CySEC, FSC, FSCA
📱 Trading Desk
₿ Crypto
No
📈 Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Exness
Overall Rating
4.9/5
Rated #2 of
Recommended FX Brokers
Minimum Deposit
USD 10.00
Regulators
FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)
📱 Trading Desk
MetaTrader 4, MetaTrader 5
₿ Crypto
Yes
📈 Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
FXTM
Overall Rating
4.6/5
Rated #32 of
Recommended FX Brokers
Minimum Deposit
USD 10
Regulators
CySec, FSCA
📱 Trading Desk
MetaTrader4, Metatrader 5
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
AvaTrade
Overall Rating
4.8/5
Rated #1 of
Recommended FX Brokers
Minimum Deposit
USD 100
Regulators
ASIC, FSA
📱 Trading Desk
MetaTrader 4, MetaTrader 5
₿ Crypto
Yes
📈 Total Pairs
60
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
FXpro
Overall Rating
4.7/5
Rated #202 of
Recommended FX Brokers
Minimum Deposit
–
Regulators
–
📱 Trading Desk
–
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
Pepperstone
Overall Rating
4.9/5
Rated #54 of
Recommended FX Brokers
Minimum Deposit
USD 10
Regulators
FCA, SCB, CMA, ASIC, DFSA, CySEC, BaFIN
📱 Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
₿ Crypto
Yes – CFDs
📈 Total Pairs
70
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Tickmill
Overall Rating
4.7/5
Rated #3 of
Recommended FX Brokers
Minimum Deposit
USD 100
Regulators
FSA
📱 Trading Desk
MetaTrader 4
₿ Crypto
Yes
📈 Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
CM Trading
Overall Rating
4.8/5
Rated #7 of
Recommended FX Brokers
Minimum Deposit
USD 100
Regulators
FSA
📱 Trading Desk
MetaTrader 4
₿ Crypto
Yes
📈 Total Pairs
154
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Can I start trading forex in South Africa with no money in my account?
No, all live trading accounts require an initial deposit. The only trading account you can use without making a minimum deposit is a free demo account. A demo account is ideal for beginner traders because they can practice trading forex with virtual money. However, can’t bank any “profit” you make on a demo account.
If you are a beginner forex trader in South Africa, look at what Deposit or No-Deposit bonuses the different brokers offer new traders. These are promotional campaigns that aim to entice new traders to sign up a forex trading account.
What is a Deposit bonus?
A Deposit bonus is often called a Welcome bonus. It’s a promotional offer that aims to entice new traders to sign up with forex brokers and start trading on their electronic trading platforms.
The way a Deposit bonus works is a new trader receives either a fixed amount of money or a certain percentage of their initial deposit in exchange for depositing money into a live forex trading account.
What is a No-Deposit bonus?
A No-Deposit bonus is another popular promotional offer that many forex brokers use to attract new customers. No-deposit forex bonuses are usually not as high as Deposit bonuses. Depending on the broker, they vary between $10 and $200.
The main difference between the two forex promotions is a No-Deposit bonus does not require you to make an initial deposit on a live trading account before you are paid out profits.
What is the benefit of a forex trading account with a low minimum deposit?
The main benefit of a trading account with a low minimum deposit is it’s easy and convenient for beginner traders to enter the forex market and start trading mini lots without the risk of losing a lot of capital.
Entry-level Micro and Mini accounts are a step up from a free demo account and allow beginner traders to continue to gain valuable experience before upgrading to a Standard account.
Low minimum deposit and small returns: Is this a good strategy for beginners?
Yes, ‘small deposit/small return’ is the smart option when you start trading live on the global markets. The initial deposit for an entry-level Micro or Mini account is low and returns are small. Trading currency pairs live in real-time is very different to practicing forex trading using a free demo account with virtual money.
Micro or Mini accounts offer all the excitement and experience of live forex trading but without the risk of losing a chunk of money.
The great thing about forex trading is you can start with a small capital investment, under $100 in many cases. The barriers to entry are low and leverage is reasonable. This is what makes forex the most accessible asset on the global markets and the most heavily traded.
The initial deposit required to set up a forex trading account depends on the broker as well as the type of account, your trading style and trading strategy. Beginner traders usually start with a free demo account to hone their trading skills with virtual money and then progress to a live Micro or Mini trading account.
What is a Micro or Mini account?
Forex Micro accounts allow traders to deal in small lots of 1 000 units. Forex Mini accounts allow traders to deal in a slightly large lot of 10 000 units.
Micro and Mini accounts allow traders to enter the currency market using smaller contract sizes. Micro and Mini accounts limit the profit you can make on a position but they also limit potential losses.
Micro account
A Micro forex trading account is the most popular account for beginner traders when they progress from practicing on a free demo account to trading live in real-time. Micro lots are equal to 1 000 units of the base currency. A Micro account is one-hundredth smaller than that of a Standard account and only $1 000 is allowed per transaction.
1 000 = 10 Cents / pip = 10 Micro lot
Mini account
A Mini account is a step up from a Micro account. Mini lots are equal to 10 micro account lots and one-tenth of the size of the Standard lot of 100 000 units. In other words, a Standard account is equal to 10 mini account lots.
10 000 = $1/pip = 1 Mini lot or 10 Micro lots
In a Mini lot, one pip of a currency pair in USD is equal to $1. In a Standard lot, one pip of a currency pair in USD is equal to $10.
100 000 = $10/pip = 1 Standard lot or 10 Mini or 100 Micro lots
Can I make a profit on a Micro or Mini forex account?
Yes, you can make a profit using a Micro or Mini forex account but gains are not as high as they can be on a Standard account. Forex traders with a Micro or Mini account can use leverage to take a larger position in the trades.
Forex brokers offer leverage on all types of accounts. Leverage is like a loan from your broker and it gives traders more capital to trade bigger positions than they would be able to with their own money.
FOREX TRADING AFRICA DISCLAIMER
Forex and CFDs are complex instruments and trading these instruments involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.
Forex Trading Africa annually reviews brokers and financial instruments and provides information to help traders and investors make better decisions when trading on global markets. The information provided is purely to grow your knowledge and expertise in financial trading.
