Best Forex Brokers In South Africa 2020

FXTM (ForexTime) – Best MetaTrader 5 Broker

Compare Forex Brokers’ top pick for the best MetaTrader 5 forex broker is ForexTime (FXTM). Founded in 2011, FXTM has the know-how expertise to offer South African traders top-notch technological solutions. Additionally, forex traders can benefit trading on the upgraded MetaTrader 5 (MT5) with an online broker that holds trading licenses from the world’s top regulatory agencies, including:

• In South Africa from the Financial Sector Conduct Authority (FSCA) with FSP license No. 46614.
• In Belize from the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS
• In the UK from the Financial Conduct Authority (FCA) with license No. 777911
• In Cyprus from the Cyprus Securities and Exchange Commission (CySEC) with License No. 185/12

Below our team of industry experts will highlight all FXTM MetaTrader 5 features including functionality, range of markets, total costs and the trade execution speed.

3 Types of MetaTrader 5 Trading Accounts

ForexTime offers South African FX traders the choice to use the MetaTrader 5 platform on three different account types. The diverse selection of trading accounts allows FX traders to opt for an account that suits his trading requirements. Without further ado, SA traders can open 3 MetaTrader 5 trading accounts as follows:

• ECN Account
• ECN Zero Account
• FXTM Pro Account

Note* FXTM offers the ECN technology across all of its MT5 account offerings.

On the downside, we should note that the Swap-free trading account is not available through the MT5 platform. You can download the MetaTrader 5 for desktop and Mac versions as well as mobile trading (iPhone and Android). Additionally, there is a browser-based trading platform FXTM MT5 WebTrader, which is supported across 6 different browsers.

Low Range of Markets on MetaTrader 5

ForexTime offerings of financial instruments are extremely low when compared to other forex trading platforms. The range of currency pairs (major, minor and exotic) and asset classes offered by FXTM is on the low side. Currency trading can be done on 33 currency pairs and additionally, there are two CFD spot metals (XAUUSD and XAGUSD).

However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1,000:1.

Fast Order Execution Speed

ForexTime can offer through its proprietary price engine technology fast execution speeds of 52 milliseconds (according to data compiled in December 2019). FXTM can also access a deep network of liquidity providers that ensures you will benefit from tight spreads. Additionally, the MetaTrader 5 platform can boost the following performances:

• Low re-quote rate of 3.22% (December 2019)
• Positive slippage on 94.64% of TP orders
• Negative slippage on 5.36% of SL orders
• Execution speed of 81 milliseconds for MT5 ECN account
• Execution speed of 88 milliseconds for MT5 ECN zero account

South African residents can explore all MetaTrader 5 features and performances in a risk-free environment by opting for opening a demo account. You can access the forex market and practice your trading skills under live market conditions.

FXPro – Best cTrader Broker

FxPro headquarters are in the UK and have offices across the world offering no dealing desk allowing fast execution speeds and low brokerage for automated trading. The broker offers MetaTrader 4, MetaTrader 5 and the cTrader forex trading platform. In addition to FSB (FSCA) regulation, the broker has a  Financial Conduct Authority (FSA) and Cyprus Securities and Exchange Commission (CySEC) regulation. Visit Site…

After evaluating all the features that come with a FxPro live account, we concluded that the best cTrader forex broker is the London-based FX broker FxPro. Below, our team of industry experts will try to outline all the aspects of FxPro’s software solution.

Full Market Depth (DOM)

The FxPro cTrader platform is equipped with full depth of market DOM. This feature lets forex traders visualize the best bid and ask prices coupled with the total amount of available liquidity. Compared to other trading platforms cTrader offers 3 convenient ways to display the data inside the DOM:

• Standard DoM
• Price DoM
• VWAP DoM

Note* FxPro’s order execution engine on the cTrader platform only uses the volume-weighted average price (VWAP) to execute orders.

Average Market Execution Speed of 37 Milliseconds

The FxPro cTrader trading platform can boost ultra-fast order execution speeds of:

• 37 milliseconds (average order execution speed)
• 11.06 milliseconds (fastest order execution speed)

While FxPro is not a true ECN forex broker, it runs a No Dealing Desk execution model (NDD). FxPro’s NDD model gives South African traders the chance to execute their orders without any human intervention. The no dealing desk forex brokers have the advantage of offering direct market access and a transparent way to trade. Our team of industry experts has assessed FxPro’s order execution policy and found the following advantages:

• 12.81% of client orders received positive slippage
• 98.60% of client orders received no requotes
• Collocated servers (Equinix LD5 data centre and AM4 in Amsterdam)

Limited Range of Markets

South African traders will have restricted access to the available financial markets. The range of markets available on the cTrader platform includes 4 asset classes:

• Forex currency pairs (70 pairs)
• Metal Trading (7 pairs)
• Stock indices (24 instruments)
• Commodities (3 energies)

Compared to other South African forex brokers, FxPro has a poor selection of financial instruments. The cTrader platform can only give traders access to a total of 104 instruments. However, trading CFDs on shares and futures can be accessed via the FxPro MetaTrader 4 terminal.

Final Words – About the Best cTrader Forex Broker

The award-winning cTrader trading platform offered by FxPro can be downloaded as a Desktop or MAC application. Additionally, SA traders can have direct access to the cTrader account directly from your browser via the cTrader Web Platform. On-the-go trading is also available via mobile trading (iOS and Android). If you’re a high volume trader, the FxPro cTrader platform can be a good fit for your needs.

Open a demo account >>Visit FxPro >>

HotForex – Best South African Rand (ZAR Account)

Our team of investing professionals included forex brokers that support ZAR Forex accounts and allows South African traders the comfort to fund their retail investor accounts using the local currency Rand. The forex trading accounts denominated in South African Rand are the ideal solution for traders who actively trade the ZAR crosses. Not many forex brokers can be proud to offer clients to open ZAR trading accounts. However, HotForex was able to score the highest amount of points on our star scoring system and was awarded the best ZAR account due to the following 3 reasons:

1. Multiple trading account types (5 retail investor accounts)
2. 11 funding methods
3. Maximum leverage of 1000:1

If you want to study the full list of South African forex brokers with ZAR accounts, please check out: Top 5 Forex Broker ZAR Accounts.

HotForex Account Types

South African traders that prefer forex trading via trading accounts that are denominated in ZAR have a plethora of options to satisfy their needs if they opt for opening a live trading account with HotForex. No matter of the trading strategy used and level of risk with HotForex, clients can open a maximum of 5 live accounts and additional 3 demo accounts.

In the table below, our team of experts assessed the main features that come with each different account type.

Note* HotForex Zero Spread Account type comes with raw spreads and 0 markups, but it charges the following commission structure:

• $6 round turn commission on major currency pairs
• $8 round turn commission on minor currency pairs

HotForex Deposit Methods

HotForex offers a wide range of deposit and withdrawal methods catering to the needs of a wide base of clients. The minimum deposit to fund the most basic HotForex account is $50 or equivalent in South African Rand. Opening a live trading account with HotForex is simple and straight forward. Check out below the available payment methods via HotForex:

• Bank wire transfers
• Credit cards and debit cards (Visa, Mastercard, and Maestro)
• Electronic Wallets (Neteller, Skrill, and TrustPay)

Note* the only negative point scored by HF Markets is that it doesn’t support PayPal the world’s largest online payment portal.

HotForex 1000:1 Leverage on Forex Trading

South African residents can speculate on the exchange rates with a maximum leverage of 1000:1 on a total of 49 currency pairs, including:

• 15 major currency pairs
• 34 minor currency pairs
• 4 ZAR crosses (USDZAR, EURZAR, GBPZAR and ZARJPY)

Compared to other forex brokers, only Pepperstone, IC Markets and FxPro can boost decent forex leverage of 500:1. For a full comparison of the leverage offerings among South African forex brokers please study the table below.

Final Words – Best Broker with ZAR Account

Like all the best forex brokers operating in South Africa, HotForex abides by the standards imposed by the FSCA and other tier-one financial institutions (CySEC, FCA, DFSA and FSA). Client funds are secured and held in segregated accounts. With HF Markets enforces the negative balance protection policy, which means that SA traders can’t lose more than their account balance. Additionally, HotForex offers free account funding with zero deposit fees and fast transaction times.

eToro – Best South Africa Broker for Social Trading

Used by millions of traders worldwide, eToro is the world’s largest social trading broker that is favoured among South African residents due to its copy trading feature. Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:

• Copy-trading on multiple assets all from one proprietary trading platform
• A diverse range of trading strategies, portfolios and trade signals to follow
• Low minimum deposit requirements of $200
• CopyPortfolios a unique premium feature designed for sophisticated investors

Note* the minimum deposit required to invest in CopyPortfolio is higher. SA traders need to put down $5,000 to access eToro’s premium products.  

73% Success Rate on Copied Trades

Based on the data compiled since inception and ended in January 2018, eToro generates 73% success rate on over 124 million copied trades. In other words, 73% of the 124 million trades copied on the social trading platform closed in profit. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.

eToro Investors can Earn 2% Annual Fees

eToro Popular Investor program is dedicated towards the skilled traders that have a profitable trading strategy and want to earn an additional income. If you become a Popular Investor on eToro copy trading platforms you can earn up to 2% in annual fees.

For example, if the total funds under management (funds that follow you) are $1 million, you’ll earn an additional $20,000 regardless of your success rate.

Note* The 2% annual fee is credited to your eToro account every month (by the 10^th of the month) and the funds will be available for withdrawal right away.

The eToro’s Popular Investor program is structured into 4 levels (Cadet, Rising Star, Champion and Elite) that come with their own requirements and different levels of assets under management. In conclusion, the more assets under management you manage to attract, the bigger your payment will be. The table below will highlight the 4 levels of the Popular Investor program.

Final Words – eToro Best South African Copy Trading Network

Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income. The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:

• Australian Securities and Investments Commission (ASIC) holding AFSL number 491139
• In the US, eToro USA LLC is registered with FinCEN as a Money Services Business (on the downside it doesn’t hold a CFTC license)
• Cyprus Securities and Exchange Commission (CySEC) holding license number 109/10
• Financial Conduct Authority (FCA) holding registration number 7973792
• On the downside, eToro is not regulated by the FSCA formerly known as the FSB

Note* while your funds are safe and secure, eToro will charge you a withdrawal fee of $25. The second negative point is eToro’s high spreads (typical EUR/USD spread of 3 pips and USD/ZAR spread of 50 pips) and the high overnight rollover fees.

Open a demo account >>Visit eToro >>

Plus500 – Best For South African Beginner Traders

Compare Forex Broker’s top pick for the best South African forex broker that caters to beginner traders is Plus500. Plus500 is a leading CFD provider that has its financial services exclusively dedicated to the beginner traders. For South African traders, the best forex brokers for beginners must come with some advantages that are part of the broker’s offerings. Below, our team of experts will list some of the essential features that make Plus500 loved by beginners:

• Dedicated round the clock customer support service 24/7 (including over the weekend support access)
• Easy-to-use CFD trading platform (web-based intuitive interface)
• State of the art social trading network
• Zero commission trading
• Forex educational webinars for beginners
• ZAR trading account (comes with convenient payment methods including debit cards and credit cards, bank transfer, PayPal and Skrill)
• Risk management tools to minimize risk (guaranteed stop loss). The disadvantage is that the guaranteed SL comes with an additional extra cost in the form of an additional spread charged and it’s only available to certain instruments.

Note* On the negative side, Plus500 doesn’t offer its clients access to a desktop trading platform. Plus500 offers a WebTrader platform and mobile trading via CFD trading apps (iOS and Android).

+2000 Financial Instruments

The Plus500 trading platform offers access to the most traded markets in the world, including shares, indices, Forex, commodities, options, ETFs and cryptocurrencies. Compared to other forex brokers, Plus500 has a wide range of asset classes, but IG Markets and CMC Markets can offer their clients more markets and subsequently more trading opportunities.

Due to the zero-commission policy, Plus500 is not able to offer low spreads. For example, the EUR/USD spread offered by Plus500 is 0.6 pips and the USD/ZAR spread is 85 pips.

Our team of industry experts conducted a deep review of South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below.

Final Words – Best Forex Broker for Beginners

Plus500 holds an Authorized Financial Services Provider licence with the Financial Service Board of South Africa. The global CFD Provider is suitable for all investors with strengths in customer service and easy to use Forex trading platform and a range of markets from Shares, Indices, Cryptocurrencies and Forex with an assortment of currency pairs. Plus 500 is also regulated by financial institutions including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Insurance and Investment Corporation (ASIC).  Read more…

Open a demo account >>Visit Plus500 >>

FXCM – Best No Commission Forex Broker Account

Based on our proprietary star scoring system, FXCM is the best forex broker offering no commission on FX trading. South African residents can enjoy trading on the foreign exchange market with a proprietary trading platform, spreads as low as 1.2 pips on EUR/USD and 57.6 pips on USD/ZAR and leverage as high as 400:1 (and 200:1 for CFD trading).  The average spreads are calculated from October 1, 2019 – December 31, 2019.

Note* The default forex leverage is 400:1 but for deposits over $20,000 the leverage will be limited to 100:1.

Another aspect which makes FXCM offerings of financial services so attractive is their exclusive bonuses and promotions. Currently, SA traders can enjoy the following bonuses for forex trading:

• Forex welcome bonus of $20 (or Rand 300) available until June 30, 2020
• Forex affiliate program (you can get additional $20 when you refer friends and family to FXCM)
• FXCM Africa monthly trading contest (the winner can get $500 cash prize)

Note* SA traders need to make a minimum deposit of $50 (or Rand 749) to be eligible for FXCM’s bonuses and promotions.

FXCM Range of Trading Platforms

In terms of forex trading platform options, FXCM offers three featured trading platforms:

• MetaTrader 4 (MT4) – the world’s most popular trading platform
• Trading Station – FXCM’s proprietary trading platform
• NinjaTrader – dedicated to developing automated trading strategies via Strategy Builder feature

Note* Additionally to the main trading platforms, FXCM offers third-party platforms that can be fully blended with FXCM’s financial services. There are a total of 7 third-party trading platforms, including QuantConnect, MotiveWave, AgenaTrader, Sierra Chart, SeerTrading, NeuroShell Trader and StrategyQuant.

Each of FXCM’s trading platforms has unique trading features and providing market access for all types of traders. Regardless, of your preferred trading platform, FXCM can boost the following advantages:

• 67.37% of client orders got executed with no slippage
• 22.00% of client orders received positive slippage
• 17 milliseconds average execution speed
• 98.84% better Forex pricing compared to the interbank pricings

Final Words – Best Forex Broker with No Commission

Overall, FXCM has the best no commission forex trading accounts dedicated to South African traders. Pepperstone came in second place in the same category. One thing to mention is that the FXCM trading accounts offer variable spreads plus mark-up pricing. The zero-commission trading feature couple with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission.

Note* FXCM took some extra negative points due to its lack of diversity when it comes to the available currency pairs for trading. In total, FXCM offers only 39 forex currency pairs (major, minor and exotic pairs).

Open a demo account >>Visit FXCM >>

AvaTrade – Best Fixed Spread CFD Broker

Compare Forex Broker’s top pick for the best CFD broker with the lowest spreads is international broker AvaTrade. Regulated across five continents, including on the African continent by the local watchdog FSCA, AvaTrade gives SA traders access to over 784 financial instruments, including:

• Forex currency pairs (55+ major, minor and exotic pairs). Competitive spreads starting from 0.9 pips on EUR/USD and 85 pips on USD/ZAR.
• CFDs on global stocks (627 individual stocks like Amazon, Facebook or Google). The CFD stock spread starts from 0.13%.
• CFDs on commodities (17 soft and hard commodities, including metals). Gold spread starts from $0.34 and WTI Oil spread of $0.03.
• CFDs on indices (20 global indices). The spread on the DJ30 is 3.00 points and MSCI spread is 0.10 points.
• CFDs on FX Options (44 FX options contracts)
• ETFs (5 ETF contracts). The spread are as low as 0.13%
• Bonds (2 bond contracts)
• CFDs on cryptocurrency (14 digital coins). The bitcoin spread is 0.5% over-market.

It’s important to note that AvaTrade offers different levels of leverage conditions as follows:

• Gold leverage is 20:1 and the rest of commodities is 10:1
• Stock leverage of 5:1
• Indices leverage 10:1 (and 20:1 on the most traded indices)
• Cryptocurrency leverage of 2:1

AvaTrade has access to a deep pool of liquidity providers which promises CFD trading with competitive spreads. AvaTrade ZA also has numerous trading platforms, including the iconic MT4 and MT5 platforms, a browser-based trading platform and proprietary trading platforms AvaTradeGO and AvaOptions. Across all trading platforms, AvaTrade offers fixed spreads.

Final Words – Low Fixed Spread CFD Broker

Like Plus500, AvaTrade is a global Forex broker that also has a SA subsidiary (Ava Capital Markets Pty) meaning it is regulated by the South African Financial Services Board. They have over 200,000 Forex traders using the fx broker and have won the ‘best customer service award’ in past years. They offer a web trader, MT4, MT5 or the proprietary platform AvaTrade Go as a mobile trading app.