Best Forex Brokers In South Africa 2022

AvaTrade – Best Fixed Spread CFD Broker

Compare Forex Broker’s top pick for the best CFD broker with the lowest fixed 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 1250 financial instruments, including:

• Forex currency pairs (55+ major, minor and exotic pairs). Competitive spreads start from 0.9 pips on EUR/USD and 85 pips on USD/ZAR.
• CFDs on global stocks (625 individual stocks like Amazon, Facebook or Google). The CFD stock spread starts from 0.13%.
• CFDs on commodities (30 soft and hard commodities, including metals). Gold spread starts from $0.34 and WTI Oil spread of $0.03.
• CFDs on indices (33 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 (59 ETF contracts). The spread is as low as 0.13%
• Bonds (2 bond contracts)
• CFDs on cryptocurrency (15 digital coins and one crypto index). The bitcoin spread is 0.5% over-market.

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

• Forex Pairs leverage is up to 400:1 (0.25% margin) and 100:1 for FX options
• Gold leverage is 400:1, oil is 100:1, silver and other metals 50:1. Soft commodities are 33:1 or 50:1
• Stock leverage of 10:1
• Indices leverage 200:1 for major and 100:1 for minor indices
• ETF  leverage of 20:1
• Bonds leverage 20:1
• Cryptocurrency leverage of 25:1 for bitcoin and 20:1 for other major cryptos. 10:1 or 5:1 for minor and exotic cryptocs

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

Fixed Spread Forex Trading Broker

AvaTrade offers competitive fixed spreads across its range of financial instruments. Unlike variable spreads, fixed spreads remain constant and aren’t affected by the changes in the market conditions. This type of spread is perfect for new traders that are looking to get into trading and don’t understand variable spreads just yet. However, it’s important to note that AvaTrade fix spreads are over the market. This means that the spread will fluctuate as per the market price, and they stop moving once the position is open.

Below you can overview the fix spreads offered by AvaTrade under normal trading conditions on some of the most traded currency pairs:

Fixed Spreads	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY GBP/USD AUD/JPY USD/JPY USD/CAD USD/SGD
	0.90	1.10	1.50	1.80	1.50
	0.70	1.20	2.00	1.50	1.80
	1.69	N/A	1.87	2.07	2.00
	1.60	1.90	1.70	2.40	2.10
	1.50	1.80	2.00	2.00	2.00
	3.00	3.00	3.00	3.00	3.00
	4.00	4.00	3.00	5.00	5.00
	3.00	4.00	4.00	6.00	4.00

Data taken from broker website. Accurate as at 01/05/2022

AvaTrade may offer spreads as a percentage of the position for some CFD instruments as follows:

• CFD stock spreads as low as 0.13%
• CFD commodity spreads as low as 0.03 points
• CFD index spread as low as 0.25 over-market
• CFD FX Options spread as low as 0.9 points
• CFD ETF spread as low as 0.13%
• CFD Bonds spread as low as 0.03 over-market
• CFD cryptocurrencies spread as low as 0.35% over-market

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.

View AvaTrade Review >>Visit AvaTrade >>

Pepperstone Has The Best Spreads For Trading

The fastest-growing broker worldwide is Pepperstone based on their:

• Low average spreads
• Low commissions from $3.50 ($7 round turn)
• Fastest execution speeds
• No fees on deposits and withdrawals
• Award-winning customer service

Pepperstone is regulated by Australia’s Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, as well as in Kenya (CMA), Germany (BaFin), Europe (CySEC), Dubai (DFSA) and the Bahamas (SCB). Below are the five key reasons why Pepperstone is recommended for those considering the MT4, which is the most used forex trading platform worldwide.

1) Average Spreads Offered By Pepperstone

Pepperstone has a razor online trading account offering spreads similar to a true ECN broker with EUR/USD spreads from 0.0 pips. Below compared 2022 average spreads of leading brokers offering ECN broker spreads, with Pepperstone having the lowest across major currency pairs. These major currency pair spreads include 0.13 for the EURO/US Dollar, 0.14 for the Australian Dollar / US Dollar, 0.22 for the Euro/Japanese Yen, 0.41 for the Euro/British Pound, 0.44 for the Pound/US Dollar.

Pepperstone Spread Comparison	AUD/USD EUR/JPY USD/JPY USD/CAD EUR/USD AUD/JPY EUR/GBP GBP/USD USD/SGD	AUD/USD EUR/JPY USD/JPY USD/CAD EUR/USD AUD/JPY EUR/GBP GBP/USD USD/SGD	AUD/USD EUR/JPY USD/JPY USD/CAD EUR/USD AUD/JPY EUR/GBP GBP/USD USD/SGD	AUD/USD EUR/JPY USD/JPY USD/CAD EUR/USD AUD/JPY EUR/GBP GBP/USD USD/SGD	AUD/USD EUR/JPY USD/JPY USD/CAD EUR/USD AUD/JPY EUR/GBP GBP/USD USD/SGD
	0.24	0.43	0.26	0.47	0.17
	0.17	0.30	0.14	0.25	0.02
	0.30	0.50	0.30	0.40	0.20
	0.20	n/a	0.20	0.30	0.20
	0.42	0.30	0.20	0.83	0.44
	0.30	0.68	0.24	N/A	0.17
	0.40	0.70	0.30	0.70	0.20
	0.50	0.80	0.30	1.10	0.10
	0.50	0.40	n/a	0.30	n/a
	1.11	0.75	0.48	1.21	0.33

Data taken from broker website. Accurate as at 01/05/2022

You can compare view more MetaTrader 4 Pepperstone spreads on our full comparison page.

Compare MT4 Spreads >>

2) FX Trading Commission

Pepperstone offers two main account types, standard and razor. The Razor online trading account is the most popular. The razor account also charges a commission of $3.50 AUD per lot when the Australian Dollar online trading account currency is chosen. There are other rates as shown below with options from the British Pound (GBP), US Dollar (USD) or Euro (EUR) base currency are chosen. It should be noted that, like most global CFD brokers, there is no ZAR account option.

There are also further commission discounts (rebates) available for active traders with three tires:

• Tier 1 = 100 lots = 10% rebate
• Tier 2 = 200-500 lots = 15% rebate
• Tier 3 = 500+ lots = Negotiable

The result of low spread and commissions is the overall lowest costs as shown by the live calculator below.

Calculate Your Trading Costs Below

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3) Range Of Currency Pairs And CFDs

Pepperstone offer over 60 currency pairs from the majors such as EUR/USD to minors, including ZAR/USD. Besides currency pairs, there is the ability of trading CFDs including:

• Cryptocurrencies (Bitcoin, Litecoin, Bitcoin Cash, Dash and Ethereum) with no commissions
• Share CFDs (Over 60 high-quality stocks) with commissions from USD $0.02 per share
• Index CFDs (Across 14 major markets) with spreads from 0.4 pips
• Commodities (Metals, Soft Commodities, Energy) with spreads from 10 cents per pip

4) Low Minimum Deposit

Pepperstone has one of the lowest minimum deposit requirements of AUD $200. The fx broker also offers fee-free funding methods from Debit Card, Credit Card, Direct Transfers, Paypal to Skrill.

5) Awards Winning Customer Support

Over the past decades, Pepperstone has won multiple awards for its customer service. This includes the Investment Trends customer support award, Professional Traders client relationship manager service award and the Global Forex best forex trading support award. The CFD provider offers South African traders a 24/5 live chat, contact centre (phone) and e-mail customer support. Active traders also are provided with an account manager to tailor the support given for their needs. Read more…

Summary Of Why We Chose Pepperstone For South African Traders

Pepperstone’s low brokerage (spreads/fees), choice of forex trading platform and support are the three pillars making them the best broker. With a strong reputation worldwide and top-tier regulation, they are the ideal choice for South African forex traders.

View Pepperstone Review >>Visit Pepperstone >>

FXTM Has The Highest Leverage For South African Traders

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

• In South Africa from the Financial Sector Conduct Authority (FSCA) with FSP license No. 46614.

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 Forex Trading Accounts

ForexTime offers South African FX traders the choice to use MetaTrader 4 or MetaTrader 5 across three different account types. The diverse selection of trading accounts allows FX traders to opt for an account that suits their trading requirements. Unfortunately, FXTm does charge an inactivity fee if you don’t trade with your account after 6 months of $5 per month. Without further ado, SA traders can open three 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 and mobile trading (iPhone and Android). 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 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 Nov 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% (Nov 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.

View FXTM Review >>Visit FXTM>>

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. This FSB (FSCA) regulated broker offers MetaTrader 4, MetaTrader 5 and the cTrader forex trading platforms.

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 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 with no 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 re-quotes
• 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. 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.

View FxPro Review >>Visit FxPro >>

*Your capital is at risk ‘75.18% of retail CFD accounts lose money’

Plus500 – Best For South African Beginner Traders

Compare Forex Broker’s top pick for the best South African CFD provider is Plus500. Plus500 is a leading CFD provider that offers a 2000+ range of financial instruments. Below, our team of experts list some of the essential features that make Plus500 so great:

• Trade wide range of CFD markets including 67+ indices, 60+ Forex current pairs, 17+ commodities, 10 cryptocurrencies, 1816+ shares, options and ETFs.
• Easy-to-use CFD trading platform (web-based intuitive interface)
• Dedicated round-the-clock customer support service 24/7 (including over the weekend support access)
• 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 as an additional spread charge, 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).

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.

Because of the zero-commission policy, Plus500 cannot 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 deep reviewed South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below.

Final Words – Our Best Forex CFD Provider For CFD Services

Plus500 holds an Authorized Financial Service provider licence with the Financial Services 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.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

HotForex – Best Deposit Bonus Offer

HotForex is the best broker for those looking for a deposit bonus with:

1. 100% supercharged forex bonus offers
2. Multiple trading account types (5 retail investor accounts)
3. 11 funding methods
4. Maximum leverage of 1000:1
5. The choice of MetaTrader 4 or MetaTrader 5

HotForex Deposit Bonus

HotForex offers the best bonuses for South African traders. There are three offers in 2021 including the supercharged bonus which is available for the Premium and Islamic account only. HotForex will match the account deposit to a maximum determined amount.

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 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 key 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 straightforward. Check out below the 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 1,000:1 Leverage on Forex Trading

South African residents can speculate on the exchange rates with a maximum leverage of 2000:1 on 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

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, FSA). Client funds are secured and held in segregated accounts. HF Markets enforces the negative balance protection policy, so SA traders can’t lose more than their account balance. HotForex offers free account funding with zero deposit fees and fast transaction times.

Open a demo account >>Visit HotForex >>

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 Nov 1, 2019 – Nov 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 that 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) is available until Dec 30, 2021
• Forex affiliate program (you can get an additional $20 when you refer friends and family to FXCM)
• FXCM Africa monthly trading contest (the winner can get a $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: to the main trading platforms, FXCM offers third-party platforms that can be fully blended with FXCM’s financial services. There are 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 provides market access for many traders. Regardless of your preferred trading platform, FXCM can boost the following advantages*:

• 59.92% of client orders got executed with no slippage
• 28.48% of client orders received positive slippage
• 26 milliseconds average execution speed
• 98.84% better Forex pricing compared to the interbank pricing

As per the Nov 2020 Slippage Statistic Report

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 coupled with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission.

Compare Forex Brokers noted FXCM lack diversity for the currency pairs for trading. FXCM offers only 39 forex currency pairs (major, minor and exotic pairs). Some traders may consider this a negative.

*FXCM receives compensation for their spread only products by adding a mark-up to the spreads that have been provided from liquidity providers and in some circumstances, adding a mark-up to rollover etc. Commissions will apply to Active Trader account types.

View FXCM Review >>Visit FXCM >>

*Your capital is at risk ‘67% of retail CFD accounts lose money’

ThinkMarkets – Best No Deposit FSCA Forex Account

ThinkMarkets has ranked as the best forex broker with no minimum deposit requirements that offer FX and CFD trading. This South African-based forex broker has only recently opened up (May 2019) its business in the African continent. The legal entity under which ThinkMarkets offers its financial services to South African traders is TF Global Markets (South Africa) (Pty) Ltd. ThinkMarkets is regulated by the local financial watchdog Financial Sector Conduct Authority (FSCA) and is an Authorized Financial Services provider with FSP No 49835.

Offering financial services to forex traders in South Africa has become extremely competitive for brokerage trading firms. However, ThinkMarkets has managed in a relatively short time to make a name for oneself.

Below, our team of experts will outline the major factors that weighted the most into our proprietary scoring system.

5 Types Of Trading Forex Accounts

ThinkMarkets offer a variety of trading account types suitable for many traders. Setting up an account with this FSCA regulated FX broker requires no initial deposits (exception is the ThinkZero account). The forex accounts offered by ThinkMarkets are listed below:

• Standard account offers average spreads of 1.2 pips and access to 3 different trading platforms (ThinkTrader, MetaTrader 4 and MetaTrader 5)
• ThinkZero account offers raw spreads +$3.5 commission per 1 standard lot (requires a minimum operating balance of $500)
• Islamic accounts come with swap-free charges. However, ThinkMarkets charges a weekly administrative fee of $5 for major pairs and $10 for minor pairs for trades that are held for more than 7 days.
• Demo account gives access to over 1200 tradable instruments (Forex and CFDs on shares, indices, commodities, cryptocurrencies and metals)
• Joint Account which can be owned by two account holders

See below a quick comparison between the two most popular ThinkMarkets accounts:

Note* The maximum leverage offered by ThinkMarkets is 500:1 if you qualify as a professional trader. Retail traders can only get maximum leverage of 30:1.

$1 Million Insurance Protection

South African traders can safely deposit money with ThinkMarkets. The additional $1 million client fund insurance offered by ThinkMarkets aims to safeguard your fund in an unlikely event of insolvency. Forex insurance coverage has the following advantages:

• Transparent protection with no additional fees
• Market-leading fund protection with segregated forex accounts
• Top-tier insurance partner (Lloyd’s of London)

Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:

• Bank wire and bank transfers (international bank wire transfer costs $25)
• Credit and debit cards (Visa and MasterCard)
• Visa Checkout
• Sid Secure EFT
• Masterpass
• Payment Asia / UnionPay
• Skrill
• Zotapay Africa
• PayPal

Note* ThinkMarkets clients can manage the deposits and withdrawals through the secure client area ThinkPortal. SA traders can fund their accounts using the most popular currencies (ZAR, USD, EUR, CHF, GBP, JPY, AUD and more).

Final Words – Best SA Broker With No Deposit Requirement

Overall, ThinkMarkets is among the best South African Forex brokers because of their no minimum deposit requirements, a wide range of payment methods, and fund protection. Following our extensive review process, we concluded that it’s safe to trade with ThinkMarkets.

View ThinkMarkets Review >>Visit ThinkMarkets >>

*Your capital is at risk ‘71.89% of retail CFD accounts lose money’

IG – Lowest Forex Trading Standard Spreads

IG.com ranks as the lowest spread forex broker in South Africa for the standard account. Established in the UK in 1974, IG is the world’s biggest CFD provider. IG Markets South Africa Limited is part of IG Group Holdings Plc and regulated by the Financial Sector Conduct Authority (FSCA) FSP No. 41393. We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:

• The average spread of 0.75 pips on EUR/USD
• Access to +17,000 global markets through CFD contracts
• Direct Market Access (DMA)
• ProRealTime charting software and trading platform for only Rand 300 per month
• Stockbroking services with over 12,000 global shares like Facebook, Apple, Alphabet, etc.
• First-class customer support
• Fund protection through segregated accounts at tier-one banks and negative balance protection
• Fast average order execution speed of 14 milliseconds

Discover below the CFD spreads charged by IG South Africa.

Competitive Standard Spreads

At IG, the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa. IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG’s average trade spreads can go as low as:

• 0.75 pips on EUR/USD
• 1 point on FTSE 100
• 0.3 points minimum spread on spot Gold
• $40 minimum spread on Bitcoin

Note* IG charges the spreads across all its markets except for share trading which is commission-based (USD 25 on the US share trading).

The typical average standard spreads for the most traded currency pairs can be studied below:

The IG’s order management software comes with the following advantages:

• No re-quotes – less than 0.36% (according to data compiled through Nov 2019) of trading orders are rejected because of liquidity constraints
• Price improved technology ensures positive slippage – over 183,000 orders received positive slippage (according to data compiled through Nov 2019)
• Good for handling large order trading sizes
• A high rate of 98.3% order fill

Final Words – IG Lowest Spread Forex Broker In South Africa

Our FX expertise revealed that IG has the lowest forex trading standard spreads among South African FX brokers. IG forex spreads oscillate under the market liquidity, while CFD spreads remain unchanged excluding stock spreads. South African residents can open a live trading account with IG with a minimum deposit of Rand 4,000.

View IG Markets Review >>Visit IG Markets >>

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 because of its copy trading feature. Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system because of the following reasons:

• Copy-trading on multiple assets, all from one proprietary trading platform
• The platform is available as a mobile app on devices for IOS and Andriod
• A diverse range of trading strategies, portfolios and trade signals to follow
• Low minimum deposit requirements of $200
• CopyPortfolios is 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 Nov 2018, eToro generates a 73% success rate on over 124 million copied trades. 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 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 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 because of its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit can use the 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.

*Your capital is at risk ‘68% of retail CFD accounts lose money’

Markets.com Is The Best Broker Overall In South Africa To Trade Forex

Established in 2008, Markets.com is an FSCA regulated dealing desk broker. Markets.com offers clients commission-free trading for CFDs such as forex, commodities and indices on the Marketsx accounts. One of the key features that differentiate Markets.com from its competitors is the range of trading tools on their Marketsx trading platforms.

Some of the key features of Markets.com include:

• No commission trading for CFDs (except when share dealing)
• A low minimum deposit of $250 to start trading
• Choice of Marketsx, MetaTrader 4 and MetaTrader 5 trading platforms
• Large range of unique trading tools built into the Marketsx trading platforms
• No deposit or withdrawal fees
• Guaranteed negative balance protection
• Leverage of 1:300 for forex

Markets.com Trading Account Types

Marketsx For CFD Trading

The Marketsx account is a standard account, meaning there are no commission charges as the trading fees are included in the spreads. With this account you can access all CFDs Markets.com offers including:

• 3312 Shares
• 120 Forex Pairs
• 36 Commodities
• 50 Indices
• 77 ETFs
• 4 Bonds
• 7 Cryptos
• 23 Asset blends (baskets) such as sectors and events

Using this account gives you access to Markets.com proprietary trading multi-asset trading platform Marketsx. Using this platform means you will get access to Marketsx comprehensive range of powerful fundamental, technical, and sentiment-based trading tools when trading CFDs.

Besides the default Marketsx trading platform, you will also have the option to trade using the MetaTrader 4 and MetaTrader 5 platforms. Using MetaTrader trading platforms offers several key benefits:

• The world’s most popular trading platforms
• Large range of trading tools including 30+ technical indicators and analytical objects, 9 to 21-time frames and 4+ pending orders
• Expert Advisors (EAs) that allow for algorithmic trading and trading automation
• Access to a range of compatible apps and signals in the MetaTrader marketplace
• Exclusive MetaTrader features such as interface customization and trading data and history

CFD Trading Tools

Markets.com offers some of the best and innovative CFD trading tools available. With a strong range of market sentiment, technical, and fundamental tools built into the markets and market trading platform, Markets.com can offer a distinct point of difference to their competitors.

Sentiment Trading Tools

Sentiment tools measure market sentiment to provide you with an overall sign of how traders feel about a particular asset. Sentiment tools include:

1. Bloggers Opinions – insights compiled from 50,000 financial blogs to help you make better trading decisions
2. Hedge Funds Investment Confidence – monitors buying and selling data of stock hedge funds so you can what stocks fund managers are buying
3. Insider Trades – Insiders having skin in the game can show confidence in the company. Find out which insiders are buying from over 36,000 companies.
4. Trading Analyst Recommendations – Find out what top wall streets analysis are saying about US stocks
5. Trends In Trading – Find out the trends in what Markets.com clients are trading
6. Acuity News Alerts – Find out all the news that may affect your trades
7. Acuity News Trading Sentiment – find out how your stocks are valued in the news by sectors averages
8. Signals – Tools to bring you the best signals for key assets without needing to use graphs

Technical

Technical tools help you make trading decisions with post-market data and mathematical models.

1. Related Instruments – Helps you diversify your portfolio by suggesting related assets to use for hedging
2. Advanced Charting – Provides charts such as indicators and oscillators to help you analyse trades and assets

Fundamental

Fundamental tools explore the macro-economic and micro-economic factors that are likely to affect your trading decisions.

1. Financial Commentary – real-time information for developments, statements, announcements, updates, and affecting trades.
2. Advanced Alerts – Stay up to date with market movements by sending alerts to your phone, email, or platform.
3. Thomson Reuters Stock Report – A downloadable report with company-specific analysis, including indicators and key data.
4. Dow Jones News On Marketsx – Newsfeed of important global events to help you make informed decisions on your assets

Knowledge Centre

Markets.com also provides a Knowledge Centre to help with your trading education and research, which includes:

• XRay: A personalised live-stream service that provides news, views, and commentary
• Webinars: Free training from expert presenters to improve your understanding
• News: Access to the latest events that may affect market movements, including earnings, reports, and economic updates
• Analysis: In-depth insight into the market and relevant factors affecting it
• FAQs: Detailed answers to questions you may have

Other Features Of Markets.com

Competitive Spreads

Markets.com only offers standard (spread-only) accounts. Spread is slightly higher compared to other STP / ECN brokers. However, there is no commission cost, so this should be kept in mind. The table below summarises the minimum spreads on the most popular of the 57 minor, minor, and exotic currency pairs available through Markets.com.

Execution statistics provided by Markets.com showed that in 2019, an impressive 71.25% of all orders has no slippage, 14.96% received positive slippage, and 13.79% received negative slippage. The transparency of these statistics awarded Markets.com as Europe’s most transparent broker for 2019.

Summary Of Markets.com

Markets.com is a suitable broker for traders in South Africa. Although they perform well across the board, the provision of CFD trading tools including sentiment, technical, and fundamental analysis, is second to none. These tools provide you with greater insight, better decision-making, and more opportunities.

View Markets.com Review >>Visit Markets.com

*Your capital is at risk ‘70% of retail CFD accounts lose money’