Best South African Forex Brokers

Avatrade

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Easy and Fast account opening πŸ”΄ Research tools are a little outdated
βœ”οΈ Free deposit and withdrawal options πŸ”΄ Poor phone support
βœ”οΈ Educational tools are good πŸ”΄ Inactivity fee

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $100
βœ”οΈ Deposit & Withdrawal Fees 🟣 $0
βœ”οΈ Inactivity Fee 🟣 $0
βœ”οΈ Account Fee 🟣 Yes – $50 per quarter after 3 months
of inactivity.
An annual administration fee
of $100 applies after 12 straight
months of non-use
βœ”οΈ Average spread EUR/USD – active 🟣 0.62
βœ”οΈAverage spread EUR/USD – standard 🟣 0.92
βœ”οΈ VIP or active trader discounts 🟣 Yes
βœ”οΈ Commissions 🟣 No – Compensated
through bid-ask spread

Hotforex

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Low deposit requirement for new traders with Micro accounts πŸ”΄ Limited range of instruments
βœ”οΈ Lots of premium trader tools available πŸ”΄ Account opening not the easiest
βœ”οΈ Good customer support πŸ”΄ US clients not accepted

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum Initial deposit to start trading 🟣 $5
βœ”οΈ Average spread EUR/USD – active 🟣 1.2
βœ”οΈVIP or active trader discounts 🟣 Yes – Rewards Loyalty Programme

FBS

Overall Pros and Cons

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $250
βœ”οΈ Inactivity Fee 🟣 No, account disabled after 90 days of inactivity.
βœ”οΈ Deposit Fee 🟣 $0
βœ”οΈ Withdrawal Fee 🟣 $1
βœ”οΈ Account Fee 🟣 No
βœ”οΈ GBP/USD Spread 🟣 1.3 pips
βœ”οΈ EUR/USD Spread 🟣 0.7 pips
βœ”οΈ EUR/GBP Spread 🟣 2.7 pips
βœ”οΈ Commissions 🟣 Yes

Tickmill

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Competitive pricing πŸ”΄ Limited platform options
βœ”οΈ Well regulated
βœ”οΈ High leverage

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit to start trading 🟣 $100
βœ”οΈ All deposits starting from $5000 🟣 Zero fees policy
βœ”οΈ Inactivity Fee 🟣 $0
βœ”οΈ Deposit & Withdrawal fee 🟣 $0
βœ”οΈ Account fee 🟣 No
βœ”οΈ Classic Account Spreads 🟣 From 1.6 pips
βœ”οΈ Pro Account Spreads 🟣 From 0.0 pips
βœ”οΈ VIP Account Spreads 🟣 From 0.0 pips
βœ”οΈ Commission Classic Account 🟣 0
βœ”οΈ Commission Pro account 🟣 2 units of the base currency per side per lot
βœ”οΈCommission VIP Account 🟣 1 unit of the base currency per side per lot

EXNESS

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Regulated by both CySEC and FCA πŸ”΄ No multi-currency accounts available
βœ”οΈ Client funds kept in segregated accounts
βœ”οΈ Dealing-Desk Broker
βœ”οΈ Tight spreads
βœ”οΈ 130+ Currency Pairs with Multiple Trading Platforms

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $1
βœ”οΈ Inactivity Fee 🟣 No
βœ”οΈ Deposit & Withdrawal fee 🟣 $0
βœ”οΈ Account Fee 🟣 No
βœ”οΈ GBP/USD Spread 🟣 1.4 pips
βœ”οΈ EUR/USD Spread 🟣 1.3 pips
βœ”οΈ EUR/GBP Spread 🟣 2.1 pips
βœ”οΈ Commissions 🟣 $0 on Standard & Pro Account;
Up to $3.5 on Raw Account;
From $3.5 on Zero Account

BDSwiss

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Strictly regulated and authorized by three entities πŸ”΄ Not an extensive selection of cryptocurrencies
βœ”οΈ Reliable trading conditions πŸ”΄ US and Canadian clients not allowed
βœ”οΈ A variety of financial instruments that can be traded
βœ”οΈ A few trading platforms to choose from
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Fees and Commissions

 

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $/€/Β£ 100
βœ”οΈ Inactivity Fee 🟣 Yes, when account has been inactive for 90 days
βœ”οΈ Deposit & Withdrawal fees 🟣 No charge on credit card transactions;
Fixed fee of €10 for withdrawals equal to or less than €20
Fixed fee of €10 for bank wire withdrawals equal to or less than €100
βœ”οΈ Overnight fees 🟣 Yes, not applicable to Islamic/Swap free accounts.
βœ”οΈ Account Fee 🟣 Dormant account fees after 6 months of non-use
βœ”οΈ GBP/USD Spread 🟣 1.7 pips
βœ”οΈ EUR/USD Spread 🟣 1.2 pips
βœ”οΈ EUR/GBP Spread 🟣 1.3 pips
βœ”οΈ Commissions 🟣 Yes, 0.1% charged for stock CFD trades & when a trade
roll over to the next day

IC Markets

Overall Pros and Cons

βœ”οΈPros ❌Cons
Low fees on Forex No investor protection
Account opening is fast and hassle free No protection on negative balance
Deposit and withdrawals are free of charge Lack of research tools
Selection of sophisticated trading platforms
Safe, secure and regulated
Variety of educational resources

 

Fees and Commisions

πŸ“ Regulation ASIC
πŸ’΅ Minimum Deposit from $200
πŸ“ˆ Average Spread from 0.0 Pips
πŸ’³ Commissions from $3
πŸ” Deposit/Withdrawal Fees ❌ No
βž• Maximum Leverage 1:500
πŸ“Œ Bonuses ❌ No
πŸš€ Open an Account

FP Markets

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Forex fees are low πŸ”΄ Stock CFD fees are high
βœ”οΈ Accounts can be opened fast and easy πŸ”΄ Product portfolio are somewhat limited
βœ”οΈ Deposit and withdrawal processes are quickly executed πŸ”΄ Web and desktop platform is somewhat outdated
βœ”οΈ Segregated accounts and annual reports
βœ”οΈ Clients are assured about the services of a broker that complies with the most stringent regulations for investor protection.
βœ”οΈ FP Markets offers consistently tighter spreads from 0.0 pips
βœ”οΈ There is no price manipulation, no dealing desk, and no re-quotes.
βœ”οΈ Offering 24/5 Multi-lingual support
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Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $100
βœ”οΈ Inactivity Fee 🟣 No
βœ”οΈ Deposit fees 🟣 No
βœ”οΈ Withdrawal fees 🟣 A$10 for international bank wire
$18 for Online Pay
1,000 VND + 1% for Ngan Luong
A$25 for international broker to broker transfers
Neteller – 2%
Skrill – 1%
FasaPay – 0.5%
PayTrust – 1.5%
Paypal – 2% (if using IRESS)
βœ”οΈ Overnight fees 🟣 Yes, swap rates
βœ”οΈ GBP/USD Spread 🟣 0.49 pips
βœ”οΈ EUR/USD Spread 🟣 0.09 pips
βœ”οΈ EUR/GBP Spread 🟣 0.61 pips
βœ”οΈ Commissions 🟣 1-25K – 0.10% with a $10 minimum
25K – 50K – 0.09% with a $9 minimum
50K plus – 0.08% – with no minimum
This applies for all ASX trading
βœ”οΈ Other fees 🟣 $55 p.m. subscription fee for IRESS Trader/Viewpoint

CM Trading

Overall Pros and Cons

βœ”οΈPros ❌ Cons
Segregated client funds Limited range of instruments
Established in 2011 Not FCA regulated
Min. deposit from $100
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Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum Initial deposit to start trading 🟣 $250
βœ”οΈ Deposit & Withdrawal Fees $0
βœ”οΈ Inactivity Fee 🟣 $15 after 3 month’s of inactivity
βœ”οΈ GBP/USD Spread 🟣 2.6
βœ”οΈ EUR/USD Spread 🟣 1.5
βœ”οΈ EUR/GBP Spread 🟣 2.6
βœ”οΈ Commissions 🟣 No

AXIORY

Overall Pros and Cons

βœ”οΈ Pros πŸ”΄ Cons
βœ”οΈ Corporate and management possibilities πŸ”΄ No multi-currency accounts
βœ”οΈ Demo account πŸ”΄ Regulated by Belize IFSC only
βœ”οΈ Suitable for beginners and professionals πŸ”΄ No product descriptions
βœ”οΈ Segregated accounts and annual reports
βœ”οΈ Bonuses and promotions

 

Fees and Commissions

βœ”οΈ Features 🟣 Prices
βœ”οΈ Minimum initial deposit 🟣 $50
βœ”οΈ Inactivity Fee 🟣 No
βœ”οΈ Deposit & Withdrawal fees 🟣 No
βœ”οΈ Account Fee 🟣 No
βœ”οΈ GBP/USD Spread 🟣 0.5 pips
βœ”οΈ EUR/USD Spread 🟣 0.2 pips
βœ”οΈ EUR/GBP Spread 🟣 0.7 pips
βœ”οΈ Commissions 🟣 Nano account – 6USD/lot;
Standard – Nil
Max – Nil