10 Best Forex Brokers in South Africa that accept Neteller
Overview
Neteller is a popular online payment platform offered by most forex brokers in South Africa. Neteller is a Canadian-based company that has been offering its services since 1999 and it is a globally-recognised payment provider.Neteller is available in all 195 countries worldwide that experiences more than 1 billion United States dollars in trading volumes annually.
Neteller eWallets are easy to open and the following forex brokers accept deposits and withdrawals made via Neteller wallets.
IFX Brokers
Features
Established in 2018, IFX Brokers is a South African broker that quickly became a popular name in the forex and CFD trading industry in the country. IFX Brokers has traders of all experience levels that use its competitive trading conditions and innovative trading technology.
In addition to having a choice between retail investor accounts, tight average spreads, commission-free trading and powerful trading platforms, South African traders can choose from convenient funding methods including crypto wallets, wire transfer, debit cards, credit cards, Neteller, and Skrill.
Pros and Cons
PROS |
Well-established forex broker for beginner traders and professional investors in South Africa |
Regulated by the Financial Sector Conduct Authority (FSCA) in South Africa |
Offers a choice in retail investor accounts |
Provides a range of funding options |
Supports the use of different trading strategies |
Offers educational material and advanced trading tools |
XM Group
Features
XM Group is a multi-regulated online broker and one of the trusted market makers in the forex and CFD trading industry. XM Group has won several industry awards through the years, and it has an impressive customer base of over 2.5 million clients from all countries worldwide.
XM is known for its tight variable spreads, fast execution, low commissions, negative balance protection, and choice in retail trading accounts. Traders are also offered powerful desktop, web, and mobile platforms through which over 1,000 financial instruments can be traded, spread across foreign currencies, precious metals, commodities, and several other asset classes.
Pros and Cons
| PROS |
| Offers a wide range of payment methods |
| Personalized customer service offered in multiple languages |
| Negative balance protection is applied to all retail trading accounts |
| Deposit fees and withdrawal fees are not charged |
| Well-regulated by reputable market regulators and entities |
| Accepts all types of traders despite their trading experience |
CONS |
Inactivity fees are charged on dormant accounts |
US clients are not allowed |
Fixed spread accounts are not offered |
Markets.com
Features
Markets.com is one of the best international forex brokers in South Africa that is well-regulated in each region where it offers its comprehensive trading solutions.
Markets.com is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Financial Sector Conduct Authority (FSCA) in South Africa, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC), and more.
Markets.com offers a wide range of tradable instruments spread across forex major currencies, minor currencies, and exotic currency pairs, precious metals, and several other CFDs and instruments.
Pros and Cons
| PROS |
| Offers third party and proprietary trading platforms |
| Commission-free forex trading |
| Withdrawal fees and deposit fees are not charged |
| Offers Islamic accounts and demo accounts |
| Advanced trading tools offered along with flexible funding options |
Tight average spreads and reliable trade execution policy offered |
CONS |
There is an inactivity fee applied after 90 days of inactivity |
US clients are not accepted |
Tickmill
Features
With offices in the United Kingdom, Cyprus, and Seychelles, Tickmill is another globally-recognised broker that accepts all types of traders, including South African clients. Tickmill is an ECN and STP international broker that is known for its reliable trading solutions.
Tickmill facilitates the trade in more than 80 trading instruments over powerful trading platforms. Tickmill also offers a range of trading tools, comprehensive fundamental and technical analysis options, an economic calendar, and in-depth market analysis on market conditions and exchange rates.
Pros and Cons
PROS |
Negative balance protection is applied to all retail accounts |
Offers a wide range of trading opportunities for professional traders |
Perfect broker for beginners and a reputable name in the forex trading industry |
Investor protection offered |
Multi-regulated and trusted broker |
Welcomes South African residents despite their trading strategies or trading experience |
| CONS |
US clients are not allowed |
Fixed spread accounts are not offered |
Limited education material |
Restricted leverage for European Union traders |
OANDA
Features
Established in 1996, OANDA is one of the most trusted market makers in the CFD trading industry, with multiple regulations and authorisation from top market regulators. OANDA is established and has a good reputation as a flexible online broker with powerful proprietary trading platforms and advanced trading tools.
OANDA offers a choice between trading accounts with competitive minimum deposit requirements, rapid trade execution speeds, tight average spreads, a range of online payments for the deposit and withdrawal method, and low trading fees.
Pros and Cons
| PROS |
| Advanced trading tools offered |
| Offers a wide range of deposit methods as well as withdrawal methods |
| There is a choice between retail investor accounts |
| Low transaction fees |
| Innovative and award-winning proprietary mobile trading platform |
Well-established regulatory framework provided |
CONS |
Inactivity fees are charged |
Fixed spreads are not offered |
FP Markets
Features
Established in 2005, FP Markets is a well-known Australian ECN, DMA, and STP forex broker that is well-regulated. FP Markets offers a massive range of markets and more than 10,000 tradable assets.
FP Markets offers industry-leading trading conditions, sophisticated forex trading platforms, and competitive pricing. FP Markets supports the use of MetaTrader and accepts a range of trading strategies, providing advanced traders with several trading opportunities across financial markets.
Pros and Cons
| PROS |
| A wide range of CFD and forex markets offered |
| Commission-free trading offered, and no inactivity fees charged |
| FP Markets offers copy trading as well as automated forex trading software through powerful web, desktop, and mobile apps |
| Educational tools are offered to beginner forex traders |
| Offers variable spreads from 0.0 pips on the ECN-pricing model |
Offers advanced trading tools and a range of electronic payments and other funding methods |
CONS |
There is no fixed spread offered |
US clients are not accepted |
Exness
Features
Exness is one of the best South African brokers that offer flexible funding options, a choice between retail investor accounts, and the use of powerful trading platforms. Exness is well-regulated and ensures client fund security by keeping funds in segregated accounts with top financial institutions.
Exness offers high leverage, competitive spreads, and dedicated customer service that can be contacted 24 hours a day, 5 days a week.
Pros and Cons
| PROS |
| Customer service is available 24/5 in multiple languages |
| Well-regulated by several market regulators |
| Low minimum deposit when South African clients register a live account |
| High maximum leverage ratio offered |
| Supports the use of web, desktop, and mobile trading apps |
Competitive trading conditions offered |
CONS |
There is a limited selection of tradable markets offered |
FBS
Features
FBS is a popular STP and ECN forex broker that is based in Belize, offering South African clients the benefit of both fixed and variable spread accounts. These can be used to trade a wide range of Forex and CFD instruments across several asset classes.
FBS is known for its competitive trading conditions, low trading fees, and range of powerful trading platforms. In addition, FBS also offers an innovative mobile trading app, a range of powerful trading tools, market analysis, and educational materials.
Pros and Cons
| PROS |
| Supports several convenient funding methods |
| Offers social trading opportunities |
| Offers a range of trading instruments |
| A low minimum deposit is required when registering an account |
| Caters for beginner traders and professional investors |
Flexible account options offered |
| CONS |
| High spread charged on Cent/Micro Account |
| There is an inactivity fee charged on dormant accounts |
Clients from the United States, Japan, and other regions are not accepted |
AvaTrade
Features
Established in 2006, AvaTrade is one of the best market makers and STP online brokers in South Africa, with offices in other regions and regulations in each to provide comprehensive trading solutions.
AvaTrade is a popular forex broker for South African traders, known for its competitive fixed spread, and wide range of trading platforms that can be used. AvaTrade supports third party programs in addition to offering a powerful proprietary trading platform.
AvaTrade also supports the use of several convenient funding methods and the benefit that withdrawal fees and deposit fees are not charged.
Pros and Cons
| PROS |
| Offers fast trade execution speeds and commission-free forex trading |
| Trading Central offered in addition not several social trading platforms and trading opportunities |
| Supports the use of a range of trading strategies and trading styles |
| Offers a decent selection of deposit methods |
| Welcomes beginner and professional traders |
Offers competitive trading conditions |
| CONS |
| Variable spreads are not offered |
| A limited selection of retail investor accounts offered |
Spreads are not the tightest |
1Market
Features
Established in 2021, 1Market is a new forex broker on the scene that is already attracting the attention of traders from around the world. 1Market is a regulated financial services provider that provides foreign currencies, CFDs, indices, commodities, energies, precious metals, and several other financial instruments.
1Market offers a choice between trading platforms, trading account types, and a range of common methods for withdrawals and deposits.
Pros and Cons
| PROS |
| Offers advanced trading technology to South African forex traders |
| Provides educational material and access to Trading Central |
| Offers demo accounts and Islamic Accounts |
| Multiple funding options available for deposits and withdrawals |
| Provides a reliable execution policy |
There is a choice between different types of accounts for beginner and advanced traders |
CONS |
A high minimum deposit is required when South Africans register an account |
United States clients are not accepted |
There is an inactivity fee that applies |
FREQUENTLY ASKED QUESTIONS
What maximum leverage can I use when trading forex in South Africa?
This will depend on the ratio that the broker offers, what your trading plan/strategy indicates, and your risk appetite and tolerance. South African traders are not limited to the maximum leverage that they can use.
Why should forex brokers that offer Neteller funding methods be regulated?
Because regulated brokers will ensure client fund security by keeping funds in segregated accounts. These brokers also provide investor protection, negative balance protection, and other measures to safeguard investors.
How can I use Neteller to deposit/withdraw funds?
By registering and funding a Neteller eWallet that can then be connected to the forex broker account.
How can I fund a ZAR forex account?
By selecting a preferred payment method from the broker’s website on the trading account and follow the prompts.
Why should I use Neteller as my chosen deposit/withdrawal method?
Because Neteller offers an innovative system through which transactions can be carried out on a forex trading account. The transactions are secure and processed instantly.
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