10 Best Forex Brokers in South Africa that accept Skrill
Overview
Skrill is a popular online payment provider that is partnered with globally-recognised forex brokers, providing forex traders with a fast, reliable, and secure way to transfer funds from a trading account to their bank accounts.
Of all the forex brokers that accept the use of Skrill online payments, the following are the best forex brokers in South Africa that accept Skrill deposits and withdrawals.
IFX Brokers
Features
IFX Brokers is one of the best South African forex brokers that provide traders with a wide range of trading opportunities across several financial markets.
IFX Brokers is based in South Africa and offers traders a choice between trading account types, powerful trading platforms and convenient funding methods such as Neteller, Skrill, Bitcoin, debit cards, credit cards, and other popular deposit and withdrawal methods.
Pros and Cons
PROS |
Well-regulated by the Financial Sector Conduct Authority (FSCA) in South Africa |
Provides South African clients with a choice between retail investor accounts |
Traders can expect advanced trading platforms and trading tools |
Beginner traders are welcome and can expect educational materials and resources |
There are powerful trading platforms provided across the web, desktop, and mobile devices |
Traders can expect a range of financial instruments across several markets |
Tickmill
Features
With offices in the United Kingdom, Cyprus, and Seychelles, Tickmill is an international forex broker that provides some of the most competitive trading conditions in the forex trading industry. Tickmill provides ECN and STP trading solutions across different forex markets along with CFD and stock markets.
Traders can trade major currency pairs, minor currencies, precious metals, and several other tradable instruments through powerful trading platforms. Tickmill offers a choice in retail investor accounts that have negative balance protection, tight spreads, and low commission charges.
Pros and Cons
| PROS |
| Multi-regulated forex broker with a comprehensive regulatory framework |
| Negative balance protection is applied to all retail accounts |
| Commission-free trading is offered |
| Client funds are segregated and kept in bank accounts with top financial institutions |
| Offers investor protection through a compensation fund |
| Offers traders flexible payment methods for deposits and withdrawals |
| CONS |
There are no fixed spread accounts offered |
Limited education material offered |
United States clients are not accepted |
European Union clients can expect restricted maximum leverage ratios |
IC Markets
Features
IC Markets was established in 2007 and it is one of the largest true ECN international brokers that accept South African traders, regardless of their trading strategy or trading experience. IC Markets offers a choice between CFD and forex markets, ensuring rapid trade execution derived from top liquidity providers.
IC Markets provides popular trading platforms and a range of trading opportunities. In addition, South African traders can also expect a range of funding options with the benefit that deposit fees and withdrawal fees are not charged.
Pros and Cons
| PROS |
| Well-regulated forex broker with a solid regulatory framework |
| Institutional-grade liquidity provided from top financial institutions |
| Inactivity fees are not charged on retail accounts |
| Accepts all types of traders regardless of their trading strategy or trading style |
| Offers a wide range of educational tools |
Low trading fees and tight spreads |
CONS |
There are no fixed spread accounts offered |
United States clients are not allowed |
Exness
Features
Exness is one of the best brokers for beginners in South Africa while simultaneously providing advanced trading options to professional traders. Exness has a solid multi-regulatory framework and provides South African traders with the chance to trade international financial markets.
Exness offers a choice between trading accounts, flexible funding options, powerful trading technology, and dedicated and prompt customer service.
Pros and Cons
PROS |
A multi-regulated forex broker that is reputable |
High maximum leverage up to 1:2000 |
Dedicated and multilingual customer support |
Low initial deposit requirement |
Segregation of client funds guaranteed |
Negative balance protection is applied to accounts |
| CONS |
| There is a limited selection of instruments offered |
United States clients are prohibited from registering a trading account |
1Market
Features
1Market is a new broker that was recently established but has already made a name for itself in international markets. 1Market is a well-regulated financial service and trading provider that offers foreign currencies, stocks, indices, cryptocurrency trading, and several CFDs for trading online.
Traders are given access to a powerful forex trading platform that can be used across several devices, commission-free trading, and a reliable execution policy.
Pros and Cons
| PROS |
| Advanced trading platform offered on the web, desktop, and mobile trading |
| Commissions are not charged when trading forex |
| Offers a choice between retail investor accounts and financial markets that can be traded |
| Provides access to Trading Central and proprietary 1nsight Live Feed that offers in-depth views on market conditions and exchange rates |
| A well-regulated forex broker that supports common methods for deposits and withdrawals |
Accepts any type of trader regardless of whether they are professional or beginner forex traders |
CONS |
US clients are not allowed |
A high minimum deposit is required |
AvaTrade
Features
AvaTrade is one of the best market makers and STP online forex brokers in the industry that caters for those who are trading forex and various other financial markets. AvaTrade welcomes South African traders and provides them with a solid regulatory framework through the Financial Sector Conduct Authority (FSCA), and several other market regulators.
AvaTrade offers over 1,250 tradable instruments across several asset classes. South African traders can use third-party applications or opt for AvaTrade’s proprietary trading platforms. AvaTrade offers comprehensive technical analysis, fundamental analysis, and a plethora of social trading opportunities.
Pros and Cons
| PROS |
| Strict regulation through multiple regulatory entities and one of the best market makers in the industry |
| Commission-free forex trading offered on retail investor accounts |
| Social trading platforms are provided in addition to a powerful proprietary trading platform |
| Offers a choice of markets and automated forex trading software |
| Decent choice in funding options offered |
Withdrawal fees and deposit fees are not charged |
CONS |
Managed accounts not offered |
Social trading is not supported |
QuickTrade
Features
QuickTrade is a South African forex and CFD trading broker that provides traders access to a range of currency pairs, exchange-traded funds (ETFs), stocks, and several other financial markets.
QuickTrade is a well-regulated broker and financial services provider in South Africa, providing a safe, fair, and transparent trading environment to all beginner and professional traders.
Pros and Cons
| PROS |
| Well-regulated by the Financial Sector Conduct Authority (FSCA) |
| QuickTrade is a verified broker that ensures client fund security by keeping it in segregated bank accounts with top financial institutions |
| ZAR deposit currencies offered to South African clients |
| Trading Room provided after registration |
| Trusted funding options offered |
MetaTrader supported on the web, desktop, and through mobile apps |
| CONS |
There is only one trading account offered |
ZAR is the only base currency available |
Limited financial instruments offered |
Negative balance protection is not offered |
XM
Features
XM Group has been in operation for more than a decade and it has grown to become one of the leading online brokers in the industry that welcomes South African forex traders. More than 2.5 million traders have registered a retail investor account with XM Group, benefitting from the broker’s competitive pricing and flexible solutions.
XM Group is a broker for beginners and professional traders who need the best possible pricing, innovative trading solutions, in-depth market analysis, and a wide range of trading tools and flexible funding options including bank wire transfer, card payment, and several others.
Pros and Cons
| PROS |
| Multi-award-winning international broker suited to beginner and institutional traders |
| Low spreads, low commissions, and zero fees charged on deposits or withdrawals |
| Offers a choice between powerful web, desktop, and mobile platforms |
| Negative balance protection is applied to all retail accounts |
| Multi-lingual and dedicated customer services offered |
Accepts any type of trading strategy and style |
| CONS |
There are no fixed spread accounts offered |
US clients are not allowed |
Inactivity fees are charged on dormant accounts |
FXTM
Features
FXTM is a United Kingdom, Cyprus, Mauritius, and South African-based ECN and STP online trading broker that has been in operation since 2011. FXTM has won several industry awards for various achievements from best trading experience to best investment broker, most innovative broker, and several others.
FXTM has more than a million registered accounts and accepts both beginner and experienced traders despite their trading experience. FXTM offers leading trading conditions alongside a variety of trading tools, educational materials, and convenient deposit methods and withdrawal options.
Pros and Cons
| PROS |
| Offers a choice between retail trading accounts |
| Traders can choose from over 250 financial instruments |
| Well-regulated across the globe |
| Offers advanced trading tools |
| There is a large selection of education material offered |
Commission-free trading with tight spreads and reliable execution speeds |
CONS |
There is an inactivity fee charged on dormant accounts |
US clients are not accepted |
Admirals
Features
Established in 2001, Admirals has grown to become a leading online trading provider in the past two decades. Admirals accepts traders from most regions despite whether they are novice traders or professional investors.
Admirals offers flexible account types that feature tight spreads, fast execution, and multiple funding options.
Pros and Cons
| PROS |
| Regulated in several regions by trusted market regulators |
| High level of trustworthiness |
| Offers premium trading analytics |
| Offers a wide range of markets spread across over 4,000 CFDs on foreign currencies, precious metals, exchange-traded funds, and more |
| A low minimum deposit is required when South Africans register a trading account |
Offers advanced trading tools |
CONS |
An inactivity fee is charged |
No US clients |
FREQUENTLY ASKED QUESTIONS
Do I have to use a ZAR broker to trade forex in South Africa?
No, you do not have to use a ZAR broker to trade forex. However, when you use a forex broker that offers ZAR as the base currency you will save money on currency conversion fees.
Why should I use Skrill as my deposit/withdrawal method?
Skrill can be linked to your bank account, allowing you to easily transfer funds between accounts. You can safely store your credit card and account details in one place, so all you need is your username and password to log in.
How do I withdraw funds from a Skrill account?
Skrill allows for withdrawals to local and international bank accounts in addition to different bank cards.
Can I start trading forex using a demo account?
Yes, a demo account is the best place to start trading before you risk real money.
How do I credit my Skrill account?
You can choose from more than 200 funding methods to transfer funds into your Skrill wallet including debit card, credit card, crypto wallets, or local bank transfers, amongst others.
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