10 Best Forex Brokers in South Africa with Cent Accounts
Overview
One of the inherent features of the foreign exchange market is that it offers a low barrier of entry to novice traders and those who want to start with a small initial deposit. Cent accounts are one of the best places for beginner traders to start trading in a live market condition, where their capital is not at risk as it would have been with a standard account.
Cent accounts are denominated in cents and the minimum deposit on these accounts are typically lower because of this. Forex brokers around the world offer these retail investor accounts not only to beginner traders, but also experienced traders who want to test their trading strategies in a low-risk environment before they risk significant portions of real money.
South Africa features several reputable, well-regulated forex brokers who offer the option for a cent or micro account, and these are the best ones of them all.
IFX Brokers
Features
IFX Brokers is a South African ECN broker that has strict regulation through the Financial Sector Conduct Authority (FSCA) to provide comprehensive trading solutions. IFX Brokers is trusted and guarantees a transparent, fair, and safe trading environment for all types of traders despite their unique trading styles.
IFX Brokers offers South African traders a choice in retail investor accounts, offering both beginner and advanced traders the benefit of a micro account. Traders can use this account to either practise their trading or to test a wide range of trading strategies from range trading, position trading, swing trading, scalping, hedging, and day trading, amongst others.
Pros and Cons
PROS |
FSCA-regulated broker based in South Africa |
Offers a wide range of markets that can be traded |
Provides advanced trading tools and comprehensive education materials |
Traders can choose between powerful trading platforms that can be used on the web, desktop, and mobile trading apps |
Offers a range of retail trading accounts that cater for every type of trader including a micro account |
Supports the use of different trading styles |
Exness
Features
Exness is a well-established trading services provider based in the United Kingdom, SVG, and Cyprus, with offices spread across several other regions in the world, including South Africa. Exness is regulated by the Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority, and several other strict market regulators.
Exness has been offering comprehensive solutions since 2008 and it is globally recognised as one of the best international brokers. Exness offers a micro account in addition to demo accounts, Islamic accounts, and competitive trading conditions.
Pros and Cons
| PROS |
| Globally recognized broker with strict regulation |
| Negative balance protection offered |
| More than adequate leverage offered |
| MetaTrader 4 and MetaTrader 5 supported |
| Demo Account and Islamic Account option offered |
| Offers a choice in retail investor accounts |
CONS |
US Clients are not accepted |
Limited range of markets offered |
FXTM
Features
FXTM has been in operation for over a decade, and it is globally positioned as a leader in ECN and STP execution technology. FXTM is well regulated by the Financial Conduct Authority, Financial Sector Conduct Authority, Cyprus Securities and Exchange Commission, and the Financial Services Commission.
FXTM offers a range of markets that can be traded including foreign exchange major currencies, minor currencies, exotics, commodities, cryptocurrencies, and several other asset classes. The trading platforms offered include MetaTrader and an innovative proprietary trading app for Android and iOS mobile devices.
Pros and Cons
| PROS |
| Well-regulated by several market regulators and the perfect broker for beginners |
| Variety of financial instruments that can be traded |
| Multiple account types offered |
| Commission-free trading options offered |
| Low minimum deposit required and accepts any type of trading strategy |
There is a comprehensive micro account available |
CONS |
US Clients are not allowed |
EU-clients restricted on the leverage that they can apply |
FXOpen
Features
FXOpen is an ASIC and FCA-regulated ECN and STP broker that caters for traders from around the world, including South Africa. FXOpen is well-known for offering some of the best trading conditions including tight spreads, fast trade execution, and low commissions.
FXOpen also offers multiple asset classes including major pairs, minor pairs, and several others. FXOpen also provides powerful trading platforms and convenient funding options that include bank transfer, credit and debit cards, and payment gateways.
Pros and Cons
PROS |
Well-regulated and reputable forex broker |
ECN-pricing model used with the reliable execution policy |
Various trading tools and technologies offered for professional traders |
Tight spreads and low commission charges |
Free access to VPS offered to eligible clients |
Provides powerful forex trading platforms and dynamic standard accounts |
| CONS |
US clients are not allowed |
Restricted leverage applied to the accounts of EU-clients |
Fixed spread accounts are not offered |
A limited selection of markets are offered |
HotForex
Features
HotForex has become a popular name in the forex trading industry and as a multi-asset and well-regulated broker, HotForex is one of the trusted brokers for South African traders. HotForex offers some of the best trading conditions in the industry, spread across several unique types of trading accounts.
Pros and Cons
| PROS |
| Multi-regulated by several entities including the Financial Sector Conduct Authority (FSCA) in South Africa |
| Strong international presence |
| Competitive spreads offered to South African traders on major currency pairs, precious metals, minor currency pairs, and other instruments |
| Variety of accounts offered including a comprehensive micro account with competitive commissions on trades |
| Offers a range of deposit methods along with instant deposits |
Negative balance protection is applied, and traders have convenient funding methods |
CONS |
US clients are not allowed |
RoboForex
Features
Established in 2009, RoboForex is a safe broker that welcomes South African traders of all experience levels. RoboForex is a Market Maker, ECN, and STP broker that is well-regulated and trusted.
RoboForex offers an impressive portfolio of tradable instruments that are spread across several asset classes.
These can be traded using powerful forex trading platforms that offer advanced trading tools, technical indicators, technical analysis, fundamental analysis, and in-depth market analysis on the exchange rates, market conditions, and other metrics that traders can expect during their trading day.
Pros and Cons
| PROS |
| Well-regulated and trusted international broker |
| Negative balance protection offered on all retail investor accounts with flexible leverage levels |
| Multiple trading platforms supported |
| Flexible account types offered |
| Offers a wide range of markets with over 9,400 tradable instruments |
Provides educational materials and advanced trading tools |
| CONS |
US clients are not allowed |
EU-Clients restricted to leverage of 1:30 |
Fixed spread accounts are not offered |
XM Group
Features
XM Group is a multi-regulated, multi-award-winning, and multi-asset online forex broker that is regulated by several market regulators. XM Group offers its comprehensive trading services to beginner traders, seasoned traders, and professional investors from around the world, including South Africa.
XM Group offers a choice between different account types and offers a comprehensive micro account with a low minimum deposit, negative balance protection, and reliable trade execution speeds.
Pros and Cons
| PROS |
| Well-regulated by several regulatory entities and ensures the safety of client funds |
| Negative balance protection applied to retail trading accounts |
| Competitive trading conditions and trading fees on forex trades |
| Offers a wide range of markets and trading opportunities |
| Offers a choice between powerful trading platforms and excellent education |
Suited to professional traders as well as novices |
CONS |
US clients are not allowed |
Fixed spread are accounts not offered |
OctaFX
Features
Established in 2011, OctaFX is a well-regulated international forex broker that offers South African traders a choice in retail investor accounts and trading accounts. These can be used across powerful forex trading platforms that can be used across devices.
OctaFX offers forex and CFD trading across several asset classes in addition to providing powerful trading tools, educational materials, and dedicated customer support.
Pros and Cons
| PROS |
| Well-regulated by reputable regulatory bodies |
| Offers dedicated customer service and excellent education |
| Fixed Spread accounts are offered with flexible trade sizes and instant execution |
| Offers a comprehensive copy trading application |
| Hedging and scalping allowed |
Offers a range of account types to choose from and a wide range of trading opportunities |
CONS |
US clients are not accepted |
Limited financial instruments offered |
FBS
Features
Based in Belize, FBS is one of the most reputable brokers that welcomes all traders except those from the United States, Japan, Israel, Canada, Myanmar, Brazil, Malaysia, and the Islamic Republic of Iran. FBS offers a range of trading accounts and a choice between powerful trading platforms.
FBS welcomes South African traders and offers some of the most competitive trading conditions including low average spreads, commission-free options, and reliable trade execution speeds.
Pros and Cons
| PROS |
| There is an ultra-low minimum deposit requirement |
| Well-regulated and trusted forex broker with investor protection |
| Offers a choice in the base currency of trading accounts |
| CopyTrade offered through powerful proprietary trading platforms |
| Multiple account options are available along with innovative forex trading apps |
Competitive trading conditions and low average spreads with a range of education material |
| CONS |
USA, UK, Japan, Israel, and several other countries not allowed |
Limited financial instruments offered |
Limited trading platforms and trading tools |
InstaForex
Features
InstaForex is a well-regulated broker with a global presence in several regions. InstaForex is one of the most popular online brokers in the industry offering over 300 tradable instruments, a choice in trading account types, user-friendly trading software, mobile platforms, proprietary platforms, trading tools, educational tools, and advanced social trading opportunities.
Pros and Cons
| PROS |
| Strict regulation through trusted market regulators |
| More than 300 tradable instruments offered, including foreign currency |
| Commission-free accounts are available with a choice in the base currency of each account |
| Free VPS offered to eligible clients |
| PAMM Accounts offered |
Trusted broker with comprehensive trading solutions despite the trading experience of traders |
CONS |
US clients are not accepted |
Restricted leverage of 1:30 applied to EU-Client accounts |
Market Maker broker that takes the opposite side of the trade against retail traders |
FREQUENTLY ASKED QUESTIONS
What is the biggest drawback to a cent or micro account?
Micro accounts tend to have more restrictions than standard accounts. Traders could be restricted in terms of trade sizes, leverage ratios available, currency pairs they can trade, etc.
How do forex brokers make money?
Brokers make money from the spread, commission fees, or other non-trading fees.
How much prior experience do I need to trade on a micro account?
None. The micro or cent account is designated for every type of trader. You do not need previous experience to use this account type.
Who are the best forex cent brokers?
The brokers on this list are some of the best micro account forex brokers.
Is forex trading good for beginners?
Yes, forex trading has a low barrier of entry into financial markets, and it can be the perfect place to start, especially when using demo accounts and micro-accounts.
Other Guides for South African Traders:
10 Best Forex Brokers in South Africa that accept Neteller
5 Best Forex Brokers in South Africa that accept PayFast
8 Best Forex Brokers in South Africa that accept Zotapay
3 Best Forex Brokers that accept PayGuru
7 Best Forex Brokers in South Africa that accept Ozow