10 Best Forex Brokers in South Africa with Same-day Withdrawals

One of the important components that traders must measure when they choose forex broker relates to the quick and easy deposit and withdrawal methods offered. Traders are likely to
choose a forex broker that offers fast withdrawal methods, typically within the same day that they submit a withdrawal request.

Hundreds of reputable and well-regulated forex brokers offer different withdrawal methods and the following are the 10 best forex brokers for instant, same-day withdrawals.

IFX Brokers

Features

Established in 2018, IFX Brokers is a well-regulated and prominent South African broker that offers traders access to a wide range of tradable instruments that are spread across several asset classes.

IFX Brokers is also well-known for its innovative trading solutions, trading platform technology, and competitive trading conditions that include tight spreads, competitive commissions, and more. IFX Brokers also offers a choice in educational materials, trading tools, and access to different automatic algorithmic trading strategies through Expert Advisors.

IFX Brokers also offers flexible funding methods and ensures that the client fund security of traders is guaranteed by keeping funds in segregated accounts with top tier banks.

Pros and Cons

PROS

MetaTrader 4 and 5 offered

A wide range of financial instruments offered

Range of useful and advanced trading tools

Educational materials provided

Well-regulated and trusted broker

Bonuses offered to traders

GO Markets

Features

GO Markets is a well-regulated broker that has been in operation since 2006. GO Markets is reputable and offers more than 600 tradable instruments across several asset classes including forex currency pairs, metals, commodities, and more.

GO Markets offers innovative trading platforms, a range of advanced trading tools, and comprehensive educational materials, tools, and resources. GO Markets is well-known for providing competitive trading conditions that consist of tight variable spreads, low trading costs, and reliable trade execution speeds.

In addition, GO Markets also offers a choice between different convenient deposit and withdrawal options, with the option of instant and same-day withdrawals through some funding methods.

Pros and Cons

PROS

Well- and regulated

Commission-free trading offered

MetaTrader 4 and MetaTrader 5 offered

Demo account offered

Islamic Account option provided

CONS

No fixed spreads

XM

Features

XM is a globally recognised and multi-award-winning broker that has over 2.5 million traders that have a live trading account with the broker. South African traders who use the services of XM will discover that the broker does not charge requotes and offers tight and competitive variable spreads and low commissions.

In addition, XM also offers negative balance protection on its retail investor accounts, a choice between different trading platforms, social trading opportunities, and flexible funding options. The withdrawal process that XM offers will depend on the payment method that traders use, with the option of same-day withdrawals with some funding options.

Pros and Cons

PROS

Well-regulated

Global presence

Multi-award-winning international broker

Flexible funding methods

Wide range of trading strategies allowed

Dedicated customer support

CONS

Fixed spreads not offered

Inactivity fees charged

Khwezi Trade

Features

Established in 2013, Khwezi trade is a well-regulated South African forex broker that is overseen by the strict market regulator in South Africa, the Financial Sector Conduct Authority, or FSCA.

Khwezi Trade provides South African traders with competitive and flexible trading conditions that have reasonable trading costs and minimal slippage. In addition, Khwezi Trade also offers a choice in funding options through which traders can quickly deposit and withdraw funds.

Pros and Cons

PROS

Well-regulated and trusted

A dedicated account manager is offered

Trading tutorials provided

Market analysis offered

Flexible funding options offered with same-day withdrawal available on some

CONS

High minimum deposit requirement

Individual stock trading is not offered

Limited funding options

Limited account currency options

Plus500

Features

Plus500 is a multi-regulated ECN and STP broker that has been in operation since 2008, with offices that are spread across the globe in strategic locations. Plus500 is well-known for its proprietary trading platform available as a desktop app, mobile trading app, and web trading platform.

Plus500 is well-regulated and offers competitive trading conditions suited for beginner traders and professional investors. With more than 2,000 tradable instruments, traders are given broad exposure to different financial markets.

Plus500 also offers flexible funding options in addition to providing traders with the benefit that some withdrawals can be completed within the same day.

Pros and Cons

PROS

Well-regulated by multiple entities

Multilingual support and website options

Segregated accounts for client funds

Wide range of tradable instruments

CONS

High inactivity fee

Withdrawal fees charged and strict withdrawal conditions

No choice between accounts or trading platforms

AvaTrade

Features

AvaTrade has been in operation since 2006 and it is one of the best online forex brokers in the world. AvaTrade is globally recognised and renowned for its competitive trading conditions, choice in powerful trading platforms, and excellent customer service in multiple languages.

AvaTrade offers competitive trading conditions that consist of tight and fixed spreads, commission-free trades, and access to a wide range of tradable markets that are spread across different asset classes.

AvaTrade also offers several reliable funding options that can be used for quick deposits as well as withdrawals, with the benefit that deposit fees and withdrawal fees are not charged.

Pros and Cons

PROS

Well-regulation

Multiple awards won

Tight spreads

Powerful and flexible trading platforms

Social trading supported

CONS

No US clients

HotForex

Features

HotForex is the well-regulated, popular, and reputable brand name of HF Markets that offer South African traders some of the most convenient, flexible trading solutions. HotForex has over 1.5 million traders that are registered, taking advantage of the retail investor accounts that the broker offers.

HotForex offers negative balance protection, a safe trading environment, competitive variable spreads, affordable non-trading costs, and powerful trading platforms through which trades can be executed.

HotForex also offers commission-free trading and allows traders to use a wide range of reliable funding methods to deposit and withdraw funds quickly and easily.

Pros and Cons

PROS

Well-regulated

Tight and competitive spreads on EUR/USD

Low minimum deposit

Variety of currency markets and CFD trading

CONS

US clients are not accepted

Exness

Features

Exness is another popular and reputable broker that offers South African traders tailor-made trading conditions. Exness welcomes retail traders as well as institutional traders and provides flexible account types and dedicated 24/5 customer service in multiple languages.

Exness is known for its competitive trading conditions, transparent fee schedules, low minimum deposits, and flexible funding options. Exness offers these to allow traders to make quick deposits and same-day withdrawals through certain payment methods.

In addition, Exness also offers the use of MetaTrader 4 and 5, high maximum leverage levels, and more.

Pros and Cons

PROS

Well-regulated

Competitive spreads

Multi-currency accounts

No withdrawal fees or deposit fees

More than 100 currency pairs offered

CONS

Limited stock CFDs

No US clients

FBS

Features

FBS is a well-regulated and reputable forex and CFD broker that offers traders extended access to several financial markets. FBS offers competitive trading conditions, flexible trading solutions, and more.

When traders use FBS, they can expect low minimum deposits, high maximum leverage levels for retail traders, and advanced trading tools for more professional traders. In addition, FBS also offers different forex pairs including major currencies alongside stock trading, crypto trading, CFD trading, and more.

The funding options that FBS offers are flexible, reliable, and some allow traders to make same-day withdrawals seamlessly.

Pros and Cons

PROS

Ultra-low minimum deposit of $1

User-friendly trading platforms

Wide range of financial instruments

Trading tools and educational materials offered

Demo accounts provided

Dedicated customer service

CONS

High spreads on the Cent accounts

Inactivity fees charged

Pepperstone

Features

Pepperstone is one of the largest forex and CFD online trading brokers in the world that offers comprehensive solutions to South African traders, and others from different regions around the world. Pepperstone offers unlimited access to different global financial markets in addition to user-friendly trading platforms that can be accessed through several devices.

Pepperstone is known for its competitive trading fees, low-latency and high-speed execution speeds, and advanced trading tools. Traders can use any of the funding options that Pepperstone supports to make quick deposits and withdrawals.

Pros and Cons

PROS

Award-winning customer service

Negative balance protection on all retail investor accounts

Competitive trading conditions

Range of trading tools and education

Social trading supported

Access to AutoChartist, and other third-party providers

CONS

US clients not accepted

Fixed spreads not provided

FREQUENTLY ASKED QUESTIONS

Is forex trading legal in South Africa?

Yes, forex trading is legal in South Africa and there are no restrictions applied to the forex brokers that traders can choose. However, traders are urged to only use the services of well-regulated brokers.

How do Forex Brokers make Money?

Forex brokers typically make money by marking up spreads, charging commissions or any additional fees for their service in facilitating trades.

Why is Forex Trading Popular?

Forex trading is popular because it has a low entry barrier, and it offers the perfect environment where traders can make profits. The forex market is the largest financial market in the world in addition to being the most liquid, allowing traders to quickly convert their assets to cash.