11 Best Forex Brokers in South Africa with MetaTrader 4

One of the most important components of any trader’s activities revolves around the trading software that they use, connecting them to the broker and different financial markets. MetaTrader 4 was developed by MetaQuotes and today it is one of the most popular forex trading platforms in the industry.

Most popular forex brokers offer the use of MetaTrader 4 through which different financial instruments, not just forex, can be traded. MetaTrader 4 has a wide range of different tools, capabilities, and indicators that traders can use to refine and improve their trading, analyse different markets, and make informed trading decisions.

Below we discuss some of the best forex brokers in South Africa that offer MetaTrader 4 access for retail and professional traders.
forex brokers with metatrader 4 and 5

IFX Brokers

Features

Established in 2018 and headquartered in South Africa, IFX Brokers is a reputable broker that was built on the principles of trust, transparency, and commitment towards the goals, objectives, and needs of retail traders and institutional investors in South Africa.

With IFX Brokers, traders not only have access to a wide range of tradable instruments, but they also have access to the powerful and user-friendly MetaTrader 4 that can be used on the web, desktop, and mobile devices.

Pros and Cons

PROS

Well-regulated and well-established

Range of tradable instruments offered

Useful trading tools provided

MetaTrader 4 and 5 provided

Alpari

Features

Alpari was founded in 1998 in Russia, and it is a reputable and well-regulated ECN and STP broker that is currently based in Mauritius, with respective and corresponding regulations to offer its services in several locations where Alpari’s offices are based including South Africa, Mauritius,  Nigeria, Russia, and Saint Vincent and the Grenadines.

In addition, Alpari has several other offices that are operated by partners, providing traders from around the world a wide range of CFD and forex instruments that can be traded through the powerful and popular MetaTrader 4 and MetaTrader 5 trading platforms.

Pros and Cons

PROS

PAMM accounts are offered

Customer service offered in more than 30 languages

MetaTrader offered

Signals derived from AutoChartist

Member of the Financial Commission

CONS

Fixed spreads not offered

Lack of education

Pepperstone

Features

Pepperstone is one of the largest and most established online trading brokers in the world, reaching traders from more than 65 countries worldwide. Pepperstone offers more than 80 financial instruments spread across forex, commodities, energies, exchange-traded funds (ETFs), and many others that can be traded through MetaTrader 4 and MetaTrader 5.

Pepperstone is well-known for its innovative trading technologies paired with competitive trading conditions, low latency, and high-speed trade execution.

Pros and Cons

PROS

Well-regulated and large firm

Negative balance protection applied

Social trading opportunities offered

Allows all trading strategies

Offers discounted VPS packages to eligible clients

CONS

Fixed spreads are not offered

Limited financial instruments that can be traded

Tickmill

Features

Tickmill is a multi-regulated and multi-asset online forex broker that offers unique trading solutions to both retail and institutional clients in South Africa and the rest of the world. Tickmill offers more than 80 trading instruments that can be traded either through MetaTrader 4 or MetaTrader 5.

Tickmill’s comprehensive package consists of a choice between flexible account types, a vast selection of trading tools, and competitive trading conditions.

Pros and Cons

PROS

Negative balance protection offered

FIX API, VPS, and AutoChartist offered

Client funds are kept segregated

Member of an investor compensation fund

Multi-regulated by several entities

CONS

Limited educational material

Cryptocurrency trading not offered

Fixed spreads are not offered

Exness

Features

Exness is a popular and reputable broker with offices and operations in South Africa, offering both beginners and professionals some of the best tailor-made solutions in the industry. Exness has competitive trading conditions and a range of instruments that can be traded through MetaTrader 4 and MetaTrader 5, either on the web or through desktop and mobile devices.

Exness is known for providing comprehensive trading solutions that are paired with tight spreads, low minimum deposits, and low commission charges, offering traders what they need to meet their trading needs and objectives.

Pros and Cons

PROS

Low minimum deposit requirements

Low commission charges on trades

High leverage ratio

Well-regulated by several entities

Offers both MetaTrader 4 and 5

CONS

Limited range of markets

forex brokers with meta trader access

Khwezi Trade

Features

Khwezi Trade was established in 2013 and is an STP broker based in South Africa, with respective regulation and authorisation as a Financial Service Provider (FSP) through the Financial Sector Conduct Authority (FSCA).

Khwezi Trade offers traders competitive trading conditions with the best possible prices and minimal slippage. The trading instruments that Khwezi Trade offers can be traded through MetaTrader 4 with competitive trading conditions suited to different traders.

Pros and Cons

PROS

Well-regulated and trusted

Dedicated account manager offered

Trading tutorials provided

Market analysis offered

MetaTrader supported

CONS

High minimum deposit requirement

Individual stock trading is not offered

Limited funding options

Limited account currency options

Blackstone Futures

Features

Blackstone Futures is a South African broker that is affiliated to Trade Nation, a multinational broker regulated in several jurisdictions around the world, including the FSCA.

Blackstone Futures offers a range of markets including forex, indices, equities, and more. Blackstone Futures offers the use of MetaTrader 4 that can be used along with a proprietary CloudTrade platform. Blackstone offers a range of advanced trading tools and educational materials for traders to use.

Pros and Cons

PROS

Dedicated customer support offered

Educational materials provided

Intuitive trading platforms offered

Wide range of tradable instruments

Well-regulated broker

CONS

Limited funding options

Spreads are not the lowest

Limited account options

Colmex Pro

Features

Founded in 2010, Colmex Pro is a well-regulated NDD broker based in Cyprus, with regulation and authorisation with CySEC and FSCA to offer a wide range of instruments that can be traded through the intuitive and powerful MetaTrader 4 and proprietary Colmex Pro MultiTrader.

Pros and Cons

PROS

Well-regulated broker

Accepts all trading strategies

Reliable and fast trade execution speeds

Powerful trading platforms

Range of tradable instruments offered

CONS

Limited account funding

Market news not provided

Training not offered

Demo account limited to 14 days

HotForex

Features

HotForex is one of the most popular and trusted brokers in the industry, offering South African traders a large range of tradable instruments, competitive trading conditions, and the use of powerful trading platforms such as MetaTrader 4 and MetaTrader 5 over desktop, mobile, and the web.

HotForex offers a choice between different retail investor accounts, each tailor-made to suit the unique needs and objectives of different traders. HotForex also offers a plethora of educational materials and premium trader tools, helping traders refine and improve their trading.

Pros and Cons

PROS

Member of an investor compensation fund

Commission-free trading offered

Educational materials offered

Negative balance protection applied

Multi-regulated through HF Markets

CONS

Fixed spreads are not offered

AvaTrade

Features

AvaTrade is a multi-award-winning and popular broker that has regulation across 6 different jurisdictions, offering traders more than 1,250 financial instruments that can be traded across different trading platforms, including MetaTrader 4, 5, and AvaTrade’s proprietary trading software.

AvaTrade is known for its competitive trading conditions, low and transparent fees, fast trade execution, flexible funding options, and excellent customer support.

Pros and Cons

PROS

Commission-free trading

Large selection of tradable instruments

Many social trading opportunities given

Funding options are reliable and flexible

Deposit and withdrawal fees are not charged

CONS

Variable spreads are not offered

Only one retail and one professional account

Spreads are marked-up and not the tightest

FXTM

Features

FXTM is another award-winning broker that offers a range of trading instruments that can be traded across intuitive, user-friendly trading platforms. South African traders can choose between different trading accounts and benefit from FXTM’s competitive trading conditions and unique solutions.

Pros and Cons

PROS

Over 250 financial instruments offered

Several account types offered

Commission-free trading offered

Low minimum deposit requirement

Multilingual customer support

CONS

Inactivity fee charged on dormant accounts

FREQUENTLY ASKED QUESTIONS

MetaTrader 4 is a trading platform that is used mostly by forex traders. The platform was developed by MetaQuotes, and it is one of the most popular trading platforms in the industry today.

No, MetaTrader 4 is not a broker but a third-party trading platform that connects to a broker, providing the perfect arena where traders can trade forex pairs.

No, you cannot place trades on the MetaTrader 4 trading platform unless you use the server of a broker and a corresponding live trading account. However, you can use MetaTrader 4’s demo account to explore the platform and to practice trading.

Yes, MetaTrader 4 offers the use of Expert Advisors (EAs) to run automated trading systems.

MetaTrader 4 can be used for some other financial instruments, but it is mostly used by retail traders for forex trading.