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.
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
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.
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.
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