10 Best Forex Brokers in South Africa with Cent Accounts

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.
10 Best Forex Brokers in South Africa with Cent Accounts

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

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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

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.

Brokers make money from the spread, commission fees, or other non-trading fees.

None. The micro or cent account is designated for every type of trader. You do not need previous experience to use this account type.

The brokers on this list are some of the best micro account forex brokers.

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.

10 Best Forex Brokers in South Africa that accept Skrill

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.

10 Best Forex Brokers in South Africa that accept Skrill

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

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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

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.

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.

Skrill allows for withdrawals to local and international bank accounts in addition to different bank cards.

Yes, a demo account is the best place to start trading before you risk real money.

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.