3 Best Forex Brokers that accept PayGuru
Overview
PayGuru is a new, innovative mobile money payment solution that offers instant EFT solutions to a wide range of merchants globally.
PayGuru has over 112 active clients and more than 10 supporting banks. While PayGuru is still a new and emerging operator, it is an effective alternative payment solution that could bring borderless payments to unbanked developing nations.
While adoption of new payment methods apart from a conventional bank transfer, bank cards, electronic payments, and others, are slow, solutions like PayGuru can help forex traders in regions where there are no banking services emerge in the foreign exchange market, allowing them to benefit from financial freedom.
The forex brokers in South Africa that accept PayGuru are indicated and discussed in the lists below.
IFX Brokers
Features
IFX Brokers is a South African-based online trading broker founded in 2018 on the basic principles of dedication, openness, and trust. IFX Brokers provides private and institutional clients with one-stop trading and investing experience and access to the online trading of forex, indices, commodities, energies, precious metals, and futures.
IFX Brokers offers retail traders access to the MetaTrader suite and these robust trading platforms have a comprehensive set of analytical tools and supports numerous chart layouts.
The platforms have several advantageous features and capabilities, including one-click executions, stop and limit orders, technical indicators, technical analysis, fundamental analysis, an economic calendar, and live analytics.
Traders can use a wide range of educational tools and materials from the website of IFX Brokers, including a comprehensive Trading Academy, which has informative articles and tips.
The Information Centre answers frequently asked trading questions and provides traders with important trading insights. IFX Brokers provides a choice of trading account kinds that are tailored to the individual needs and requirements of various types of traders.
In addition, IFX Brokers offers traders competent customer service by phone, email, fax, online form, and social media.
Pros and Cons
PROS |
FSCA-regulated South African broker that caters to novice traders and professionals |
Offers MetaTrader platforms across several devices |
There is a range of useful trading tools that can be used to improve trading |
There is a range of markets that can be traded |
There is a comprehensive trading academy offered to novice traders |
Client fund safety is guaranteed |
IQ Option
Features
IQ Option was founded in 2013 and is a well-regulated Cyprus-based market maker broker, licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).
IQ Option is an award-winning broker that provides traders with a diverse selection of trading instruments across many asset classes. Since it was established until today, IQ Option has evolved to become one of the biggest and most reputable trading firms, boasting with over 20 million registered forex traders from more than 31 countries worldwide.
IQ Option’s proprietary trading platform is accessible on a variety of devices and includes a plethora of features that cater to the diverse demands and objectives of both novice and experienced traders.
The broker is always exploring new methods to enhance the performance of the proprietary trading platform by using innovative technology, guaranteeing that the platform stays quick, user-friendly, and dependable.
Additionally, traders at IQ Option have access to a range of trading tools like alerts, screeners, sentiment analysis, and economic calendars. Over the last several years, IQ Option has received many industry awards, including Best Technology Application, Best Trading Platform, and several more.
Pros and Cons
| PROS |
| Well-regulated globally-recognised forex broker and trading platform |
| Provides an award-winning proprietary mobile trading platform |
| Offers investor protection through the ICF |
| Advanced trading tools are provided |
| An award-winning and trustworthy broker |
| Client funds are kept in segregated accounts with top financial institutions |
| CONS |
| US clients are not accepted |
| Non-professional traders can expect restricted maximum leverage ratios |
| There are no fixed spread accounts offered |
BKFX
Features
BKFX is a regulated online forex and CFD broker based in South Africa. They provide a favourable trading environment for traders, enabling them to trade forex, stocks, commodities, indices, cryptocurrencies, and other financial instruments in worldwide markets.
They provide traders with the powerful MT4 trading platform in desktop, online, and mobile versions. To begin trading, an 80 ZAR minimum deposit is necessary, providing retail forex traders access to all global financial markets supported by the broker.
The broker is committed to assisting traders in the foreign exchange market by delivering superior market conditions, which include fast order execution, low spreads and latency, strong fund protection, and the finest available technical assistance.
Pros and Cons
| PROS |
| Ultra-low minimum deposit requirements |
| There are several learning resources offered |
| MetaTrader supported on the web, desktop, and mobile platforms |
| Useful trading tools are provided to advanced traders |
| Traders have a choice between several financial markets |
FSCA-regulated forex broker in South Africa |
CONS |
United States clients are not accepted |
There is no Options or ETFs trading |
FREQUENTLY ASKED QUESTIONS
What is PayGuru?
PayGuru is a new mobile payment solution that allows forex traders to deposit and withdraw funds using their mobile devices and the PayGuru app.
Is forex trading legal in South Africa?
Yes, forex trading is a legal activity in South Africa that is overseen by the Financial Sector Conduct Authority (FSCA), a reputable market regulator.
Who should use PayGuru?
PayGuru can be used by anyone in South Africa to send funds across borders. The aim is to reach unbanked communities in underdeveloped nations, allowing them a cost-effective way to receive and send funds.
How do brokers make their money?
Brokers make their money when they add commissions to trades or when they add a mark-up to spreads. Other fees that brokers can charge relate to account fees, inactivity fees, and several others.
Why should I use regulated forex brokers in South Africa?
Regulated brokers must ensure that they provide a safe, fair, and transparent trading environment and that clients are safeguarded, and client fund protection is guaranteed. If forex brokers do not comply with this, they can lose their license as a financial service provider.
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