5 Best Forex Brokers in South Africa that accept PayFast
OverviewPayFast is a Proudly South African company and online payment provider with over 80,000 merchants and South African businesses that use its services. PayFast is known for its robust security measures and innovative technologies that ensure that all transactions of South African clients are carried out instantly and securely. PayFast is still experiencing widespread adoption by international forex brokers. However, there are already a few South African brokers that have added this solution to their comprehensive supported payment methods, providing South African forex traders with a secure, versatile, and fast payment solution for depositing and withdrawing funds.
Below we discuss the 5 best Forex brokers in South Africa that accept PayFast.
IFX Brokers was founded in 2018 and is an FSCA-regulated CFD and forex broker that provides South African clients exclusive access to a wide assortment of assets including forex, commodities, cryptocurrencies, and indices.
IFX Brokers is known for offering competitive trading conditions, several educational resources, a safe and fair environment, client fund security, and trading solutions that are suitable for both professional and novice traders.
When South African traders use IFX Brokers they can expect a plethora of trading opportunities while gaining access to educational tools to help them navigate complex instruments, volatile markets, and an overall fast-paced market environment.
Pros and Cons
Trusted South African broker with a high level of trustworthiness
Traders have access to powerful trading software that can be used
Educational resources are provided to beginner traders
A range of useful trading tools offered to experienced traders along with several trading opportunities
There is a range of markets that can be traded and a wide range of payment methods to be used
Well-regulated by the Financial Sector Conduct Authority
TD Markets is a broker situated in Saint Vincent and the Grenadines that was founded in 2015. TD Markets provides binary options trading in addition to a broad selection of tradable assets across traditional financial markets.
TD Markets is a subsidiary of TDM Holdings, Inc., a registered offshore financial business regulated and authorized by the Financial Services Authority (FSA). Furthermore, TD Markets (Pty) Ltd South Africa is a Financial Services Provider (FSP) regulated by the Financial Sector Conduct Authority (FSCA).
The forex broker is both a Direct Market Access (DMA) broker and a Market Maker, offering South African clients a fully liquid market in which they can trade several different financial assets.
TD Markets is well-known for providing narrow and competitive spreads, and the broker’s robust trading infrastructure provides rapid, dependable transaction execution with a strong no-dealing desk (NDD).
The broker provides South African clients with a choice of two premium account types with a wide range of trading opportunities. Each account has distinct features and bonuses that provide traders with competitive trading circumstances while they trade across various capital markets.
Pros and Cons
|Traders are provided competitive trading conditions through TD Markets|
|There are low minimum deposits required when traders register a live online trading account|
|Offers a range of online payment solutions that can be used|
|Negative balance protection is applied to the retail investor account|
|Client funds are secure in bank accounts kept with financial institutions|
|Traders are given commission-free options on forex trading and excellent customer service|
|The average spread is not the tightest|
|There are no Islamic Accounts for Muslim traders|
There is a limited selection available on trading software
There is a limited selection on retail investor accounts
QuickTrade, a South African CFD and forex broker founded in 2014, provides over 30 currency pairs, exchange-traded funds (ETFs), stocks, and several other tradable financial instruments. QuickTrade is a recognized Financial Service Provider (FSP) in the country and is well-regulated by the FSCA.
QuickTrade guarantees the protection of customer deposits and provides South African traders access to a diverse range of both local and international financial markets. QuickTrade provides comprehensive solutions to both novice and experienced traders, as well as retail and institutional investors.
When a South African forex trader registers with QuickTrade, they are offered a single live trading account. The account is suited to a wide range of different traders, irrespective of trading styles, strategies, or experience.
Aside from this retail account, traders may register a demo account with QuickTrade and can use it to determine whether QuickTrade can fulfil its trading objectives, targets, and purposes before committing to a real trading account where the trader’s real money is at risk.
Pros and Cons
|QuickTrade is an FSCA-regulated forex broker and licensed FSP in South Africa|
|Client funds are kept in segregated accounts|
|Traders can expect competitive trading conditions with low spreads and no minimum deposits required|
|Accounts are denominated in ZAR as the base currency|
|MetaTrader is provided on the web, desktop, and mobile platforms|
Reliable funding options are provided including bank transfer, credit cards, debit cards, PayFast, and others
The spreads are not the lowest
There is a complex fee schedule
There is a limited range of tradable markets
United States clients are not accepted
JP Markets is a South African-based ECN and STP broker that is licensed and regulated by the Financial Sector Conduct Authority (FSCA), a reputable market regulator that oversees financial markets in the country.
A wide range of asset classes may be traded on JP Markets’ robust and user-friendly trading platforms, available over the web, desktop, and mobile trading apps and featuring powerful technical analysis, fundamental analysis, market insights, exchange rates, and an economic calendar.
It is said that JP Markets is Africa’s biggest online forex broker, delivering not only the best financial services in Africa, but also services that are flexible enough to fit the demands and ambitions of all types of traders despite their trading experience.
In recent years, JP Markets has expanded into Pakistan and Bangladesh as well as the rest of Africa, giving traders in those nations the opportunity to work with a broker that puts its clients first and strives to provide the finest service possible.
JP Markets seeks to not only stay up with global markets but to approach the investing and trading objectives of their customers with an open mind to guarantee that trading conditions are supplied to fit a variety of South African traders.
Pros and Cons
FSCA-regulated South African forex broker
Negative balance protection is provided to retail trading accounts
There are no deposit fees or fees on withdrawal methods
MetaTrader is offered across several devices and offers seamless account integration
Ideal broker for beginner traders and professional investors
Offers competitive trading solutions
There is a limited range of additional tools offered other than that on the trading platform
High commissions and wide spreads offered
United States clients are not accepted
Demo accounts and Islamic accounts are not offered
Founded in 2017, Globex360 is a global broker that provides traders access to more than 100 financial instruments from a diverse range of asset classes, such as foreign exchange (forex), commodities, and indices.
In addition to reasonable spreads and commissions, Globex360 provides traders with leverage of up to 1:500 and spreads starting at 1.2 pip.
This broker is currently not the most affordable choice, and the educational materials they offer could be better. However, South African traders can pick from several retail investor account types and there is an innovative social trading platform.
Globex360 is a licensed financial services firm in South Africa, registered and regulated by the Financial Sector Conduct Authority (FSCA).
Pros and Cons
|Copy-trading is offered as well as a range of social trading opportunities|
|Well-regulated by the FSCA in South Africa|
|Islamic Account offered to Muslim traders|
|FIX API provided to advanced traders|
User-friendly trading platform provided across several devices
Client funds are kept secure in segregated accounts with top financial institutions
There is a limited selection of financial instruments offered
Individual stock CFDs are not offered
There is a lack of educational material offered
There is a limited selection of funding options provided to South African traders
The spreads are wide, and commissions are not the cheapest
FREQUENTLY ASKED QUESTIONS
You can visit the official website of the FSCA to find their Financial Services Provider (FSP) license number.
You can log into your trader’s dashboard to find the deposit and withdrawal options. From here, you can select your preferred payment method, amount to deposit, and deposit currency. You can complete any additional actions on the page to confirm your deposit.
Brokers can make money either from the spread or commissions that are charged. In addition, some brokers may charge additional trading or non-trading fees such as inactivity fees, account maintenance fees, and so on.
Some commissions may be charged for processing the transaction, either as a flat fee or a percentage of the overall amount transferred.
Several payment gateways in South Africa are hailed as the best, but PayFast is one of the leading options.