5 Best Forex Brokers in South Africa that accept PayFast

Overview

PayFast 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

Features

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

PROS

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

Features

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

PROS

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

CONS

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

Features

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

PROS

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

CONS

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

Features

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

PROS

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

CONS

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

Globex360

Features

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

PROS

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

CONS

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

How do I check whether my forex broker is licensed with the FSCA?

You can visit the official website of the FSCA to find their Financial Services Provider (FSP) license number.

How do I deposit with a broker?

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.