7 Best Forex Brokers in South Africa with Sign-Up Bonus
Bonuses and promotions are not an uncommon occurrence in forex trading, with many forex brokers that offer lucrative sign-up bonuses to new traders who register a live trading account for the first time.
These sign-up bonuses are paid over as trading credit into the trading account, available for the trader to use while trading different financial markets, saving them from risking their capital until their trading credit runs out.
The profits that traders make while they trade using the sign-up bonus can be used for further trading activities, or some traders can withdraw it if it is permissible by their forex brokers. A sign-up bonus is a perfect jump-start into trading for traders and it can serve many purposes for traders.
However, many forex brokers have stopped offering these bonuses because of the risks involved.
Below we discuss the 7 best Forex Brokers in South Africa with sign-up bonuses.
IFX Brokers
Features
IFX Brokers is a well-established South African-based forex and CFD broker that has been in operation since 2018, offering a wide range of tradable instruments spread across several asset classes.
IFX Brokers offers innovative trading technology and some of the best trading conditions in addition to offering the use of MetaTrader 4 and MetaTrader 5, a range of educational resources, and advanced trading tools.
The trading tools that IFX Brokers offers traders allows them to operate automated algorithmic strategies, access Expert Advisors (EAs), and more.
Pros and Cons
PROS | |||||
|
AvaTrade
Features
Established in 2006, AvaTrade is a multi-regulated, multi-asset, and award-winning STP and Market Maker broker that offers more than 1,250 tradable instruments that can be traded through powerful, innovative, and flexible trading platforms, including MetaTrader 4, MetaTrader 5, social trading platforms, and AvaTrade’s proprietary trading technology.
AvaTrade is known for its amazing trading conditions that consist of transparent and low trading and non-trading fees, commission-free trading options, reliable trade execution speeds, flexible funding options, and dedicated customer support.
AvaTrade is well-regulated by several entities to offer trading solutions across different jurisdictions in the world. AvaTrade places a significant emphasis on the experience of clients and has the necessary financial backing to offer retail and professional traders a plethora of trading opportunities.
AvaTrade has more than 200,000 registered clients and experiences more than 2 million trades a month, ensuring that traders have the liquidity they need to buy and sell financial instruments quickly.
Pros and Cons
PROS | ||||||
|
CONS | ||
| ||
Tickmill
Features
Tickmill was founded in 2015 and is a well-regulated ECN and STP broker that is based in the United Kingdom, Cyprus, and Seychelles, with corresponding regulation and authorisation with FCA, CySEC, FSA, and FSCA.
Tickmill offers more than 80 financial instruments that can be traded across several asset classes. Traders can also choose between several different retail accounts to find the one that suits their unique trading needs and objectives.
There are flexible and powerful trading platforms to choose from, providing traders with a variety of features, functions, and capabilities, not only to trade different global financial markets but to carry out in-depth fundamental analysis and technical analysis.
There is an experienced team behind Tickmill’s development that understands the unique trading needs and objectives that both retail and professional traders may have. Tickmill uses innovative trading technology incorporated with premium trading conditions to give traders the best trading experience that they could expect from a forex broker.
Pros and Cons
PROS | ||||||
|
CONS | ||||
| ||||
Exness
Features
Established in 2008, Exness is a United Kingdom and Cyprus-based broker with strict regulations with FSA, CySEC, FCA, FSCA, CBCS, and FSC to provide innovative trading solutions to traders from around the world.
Exness offers a range of tradable instruments that are spread across a few asset classes. Traders can expect tailored solutions according to their unique and individual trading needs, objectives, trading styles, strategies, and experience.
Exness offers traders the chance to register a live trading account with the benefit of a sign-up or welcome bonus. In addition to this, traders can also register their accounts in different currencies based on their geographic location.
Exness offers competitive trading conditions that consist of tight spreads, low commissions, high leverage ratios, and a low minimum deposit. In addition, traders also have the benefit of a demo account and the use of two of the most powerful trading platforms namely MetaTrader 4 and MetaTrader 5 on mobile, the web, and desktop.
Pros and Cons
PROS | ||||||
|
CONS | |
|
FXTM
Features
FXTM is a well-regulated ECN and STP broker that is based in Mauritius, the United Kingdom, Cyprus, and South Africa, with corresponding regulations with reputable entities in each jurisdiction. FXTM is award-winning and trusted, keeping client funds in segregated accounts separate from the broker’s account.
FXTM offers South African traders competitive trading conditions, user-friendly trading platforms available across different devices, and a range of educational materials suited to both beginners and advanced traders.
FXTM offers new traders a sign-up or welcome bonus when they register a live account, with trading credit paid into their account once the account has been verified through the KYC procedure. Traders can trade more than 250 different financial instruments that are spread across different asset classes.
Pros and Cons
PROS | ||||||
|
CONS | |
|
FXCM
Features
Established in 1999, FXCM is a well-regulated United Kingdom-based STP broker with regulation through FCA, ASIC, and FSCA in offering a wide range of tradable instruments across flexible, innovative trading platforms.
FXCM is a global brand that has offices in London, Hong Kong, Johannesburg, Athens, Paris, Sydney, Berlin, and Milan, with affiliate offices in Toronto and Tel Aviv, Israel. FXCM’s competitive pricing is derived from some of the best liquidity providers in the industry including Barclays Bank, Citibank, Deutsche Bank, and many more.
Pros and Cons
PROS | ||||||
|
CONS | |
|
HotForex
Features
HotForex is a well-regulated and reputable CFD and forex broker that offers a wide range of tradable instruments that are spread across several asset classes. HotForex has more than 1.5 million clients spread across different worldwide countries.
HotForex is known for its competitive trading conditions, variety of trading accounts, powerful trading platforms, and a plethora of trading opportunities. Another benefit is that HotForex offers traders a sign-up or welcome bonus when they have verified their trading account, providing them with trading credit to use before they risk their own capital in live market conditions.
Pros and Cons
PROS | ||||||
|
CONS |
| Fixed spreads are not offered |
FREQUENTLY ASKED QUESTIONS
What is a sign-up bonus?
A sign-up bonus, as the name suggests, is a bonus that traders receive when they sign up for a live trading account with a broker. This bonus is paid into the trading account as credit that can be used towards trading activities.
Why do forex brokers offer a sign-up bonus?
Forex brokers offer a sign-up bonus to try and attract more clients to register a live trading account.
What are the terms and conditions with claiming a sign-up bonus?
Before traders can claim their sign-up bonus, they must register a live trading account. Some brokers may require a certain deposit before traders receive their sign-up bonus, but typically traders can get the trading credit once they have verified their trading account through the KYC procedure.
Can I withdraw the bonus money from a sign-up bonus?
No, you cannot withdraw the trading credit that is transferred into your account. However, some brokers allow you to withdraw the profit that you make from the sign-up bonus.
Are sign-up bonus brokers regulated?
The brokers on this list are well-regulated by the Financial Sector Conduct Authority (FSCA) and other reputable regulating authorities.