8 Best Forex Brokers in South Africa that accept Zotapay
Zotapay is one of the best global payment service providers in the world. The provider offers comprehensive online payment processing solutions to a wide range of emerging markets along with forex brokers and other financial services providers.
Of all the forex brokers that support the use of this comprehensive online payment solution, the following forex brokers are the best to offer Zotapay to South African forex traders.
IFX Brokers
Features
IFX Brokers is a South African forex and CFD broker that has been in operation for three years. In the past few years, IFX Brokers has grown to become one of the leading forex and CFD trading providers in South Africa, providing a safe, fair, and transparent trading environment to both beginner and professional traders.
IFX Brokers offers a choice in retail trading accounts that feature competitive trading conditions and flexible solutions. IFX Brokers offers ECN trade execution and some of the most reputable liquidity providers including top financial institutions.
Pros and Cons
PROS |
Offers a choice between payment methods including credit cards, debit cards, bank wire transfers, and electronic payment gateways |
Offers a choice between retail investor accounts |
Traders can expect a range of trading tools, educational materials, and risk management tools |
Competitive variable spreads and commission-free trading |
Flexible deposit methods offered and a competitive minimum deposit |
Provides a solid regulatory framework through the Financial Sector Conduct Authority (FSCA) |
FXGlobe
Features
Founded in 2009, FXGlobe is a well-regulated Cyprus-based forex and CFD online broker and one of the best market makers in the industry. Traders are given access to more than 80 financial instruments that can be traded, spread across major currencies, minor currencies, exotic currency pairs, stocks, shares, CFDs, cryptocurrencies, and several others.
FXGlobe caters for beginner traders and institutional investors, providing access to different trading calculators, an economic calendar, and innovative market analysis that can be used to gauge the market conditions and exchange rates on the trading day, helping traders make informed trading decisions.
Pros and Cons
| PROS |
| Well-regulated globally-recognised online broker |
| MetaTrader offered across the web, desktop, and mobile platforms |
| Offers trusted, convenient account funding options including wire transfer, debit cards, and others |
| Provides experienced traders access to advanced trading solutions |
| Competitive spreads are offered |
| Welcomes all types of traders |
| CONS |
| There are no social trading opportunities offered |
| There is no social trading platform provided |
| There is a limited selection of educational tools |
| There are limited non-forex trading instruments |
AETOS
Features
Established in 2007, AETOS is one of the most trusted international brokers that is based in Australia with regulation through the Financial Conduct Authority, or FCA, and the Australian Securities and Investment Commission (ASIC).
AETOS has over 200,000 registered traders from around the world and the broker provides comprehensive expert analysis to professional traders. AETOS has a high level of trustworthiness in the forex industry and offers a range of funding methods.
Pros and Cons
| PROS |
| Well-regulated by the FCA and ASIC |
| Welcomes all types of traders from around the world including South Africa |
| Offers experienced traders access to Trading Central |
| Provides access to the web, desktop, and mobile trading platforms |
| Offers decent maximum leverage across different asset classes |
Competitive trading conditions are offered |
| CONS |
| The average spreads are not the lowest |
| No Stock CFDs offered |
Demo accounts expire after two weeks |
There is no trading academy provided to novice traders |
United States, Canada, and New Zealand clients are not accepted |
Global Prime
Features
Global Prime has been in operation for more than a decade and it is a well-known ECN, STP, and Direct Market Access (DMA) forex and CFD trading broker. Global Prime is one of the best international brokers for South Africans, recognised for its customizable liquidity solutions that are offered to retail forex traders and institutional traders.
Global Prime offers some of the most competitive trading conditions, FIX API connectivity for advanced traders, a powerful proprietary trading platform, and a transparent trading environment where all trading styles and trading strategies are welcome.
Pros and Cons
PROS |
Offers flexible funding options for deposit and withdrawals |
Offers educational materials for beginner forex traders |
Provides experienced traders useful trading tools to track market movements and the exchange rate of different minor, exotic pairs, and major currency pairs |
FIX API offered to advanced traders |
Client funds are segregated and kept in bank accounts with reputable financial institutions |
Well-regulated and high level of trustworthiness |
| CONS |
| United States clients are not accepted |
There is a limited selection of non-forex trading instruments |
ZERO Markets
Features
Established in 2016, ZERO Markets is an online trading broker that is known for its wide range of financial markets that can be traded including foreign exchange, shares, indices, precious metals, and a wide range of CFDs across different markets.
ZERO Markets offers a choice in trading account options, flexible funding methods, and competitive trading conditions with tight average spread, commission-free trading, and high maximum leverage ratios.
Pros and Cons
| PROS |
| Offers sophisticated trading platforms for advanced forex traders |
| There is a range of financial instruments offered along with comprehensive market analysis materials |
| There are several trading features offered and a range of automated trading strategies supported |
| Traders can use several advanced trading tools to improve and refine their trading skills |
| Beginner traders are given access to educational materials |
Traders have access to different alternative payment methods |
| CONS |
| United States traders are not accepted |
ATC Brokers
Features
Established in 2005, ATC Brokers is a well-regulated and popular forex and CFD trading broker headquartered in the United Kingdom. ATC Brokers is based in the UK but welcomes retail forex traders from other regions including South Africa, but not countries that are a part of the OFAC list or where forex trading is prohibited.
ATC Brokers is a trusted financial services provider that operates a transparent model, meaning that the broker will never take a position against their forex clients. All client orders that are received through the trading platforms are routed to some of the best liquidity providers.
ATC Brokers offers its South African clients a scalable back office and innovative features through powerful trading technology. There is also an Application Interface that allows advanced traders to connect their trading strategies to the execution venue using robust FIX API technology.
ATC Brokers is well-regulated and provides investor protection through the Financial Services Compensation Scheme (FSCS). All client deposits are kept in segregated accounts with top financial institutions, with frequent audits carried out on these bank accounts to ensure transparency.
Pros and Cons
| PROS |
| Well-regulated and trusted forex broker |
| Supports flexible funding options such as bank wire, bank transfer, and several payment gateways |
| Market news is frequently updated |
| Provides powerful trading tools, in-depth market analysis, technical analysis, and other helpful resources |
| ECN execution model ensures the best pricing and fast trade execution speeds |
Offers MT Pro plugin for the MetaTrader 4 trading platform |
| CONS |
High commission fees are charged |
High minimum initial deposit |
The demo account expires after two months |
Limited funding options offered |
High withdrawal fees are charged |
BKFX
Features
BKFX is a new forex and CFD broker headquartered in South Africa. BKFX is licensed and authorised by the Financial Sector Conduct Authority in providing a wide range of tradable instruments including foreign currency, shares, commodities, and several other instruments spread across international markets.
BKFX is a multi-asset forex and CFD trading broker with bespoke trading brokerage services that are tailor-made for institutional traders, fund managers, and other professional clients worldwide. BKFX offers excellent market conditions, transparent trading environments, low-latency, and high protection of funds.
In addition, traders are also granted access to a wide range of learning resources, a powerful forex trading platform, and a range of trading tools including VPS, PAMM trading, copy trading, and an economic calendar that indicates upcoming market events.
Pros and Cons
| PROS |
| Offers the use of MetaTrader on the web, desktop, and mobile trading platforms |
| Offers a choice in financial instruments that can be traded |
| Well-suited to professional traders |
| Traders can expect powerful trading tools and market resources |
| Educational materials are provided on the website |
Ultra-low minimum deposit is required when South African traders register an account |
CONS |
Options and exchange-traded funds are not offered |
US clients are not allowed |
NPBFX
Features
Established in 1996, NPBFX is an STP and No-Dealing Desk (NDD) broker that caters to traders from around the world, including South Africa. NPBFX offers traders access to robust social trading platforms, educational material, forex trading signals, and comprehensive news and analysis resources.
NPBFX offers more than 45 financial assets that can be traded, using STP and NDD execution for orders to be sent to some of the most reputable liquidity providers such as Deutsche Bank, Citi, BNP Paribas, and several others.
Pros and Cons
| PROS |
| Well-regulated STP and NDD forex broker |
| Provides a plethora of social trading opportunities |
| Caters for beginner traders and professional investors |
| Offers real-time trading signals |
| Provides news feeds and analytics from Claws & Horns |
The minimum deposit requirements are low |
| CONS |
There is a limited selection of tradable assets |
Stock trading is not offered |
Spreads are marked-up to include the broker fees |
A limited selection of trading platforms are offered |
FREQUENTLY ASKED QUESTIONS
Is forex trading legal in South Africa?
Yes, forex trading is a legal activity in South Africa.
Is Zotapay available in South Africa?
Yes, several forex brokers in South Africa support the use of this payment solution.
Why should I use a regulated forex broker?
To ensure that you receive quality trading services and a safe, fair, and transparent trading environment where your funds are safeguarded and where you get investment protection.
Do forex brokers charge deposit and withdrawal fees?
Some forex brokers charge deposit and withdrawal fees on some payment solutions while others cover these fees.
Are my deposits safe with these forex brokers?
Yes, these forex brokers keep client funds in segregated accounts with top tier banks.
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