10 Best brokers for experienced traders in South Africa
Overview
A more complex trading strategy is employed by more experienced or professional Forex traders in order to take advantage of market conditions. Advanced traders employ a variety of strategies, including position trading, scalping, and hedging.
These more complex strategies are not supported by all Forex brokers, and in this article, we give the best Forex brokers for advanced traders in South Africa that offer exceptional features and trading conditions.
IFX Brokers
Overview
It is possible to open a normal, raw, or Islamic account at IFX Brokers. A demo account is also available for those who wish to test out the broker’s features.
With over 70 currency pairs, gold and silver, oil, and natural gas available, these accounts are able to cater to a wide range of trading demands.
Enhancements to the charting and order management features in IFX MetaTrader 4 make it a powerful trading platform.
A multilingual interface, thorough analysis, and different chart layouts are also included. The tabs may be moved about and resized as well, giving you complete control over how it looks.
With 85 pre-installed MT4 indicators, IFX provides one of the best MT4 upgrade packages. An automated trading function not supported by the IFX platform shows the firm’s commitment to advanced trading functionality.
Pros and Cons
| PROS |
High leverage available |
MetaTrader 4 is supported. |
Resources for learning are available |
| CONS |
|
Features
FEATURE | INFORMATION |
Regulation | FSA |
Minimum deposit from | ZAR100 |
Average spread from | 0.5 pips |
Commissions from | NA |
Deposit/Withdrawal Fees | NA |
Maximum Leverage | 1:500 |
Bonuses | NA |
Customer Support | 24/5 |
Swissquote
Overview
Zurich-based broker Swissquote is an option for experienced traders looking for powerful trading instruments, a wide selection of tradable assets, and flexible trading conditions on MetaTrader platforms.
Swissquote offers a wide variety of non-brokerage financial services in a safe trading environment. You may trade on a wide variety of assets, including indices and commodities, as well as more than 130 currency pairings, on this platform.
Pros and Cons
| PROS |
Comprehensive product portfolio |
Solid reputation |
No additional forex fees |
|
| CONS |
High trading fees |
|
Features
FEATURE | INFORMATION |
Regulation | FCA |
Minimum deposit from | None for standard account |
Average spread from | 1.6 pips |
Commissions from | None |
Deposit/Withdrawal Fees | $10 |
Maximum Leverage | 1:400 |
Bonuses | Refer a Friend Bonus |
Customer Support | 8/5 |
Darwinex
Overview
Darwinex is a London-based online broker that specializes in asset management, technology, and financial trading. There are over 80 nations in which they sell financial products and fund management services, with the exception of the USA.
First-rate customer service, a wide selection of market instruments and cutting-edge software are all provided by Darwinex to help traders maximize their money and enhance their trading skills.
Darwinex does extensive research and is very transparent about the commissions and fees it charges. Real-time charting, one-click trading, technical indicators, and financial news are just some of the features offered by the broker.
Pros and Cons
| PROS |
Competitive spreads |
Three base currencies available |
|
| CONS |
You have to sign up either as a trader or an investor |
20% performance fee |
Complicated account opening process |
Features
FEATURE | INFORMATION |
Regulation | FCA |
Minimum deposit from | $500 |
Average spread from | 0.0 pips |
Commissions from | 3.0 USD per lot round-trip |
Deposit/Withdrawal Fees | 0.5% for Skrill |
Maximum Leverage | 1:30 |
Bonuses | None |
Customer Support | 24/5 |
Vantage FX
Overview
The traders who use Vantage FX will appreciate its extensive set of technical indicators and low trading costs.
With Vantage FX, a STP/ECN broker, you may choose from three different types of accounts, each with a lower minimum deposit and better spreads and costs. Commission-free Standard Accounts require a minimum deposit of $200, although spreads on EUR/USD trades start at just 1.0 pip.
The broker’s most notable feature is its two ECN accounts, which provide raw spread pricing in exchange for a little commission. There is a free MT4 demo account with a wide range of analytical tools and good customer support available.
Pros and Cons
| PROS |
Well regulated |
Good environment for beginner traders |
Has indemnity insurance |
| CONS |
|
Limited range of tradable instruments |
Features
| FEATURE | INFORMATION |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 1.35 pips |
| Commissions from | $3 added per side |
| Deposit/Withdrawal Fees | 20 units of trading account base currency |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Welcome Bonus |
| Customer Support | 24/5 |
eToro
Overview
Because it was the first of its kind, eToro’s social trading platform has become famous for allowing users to copy the actions of other investors.
eToro was established in 2007 and because it was the first to implement a system like this, it has grown to be the industry’s largest social trading broker.
eToro’s CopyTrader and CopyPortfolios systems are fully backed by its custom web trader platform, making it one of the most popular social trading systems available.
ETFs, stocks, indices, and commodities are just a handful of the financial instruments that may be traded on eToro using CFDs. Bitcoin trading at eToro is superior to those of its competitors, but the rest of the company’s services and products are comparable.
Pros and Cons
| PROS |
Advanced copy trading software |
Low minimum deposit |
No deposit fees |
|
| CONS |
High withdrawal fees |
High trading fees for forex |
Only one base currency available for accounts |
Features
FEATURE | INFORMATION |
Regulation | CySEC, FCA, ASIC |
Minimum deposit from | $50 |
Average spread from | 0.75 pips |
Commissions from | No commission on stocks and ETFs |
Deposit/Withdrawal Fees | $5 |
Maximum Leverage | 1:30 |
Bonuses | $50 Welcome Offer And $50 Per Referral |
Customer Support | 24/5 – multilingual |
City Index
Overview
City Index is known for its low forex and stock CFD prices, a straightforward account opening process, and high-quality research tools.
It is possible to use City Index without worry of losing money due to the fact that there is no minimum amount, no withdrawal cost, and an inactivity fee that only takes effect after one year.
A market-leading service based on fair and transparent pricing and complete customer assistance is provided to clients, as well as access to over 12,000 global marketplaces.
Pros and Cons
| PROS |
Low trading fees |
No fees for deposit and withdrawal |
Comprehensive research tools |
|
| CONS |
Limited product portfolio |
Features
FEATURE | INFORMATION |
Regulation | FCA, ASIC |
Minimum deposit from | $100 |
Average spread from | 1.5 pips |
Commissions from | $3 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:200 |
Bonuses | Deposit Bonus |
Customer Support | 24/6 |
Grand Capital
Overview
Grand Capital’s platform has more than 750 000 trader from all over the world. Many financial assets, including currency pairs, CFDs on foreign stock markets and metals, are available to traders.
The LAMM service and the ability to construct investment portfolios encompassing more than 500 different financial instruments are just two examples of Grand Capital’s impressive investment environment.
Grand Capital’s cutting-edge trading platforms offer a wide choice of products, making it a perfect location for sophisticated trading. This is a good trading environment because of the minimal minimum deposit, attractive spreads, and low commissions.
Pros and Cons
| PROS |
High amount of tradable assets |
Competitive fees |
Advanced trading platforms |
| CONS |
Limited educational resources |
|
Features
FEATURE | INFORMATION |
Regulation | FinaCom |
Minimum deposit from | $10 |
Average spread from | 0.4 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:2000 |
Bonuses | $500 No Deposit Bonus |
Customer Support | 24/5 |
Alvexo
Overview
Alvexo was founded in 2014 as a subsidiary of VPR Safe Financial Group Limited. To help traders make faster and more educated trading decisions, the broker integrates cutting-edge trading technologies with a comprehensive education program.
As a facilitator rather than a market maker, Alvexo’s STP/NDD brokerage model makes it possible for traders to swiftly and easily access a variety of different liquidity marketplaces.
Pros and Cons
| PROS |
Well regulated |
Segregated client funds |
Commission free trading |
| CONS |
High minimum deposit |
|
Features
FEATURE | INFORMATION |
Regulation | CySEC, FCA |
Minimum deposit from | $500 |
Average spread from | 3.3 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:300 |
Bonuses | None |
Customer Support | 24/5 support |
Abshire Smith
Overview
Abshire Smith, one of the UK’s major forex brokers, offers a comprehensive selection of derivative products on a variety of platforms. The company was founded in 2011 by a team of industry experts.
Abshire Smith adheres rigorously to regulatory requirements with a wide selection of trading alternatives, platforms, and accounts. For clients, the broker offers an extensive selection of investment portfolios.
Pros and Cons
| PROS |
Well regulated |
Multiple advanced trading platforms |
STP broker model with deep liquidity |
|
| CONS |
High minimum deposit |
|
Features
FEATURE | INFORMATION |
Regulation | FCA |
Minimum deposit from | $500 |
Average spread from | 0.7 pips |
Commissions from | $18 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | None |
Customer Support | 24/5 support |
Interactive Brokers
Overview
Investing in stocks, currency, commodities, cryptocurrencies, ETFs, options, and indices is easy with Interactive Brokers, which provides a wide range of educational resources and research tools, including Contracts for Difference (CFDs).
Reputable and globally regulated Interactive Brokers offers affordable commission rates as well as a wide range of markets to trade in and cutting-edge technology to help investors make informed trading decisions.
A wide range of options are available to traders with different degrees of expertise at Interactive Brokers.
Pros and Cons
| PROS |
Wide range of products |
Excellent research tools |
Well regulated |
|
| CONS |
|
Complicated account opening process |
Features
FEATURE | INFORMATION |
Regulation | FCA, ASIC, NYSE, SEC, FINRA, IIROC |
Minimum deposit from | None |
Average spread from | 0.1 pips |
Commissions from | $0.65 |
Deposit/Withdrawal Fees | Varies depending on payment method |
Maximum Leverage | 1:40 |
Bonuses | None |
Customer Support | 24/6 |