10 Best brokers for day trading in South Africa

Overview

Forex day trading is the practice of buying and selling currency pairs within the course of a single trading day. The conclusion of the trading day is the ideal time for forex traders to liquidate their positions.

Currency pairings with high liquidity and high volatility are ideal for day traders. Forex day trading success hinges on a number of skills that are developed, including emotional control, concentration, self-discipline, and adhering rigidly to a trading strategy. Brokers who offer trading tools like as technical indicators and charting software are essential for day traders.

We’ll take a look at the finest day trading brokers in South Africa in this article.

IFX Brokers

Overview

IFX Brokers is a well-regulated South African online Forex brokers that offers a wealth of features for day traders.

VPS (Virtual Private Server) possibilities are nearly limitless for IFX customers because of the Equinix NY4 facility.

It is critical for Forex day traders to have 24/7 access to experienced advisors and automated algorithmic techniques via virtual private servers.

As such, these servers use multi-tiered best bid/offer technology to continuously process live interbank spread quotations in order to access different liquidity providers.

When you make a purchase, the best available price is automatically matched to the cheapest available liquidity provider.

Customers may rest assured that they will receive the lowest latency and fastest execution speeds, only rivalled by some major investment banks and major hedge funds.

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

Pepperstone

Overview

Low fees for forex and equity index trading, as well as rapid response times and friendly customer service, are all features of the Pepperstone brokerage platform. For both deposits and withdrawals, there are no fees attached.

Customer support is exceptional, and Pepperstone offers a wide range of third-party trading platforms, including a variety for social copy trading, to their Forex and CFD clients despite Pepperstone’s limited product offering.

Pros and Cons

PROS

No minimum deposit

Low trading fees for forex

No added costs for withdrawals or deposits

 

CONS

Limited number of instruments

No additional research tools

Features

FEATURE

INFORMATION

Regulation

FCA, ASIC

Minimum deposit from

AUD200

Average spread from

0.4 pips

Commissions from

‎$3.76 commission per lot per trade

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

None

Customer Support

24/5

XM

Overview

XM is a well-known brand in the foreign exchange market. There are more than 1,000 competitively priced assets offered to XM customers via an upgraded MetaTrader 4 and MetaTrader 5 trading platform.

Even with a $5 minimum deposit, the XM Zero account appears competitive for Forex traders. Depositors with a few hundred dollars to spare should expect competitive fees.

There are over 1,200 distinct stocks and shares that can be traded. As a result of its long history and favourable regulatory status, XM has built a name for itself in the Forex industry.

Pros and Cons

PROS

Low minimum deposit

Comprehensive educational offering

Streamlined account opening process

CONS

Inactivity fee charged after 90 days on live accounts

Limited product portfolio

 

Features

FEATURE

INFORMATION

Regulation

IFSC, ASIC, CySEC, FCA and DFSA

Minimum deposit from

$5

Average spread from

0.1 pips

Commissions from

$3.5 commission per $100 000 traded

Deposit/Withdrawal Fees

None

Maximum Leverage

1:30

Bonuses

$30 Trading Bonus

Customer Support

24/5

OctaFX

Overview

Trading CFDs on Indices, Metals, and Cryptocurrencies is easy with OctaFX, an ECN Forex broker. Additionally, OctaFX offers a wide range of trading accounts, copy trading, bonus promotions as well as extensive research tools.

OctaFX is a major player in the foreign exchange industry because to its low spreads and low trading costs.

Pros and Cons

PROS

Ultra-fast execution

More than 30 forex pairs available

Well-regulated

CONS

No VPS available

No Forex educational tools

 

Features

FEATUREINFORMATION
Regulation

CySEC

Minimum deposit from$100
Average spread from0.7 pips
Commissions from

None

Deposit/Withdrawal FeesNone
Maximum Leverage1:500
Bonuses

50% Deposit Bonus

Customer Support

24/5

Markets.com

Overview

Markets.com’s excellent core services and the fifteen trading tools it provides to its users make it an excellent choice if you’re seeking a dependable and trustworthy site to conduct day trading.

With a simple interface and a good number of features, the company’s platform includes integrated research, market analysis, webinars, and instructional videos.

Many of its rivals charge greater spreads and provide fewer trading options than this broker provides.

Finally, the company’s highly regulated status implies that traders have access to a wide range of resources for boosting their profits in a safe trading environment.

Pros and Cons

PROS

Commission-free trading

Low minimum deposit

Tight, fixed spreads

Wide range of tradable assets

CONS

Customer support can be slow

The best trading conditions are only available on the Pro Account

Features

FEATURE

INFORMATION

Regulation

CySEC, FCA, ASIC, FSC, FSCA

Minimum deposit from

$100

Average spread from

1.9 pips

Commissions from

1%

Deposit/Withdrawal Fees

None

Maximum Leverage

1:300

Bonuses

$25 No Deposit Bonus

Customer Support

24/5

Tickmill

Overview

STP broker Tickmill relies heavily on industry-standard infrastructure to ensure fast execution. Since it offers comprehensive training resources, free access to premium tools, and favourable trading conditions, Tickmill can be considered an excellent options.

Added to this, the broker’s teaching tools and platforms will appeal to both new brokers and intermediate traders alike.

Pros and Cons

PROS

Competitive pricing

Well regulated

High leverage

Advanced trading software

STP model

CONS

Features

FEATURE

INFORMATION

Regulation

FSA

Minimum deposit from

$100

Average spread from

0.1 pips

Commissions from

‎2 per side per 100,000 traded

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

$30 Welcome Bonus

Customer Support

24/5

Saxo Bank

Overview

Saxo Bank is one of the greatest multi-asset brokers in the industry because of its high-quality research and user-friendly trading platform.

Globally acclaimed, Saxo Bank has everything a trader could possibly desire or require, including the use of cutting-edge technology and in-depth market research.

As an investor or trader, Saxo Bank’s trading platform is an excellent starting point. One of the most well-known Saxo Bank products is the SaxoTraderGO trading platform suite, which includes the SaxoTraderGO mobile and web trading apps and the SaxoTraderPRO desktop software.

Pros and Cons

PROS

Low trading fees

Transparent fee structure

 

CONS

Relatively slow account opening

Very high minimum deposit

Features

FEATURE

INFORMATION

Regulation

FCA, ASIC, FINMA

Minimum deposit from

$10 000

Average spread from

0.3 pips

Commissions from

$3

Deposit/Withdrawal Fees

None

Maximum Leverage

1:200

Bonuses

None

Customer Support

24/5

HotForex

Overview

HotForex, a MetaTrader-only platform broker, offers six different trading accounts. HotForex uses a more capable version of MetaTrader, however only a small number of products are available for trading on the site.

Everything you need to become a successful investor in the financial markets may be found here. Additionally, there is a 1:1000 leverage and the possibility to activate a bonus for trading. A wide selection of trading choices and excellent customer service are provided by HotForex.

Pros and Cons

PROS

No deposit or withdrawal fees

Competitive spreads

CONS

High commission charges on the Zero account

 

Features

FEATURE

INFORMATION

Regulation

CySEC, DFSA, FCA, FSA, FSCA

Minimum deposit from

$5

Average spread from

0.0 pips

Commissions from

USD 0.03 per 1K lot.

Deposit/Withdrawal Fees

None

Maximum Leverage

1:1000

Bonuses

100% Supercharged Bonus

Customer Support

24/5

IC Markets

Overview

Algorithmic day traders that desire low spreads and rapid and precise execution on the MT4 or MT5 platforms should use IC Markets’ platform.

When it comes to trading volume, IC Markets has a significant advantage over its competitors due to its use of automated trading strategies.

Other social trading platforms such as MyFXBook and ZuluTrade add to IC Markets’ overall product offering and appeal to retail forex and CFD investors.

Pros and Cons

PROS

Low forex fees

Easy and fast account opening

Free deposit and withdrawal

 

CONS

No Negative Account Balance Protection

Limited number of available CFDs

Features

FEATURE

INFORMATION

Regulation

ASIC

Minimum deposit from

$200

Average spread from

0.0 pips

Commissions from

None

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

None

Customer Support

24/7

Interactive Brokers

Overview

Interactive Brokers and TradeStation are two of the most flexible and robust charting platforms on the market.

For day traders, Interactive Brokers takes the crown as the finest charting platform because it contains more assets. Day traders can chart (and trade) futures, debt instruments, options, equities, and more without switching between platforms.

Added to this, Interactive Brokers’ proprietary platform, Thinkorswim, is an industry favourite amongst advanced traders.

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