10 Best Forex brokers with segregated bank accounts in South Africa

Overview

A segregated account is a separate bank account is one which is separate from the bank account belonging to a broker or company.

As such, through the use of a segregated account the broker is prohibited from using client funds to make more investments or cover any costs and losses suffered by the broker.

To put it another way, if the broker were to go bankrupt, the money traders have invested would be well-protected, and consumers would be reimbursed in accordance with applicable law.

These are the ten finest Forex brokers in South Africa that offer segregated bank accounts and high-quality trading conditions.

IFX Brokers

Overview

IFX Brokers Holdings (Pty) Ltd is a South African company registered by the Financial Sector Conduct Authority (FSCA) (licence number 48021) as a trading name for IFX Brokers Holdings (Pty) Ltd.

IFX Brokers offers a wide range of market spreads, as well as access to True ECN market conditions. At any given time, over 50 banks and dark pool liquidity providers price into the broker’s ECN, ensuring narrow spreads and deep liquidity.

Pros and Cons

PROS

High leverage available

MetaTrader 4 is supported

Resources for learning are available

 

CONS

 

Features

FEATURE

INFORMATION

Regulation

FCA

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

FXTM

Overview

There’s a good reason why ForexTime has won multiple awards. FXTM is able to assist clients with any financial goals they may have.

They provide a wide selection of assets, platforms, account types, and resources to make trading as simple and efficient as possible.

FXTM is regulated by the FSC with License number C113012295, and must accordingly store all client funds in segregated bank accounts.

You may open an account in less than a minute using their online system and they offer a wide range of educational tools, including sample accounts and webinars.

Pros and Cons

PROS

Superb customer service

High maximum leverage

Great educational tools

CONS

Inactivity and withdrawal fees

Limited product portfolio

 

Features

FEATURE

INFORMATION

Regulation

CySEC, FCA, FSCA

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission

Deposit/Withdrawal Fees

$3

Maximum Leverage

1:500 on average

Bonuses

$300 Trading Bonus

Customer Support

24/5

AvaTrade

Overview

The Financial Services and Capital Markets Authority (FSCA) in South Africa is in charge of overseeing AvaTrade (licence number 45984).

As a result of its ease of use and large selection of free deposit and withdrawal options, AvaTrade has become a popular choice. Only two of AvaTrade’s selling features are its open cost structure and low trading fees.

Customer service is adequately provided by AvaTrade’s live chat facility. There are just a few drawbacks, like its limited range of forex, CFDs, and cryptocurrencies to choose from, but the educational opportunities are fantastic.

Pros and Cons

PROS

Broad range of tradable instruments

MetaTrader 4 and 5 available

Excellent educational resources

CONS

High EURUSD and inactivity fees

Features

FEATURE

INFORMATION

Regulation

Central Bank of Ireland, MiFID, ASiC, BVI

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission on Forex

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

First Deposit Bonus

Customer Support

24/5 – multilingual

eToro

Overview

Due to its focus on providing copy-trading services, eToro is widely regarded as the world’s biggest social trading platform due to the fact that it offers investing opportunities in both equities and digital currency (cryptocurrencies).

Since eToro currently has more than 10,000,000 platforms worldwide, the company has shifted its focus to delivering social trading and copy trading opportunities.

Owners of accounts on this platform have the ability to automatically and in real time replicate the trading strategies of successful clients. Other features include an economic calendar, as well as a range of other tools to assist with actual trading activities.

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

FEATUREINFORMATION
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 Leverage1:30
Bonuses

$50 Welcome Offer And $50 Per Referral

Customer Support

24/5 – multilingual

XTB

Overview

XTB is a forex, CFD, and cryptocurrency broker that operates in the United Kingdom. Founded in 2002, XTB presently has more than a dozen branches in more than ten countries, with the majority of them located in Asia.

All of these advantages are available through the XTB platform: personalized attention, a large library of instructional resources, and an award-winning platform.

Aside from being listed on the Warsaw Stock Exchange and popular with over 140,000 clients worldwide, XTB also provides access to more than 1500 global markets and is regulated by several international authorities, including the Financial Conduct Authority (FCA) (license number 522157), and the Cypress Securities and Exchange Commission (CySEC) (CIF Licence number 169/12).

Pros and Cons

PROS

Award-winning trading platform

Negative Balance Protection

Well regulated

CONS

Limited product portfolio

Features

FEATURE

INFORMATION

Regulation

KNF, FCA, CySEC and IFSC

Minimum deposit from

$250

Average spread from

1.02 pips

Commissions from

0.08% of trade value with $8 minimum

Deposit/Withdrawal Fees

$30 on withdrawals of less than $50

Maximum Leverage

1:500

Bonuses

$40 No Deposit Bonus

Customer Support

24/5

FXCM

Overview

FXCM provides CFD trading and a wide range of other goods and services in addition to forex trading. As a result of having a global presence, traders are able to have access to the most liquid markets.

Fast execution, strong and creative technologies are just some of the advantages of FXCM. One of the world’s leading providers of online trading services, it has been in operation for more than two decades.

Pros and Cons

PROS

Wide selection of advanced trading platforms

Low minimum deposit

High leverage

 

CONS

1.Limited range of asset classes

 

Features

FEATURE

INFORMATION

Regulation

FCA, ASIC, ACPR, FSP

Minimum deposit from

$50

Average spread from

1.3 pips

Commissions from

£4 per standard round-turn lot (£2 per side)

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

$20 Welcome Bonus

Customer Support

24/5

Oanda

Overview

OANDA was created in 1996 and is regulated in all of the world’s main financial markets. In addition to delivering competitive pricing on a wide selection of products, OANDA’s award-winning platform also includes cutting-edge trading tools and analytical instruments.

With six of the most respected financial watchdogs in the world overseeing Oanda, you can rest easy knowing you’re dealing with a reputable broker.

Oanda stands out as a top currency trading alternative because of its cheap entry requirements trustworthy trading platform.

Pros and Cons

PROS

User-friendly trading platform

Low minimum deposit

Low trading fees

CONS

Lack of decent customer service

High withdrawal fees

Limited instruments for forex and CFDs

Features

FEATURE

INFORMATION

Regulation

FCA, RFED

Minimum deposit from

None

Average spread from

1.6 pips

Commissions from

$0.01 USD per trade

Deposit/Withdrawal Fees

None

Maximum Leverage

1:100

Bonuses

None

Customer Support

24/5

Exness

Overview

In terms of transparency and regulation, Exness is one of the most trustworthy brokers in the industry, catering to both novice and experienced traders alike.

Comparatively low commissions on trades and other prices distinguish this broker from others. Exness has competitive spreads, pricing, and trading circumstances.

Traders can operate in a safe environment with a wide selection of financial products and top-notch trading platforms at their disposal.

Pros and Cons

PROS

Well-regulated

Tight spreads

Over 130 currency pairs

CONS

Features

FEATURE

INFORMATION

Regulation

CySEC, FCA

Minimum deposit from

$1

Average spread from

1.3 pips

Commissions from

3 USD and 10 USD per 1 lot for CFDs

Deposit/Withdrawal Fees

None

Maximum Leverage

1:2000

Bonuses

Standard +10% Bonus Programme

Customer Support

24/5 – multilingual

InstaForex

Overview

InstaForex is favoured by traders for a number of reasons, including the large number of tradable instruments, exceptional platform assistance, and trading accounts with fixed spreads.

InstaForex, a well-regulated broker with a large number of trading choices in comparison to other brokers, offers trading in over 100 different currency pairs.

There is no minimum deposit required to open one of four live, instant execution accounts with InstaForex.

Pros and Cons

PROS

Well regulated

High leverage

No minimum deposit

CONS

Inactivity and withdrawal fees

Limited product portfolio

Features

FEATURE

INFORMATION

Regulation

CySEC

Minimum deposit from

No minimum deposit

Average spread from

Average floating 0.8 pips

Commissions from

None

Deposit/Withdrawal Fees

None

Maximum Leverage

1:1000

Bonuses

30% Deposit Bonus

Customer Support

24/5

Markets.com

Overview

If you’re looking for an established and reliable brokerage firm, Markets.com is your best bet. With the broker’s global regulatory framework, consistent methodology, and great execution statistics, traders may feel confident dealing with Markets.com.

Over 2,200 assets are available for trading on the site, which caters to traders of all skill levels. Pure Forex traders will be drawn to the wide range of currency pairs and attractive spreads. Markets.com’s MarketsX platform strikes the perfect blend between simplicity and scalability.

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