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
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 |
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 |