10 Best Forex brokers with no trading commission in South Africa
Overview
A few brokerages offer commission-free trading to their clients, whereas most brokers benefit from both the spread and by charging commissions.
STP brokers are the most common broker types that offer commission-free trading accounts, as they allow clients to trade directly with the market and profit from the spread, rather than taking a cut of each transaction.
These ten brokers offer commission-free trading with some of the best trading conditions in the business.
IFX Brokers
Overview
IFX Brokers offers a wide range of market spreads, as well as True ECN connectivity. IFX Brokers offers EUR/USD spreads as low as 0.8 pips.
There are 85 indicators pre-installed in the IFX MT4 upgrade package, making it one of the best on the market.
Improved charting and order management features are included in IFX Meta Trader 4. A multilingual interface, thorough analysis, and different chart layouts are also included. In addition, the tabs can be moved around and resized as desired.
As part of their IFX Academy program, IFX Brokers provides a wealth of instructional resources. For novices, intermediates, and experts alike, IFX provides educational materials to help them learn about the world of trading.
To open a broker account with IFX Brokers, customers must make a small deposit of $100. New traders should find the $100 minimum deposit reasonable compared to other better and more widely accepted industry standards.
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 |
City Index
Overview
City Index is largely considered to be one of the greatest brokers in the market. In addition to MetaTrader 4 and their own platform, traders have access to a wide range of market analysis and research tools.
The broker’s retail, professional, and premium accounts are all authorized by the UK’s Financial Conduct Authority (FCA) and provide a high degree of security and safety for trading on 12,000+ products across Indices, Shares, Forex, Cryptos, and Commodities.
City Index is well-regarded for its competitively prices trading environment and its excellent customer support.
Pros and Cons
| PROS |
Advanced trading features |
Low trading fees |
No minimum deposit requirement for those funding their account with bank transfers |
| CONS |
No trade volume discounts |
Limited research tools |
The demo 12 week period would not be sufficient training for extremely novice traders |
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 |
InstaForex
Overview
InstaForex has been based in Russia since 2007. With 260 offices throughout the world, the company’s global network of support staff is well-equipped to serve customers.
Bitcoin and CFD trading using social networking sites such as Facebook was pioneered by the firm. With its competitive trading conditions and cutting-edge technological solutions, InstaForex is a leader in the business.
Pros and Cons
| PROS |
Relatively high maximum leverage |
No minimum deposit |
Reputable regulation |
| CONS |
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 |
OctaFX
Overview
OctaFX is a good option for investors because of its low spreads and award-winning trading conditions. For CFD and Forex trading, they are a trusted provider in more than 100 countries.
In addition to currency and commodities, OctaFX offers CFD trading on a wide variety of cryptocurrencies. OctaFX offers the industry standard MetaTrader 4, while cTrader is also available as an option, with a wide variety of account options available.
Pros and Cons
| PROS |
Ultra-fast execution |
More than 30 forex pairs available |
Well-regulated |
| CONS |
No VPS available |
No Forex educational tools |
Features
| FEATURE | INFORMATION |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
XTB
Overview
XTB is an online CFD, Cryptocurrency, and Forex broker with offices in London and Warsaw. There are now more than a dozen branches of the organization around the world.
There’s a lot to like about XTB’s platform, approach, and resources, all of which have won awards. If you’d like to test out the platform on MetaTrader4 or on the web-based xStation, you may open a demo account.
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 |
GO Markets
Overview
GO Markets offers trading in over 600 different products, including forex pairings, CFDs on stocks, commodities, and indices, to name just a few.
The broker offers a commission-based GO Plus+ account as well as a commission-free Standard account. Another approach to see if GO Markets’ services are right for you is to open a free demo account.
With GO Markets’ support for MyFXBook AutoTrade, clients may experience social and copy trading in a social environment. GO Markets also offers a VPS service for MetaTrader 4 and 5, as well as Autochartist and a-Quant.
Pros and Cons
| PROS |
Low trading fees |
Ultra-fast execution |
Advanced analytical tools |
Low minimum deposit |
| CONS |
Limited account options |
|
Features
FEATURE | INFORMATION |
Regulation | ASIC |
Minimum deposit from | $1 |
Average spread from | 1.5 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | 30% Deposit Bonus |
Customer Support | 24/5 |
FP Markets
Overview
Australian CFD broker FP Markets has been providing access to contract for difference (CFD) trading across FX, indices; commodities; stocks and cryptocurrencies on ever-tighter spreads since 2005.
CFD and Forex traders from all over the world use FP Markets because it offers a wide variety of trading alternatives from a single account.
FP Markets’ awareness of traders’ needs and its ability to combine price, execution speed, cutting-edge platforms, product selection, customer support, and market intelligence gives clients confidence in their trading decisions.
Pros and Cons
| PROS |
Low forex fees |
Streamlined and fast account opening process |
Fast processing for deposits and withdrawals |
| CONS |
High stock CFD Fees |
Limited product portfolio |
Features
FEATURE | INFORMATION |
Regulation | Australian ASIC, Cypriot CySEC, SCB |
Minimum deposit from | $100 |
Average spread from | 0.5 pips |
Commissions from | $55 monthly commission for IRESS Trader users only |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | $30 Welcome Bonus |
Customer Support | 24/5 |
AvaTrade
Overview
AvaTrade offers CFD trading on forex, cryptocurrencies, stocks, commodities, ETFs, bonds, and indices.
If you are looking for a commission-free account with fast execution and smaller spreads, AvaTrade is an excellent option.
Comparatively, AvaTrade’s trading costs are in line with those of other market makers. The minimum investment is just USD100, making it a fantastic choice for both rookie and experienced traders.
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 |
FXTM
Overview
Customers of ECN broker FXTM get access to two real-time trading accounts and one fast trading account.
From the Micro Account to the Market Execution Accounts, leverage can vary from 1000:1 to 2000:1. In terms of trading strategies, FXTM supports a wide variety of experience levels and investment approaches.
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 |
XM
Overview
XM has been a Cyprus-based forex broker since its debut in 2009. Its services are available in 196 countries, and its customer service is proficient in 30 languages.
In order to deliver trading conditions that are unrivalled in the market, XM has developed a culture of customer happiness.
As well as XM’s outstanding performance and reputation in the trading community, the company has won multiple prestigious industry awards, such as Best Forex Broker for Europe and Most Trusted Broker, among others.
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 |