10 Best commodity Forex brokers in South Africa

Commodities investments form a valuable part of any well-diversified portfolio. Investing in commodities allows you to grow your wealth over the long-term and take advantage of the many new industry sectors appearing around the world.

In this article, we explore the 10 best commodity Forex brokers in South Africa, which offer excellent trading conditions complemented by a well-regulated and secure trading environment.

best forex brokers

IFX Brokers

Overview

South Africa-based IFX Brokers is a licensed retail broker. Trades are facilitated on cutting-edge trading platforms with high liquidity and affordable spreads provided by the broker. Spreads begin at 0.8 pips, and a $100 minimum deposit is required to open any of the available accounts.

Clients of IFX Brokers can trade and invest in a wide range of financial products, including forex, indices, commodities, energy, metals, and futures, all from one place using the cutting-edge MetaTrader 4 trading platform.

Pros and Cons

PROS

High leverage available

MetaTrader 4 is supported.

Resources for learning are available

CONS

Lax regulation

 

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

XTB

Overview

In addition to currency, stocks, indices and commodities, XTB gives access to a wide range of CFD markets.

This broker’s platform and services have received widespread acclaim. With over 389,000 customers, XTB is now one of the world’s leading FX and CFD brokers.

XTB is listed on the Warsaw Stock Exchange and regulated by CySEC and FCA, which are two of the world’s most reputable financial regulators.

With its wide range of products, XTB sets itself apart from the competition. Low trading expenses, a wide variety of trading instruments, strong customer support, competitive spreads, and a robust proprietary trading platform are included in this package.

Pros and Cons

PROS

Low trading fees

Free deposit and withdrawal

 

CONS

High stock CFDs

Limited asset 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

IC Markets

Overview

 

Forex, commodities, equities, indices, cryptocurrencies, bonds, and futures are all CFDs offered by IC Markets.

Over 25 liquidity providers and lightning-fast transaction execution make IC Markets a true ECN broker.

Beginners as well as more seasoned traders can use the three live trading accounts, which all feature minimal minimum deposits. In addition, IC Markets has some of the lowest trading fees available. All three of IC Markets’ live market execution accounts have outstanding trading conditions.

All account choices have a minimum deposit of $200 USD, making them accessible to novice traders. All three accounts are available on the MetaTrader platforms, however only the cTrader Raw Spread Account is available on cTrader.

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

AvaTrade

Overview

CFD trading on a wide range of financial instruments, including commodities, is available via AvaTrade, a globally recognized and FSCA-licensed CFD broker catering to both experienced and new investors.

One of the most popular mobile trading apps accessible internationally, AvatradeGO, has been well praised by the industry and has a South African customer care team unlike many European brokers.

With a minimum deposit of 1500 ZAR, AvaTrade offers a commission-free trading account with spreads beginning at 0.90 pips for the EUR/USD. While most brokers support MT4, MT5, AvaTrade goes beyond by also offering AvaOptions, and their in-house WebTrader platform.

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

FP Markets

Overview

There are more than 10,000 instruments available on FP Markets’ mobile app in the following categories: stocks, indexes, forex, commodities, and cryptocurrencies.

You can access more than 10,000 instruments from a simple mobile trading app thanks to a commission-free, low-spread trading account.

You may access raw spreads and Direct Market Access for CFDs through MetaTrader 5 and IRESS with the ECN account, which is a commission-based alternative.

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

Pepperstone

Overview

ECN broker Pepperstone was founded in Australia in 2010 and is noted for its rapid transaction execution and wide range of trading platform support.

Traders may take advantage of razor-tight spreads (0.09 pips (EUR/USD) on its Razor Account), cheap fees and no minimum deposit restrictions, all of which have won it several awards.

Pepperstone exclusively provides two no-deposit market execution accounts. Trading fees are included in the spread for the Standard Account, however the Razor Account has narrower spreads and charges less per trade.

There are a variety of other instruments available at Pepperstone in addition to Forex, which includes commodities trading. All assets’ maximum leverage is lower than other CFD brokers operating in South Africa because of ASIC laws.

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

Plus500

Overview

Plus500 was founded in 2008 and is listed on the London Stock Exchange as a well-regulated market maker. There are over 70 different currency pairings, cryptocurrencies, indices, commodities, shares, options, and exchange-traded funds (ETFs) to choose from, which is more than any other CFD provider.

Accounts denominated in ZAR are available through Plus500, making it convenient for South Africans who are likely to have ZAR bank accounts.

So, South African traders will be able to avoid conversion fees, except for trading instruments with other base currencies, such as the EUR/USD, which would still incur translation fees.

Pros and Cons

PROS

Wide range of market instruments

Competitive pricing

Well regulated

 

CONS

Relatively limited research tools

 

Features

FEATURE

INFORMATION

Regulation

FCA, ASIC

Minimum deposit from

$100

Average spread from

0.5 pips

Commissions from

‎$3

Deposit/Withdrawal Fees

None

Maximum Leverage

1:30

Bonuses

Deposit Bonus

Customer Support

24/5

FXTM

Overview

Offering access to forex, commodities, metals, equities, and indices, FXTM is an award-winning market maker/ECN broker.

As well as its own FXTM Trading App, FXTM provides support for the MT4 and MT5 platforms as well as several trading tools, including a VPS hosting option.

To help new traders, FXTM offers a copy trading platform that allows users to follow the strategies of successful traders.

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

Forex.com

Overview

Online retail forex and CFD broker Forex.com is one of the most popular in the industry. Over 300 worldwide markets, including forex, equities, indices, cryptocurrencies, and commodities, are made accessible through their services.

In the case of currency trading, Forex.com does not collect any fees.

Instead, the spread is used to make up the difference. For some of the most popular currency pairings and equities, Forex.com’s spreads are average. The broker, on the other hand, provides index and commodities CFDs at prices that are lower than the industry average.

Pros and Cons

PROS

Low Forex fees

High number of currency pairs

Well-regulated

 

CONS

Limited asset portfolio

High stock CFD fees

Features

FEATURE

INFORMATION

Regulation

FCA, CIMA

Minimum deposit from

$50

Average spread from

Variable

Commissions from

Commissions on the commission account only

Deposit/Withdrawal Fees

None

Maximum Leverage

Variable dependent on instrument traded

Bonuses

20% Welcome Bonus

Customer Support

24/5

Tickmill

Overview

When it comes to trading, Tickmill has a lot to offer the serious trader. For sophisticated traders who want access to futures and commodities trading as well as instructional resources, the products and platforms are regulated by the FCA, CySEC, and FSCA in numerous locations.

Pros and Cons

PROS

Competitive pricing

Well regulated

High leverage

STP model

Advanced trading software

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