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.
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 |