10 Best Forex brokers in South Africa accepting credit cards
For traders today, it is essential that Forex brokers provide a variety of different payment options. Credit cards provide a number of benefits, including faster withdrawal times and good rates.
In this article, we explore the ten best Forex brokers in South Africa that accept credit cards.
IFX Brokers
Overview
Financial Sector Conduct Authority-registered IFX Holdings (Pty) Ltd is the trade name of IFX Brokers, a South African corporation.
MetaTrader4, the most extensively used trading platform, is supported by IFX Brokers. There are several market indicators and trading bots that may be used to create automated trading sessions on the site.
Major credit cards like VISA and MasterCard are accepted by IFX Brokers, as well as bank wires and PayFast, an online payment method used in South Africa with which you may make deposits solely in South African rand.
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 |
FxPro
Overview
FxPro is one of the leading MetaTrader brokers, with a wide range of account types and execution methods to choose from.
FxPro has a wide range of pricing choices, including fixed and variable spreads, for all of its account types.MetaTrader and cTrader are two of FxPro’s most popular trading platforms, accessible on PC, mobile, and the web.
FxPro also has less than 1% of customer orders requoted by utilizing its transparent execution methodology.
FxPro offers around 400 CFDs, including forex, equities, indices, metals, and cryptocurrencies, to MetaTrader users, compared to about 100 CFDs for cTrader users. FxPro’s BnkPro app also has thousands of shares to trade.
Pros and Cons
| PROS |
Wide selection of market instruments |
Client funds stored in segregated accounts |
Low trading fees |
|
| CONS |
|
Features
FEATURE | INFORMATION |
Regulation | FCA, CySEC, FSCA |
Minimum deposit from | $100 |
Average spread from | 1.7 pips |
Commissions from | $45 per million USD traded. |
Deposit/Withdrawal Fees | 1.6% for debit and credit card |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |
eToro
Overview
It is possible to trade 15 of the most prominent cryptocurrencies on eToro, as well as to take use of a number of educational and practical resources.
Ten minutes is all it takes for traders to begin buying and selling both large cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens) on Bitfinex.
eToro’s CopyTrader function allows beginner investors to “copy” the buy and sell orders of expert investors, while the company’s new eToro Club feature gives users with a choice of extra educational materials and tools.
Even while eToro doesn’t have the greatest selection of cryptocurrencies, it’s still an excellent platform for both novice and expert traders.
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 |
easyMarkets
Overview
There is no dealing desk interference at easyMarkets, which was founded in 2001. Over 103 currency pairs are available for trading, which is more than many other Forex brokers can provide. It has six distinct instruments to choose from.
All customer money at easyMarkets is held in segregated accounts with the world’s best institutions. Client money is kept separate from corporate funds, ensuring that only the clients themselves have access to them and that the firm itself cannot make use of them.
Customers of easyMarkets may also benefit from negative balance protection, which ensures that they will never lose more money than the account has in it.
Pros and Cons
| PROS |
|
Highly simulated demo environment |
|
Responsive and professional customer support |
| CONS |
Proprietary Deal Cancellation feature is not available on the MetaTrader 4 platform |
|
Features
FEATURE | INFORMATION |
Regulation | CySEC |
Minimum deposit from | $100 |
Average spread from | 0.9 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | $25 Sign Up Bonus |
Customer Support | 24/5 |
IC Market
Overview
Beginners, day traders, and scalpers may all find something to their liking at IC Markets, a leading supplier of FX CFD trading services.
Trading platforms that are at the cutting edge, with excellent liquidity and minimal latencies are offered by IC Markets to their clients. Previously, only wealthy individuals and investment banks had access to this broker’s services, which are now open to everyone.
IC Markets allows its customers to trade on the currency market around the clock, five days a week. Traders benefit from outstanding execution, extensive liquidity, and the narrowest spreads with the 60 currency pairings available.
Spreads as low as 0.0 pips and leverage as high as 1:500 are available on 60 different currency pairs.
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 |
Trading212
Overview
There are over 1,800 instruments to trade on the Trading 212 platform, which makes it easier for traders to determine where and how to spend their money.
Major cryptocurrencies including Bitcoin, Ripple, LiteCoin, Ethereum, Monero, EOS, Dash, and Neo are among the instruments included in this list. Stocks, commodities, and indices are just a few of the traditional assets that may be traded on the platform.
It is expected that many users would find the platform’s wide range of assets and trading options appealing.
Few trading platforms do not charge for transactions and are open about the fees associated with paid-for services, but Trading 212 is one of those few exceptions.
There is a cost for wire transfers when withdrawing monies. If necessary, additional costs for transferring funds to a third party may be assessed.
Pros and Cons
| PROS |
Fast and streamlined account opening |
Highly navigable trading platform |
Fast execution |
| CONS |
Limited product portfolio |
Limited independent research tools |
Features
FEATURE | INFORMATION |
Regulation | FCA, FSC |
Minimum deposit from | $1 |
Average spread from | 0.1 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:300 for pro accounts |
Bonuses | GBP 50 No Deposit Bonus |
Customer Support | 24/5 |
Tickmill
Overview
Founded in 2014, Tickmill is a well-respected STP broker that strives to provide traders of all skill levels with the best possible trading experience.
With the inclusion of the MT5 platform, experienced traders will appreciate the vast selection of currency pairings available, as well as the ability to trade with more assets.
Overall, Tickmill is a good option of broker for serious traders and MetaTrader users who are seeking a new brokerage firm.
Pros and Cons
| PROS |
Competitive pricing |
Well regulated |
High leverage |
Advanced trading software |
STP model |
| 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 |
XM
Overview
Commodities, stock CFDs, precious metals, energy, and shares can all be traded through the XM Group (XM), a dealing desk broker.
Scalpers, day traders, and long-term investors may all benefit from XM’s rapid execution speeds and excellent analytical software. In addition, it offers a world-class library of instructional and market research resources to help novice traders get up and running quickly and successfully.
Finally, trading is available on both the MT4 and MT5 platforms, and the experienced and prompt customer care team is on hand to assist with any account or technical issues.
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 |
HotForex
Overview
As a worldwide multi-asset broker, HotForex has full transparency in pricing methods, fees, and swap rates, and is registered and regulated in several jurisdictions. Traders may open a zero spread account with this broker, which provides raw spreads of 0.0 pips with no fees.
Pros and Cons
PROS |
No deposit or withdrawal fees |
Competitive spreads |
|
| CONS |
High commission charges on the Zero account |
|
Features
FEATURE | INFORMATION |
Regulation | CySEC, DFSA, FCA, FSA, FSCA |
Minimum deposit from | $5 |
Average spread from | 0,0 pips |
Commissions from | USD 0.03 per 1K lot. |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | 100% Supercharged Bonus |
Customer Support | 24/5 |
FXCM
Overview
Forex Capital Markets (FXCM) was created in New York in 1999 and is a market-making broker.
In addition to being regulated by the Financial Conduct Authority (FCA) in the United Kingdom, as well as several other severe regulatory agencies throughout the world, such as those in Australia (ASIC) and South Africa, the legendary broker currently has its headquarters in London, UK (FSCA).
It is possible to open a forex or CFD trading account with FXCM, which offers a wide range of trading instruments and a wide range of leverage options.
Pros and Cons
| PROS |
|
Excellent educational resources for beginner traders |
|
Low minimum deposit requirement |
|
Advanced research tools |
|
Excellent customer support |
| CONS |
No Web Trader option available for trading platforms |
Rudimentary mobile trading platform |
Limited product portfolio |
Features
FEATURE | INFORMATION |
Regulation | FCA, ASIC, ACPR, FSP |
Minimum deposit from | $5 |
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 |