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.

forex markets

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