10 Best Forex brokers in South Africa accepting debit cards
In this article, we explore the 10 best brokers in South Africa which accept debit cards.
Traders require a variety of payment methods, with debit cards being a popular option as they are fast transacting and generally more affordable.
IFX Brokers
Overview
IFX Brokers Holdings (Pty) Ltd, which was created in 2016 and is now licensed by the Financial Sector Conduct Authority (FSCA) in South Africa, is the trade name of IFX Brokers.
With its headquarters in Sandton, the firm connects retail and institutional clients to the world’s financial markets, offering a wide range of asset types.
An Electronic Communication Network (ECN) connects customers directly to liquidity providers and all orders are delivered to them via Straight Through Processing (STP), according to the business.
Using MetaTrader 4, customers may trade CFDs on currency pairings, indices, and commodities (MT4).
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 |
Markets.com
Overview
A component of Playtech PLC, which trades on the London Stock Exchange Main Market and is a member of the FTSE 250 Index, Markets.com was founded in 2008.
Markets.com is an excellent choice for traders looking for a comprehensive and reputable online platform with a wide range of account choices and features.
2200 assets are available to customers, including currency pairings, precious metals, a comprehensive variety of global shares, bonds, ETFs, cryptocurrencies and various novel mixes, such as a trade war blend and Warren Buffett blend.
Pros and Cons
| PROS |
Commission-free trading |
Low minimum deposit |
Tight, fixed spreads |
Wide range of tradable assets |
| CONS |
Customer support can be slow |
The best trading conditions are only available on the Pro Account |
Features
FEATURE | INFORMATION |
Regulation | CySEC, FCA, ASIC, FSC, FSCA |
Minimum deposit from | $100 |
Average spread from | 1.9 pips |
Commissions from | 1% |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:300 |
Bonuses | $25 No Deposit Bonus |
Customer Support | 24/5 |
Saxo Bank
Overview
One of the most well-known names in the worldwide brokerage market is Saxo Bank, a European bank with full banking licenses. With its reputation as one of the world’s most reputable and transparent financial organizations, it serves both novice and experienced traders alike.
Because of its superiority over the conventional MT4/MT5 trading platforms and its well-regulated status as an investment bank, brokerage, and fintech firm, it was able to create its own proprietary trading platform.
Over 35,000 assets are available to trade across eight asset classes in a truly global brokerage with an unmatched multi-asset selection.
Pros and Cons
| PROS |
Low trading fees |
Transparent fee structure |
|
| CONS |
Relatively slow account opening |
Very high minimum deposit |
|
Features
FEATURE | INFORMATION |
Regulation | FCA, ASIC, FINMA |
Minimum deposit from | $10 000 |
Average spread from | 0.3 pips |
Commissions from | $3 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:200 |
Bonuses | None |
Customer Support | 24/5 |
IG South Africa
Overview
IG Markets, a well-known broker with two low-cost trading accounts, including one with direct market access, is the world’s largest CFD broker by revenue.
IG Markets provides trading on approximately 17,000 assets, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates, probably the world’s broadest selection of CFDs.
With IG Markets, you may trade on a variety of platforms, including their own award-winning platform and the DMA-specific L2 Dealer. IG Markets offers novice traders a vast range of instructional and market research resources in addition to a broad range of trading instruments.
Pros and Cons
| PROS |
Excellent customer support |
Advanced suite of technical indicators |
Secure and well-regulated trading environment |
| CONS |
Demo account is only available for 30 days, and not all platforms can be tested |
Limited range of currency options |
Features
FEATURE | INFORMATION |
Regulation | FCA, FSCA |
Minimum deposit from | No minimum deposit |
Average spread from | Variable |
Commissions from | £3.00 – £8.00 per trade for all types of assets |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:200 |
Bonuses | None offered |
Customer Support | 24/6 |
City Index
Overview
For novice traders, City Index offers a great value, with low spreads and a wide range of trading platforms, including MT4 and AT Pro, a sophisticated automated trading platform with extensive customization and back-testing capabilities. City Index is owned by NYSE-listed GAIN Capital.
More than 80 currency pairs are available for trading at City Index, and the spreads are comparable to those offered by other brokers.
You may open a live account for free and start trading with 0.5 pips spreads on major currencies; fixed and variable spreads are available.
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 |
Forex.com
Overview
FOREX.com is an ideal alternative for brokers looking for a home base for their currency trading because of its wide selection of traded currencies, cheap account minimums, and amazing trading interface.
FOREX.com’s vast education and research center delivers free, educational forex trading classes for novices and seasoned professionals alike.
You can choose between a FOREX.com and a MetaTrader 4 account if you want to use the broker’s own platforms or a commission-free Standard account at FOREX.com.
Since spreads are flexible and according to market conditions, FOREX.com’s average dealing spreads are smaller than those of many of its rivals.
Pros and Cons
| PROS |
High number of currency pairs |
Well-regulated |
|
| CONS |
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 |
XTB
Overview
In addition to a large range of tradable instruments, top-notch instructional resources, and good market research, XTB is a well-regulated broker.
XTB has more than 2100 financial assets available for trading, which is more than other brokers generally provide. FX, indexes, commodities, stocks, ETFs, and cryptocurrencies are all examples of tradable assets.
By providing extensive teaching resources for novice and seasoned traders alike, XTB is able to serve traders of all levels.
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 |
Oanda
Overview
Multi-disciplinary financial services business OANDA was founded in 1996 and has a CFD trading segment. Because of its emphasis on the widely used MT4 and MT5 trading platforms, OANDA is well-suited to the needs of new traders.
When compared to other brokers, its spreads start at 1.0 pips (EUR/USD), which is average but acceptable for novice traders who don’t want to risk a lot of money.
Pros and Cons
PROS |
User-friendly trading platform |
Low minimum deposit |
Low trading fees |
|
| CONS |
Lack of decent customer service |
High withdrawal fees |
Limited instruments for forex and CFDs |
Features
FEATURE | INFORMATION |
Regulation | FCA, RFED |
Minimum deposit from | None |
Average spread from | 1.6 pips |
Commissions from | $0.01 USD per trade |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:100 |
Bonuses | None |
Customer Support | 24/5 |
Pepperstone
Overview
Markets, research, and support for numerous social copy trading platforms are all strengths of Pepperstone.
To add to its outstanding array of trading platforms it makes a large variety of third-party tools and plugins available.
A high-volume trader might benefit from Pepperstone’s Razor account and Active Trader program, which provides exceptional pricing for such traders.
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 |
Trading 212
Overview
Trading 212 is an online broker with a wide range of stocks, ETFs, and CFDs. There are two worldwide organizations that oversee the company’s operations, both of which are located in London.
Since 2016, Trading 212 has been one of the most popular trading apps in the UK because to its contemporary, cross-platform design and zero-commission trading accounts.
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 |