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.

forex brokers

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