10 Best Forex scalping brokers in South Africa
Scalping is an intensive Forex strategy that involves trading currencies using a brie holding time, and conducting multiple trades throughout the day. The purpose is to reduce risk by taking advantage of small price movements for a greater profit.
Not all Forex brokers support the scalping strategy, and in this article we explore the ten best scalping Forex broker that also provide excellent trading conditions.
IFX Brokers
Overview
Since 2018, IFX Brokers, a South African broker, has facilitated trades on a variety of financial marketplaces. Trading conditions at IFX Brokers are highly competitive, with transparent fee schedules and leverage of up to 1:500.
IFX Brokers provides traders with the greatest software available on the market, MetaTrader 4, which has a vast variety of features and functionalities.
If you are looking for a secure and transparent trading environment, IFX Brokers is the place to go. They provide a wide range of instructional and trading resources available to help you improve your forex skills.
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 |
XM
Overview
XM features more than 1000 financial products that may be traded on the MT4/MT5 platforms.
These include Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs, and more with some of the most dependable and quickest order execution available.
Over 99 percent of the company’s deals are completed in less than a second, and it serves more than 2.5 million customers in 30 languages across 190 countries.
Strict financial regulators regulate XM in all relevant countries, and the company works hard to maintain its good name by delivering a good blend between the features that consumers demand most: security, support, ease of account funding and withdrawal, and reasonable fees.
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 |
OctaFX
Overview
Since its inception in 2011, OctaFX.com has been recognized by the industry for its outstanding online trading services and platforms, and it has won a slew of accolades in recognition of this.
OctaFX is a great option for investors who are looking for a low-cost alternative to trade a wide range of assets, thanks to its low initial balance requirements and tight spreads.
Forex is a major focus, but the platform also offers a wide range of other asset classes such as US, UK, and Japanese shares, allowing you to broaden your financial horizons.
Support for Android and iOS mobile devices, as well as a wide range of desktop and online applications, means that you may utilize the platform from virtually any device.
Pros and Cons
| PROS |
Ultra-fast execution |
More than 30 forex pairs available |
Well-regulated |
| CONS |
No VPS available |
No Forex educational tools |
|
Features
FEATURE | INFORMATION |
Regulation | CySEC |
Minimum deposit from | $100 |
Average spread from | 0.7 pips |
Commissions from | None |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | 50% Deposit Bonus |
Customer Support | 24/5 |
Markets.com
Overview
Over 2,200 financial products are available for trading at Markets.com, which is much higher than most other brokers. Stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds are all examples of tradable instruments.
All three of Markets.com’s award-winning proprietary platforms, MT4 and MT5, are supported. Multi-asset trading platform Marketsx has an impressive array of tools including over 14 fundamental, technical, sentiment-based trading tools and expert analysis.
Markets.com’s spreads on the EUR/USD start at just 0.6 pips, and there are no fees or minimum deposit restrictions, making it one of the most affordable brokers in the industry.
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 |
Tickmill
Overview
When Tickmill first opened its doors to traders in 2014, it offered a unique combination of online trading services aimed at increasing knowledge and enhancing usability for users throughout the world.
Due in major part to Tickmill’s highly renowned trading conditions, such as its zero-pip spreads, no dealing desk execution, and acceptance of all trading techniques, the broker has earned a stellar reputation.
For customers who want to enter the financial markets with confidence and security, there is a wealth of instructional resources and useful technical and fundamental analyses available.
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 |
Saxo Bank
Overview
With over 40,000 securities to choose from, Saxo Bank is a premier multi-asset broker. They provide first-rate research, an intuitive trading interface, and a wide range of services.
Trading with Saxo Bank is an immersive and rich experience, with a staggering array of tools, research, and premium services, for active traders.
Saxo Bank’s products include crypto derivatives, micro-futures, and currency options. Overall, Saxo Bank’s pricing is top-notch. Saxo Bank has the lowest price in the business for traders who are active and can keep substantial sums in their accounts.
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 |
Oanda
Overview
Oanda’s trading platforms are high-quality and easy to use, and its research tools are strong, with various technical indicators and an excellent API offer. The account-opening process is simple and straightforward. Oanda is an excellent forex broker.
It provides easy-to-use trading platforms that anyone can pick up fast and feel comfortable using. There are also advanced research tools, such as APIs for trading. Opening an account is a simple and quick procedure.
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
Founded in 2010, Pepperstone is based in Melbourne, Australia, and executes an average of $12.55 billion in deals each day (October 2019). The company is well recognized for its vast third-party trading platform choices.
Forex and CFD traders may take advantage of Pepperstone’s reasonable pricing, first-rate customer support, and wide range of third-party platforms.
When it comes to pricing schemes, Pepperstone’s commission-based Razor Account stands out as the top pick among agency execution brokers.
Pepperstone is a reputable forex and CFD broker, with licenses from the FCA, BaFin, and ASIC on the table for investors.
Opening a bank account is simple, quick, and entirely electronic. Fast and accurate replies are provided by customer service. Withdrawal and deposit are a cinch, thanks to this service.
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 |
HotForex
Overview
HotForex was founded in 2010 and has since grown its service area to cover over 100 countries. Tier-1 Financial Conduct Authority (FCA) in the United Kingdom regulates and supervises these services.
Other jurisdictions where the business is permitted to provide financial services include Cyprus, South Africa, United Arab Emirates and St. Vincent & the Grenadines. In addition to stocks, currencies, and cryptocurrencies, this market-maker has received several industry accolades.
If you are looking for an online trading platform that offers reasonable spreads and commissions as well as a wide variety of account options, upgraded charting and financial analysis tools and value-added features, then this is the place for you to be.
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 |
IC Markets
Overview
A forex broker situated in Australia, IC Markets was launched in 2007. Fast and quick account opening make it a good choice for FX traders.
There are no fees associated with making deposits or withdrawals, and the process is straightforward. There is a fantastic education aspect on the website.
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 |