10 Best brokers for swing trading in South Africa

Overview

Swing trading is the best method for short-term gains on a stock or other financial instrument over a few days to several weeks. Swing traders rely heavily on technical analysis to discover potential trading opportunities.

As a swing trader, you can apply fundamental research in addition to price patterns and trends. Swing trading methods are made successful by brokers who provide outstanding trading circumstances that are favourable to this type of trading.

In this article, we take a closer look at the best Forex brokers for swing traders in South Africa.

These are brokers which offer trading conditions and features conducive to the swing trading strategy, all supported by a safe and regulated trading environment.

IFX Brokers

Overview

IFX Brokers is a South African-based internet trading company. There are three pillars to the company’s foundation: commitment, transparency and trust.

Private and institutional investors who favour swing trading can use the cutting-edge MetaTrader 4 trading platform to trade a wide range of financial instruments, including FX, indices, commodities, energy metals, and futures, all in one place.

Pros and Cons

PROS

High leverage available

MetaTrader 4 is supported.

Resources for learning are available

CONS

 

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

HotForex

Overview

HotForex is a great option for traders because of its global reach, feature-rich website, and extensive selection of trading tools. The interface used is simple and straightforward, and the fundamentals of forex and CFD trading are clearly presented.

Clients can immediately benefit from HotForex’s liquidity as the company is a market maker. Customers benefit from more consistent market pricing on the underlying price feeds when spreads widen as a result of news events or periods of low liquidity.

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

Pepperstone

Overview

Founded in 2010, Pepperstone has since grown enormously. With more than 57,000 customers in 65 countries, the company offers a broad selection to traders of any expertise level.

It is possible to trade more than 150 different assets, and there are three major trading platforms from which to select. CFD and FX traders equally benefit from low pricing, great customer support, and a large variety of third-party platforms, including several options for social copy trading.

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

IC Markets

Overview

IC Markets, an Australian-based start-up, was founded in 2007 by a group of financial experts who wanted to bridge the gap between retail and institutional consumers.

When it comes to trading, it’s important to select an option that is both transparent and supported by the best execution technology and the lowest spreads on the market.

IC Markets, an ECN broker, does not have a dealing desk or any other kind of intermediary between traders and the market. Low spreads are possible in the ECN trading environment at IC Markets.

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

FEATUREINFORMATION
Regulation

ASIC

Minimum deposit from$200
Average spread from

0.0 pips

Commissions from

None

Deposit/Withdrawal Fees

None

Maximum Leverage1:500
Bonuses

None

Customer Support

24/7

FP Markets

Overview

Trading with FP Markets, an ECN/STP broker, gives investors the choice of two different types of accounts, each with their own unique set of advantages.

Trade pricing is in line with industry standards, and MT4 and MT5 are supported. Thus, FP Markets allows for all trading methods and provides outstanding educational and market research tools for traders of all levels of experience.

In addition to forex, stocks, commodities, cryptocurrency, and indexes, FP Markets offers CFD trading on these financial assets.

Pros and Cons

PROS

Low forex fees

Streamlined and fast account opening process

Fast processing for deposits and withdrawals

CONS

High stock CFD Fees

Limited product portfolio

 

Features

FEATURE

INFORMATION

Regulation

Australian ASIC, Cypriot CySEC, SCB

Minimum deposit from

$100

Average spread from

0.5 pips

Commissions from

$55 monthly commission for IRESS Trader users only

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

$30 Welcome Bonus

Customer Support

24/5

FBS

Overview

Forex, Crypto, and metal trading may be more transparent with FBS because the broker’s ECN model is executed within a split-second time frame.

Accounts, platforms, advanced tools, and customer service are all examples of the broker’s outstanding approach, while trading fees are competitive and transparent.

Pros and Cons

PROS

High leverage

Ultra-fast trade execution

Low spreads and commissions

 

CONS

Deposit and withdrawal fees

Features

FEATURE

INFORMATION

Regulation

CySEC

Minimum deposit from

$100

Average spread from

0.0 pips

Commissions from

‎$6

Deposit/Withdrawal Fees

Variable depending on method

Maximum Leverage

1:3000

Bonuses

100% Deposit Bonus

Customer Support

24/5

FxPro

Overview

FxPro, a multi-award-winning brokerage firm with its headquarters in London, was established in 2006 and is based there.

In addition to CFDs on six asset classes (stocks, indices, foreign exchange futures, spot energy, and metals), the company specializes in online trading with a wide range of advanced tools at swing traders’ disposal.

FxPro offers a comprehensive selection of market products and popular trading platforms, as well as low spreads and high leverage.

FxPro is an honest and open business. For novice and expert traders alike, this broker provides an excellent opportunity to trade the markets.

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

AvaTrade

Overview

There is a global network of AvaTrade’s platforms that allow you to trade Forex and Contracts-for-Difference (CFDs) in many asset classes.

Swing traders with AvaTrade can choose from a variety of customizable trading platforms. To trade manually, traders can use the AvaTradeGo interface or the industry-standard MetaTrader4 (MT4) platform. Both platforms allow for mobile trading.

ZuluTrade, an automated trading platform that can be integrated into MT4, downloaded as an app, or traded online, is another alternative for swing traders seeking to use robot trading.

Pros and Cons

PROS

Broad range of tradable instruments

MetaTrader 4 and 5 available

Excellent educational resources

CONS

High EURUSD and inactivity fees

 

Features

FEATURE

INFORMATION

Regulation

Central Bank of Ireland, MiFID, ASiC, BVI

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission on Forex

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

First Deposit Bonus

Customer Support

24/5 – multilingual

FXTM

Overview

FXTM or ForexTime has been an international broker for more than a decade. The platform currently has over 3 million customers, making it the fastest growing FX broker in the world.

FXTM allows investors of all skill levels to trade 59 different currency pairs, as well as CFDs on commodities, indices, and stocks.

With FXTM, you may trade from your smartphone, tablet, or laptop. Customer support at FXTM is top-notch, and the execution of orders is quick and reliable.

Pros and Cons

PROS

Superb customer service

High maximum leverage

Great educational tools

 

CONS

Inactivity and withdrawal fees

Limited product portfolio

Features

FEATURE

INFORMATION

Regulation

CySEC, FCA, FSCA

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission

Deposit/Withdrawal Fees

$3

Maximum Leverage

1:500 on average

Bonuses

$300 Trading Bonus

Customer Support

24/5

Exness

Overview

Exness offers CFD trading on a wide range of assets, including currency pairs, commodities, cryptocurrencies, energy, indices, and stocks, allowing investors to have a taste of all the global markets.

Added to this, clients of Exness benefit from fast, accurate, and low spread order execution. A free virtual private server (VPS) is included with every Exness account, as well as support for various trading platforms, including the MT4 and MT5 platforms.

Exness offers some of the tightest spreads in the industry across a wide range of accounts that support a variety of trading strategies, including swing trading.

Pros and Cons

PROS

Well-regulated

Tight spreads

Over 130 currency pairs

 

CONS

 

Features

FEATURE

INFORMATION

Regulation

CySEC, FCA

Minimum deposit from

1$

Average spread from

1.3 pips

Commissions from

3 USD and 10 USD per 1 lot for CFDs

Deposit/Withdrawal Fees

None

Maximum Leverage

1:2000

Bonuses

Standard +10% Bonus Programme

Customer Support

24/5 – multilingual