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
| 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 |
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 |