10 Best Forex Brokers accepting Debit Cards

In this post, we will look at the top ten finest brokers in South Africa who accept debit cards as a payment method.

Payment options for traders must be varied, with debit cards being a popular choice since they are convenient, rapid, and typically more economical than other ways of payment.

Many brokers operate in the grey area and work outside South African regulations, making it unsafe for South African traders and their funds.  If you want to trade online in South Africa, you must trade with an authorized OTC derivatives provider. In short, this means there is now a stricter, regulated space that online forex brokers must comply with, ensuring a safe and secure trading environment for all South African traders to deposit funds and trade online locally.

Khwezi Trade

khwezi trade

In addition to currency pairings, Khwezi Trade also offers contracts for difference (CFDs) on commodities and indices using the widely used MetaTrader 4 trading platform.

Clients may pick from four different types of Rand-based accounts, all of which provide attractive spreads and no commission on foreign exchange trading. Khwezi Trade is a regulatory-compliant broker that is safe and reputable for forex traders in South Africa.

Khwezi Trade safeguards client funds through segregated, third-party bank accounts. Unlike foreign brokers, your trading money does not go offshore, but remains within the borders of South Africa and thereby complying with the South African Reserve Bank laws.

Floating spreads on the four types of accounts offered by Khwezi Trade are competitively priced. Khwezi Trade is a licenced OTC broker, which means that it generates money on the spread between the bid and ask prices.

The brokerage firm Khwezi Trade does not levy a commission fee on currency trading transactions.

Khwezi Trade Pros and Cons


โœ” Pros โŒ Cons
Trusted forex broker with regulation through the Financial Sector Conduct AuthorityNo crypto deposits accepted
Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensingThere are limited account base currency options
Khwezi Trade is an authorised FSP and ODP in South AfricaUS clients are not accepted
Traders are provided access to powerful trading technology
Competitive spreads are offered
There is a decent maximum leverage ratio offered

Khwezi Trade features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ FSCA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ ZAR500
โš–๏ธ Average spread from๐Ÿ‘‰ 0,6 pips
๐Ÿ“ˆ Commissions fromN/A
๐Ÿ’ธ Deposit/Withdrawal FeesN/A
โš–๏ธ Maximum Leverageโš–๏ธ. 1:400
๐Ÿค‘ Bonuses๐Ÿ‘ 30%
โ“ Customer Support๐Ÿช. 24/5

Trading 212

trading 212 broker logo

Trading 212 UK Ltd. and Trading 212 Ltd. use the trademark “Trading 212” as a trading name.

It was created in 2006 and is based in London, England. Advanced, clever, and simple-to-use apps are provided by the fintech firm for accessing financial markets.

It is well recognized in the UK and Europe for its zero-commission stock trading service, which allows millions of traders to participate in the stock market.

Using Trading 212, investors may trade in a wide range of assets, including stocks, indices, currencies, commodities, and cryptocurrencies.

Trading 212 Pros and Cons


โœ” Pros โŒ Cons
Intuitive and user-friendly proprietary trading platform suppliedMetaTrader platforms are not supported
Low minimum deposit requirementIslamic Accounts are not offered to Muslim
Flexible funding options supported
Thousands of tradable instruments are available across different global financial markets
Well-regulated and safe broker offering trading for beginners

Trading 212 features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $0 / 0 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 1.9 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ None
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™…. None
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/7

Pepperstone

Pepperstone-Logo

As one of the top trading brokers in the world, Pepperstone provides exceptional customer service and some good add-ons to the many third-party platforms available.

As one of the top trading brokers in the world today, Pepperstone is known for its first-rate client service as well as its broad selection of third-party trading platforms.

Only one small drawback is a fewer number of tradable items than most other brokers, but the research is excellent. Founded in 2010.

Pepperstone is a private corporation based in Melbourne, Australia.

There is a wide range of currency pairs available at Pepperstone, including major, minor, and emerging market currency pairs. Investors may trade 61 currency pairs and three currency index CFDs on Pepperstone.

Pepperstone Pros and Cons


โœ” Pros โŒ Cons
Well-regulated and large international trading providerThere are no fixed spread accounts offered
Social trading opportunities are offeredA limited selection of tradable financial markets
Negative balance protection applies to retail investor accounts
Offers some of the best customer service and a trusted trade execution model
Supports the use of any trading style or trading strategy, ensuring the best average spread on all instruments
Best broker for beginners who are just starting and offers demo accounts with virtual funding

Pepperstone features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, ASIC, DFSA, CySEC, CMA, SCB
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $0 / 0 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.6 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3.76 / 60 ZAR per lot
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ No
โ“ Customer Support๐Ÿช 24/5

Oanda

Oanda-Logo

A registered Forex and CFD broker.

OANDA also offers corporate Forex solutions and currency conversion. Forex, Indices, Metals, Commodities, and Bond CFDs may be traded using MetaTrader 4 and the broker’s own custom trading interface for desktop, online & mobile.

AutoChartist, an order book and indicator for MT4 open orders, webinars, events, and MarketPulse for all the latest news and technical analysis are some of the amazing trading tools, research, and education solutions provided by OANDA.

OANDA Pros and Cons


โœ” Pros โŒ Cons
User-friendly trading platformLack of decent customer service
Low minimum depositHigh withdrawal fees
Low trading feesLimited instruments for forex and CFDs

OANDA features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, RFED
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ None
โš–๏ธ Average spread from๐Ÿ‘‰ 1.6 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $0.01 USD / 0.16 ZAR per trade
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:100
๐Ÿค‘ Bonuses๐Ÿ’ฐ None
โ“ Customer Support๐Ÿช 24/5

XTB

XTB-Logo

When it comes to FX and CFD trading, XTB is a reliable multi-asset broker with exceptional customer service and a broad selection.

CFDs on 1,848 stocks, 135 ETFs, 22 commodities, 36 indices, 5 cryptocurrencies, and 57 FX pairs may be traded on XTB’s platform.

Extensive trading options, excellent customer service, and competitive research are all provided by XTB.

The xStation 5 proprietary trading platform suite is one of the company’s most creative offerings.

XTB Pros and Cons


โœ” Pros โŒ Cons
Low trading feesHigh stock CFDs
Free deposit and withdrawalLimited asset portfolio

XTB features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ KNF, FCA, CySEC and IFSC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $250 / 4000 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 1.02 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ 0.08% of trade value with $8 / 128 ZAR minimum
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… $30 / 480 ZAR on withdrawals of less than $50 / 800 ZAR
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ $40 / 640 ZAR No Deposit Bonus
โ“ Customer Support๐Ÿช 24/5

FOREX.com

Forexcom-Logo

Forex.com, a global leader in its field, had over 71,000 customers trade over $1.3 billion last year.

GAIN Capital Holdings, the firm’s parent company, employs over 800 people and serves more than 200,000 retail and institutional customers.

In terms of forex, CFDs, spot gold, and silver, as well as other derivatives, Forex.com is one of the most prominent online brokers.

Trading platforms offered by Forex.com include a web-based trading platform, a smartphone app, and the industry-standard MetaTrader 4 (MT4) trading software.

Given the vast choice of products, focus on trading education, setup instruction, and 30-day sample account offered by Forex.com, any trader may find what theyโ€™re looking for with this broker.

Forex.com Pros and Cons


โœ” Pros โŒ Cons
One of the best international brokers with multi-regulationsInactivity fees are charged
Offers a choice in complex instruments along with various trade sizes and instant execution
Commission-free retail accounts are offered along with instant deposits and withdrawals
Powerful trading tools are offered to experienced traders
TradingView provided in addition to other advanced trading tools
An execution scorecard is provided, ensuring a guaranteed execution policy

Forex.com features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MAS
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100 / 1 600 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 1.5 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $5 / 80 ZAR commission per 100K traded
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™…. Not indicated
โš–๏ธ Maximum Leverageโš–๏ธ 1:50
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

City Index

City Index-Logo

Traders may use City Index’s spread betting and FX and CFD trading platform to place bets and make trades using CFDs.

These allow traders to speculate on the value of an asset without really owning it.

As an FCA-regulated broker, City Index operates in countries like the United Kingdom, Australia, Singapore, and the United Arab Emirates, and now in South Africa.

This well-regulated broker gives access to more than 12,000 markets, including foreign exchange (forex), stocks (indices), commodities (commodities), and cryptocurrency (in some countries).

With a 38-year history and solid financial support from its publicly traded parent firm, customers may have confidence in the broker.

City Index Pros and Cons


โœ” Pros โŒ Cons
Low trading feesLimited product portfolio
No fees for deposit and withdrawal
Comprehensive research tools

City Index features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, ASIC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100 / 1600 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.5 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3 / 48 ZAR
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:200
๐Ÿค‘ Bonuses๐Ÿ’ฐ Deposit Bonus
โ“ Customer Support๐Ÿช 24/6

IG Group

IG-Logo

London, England, is where IG Group’s headquarters are located. CFDs (contracts for difference) can be traded on this platform.

IG Group claims to be the world’s leading provider of CFDs, with operations in more than a dozen different countries.

A total of more than 17,000 financial marketplaces are available to investors across the world.

More than 16,000 assets, including interest rates, options, exchange-traded funds (ETFs), sector-specific bonds and commodities (including Bitcoin and other cryptocurrencies), and shares and indices, are available for trading on the trading platform.

IG’s product selection is one of the company’s most popular aspects.

IG Group Pros and Cons


โœ” Pros โŒ Cons
Powerful and user-friendly trading platforms providedInactivity fees are applied to dormant accounts
Tight spreads and low commissions offeredThere is a high minimum deposit requirement
Multi-regulated and trusted broker
Withdrawal and deposits are free
FIX API DMA trading supported
Offers Islamic Accounts

IG Group features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ R4 000 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.6 pips
๐Ÿ“ˆ Commission๐Ÿ“ˆ No
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… No
โš–๏ธ Maximum Leverageโš–๏ธ 1:50
๐Ÿค‘ Bonuses๐Ÿ’ฐ No
โ“ Customer Support๐Ÿช 24/5

Saxo Bank

SaxoBank-Logo

An excellent broker, Saxo Bank offers an extensive range of services at an affordable price.

Because of its thorough research, it provides a user-friendly trading platform.

The company’s product line encompasses a wide range of assets and markets across the world.

Generally speaking, Saxo Bank is a top-notch internet brokerage firm.

For as long as the company is around, its services will be continually evolving to meet the changing demands of its customers.

Saxo Bank Pros and Cons


โœ” Pros โŒ Cons
Low trading feesRelatively slow account opening
Transparent fee structureVery high minimum deposit

Saxo Bank features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, ASIC, FINMA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $10 000 / 160 000 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.3 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3 / 48 ZAR
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:200
๐Ÿค‘ Bonuses๐Ÿ’ฐ None
โ“ Customer Support๐Ÿช 24/5

Markets.com

Marketscom-Logo

Markets.com is a part of Playtech PLC, a software firm listed on the FTSE 250, and a well-recognized broker in five different jurisdictions.

If you are looking for a reliable and trustworthy place to handle your investments, this brokerage is a great option because of its superb core services and the fifteen trading tools it offers to its customers.

In addition to an impressive array of services, such as integrated research and market analysis, as well as webinars and instructive video content, the company’s platform is well-designed and simple to use.

Markets.com Pros and Cons


โœ”๏ธ ProsโŒ Cons
Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currencyA high minimum deposit is required when traders register a live account with Markets.com
User-friendly trading technology supported with a proprietary mobile appAn inactivity fee is charged on dormant accounts
A tight average spread is offered on forex major pairs
Commission-free trading is provided
There are no deposit fees or withdrawal fees charged
Caters for all trading styles and trading strategies

Markets.com features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FSCA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $100 / ZAR R1 600
โš–๏ธ Average spread from๐Ÿ‘‰ 1.9 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $0 / ZAR R0
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:300
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/7

Further Reading

10 Best Forex Brokers in South Africa with Segregated Bank Accounts
10 Best Forex Brokers in South Africa Accepting Credit Cards
10 Best Forex Brokers in South Africa Accepting Debit Cards
10 Best Scalping Forex Brokers in South Africa
10 Best Hedging Forex Brokers in South Africa
10 Best Forex Brokers with no Trading Commission in South Africa
List of 10 Best Commodity Forex brokers in South Africa
10 Best Forex brokers in South Africa with same day withdrawal

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