10 Best Forex Brokers in South Africa with same-day Withdrawal
Same-day withdrawals are an important component for many traders when selecting a Forex broker. The ability to make use of same-day withdrawals allows you to access your profits quickly and reinvest them as needed.
In this article, we explore the ten best Forex brokers in South Africa with same-day withdrawals along with excellent trading conditions.
Due to the new OTC regulation implemented by the FSCA, many offshore brokers who hold client funds outside South Africa, require their clients to obtain the necessary tax clearance certificates in order to utilize their foreign investment allowance, this offshore process also delays the immediate processing of withdrawals
This is not the case with Khwezi Trade as the firm is local and processes withdrawals daily at 3 pm. No tax clearance certificates are needed as clients’ funds are held in South Africa in segregated accounts with a major local bank.
Khwezi Trade
With offices in Cape Town, Khwezi Trade is a locally owned and operated currency and CFD broker in South Africa.
There are no commissions or spreads to be paid by clients, and this is what the broker wants to deliver to its customers.
Global Brands Magazine 2020 rated Khwezi Trade as South Africa’s best broker. All trading accounts at Khwezi Trade are eligible for free and fast withdrawals and deposits.
You’ll uncover four alternative ZAR accounts based on your previous trading activity. Khwezi Trade also offers a demo account so that you may practice trading without putting any money at risk.
Khwezi Trade has a reliable and secure withdrawal process to ensure your money is paid on time upon request.
Khwezi Trade Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Trusted forex broker with regulation through the Financial Sector Conduct Authority | No crypto deposits accepted |
| Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensing | There are limited account base currency options |
| Khwezi Trade is an authorised FSP and ODP in South Africa | US 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 FSCA |
| 💵 Minimum deposit from | 💰 ZAR500 |
| ⚖️ Average spread from | 👉 0,6 pips |
| 📈 Commissions from | N/A |
| 💸 Deposit/Withdrawal Fees | N/A |
| ⚖️ Maximum Leverage | ⚖️. 1:400 |
| 🤑 Bonuses | 👍 30% |
| ❓ Customer Support | 🏪. 24/5 |
Pepperstone
Over half a million people use Pepperstone as a forex and CFD broker.
They’ve won a slew of international honors, including best global forex ECN broker, best platform dependability, best client connection, and more.
Pepperstone is a forex broker with minimal commissions and a global presence.
In order to provide trade services, they are controlled by a number of significant bodies.
Their customer service is top-notch, despite the fact that their news section isn’t always updated.
There are a few advanced pieces in their instructional area, but most of it is geared at beginners.
Pepperstone Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Well-regulated and large international trading provider | There are no fixed spread accounts offered |
| Social trading opportunities are offered | A 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, ASIC, DFSA, CySEC, CMA, SCB |
| 💵. Minimum deposit from | 💰 $0 / 0 ZAR |
| ⚖️ Average spread from | 👉 0.6 pips |
| 📈 Commissions from | 📈 $3.76 / 60 ZAR per lot |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 No |
| ❓ Customer Support | 🏪 24/5 |
FBS
FBS was established in 2009 as a global broker. For quick order execution.
FBS makes use of a non-dealing desk (NDD) system with Straight Through Processing. Customers can choose between two different platforms to access the markets after logging in and completing their registration.
This broker has cheap spreads and is suitable for both newbie and experienced traders.
To learn more about forex trading, the FBS website provides a part devoted to research, which offers articles, market updates, and a Forex TV area with educational videos and weekly insights and trading strategies.
Additionally, this broker includes an economic calendar, which can be accessed via the mobile app, as well as currency calculators.
FBS Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Ultra-fast trade execution | Deposit and withdrawal fees |
| Low spreads and commissions |
FBS features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 CySEC |
| 💵 Minimum deposit from | 💰 $100 |
| ⚖️ Average spread from | 👉 0.0 |
| 📈 Commissions from | 📈 $6 |
| 💸 Deposit/Withdrawal Fees | 🤷 Variable depending on method |
| ⚖️. Maximum Leverage | ⚖️. 1:3000 |
| 🤑. Bonuses | 💰. 100% Deposit Bonus |
| ❓ Customer Support | 🏪. 24/5 |
Exness
There are more than 200,000 customers worldwide who trade on Exness’ 100+ Forex pairs, a few cryptocurrencies, and 70+ stock CFDs.
With nine account types available on the MT4 and MT5 platforms, Exness stands apart from the rest of the market.
Minimum deposits start at 1 USD for the Standard Cent Account, while there is no minimum deposit requirement for any of the Pro Account options.
In general, whether you’re a novice trader or a seasoned pro, Exness is a good all-around broker.
In addition to providing excellent customer service, MT4 and MT5 support, as well as low-cost entry-level accounts, the Pro Accounts also offer excellent trading conditions.
Exness Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Comprehensive trading solutions are offered along with competitive trading conditions | The rollover fees which are charged are not transparent |
| Offers flexible maximum leverage levels which are suited to any high volume trader who needs flexibility on trade sizes | The variable average spreads are wider than that of other forex brokers |
| Supports powerful trading platforms with robust charting capabilities, technical indicators, an economic calendar, and more | There is a limited range of trading instruments offered |
| Provides access to VPS to eligible professional traders | |
| Exness is one of the largest forex brokers in terms of trading volumes, trading solutions, and customer base |
Exness features
| 👉 Feature | ℹ️. Information |
|---|---|
| 👮♂️ Regulation | 👍 CySEC |
| 💵 Minimum deposit from | 💰 $10 / ZAR R160 |
| ⚖️ Average spread from | 👉 0.0 |
| 📈 Commissions from | 📈 $0.1 / ZAR R1.60 to $3.50 / ZAR R56.00 |
| 💸 Deposit/Withdrawal Fees | 🤷 Variable depending on method |
| ⚖️. Maximum Leverage | ⚖️. 1:2000 |
| 🤑. Bonuses | 💰. 10% of Deposit Bonus |
| ❓ Customer Support | 🏪. 24/7 |
HotForex
There are over 1,000 different trading instruments available on the MetaTrader 4 and MetaTrader 5 trading platforms under the HotForex and HF Markets brand names, which have been unified under the HF Markets Group’s unified umbrella.
The HF Markets Group offers regulation in multiple jurisdictions and a variety of account types.
Forex pairs may be traded commission-free on all account types, save for the Zero Spread account, which has spread starting at 0 pips but is commission-based.
More than 150 trading products, such as currency CFDs and derivatives, may be accessed by users.
Demo trading accounts and Islamic swap-free trading accounts are also available.
HotForex Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Commission-free trading offered along with a ZAR account | Fixed spreads are not provided |
| Education materials are provided along with an economic calendar, and other tools | |
| Loyalty program, deposit bonuses, and other promotions offered | |
| Tight average spread is offered on major currencies such as EUR/USD |
HotForex features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin |
| 💵 Minimum deposit from | 💰 $5 / ZAR R80 |
| ⚖️ Average spread from | 👉 0.0 pips |
| 📈 Commissions from | 📈 $3 / ZAR R48 |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:1000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
AvaTrade
AvaTrade’s trading platforms/software and tradable asset classes allow it to appeal to a wide range of customer demographics.
AvaTrade’s user-friendly interface and customer support team make it easy for novice investors to comprehend the complexities of the financial markets.
MetaTrader 4 and AvaTradeGO, which give options for sophisticated traders, are available through AvaTrade and may be used on a desktop, tablet, mobile device, or the web.
It is compatible with a variety of automated trading systems and EAs.
In addition, the company offers free seminars for traders of all skill levels.
Avatrade Pros and Cons
| ✔ PROS | ❌ CONS | ||
|---|---|---|---|
| Broad range of tradable instruments | High EURUSD and inactivity fees | ||
| MetaTrader 4 and 5 available | |||
| Excellent educational resources |
Avatrade features
| 👉 Feature | ℹ️ 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 |
Plus500
Israel-based Plus500, a worldwide CFD broker registered on the London Stock Exchange, was established in 2008.
International financial regulators such as the Financial Conduct Authority (FCA) of the United Kingdom and the Australian Securities and Investments Commission (ASIC) oversee it.
Additionally, Plus500 features a very user-friendly website that is particularly impressive on mobile devices.
Creating an account was a breeze, and the company’s customer service is top-notch.
The minimum deposit is modest, there is no cost for withdrawals of $100 or more.
Plus500 only charges an inactivity fee after three months.
Plus500 Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Commission-free trading is offered across the range of assets that can be traded | Fixed spreads are not offered |
| The broker provides market news and in-depth insight into market conditions | There is an inactivity fee charged on dormant accounts |
| Offers more than 2,000 tradable instruments that can be traded using any type of trading strategy | |
| Provides a range of funding options including bank transfer, credit cards, debit cards, and others | |
| Offers flexible trading conditions and a powerful proprietary trading platform and mobile trading app |
Plus500 features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👍 FCA, ASIC |
| 💵 Minimum deposit from | 💰 ZAR/ R1600 |
| ⚖️ Average spread from | 👉 0,8 pips |
| 📈 Commissions from | N/A |
| 💸 Deposit/Withdrawal Fees | N/A |
| ⚖️ Maximum Leverage | ⚖️. 1:300 |
| 🤑 Bonuses | 👍 25EUR / ZAR R420 |
| ❓ Customer Support | 🏪. 24/7 |
XM
XM has several advantages, regardless of whether you are a novice trader or a seasoned one.
XM employs cutting-edge technology, has superb trading tools and rewards, and provide a variety of incentives for novice and seasoned traders alike.
A well-known firm, they provide exceptional customer service.
XM has 16 trading platforms to choose from. MT4 and MT5 platforms are available to traders on a wide range of operating systems and devices.
CFDs on Forex, Stocks CFDs, and Commodities are just a few of the more than 1,000 assets that may be traded on these platforms.
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Low minimum deposit | Inactivity fee charged after 90 days on live accounts |
| Comprehensive educational offering | Limited product portfolio |
| Streamlined account opening process |
XM features
| 👉 Feature | ℹ️ 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 |
GO Markets
GO Markets is a well-regulated broker that offers a simple account structure and a wide selection of trading tools on the MT4 and MT5 platforms.
There are two types of trading accounts available at GO markets.
A standard account and the VIP account, both of which have low trading charges.
In the Standard Account, spreads start at 1.0 pip (EUR/USD), but in the GO Plus+ ECN Account, spreads start at 0 pip (EUR/USD).
GO Markets Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low trading fees | Limited account options |
| Ultra-fast execution | |
| Advanced analytical tools | |
| Low minimum deposit |
GO Markets features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 ASIC |
| 💵. Minimum deposit from | 💰 $1 / 16 ZAR |
| ⚖️ Average spread from | 👉 0.0 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 30% Deposit bonus |
| ❓ Customer Support | 🏪 24/5 |
IC Markets
IC Markets provides consumers with narrow spreads starting at 0.0 pips on key currency pairings.
High-frequency trading, algorithmic techniques, and institutional investors can all benefit from the broker’s ultra-fast order execution.
IC Markets typically conducts transactions in under 40 milliseconds.
IC Markets Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low forex fees | No Negative Account Balance Protection |
| Easy and fast account opening | Limited number of available CFDs |
| Free deposit and withdrawal |
IC Markets features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 ASIC |
| 💵. Minimum deposit from | 💰 $200 / 3200 ZAR |
| ⚖️ Average spread from | 👉 0.0 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 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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