10 Best Forex Brokers with no Trading Commission in South Africa

While most brokers offer a combination of spread and commission trading accounts. It depends on the trader which model they prefer.

Some traders are happy to pay a fixed cost but to execute at the best possible price. Other traders prefer not to pay any fixed fees and rather pay the spread which is the difference between the bid and ask price.

In this article, we list the best Forex brokers with no trading commission in South Africa while also offering some of the best trading conditions in the industry.

Khwezi Trade

khwezi trade

Khwezi Financial Services is a South African brokerage firm that was created in 2013 by a group of entrepreneurs.

There are two offices for the South African broker, headquartered in Cape Town and a remote office facility in Johannesburg, and it is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.

Khwezi Trade, a division of Khwezi Financial Services (Pty), are the first South African-owned forex platform to be awarded the new Over-The-Counter Derivatives license.

Among the products provided by the broker are currency pairs, commodities, and index trading, as well as extra analysis tools and market alerts.

South African broker Khwezi Trade is a secure and safe platform that complies with industry-standard encryption requirements that safeguard data flows between servers.

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

XM

XM-Logo

XM was established in 2009

XM has been operating as a forex broker based in Cyprus.

Over 196 nations can benefit from its services, and its customer support is fluent in 30 languages.

XM has cultivated a culture of customer satisfaction and is able to provide trading circumstances that are unmatched in the industry.

Apart from its exceptionally good results and reputation among the trading community.

XM has received numerous respected awards for industry achievements like Best Forex Broker for Europe and Most Trusted Broker.


XM Pros and Cons

โœ”๏ธ ProsโŒ Cons
Low minimum depositInactivity fee charged after 90 days on live accounts
Comprehensive educational offeringLimited product portfolio
Streamlined account opening process

XM features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ IFSC, ASIC, CySEC, FCA and DFSA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $5
โš–๏ธ Average spread from๐Ÿ‘‰ 0.1 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3.5 commission per $100 000 traded
๐Ÿ’ธ. Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ $30 Trading Bonus
โ“ Customer Support๐Ÿช 24/5

FXTM

FXTM-Logo

The FXTM brand was established in 2011 and has its headquarters in Cyprus.

Cyprus Securities and Exchange Commission (CySEC) since 2012, the UK Financial Conduct Authority (FCA) since 2017, and the Financial Services Commission (FSC) of the Republic of Mauritius, which handles most of FXTM’s international business outside of Europe, are just a few of the jurisdictions where it is authorized and regulated.

ECN broker FXTM provides two real-time trading accounts as well as one quick trading account for its clients to use.

Depending on the kind of account, leverage can range from 1000:1 on the Micro Account to 2000:1 on the market execution accounts. Hedging, scalping, and algorithmic trading are all supported by FXTM.


FXTM Pros and Cons

โœ” Pros โŒ Cons
Offers more than 250 financial instrumentsInactivity fees charged on dormant accounts
Offers a choice between retail investment accounts
Commission-free trading options are offered
Requires a low minimum deposit
Dedicated and multilingual customer support offered
Perfect broker for beginners

FXTM features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC, FCA, FSC, FSCA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $10 / 160 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.1 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ No commission on Forex
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™…. Deposit fees no, withdrawal fees yes
โš–๏ธ Maximum Leverageโš–๏ธ 1:2000
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

AvaTrade

Avatrade-Logo

Forex, cryptocurrencies, equities, commodities, ETFs, bonds, and indices are all available for CFD trading through AvaTrade.

AvaTrade, in contrast to other brokers, only offers a single commission-free account with fast execution, with smaller spreads connected to higher minimum deposits.

AvaTradeโ€™s trading expenses are typical when compared to those of other market makers.

The minimum investment is merely 1500 ZAR, which makes it an excellent option for both novice and expert traders alike.




Avatrade Pros and Cons

โœ” PROSโŒ CONS
Broad range of tradable instrumentsHigh EURUSD and inactivity fees
MetaTrader 4 and 5 available
Excellent educational resources

Avatrade features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ Central Bank of Ireland, MiFID, ASiC, BVI
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100
โš–๏ธ Average spread from๐Ÿ‘‰ 0.9 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ No commission on Forex
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™…. None
โš–๏ธ Maximum Leverageโš–๏ธ 1:400
๐Ÿค‘ Bonuses๐Ÿ’ฐ First Deposit Bonus
โ“ Customer Support๐Ÿช 24/5 โ€“ multilingual

FP Markets

fpmarkets-brokers-logo

FP Markets was established in 2005.

FP Markets is an Australian CFD broker that provides access to contract for difference (CFD) trading across FX, indices; commodities; stocks, and cryptocurrencies on continually tighter spreads in superb trading circumstances.

Globally, FP Markets is known as a CFD and Forex broker that provides access to a wide range of trading options from a single account.

Clients may have confidence in their trading decisions thanks to FP Markets’ understanding of what traders want.

FP Markets’ ability to combine price, execution speed, cutting-edge platforms, product range, customer service, as well as market analysis.

FP Markets Pros and Cons

โœ” Pros โŒ Cons
Low forex feesHigh stock CFD Fees
Streamlined and fast account opening processLimited product portfolio
Fast processing for deposits and withdrawals

FP Markets features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ Australian ASIC, Cypriot CySEC, SCB
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100 / 1600 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.5 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $55 monthly commission for IRESS Trader users only
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ $30 / 480 ZAR welcome bonus
โ“ Customer Support๐Ÿช 24/7

GO Markets

Go Markets-Logo

Forex pairs, CFDs on individual stocks, metals, and indices are just some of the 600+ assets that may be traded on GO Markets. Even commodities trading can be done.

A commission-based GO Plus+ account and a commission-free Standard account are available from the broker.

A free demo account is another way to test out GO Markets’ offerings.

MyFXBook AutoTrade tool is supported by GO Markets, allowing clients to enjoy social and copy trading.

A VPS service for MetaTrader 4 and 5 is also available through GO Markets.

Autochartist and a-Quant are also available via GO Markets.


GO Markets Pros and Cons

โœ” Pros โŒ Cons
Low trading feesLimited account options
Ultra-fast execution
Advanced analytical tools
Low minimum deposit

GO Markets features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ ASIC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $1 / 16 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ None
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ 30% Deposit bonus
โ“ Customer Support๐Ÿช 24/5

XTB

XTB-Logo

With offices in London and Warsaw, XTB is an online CFD, Cryptocurrency, and Forex broker.

Founded in 2002, the organization now has offices in more than a dozen different countries.

With an award-winning platform, a personalized approach, and an extensive library of instructional resources, XTB has a lot to offer.

Many account kinds are available, including an easy-to-use demo account that allows you to test out the platform on MetaTrader4 or on the web-based xStation.




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

OctaFX

OctaFX-Logo

OctaFX provides minimal spreads and award-winning trading conditions, making it an excellent choice for investors.

In more than 100 countries, they are a reliable source of CFD and Forex trading.

OctaFX provides CFD trading on a wide range of financial instruments, including forex, metals, and cryptocurrencies.

It’s easy to see how they fit in with the rest of the brokers on this list because they use the MetaTrader 4 platform as their trading platform.

In addition to MetaTrader, they also provide cTrader.

They have a variety of account sizes and trading options.


OctaFX Pros and Cons

โœ” Pros โŒ Cons
More than 30 forex pairs availableNo Forex educational tools
Well-regulatedNo VPS available
Ultra-fast execution

OctaFX features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100 / 1600 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.7 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ None
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ 50% Deposit bonus
โ“ Customer Support๐Ÿช 24/5

InstaForex

InstaForex-Logo

InstaFores was established in 2007.

InstaForex has been a Russian-based corporation.

A team with extensive experience in client and partner support is available to assist the company’s global network of more than 260 representative offices.

The broker was one of the first to allow customers to trade Bitcoin and CFDs via social networking sites like Facebook and Twitter.

In addition, InstaForex offers some of the most competitive trading conditions and the most advanced technical solutions in the industry.



InstaForex Pros and Cons

โœ”๏ธ ProsโŒ Cons
Commission-free trading offered
MetaTrader 4 and 5 offered
Variety of account types offered
Variety of financial instruments
Well-regulated by several entities
EU citizens are not restricted by the leverage, as they operate under BVI regulations.

InstaForex features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC, BVI, SVGFSA
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $1
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ 0.03%
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:1000
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

City Index

City Index-Logo

City Index trading broker is widely regarded as one of the best in the industry.

Traders can choose from a variety of platforms, including MetaTrader 4 and their own unique platform, as well as excellent market analysis and research tools.

Trading on 12,000+ products across Indices, Shares, Forex, Cryptos, and Commodities may be done with the broker’s retail or professional or premium accounts,

City Index is authorized by the UK’s Financial Conduct Authority (FCA) and this gives a high level of protection and safety.




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

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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