10 Best Forex Brokers with Segregated Bank Accounts in South Africa

A segregated account separates the clients and the company’s funds. This means that the broker retains control over the funds, but is not permitted to utilize the funds to make investments or pay any fees.

This means that the traders’ funds are well-protected, while in the event of bankruptcy, the customers would get reimbursed their funds in accordance with the legislation under which the broker operates.

In this article, we explore the ten best Forex brokers with segregated bank accounts as well as excellent trading conditions to traders in South Africa.

Many brokers operate in the grey area and work outside South African regulations, making it unsafe for South African traders and their funds. Khwezi Trade, a division of Khwezi Financial Services (Pty) Ltd, is the first South African owned forex platform to be approved by the FSCA as an authorized Over-the-Counter Derivatives Provider and therefore fully regulated.

Khwezi Trade

khwezi trade

Founded in 2013 in South Africa, Khwezi Trade is a leading online brokerage.

Khwezi Trade is able to provide its clients with rapid and flawless executions of their trades in the financial markets.

As an authorized financial service provider and licensed OTC derivatives provider, Khwezi Trade is one of the only brokers who can truly offer their clients segregated third-party administrative 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.

Tight spreads, large leverage ratios, and inexpensive fees are just a few of the benefits traders may enjoy while trading with this firm.

Trader-friendly features such as swift order execution and a wide range of account settings make it an attractive choice for investors.

The firm has regulated and dedicated account managers able to assist you along your trading journey.

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

Markets.com

Marketscom-Logo

There is no doubt that Markets.com is a respected brokerage firm with substantial business support.

The brokerโ€™s worldwide regulatory framework, as well as a consistent approach and impressive execution statistics, all combine to create a trustworthy trading environment.

Traders at all levels will find something to their liking among the platform’s more than 2,200 assets.

The vast number of currency pairings accessible and the attractive spreads would appeal to pure Forex traders.

Thanks to its MarketsX platform, Markets.com provides a nice balance of ease and adaptability.



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

InstaForex

InstaForex-Logo

There are several reasons why traders prefer InstaForex, including the wide variety of tradable instruments, outstanding platform support, and fixed-spread trading accounts.

Over 100 Forex pairs are available for trading at InstaForex.

InstaForex is a well-regulated broker with a wide selection of trading options compared to other brokers.

It is possible to open one of four live immediate execution accounts with InstaForex.

InstaForex only requires a 1 USD deposit to open.




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

Exness

Exness-Logo

Exness is a fully regulated and transparent broker that caters to a wide range of traders with varying degrees of expertise while still maintaining strong operating standards.

When compared to other brokers, the types of accounts offered are targeted to individual traders.

Excess commission rates on trades and other pricing are comparatively low.

Spreads, pricing, and trading conditions are all competitive at Exness.

There is a wide range of financial instruments and top-notch trading platforms available to traders, making it possible for them to trade in a secure atmosphere.



Exness Pros and Cons

โœ”๏ธ ProsโŒ Cons
Comprehensive trading solutions are offered along with competitive trading conditionsThe 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 sizesThe 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 moreThere 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

๐Ÿ‘‰ Featureโ„น๏ธ. Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘ CySEC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $10 / ZAR R160
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ โ€Ž$0.1 / ZAR R1.60 to $3.50 / ZAR R56.00
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿคท Variable depending on method
โš–๏ธ. Maximum Leverageโš–๏ธ. 1:2000
๐Ÿค‘. Bonuses๐Ÿ’ฐ. 10% of Deposit Bonus
โ“ Customer Support๐Ÿช. 24/7

Oanda

Oanda-Logo

Online trading firm OANDA was founded in 1996.

Oanda is regulated in all major worldwide marketplaces.

OANDA’s award-winning platform specializes in Forex and CFD trading, offering tight pricing on a wide range of products, as well as advanced trading tools and analytical instruments.

Since Oanda is regulated by six of the world’s most renowned financial watchdogs, it is a safe and trusted broker.

In terms of currency trading, Oanda stands out as a top option because of its low entry requirements (one unit of any currency) and reliable platform.



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

FXCM

FXCM-Logo

Leucadia Investments, which in turn is a subsidiary of Jefferies Financial Group, acquired FXCM in 1999, and the company has been operating since.

The corporation maintains offices in the United Kingdom, Australia, the United Kingdom, and South Africa.

In addition to offering services for online forex trading, FXCM also provides CFD trading and a variety of other products and services.

Traders that have a worldwide presence can trade in the most liquid marketplaces because of their global presence.

FXCM provides a variety of benefits, including quick execution, powerful and creative technologies, and more.

After 20 years of operation, it has grown into one of the most respected providers of internet trading services worldwide.

FXCM Pros and Cons

โœ”๏ธ ProsโŒ Cons
FXCM is a member of the FSCS compensation scheme, providing traders investor protectionThe average spread that traders can expect is not the tightest
Well-regulated
A social trading platform is provided for active traders and those who want to participate in copy trading
There is advanced charting provided by TradingView
Trading Central offers a daily analysis of all market conditions that traders can use on their trading day as part of a solid trading plan
Offers a ZAR Account and ZAR deposits

FXCM features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, FSCA, ASIC
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $50 / ZAR R800
โš–๏ธ Average spread from๐Ÿ‘‰ 1.2 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $2 / ZAR R32 2.00 per 100k lot per side
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… Start from $0 / ZAR R0 depending on withdrawal method used
โš–๏ธ Maximum Leverageโš–๏ธ 1:400
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

XTB

XTB-Logo

XTB is a forex, CFD, and cryptocurrency broker.

Founded in 2002, XTB now has more than a dozen branches in more than ten countries.

Personal attention, a comprehensive library of instructional resources, and an award-winning platform are all available through XTB.

XTB is listed on the Warsaw Stock Exchange and is well-liked by over 140,000 clients worldwide.

XTB also provides access to more than 1500 global markets and is regulated by several international authorities, including the United Kingdom’s Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF).



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

eToro

Etoro-Logo

Social trading brokerage business eToro provides copy-trading services and is considered to be the world’s greatest social trading platform.

eToro provides investment options in both equities and digital currency (cryptocurrencies).

Since eToro has more than 10,000,000 platforms worldwide, it now concentrates on providing social and copy trading services.

Owners of accounts on this platform may automatically and in real-time emulate the trading techniques of successful clients.

Other features include an economic calendar and a variety of other tools to aid in actual trading.



eToro Pros and Cons

โœ” Pros โŒ Cons
Advanced copy trading softwareHigh withdrawal fees
Low minimum depositHigh trading fees for forex
No deposit feesOnly one base currency available for accounts

eToro features

๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC, FCA, ASIC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $50 / 800 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.75 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ No commission on stocks and ETFs
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… $5 / 80 ZAR
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

AvaTrade

Avatrade-Logo

In addition to being regulated by the Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC).

AvaTrade is also supervised by the Financial Services and Capital Markets Authority (FSCA) in South Africa.

It is well-liked since it is easy to establish an account and offers a wide range of free deposit and withdrawal choices.

AvaTrade’s open cost structure and minimal trading fees are only two of the company’s selling points.

AvaTrade’s live chat feature provides adequate customer service.

Only a few downsides include a restricted product selection of forex, CFDs, and cryptocurrencies; education possibilities are excellent.


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

FXTM

FXTM-Logo

There’s a reason why ForexTime is a multi-award-winning broker. Regardless of a client’s financial goals, FXTM can help them find the best trading options.

To make trading as easy and efficient as possible, they provide a wide range of products, platforms, account types, and resources.

The Financial Conduct Authority (FCA), one of the world’s most prestigious financial regulators, oversees FXTM.

FXTM’s customer service team responds quickly and thoroughly to all inquiries.

The account opening procedure is quick and digitally-based, and they provide a variety of instructional resources, including sample accounts and seminars.


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

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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