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
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
| ✔ 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 |
Markets.com
There is no doubt that Markets.com is a respected brokerage firm with substantial business support.
The broker’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
| ✔️ Pros | ❌ Cons |
|---|---|
| Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currency | A high minimum deposit is required when traders register a live account with Markets.com |
| User-friendly trading technology supported with a proprietary mobile app | An 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSCA |
| 💵 Minimum deposit from | 💰 $100 / ZAR R1 600 |
| ⚖️ Average spread from | 👉 1.9 pips |
| 📈 Commissions from | 📈 $0 / ZAR R0 |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:300 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/7 |
InstaForex
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
| ✔️ Pros | ❌ 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, BVI, SVGFSA |
| 💵 Minimum deposit from | 💰 $1 |
| ⚖️ Average spread from | 👉 0.0 pips |
| 📈 Commissions from | 📈 0.03% |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:1000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
Exness
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
| ✔️ 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 |
Oanda
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
| ✔ Pros | ❌ Cons |
|---|---|
| User-friendly trading platform | Lack of decent customer service |
| Low minimum deposit | High withdrawal fees |
| Low trading fees | Limited instruments for forex and CFDs |
Oanda features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, RFED |
| 💵. Minimum deposit from | 💰 None |
| ⚖️ Average spread from | 👉 1.6 pips |
| 📈 Commissions from | 📈 $0.01 USD / 0.16 ZAR per trade |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:100 |
| 🤑 Bonuses | 💰 None |
| ❓ Customer Support | 🏪 24/5 |
FXCM
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
| ✔️ Pros | ❌ Cons |
|---|---|
| FXCM is a member of the FSCS compensation scheme, providing traders investor protection | The 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, FSCA, ASIC |
| 💵 Minimum deposit from | 💰 $50 / ZAR R800 |
| ⚖️ Average spread from | 👉 1.2 pips |
| 📈 Commissions from | 📈 $2 / ZAR R32 2.00 per 100k lot per side |
| 💸 Deposit/Withdrawal Fees | 🙅 Start from $0 / ZAR R0 depending on withdrawal method used |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
XTB
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
| ✔ Pros | ❌ Cons |
|---|---|
| Low trading fees | High stock CFDs |
| Free deposit and withdrawal | Limited asset portfolio |
XTB features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 KNF, FCA, CySEC and IFSC |
| 💵. Minimum deposit from | 💰 $250 / 4000 ZAR |
| ⚖️ Average spread from | 👉 1.02 pips |
| 📈 Commissions from | 📈 0.08% of trade value with $8 / 128 ZAR minimum |
| 💸 Deposit/Withdrawal Fees | 🙅 $30 / 480 ZAR on withdrawals of less than $50 / 800 ZAR |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 $40 / 640 ZAR No Deposit Bonus |
| ❓ Customer Support | 🏪 24/5 |
eToro
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
| ✔ Pros | ❌ Cons |
|---|---|
| Advanced copy trading software | High withdrawal fees |
| Low minimum deposit | High trading fees for forex |
| No deposit fees | Only one base currency available for accounts |
eToro features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, ASIC |
| 💵. Minimum deposit from | 💰 $50 / 800 ZAR |
| ⚖️ Average spread from | 👉 0.75 pips |
| 📈 Commissions from | 📈 No commission on stocks and ETFs |
| 💸 Deposit/Withdrawal Fees | 🙅 $5 / 80 ZAR |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
AvaTrade
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
| ✔ 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 |
FXTM
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
| ✔ Pros | ❌ Cons |
|---|---|
| Offers more than 250 financial instruments | Inactivity 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
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, FSC, FSCA |
| 💵. Minimum deposit from | 💰 $10 / 160 ZAR |
| ⚖️ Average spread from | 👉 0.1 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅. Deposit fees no, withdrawal fees yes |
| ⚖️ Maximum Leverage | ⚖️ 1:2000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 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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