10 Best Scalping Forex Brokers in South Africa
When it comes to trading currencies, scalping is a popular approach that includes making numerous trades throughout the day with a short holding period in between them. The goal is to decrease risk by profiting from modest price swings in order to make a larger profit.
The scalping method is not supported by all Forex brokers, and in this article, we will look at the 10 top scalping Forex brokers.
Khwezi Trade
Founded by Khwezi Financial Services, Khwezi Trade is a well-known South African brokerage firm.
It was formed in Cape Town, South Africa, in 2013 by an award-winning team. Khwezi Trade, a division of Khwezi Financial Services (Pty) Ltd.
Khwezi Trade is the first South African-owned forex trading platform to be approved and authorized as a licensed over-the-counter (OTC) derivatives provider.
Khwezi Trade facilitates trading in ZAR currency. Trading conditions are great, with dedicated customer service and a range of deposit and withdrawal options available at no additional fee.
To meet your specific needs, Khwezi Trade provides four different account tiers: Silver, Gold, Platinum, and Diamond.
Each of these accounts has its own unique features and perks, making them ideal for traders of all skill levels and trading styles. Khwezi Trade has a low minimum deposit requirement and standard leverage is 1:100 up to max leverage of 1:400.
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 |
IC Markets
There are no dealing desk interventions or requotes while trading with IC Markets.
IC Markets offers exceptionally low spreads and cheap commissions of as little as $3.5 per lot per side.
Any trader may use this ECN broker, which caters to a variety of strategies, including those that rely on the news or high-frequency trading.
MT4, MT5, and cTrader are all available through IC Markets.
For an ECN broker, IC Markets offers a wide choice of markets to trade, including cryptocurrencies, stocks, and bonds, all of which can be found on the platform.
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 |
HotForex
HotForex was established in 2010.
It is a Cyprus-based company, is headquartered there.
Retail and institutional clients can both use HotForex’s forex and commodities trading tools and services.
HotForex have won several industry awards.
Automated trading platforms provide retail, affiliate, and white label clients with to access a wide range of spreads and liquidity.
When you register a live account with HotForex, you get access to a wide range of trading platforms that cater to your personal preferences.
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 |
Pepperstone
Pepperstone is a major player in the Forex market, offering CFDs on more than 150 financial assets, including forex, indices, commodities, stocks, and cryptocurrencies.
MetaTrader (both MT4 and MT5) created by MetaQuotes Software Corporation and cTrader developed by Spotware Systems are available to Pepperstone clients.
Pepperstone is accredited by the likes of ASIC, DFSA, CySEC, CMA, and SCB.
The numerous honors Pepperstone has received over the years help to uphold the company’s good name and well-deserved reputation in the industry.
If you’re a novice, intermediate, or experienced trader who prefers algorithmic trading, Pepperstone is an excellent choice for you.
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 |
Oanda
OANDA was established in 1996 as an American forex broker and technology-driven financial services company.
Their belief was that data markets and trading should be made accessible to the general public by means of the internet,
OANDA was one of the first firms to provide a comprehensive currency exchange platform online.
A global pioneer in currency data, OANDA adheres to the tight requirements of six main agencies and provides Forex and CFD trading, corporate FX payments, and exchange rate services to numerous businesses and investors.
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 |
Saxo Bank
Saxo Bank provides a high-level platform for trading leveraged products such as forex, CFDs, futures, commodities, forex options, listed options, and other derivatives.
In addition to its traditional stock trading, bond trading, ETF trading, mutual fund trading, and mutual fund trading.
As a result of its innovative forex trading platform, Saxo Bank enables clients to trade key currency pairs from spreads as low as 0.4 pips with no fee and even lower spreads for active traders.
Trade up to 182 Forex pairs spanning majors, minors, and exotics, as well as for cryptocurrencies and spot metals, starting with as little as 0.6 pips.
Saxo Bank Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Low trading fees | Relatively slow account opening |
| Transparent fee structure | Very high minimum deposit |
Saxo Bank features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, ASIC, FINMA |
| 💵. Minimum deposit from | 💰 $10 000 / 160 000 ZAR |
| ⚖️ Average spread from | 👉 0.3 pips |
| 📈 Commissions from | 📈 $3 / 48 ZAR |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:200 |
| 🤑 Bonuses | 💰 None |
| ❓ Customer Support | 🏪 24/5 |
Tickmill
Tickmill is an award-winning and dependable STP broker that relies extensively on industry-standard systems to ensure that trades are executed as quickly as possible.
Tickmill should be considered a top pick in the Forex brokerage industry because of its comprehensive teaching section.
Additional premium tools are available to traders at no additional cost, and favorable trading conditions.
The firm’s training materials make it a user-friendly alternative for novice brokers, but its high-level offering of tools and platforms makes it a viable option for intermediate traders as well, according to the company.
Tickmill Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Negative balance protection offered | There are no fixed spread accounts |
| FIX API, VPS, and AutoChartist offered | Crypto trading is not offered |
| Client funds are kept segregated in bank accounts with top financial institutions | A limited selection of educational tools offered |
| Investor protection is provided and Tickmill is a member of a compensation fund | |
| Multi-regulated forex broker with a high trust score | |
| Offers a range of advanced trading tools for professional traders |
Tickmill features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSA, FCA, CySEC, Labuan FSA, FSCA |
| 💵. Minimum deposit from | 💰 $100 / 1 600 ZAR |
| ⚖️ Average spread from | 👉 0.27 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅. No |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
Markets.com
Markets.com offers two different products to appeal to both short-term traders and long-term investors.
It offers proprietary trading platforms in addition to MT4 and MT5, a competitive commission-free pricing environment, and good order execution statistics, among other features.
Markets.com provides a well-regulated trading environment, as the broker is owned by Playtech PLC, a publicly traded corporation in the United Kingdom that is a component of the FTSE 250 index.
Markets.com offers a wide variety of trading instruments to both traders and investors, and it is easy to use.
There are more than 2,200 CFDs available to traders, representing a well-balanced and comprehensive asset selection encompassing nine different classes.
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 |
OctaFX
MT4, MT5, and cTrader are all available through OctaFX’s forex and CFD brokerage services.
Novice and expert traders alike may benefit from OctaFX’s trading platform options, which include the copy trading app and the MetaTrader or cTrader platforms.
A demo account and Islamic accounts are also included in the broker’s offerings.
OctaFX Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| More than 30 forex pairs available | No Forex educational tools |
| Well-regulated | No VPS available |
| Ultra-fast execution |
OctaFX features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC |
| 💵. Minimum deposit from | 💰 $100 / 1600 ZAR |
| ⚖️ Average spread from | 👉 0.7 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:500 |
| 🤑 Bonuses | 💰 50% Deposit bonus |
| ❓ Customer Support | 🏪 24/5 |
XM
XM was established in 2009.
One of the world’s most popular online brokers, and is based in Cyprus.
Many payment options are available at XM.com and there are 16 full-featured trading platforms to choose from.
There are no re-quotes or rejections for 99.9% of all orders on the XM platform.
Because of the Negative Balance Protection which is offered, the broker’s customers never have to worry about losing more than the balance in their account.
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 |
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
No comment yet, add your voice below!