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

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


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

IC Markets

ICMarkets-Logo

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


โœ” Pros โŒ Cons
Low forex feesNo Negative Account Balance Protection
Easy and fast account openingLimited number of available CFDs
Free deposit and withdrawal

IC Markets features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ ASIC
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $200 / 3200 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 Yes
โ“ Customer Support๐Ÿช 24/7

HotForex

HotForex-Logo

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


โœ”๏ธ ProsโŒ Cons
Commission-free trading offered along with a ZAR accountFixed 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


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin
๐Ÿ’ต Minimum deposit from๐Ÿ’ฐ $5 / ZAR R80
โš–๏ธ Average spread from๐Ÿ‘‰ 0.0 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3 / ZAR R48
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:1000
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

Pepperstone

Pepperstone-Logo

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


โœ” Pros โŒ Cons
Well-regulated and large international trading providerThere are no fixed spread accounts offered
Social trading opportunities are offeredA 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


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, ASIC, DFSA, CySEC, CMA, SCB
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $0 / 0 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.6 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ $3.76 / 60 ZAR per lot
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™… None
โš–๏ธ Maximum Leverageโš–๏ธ 1:30
๐Ÿค‘ Bonuses๐Ÿ’ฐ No
โ“ Customer Support๐Ÿช 24/5

Oanda

Oanda-Logo

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


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

Saxo Bank

SaxoBank-Logo

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


โœ” Pros โŒ Cons
Low trading feesRelatively slow account opening
Transparent fee structureVery high minimum deposit

Saxo Bank features


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FCA, ASIC, FINMA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $10 000 / 160 000 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.3 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 None
โ“ Customer Support๐Ÿช 24/5

Tickmill

tickmill-brokers-logo

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


โœ” Pros โŒ Cons
Negative balance protection offeredThere are no fixed spread accounts
FIX API, VPS, and AutoChartist offeredCrypto trading is not offered
Client funds are kept segregated in bank accounts with top financial institutionsA 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


๐Ÿ‘‰ Featureโ„น๏ธ Information
๐Ÿ‘ฎโ€โ™‚๏ธ Regulation๐Ÿ‘‰ FSA, FCA, CySEC, Labuan FSA, FSCA
๐Ÿ’ต. Minimum deposit from๐Ÿ’ฐ $100 / 1 600 ZAR
โš–๏ธ Average spread from๐Ÿ‘‰ 0.27 pips
๐Ÿ“ˆ Commissions from๐Ÿ“ˆ No commission on Forex
๐Ÿ’ธ Deposit/Withdrawal Fees๐Ÿ™…. No
โš–๏ธ Maximum Leverageโš–๏ธ 1:500
๐Ÿค‘ Bonuses๐Ÿ’ฐ Yes
โ“ Customer Support๐Ÿช 24/5

Markets.com

Marketscom-Logo

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


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

OctaFX

OctaFX-Logo

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


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

XM

XM-Logo

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 brokerโ€™s customers never have to worry about losing more than the balance in their account.



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

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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