9 Best Forex Brokers for Day Trading in South Africa
Buying and selling currency pairs within the course of a single trading day is known as forex day trading. Rather than maintaining positions overnight, these forex traders close out their holdings at the end of the trading day.
If you’re a day trader, you’ll be looking for currency pairs that are both extremely liquid and volatile. As such, in order to succeed in Forex day trading, you must be able to control your emotions, your concentration, discipline, and stay to a trading plan, all of which can be learned.
But day traders also require brokers that provide trading tools, including technical indicators and drawing tools, in order to determine the best times to enter and exit transactions.
In this article, we examine the best brokers for day trading in South Africa.
Khwezi Trade
Founded in Cape Town in 2013, Khwezi Trade is a South African-based Forex broker.
It is the goal of this Forex broker to provide its customers with the lowest spreads and no commission when trading online. The Global Brands Magazine named Khwezi Trade as the Best Broker in South Africa for 2019-2021
Client monies are held in segregated and individualized accounts by Khwezi Trade, which is regulated by the Financial Services Conduct Authority (FSCA).
All trading accounts at Khwezi Trade are eligible for free and quick same-day withdrawals and deposits. There are four distinct trading accounts to choose from, depending on your deposit size.
In addition, Khwezi Trade provides a Demo Account that may be used as a practice account for this Forex broker.
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
When it comes to algorithmic trading, the IC Markets platform is ideal for those who prefer minimal spreads and fast, accurate execution on the MT4 or MT5 platforms.
As automated trading techniques often have a larger turnover rate than manual trading.
IC Markets has a substantial advantage over its competitors in terms of trading volume.
MyFXBook and ZuluTrade, two of the most popular third-party social trading programs, flesh out IC Markets’ total product offering and appeal to retail FX and CFD traders.
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
There are six different types of trading accounts offered by HotForex, which is a MetaTrader-only platform broker.
Although HotForex uses a more powerful version of MetaTrader, it only provides a limited number of tradable goods.
Everything you need to be a successful financial market investor is available on this website.
Additional features include a 1:1000 leverage and the ability to trigger a bonus for trading. HotForex provides a wide range of trading options and great customer service.
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 |
Saxo Bank
As a multi-asset broker, Saxo Bank is one of the best in the business because to its excellent research and user-friendly trading software.
Saxo Bank is a globally recognized brand that offers about everything a trader could possibly want or need. Advanced tools and high-quality market research make for a flawless customer experience.
No matter how much experience you have in investing or trading, Saxo Bank’s trading platform is a great place to start.
Saxo Bank is well recognized for its unique SaxoTraderGO trading platform suite, which comprises its mobile and web trading app, as well as its desktop program, SaxoTraderPRO.
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
As an STP broker, Tickmill relies significantly on industry-standard infrastructure to facilitate quick execution.
Tickmill should be a top pick in Forex brokerage because of its comprehensive educational resources, free access to premium tools, and favorable trading circumstances.
Newbie brokers will appreciate the company’s educational resources, while intermediate traders will appreciate the company’s high-level offering of tools and platforms.
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
FTSE250-listed Playtech PLC is the parent company of Markets.com, a well-regulated brokerage in five jurisdictions.
If you are looking for a reliable and trustworthy place to handle your investments, this brokerage is a great option because of its superb core services and the fifteen trading tools it offers to its customers.
Cleanly designed and easy to use, the company’s platform contains integrated research, market analysis, webinars, and instructive videos, as well as a decent supply of features.
Many of its competitors charge higher spreads and offer a smaller number of tradable instruments than this broker does.
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
If you’re looking for an ECN Forex Broker and CFDs on Indices, Metals, and Cryptocurrencies, OctaFX is the place to go.
OctaFX provides a large variety of trading accounts.
OctaFX also provides access to copy trading, bonus promotions.
A large variety of research tools is also provided.
OctaFX offers low spreads and cheap trading fees, making it a strong competitor in the FX market.
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 is one of the most trusted names in the Forex industry. An improved MetaTrader 4 and MetaTrader 5 trading platform as well as more than 1,000 competitively priced assets are available to XM customers.
The XM Zero account option appears to be competitive for Forex traders at any deposit size starting at the $5 minimum. Fees are competitive for depositors of a few hundred dollars.
One can trade a wide variety of assets, including over 1,200 different stocks and shares. A long track record and a favorable regulatory status have helped XM’s reputation rise above the rest of the business.
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 |
Pepperstone
Pepperstone offers minimal costs for forex and equities index trading, as well as quick response times and helpful customer support. There are no charges for deposits or withdrawals.
In spite of Pepperstone’s limited product offering, they offer low pricing, outstanding customer service, and one of the most comprehensive libraries of third-party platforms, including a number of choices for social copy trading, to their Forex and CFD customers.
Those who trade in the most popular currency pairs and CFDs might benefit the most from Pepperstone’s specialized services.
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 |
Other useful resources:
7 Best Forex trading books
Best brokers for experienced traders in South Africa
Tight Spread Forex Brokers
Best brokers for swing trading in South Africa
7 Forex trading secrets
Best Forex Trading Courses
No comment yet, add your voice below!