Funds belonging to traders and those belonging to brokers are kept separate in a segregated account.
This indicates that the broker will continue to exercise control over the assets; however, the broker will not be allowed to use the funds to make any investments or pay any fees using those funds.
As such, traders’ funds are safe and secure, and in the event that the broker goes bankrupt, the customers’ deposits would be refunded to them in accordance with the regulations that the broker is required to follow in order to conduct business.
In this article, we take a look at the ten finest Forex brokers that are available to traders in South Africa. These regulated brokers offer excellent trading conditions as well as segregated bank accounts.
1IFX Brokers
Overview
In a trading environment that is regulated by the FSCA, IFX Brokers provides access to currencies, CFDs, and commodities. The monies belonging to IFX Broker’s customers are stored in a separate location, known as a segregated account, and are inspected on a daily basis by an independent auditor.
In addition, IFX Brokers carries both fidelity and professional indemnity insurance in order to provide its customers with an additional level of security.
Pros and Cons
| Pros | Cons |
| High leverage available | Limited asset selection |
| MetaTrader 4 is supported. | |
| Resources for learning are available |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | ZAR100 |
| Average spread from | 0,5 pips |
| Commissions from | NA |
| Deposit/Withdrawal Fees | NA |
| Maximum Leverage | 1:500 |
| Bonuses | NA |
| Customer Support | 24/5 |
2Exness
Overview
The Financial Conduct Authority (FCA), the Financial Sector Conduct Authority (FSCA), and the Cyprus Securities Exchange Commission (CySEC) have all issued licenses to Exness, a market maker Forex and CFD broker.
Exness offers some of the tightest spreads in the business, with access to a wide selection of currency pairs and excellent customer support.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 5.67 pips per lot for 1 Mini Lot |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
Also Read: Best Tips to Withdraw From Forex No-Deposit Bonus
3XM
Overview
XM is frequently recognized as one of the most cost-effective Forex brokers. This is mostly attributable to the fact that a minimum deposit of only $5 is required for any of the company’s several account types.
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 |
Features
| Feature | 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 | 1:100 |
| Bonuses | $30 No deposit bonus |
| Customer Support | 24/5 |
4Tickmill
Overview
In South Africa, Tickmill is widely regarded as a leading foreign exchange broker, and the company is authorized and supervised by the Financial Sector Conduct Authority (FSCA).
Contracts with a size of 0.01 lot per are eligible for a maximum leverage of 1:100 and a typical spread of 1.93 from this company.
Pros and Cons
| PROS | CONS |
| STP model | |
| Advanced trading software | |
| Competitive pricing | |
| Well regulated | |
| High leverage |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | $100 |
| Average spread from | 1.93 for NASDAQ |
| Commissions from | ‎2 per side per 100,000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:100 for NASDAQ |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |
5AvaTrade
Overview
AvaTrade’s user-friendly design and helpful customer service team make it easier for novice investors to understand the intricacies of the complex financial markets. AvaTrade is one of the most popular online trading platforms.
The trading platforms MetaTrader 4 and AvaTradeGO, which give choices for expert traders, are made available for use on desktop computers, tablets, mobile devices, and via the web by AvaTrade.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | 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 |
