5 Best Brokers with Segregated Bank Accounts In South Africa

0
Best Brokers with Segregated Bank Accounts In South Africa

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

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments