Does Capitec Bank Support Forex Trading

We reviewed the top ten all-time regulated Forex brokers in Due south Africa to make your choice like shooting fish in a barrel and straightforward. If y'all are looking for a neat banker, this article is an platonic place to starting time your search.

Top 10 forex brokers in Southward Africa

**Best forex brokers operating in South Africa**

Forex Banker	Country of Regulation	Minimum Eolith
Hotforex	South Africa, French republic, Cyprus, Estonia, United kingdom, and Dubai	R500.00
FXTM	South Africa, United kingdom, and Republic of cyprus	R100.00
XM	Australia, Cyprus and UK	R50.00
Avatrade	Southward Africa and Australia	R1000.00
Tickmill	Seychelles	R1000.00
Plus500	Australian and Britain	R1500.00
ICMarkets	Australia	R10000.00
FXCM	South Africa, United kingdom of great britain and northern ireland, and Australia	R500.00
Think Markets	Australia, Bermuda and UK	R2500.00
IQ Options	Republic of cyprus	R100.00

Methodology

We take based our numbering on regulation, years in the manufacture, deposit and withdrawal ease, deposit required, customer support systems in identify, website friendliness and account diverseness.

1. HotForex

Hotforex is one of the virtually valuable Forex brokerages in the globe. Registered with FSCA, license number: 46632. The company trades as HF Markets SA (Pty) Ltd in South Africa. There are many advantages that come up with trading with HotForex and for starters, the company is regulated locally pregnant whenever you think in that location is a foul play you tin contact the FSCA and the public protector function. HotForex holds licenses in many jurisdictions such as France, Cyprus, Republic of estonia, Great britain, Dubai and many other European countries.

Account types offered past HotForex

HotForex offering five types of trading accounts for different traders. From accounts with a minimum deposit of $50 to accounts that require a minimum deposit of $1000.

Micro Account

You get-go trading with a minimum of $50 on this business relationship. Leverage for this account is thousand:1 and the spread get-go from 1 pip. Dissimilar the classic Forex accounts with this account yous tin can trade size and deposit less. The bonus is flexible and you lot too have an account director dedicated to you. Yous tin have up to 150 simultaneous open orders, something that you lot don't see everyday for a micro business relationship.

Premium Account

The account accommodates experienced traders. The premium account uses MT4, MT5 and Webtrader platforms and mobile apps available for the platforms. The account tin can adjust upwardly to 300 simultaneous open orders, that'due south 2 times the amount allowable compared to the Micro account. Minimum deposit for this account is R1400 which is exactly an upgrade that one would need coming from a micro account. This account is way more feasible.

Zero Spread Account

Every bit the proper name says this account is a 0 spread account and is suitable for any traders just highly recommended for scalpers and loftier volume traders. This account is the lowest costing account from HotForex and if you are looking at saving money from trades then yous may consider this account. Placing also many orders in a day can exist costly but with the Nix Spread business relationship it doesn't toll you a single cent to place a merchandise. The minimum deposit required for this account is R2800. Much higher than micro and premium accounts but since at that place will be more trades placed information technology is understandable of the hike in the deposit corporeality.

Auto Account

Car business relationship is suitable for all traders. This account gives you some advantage of getting free signals and also having an choice to purchase trading signals from MQL5 customs. Minimum eolith for a auto account is R2800 and y'all tin place upwards to 300 simultaneous trades on this account.

HFcopy Account

This business relationship is available for strategy providers and followers. Strategy providers trade in exchange of a fee from followers that tin exist as high every bit fifty%. The aim of the strategy provider is to gather as many followers as possible to have these followers copy their trades for a fee. For a strategy provider to join this account you will demand a minimum deposit of R4200 and as a follower you will demand to deposit a minimum of R1400

HotForex Currency pairs

As a South African trader y'all can leverage from 49 currency pairs. ZAR but has four crosses with are USDZAR, EURZAR, GBPZAR and ZARJPY. Other currency pairs traded are xv major currency pairs and 34 small-scale pairs

Regulation

Regulated by FSCA in South Africa Hotforx holds trading licenses in other countries that include Dubai, Republic of seychelles, Dubai, Great britain and Republic of cyprus.

Deposit Methods

Maestro, Moneybookers, Neteller, Przelewy, QIWI, Skrill, Sofort, Union Pay, Webmoney, Western Union, Wire Transfer

Withdrawal Options

Credit Card, Cryptocurrencies, FasaPay, iDeal, Maestro, Moneybookers, Neteller, Przelewy, QIWI, and Skrill

Hotforex Advantages

Multiple regulations.
Committee-gratuitous trading accounts available.
Zippo fees on deposit & withdrawals.
100% Eolith Bonus for new accounts
ZAR trading accounts are available
Live conversation system is reliable
Competitive spreads from the alive comparison table.
Lots of premium MetaTrader tools and indicators such equally AutoChartist.

Hotforex Advantages

HotForex doesn't use local banks for deposits and withdrawals such equally FNB or Nedbank instead y'all volition need to wait for two-7days for a wire transfer.
They don't have a telephone line in South Africa but you can contact them on their international line.
HotForex St Vincent and Grenadines company is unregulated.

two. FXTM

FXTM also known as Forex Fourth dimension is one of the fastest-growing Forex brokerages in the world. It has set its marking in a remarkable manner in Southward Africa.

Forex Time is doing about many cracking things similar withdrawals taking a day to seven days and their best customer back up system complement their concern model.

FXTM Account types

It has 5 account types that traders can open be a demo or a live account. Let u.s. examine each and every business relationship individually.

Cent account

A cent account basically deal with cents. For every dollar that you eolith your business relationship will be credited with 100 cents so from your account the value of your eolith will exist expressed in cent terms.

This account is in no way different from the traditional trading account except that your money will be expressed in cents non in dollars as usual. The minimum deposit for this account is $10.

This Forex business relationship is suitable for new traders then that they can gain feel of trading using large sum of number, information technology prepares them for the side by side stage of trading.

Standard Account

This business relationship is for every kind of trader be a beginner or a pro trader. Leverage on this account is one:2000 and so you lot become more than leverage than HotForex. Minimum deposit for this business relationship is $100 which is equivalent to R1400.

ECN Account

ECN is an acronym for Electronic Communication Network. It is an automated component of trading since information technology connects traders to liquidity providers such as banks, brokerages and other traders effectually the world and eliminates the role of the traditional middleman.

To trade using this account you need a minimum eolith of $500 to brainstorm trading. You can brand up to 300 orders on this account

ENC Zero Account

This is a ENC account that charges no commissions different the traditional ECN business relationship that charges $viii commission. To brainstorm trading you need to deposit a minimum of $200.

Share Account

With the share account, yous become to merchandise share online from some of the biggest companies in the globe. You become live feed from the NASDAQ and NYSE.

This is best suited for those that want to buy and sell shares online and FXTM provides such business relationship. You get divided adjustment plus you go leverage of one:x on US shares and ane:3 on European shares. You need to deposit a minimum of $100.

FXTM Pro Account

This business relationship is platonic for institutional traders, professional traders or hedge fund managers. This is FXTM's nigh exclusive account and attracts those that are investing lots of money.

The minimum eolith required for this account is $25000 and doesn't have a maximum deposit so not everyone tin can beget to trade on this business relationship simply a few.

Regulation

FXTM is an internationally regulated Brokerage and it is regulated in the United Kingdom by FCA, in Cyprus by CySEC and in South Africa past FSCA. FXTM South Africa registration number is 46614.

Deposit Methods

Neteller, skrill, wire transfer, and web money

Withdrawal Method

Neteller, Skrill, Wiretransfer, and spider web money

FXTM Advantages

Live chat support is responsive on every trading twenty-four hour period for 24 hours
The Brokerage is regulated in multiple jurisdictions
There is 0 eolith fee and the withdrawals are quick

FXTM Disadvantages

The standard business relationship charges high spread and the lowest average spread for EUR/USD is 2pips
ECN account charges a loftier commission of $8

3. XM

This is probably one of the most advertised Forex Brokerage in the earth. You might take seen Usain Bolt on an XM ad, that just shows how big XM advertizing budget is, getting a world record holder on an advert is definitely costly.

XM is non regulated in South Africa but they are regulated elsewhere. Information technology was founded in 2009 and has since been one of the leading Forex brokers in terms of Trading book. XM uses both the spider web and mobile platforms and it is available on MT4 and MT5 platforms.

XM Account types

It offers four types of accounts to traders and we will wait at each separately.

Micro Account

Micro account is a trading account for all types of traders and offering different leverage for different amounts deposited. For an account with $100k plus the leverage on the account is 1:100, an account with $20001-$100,000.00 has a leverage of one:200 and an account with $5-$20,000.00 has a leverage of 1:888.

The minimum eolith for this account is $5 and you can accept up to 200 pending orders.

Standard Account

The standard account has a higher lot size than the micro account of i lot equating to 100,000 while the macro account's i lot equates to 1,000. This business relationship is bachelor to any type of trader. Hedging is available on this account. The minimum required deposit for this account is $5.

Shares Account

This account doesn't offer whatever leverage on trades executed and there is no hedging that is allowed. Minimum deposit required is $10,000.00 and tin have a maximum orders open of up to l orders.

XM ultra low Account

The XM Ultra Low account blazon is one which is bachelor just to Australian-based traders. This has a spread which starts from 0.6pips and also provides for no commissions on trades. The leverage available is again up to 1:500 or ane:xxx for those located inside the EU.

Currency pair

XM offer 55 currency pairs. Offer major pairs such every bit EUR/USD, USD/JPY, GBP/USD, USD/CHF, and USD/CAD.

Regulation

XM is regulated in three countries and doesn't have a registration license in S Africa. XM is regulated in Australia, Republic of cyprus and United kingdom of great britain and northern ireland.

Deposit Methods

Neteller, Moneybookers and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and Communist china UnionPay

Withdrawal Methods

Neteller, Moneybookers and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and Mainland china UnionPayPros

XM Advantages

XM is regulated past FCA (U.k.), CySEC & ASIC.
Very depression boilerplate EUR/USD spread of 0.eight pips with Ultra Low Business relationship.
Quick order execution & zero Re-quotes.
Negative Rest protection
Zero fees on deposits & withdrawals.
Fast & knowledgeable live chat support.

XM Disadvantages

XM doesn't hold a FSCA license yet, however, they have a pending license application with the FSCA.
Doesn't have support offices in South Africa although can be contacted on their international line.

four. Avatrade

Avatrade is regulated in Due south Africa past the FSCA and has its headquarters in Dublin Ireland. The Forex Brokerage was formed in 2006 and is regulated in unlike other countries autonomously from South Africa.

Account types

Avatrade live account

Avatrade only has a single business relationship and at that place is no need to choose or make a comparing from other accounts. The live business relationship requires a minimum deposit of $100. Should y'all wish to use a ZAR account you lot can do so by calculation another account.

Regulation

Have licenses in S Africa, Australia and other Countries

Deposit Methods

Visa and Master cards, Neteller, skrill, PayPal, web money and wire transfer

Avatrade Advantages

Has local offices and back up
Registered with FSCA
Null eolith fees

Avatrade Disadvantages

Live chart non available
High spread
Charges inactive fee

5. Tickmill

Account types

Archetype Account

This account is suitable for beginners and professional traders. This account has spread added on the normal trading price meaning when placing a trade your merchandise balance will start from a negative balance. The minimum deposit required is $100.

Pro Account

This account gives y'all a straight market spread and for some trades 0.0pips for a trade depending on the market. Tickmill adds commissions on trades and for a 100 000 lot trade tickmill will accuse you $2. Minimum deposit for this account is $100.

VIP Account

Unlike whatsoever other tickmill trading account, the vip account doesn't have any minimum deposit required, all the same there is a minimum rest that demand to be maintained for this account. The minimum amount that needs to be maintained is $50000. This account is designed for institutional investors and other loftier stakes traders. Commission on trades for this account is $1 for 100 000 lot traded.

Currency pairs

Tickmill offering over 60 currency pair to Forex trades, some of the pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, and USD/CAD.

Regulation

Tickmill Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Potency (FSA).

Eolith Methods

Neteller wiretransfer, and Skrill. All deposits starting from 5,000 USD or equivalent, candy in one transaction by depository financial institution wire transfer, are included in the tickmill 0 fees policy.

Tickmill Advantages

No fees charged on withdrawals and deposits
Tickmill regulated by FSA.
Has over sixty major and minor currency pairs available for trading
Pro account has low spread
Vip account charges less commission

Tickmill Disadvantages

It doesn't allow crypto trading yet.
Tickmill is non registered in South Africa just their registration is even so in progress
No local support for South Africans. Tin can merely utilise a alive chat or telephone call them on their international country-line.

half-dozen. Plus500

Plus500 is i of the oldest Forex brokers on our list. Established in 2008 and listed at the London Stock Exchange.

Plus500 has a ZAR currency base for South Africans. Minimum deposit on for a plus500 account is R1500.

Account types

Retail Account

The Plus500 retail account is finer the Plus500 standard account which will likely exist used by the majority of traders.

Within the Plus500 retail account itself, y'all can expect forward to trading more than 70 currency pairs as well as indices, commodities, shares, options, ETFs, and fourteen of the well-nigh popular cryptos through Plus500 cryptocurrency trading.Plus500 retail account, yous can look forward to some of these key features:

Negative remainder protection.
Fee-free trading with the exception of a minimal spread.
4 unlike stop lodge types. This includes a guaranteed stop which slightly increases your spread, but protects you from slippage.
ICF (Investor Compensation Fund).
Admission to the proprietary Plus500 trading platform.
Professional person Business relationship

Professional account allows for all of the same features equally a Plus500 retail account, adding a few more than. You should note that ICF is not bachelor on these accounts.

You can access a Plus500 professional business relationship if you fulfil 2 of the post-obit three requirements:

High volume of trading activity within the last 12 months.
€500,000 or more to invest.
Experience within the financial services field.

Currency pairs

Plus 500 offer seventy major and small-scale currency pairs.

Regulation

Plus500 is regulated by several international financial authorities, including top-tier ones like the United kingdom's Fiscal Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Eolith Methods

Debit/Credit cards – only Visa or MasterCard debit/credit cards are acceptable (in that location may be further limitations depending on your region).

Electronic wallets (PayPal or Skrill).

Bank transfer (direct depository financial institution to banking company funds transfer).

Plus500 Advantages

Depression trading fees
No withdrawal charges
Registered with the London stock commutation
Low minimum deposit of R1500
Debit and credit card facility

Plus500 Disadvantages

There is an inactivity fee charged
Minimal enquiry tools

7. ICMarkets

ICMarkets is an Australian based Forex Brokerage regulated in Commonwealth of australia. Established every bit early on as 2007 and weathered the 2008 global fiscal crunch.

Account types

MT4 Standard Account

This is a entry level account from ICMarket. The spread on this account is up to as low equally 1 pip. ICMarkets`due south standard account offer a 0.3 pips rebate on trades.

MT4 True ECN Account

This account offering lower spread on trade with trade on the EURUSD spread at 0.one per pip. Suitable for every Forex trader, it requires a minimum of $200 to get started.

cTrader ECN Account

At that place is no minimum spread on the cTrader platform and spreads on the EUR/USD tin can often be seen at -0.3 pips during the European and North American trading sessions. The minimum amount required to open this account type is $g.

Currency pairs

Can trade over 60 currency pairs with ICMarkets with the most traded currencies being EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP.

Regulation

Regulated in Commonwealth of australia.

Eolith Methods

You tin use Bpay, Neteller, Skrill, Bitcoin Wallet, Rapid Transfer, POLi, and wire Transfer.

IC Markets Advantages

Costless deposits and withdrawals
Fast account opening
Low no trading fees
Low Forex fees

IC Markets Disadvantages

No negative balance protection
No investor protection

8. FXCM

FXCM offers South African clients the best no-committee forex trading accounts. Residents of South Africa can trade on the foreign currency market with a bespoke trading platform that offers spreads equally low as one.2 pips on EUR/USD and 57.vi pips on USD/ZAR, as well as leverage upwards to 400:ane.

FXCM is the finest forex banker with no committee because of its goose egg-committee trading characteristic, which is combined with a wide selection of trading platforms and improved execution speed. FXCM, which was founded in 1999, is governed by a number of dissimilar regulations all across the world.

Account types

FXCM Live Account

FXCM offer only 1 account type which is the FXCM Live account and it is available to anyone that wants to trader with FXCM. The minimum deposit on this business relationship is $50 and has a leverage of 400:1.

Regulation

FXCM is regulated in Due south Africa past FSCA, in United Kingdom by FCA and in Commonwealth of australia by ASIC.

Deposit Methods

FXCM permit bank wiretransfer and credit and debit card payments.

IC Markets Advantages

Become a free practising account
Access to free trading and educational tools
South Africans become a $20 welcome bonus
Regulated past FSCA, FCA and ASIC
Has offices in Johannesburg

IC Markets Disadvantages

Mini business relationship holders can merely merchandise 21 out of 39 currency pairs bachelor on the platform.
The client service is not 24 hours and then sometimes yous will need to wait until the customer desk is open.
Charges $50 for inactive accounts
There are as many currency pairs on the platform
Mt5 non supported

9. ThinkMarkets

Founded in 2010, with headquarters in Melbourne, Australia, and a satellite part in London;

Regulated past ASIC, with additional oversight from the FCA in the Uk. The trading platform consists of MetaTrader4 protocols and mobile applications, augmented past a unique parcel of enhanced trading tools and features. To start trading you need a minimum eolith of $250.

Account types

Recollect Markets has iii types of accounts in place namely standard, vip and pro business relationship.

Standard Account

Minimum deposit on this for this business relationship is $250 and the maximum is $1999. This account is suitable for beginners and those who have been trading using a demo business relationship and now want to feel trading using a real account.

Pro Business relationship

Minimum eolith required for this account is $2000 and the maximum required is $24999. This accounting is suitable for professional traders looking for more leverage.

VIP Business relationship

Minimum eolith required for this business relationship is $25000 and there is no limit attached to the business relationship. VIP account is all-time suited for institutional traders and professional traders considering of its level of investment required.

Currency pairs

ThinkMarkets offer 40 currency pairs

Regulation

Australia
Bermuda
United Kingdom

Deposit Methods

Major credit cards and banking wire transfers, Skrill/Moneybookers, Neteller, BPAY and Union Pay.

ThinkMarkets Advantages

Spreads are competitive.
Regulated in good Jurisdictions
Choice of two two trading platforms

Think Markets Disadvantages

The website is not easy to use.
Traders who are used to running their MT4 EA's or custom indicators will be disappointed if they choose to trade with the ThinkTrader platform.

x. IQ Selection

IQ Option is a financial services provider based in Cyprus and managed and owned by IQ Options Europe Ltd.

Account types

Real Account

This is a basic live account for both beginners and experts. With a real business relationship, yous may trade over 200 different assets. Binary options, CFDs, Digital Options, Crypto currencies, and Currency Pairs are the 5 types of assets available. The minimum trade size allowed for this account is $one, with a $x minimum deposit necessary to get started.

VIP Account

This is a premium trading account that comes with many benefits for the account user.

As a VIP account holder, you volition get your own personal account manager, take part in any tournament, get complimentary tutorials, get free educational materials, and high profitability rates.

Regulation

Cyprus Securities Commutation Commission (CySEC)

Deposit Methods

Wire Transfer, Capitec Bank, Nedbank, Absa, Discovery, Standard depository financial institution, Skrill, Neteller, FNB, WebMoney, perfect Money, AstroPay, and AdvCash

IQ Options Advantages

Gratis demo account
Regulated by CySEC
Low minimum deposit required
Has a variety of Trading options

IQ Options Disadvantages

Country restrictions
The customer support system does not respond timely

Best bank for forex trading in South Africa

First National Depository financial institution (FNB)
Standard Bank
ABSA
Nedbank
Investec
Bidvest Bank

Conclusion

Choosing a Forex Banker is challenging, merely this list can relieve the stress of scouring the internet for the best broker for you. Don't skimp on the level of service you receive from a Forex broker because this is the foundation of your future connection. If you're new to the game, y'all can commencement past downloading a sample business relationship to test your skills before investing real money. Y'all can practice with a demo account at any of the Forex brokers listed.

Understand the trading lingo before opening a live account. Understand the concepts of spreads, pips, swaps, and commissions. Also, find out how much leverage the account yous wish to open up has. Risk management is the key to trading success, then make sure you know what you're doing. Finally, find out where your broker is regulated so you tin discover which jurisdictions can enforce policies.

Source: https://www.rateweb.co.za/forex-market/top-10-forex-brokers-in-south-africa/

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