Top Forex Brokers in South Africa: A Quick Overview and Comparison
After the start of the Covid-19 outbreak, currency trading in South Africa, which was already popular, surged as a potentially lucrative profession that could be conducted from home. Numerous overseas brokers have predicted a rise in 2020 business.
As part of our comprehensive annual assessment of forex brokers, we compiled a list of all brokers that accept new customers from South Africa and ordered them by their overall ranking.
IFX Brokers vs. XTB vs. Forex.com
Overall Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| General comparison | 4/5 | 4/5 | 4/5 |
| Regulation | 5/5 | 4/5 | 5/5 |
| Spreads and fees | 4/5 | 4/5 | 3/5 |
| Trading Platforms | 4/5 | 3/5 | 4/5 |
| Trading Apps | 4/5 | 3/5 | 4/5 |
| Analytical Tools | 4/5 | 4/5 | 4/5 |
| Educational Resources | 5/5 | 4/5 | 5/5 |
| Trust Score | 93 | 85 | 80 |
| Best in class | X |
Regulation Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Trust score | 93 | 85 | 80 |
| Year Founded | 2018 | 2006 | 2006 |
| Publicly Traded | No | Yes | Yes |
| Licensed in South Africa | Yes | Yes | No |
Assets Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Forex | Yes | Yes | Yes |
| CFDs | Yes | Yes | Yes |
| Number of Forex pairs | 70 | 49 | 91 |
| US Stock Trading | No | Yes | Yes |
| International Stock Trading | No | Yes | Yes |
| Cryptocurrency CFDs | Yes | Yes | Yes |
Fees Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Average Spread for EUR/USD | 0.2 pips | 0.9 | 1.0 pips |
| Commissions Charged | Yes | Yes | Yes |
| ECN Execution | Yes | Yes | Yes |
| Market Maker Execution | No | Yes | Yes |
Deposit Options Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Deposit fees | No | No | No |
| Bank wire | Yes | Yes | Yes |
| MasterCard | Yes | Yes | Yes |
| PayPal | No | Yes | No |
| Skrill | Yes | Yes | Yes |
| Minimum Deposit | $100 | $0 | $100 |
Trading Platforms Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Desktop Platform | Yes | Yes | Yes |
| Mobile App | Yes | Yes | Yes |
| Social Trading | Yes | Yes | Yes |
| MetaTrader 4 | Yes | No | Yes |
| MetaTrader 5 | Yes | No | Yes |
| cTrader | No | No | No |
| DupliTrade | No | No | No |
| ZuluTrade | No | No | No |
| Proprietary Platform | No | Yes | Yes |
Analytical Tools Comparison
| Feature | IFX Brokers | XTB | FOREX.COM |
| Economic Calendar | Yes | Yes | Yes |
| Social Sentiment | Yes | Yes | Yes |
| Trading Central | No | No | Yes |
| AutoChartist | No | No | No |
| Forex News Sources | Yes | Yes | Yes |
| Daily Market Commentary | Yes | Yes | Yes |
Overall discussion
Since 2018, IFX Brokers has been operating as a significant broker in South Africa. Several types of ZAR accounts are available, both MetaTrader 4 and 5 are supported, and a large number of currency pairs can be traded.
To accommodate traders of diverse expertise levels, IFX provides five live accounts with varying minimum deposit requirements. Spreads of 1 pip or more between the Euro and the Dollar require a minimum deposit of $10 and a maximum of $1,000.
XTB is a well-regulated broker that offers a large variety of tradable products, first-rate instructional resources, and insightful market research, all of which will likely appeal to traders. Please note, however, that xStation5, XTB’s proprietary trading platform, is the only one for which customer service is provided.
Forex.com, which has been around since 2001, is a reputable broker with minimal fees and high minimum deposits, making it ideal for both seasoned pros and those just starting out.
High trading expenses on the Standard and MT5 accounts at Forex.com’s introductory level will deter novices with smaller starting balances.
Also read: Differences between web-based and mobile platforms
