5 Best Brokers for Day Trading in South Africa

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5 Best Brokers for Day Trading in South Africa

In forex day trading, currency pairs are bought and sold inside a single trading day. When the trading day comes to an end, it’s the perfect opportunity for forex traders to get rid of any positions they have.

Day traders rely on brokers who provide them with trading tools like technical indicators and charting software. The best day trading brokers in South Africa are listed in this article.

1.     IFX Brokers

Overview

Day traders can benefit from the wide range of services provided by IFX Brokers.

IFX Brokers’ Equinix NY4 facility provides practically endless VPS (Virtual Private Server) options for IFX customers.

A virtual private server is a need for Forex day traders who rely on expert advisors and automated algorithmic procedures.

Pros and Cons

Pros

High leverage available

MetaTrader 4 is supported.

Resources for learning are available

Cons

 

 

 

Features

Feature Information
Regulation FSA
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

2.     Pepperstone

Overview

Pepperstone’s brokerage platform is distinguished by its low costs for forex and equity index trading, as well as its quick response times and polite customer support. There are no fees associated with making deposits or withdrawing money from your account.

Pros and Cons

Pros

No minimum deposit

Low trading fees for forex

No added costs for withdrawals or deposits

 

Cons

Limited number of instruments

No additional research tools

 

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from AUD200
Average spread from 0.4 pips
Commissions from ‎$3.76 commission per lot per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

3.     XM

Overview

When it comes to the foreign exchange market, XM is a well-known name. Customers of XM can trade more than 1,000 assets at competitive prices with the use of an improved MetaTrader 4 and MetaTrader 5 trading platform, respectively.

Pros and Cons


Pros
Low minimum deposit

Comprehensive educational offering

Streamlined account opening process

Cons

Inactivity fee charged after 90 days on live accounts

Limited product portfolio

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 1:30
Bonuses $30 Trading Bonus
Customer Support 24/5

4.     OctaFX

Overview

Trading CFDs on indices, metals, and cryptocurrencies is simple when you trade with OctaFX, an ECN forex broker that offers tight spreads.

Additionally, OctaFX provides a diverse choice of trading accounts, copy trading, bonus promotions, as well as substantial research tools to its customers, among other things.

Pros and Cons

PROS CONS
Ultra-fast execution No VPS available
More than 30 forex pairs available

Well-regulated

 

No Forex educational tools

Features

Feature Information
Regulation CySEC
Minimum deposit from $100
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

5.     Markets.com

Overview

For those looking for a reliable and trustworthy site to conduct day trading, Markets.com’s strong core services, as well as the fifteen trading tools it offers its users, make it a great alternative.

Integrated research, market analysis, webinars, and instructional videos are all available on the company’s platform, which has a straightforward design and a substantial amount of capabilities.

Pros and Cons

Pros

Commission-free trading

Low minimum deposit

Tight, fixed spreads

Wide range of tradable assets


Cons
Customer support can be slow

The best trading conditions are only available on the Pro Account

 

 

Features

Feature Information
Regulation CySEC, FCA, ASIC, FSC, FSCA
Minimum deposit from $100
Average spread from 1.9 pips
Commissions from 1%
Deposit/Withdrawal Fees None
Maximum Leverage 1:300
Bonuses $25 No Deposit Bonus
Customer Support 24/5

 

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