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
ProsLow 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 | Â 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 |
ConsCustomer 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 |
