When choosing a Forex broker, the ability to make withdrawals on the same day is a factor that many traders prioritize. Your gains are readily available to you, and you are able to reinvest them whenever you see fit thanks to the availability of same-day withdrawals.
In this article we explore the best Forex brokers in South Africa which provide traders with access to same-day withdrawals as well as a range of excellent trading features.
1. IFX Brokers
Overview
IFX Brokers is a regulated retail broker in the foreign exchange market. The broker offers cutting-edge trading platforms, which make it easier for customers to execute trades while also providing a high level of liquidity and competitive spreads.
Spreads start at 0.8 pips, and there is a minimum deposit requirement of $100 in order to open any of the accounts that are accessible.
Pros and Cons
| Pros
High leverage available MetaTrader 4 is supported. Resources for learning are available
|
Cons
Lax regulation |
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 is a forex broker that offers low commission rates and has a presence in multiple countries.
They are governed by a variety of important bodies so that they can continue to provide services related to commerce. Despite the fact that their news section isn’t always updated, their customer support is among the best there is.
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. AvaTrade
Overview
The user-friendly interface and helpful customer support team offered by AvaTrade make it simple for inexperienced investors to grasp the nuances of the complex financial markets.
AvaTrade makes the trading platforms MetaTrader 4 and AvaTradeGO, which provide options for skilled traders, available for use on a desktop computer, tablet, mobile device, or via the web. Traders can access these platforms through any of these mediums.
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 |
4. Plus500
Overview
Plus500, a worldwide CFD broker that is listed on the London Stock Exchange, was founded in the year 2008 and has its headquarters in Israel. The Plus500 website is designed to be extremely user-friendly, and it is especially remarkable when viewed on mobile devices.
Creating an account with the organization is simple, and their support staff is among the best in the industry.
Pros and Cons
| PROS | CONS |
| Wide range of market instruments
Competitive pricing Well regulated |
Relatively limited research tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | $100 |
| Average spread from | 0.5 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | Deposit Bonus |
| Customer Support | 24/5 |
Also Read: What is Forex Trading South Africa And How Does Forex Work in South Africa
5. IC Markets
Overview
On the most important currency pairings, IC Markets offers customers spreads that are tight, beginning at zero pip increments.
The ultra-fast order execution provided by the broker is useful for a variety of trading strategies, including high-frequency trading, algorithmic methods, and institutional investors.
Pros and Cons
| PROS | CONS |
| Low forex fees
Easy and fast account opening Free deposit and withdrawal |
No Negative Account Balance Protection
Limited number of available CFDs |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
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