A wide range of payment alternatives is vital for today’s Forex traders. Faster withdrawals and favourable interest rates are two of the many advantages of using a credit card. In this post, we’ll take a look at the top five credit card-accepting Forex brokers in South Africa.
1. IFX Brokers
Overview
IFX Brokers supports MetaTrader4, the most popular trading platform, as well as MetaTrader 5. Automated trading sessions on the site can be created using a variety of market indicators and trading bots.
As well as bank wires, IFX Brokers accepts VISA and MasterCard credit cards, as well as the South African online payment option PayFast, which only accepts deposits in South African rand.
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. FxPro
Overview
There are numerous account kinds and execution techniques available at FxPro, making it one among the top MetaTrader brokers.
All of FxPro’s account types provide access to a variety of pricing options, including fixed and variable spreads.
On PC, mobile, and the web, traders can access the most popular FxPro trading platforms, MetaTrader and cTrader.
Pros and Cons
| PROS | CONS |
| Wide selection of market instruments | |
| Client funds stored in segregated accounts
Low trading fees |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 1.7 pips |
| Commissions from | $45 per million USD traded. |
| Deposit/Withdrawal Fees | 1.6% for debit and credit card |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
3. eToro
Overview
On eToro, you are able to trade 15 of the most important cryptocurrencies, in addition to having access to a number of instructional and useful materials.
Pros and Cons
| Pros
Advanced copy trading software Low minimum deposit No deposit fees |
Cons
High withdrawal fees High trading fees for forex Only one base currency available for accounts |
Features
| Feature | Information |
| Regulation | CySEC, FCA, ASIC |
| Minimum deposit from | $50 |
| Average spread from | 0.75 pips |
| Commissions from | No commission on stocks and ETFs |
| Deposit/Withdrawal Fees | $5 |
| Maximum Leverage | 1:30 |
| Bonuses | $50 Welcome Offer And $50 Per Referral |
| Customer Support | 24/5 – multilingual |
4. easyMarkets
Overview
Founded in 2001, easyMarkets is free of dealing desk intervention. In comparison to many other Forex brokers, the broker provides access to over 103 currency pairs for trading. A total of six different instruments are available for use with the system.
Pros and Cons
| Pros
Highly simulated demo environment Responsive and professional customer support |
Cons
Proprietary Deal Cancellation feature is not available on the MetaTrader 4 platform |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | $25 Sign Up Bonus |
| Customer Support | 24/5 |
5. Tickmill
Overview
STP broker Tickmill has been around since 2014 and is known for its dedication to provide traders of all levels with the best possible experience.
It is expected that experienced traders would like the wide range of currency pairings and the flexibility to trade with additional assets that the MT5 platform provides.
Pros and Cons
| PROS | CONS |
| Competitive pricing
Well regulated High leverage Advanced trading software STP model |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.1 pips |
| Commissions from | 2 per side per 100,000 traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | $30 Welcome Bonus |
| Customer Support | 24/5 |