9 Best Forex Brokers for Day Trading in Africa

These are not affiliate links. Here are 9 Best Forex Brokers for Day Trading in Africa. Forex day trading is the practice of buying and selling currency pairs inside a single trading day. These forex traders shut out their positions at the conclusion of the trading day rather than keeping them open overnight.

But I myself, to trade currency pairs, stocks, indices such as Nasdaq and synthetic indices, I use Deriv Broker in Africa.

You’ll be seeking for currency pairs that are both incredibly liquid and volatile if you’re a day trader. As a result, you must be able to control your emotions, concentration, discipline, and stick to a trading plan in order to win in Forex day trading, all of which can be learnt.

Day traders, on the other hand, require brokers who offer trading tools such as technical indicators and drawing tools to help them choose the optimum times to enter and exit trades.

1. Khwezi Trade

Khwezi Trade is a South African Forex broker that was founded in Cape Town in 2013. This Forex broker strives to offer its customers the lowest spreads and no commissions while trading online. Khwezi Trade has been crowned the Best Broker in South Africa for 2019-2021 by Global Brands Magazine.

Khwezi Trade, which is regulated by the Financial Services Conduct Authority, holds client funds in segregated and customized accounts (FSCA).

At Khwezi Trade, all trading accounts are eligible for free and speedy same-day withdrawals and deposits. Depending on the size of your deposit, you can choose from four different trading accounts. Khwezi Trade also offers a Demo Account, which can be utilized to experience trading with this Forex broker.

Pros and Cons of Khwezi Trade

PROS	CONS
ZAR Accounts are available	Individual stock trading is not supported
FSCA regulations apply to this South African-based company
Provides a wide variety of trading tools
Trading costs are reasonable
Ensures compliance with applicable OTC regulations
A vast variety of trading options are available

Features of Khwezi Trade

Feature	Information
Regulation	FSCA
Minimum deposit from	ZAR500
Average spread from	0,6 pips
Commissions from	NA
Deposit/Withdrawal Fees	NA
Maximum Leverage	1:400
Bonuses	30%
Customer Support	24/5

2. IC Markets

The IC Markets platform is suitable for people who desire small spreads and rapid, precise execution on the MT4 or MT5 platforms when it comes to algorithmic trading.

Because automated trading techniques frequently have a higher turnover rate than human trading, IC Markets has a significant trading volume advantage over its competitors.

Two of the most popular third-party social trading platforms, MyFXBook and ZuluTrade, round out IC Markets’ overall product offering and appeal to retail FX and CFD traders.

Pros and Cons of IC Markets

PROS	CONS
Low forex fees	No Negative Account Balance Protection
Easy and fast account opening	Limited number of available CFDs
Free deposit and withdrawal

Features of IC Markets

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

3. HotForex

HotForex, which is a MetaTrader-only platform broker, offers six different types of trading accounts. Despite the fact that HotForex employs a more sophisticated version of MetaTrader, the number of tradable goods is limited.

This website has everything you need to be a successful financial market investor. A 1:1000 leverage and the opportunity to generate a bonus for trading are also included. HotForex offers a diverse choice of trading alternatives as well as excellent client support.

Pros and Cons of HotForex

PROS	CONS
No deposit or withdrawal fees	High commission charges on the Zero account
Competitive spreads

Features of HotForex

Feature	Information
Regulation	CySEC, DFSA, FCA, FSA, FSCA
Minimum deposit from	$5
Average spread from	0,0 pips
Commissions from	USD 0.03 per 1K lot.
Deposit/Withdrawal Fees	None
Maximum Leverage	1:1000
Bonuses	100% Supercharged Bonus
Customer Support	24/5

4. Saxo Bank

Because of its great research and user-friendly trading tools, Saxo Bank is one of the top multi-asset brokers in the business.

Saxo Bank is a well-known brand that provides almost everything a trader may desire or need. A faultless customer experience is made possible by advanced technologies and high-quality market research.

Saxo Bank’s trading platform is a terrific place to start no matter how much experience you have with investing or trading.

Saxo Bank is known for its SaxoTraderGO trading platform, which includes a mobile and online trading software as well as a desktop program called SaxoTraderPRO.

Pros and Cons of Saxo Bank

PROS	CONS
Low trading fees	Relatively slow account opening
Transparent fee structure	Very high minimum deposit

Features of Saxo Bank

Feature	Information
Regulation	FCA, ASIC, FINMA
Minimum deposit from	$10 000
Average spread from	0.3 pips
Commissions from	‎$3
Deposit/Withdrawal Fees	None
Maximum Leverage	1:200
Bonuses	None
Customer Support	24/5

5. Tickmill

Tickmill relies heavily on industry-standard infrastructure to facilitate speedy execution as a STP broker.

Because of its extensive instructional resources, free access to premium tools, and favorable trading conditions, Tickmill should be a top choice in Forex brokerage.

The company’s training resources will appeal to new brokers, while intermediate traders will appreciate the company’s high-level offering of tools and platforms.

Pros and Cons of Tickmill

PROS	CONS
Competitive pricing
Well regulated
High leverage
Advanced trading software
STP model

Features of Tickmill

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

6. Markets.com

FTSE250-listed Markets.com, a well-regulated brokerage in five jurisdictions, is owned by Playtech PLC.

This brokerage is a wonderful alternative if you’re seeking for a reliable and trustworthy place to manage your finances due of its excellent core services and fifteen trading tools.

The company’s platform is well-designed and simple to use, with integrated research, market analysis, webinars, and instructional videos, as well as a good number of features.

Many of its rivals have greater spreads and a lesser selection of tradable products than this broker.

Pros and Cons of Markets.com

PROS	CONS
Commission-free trading	Customer support can be slow
Low minimum deposit	The best trading conditions are only available on the Pro Account
Tight, fixed spreads
Wide range of tradable assets

Features of Markets.com

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

7. OctaFX

OctaFX is the place to go if you’re seeking for an ECN Forex Broker and CFDs on Indices, Metals, and Cryptocurrencies. OctaFX offers copy trading, bonus promotions, and a wide range of research tools in addition to a huge number of trading accounts.

OctaFX is a strong contender in the FX market because of its low spreads and minimal trading fees.

Pros and Cons of OctaFX

PROS	CONS
More than 30 forex pairs available	No Forex educational tools
Well-regulated	No VPS available
Ultra-fast execution

Features Of OctaFX

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

8. XM broker

One of the most well-known names in the Forex sector is XM. XM members get access to an updated MetaTrader 4 and MetaTrader 5 trading platform, as well as over 1,000 competitively priced assets.

At any deposit level starting at $5, the XM Zero account option appears to be competitive for Forex traders. Fees for deposits of a few hundred dollars are competitive.

A large range of assets, including over 1,200 different stocks and shares, are available for trading. XM’s reputation has risen above the rest of the industry thanks to a strong track record and favorable regulatory status.

Pros and Cons of XM

PROS	CONS
Low minimum deposit	Inactivity fee charged after 90 days on live accounts
Comprehensive educational offering	Limited product portfolio
Streamlined account opening process

Features of XM

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

9. Pepperstone

Pepperstone has low fees for trading forex and equity indexes, as well as quick response times and friendly customer service. Deposits and withdrawals are free of charge.

Despite Pepperstone’s restricted product offering, their Forex and CFD users benefit from inexpensive pricing, excellent customer service, and one of the most comprehensive libraries of third-party platforms, including a number of options for social copy trading.

Pepperstone’s specialist services may be most beneficial to those who trade the most popular currency pairs and CFDs.

Pros and Cons of Pepperstone

PROS	CONS
No minimum deposit	Limited number of instruments
Low trading fees for forex
No added costs for withdrawals or deposits

Features of Pepperstone

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

Conclusion

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