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

PROSCONS
ZAR Accounts are availableIndividual 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
Pros and Cons of Khwezi Trade

Features of Khwezi Trade

FeatureInformation
RegulationFSCA
Minimum deposit fromZAR500
Average spread from0,6 pips
Commissions fromNA
Deposit/Withdrawal FeesNA
Maximum Leverage1:400
Bonuses30%
Customer Support24/5
Features of Khwezi Trade

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.

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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

PROSCONS
Low forex feesNo Negative Account Balance Protection
Easy and fast account openingLimited number of available CFDs
Free deposit and withdrawal
Pros and Cons of IC Markets

Features of IC Markets

FeatureInformation
RegulationASIC
Minimum deposit from$200
Average spread from0.0 pips
Commissions from‎None
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
BonusesNone
Customer Support24/7
Features of IC Markets

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

PROSCONS
No deposit or withdrawal feesHigh commission charges on the Zero account
Competitive spreads
Pros and Cons of HotForex

Features of HotForex

FeatureInformation
RegulationCySEC, DFSA, FCA, FSA, FSCA
Minimum deposit from$5
Average spread from0,0 pips
Commissions fromUSD 0.03 per 1K lot.
Deposit/Withdrawal FeesNone
Maximum Leverage1:1000
Bonuses100% Supercharged Bonus
Customer Support24/5
Features of HotForex

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.

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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

PROSCONS
Low trading feesRelatively slow account opening
Transparent fee structureVery high minimum deposit
Pros and Cons of Saxo Bank

Features of Saxo Bank

FeatureInformation
RegulationFCA, ASIC, FINMA
Minimum deposit from$10 000
Average spread from0.3 pips
Commissions from‎$3
Deposit/Withdrawal FeesNone
Maximum Leverage1:200
BonusesNone
Customer Support24/5
Features of Saxo Bank

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

PROSCONS
Competitive pricing
Well regulated
High leverage
Advanced trading software
STP model
Pros and Cons of Tickmill

Features of Tickmill

FeatureInformation
RegulationFSA
Minimum deposit from$100
Average spread from0.1 pips
Commissions from‎2 per side per 100,000 traded
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
Bonuses$30 Welcome Bonus
Customer Support24/5
Features of Tickmill

6. Markets.com

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

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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

PROSCONS
Commission-free tradingCustomer support can be slow
Low minimum depositThe best trading conditions are only available on the Pro Account
Tight, fixed spreads
Wide range of tradable assets
Pros and Cons of Markets.com

Features of Markets.com

FeatureInformation
RegulationCySEC, FCA, ASIC, FSC, FSCA
Minimum deposit from$100
Average spread from1.9 pips
Commissions from1%
Deposit/Withdrawal FeesNone
Maximum Leverage1:300
Bonuses$25 No Deposit Bonus
Customer Support24/5
Features of Markets.com

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

PROSCONS
More than 30 forex pairs availableNo Forex educational tools
Well-regulatedNo VPS available
Ultra-fast execution
Pros and Cons of OctaFX

Features Of OctaFX

FeatureInformation
RegulationCySEC
Minimum deposit from$100
Average spread from0.7 pips
Commissions from None
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
Bonuses50% Deposit Bonus
Customer Support24/5
Features Of OctaFX

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

PROSCONS
Low minimum depositInactivity fee charged after 90 days on live accounts
Comprehensive educational offeringLimited product portfolio
Streamlined account opening process
Pros and Cons of XM

Features of XM

FeatureInformation
RegulationIFSC, ASIC, CySEC, FCA and DFSA
Minimum deposit from$5
Average spread from0.1 pips
Commissions from$3.5 commission per $100 000 traded
Deposit/Withdrawal FeesNone
Maximum Leverage1:30
Bonuses$30 Trading Bonus
Customer Support24/5
Features of XM

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

PROSCONS
No minimum depositLimited number of instruments
Low trading fees for forex
No added costs for withdrawals or deposits
Pros and Cons of Pepperstone

Features of Pepperstone

FeatureInformation
RegulationFCA, ASIC
Minimum deposit fromAUD200
Average spread from0.4 pips
Commissions from‎$3.76 commission per lot per trade
Deposit/Withdrawal FeesNone
Maximum Leverage1:500
BonusesNone
Customer Support24/5
Features of Pepperstone

Conclusion

Thank you for reaching this far. I have some forex tools that can help you become more profitable on my online shop here

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