One of the advantages of the foreign exchange market is that it has a low entry barrier for new traders and those who want to start with a little investment. Cent accounts are one of the finest ways for new traders to get started trading in a live market environment without putting their money at risk, as they would with a normal account.
Because cent accounts are denominated in cents, the minimum deposit on these accounts is usually smaller. Retail investor accounts are offered by forex brokers all over the world to both novice and professional traders who wish to test their trading methods in a low-risk environment before risking significant amounts of real money.
There are several reputable, well-regulated forex brokers in Africa that offer a penny or micro account option, and these are the finest of them. My recommended forex broker is Deriv. With Deriv, the minimum you can deposit is $10.
Top 10 Forex Brokers in Africa with Cent Accounts
1. IFX Brokers
IFX Brokers is a South African ECN broker whose comprehensive trading solutions are regulated by the Financial Sector Conduct Authority (FSCA). IFX Brokers is a reputable company that provides a transparent, fair, and secure trading environment for all traders, regardless of their trading styles.
IFX Brokers offers a variety of retail investor accounts to South African traders, including micro accounts for both beginners and advanced traders. Traders can use this account to either practice or test a variety of trading tactics, including range trading, position trading, swing trading, scalping, hedging, and day trading.
Why choose IFX Brokers?
- South African broker licensed by the Financial Services Commission of South Africa (FSCA).
- Provides a diverse selection of markets to trade.
- Advanced trading tools and complete educational materials are available.
- Traders can choose from a variety of advanced trading platforms, including online, desktop, and mobile trading apps.
- Offers a variety of retail trading accounts, including a micro account, to suit every type of trader.
- Supports the usage of a variety of trading strategies.
2. Exness
Exness is a well-known trading services firm with offices in the United Kingdom, SVG, and Cyprus, as well as offices in other parts of the world, including South Africa. The Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority, and a number of other rigorous market authorities oversee Exness.
Since 2008, Exness has provided comprehensive solutions and is widely regarded as one of the greatest international brokers. In addition to demo accounts, Islamic accounts, and competitive trading conditions, Exness offers a micro account.
Pros of Exness
| Globally recognized broker with strict regulation |
| Negative balance protection offered |
| More than adequate leverage offered |
| MetaTrader 4 and MetaTrader 5 supported |
| Demo Account and Islamic Account option offered |
| Offers a choice in retail investor accounts |
Cons of Exness
| US Clients are not accepted |
| Limited range of markets offered |
3. FXTM
FXTM has been in business for more than a decade and is a global leader in ECN and STP execution technology. The Financial Conduct Authority, the Financial Sector Conduct Authority, the Cyprus Securities and Exchange Commission, and the Financial Services Commission all oversee FXTM’s operations.
FXTM offers a diverse choice of markets to trade, including major and minor currencies, exotics, commodities, cryptocurrencies, and a variety of other asset classes. MetaTrader and an unique bespoke trading app for Android and iOS mobile devices are among the trading platforms available.
| PROS OF FXTM |
| Well-regulated by several market regulators and the perfect broker for beginners |
| Variety of financial instruments that can be traded |
| Multiple account types offered |
| Commission-free trading options offered |
| Low minimum deposit required and accepts any type of trading strategy |
| There is a comprehensive micro account available |
| CONS OF FXTM |
| US Clients are not allowed |
| EU-clients restricted on the leverage that they can apply |
4. FXOpen
FXOpen is an ECN and STP broker registered by ASIC and the FCA that serves traders from all around the world, including South Africa. FXOpen is regarded for providing some of the greatest trading circumstances, including as tight spreads, quick trade execution, and minimal commissions.
FXOpen also offers a variety of asset classifications, such as main and minor pairs, as well as others. FXOpen also offers robust trading platforms as well as accessible funding alternatives such as bank transfers, credit and debit cards, and payment portals.
| PROS OF FXOPEN |
| Well-regulated and reputable forex broker |
| ECN-pricing model used with the reliable execution policy |
| Various trading tools and technologies offered for professional traders |
| Tight spreads and low commission charges |
| Free access to VPS offered to eligible clients |
| Provides powerful forex trading platforms and dynamic standard accounts |
| CONS OF FXOPEN |
| US clients are not allowed |
| Restricted leverage applied to the accounts of EU-clients |
| Fixed spread accounts are not offered |
| A limited selection of markets are offered |
5. HotForex
HotForex has become a household name in the forex trading market, and as a multi-asset and well-regulated broker, it is one of South Africa’s most trusted brokers. HotForex has some of the greatest trading conditions in the business, with a variety of trading accounts to choose from.
| PROS OF HOTFOREX |
| Multi-regulated by several entities including the Financial Sector Conduct Authority (FSCA) in South Africa |
| Strong international presence |
| Competitive spreads offered to South African traders on major currency pairs, precious metals, minor currency pairs, and other instruments |
| Variety of accounts offered including a comprehensive micro account with competitive commissions on trades |
| Offers a range of deposit methods along with instant deposits |
| Negative balance protection is applied, and traders have convenient funding methods |
| CONS OF HOTFOREX |
| US clients are not allowed |
6. RoboForex
RoboForex, which was founded in 2009, is a secure broker that welcomes African traders of all levels of experience. RoboForex is a registered and trustworthy Market Maker, ECN, and STP broker.
RoboForex has a diverse range of tradable instruments across numerous asset types.
These can be traded utilizing advanced trading tools, technical indicators, technical analysis, fundamental analysis, and in-depth market analysis on exchange rates, market conditions, and other metrics that traders can expect during their trading day on powerful forex trading platforms.
| PROS OF ROBOFOREX |
| Well-regulated and trusted international broker |
| Negative balance protection offered on all retail investor accounts with flexible leverage levels |
| Multiple trading platforms supported |
| Flexible account types offered |
| Offers a wide range of markets with over 9,400 tradable instruments |
| Provides educational materials and advanced trading tools |
| CONS OF ROBOFOREX |
| US clients are not allowed |
| EU-Clients restricted to leverage of 1:30 |
| Fixed spread accounts are not offered |
7. XM Group
XM Group is a multi-award-winning, multi-regulatory, and multi-asset online forex broker licensed by a number of market regulators. Beginner traders, seasoned traders, and professional investors from all around the world, including South Africa, can use XM Group’s extensive trading services.
XM Group provides a variety of account kinds, including a comprehensive micro account with a minimal minimum deposit, negative balance protection, and fast transaction execution.
| PROS OF XM GROUP |
| Well-regulated by several regulatory entities and ensures the safety of client funds |
| Negative balance protection applied to retail trading accounts |
| Competitive trading conditions and trading fees on forex trades |
| Offers a wide range of markets and trading opportunities |
| Offers a choice between powerful trading platforms and excellent education |
| Suited to professional traders as well as novices |
| CONS OF XM GROUP |
| US clients are not allowed |
| Fixed spread are accounts not offered |
8. OctaFX
OctaFX was founded in 2011 and is a well-regulated international forex broker that offers retail investor and trading accounts to South African traders. These are compatible with a variety of robust forex trading platforms that can be accessed from a variety of devices.
OctaFX provides forex and CFD trading across a variety of asset classes, as well as strong trading tools, educational materials, and responsive customer service.
| PROS OF OCTAFX |
| Well-regulated by reputable regulatory bodies |
| Offers dedicated customer service and excellent education |
| Fixed Spread accounts are offered with flexible trade sizes and instant execution |
| Offers a comprehensive copy trading application |
| Hedging and scalping allowed |
| Offers a range of account types to choose from and a wide range of trading opportunities |
| CONS OF OCTAFX |
| US clients are not accepted |
| Limited financial instruments offered |
9. FBS
FBS is a respected broker based in Belize that accepts all traders with the exception of those from the United States, Japan, Israel, Canada, Myanmar, Brazil, Malaysia, and the Islamic Republic of Iran. FBS provides a variety of trading accounts as well as a selection of advanced trading platforms.
FBS welcomes South African traders and provides some of the best trading conditions in the industry, including low average spreads, commission-free options, and fast transaction execution.
| PROS OF FBS |
| There is an ultra-low minimum deposit requirement |
| Well-regulated and trusted forex broker with investor protection |
| Offers a choice in the base currency of trading accounts |
| CopyTrade offered through powerful proprietary trading platforms |
| Multiple account options are available along with innovative forex trading apps |
| Competitive trading conditions and low average spreads with a range of education material |
| CONS OF FBS |
| USA, UK, Japan, Israel, and several other countries not allowed |
| Limited financial instruments offered |
| Limited trading platforms and trading tools |
10. InstaForex
InstaForex is a well-regulated broker with offices in numerous countries across the world. InstaForex is a popular online broker with over 300 traded instruments, a variety of trading account types, user-friendly trading software, mobile platforms, proprietary platforms, trading tools, instructional tools, and advanced social trading options.
| PROS OF INSTAFOREX |
| Strict regulation through trusted market regulators |
| More than 300 tradable instruments offered, including foreign currency |
| Commission-free accounts are available with a choice in the base currency of each account |
| Free VPS offered to eligible clients |
| PAMM Accounts offered |
| Trusted broker with comprehensive trading solutions despite the trading experience of traders |
| CONS OF INSTAFOREX |
| US clients are not accepted |
| Restricted leverage of 1:30 applied to EU-Client accounts |
| Market Maker broker that takes the opposite side of the trade against retail traders |
