5 best forex brokers accepting Neteller in South Africa

Most South African forex brokers accept Neteller, a widely used online payment system. Founded in 1999, Neteller has expanded to become a leading payment processor all over the world. The 195 countries with annual trading volumes of over $1 billion USD are all served by Neteller.

In this article we explore the 5 best Forex brokers that accept Neteller in South Africa, while also offering excellent trading conditions. 

1. IFX Brokers

Overview

After launching in 2018, IFX Brokers has become a household brand in South Africa’s forex and CFD trading community. Traders of all skill levels take advantage of IFX Brokers’ competitive trading conditions and cutting-edge trading technologies.

Pros and Cons

Pros Cons
High leverage available
MetaTrader 4 is supported
Resources for learning are available

Features

Feature Information
Regulation FSCA
Minimum deposit from ZAR100
Average spread from 0,5 pips
Commissions from USD6
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5 

2. XM Group

Overview

When it comes to foreign exchange (FX) and contracts for difference (CFDs), XM Group is one of the most reliable market makers. XM Group has been recognized with multiple honours throughout the years, and its global clientele of over 2.5 million is astounding.

Pros and Cons

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

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 

3. Tickmill

Overview

Tickmill provides access to over 80 trading products on robust trading platforms. In addition to its extensive market analysis on market conditions and currency rates, Tickmill provides a variety of trading tools, fundamental and technical analysis options, an economic calendar, and more.

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 

4. AvaTrade

Overview

AvaTrade is a worldwide known and FSCA-licensed CFD broker that caters to both seasoned and inexperienced investors, allowing them to trade on a wide range of financial products, including commodities.

AvatradeGO, one of the most lauded mobile trading apps available internationally, is headquartered in South Africa and, unlike many European brokers, has a dedicated customer service team based there as well.

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
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5. FP Markets

Overview

FP Markets is an established, well-regulated, and Australian-based forex trading platform offering ECN, DMA, and STP services. More than 10,000 different assets are available for trading across a wide variety of markets on FP Markets.

FP Markets has cutting-edge forex trading platforms, low commission rates, and other features that set them apart as a market leader.

Pros and Cons

PROS CONS
Low forex fees High stock CFD Fees
Streamlined and fast account opening process Limited product portfolio
Fast processing for deposits and withdrawals

 

Features

Feature Information
Regulation Australian ASIC, Cypriot CySEC, SCB
Minimum deposit from $100
Average spread from 0.5 pips
Commissions from  $55 monthly commission for IRESS Trader users only
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses $30 Welcome Bonus
Customer Support 24/5 

Also read: How To Get Into Commodities and Forex Trading in South Africa