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 |
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 |
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
