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FxPro or OctaFX (best forex brokers in South Africa)

FxPro Financial Services Ltd. Is a trustworthy forex broker that is overseen by the FSCA in South Africa. FCA, a top-tier regulator, also oversees FxPro Group. They qualify as a low-risk forex broker as a result. Additionally, FxPro uses a No Dealing Desk concept, so there are no conflicts of interest.

Low cost trading is available with the cTrader account at FxPro. With this account type, low spreads are charged, but there is a commission of $4.5 every 100,000 units. For instance, their spread is typically 0.45 pip for big currency pairs like GBP/USD. The total cost for 10,000 units would therefore be $0.9. In comparison to the majority of other brokers, this is fairly inexpensive.

However, their fees for account types based on MetaTrader are greater than those for cTrader accounts. For instance, with an MT4 floating spread account type, the spread for GBP/USD is typically 1.60 pip.

FxPro offers provide the option of a ZAR base currency account. When you create an account, you have the choice of selecting one of the MT4, MT5, or cTrader platforms. If you have a ZAR account, the minimum deposit is $100 or the equivalent in ZAR.

They have a large selection of trading instruments, including forex, CFDs on indices, shares, bonds, and commodities. Additionally, are best forex brokers in south Africa.

For new consumers in South Africa, they also provide a tempting 100% deposit bonus, and they have excellent reward programmes for current customers.

SA traders at FxPro have a variety of financing & withdrawal methods, and none include any additional costs. What matters is that FxPro accepts ZAR funding through EFT, bank transfers, and cards (these options are also available during withdrawals). There are additional ways to pay as well.

There is live chat help available, and there was little wait time. According to our tests, their email support is likewise adequate. Additionally, they have the choice to ask for a callback.

With FSP number 45052, FxPro Financial Services Ltd is approved by the FSCA.

Pros of FX

  • There is a base currency account choice in ZAR.
  • Both deposits and withdrawals are free. They offer choices for EFT, bank transfers, and cards.
  • Compared to their cTrader account type, the overall expenses are fairly reasonable.
  • A variety of CFD trading instruments are available. 70 currency pairings and more than 100 CFDs, for instance, on metals, indices, equities, and energies.
  • Cons of FxPro
  • With a MetaTrader 4 account, floating spread averages are a little higher.

OctaFX

Global forex broker OctaFX is solely subject to one Top-tier regulatory body, namely CySEC, which has granted it License No. 372/18. They are not subject to FSCA regulation.

In 2011, OctaFX was established. Since OctaFX Group is regulated by just one Tier-1 regulator, CySEC, we view them as a moderate risk broker for forex and CFD trading and also the best forex brokers.

OctaFX charges a variable spread for each trade in terms of fees. When compared to other South African regulated brokers, their usual EUR/USD spread with their MT4 & MT5 Trading Accounts is 0.7 pip (according to OctaFX’s spread data), which is very competitive. With any account, there is no additional commission per lot, and the only trading costs are the spreads.

Forex brokers using Metatrader exclusively include OctaFX. They have their own apps for forex trading & copy trading, and they provide MetaTrader 4 (MT4) & the most recent MT5 platforms. They offer desktop, web, and mobile assistance for their Metatrader platform. When compared to other brokers, they offer less trading options. For instance, OctaFX limits its forex trading to 35 currency pairs. But they do provide CFDs on commodities, indices, and cryptocurrencies. Although there are more instruments offered by other CFD brokers.

Only USD & EUR account exchange rates are accessible to South African traders on OctaFX; ZAR base currency trading accounts are not offered. Additionally, they don’t have a local Internet Banking alternative for deposits or withdrawals. The only available methods for deposits and withdrawals at OctaFX SA are credit/debit cards and cryptocurrencies. However, using these methods to make deposits or withdrawals is free of charge.

In South Africa, OctaFX doesn’t have a local office or phone number. However, we discovered that their live chat assistance responded to queries quickly.

OctaFX Pros

Octa Markets Cyprus Ltd. Is subject to CySEC regulation.

  • For MT4 and MT5 accounts, the typical spread is a very attractive 0.7 pips for EUR/USD. They provide spread-only accounts and don’t charge commissions.
  • Copytrading and the MetaTrader platform are available.
  • There are no fees for deposits or withdrawals.
  • Live Chat assistance is prompt.

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