Best Bank for Forex Trading Account South Africa

7 Best Forex Brokers in South Africa that accept Ozow

Overview

Ozow is a proudly South African automated electronic funds transfer (EFT) payment processor that allows for the cardless transfer of funds. These fund transfers are done from the bank account of the user to the bank account of the seller in real-time.

Ozow has become one of the most popular payment methods for thousands of merchants and users alike, offering a guaranteed safe way to pay for online services and products. In addition to being used in retail and E-commerce,
Ozow is being adopted by some of the best trading brokers in the industry.



While adoption by forex brokers is still slow, Ozow is being featured by some of the following forex brokers in South Africa.



IFX Brokers

Features

IFX Brokers is a South African Electronic Connections Network (ECN) forex and CFD broker. IFX Brokers is well-regulated by the Financial Sector Conduct Authority (FSCA) in South Africa and caters for both beginner traders and institutional investors from around the world.

IFX Brokers offers a range of financial markets that can be traded through powerful and innovative trading platforms. IFX Brokers offers some of the best liquidity which is sourced from reputable providers and financial institutions in South Africa and abroad.

When South African traders use IFX Brokers they can expect a choice in retail investor accounts, fitted with some of the best trading conditions in the industry consisting of tight raw spreads, commission-free trading, and instant executions.

The trading tools that advanced traders can expect include the ability to run automated algorithmic strategies, scalping, day trading, and several others. Traders are also given access to expert advisors and several other advanced trading tools.

The deposit and withdrawal methods offered include bank transfer, credit and debit cards, crypto wallets, and a range of trusted online payment processors such as Neteller, Skrill, Ozow, and others.

Pros and Cons

PROS

Well-regulated South African trading broker

Welcomes traders of all experience levels

Supports the use of auto trading strategies

Provides convenient funding options and a competitive minimum deposit

Offers powerful trading platforms on the web, desktop, and mobile platforms

Offers competitive trading fees and tight spreads

10 Best Forex Brokers in South Africa that accept Skrill

Exness

Features

Exness is one of the best South African brokers that offers unique, comprehensive solutions and a safe, fair, and transparent trading environment to beginner traders and professionals. Exness is known for offering tailored financial investment opportunities and solutions.

Exness is well-regulated by several entities, including:

  • Seychelles Financial Services Authority (FSA)

  • Cyprus Securities and Exchange Commission (CySEC)

  • UK Financial Conduct Authority (FCA)

  • South African Financial Sector Conduct Authority (FSCA)

  • Central Bank of Curacao and Saint Maarten (CBCS)

  • Financial Services Commission (FSC) in the British Virgin Islands

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Traders can expect access to a few asset classes that include some financial instruments spread across foreign currencies, CFDs, cryptocurrency CFDs, and a few others. Exness allows South African traders to register a retail investor account denominated in ZAR as the base account currency, saving them money on currency conversion fees.

In addition, traders can also use several trusted funding methods when they deposit and withdraw funds including bank transfer, debit, and credit cards, and Ozow, to only name a few.

Pros and Cons

PROS
Well-regulated by several market regulators
Supports the use of powerful forex trading platforms
Offers tight variable spreads and a competitive minimum deposit
There is a choice between retail investor accounts
Perfect broker for beginner traders as well as institutional investors
Offers advanced trading tools
CONS
United States clients are not accepted
There is a limited selection of financial instruments that can be traded

ThinkMarkets

Features

Established in 2010, ThinkMarkets is a trusted and reputable Straight-Through-Processing (STP) international forex broker. ThinkMarkets is hailed for its innovative trading solutions spread across third party and proprietary trading platforms.

Traders are given a choice between several asset classes that can be traded including forex major currencies, minor currencies, and exotic currency pairs, stocks, indices, precious metals, energies, commodities, and several others.

ThinkMarkets provides high-end technology and a deep liquidity pool where the orders of traders are executed at the best possible prices. ThinkMarkets also ensures client fund security by keeping all client deposits in segregated bank accounts with top tier financial institutions.

The trading tools that traders can expect include market news, daily insights and comprehensive fundamental analysis, technical analysis, and an overview of news releases and economic events through a proprietary economic calendar.

In addition, ThinkMarkets also offers access to AutoChartist, Trading Central, and several other resources that offer professional data and technical strategies.

Pros and Cons

PROS
Well-regulated in several regions where the trading broker has offices
Provides tight spreads, low commissions, and a competitive minimum deposit
Flexible trading platforms and powerful trading tools offered
Educational materials are offered for beginner and experienced traders
There is a range of tradable instruments to choose from

Provides Trading Central and AutoChartist

CONS

There are no fixed spread accounts offered

United States clients are not accepted

CM Trading

Features

Established in 2012, CM Trading is a South African broker that is regulated by the Financial Sector Conduct Authority (FSCA), catering for beginner and professional traders from around the world. CM Trading is an online broker that offers the trade of a variety of financial instruments including major currencies, minor currencies, exotics, precious metals, shares, CFDs, and others.

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CM Trading has won several industry awards for its excellent trading services and by using the latest technologies, CM Trading remains ahead of the competition by helping its client reach their trading objectives.

CM Trading uses the latest security measures to ensure that all client data and information is secured. All client funds are kept in segregated bank accounts held with some of the best financial institutions in South Africa.

Pros and Cons

PROS

FSCA-regulated broker with a high level of trustworthiness

User-friendly trading technology offered

Offers a wide range of markets

Commission-free trading accounts are available along with a competitive minimum deposit

CopyKat trading offered along with various trading opportunities

Accepts different trading strategies

CONS

United States traders are not accepted

There are no fixed spread accounts

There is a high minimum deposit required

Blackstone Futures

Features

Established in 2009, Blackstone Futures is a South African broker that is affiliated with Trade Nation, one of the largest multinational brokerage firms.

Blackstone Futures is well-regulated by the Financial Sector Conduct Authority in providing a wide range of tradable assets through the MetaTrader trading platforms available on desktop, the web, and mobile platforms.

Pros and Cons

PROS
FSCA-regulated broker
Offers intuitive trading software
There is a choice in multiple trading assets and several trading opportunities
There are flexible funding options offered
There is a collection of educational materials supplied

Dedicated customer support is available 24/5

CONS

Limited selection of retail investor accounts

There is a limited selection of online payment options

Crypto trading not offered

The average spread is not low

QuickTrade

Features

QuickTrade is a South African foreign exchange and CFD broker that provides traders access to more than 30 currency pairs, stocks, ETFs, and several other asset classes.

QuickTrade is one of the best South African brokers well-regulated by the Financial Sector Conduct Authority (FSCA) as a licensed and registered Financial Service Provider (FSP). QuickTrade offers some sophisticated solutions to novice traders and institutional investors.

Pros and Cons

GV Markets

Features

GV Markets is a South African CFD and forex broker that has been operating since 2010, providing beginner and experienced traders with some of the best trading solutions in the industry.

With GV Markets, South African traders can expect some of the best technical analysis, fundamental analysis, advanced charting capabilities, and more.

Pros and Cons

PROS
FSCA-regulated South African broker
Zero deposit fees are charged when funding the trading account
Negative balance protection applied to retail trading accounts
MetaTrader 5 supported
High maximum leverage ratio provided

Trusted and flexible funding options offered

CONS

Limited selection of funding options offered

Withdrawal fee charged

Limited selection of retail investor accounts

Lack of education and research tools

FREQUENTLY ASKED QUESTIONS

Ozow is one of the newest online payment methods that can be used to carry out transactions over the internet without providing your credit card or debit card information. Ozow is widely known as one of the fastest, most convenient payment processors.

Ozow is a South African online payment processor that is partnered with several large companies and international forex brokers.

Yes, Ozow is a registered company that is based in South Africa.

Yes, because Ozow is a South African-based payment processor, funds can be transferred in ZAR. However, if the forex broker does not have a trading account denominated in ZAR as the base currency and it does not offer ZAR as a deposit currency, you may be charged currency conversion fees.

No, Ozow is free of charge. However, your broker may apply certain processing fees that you must verify before you make a deposit or withdrawal.

Yes. The cardless service that Ozow offers is one of the reasons why it has become such a widely accepted and popular payment option. All you need is your online banking login details, and the rest is handled by Ozow.

Yes, Ozow is a safe option to use when making payments if you are making a payment on a legitimate website.


Source: https://ifxbrokers.com/7-best-forex-brokers-in-south-africa-that-accept-ozow/

Best Bank for Forex Trading Account South Africa

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