Top forex brokers with no trading commission in South Africa
The forex market is flooded with different forex brokers. Which brokers have no trading commission?
Though some brokers offer commission-free trades, most make money through a combination of spread and trade fees.
Commission-free trading accounts are typically provided by STP brokers, who instead of taking a cut of each trade, allow their customers to trade directly with the market and profit from the spread.
Trading with these brokers is risk-free because they don’t charge any commissions and provide competitive spreads and other market advantages.
Brokers you can consider
1. IFX Brokers
Overview
IFX Brokers provides its customers with True ECN connectivity and a selection of market spreads. Spreads on the Euro/Dollar at IFX Brokers start at 0.8 pips.
The IFX MT4 update package is one of the best available, with 85 indicators already installed.
The new version of IFX Meta Trader has better charting and order management capabilities. Also included are support for multiple languages, extensive analysis, and a variety of chart types. The tabs can be rearranged and resized to fit your needs.
Pros and Cons
| Pros | Cons |
| High leverage available | |
| MetaTrader 4 is supported | |
| Resources for learning are available |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | USD100 |
| Average spread from | 0.5 pips |
| Commissions from | NA |
| Deposit/Withdrawal Fees | NA |
| Maximum Leverage | 1:500 |
| Bonuses | NA |
2. City Index
Overview
It is generally agreed that City Index is among the best brokers available. Traders can use a broad variety of research and analysis tools in addition to MetaTrader 4 and their own platform.
Trading on 12,000+ products including Indices, Shares, Forex, Cryptos, and Commodities is highly secure and safe with the broker’s retail, professional, and premium accounts, which are authorised by the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| Pros | Cons |
| Advanced trading features | No trade volume discounts |
| Low trading fees | Limited research tools |
| No minimum deposit requirement for those funding their account with bank transfers | The demo 12 weeks period would not be sufficient training for extremely novice traders |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit from | $100 |
| Average spread from | 1.5 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | Deposit Bonus |
| Customer Support | 24/6 |
3. InstaForex
Overview
Since 2007, InstaForex has called Russia home. The company’s global network of support workers can reach consumers quickly and efficiently thanks to its 260 offices across every continent.
The company was an early adopter of Bitcoin and CFD trading on social media platforms like Facebook. InstaForex is at the top of its field because of the innovative technology it employs and the favourable trading conditions it provides.
Pros and Cons
| Pros | Cons |
| Relatively high maximum leverage | |
| No minimum deposit | |
| Reputable regulation |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | No minimum deposit |
| Average spread from | Average floating 0.8 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 30% Deposit Bonus |
| Customer Support | 24/5 |
4. OctaFX
Overview
OctaFX’s competitive spreads and favourable trading conditions make it a top pick among investors. They are relied on by traders from over a hundred different nations to facilitate their CFD and Forex transactions.
Pros and Cons
| Pros | Cons |
| Ultra-fast execution | No VPS available |
| More than 30 forex pairs available | No Forex educational tools |
| Well-regulated |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.7 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | 50% Deposit Bonus |
| Customer Support | 24/5 |
Next time you look for a broker with no trading commission, the list provided above should be your first stop.
