HERE IS A LIST OF FOREX BROKERS WHERE YOU CAN TRADE WITH ZERO SPREADS
Best Forex Brokers with Zero Spread Accounts
Different traders have different preferences on the fees they want to pay when trading. On most broker sites, traders pay for trading through the spreads charged when trading. However, there are traders that prefer to pay commissions, whether fixed or floating. Sometimes, zero-spread accounts can help traders save on trading costs.
In South Africa, there are many brokers that offer traders zero-spread accounts. Today, we want to look at some of the best brokers with zero spread accounts.
Advantages of Zero Spread Accounts
- Zero-spread accounts can be cost-efficient, especially for high-frequency traders.
- The fixed commissions associated with zero spread accounts allow traders to plan ahead knowing the exact fees they will pay.
- Zero spread accounts may offer more accurate entry and exit points.
Disadvantages of Zero Spread Accounts
- Paying the commissions associated with zero-spread accounts can be expensive at times.
- Zero-spread accounts may experience more slippage compared to other accounts.
Now let’s look at some of the best forex brokers with zero spread accounts for South African traders.
Best Forex Brokers with Zero Spread
On Exness, there are two main accounts that offer zero spreads. These include the zero account and the raw spread account. Both of these accounts feature commissions when trading. Specifically, the raw spread account features spreads as low as 0.0 pips with a fixed commission of $3.5 per side per lot. On the other hand, the zero account has spreads from 0.0 pips on the top 30 instruments with commissions that start from as low as $0.2 per side per lot and upwards.
Both of these accounts give traders access to all the markets offered by the broker. These include forex, metals, cryptocurrencies, energies, stocks, and indices. While overnight fees apply on both these accounts, swap-free versions exist for Muslim traders who cannot pay swaps. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and Exness Terminal.
Finally, let’s see the regulations of Exness. Fortunately, this broker has regulations in South Africa by the FSCA among other regulations. It is also regulated by the CMA in Kenya. Further, the broker has regulations from two tier-one organizations that include the CySEC in Cyprus and the FCA in the UK.
Pepperstone is another reputable broker that offers traders in South Africa a zero spread account to trade with. The razor account offered by Pepperstone offers traders spreads from as low as 0.0 pips with commissions depending on the trading platform a trader chooses. When using MetaTrader 4 and MetaTrader 5, traders pay a commission of $3.5 per side per lot. In comparison, the commission on the cTrader and TradingView razor accounts feature commissions of $3 per side per lot.
On the Pepperstone broker site, traders have access to over 1,200 CFDs on a variety of market instruments. Specifically, investors can trade CFDs on forex, indices, commodities, shares, ETFs, and cryptocurrencies. Such great diversity is always a welcomed sight by all kinds of traders.
On regulations, Pepperstone operates under the strict supervision of a variety of organizations. These include the CMA in Kenya, the ASIC in Australia, the CySEC in Cyprus, and the FCA in the UK, among others. While not regulated in South Africa, the broker has already made an application and awaits its approval by the FSCA.
FP Markets provides South African traders with one of the deepest collections of market instruments. With this broker, traders have access to over 10,000 CFDs in forex, stocks, indices, commodities, bonds, and ETFs. Additionally, it provides four trading platforms for traders to choose from. These include cTrader, MetaTrader 4, MetaTrader 5, and Iress.
Notably, FP Markets is one of the brokers that offers a zero spread account to its traders. Its raw account features spreads as low as 0.0 pips plus a small commission of $3 per side per lot. Further, South African traders will be glad to know they are trading with a regulated broker in several jurisdictions. Firstly, this broker has regulations in South Africa by the FSCA. Additionally, it has regulations from two reputable organizations that include the CySEC in Cyprus and the ASIC in Australia.
Forex.com allows South African traders to trade over 5,500 different trading instruments from a variety of markets. These include CFDs on forex, precious metals, indices, commodities, cryptocurrencies, and stocks. All these market products are available to trade using four main platforms including MetaTrader 4, MetaTrader 5, WebTrader, and Forex.com Trader.
Remarkably, Forex.com also provides traders with a zero spread account. On its raw spread account, traders have access to spreads as low as 0.0 pips plus a commission. The commission on this account sits at $5 per 100K traded.
Unfortunately, this broker is not regulated in South Africa. However, it holds regulatory licenses from some of the most reputable organizations in the world. These include the CySEC, the ASIC, the FCA, the NFA, and the IIROC. This makes Forex.com one of the most heavily regulated forex brokers in the world.
Admiral Markets has regulations by two financial regulators in Africa. These include the FSCA in South Africa and the CMA in Kenya. Additionally, the broker has regulations by the FCA and the CySEC. This makes the broker an attractive option for traders in South Africa.
Notably, it offers two main trading accounts with spreads from 0.0 pips plus commissions paid. These include the Zero.MT4 and the Zero.MT5 accounts. The commissions on both of these accounts for trading forex and metals are from $1.8 to $3. These two trading accounts allow traders to access only four main global markets. The instruments traders have access to include CFDs on forex, metals, cash indices, and energies. While the markets are the same, the two accounts feature different numbers of currency pairs with the Zero.MT5 account having more currency pairs.
FxPro offers its traders two main accounts that feature zero spreads. These include the raw+ and the elite accounts. They both feature zero spreads for 90% of the trading day plus a commission of $3.5 per side per lot.
The difference between these accounts is the minimum deposit and the perks that traders enjoy. Specifically, the raw+ account requires a minimum deposit of $500 while the Elite account’s minimum deposit is $30,000. Notably, the Elite account allows traders to earn up to 21% of their commissions in rebates. The trading platforms available to use include MetaTrader 4, MetaTrader 5, cTrader, and FxPro Trading Platform. Evidently, clients of FxPro are spoilt for choice when it comes to trading platforms.
As always, the regulatory status of a company is one of the most important things to look at when choosing a broker to invest with. Fortunately, FxPro is regulated by South Africa’s FSCA among other organizations. Some of the other regulators the broker holds a license from include the FCA and the CySEC.
Vantage Markets has regulations in South Africa by the FSCA, making it a top choice for South African traders. Moreover, this broker is also under the regulations of the CySEC and the ASIC. With this broker, traders have access to over 1,000 different market products to invest in. These include CFDs on forex, precious metals, indices, commodities, energies, ETFs, bonds, and shares. These market products are available to trade using four main trading platforms including MetaTrader 4, MetaTrader 5, ProTrader, and WebTrader.
Notably, this broker offers three different accounts with spreads from as low as 0.0 pips. These include the Pro ECN account, the Raw ECN account, and the Cen account. All of these accounts feature commissions that are between $0 to $3 per side per lot depending on the account and the size of the order.
IC Markets allows traders to access various markets using four main trading platforms. These include MT4, MT5, and cTrader. The zero spread accounts on this broker site charge commissions depending on the trading platform that traders choose to use. The raw spread account on the cTrader platform has lower commissions than the raw spread account on the MetaTrader platforms. The commission for the raw spread cTrader account sits at $3 per side per lot. In comparison, the raw spread account on the MetaTrader platforms features a commission of $3.5 per side per lot.
Traders who want to diversify their trading portfolio can do so on ICMarkets. This is because the broker offers a variety of trading instruments across a number of global markets. These include CFDs on forex, cryptocurrencies, stocks, indices, commodities, and futures.
Further, the broker is regulated by two of the best regulators in the market. These include the CySEC in Cyprus and ASIC in Australia. While not regulated by the FSCA, holding licenses from these two organizations is an attractive feature.
There is a clear need for zero spread accounts in the forex space. Traders gain the advantage of knowing exactly what fees they will have to pay when trading with these accounts. While there are many brokers that offer zero spread accounts to South African traders, not all of them offer quality services to justify choosing to invest with them. Moreover, some of the brokers that offer these accounts do not have the best regulations.
On this list, we looked at some of the brokers that offer zero spread accounts to South African traders. We believe that these brokers have ample regulations and quality services to back that up. Still, the choice is on every individual trader to pick the broker that best suits their needs.