HERE IS A LIST OF FOREX BROKERS THAT OFFER LOW MINIMUM DEPOSITS IN ZAR
Forex Brokers With R20, R50 and R100 Minimum Deposit
That accept South African Clients
and offer ZAR accounts
In the fast-paced world of forex trading, accessibility is key. Forex brokers with low minimum deposit requirements allow even those with limited funds to participate in the trading world. With minimum deposits as low as R20, R50, and R100, South Africans can dip their toes into the forex market without breaking the bank. In this guide, we will look at forex brokers with R20, R50, and R50 minimum deposits. Are there any? Let’s find out.
Brokers With R100 Minimum Deposit
In this category, we did not find any brokers with exactly R100 as the minimum deposit requirement. However, we found some reputable brokers with minimum deposit amounts close to R100.
FXGT
Trading Forex and CFDs entail risk.
Your capital is at risk.
FXGT provides a highly accessible entry point with a low minimum deposit and the option to use ZAR as the base currency. Traders can start with a deposit as low as $5, which is approximately R95.
There are various methods for traders to fund their trading accounts which include Credit/Debit cards, Bank Wires, Local Bank Deposits, Cryptocurrencies, and eWallets such as Neteller, Skrill, Perfect Money, and Sticpay.
FXGT gives traders access to a variety of market products including CFDs on forex, precious metals, indices, cryptocurrencies, stocks and synthetic crypto pairs. Traders can invest in more than one market and spread the risk of investment. Better yet, traders have both MT4 and MT5 available to use for trading.
In regards to spreads, this broker charges industry-standard spreads that are affordable for most traders. The standard and the mini accounts on this broker site have spreads from 1.0 pips with no commission charged. The Pro account has spreads from 0.5 pips and has no commissions. In comparison, the ECN account has spreads from 0.0 pips and a low commission charged depending on the asset class.
FGX operates in South Africa under their FSP no. 48896 (GT IO Markets (Pty) Ltd), a company regulated and authorised by South Africa's Financial Sector Conduct Authority (FSCA).
HFM
Trading Forex and CFDs entail risk.
Your capital is at risk.
HFM is a great choice for South African traders looking for a broker with solid trading conditions, ZAR accounts and a low minimum deposit requirement. The broker requires only R100 when funding a ZAR account. South African traders can use a variety of deposit methods to fund their account including Local Bank Transfers, Credit/Debit cards, Cryptocurrencies, and eWallets such as Neteller, Skrill, Perfect Money, FasaPay and a couple of other methods.
The Premium, Cent, Zero, and Top-up Bonus accounts all allow traders to open an account with whatever amount they want to invest, so they can start even with as little as 100 ZAR. Only the Pro account on HFM requires a minimum deposit of 1,800 ZAR and the Pro-plus account requires a minimum deposit of 4,700 ZAR.
HFM traders can access a vast selection of over 1,000 market products. This includes CFDs on a wide range of assets like forex, energies, metals, stocks, indices, commodities, bonds, ETFs, and cryptocurrencies. Moreover, traders can choose between a number of platforms including industry-standard MetaTrader 4, MetaTrader 5, and the broker's own HFM Platform.
Further, there are different account types available including the Premium, Cent, Pro, Pro-Plus, and Zero accounts. The Premium and Cent accounts come with competitive spreads starting at 1.2 pips. Experienced traders will find the Pro account appealing with spreads as low as 0.5 pips on major currencies. For ultra-low spreads starting at 0.2 pips, the Pro-Plus account is the most suitable option. It's important to note that these four account types don't charge commissions on forex trades. However, the Zero account offers spreads from 0.0 pips with a commission fee starting at $0.03 per 1k lot.
Regulation is a top concern for many traders, and HFM does not disappoint. The broker is supervised by well-respected regulatory bodies around the world. These include the FSCA in South Africa, the CMA in Kenya, the FCA in the UK, the CySEC in Cyprus, and the DFSA in the DIFC.
XM.com
Trading Forex and CFDs entail risk.
Your capital is at risk.
XM accepts a minimum deposit of $5 which is approximately 94 ZAR at the time of writing this. XM supports having an account base currency in USD as well as in ZAR. There are various payment options that traders can use to fund their accounts on XM which include wire transfers, credit/debit cards, Skrill, and Neteller. This broker supports the South African Rand as an account base currency which means that South African traders do not need to convert their funds when depositing.
Once traders make a deposit, they can start investing in a variety of markets. In total, there are over 1,300 different market products which include CFDs on forex currency pairs, stocks, indices, commodities, cryptocurrencies, and energies. The trading platforms available to use include MT4, MT5, and the XM Trading App.
The spreads on this broker site are fairly low starting from as low as 1.0 pips on the standard and the micro accounts. On the XM Ultra Low account, the spreads start even lower from 0.6 pips with no commission paid.
Traders always want to know that they are investing with a broker that has regulations from reputable institutions around the world. Luckily, XM is regulated by various organizations including the FSC in Belize, the ASIC in Australia, and the FCA in the UK.
Brokers With R50 Minimum Deposit
While researching for this piece, we found two brokers with a minimum deposit requirement of R50. However, we must insist that we do not have any personal experience with the two brokers below. As such, we cannot vouch for their credibility in the market. Before investing with any broker, always make sure to do thorough research to make sure your money is safe with the broker of your choice.
RCG Markets
RCG is a fairly new forex trading platform that accepts a minimum deposit of R50 from traders. This broker is based in South Africa and is duly regulated by the FSCA. This broker supports a variety of payment options including Bank Wires, Skrill, Neteller, Virtual Pay, Cryptocurrencies, and others.
Once traders make a deposit, they gain access to a variety of market products including CFDs on forex, indices, shares, commodities, and energies. This means that traders can trade more than one global market on the same account. The trading platform available to use is the in-house-built platform, RCG.
The spreads traders have access to depend on the account they are using. There are four different accounts available for traders to use. These include the RCG Classic, the RCG Raw, the RCG ECN, and the Royal 100. The spreads on the RCG Classic and the Royal accounts are as low as 1.5 pips with no commission required. The RCG Raw and the RCG ECN accounts have spreads from 0.0 pips with only the RCG ECN account charging a commission of $7 per round trip.
While this broker is regulated by the FSCA, it is fairly new in the market and still needs to gain a solid reputation among traders. That will help with its credibility case.
Accumarkets
Accumarkets is another forex broker that accepts a minimum deposit requirement of R50. This broker supports two main account base currencies which include the ZAR and the USD. There are various payment options traders can use to fund their Accummarkets accounts. These include Ozow, Virtual Pay, Paystack, Dusupay, Match2Pay, and Cryptocurrencies.
There are only three asset classes available to trade on this broker site. These include forex currency pairs, indices, and metals. The markets are available to trade on a single trading platform, MetaTrader 5. Further, there are three different accounts that traders can choose from including the standard account, the 100% bonus account, and the cent account. All these three accounts have spreads that start from 1.0 pips and do not allow hedging.
Finally, let’s look at how this broker is regulated. This broker has a license from the local regulator in South Africa, the FSCA.
Brokers With R20 Minimum Deposit
Unfortunately, we did not find any brokers with exactly R20 as the minimum deposit. However, we found some with something close to R20. Below are some of the brokers. Please note that we do not have any first-hand experience with the two brokers in this category. Consequently, we cannot vouch for their credibility and we urge you to do your research before investing with either of them.
JustMarkets
JustMarkets accepts a low minimum deposit requirement of just $1 from South African traders. This small amount is approximately 18ZAR which is affordable for most traders. There are several payment options supported by the broker including Visa, MasterCard, Bank Transfers, Neteller, Skrill, SticPay, Perfect Money, select Cryptocurrencies, and a plethora more. Notably, this broker supports the ZAR as an account base currency meaning that SA traders do not have to convert their local currencies.
Most of the payment options process deposits within 30 minutes and there are no fees charged on deposits. Once the deposit hits the account, traders gain access to a variety of global market products. Specifically, this broker allows investors to trade forex currency pairs, cryptocurrencies, stocks, commodities, futures, and indices. The trading platforms available to use include MetaTrader 4 and MetaTrader 5.
Further, the spreads for trading on this broker site are competitively low starting from as low as 0.0 pips on the standard account with no commission required. The pro account charges spreads from as low as 0.5 pips with no commission paid. Finally, the raw spread account has spreads from 0.0 pips with a commission of $3 per side per lot.
On regulations, this broker is under the supervision and examination of the local regulator in South Africa, the FSCA. Additionally, it is under the regulation of other organisations including the FSA in Seychelles, the FSC in Mauritius, and the CySEC in Cyprus.
SuperForex
SuperForex is another broker with a low minimum deposit of just $1 which is approximately 18 ZAR. SuperForex supports 20 different base account currencies including the South African Rand. Some of the payment methods supported by this broker include Bank Transfers, Credit/Debit Cards, Skrill, Neteller, SticPay, and more. Most of the payment systems supported by the broker have instant processing time for deposits.
Notably, traders gain access to a variety of market products totalling over 300 products. These include forex currency pairs, precious metals, stock CFDs, energy futures, indices, cryptocurrencies, and ETFs. this allows traders to diversify their portfolios without leaving the broker site. These products are available to trade on the single trading platform provided by the broker, MetaTrader 4.
Interestingly, this broker offers two categories of accounts. There are 7 different STP accounts and 5 different ECN accounts. The spreads can be as low as 2.0 pips for major currency pairs on the STP Standard account with no commission required. However, there is an STP Zero Spread with spreads from 0.0 pips plus a commission from 0.017 on forex. The ECN accounts primarily charge a commission when trading with zero spreads. Traders can pick the trading account that best suits their trading needs.
Unfortunately, this broker does not have regulations by the local regulator in South Africa, the FSCA. It is regulated by the FSC based in Belize which is not a very strong regulator.
Honourable Mention
Exness
Trading Forex and CFDs entail risk.
Your capital is at risk.
Exness is one of the most prominent forex brokers that has a ZAR account and a fairly low minimum deposit requirement. This broker accepts a minimum deposit of just $10 which is approximately R190. There are various payment options that traders can use to fund their Exness accounts. These include Wire Transfers, Skrill, Neteller, Credit/Debit Cards, and Mobile Money.
The broker offers instant processing of all deposits and withdrawals. Once the deposit hits a trader’s account, they can invest in a variety of market products including CFDs on forex, indices, stocks, energies, metals, and cryptocurrencies. The trading platforms available to use while trading include MetaTrader 4, MetaTrader 5, and Exness Terminal.
Further, the broker has some of the lowest spreads in the market. There are five different accounts available to use each fitting different trader profiles. These include the standard, the standard cent, the pro, the zero, and the raw spread accounts. The two standard accounts feature spreads that are as low as 0.3 pips with no commission required. On the other hand, the three professional accounts feature lower spreads with two charging a commission when trading.
Finally, Exness is under the regulation of the local regulator, the FSCA in South Africa. On top of that, it is under the regulation of the CMA in Kenya, the FCA in the UK, and the FSC in Mauritius, among others.
Low minimum deposit brokers are at the forefront of improving the accessibility of forex trading among the masses. In this comprehensive review, we looked at forex brokers with R20, R50, and R100 minimum deposits. Since in some categories, we couldn’t find brokers with the exact amounts, we featured the ones with minimum deposits close to the amount. Moreover, we only featured brokers that support the South African Rand as a base account currency.
Note that we featured a variety of brokers here, including some that we do not have any first-hand experience with. As such, we urge traders to do thorough research before putting their money with any of the brokers here. It is important to ensure that you are picking the broker that is credible and best suits your needs. After all, a low minimum deposit should not be the only thing that attracts a trader to a broker site. It should be a secondary consideration after checking the credibility of the broker.