Core Liquidity Markets Broker Review ¦Safe Binary Trading South Africa

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South Africa forex brokers

Forex and binary options brokers are flocking to South Africa. One of the reasons is that the country’s economy is rapidly growing, and the demand for financial services is high among the population. Another reason is probably the rising regulatory pressure upon forex (and especially binary options) brokers in Europe, urging them to seek new markets to expand.

Indeed, there is huge market potential for forex and related services in South Africa. It is the most economically developed country in Africa and is the only country from the continent that is part of the G20. Its financial, legal, and communications sectors are well-developed. What is more, the south African JSE Limited is the largest stock exchange in Africa and among the top 20 in the world.

The Financial Services Board (FSB) oversees the non-banking financial services industry, which includes collective investment schemes (unit trusts and stock market) and financial advisors and brokers, among others. It is in charge of the licensing process of financial service providers, it is responsible for ensuring that the regulated entities comply with the relevant legislation as well as the capital adequacy requirements to promote financial soundness of these entities and thereby protecting the investing community.
Moreover, the FSB has enforcement powers to deal with breaches through the enforcement committee, and also runs a customer complaints service, the Office of the Ombud for Financial Services Providers.

With both forex and binary options trading allowed and well-regulated by the FSB and with relatively few limitations, such as the investment limit of R5 million, South Africa is truly an attractive and promising destination for financial services providers.

Below is a list of forex brokers regulated in South Africa.
XM is in process of obtaining a regulatory approval.

South Africa forex brokers

Broker Regulation Min.deposit Leverage Platforms Review
CySec, FCA, FSC $10 1:1000 MT4, MT5, Web Review Website
FCA, ASIC, FSCA $50 1:400 MT4, Trading
Station,
NinjaTrader
Review Website
FCA, CySEC, DFSA, FSB $100 1:500 MT4, MT5, FxPro
Markets,
cTrader
Review Website
CySec, FCA, FSCA, DFSA $5 1:1000 MT4, MT5, Web Review Website
FSA, FCA, ASIC $10 000 1:100 Web, SaxoTrader Review
FCA, CySEC, ASIC $100 1:200 Web, Mobile Review
ASIC, Central Bank of Ireland, ADGM $100 1:400 (1:30 for EU clients) MT4, MT5,
AvaTrader
Review
CySEC $100 1:400 Xtrader Pro Review
CySEC, FSB $100 1:200 Sirix Web,
Mobile
Review
FSB $1000 1:100 Alfa Trader Review
CySEC $50 1:100 in-house mobile
app
Review
FSB R3 500 1:500 MT4 Review
FSB R5 000 1:100 MT4, CloudTrade Review
FSCA Not specified 1:500 MT4, Web Review
FSB R5 000 1:500 MT4, Web Review
FSB N/A 1:75 Protrader Review
FSB Khwezi Trade 1:200 MT4 Review
pending FSCA $100 1:100 MT4 Review
FSCA $100 1:200 `web Review

FBS wins ‘Best Copy Trading Application Global-2020’ award

The prestigious “Best Copy Trade Application 2020 Global” award went to FSB for their innovative CopyTrade platform. Read more

Plus500 sets up new subsidiary, gets South African Authorized FSP license

Plus500, one of the major global forex and CFD brokerages has obtained an Authorized Financial Service Provider (FSP) license from South Africa’s Financial Services Board (FSB) through its newly created subsidiary Plus500SA Pty Ltd., the company said. Read more

Plus500 sets up new subsidiary, gets South African Authorized FSP license

Plus500, one of the major global forex and CFD brokerages has obtained an Authorized Financial Service Provider (FSP) license from South Africa’s Financial Services Board (FSB) through its newly created subsidiary Plus500SA Pty Ltd., the company said. Read more

South Africa’s FSB blacklists binary options broker Stockpair

South Africa’s financial services provider and markets regulator, the Financial Services Board (FSB) has issued a warning against the binary options broker Stockpair. According to FSB, the broker is operating the site Stockpair. Read more

South Africa’s FSB blacklists binary options broker Stockpair

South Africa’s financial services provider and markets regulator, the Financial Services Board (FSB) has issued a warning against the binary options broker Stockpair. According to FSB, the broker is operating the site Stockpair. Read more

Best Forex Brokers South Africa for 2020

The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in South Africa is popular among residents. While recommended, forex brokers are not required to become authorised by the Financial Sector Conduct Authority (FSCA) to accepts residents of South Africa as customers.

The Financial Sector Conduct Authority is the financial regulatory body in South Africa. Website: https://www.fsca.co.za. We recommend South Africa residents also follow the FSCA on Twitter, https://twitter.com/fsca_za.

The FSCA was established in 2020 as the successor to the Financial Services Board (FSB). The FSB had previously regulated South Africa since 1990. For a historical breakdown, here’s a link to the Financial Services Board webpage on Wikipedia.

Best Forex Brokers South Africa

To find the best forex brokers in South Africa, we created a list of all brokers that list South Africa as a country they accept new customers from. We then ranked brokers by their Trust Score.

Here is our list of the best forex brokers in South Africa.

  • IG – Best Overall Broker 2020
  • Plus500 – Best for beginners overall
  • Swissquote – Best banking services
  • Saxo Bank – Best VIP client experience
  • FOREX.com – Great platforms and pricing
  • City Index – Excellent all around offering
  • FXCM – Well-rounded offering
  • XTB – Best customer service, great platform
  • eToro – Best copy trading platform

South Africa Forex Brokers Comparison

Compare South Africa authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s ForexBrokers.com Trust Score.

Forex Broker Accepts ZA Residents Average Spread EUR/USD – Standard Minimum Initial Deposit Trust Score Overall Visit Site
IG Yes 0.700 £250.00 99 5 Stars Visit Site
Plus500 Yes 0.600 €100 99 4 Stars N/A
Swissquote Yes N/A $1000.00 99 4 Stars Visit Site
Saxo Bank Yes 0.600 $10,000.00 98 5 Stars Visit Site
FOREX.com Yes 1.00 $50.00 93 4.5 Stars Visit Site
City Index Yes 0.800 £50.00 93 4.5 Stars Visit Site
FXCM Yes 1.300 £300 92 4.5 Stars N/A
XTB Yes 0.780 $0.00 92 4.5 Stars Visit Site
eToro Yes 3.00 $200 91 4 Stars N/A
Pepperstone Yes 1.130 $200.00 83 4 Stars Visit Site
XM Group Yes 1.600 $5-100 81 4 Stars Visit Site
easyMarkets Yes 0.900 $100.00 81 3.5 Stars Visit Site
ThinkMarkets Yes N/A $250.00 79 3.5 Stars Visit Site
Vantage FX Yes 1.400 $100 79 3.5 Stars N/A
IC Markets Yes 1.100 $200 73 4 Stars Visit Site
ForexTime Yes 0.80 $100 70 3.5 Stars Visit Site
Alpari Yes 0.92 $100.00 69 3.5 Stars Visit Site
Instaforex Yes N/A $1 69 3 Stars Visit Site
UFX Yes 3.00 $100 66 3.5 Stars N/A
iTrader Yes 0.700 $250 66 3 Stars Visit Site
FX Choice Yes N/A $100 54 2.5 Stars Visit Site

How to Verify FSCA Authorisation

To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker’s homepage. For example, here’s the key disclosure text from IG’s website,

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.

Next, look up the FSP number on the financial register available on the FSCA’s website to validate that the broker is currently authorized in South Africa.

More Forex Guides

Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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MarketsX Review

Review

MarketsX, which many traders may know by its former name Markets.com, is a global Forex broker that became operational in 2020. This broker started its journey as GFC Markets but rebranded as Markets.com in 2020 following the merger between Safecap Investments LTD, the owner of GFC Markets, and TradeFX. In 2020, the FTSE250 listed gaming software company Playtech PLC, ticker symbol PTEC, acquired TradeFX for £458 million. This made Playtech the owner of Markets.com, which is now rebranding itself as MarketsX. This broker went under a massive restructuring in 2020, selling its binary options platform TopOption, and reducing its workforce. MarketsX is regulated across five jurisdictions, offers more than 2,200 assets from three trading platforms, and was a top sponsor of Premier League football team Arsenal FC for five years from 2020 until the deal expired in 2020. All of these signs point to it being a highly competitive broker that is here to stay.

Regulation and Security

MarketsX is owned by TradeTech Alpha LTD, a division of Playtech PLC. The Financial Conduct Authority (FCA) is the principal regulator, but MarketsX is regulated across five jurisdictions. This indicates an important fact to consider, as each jurisdiction grants particular benefits and various degrees of trader protection. Besides FCA regulations, MarketsX is authorized and regulated in Europe by the CySEC, globally by FSC in the British Virgin Islands, in Australia by ASIC, and in South Africa by the FSCA. The strong global ownership and unique global regulatory environment create an extremely secure brokerage.

Client funds remain segregated from companies’ funds across all five operating subsidiaries, but traders operating under the CySEC regulatory environment are exposed to the Financial Instruments Directive 2020/65/EU or MiFID II and the EU’s 4th Anti-Money Laundering Directive. The EU Directive 2020/49/EU mandates participation in the Investor Compensation Fund (CIF) with maximum coverage of €20,000. UK-based traders are protected by the Financial Services Compensation Scheme (FSCS), up to £85,000. Negative balance protection applies to all five subsidiaries. Traders regulated under FCA, ASIC, and FSCA receive incentives and loyalty rewards. MarketsX remains a very transparent broker, and regardless of which subsidiary accepts traders, the regulatory environment is solid.

MarketsX enjoys the financial backing of a powerful corporate owner, listed on the FTSE 250.

This broker is regulated in five jurisdictions and executes an excellent task when it comes to transparency.

Traders are advised to carefully consider the pros and cons of signing up under the subsidiary that would ultimately manage their portfolios.

The primary regulator for MarketsX is the FCA in the UK.

MarketsX generates most of its revenue through spreads on over 2,200 assets. The EUR/USD is listed with a starting spread of 0.4 pips, which represents a very competitive offer. No commissions are charged at this broker, adding to the excellent trading environment. Before the rebranding, MarketsX solely deployed a market maker execution model and profited directly from traders’ losses. It now extends a dual model after the addition of an STP model.

Swap rates on leveraged overnight positions apply, and traders can retrieve the applicable rates from inside the trading platforms. Corporate actions, like dividends, stock splits, or takeovers on equity and index CFDs, are passed on to traders. MarketsX doesn’t charge for deposits or withdrawals, but third-party charges may apply. The fee structure introduced by this broker is extremely trader-friendly and remains a critical factor to consider.

MarketsX offers a very competitive pricing environment for traders to consider.

What Can I Trade

Traders have over 2,200 assets across the Forex market, commodities, equity and index CFDs, cryptocurrencies, bonds, and ETFs to choose from. Pure Forex traders will find a great selection of currency pairs but, as with many brokers, the cryptocurrency market is only represented with five names. Twenty-five commodity CFDs offer solid exposure to this sector, but only four bonds are offered. Twenty-one index futures CFDs complement the large equity CFDs selection covering twenty countries, while the ETF offering further allows traders to branch out. Cross-asset diversification may easily be accomplished for retail traders and professional ones alike.

With over 2,200 assets across seven categories, traders have the option to properly diversify their portfolios.

Account Types

MarketsX provides all traders with the Classic CFD account, and an upgrade to a professional account is available. A Premium account is mentioned in one section, but no details are provided. Leverage remains one critical difference between the Standard account across the five regulatory jurisdictions. The FCA and CySEC regulated subsidiaries allow maximum leverage of 1:30, while the FSC, ASIC, and FSCA cap the maximum leverage at 1:300. This will cause a significant difference in the trading environment, directly influencing profitability.

The Classic CFD account is the default selection for all traders.

The regulatory framework directly impacts the trading conditions, and traders need to consider this carefully.

Professional accounts are only offered by the FCA and CySEC regulated entities, and strict requirements apply. Traders will get the same conditions at the FSC, ASIC, and FSCA regulated subsidiaries. The most significant difference remains leverage.

Trading Platforms

The MT4/MT5 trading platforms are available but reduced to a mere mention under MetaTrader Trading Conditions. Not even a general description of the platform features is provided, a download link for either platform is equally absent. MarketsX strongly promotes its proprietary webtrader and has created all tools specifically for it. The MT4/MT5 trading platforms are offered as the fundamental version only. This may create a less-than-ideal offering for some traders (especially advanced traders) as popular third-party plugins aren’t available in either platform offering.

The proprietary webtrader is presented as an easy-to-use platform with powerful trading tools. MarketsX provides fifteen tools for traders and, compared to a basic version of the MT4, the webtrader offers a much more sophisticated gateway to financial markets. Traders who have no existing trading solutions that would require the MT4 infrastructure will be adequately served by the webtrader. The biggest flaw remains the lack of support for automated trading solutions, as provided by MT4. While the webtrader offers great trading tools, an upgraded MT4 would result in a superior product. Traders will need to assess if they want to invest in an MT4 upgrade, or use the webtrader for manual trading.

The MT4/MT5 trading platforms are offered but not properly presented.

MarketsX introduces its webtrader as an easy-to-use trading platform.

Trading tools provided by this broker are solely available for its webtrader.

Unique Features

MarketsX offers fifteen trading tools on its webtrader, which enhances the trading environment, offering research and analytics tools, including insights into financial markets. They are broken down into fundamental, technical, and sentiment tools. The XRay segment provides a live and interactive stream, covering a broad range of topics. It is important to note that a majority of those trading tools are provided more efficiently through MT4 plugins. The combination of all tools provides traders with a powerful suite for a manual trading approach.

Events & Trade is an interactive economic calendar, with data from over 30 leading analysts around the globe. The Dow Jones News feed keep traders informed on global developments which may impact their trading strategy.

The Thomson Reuters Analyst Research provides traders with a fundamental analytical tool for equity, index, and ETF CFDs. Advanced Alerts can assist traders with relevant changes to desired assets.

Financial Commentary may help traders identify new trading opportunities.

Advanced Charting consists of an extensive charting package for the webtrader to enhance technical analysis.

Analyst recommendations may be viewed for trade confirmation or to conduct sentiment analysis. Hedge Fund Confidence shows trading positions held by hedge funds as filed with the SEC, but the data is three months delayed.

Insider Trades is another helpful tool for equity traders, displaying trading activity from key insiders at firms. Bloggers Opinions is an innovative tool providing insight from over 50,000 contributors.

Acuity News Alerts further diversifies news coverage that could impact assets. The Acuity News Sentiment provides a quick overview on assets as gauged by news coverage.

Signals and Traders Trends are provided by MarketsX. The former creates trading signals based on Daily Analyst Recommendations, Insider Trades, Hedge Fund Confidence, and Bloggers Opinions. The latter merely displays the sentiment of this broker’s trading positions on the webtrader.

XRay is an interactive stream, provided directly from inside the webtrader. It represents a very useful service for traders as it features relevant topics, and a welcomed intermission from regular trading activities.

Research and Education

MarketsX doesn’t provide any in-house research or education. It opted to outsource the entire research capabilities to third parties, but given the broad reach and investment into this approach, the result is outstanding. Traders have access to a more than ample supply of research and analytics, and this broker additionally offers trading signals based on the array of tools provided.

Regrettably, no educational content is offered. This is a major oversight by MarketsX.

Customer Support

Customer support is accessible 24/5 in English, French, Spanish, Italian, Arabic, German, and Bulgarian. The most convenient method to engage with support is through live chat, but traders may also call or fill out the web-form. The response time for queries submitted via web-form is listed as 28 hours. A support section dedicated to the most common questions is available and should take care of basic questions. Most traders will never require customer support, especially at a well-operated brokerage. MarketsX falls into this category, but support is easily available if required.

Bonuses and Promotions

MarketsX mentions incentives and loyalty rewards for the FSC, ASIC, and FSCA regulated entities, without providing more details about them. Either they have been discontinued, and the website was not updated, or they are provided after clients open an account. The broker would benefit significantly by taking a second look at this section and fixing it up.

Opening an Account

New traders may conveniently open an account through the online application form, the standard operating procedure across the brokerage industry. The webform merely asks traders for their e-mail address and password creation. The option to complete this process through a Google or Facebook account is available. This will grant new traders access to their client portal, from where a copy of the trader’s ID and one proof of residency document is required to verify the account and to satisfy AML/KYC requirements, as mandated by the regulators. Traders can completely trust this broker with their information.

A very simple sign-up process is offered by MarketsX, and given the sound regulatory environment, traders can trust this brokerage without hesitation.

Deposits and Withdrawals

Deposit and withdrawal options consist of bank wires, credit and debit cards, Skrill, Neteller, and PayPal. Local bank transfers, Ideal, and Sofort are listed under deposits methods but not as a withdrawal option. Not all methods apply to every trader, as they are based on geographic location. Unfortunately, the minimum deposit and withdrawal amounts are unequal for each entity. Most minimum deposits are listed as $100 or a currency equivalent, except for the UK, where the minimum is increased to $250. The same lack of consistency applies to withdrawal amounts. Processing times may take up to eight business days for credit card transactions, which appears overextended. As mandated by regulators, deposits and withdrawals can only be processed if the accounts are in the same name.

General Information

Company Information

  • Broker’s Name : MarketsX
  • Headquarter : South Africa
  • Regulation : CySEC, FCA, ASIC, FSC, FSCA

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $100 (Based on location)
  • Maximum Leverage : 1:300 (Based on location)

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Type of Platform : MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based
    • English
    • Spanish
    • Arabic
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
    • Spanish
    • Arabic

  • Support Hours : 24/5
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Pros and Cons

    • Demo Account Available
    • Choice of Trading Platforms
    • Excellent Customer Support
    • Only One Trading Account

    Where is MarketsX based?

    MarketsX is headquartered in London, UK. This brokerage has five regulated entities with their respective headquarters, but London is where the corporate owner is authorized and regulated.

    How does MarketsX make money?

    MarketsX derives its income from spreads charged on over 2,200 assets and profits directly from traders’ losses where it acts as a market maker.

    How can I deposit into a MarketsX account?

    MarketsX supports bank wires, credit and debit cards, Skrill, Neteller, and PayPal.

    What is the minimum lot size at MarketsX?

    The minimum trading size in the MT4 trading platform is 0.01 lots, while the minimum CFD size in the webtrader is presumed to be 1.0.

    When does a margin-call take place at MarketsX?

    MarketsX Group LTD issues a margin call at a 50% equity-margin ratio.

    Is MarketsX regulated?

    The Financial Conduct Authority (FCA) is the principal regulator, but MarketsX is regulated across five jurisdictions. Besides FCA regulations, MarketsX is authorized and regulated in Europe by the CySEC, globally by FSC in the British Virgin Islands, in Australia by ASIC, and in South Africa by the FSCA.

    What is the maximum leverage offered by MarketsX?

    The maximum leverage for clients of MarketsX Group LTD equals 1:300, but clients of the FCA and CySEC regulated entities are limited to 1:30.

    How do I open an account with MarketsX?

    MarketsX has an online application form, which is the standard operating procedure.

    What trading platforms does MarketsX offer?

    MarketsX provides the basic MT4/MT5 trading platforms without required upgrades, as well as its proprietary webtrader for which fifteen trading tools have been developed.

    Summary

    MarketsX offers traders a fantastic trading environment with over 2,200 assets, tight spreads, and no commissions. This brokerage started its journey in 2020 and went through a merger as well as a rebranding phase. It now operates as MarketsX, a well-regulated brokerage in five jurisdictions and a member of FTSE250-listed gaming software company Playtech PLC. The core services provided by this brokerage are exceptional, but as is the case with all brokerages, there is always room for improvement in some areas.

    The MT4/MT5 trading platforms are available but merely mentioned in one section of the website without a proper introduction. This is done to push the MarketsX proprietary webtrader, and while nothing is wrong with promoting an in-house developed solution, it would certainly make MarketsX more attractive if it offered a comprehensive MetaTrader offering. Over fifteen trading tools are developed, but exclusively available for the webtrader.

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    Traders without existing trading solutions requiring the MT4 infrastructure and relying solely on manual trading will be properly served at MarketsX. However, traders who want to manage their portfolios in MT4 are reduced to the fundamental version and would need to invest in upgrades. That being said, traders who are willing or interested in learning about the MarketsX webtrader may find that all (or at least most) of their needs are met through this strong proprietary platform. Trading conditions vary across the five entities due to regulatory restrictions, and the best environments are provided by the FSC, ASIC, and FSCA regulated subsidiaries. MarketsX provides a sound choice and remains an excellent option as a primary or secondary broker. The fifteen trading tools offer to users of the webtrader provide more than enough of a reason to manage a portfolio at this brokerage as part of a well-diversified strategy.

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