Over 80,000 South African retailers and businesses utilize PayFast’s services, making it a significant online payment provider in the country.
Secure and speedy financial transactions for PayFast’s South African customers are guaranteed by the company’s cutting-edge technology and stringent safety protocols.
Here are the 5 best brokers in South Africa that accept PayFast.
1. IFX Brokers
Overview
Established in 2018, IFX Brokers is a CFD and forex broker registered by the Financial Sector Conduct Authority (FSCA) that offers its clients in South Africa access to a wide range of assets.
Traders on all experience levels can take advantage of IFX Brokers’ competitive trading conditions, extensive training materials, secure client funds, and user-friendly interface.
Pros and Cons
| Pros High leverage available MetaTrader 4 is supported. Resources for learning are available
|
Cons
|
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | ZAR100 |
| Average spread from | 0,5 pips |
| Commissions from | USD6 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
2. GlobeX360
Overview
Globex360 was established in 2017 and is a global broker offering traders access to over 100 financial instruments across a wide variety of asset classes including forex, commodities, and indices. This broker is not the most cost-effective option at the moment, and its learning resources may be improved.
Pros and Cons
| Pros
Copy trading software available Islamic Accounts available Beginner-friendly trading platform
|
Cons
Limited selection of assets |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | USD25 |
| Average spread from | 1.2 pips |
| Commissions from | NA |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
3. JP Markets
Overview
Technical analysis, fundamental analysis, market insights, exchange rates, and an economic calendar are just a few of the features offered on JP Markets’ web, desktop, and mobile trading apps, which may be used to trade a wide variety of asset classes.
Pros and Cons
| Pros
FSCA regulated broker Negative balance protection offered MetaTrader platforms offered
|
Cons
Demo accounts not available |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | None |
| Average spread from | 0.7 pips |
| Commissions from | $10 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
4. QuickTrade
Overview
When it comes to tradable financial assets, South African CFD and forex broker QuickTrade, launched in 2014, has you covered with more than 30 currency pairs, ETFs, equities, and more. QuickTrade is a reputable FSP (Financial Service Provider) in South Africa and abides by all applicable FSCA regulations.
Pros and Cons
| Pros
Well-regulated broker ZAR accounts available Wide range of funding options
|
Cons
Limited trading accounts Limited financial instruments
|
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | ZAR0 |
| Average spread from | 1.2 pips |
| Commissions | Yes |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | NA |
| Customer Support | 24/5 |
5. TD Markets
Overview
Popular for its low spreads and fast, reliable trade execution supported by a formidable no-dealing-desk structure, TD Markets is a top-tier broker.
Two premium account tiers, each with access to numerous trading instruments, are made available to South African customers of the firm.
Pros and Cons
| Pros
Competitive trading conditions Negative balance protection provided Commission-free trading available |
Cons
No Islamic accounts available |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $50 |
| Average spread from | 1.8 pips |
| Commissions | $8 per lots |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support | 24/5 |
Next time you think of finding the best broker offering PayFast, the list above should be your first consideration.
