These bonuses provide the opportunity for new traders to access the Forex market without risking their own funds initially.
However, not all brokers offer a sign-up bonus to traders in South Africa, which is why we have listed the 5 best brokers who offer this promotion to new traders, along with excellent trading conditions.
1. HotForex
Overview
Competitive trading conditions, several account types, robust trading platforms, and an extensive selection of instruments are all hallmarks of HotForex.
Once you’ve been verified and opened a new trading account, HotForex provides you with a sign-up bonus that you can use before putting your own money at risk in the real world.
Pros
- No deposit or withdrawal fees
- Competitive spreads
Cons
- High commission charges on the Zero account
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
2. IFX Brokers
Overview
Online trading platform IFX Brokers mixes traditional trading with advanced and innovative software to provide traders with a unique trading experience.
Using the broker’s cutting-edge MetaTrader 4 and MetaTrader 5 trading platforms, private and institutional customers can trade and invest in more than 200 products across six asset classes.
Pros
- High leverage available
- MetaTrader 4 is supported.
- Resources for learning are available
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit from | ZAR100 |
| Average spread from | 0.5 pips |
| Commissions from | NA |
| Deposit/Withdrawal Fees | NA |
| Maximum Leverage | 1:500 |
| Bonuses | NA |
| Customer Support | 24/5 |
3. FXCM
Overview
STP broker FXCM was founded in 1999 in the United Kingdom and is licensed by the British Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the South African FSCA.
FXCM’s low prices are the result of a large number of the finest liquidity providers in the industry. First-time FXCM traders get a $300 incentive when they open an account.
Pros
- Excellent educational resources for beginner traders
- Low minimum deposit requirement
- Advanced research tools
- Excellent customer support
Cons
- No Web Trader option available for trading platforms
- Rudimentary mobile trading platform
- Limited product portfolio
Features
| Feature | Information |
| Regulation | FCA, ASIC, ACPR, FSP |
| Minimum deposit from | $50 |
| Average spread from | 1.3 pips |
| Commissions from | £4 per standard round-turn lot (£2 per side) |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | $20 Welcome Bonus |
| Customer Support | 24/5 |
4. Exness
Overview
Exness provides competitive trading conditions, which include narrow spreads, minimal commissions, large leverage ratios, and a cheap initial deposit requirement of just $250.
Additionally, traders have the benefit of a demo account as well as the usage of two of the most powerful trading platforms available, namely MetaTrader 4 and MetaTrader 5, which are available on mobile, the web, and desktop devices.
Pros
- Well-regulated
- Tight spreads
- Over 130 currency pairs
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
5. AvaTrade
Overview
Trading conditions at AvaTrade are noted for their straightforward and reasonable fees, commission-free choices, reliable execution speeds, flexible funding alternatives, and devoted client service, among other things.
Multiple regulatory bodies have approved AvaTrade to provide trading services in various countries across the world.
Pros
- A broad range of tradable instruments
- MetaTrader 4 and 5 are available
- Excellent educational resources
Cons
- High EURUSD and inactivity fees
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
