BPay is a popular online payment solution based in Australia. BPay is popular choice amongst not only Australian forex and CFD trading brokers, but banks, building societies and merchants alike. In fact, over 60,000 businesses offer BPAY as an online transaction option.
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Best BPay Forex Brokers – 14 Key Point Quick Overview
- ✅ CMC Markets
- ✅ Forex.com
- ✅ FP Markets
- ✅ IC Markets
- ✅ eToro
- ✅ Vantage FX
- ✅ Pepperstone
- ✅ City Index
- ✅ IG
- ✅ OANDA
- ✅ FXCM
- ✅ EasyMarkets
- ✅ Conclusion
- ✅ Frequently asked questions
Here is an overview of the 12 Best Forex Brokers and Trading Platforms accepting BPay.
CMC Markets
CMC Markets is a multi-asset class spread betting and CFD broker which is regulated by the UK’s Financial Conduct Authority (FCA). Clients have the ability to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares, and Treasuries, all on the MetaTrader4 platform or the broker’s own proprietary, web-based Next Generation platform.
Pros and Cons
| ✅ CMC Markets Pros | ❌ CMC Markets Cons |
| Extensive range of offerings | Does not accept U.S. clients |
| Regulated by FCA (U.K.) | Differences between Next Generation and MT4 |
| Emphasis on education & customer service | High CFD spreads for certain indices |
| Research amenities are industry leading | No back-testing or automated trading capabilities |
CMC Markets offers a wide range of instruments to trade on covering all major asset classes such as 300+ Forex instruments, 60+ Indices, 15 Cryptocurrencies, 90+ Commodities, 30+ Treasuries, and 9,000+ Shares and ETFs.
Trading Benefits
| 📊 CMC Markets Trading Features | 📒 CMC Markets Accounts Offered | 💰 CMC Funding Methods |
| No Deposit Bonus | CMC Markets CFD Account | Wire Transfer |
| Stop Loss | CMC Corporate Account | Credit Card |
| CMC Stockbroking Account | e-Wallets | |
| CMC Spread Betting Account | ||
| CMC Markets Professional Account |
Customer support is available 24/5 via Live Chat, Telephone, and Email.
Forex.com
Forex.com is a platform that can be used for trading foreign currencies and precious metals. Traders can trade over 80 currency pairs as well as silver and gold.
Pros and Cons
| ✅ Forex.com Pros | ❌ Forex.com Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1999 | Not ASIC Regulated |
| Regulated by Financial Conduct Authority | |
| Minimum deposit from $50 |
To open a live trading account, traders will need a minimum deposit of at least $50.
Trading Benefits
| 📊 Forex.com Trading Features | 📒 Forex.com Accounts Offered | 💰 Forex.com Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | |
| Low minimum deposit | ECN account | |
| Islamic account |
Customer support is available by phone, live chat, or email 24 hours a day during market hours.
FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer. Over 100 instruments and over 60 currency pairs in total are on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
Pros and Cons
| ✅ FP Markets Pros | ❎ FP Markets Cons |
| Low Forex Fees | High Stock CFD fees |
| Easy Account Opening | Limited Product Portfolio |
| Quick Deposit and Withdrawal | Outdated Platform |
Trading Benefits
| 📊 FP Markets Trading Features | 📒 FP Markets Accounts Offered | 💰 FP Markets Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Wallets |
| Low minimum deposit | STP | |
| Offers Negative Balance Protection | Managed |
All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, and Vietnamese. Customer Service is available via email, phone, and live chat.
IC Markets
IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader4, MetaTrader5, and cTrader platforms for desktop, web, and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).
Pros and Cons
| ✅ IC Markets Pros | ❌ IC Markets Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Minimum deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
Trading Benefits
| 📊 IC Markets Trading Features | 📒 IC Markets Accounts Offered | 💰 IC Markets Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone, and Email.
eToro
eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK. eToro is supervised by the Financial Conduct Authority (FCA), and Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.
Pros and Cons
| ✅ Pros | ❎ Cons |
| Used by 6,000,000+ traders | Doesn’t allow scalping |
| Established in 2006 | Inactivity Fee |
| Regulated by FCA, CySEC, and ASIC | Limited range of instruments |
eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert. Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.
Trading Benefits
| 📊 eToro Trading Features | 📒 eToro Accounts Offered | 💰 eToro Funding Methods |
| Offers STP | Demo account | Credit cards |
| Low minimum deposit | Micro account | Bank Transfer |
| Mini account | PayPal | |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
eToro supports a wide range of languages including English, German, Spanish, French, and Italian. 24/6 customer support is available via telephone and support ticket.
Vantage FX
Vantage FX is a Forex ECN and CFD broker which offers traders the ability to trade on 120+ tradable assets across Currencies, Indices, Commodities, and U.S and Hong Kong Share CFDs on the MetaTrader platform for Mac, PC, iOS and Android, and other social trading platforms. Vantage FX is authorized and regulated by the Cayman Islands Monetary Authority (CIMA) under the name Vantage International Group.
Pros and Cons
| ✅ Vantage FX Pros | ❌ Vantage FX Cons |
| Strict Regulation | No US Clients |
| Segregated Client Funds | Restricted Leverage |
| 300+ CFD Trading Instruments | No Fixed Spread Accounts |
Vantage FX offers traders access to the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Android, and iOS.
Trading Benefits
| 📊 Vantage FX Trading Features | 📒 Vantage FX Accounts Offered | 💰 Vantage FX Funding Methods |
| Pro Trader Tools | Standard | Wire Transfer |
| ZuluTrade | Raw | Credit Cards |
| MAM/PAMM Accounts | Pro | Neteller |
| Commission Free Accounts | UnionPay |
Customer support is available 24 hours a day, 5 days via phone, email, live chat, and remote TeamViewer in English, Mandarin, Thai, and Vietnamese.
Pepperstone
Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).
Pros and Cons
| ✅Pros | ❎ Cons |
| Segregates client funds | Limited range of instruments |
Trading platforms on offer include MetaTrader 4, MetaTrader 5, and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.
Trading Benefits
| 📊 Pepperstone Trading Features | 📒 Pepperstone Accounts Offered | 💰 Pepperstone Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | MAM/PAMM account | Skrill |
| Offers Negative Balance Protection | Islamic account | Payoneer |
Pepperstone offers 24/5 multiple language support via email, phone, and live chat.
City Index
City Index is a world leader in spread betting, FX, and CFD Trading, regulated by the Financial Conduct Authority (FCA). The City Index trading platform offers traders a range of customization options, which includes 16 chart types with 65+ indicators specifically designed for investors to perform technical analysis.
Pros and Cons
| ✅ City Index Pros | ❌ City Index Cons |
| Used by 140,000+ traders | Doesn’t allow scalping |
| Established in 1983 | Inactivity Fee |
| Regulated by Financial Conduct Authority, ASIC, and MAS | Limited range of instruments |
| Minimum deposit from $25 |
To open a live trading account, traders will need a minimum deposit of at least $25. City Index offers over 12,500 different instruments to trade, including over 84 currency pairs on the ever-popular MetaTrader4 trading platform.
Trading Benefits
| 📊 City Index Trading Features | 📒 City Index Accounts Offered | 💰 City Index Funding Methods |
| Allows hedging | Demo account | Credit cards |
| Offers STP | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | |
| Managed account |
Multilingual Customer support is available by email, phone, or live chat.
IG
IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.
Pros and Cons
| ✅ IG Pros | ❎ IG Cons |
| Used by 178,000+ traders | Inactivity Fee |
| Well-Established | Limited range of instruments |
The country of a trader’s residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs, and options. Traders can choose between two trading platforms, IG’s proprietary trading platform and MetaTrader 4.
Trading Benefits
| 📊 IG Trading Features | 📒 IG Accounts Offered | 💰 IG Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Payoneer | |
| Guaranteed stop loss |
Customer Service is available 24/7 via Phone, Live Chat, and Email.
OANDA
OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities, and Bond CFDs on the broker’s own proprietary trading platform for desktop, web, and mobile, as well as on MetaTrader 4.
Pros and Cons
| ✅ Pros | ❎ Cons |
| Accepts U.S. clients | No account protection for U.S. clients |
| Regulated by FCA and NFA | No guaranteed stop losses for U.S. or U.K. clients |
| Well-designed platforms | Traders cannot access cryptocurrencies or single-stock CFDs |
| Superior research offerings | A lot of ancillary fees |
OANDA is the most Regulated Forex Broker and operates across six of the most credible authorities.
Trading Benefits
| 📊 OANDA Trading Features | 📒 OANDA Accounts Offered | 💰 OANDA Funding Methods |
| Mobile Trading | Standard | Wire Transfer |
| Excellent Charting Tools | Premium | Credit/Debit |
| Educational Materials | PayPal |
Customer support is available via a FAQ section, an OANDA Virtual Assistant, and a phone.
FXCM
Forex Capital Markets Limited or FXCM is a Spread Betting, CFD, and Forex trading broker, authorized and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities, and Crypto on its own proprietary Trading Station platform for Desktop, Web, and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.
Pros and Cons
| ✅ FXCM Pros | ❌ FXCM Cons |
| Segregates client funds | Limited range of instruments |
| Established in 1999 | |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $1 |
FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active traders, and Professional Clients. A Free Demo account is also made available.
Trading Benefits
| 📊 FXCM Trading Features | 📒 FXCM Accounts Offered | 💰 FXCM Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Islamic account |
Customer Support is available via Live Chat, Phone, Email, and SMS.
EasyMarkets
EasyMarkets is one of the most popular choices for Beginners and is regulated by CySEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:
- Enhanced risk management tools as standard
- Fixed spreads on all forex pairings
- An easy-to-use Forex trading platform
Pros and Cons
| ✅ EasyMarkets Pros | ❌ EasyMarkets Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2003 | Limited range of instruments |
| Regulated by CySEC and ASIC | Not FCA Regulated |
| Minimum deposit from $1 |
The available trading platforms offered are MT4 and the EasyMarkets web platform.
Trading Benefits
| 📊 EasyMarkets Trading Features | 📒 EasyMarkets Accounts Offered | 💰 EasyMarkets Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | Payoneer |
| Guaranteed stop loss | Standard account | Neteller |
| Offers Negative Balance Protection | Islamic account |
Customer Support is available 24/5 via various chat channels, email, phone, and web forms.
Conclusion
BPay proves to be a well-established, fast, and secure online payment transfer system. Unfortunately, there is limited customer service nor support made available to clients.
Frequently asked questions
What is BPay?
BPAY offers users a trusted, secure online payment service.
Is BPAY safe?
Yes. All BPAY payments will be made through a secure mobile app or online banking devices. No personal or account details will ever be made visible during the payment process.
Can clients make payments via BPAY to a bank account?
Yes. Clients can log in to online banking, select BPAY, select their account, and enter their payment details in order to make a payment to their chosen bank account.
What are a BPAY biller and CRN code?
CRN refers to a unique reference number that is used by businesses in order to identify a client’s account or the invoice a client is paying, 2-19 numerical length. Biller codes are simply merchant identification code names.
Can I use BPAY from my credit card?
Yes, but you should check whether you are being charged as a purchase or cash advance.
What are the benefits of using BPAY vs bank transfer?
BPAY payments generally clear faster and within a single business day.
Can direct debit installments be set up with BPAY?
Yes. BPay is suitable for regular set payments.
Top 4 Brokers
