According to research in South Africa, selecting from the Best Regulated Forex Brokers who also offer the best trading experience as well as reasonable charges are all very important factors for a successful Forex portfolio which can be a very daunting task. This list provides some insight into the best regulated forex brokers available in the Forex market and assesses the key services and features that they provide to Forex traders.
So, lets get started.
Alpari
One of the largest and most experienced Forex brokers around, Alpari was founded in 1998 in Russia. Alpari offers a variety of services for modern day internet trading with over a million clients from 150 different countries. Alpari’s trading consists of Forex currency pairs, spot metals, CFDs along with cryptocurrency trading and binary options. Alpari also uses automatic ECN technology which connects Alpari’s severs to the ECN which means trader’s orders are at market price.
Pros and Cons
| Pros | Cons |
| Wide range of trading accounts | Limited trader education |
| Access Forex ECN with 1:1000 leverage | Non-existent research tools |
| Trade on MetaTrader 4 and 5 on mobile and Desktop | |
| Access the Alpari copy trading programme |
Fees and Commission
| Minimum Initial deposit to start trading | $5 |
| Average spread EUR/USD – active | From 1.7 |
| Average spread EUR/USD – standard | From 1.2 |
| VIP or active trader discounts | From 0.4 |
FXTM
FXTM otherwise known as Forex Time company was launch back in 2011 and has its headquarters located in Cyprus. It was renowned for being one of the world’s fastest growing and best forex brokers. FXTM is well established, with reliable treading conditions and detailed training and education and has accessible trading around the world, regardless of the trader’s knowledge.
Pros and cons
| Pros | Cons |
| Excellent customer service | High stock CFD fees |
| Great educational tools | Inactivity and withdrawal fees |
| Digital and quick account opening | Limited product portfolio |
Fees and commission
| Minimum Initial deposit to start trading | $500 |
| Average spread EUR/USD – active | 0.6 pip spread cost |
| Average spread EUR/USD – standard | 0.6 standard pip spread cost |
| VIP or active trader discounts | Charges commission with lower spread cost |
FP Markets
Offering and operating professional trading experiences for a very long time since its establishment in 2005. FP Markets serves over 12,000 clients around the world. It is also connected to the market through electronic bridges and enhanced DMA pricing models. This Australian brokerage company provides access to trade 13,000 products varying from Forex, Indices, Commodities, Metals, Bitcoin and Equity CFDs that offer competitive spreads and very flexible leverage.
Pros and cons
| Pros | Cons |
| Low forex fees | High stock CFD fees |
| Easy and fast account opening | Limited product portfolio |
| Quick deposit and withdrawal | Outdated web and desktop platform |
Fees and commission
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | 0.45 pip spread cost |
| Average spread EUR/USD – standard | 0.45 standard pip spread cost |
| VIP or active trader discounts | Markets base rate + 3.0% |
XM
XM began its broker journey in 2009 and is currently operating with clients from over 196 countries, customer support staff speak in 30 different languages and it is in the group of one of the most trusted regulated brokers. XM’s headquarters is located in Cyprus, with over 1.5 million traders and investors using XM’s wide range of trading products. XM’s goal is to provide one of the best user experiences in the industry to its clients.
Pros and cons
| Pros | Cons |
| Low CFD and withdrawal fees | Only CFDs, forex, cryptos for Europeans |
| Easy and fast account opening | Average forex fees |
| Great educational tools | Inactivity fee |
Fees and commissions
| Minimum Initial deposit to start trading | $5 |
| Average spread EUR/USD – active | Fees are built into spread, 2.6 average spread cost |
| Average spread EUR/USD – standard | Standard fees are built into spread, 1.7 pips |
| VIP or active trader discounts | XM ultra no commission and the spread is lower |
OctaFX
A technology-based company, specialising in brokerage that has been in operation since 2011 and offers industry leading platforms such as the renowned MetaTrader 5 and cTrader platforms, with a huge variety of investment opportunities and fantastic capabilities. With high standards of secure trading environments as one of the regulations it enforces, OCTA FX’s brokerage stands at good reputation among years of operations and regulatory obligations.
Pros and cons
| Pros | Cons |
| Wide range of trading accounts for beginners and advanced traders | Limited commodity markets, no individual Stock CFDs |
| Can access Forex ECN with 1:500 leverage | Limited deposit and withdrawal options |
| Trade on MT4, MT5 and cTrader on Destktop and mobile platforms | |
| Access copy trading, bonus promotions and a variety of research tools |
Fees and commissions
| Minimum Initial deposit to start trading | 100 EUR recommended |
| Average spread EUR/USD – active | 0.9 spread |
| Average spread EUR/USD – standard | 0.5 standard spread |
| VIP or active trader discounts | Floating lowest at 0 pips |
GO Markets
Founded in 2006, GO Markets is a brokerage company which is driven by compliance, competitive spreads and technological developments. Go Market’s head office is located in Australia and also maintain others in the UK and Taiwan. Its trading environment is connected to advanced technologies which allow traders to develop various strategies and improve the outcome of trading. Go Markets offer a tight spread with more than 90 instruments through Forex, Indices and Commodities markets as well as cryptocurrencies.
Pros and cons
| Pros | Cons |
| Strict regulations | No US clients |
| Segregated client funds | No fixed spread accounts |
| Trading central, educational centre | |
| MT4/5 Genesis |
Fees and commissions
| Minimum Initial deposit to start trading | $200 standard $500 for Plus account |
| Average spread EUR/USD – active | 1.0 pip spread |
| Average spread EUR/USD – standard | 1.0 pip average spread |
| VIP or active trader discounts | 0.0 pip spread for plus account |
AvaTrade
Another leading, globally renowned broker with over 200,000 trusted clients worldwide. Ava Trade is regulated on 5 continents, is a forex broker that provides its customers with exceptional trading solutions, regardless of knowledge and experience allowing customers to enter the market trade through a variety of numerous, adaptable platforms, tools and options. Ava is a multinational company, with its headquarters located in Ireland, however Ava does operate regional offices in Paris, Dublin, Milan, Madrid and more.
Pros and Cons
| Pros | Cons |
| Easy and fast account opening | Only CFDs, forex, and cryptos offered |
| Free and multiple deposit and withdrawal options | Phone support not available 24/7 |
| Great educational tools |
Fees and commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | 1.3 active spread |
| Average spread EUR/USD – standard | 1.3 Standard spread |
| VIP or active trader discounts |
Exness
Exness, a global brokerage firm delivers its services from Saint Vincent, Grenadines and is a certified Cyprus broker. The EU company in Cyprus undergoes fully regulated services to the members within EEA and the rest of the world, while the global brand delivers opportunities to the retail and corporate sectors. Exness brokers have won numerous awards as a retail broker and offers stable and reliable brokerage services within a comfortable trading environment. They offer tight spreads and no hidden commissions from 0.1 pips.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2008 | Not FCA regulated |
| Min. deposit from $1 |
Fees and Commissions
| Minimum Initial deposit to start trading | From $1 |
| Average spread EUR/USD – active | Exness 1.1 Avg 0.7 pips |
| Average spread EUR/USD – standard | 0.7 standard |
| VIP or active trader discounts |
FBS
FBS is an international broker that provides its services from over 190 countries and has been active since 2009. Awarded with multiple awards for excellence and cutting-edge technologies on the Forex marketplace. FBS has also expanded its European reach and became a Cyprus broker which offers useful tools and fully regulated trading services to beginners and professionals alike.
Pros and Cons
| Pros | Cons |
| Access to a demo account | High spread on some accounts |
| A variety of platforms | Limited tradable assets |
| Low minimum deposit | Very high spreads on Cent accounts |
| Leverage up to 1:3000 | Limited trading platforms |
Fees and Commissions
| Minimum Initial deposit to start trading | From $1 |
| Average spread EUR/USD – active | 1 pip floating spread with cent account up to -1 |
| Average spread EUR/USD – standard | 0.5 floating spread |
| VIP or active trader discounts | No trading limits with ECN account |
Plus500
Founded in 2008 in Israel, Plus500 is now one of the largest trading entities and operates around numerous countries such as Cyprus, UK, Australia, Singapore and others. Plus500 is a CFD Provider with a fantastic foundation for professional trading environments. The company is also listed as a regulated financial broker and serves over 304 000 active clients around the world.
Pros and Cons
| Pros | Cons |
| User friendly platform | Limited portfolio |
| Low trading fees | Minimal research tools |
| Listen on the London Stock Exchange | Mid-range educational section |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | Variable |
Read 27 Best NDD Forex Brokers here
eToro
Founded in 2006, eToro aimed to create a trading platform that was suitable for traders of all levels and offering easy and convenient trading tools. Currently, eToro has become one of the largest and most popular brokers along with its social trading network that has over 6 million users from over 150 different countries. eToro mainly specializes in CFD assets trading and is a fully regulated broker.
Pros and Cons
| Pros | Cons |
| Free stock and ETF trading in the EU | High Forex fees |
| Seamless user-friendly account opening | Withdrawing money is expensive and slow |
| Social trading experience | Only one account base currency |
Fees and Commissions
| Minimum Initial deposit to start trading | $200 |
| Average spread EUR/USD – active | Built into spread 3 pips average |
| Average spread EUR/USD – standard | Average spread cost 3 pips |
| VIP or active trader discounts | Only live or demo accounts available |
IG Markets
One of the older, pioneers of its kind IG Markets was founded in 1974 and has been an industry leader and in some ways actually built the concept of financial spread betting. Featuring trading solutions in over 13 countries in some of the world’s key financial areas. IG Markets headquarters is located in London and continues its operation in the USA, Australia, Japan, New Zealand and is registered among different European countries.
Pros and Cons
| Pros | Cons |
| First class web trading platform | High stock CFD Fees |
| Exceptional educational tools | Limited product portfolio |
| Great deposit and withdrawal options | Poor phone customer support |
Fees and Commissions
| Minimum Initial deposit to start trading | $0 |
| Average spread EUR/USD – active | Built into spread 0.7 pips average cost |
| Average spread EUR/USD – standard | Standard built into spread, 0.7 pips average |
| VIP or active trader discounts | Country of residence determines which account you can open |
SMFX
SMFX is a trading name that the company uses, it operates mainly through its offshore entity Scope Markets Ltd based in Belize and the other, SM Capital Markets Ltd which is an authorized broker located in Cyprus. SMFX has been in the business since 1997 and offers to deliver the necessary requirements for traders. It’s a simple trading environment which is advanced enough for beginner and professional traders alike.
Pros and Cons
| Pros | Cons |
| Leverage as high as 1:500 | An offshore license |
| Variety of currency pairs and CFDs | High spreads |
| Meta trader 4 availability | |
| Various payment methods |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | 1.8 average active spread |
| Average spread EUR/USD – standard | 1.8 spread standard |
| VIP or active trader discounts | 1.3 spread VIP |
Blackbull Markets
Blackbull Markets was founded in 2014 and operates through New Zealand. With years of experience in Forex trading and multiple resource offerings to retail traders, Blackbull Markets enables multiple trading solutions, performance and competitive pricing. Blackbull supports various currency pairs, Forex, Indices, Metals and commodities.
Pros and cons
| Pros | Cons |
| Commission free accounts | No US Clients |
| FIX API Trading | No fixed spread accounts |
| Electronic communication network | Limited educational material |
| Global equinix servers | Limited trading tools |
Fees and Commissions
| Minimum Initial deposit to start trading | $200 |
| Average spread EUR/USD – active | 0.1 Spreads active with ECN Prime |
| Average spread EUR/USD – standard | 0.8 standard account spreads |
| VIP or active trader discounts | 0.0 Spreads for ECN Institutional |
Scandinavian Capital Markets
A pure ECN broker which uses STP model of execution. Scandinavian Capital Markets delivers a reliable trading environment to the Swedish market, its headquarters is located in Stockhom with other operating centres around the world. Operating since 2011 and is essentially a prime broker with custom liquidity feeds, flexible trading processes and tailored pricing. Scandinavia Capital markets also offers access to Forex exchange and over 50 currency pairs.
Pros and Cons
| Pros | Cons |
| Transparent trading conditions | $10 000 minimum deposit |
| Solid banking partners | 1:100 max leverage |
| Multiple trading platforms | Only 45 trading pairs |
| Thought leadership | Limited deposit methods |
Fees and Commissions
| Minimum Initial deposit to start trading | $10 000 |
| Average spread EUR/USD – active | 1.7 pips |
| Average spread EUR/USD – standard | Standard 1.7 pips |
| VIP or active trader discounts | From 0.0 pips premium account |
CharterPrime
A global financial and forex broker which was founded in 2012. CharterPrime’s philosophy is to provide personalized trading conditions and create a trusted trading environment. CharterPrime’s main global office is constantly maintained and offers trading opportunities through the trading of CFDs, Forex instruments, commodities, precious metals and index CFDs all at a low cost.
Pros and Cons
| Pros | Cons |
| Used by over 10 000 traders | Doesn’t allow scalping |
| Experienced, founded in 2012 | Not FCA regulated |
| Min deposit from $200 | |
| Regulated broker |
Fees and commissions
| Minimum Initial deposit to start trading | $200 |
| Average spread EUR/USD – active | Varies depending on account |
| Average spread EUR/USD – standard | Standard is 0.0 pips for ECN account |
| VIP or active trader discounts | Variable rates per account |
FXGM
An online trading brokerage firm which serves multiple different entities while being based in Cyprus. Operating since 2011 FXGM has displayed reliability and always strives to improve its offerings and trading technology. The broker supports a wide variety of trading tools and services, which a great array of services to assist both beginners and professional investors alike. Instruments range from Forex and CFD products on shares, commodities and indices.
Pros and Cons
| Pros | Cons |
| Highly regulated | Weak FAQ section |
| Award winning broker | Scarcity of data on demo account |
| Choice of many accounts | Does not offer ECN trading |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | 3 pips active spread |
| Average spread EUR/USD – standard | 3 pips standard spread |
| VIP or active trader discounts | 5-10 protection loyalty program |
CommSec
An Australian brokerage firm that has been in operation for over 20 years which proves their professionalism. Originally Commsec is an investment firm that offers vast opportunities to either invest through 7 simple options or trade yourself. CommSec is one of the leading online trading providers within Australia and has great educational tools and even supports regional communities through various programs.
Pros and Cons
| Pros | Cons |
| Minimal entry requirements | No US clients, Australia only |
| Chess-sponsored shares | Few account funding options |
| Access to international securities | Difficult account opening process |
| Multiple educational resources | No MetaTrader platform |
Fees and Commissions
| Minimum Initial deposit to start trading | $50 |
| Average spread EUR/USD – active | Variable active spread |
| Average spread EUR/USD – standard | Variable standard spreads |
| VIP or active trader discounts | NB |
Synergy FX
Another Australian broker, SynergyFX provides some powerful trading capabilities and supports access to Forex, commodities, precious metals and indices which are all delivered with tight spread and regulations. Originally founded in 2011, SynergyFX achieved a reasonable record together with millions of clients from all over the world. ACY Capital, a leading Australian forex dealer then acquired the company in 2018 and improved its technology and trading base even further to where it is today.
Pros and Cons
| Pros | Cons |
| Used by over 10 000 traders | Doesn’t allow EA’s |
| Regulated by Australian Securities and Investment | Not FCA regulated |
| Commission (ASIC) | |
| Min. despoit from $100 |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | 1.0 Active spread |
| Average spread EUR/USD – standard | 1.0 standard spread |
| VIP or active trader discounts | 0 spread on Zero ECN and Pure ECN accounts |
Just2Trade
A brokerage firm established in Cyprus, Just2Trade has offered its trading services since 2006 and has gained the trust of over 155,000 clients worldwide. Just2Trade is a fully regulated trading broker and also serves additional trading for EU clients. Just2Trade offers low margins and no hidden fees policy, with a range of 20 markets offeromg over 30,000 instruments.
Pros and Cons
| Pros | Cons |
| Strict regulation | No US clients |
| Investor compensation fund | Restricted leverage for non-professional clients |
| Multiple flexible trading platforms | No fixed Spread accounts |
| Trading central |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 for standard accounts |
| Average spread EUR/USD – active | From 0.5 pips active standard accounts |
| Average spread EUR/USD – standard | Average from 0.5 standard accounts |
| VIP or active trader discounts | From 0 spread for Forex ECN and MT5 Global accounts |
Goldwell Capital
Another brokerage firm which was established in Cambodia and who is registered and regulated under local law. Goldwell Capital offers trading in Forex, Commodity, Precious Metals and CFD trading through thousands of markets all of which are delivered with low trading costs. Beginning in operation in 2018 the firm gained some trust within the local population and industry. Their main goal was to establish reliable commitment to provide its clients with trustworthy trading conditions. The firm offers excellent customer service and numerous tools which help in the trading process which include market updates, news and an economic calendar as well as other information and educational tools you can use on a daily basis.
Pros and Cons
| Pros | Cons |
| Regulated in Cambodia | Light-touch regulation |
| Trading on MT4 | Excessive commission fee |
| Good solid leverage | Trading conditions not fully disclosed |
| Bank transfer only |
Fees and Commission
| Minimum Initial deposit to start trading | NB |
| Average spread EUR/USD – active | 1.8 pips spread costs |
| Average spread EUR/USD – standard | 1.8 pips standard average |
| VIP or active trader discounts | NB |
MEX Exchange
An established firm in online financial trading, MEX exchange has been in operation since 2012, through Australian and become on of the most regarded industry institutions. Mex offers trading access through multiple advanced trading platforms on a range of instruments including Forex, Metals, Stocks and CFDs. It’s also a part of a global group a known company called MultiBak with offices located all over the world.
Pros and Cons
| Pros | Cons |
| Fast and easy account opening | High stock CFD and inactivity fee |
| Free and multiple deposit and withdrawal options | Limited product coverage |
| Fast and relevant customer service | Basic research and educational tools |
Fees and Commissions
| Minimum Initial deposit to start trading | $50 |
| Average spread EUR/USD – active | 0.1 active spread cost |
| Average spread EUR/USD – standard | 0.1 standard spread cost |
| VIP or active trader discounts | Wider spreads on premium account no commission |
TriumphFX
A brokerage firm located in Cyprus, TriumphFX provides access to quality trading and investment solutions through its fully regulated environment with competitive conditions. Operating since 2010, the firm really displayed their professional approach to their investors, traders and institutions by its NDD and STP model of order processing based on price feeds from the largest providers. At TriumphFX you will find a range of account types suitable for beginners or veteran traders, a reliable and professional platform to execute orders and unparalleled support from broker itself as well as educational materials.
Pros and Cons
| Pros | Cons |
| Regulated broker | No USA traders |
| No dealing desk NDD interference | Not the lowest spreads |
| Daily market analysis | Limited trading instruments |
| Educational materials | Limited funding options |
Fees and Commissions
| Minimum Initial deposit to start trading | $100 |
| Average spread EUR/USD – active | Fixed variable spreads from 1.6 pips |
| Average spread EUR/USD – standard | Fixed variable spreads from 1.6 pips |
| VIP or active trader discounts | 0.6 pips for premium account |
FXFlat
A German independent online broker who has been in operation since 1997. FXflat offers products specified to Futures, CFDs and Forex trading and provides its clients with innovative technology and exceptional service, while all being regulated by the necessary laws. The company supports developing of the CFD market in Germany by being a member of CFD Verband and has an active role in social commitments as well while supporting various social institutions such as hospitals.
Pros and cons
| Pros | Cons |
| Regulated in Germany by the BaFin | USA traders are not allowed |
| Trading on MT4, MT5 and AgenaTrader | Only German & English are supported |
| Trading tools such a stereo trader, morning call etc | Restricted leverage |
| Award winning customer support | Not the lowest spreads compared to other brokers |
Fees and Commissions
| Minimum Initial deposit to start trading | $200 |
| Average spread EUR/USD – active | Variable from 1.0 pip spreads |
| Average spread EUR/USD – standard | Standard variable spreads from 1.0 pips |
| VIP or active trader discounts | NB |
JP Markets
A South African Forex Broker, JP Markets originally started in 2016 with a base on understanding international financial markets. The main goal of JP Markets is to strive to offer the ability to engage in long-lasting relationships and trading capability, which inspires local traders in the process. Dedicated to online trading courses and a huge amount of educational materials, together with its dynamic trading recognition has made it one of the leading brokers in South Africa.
Pros and Cons
| Pros | Cons |
| Regulated brokerage firm | Lack of additional trading tools |
| No fees on deposits or withdrawals | Not the lowest spreads and commissions |
| Negative balance protection | No MetaTrader 5 |
| Range of educational materials | No daily market analysis |
Fees and Commissions
| Minimum Initial deposit to start trading | $200 |
| Average spread EUR/USD – active | Active average 2 pips for SPT account |
| Average spread EUR/USD – standard | Standard average 2 pips for SPT account |
| VIP or active trader discounts | ECN account raw spread and commission charges |
Naga
Founded in 2015 as a Fintech company which provided access to world markets through decentralized technology along with necessary support so that global investors would get bigger exposure. Establish under Cyprus law, allowing access to trade financial markets, cryptocurrencies, stocks and virtual goods supporting all major markets. Offering social trading opportunities, the trading of over 500 instruments and ICOs.
Pros and Cons
| Pros | Cons |
| Strict regulation | No US clients |
| Segregated client funds | Restricted leverage for nonprofessional clients |
| Investors compensation fund | No MT4/MT5 |
| Copy and provide trading signal | Market up spreads |
Fees and Commissions
| Minimum Initial deposit to start trading | $30 |
| Average spread EUR/USD – active | Variable spreads 1.2 active standard |
| Average spread EUR/USD – standard | Variable spreads 1.2 standard spreads |
| VIP or active trader discounts | NB |
FXNet
Another brokerage firm located and established as a Cyprus broker. FXNet is an STP broker which can trade through a market execution. Providing competitive pricing, with no restrictions on strategies while broker keeping a high level of customer service always available. Exposure to various markets include Currencies, Metals, Shares, Bonds, Commodities and Indices.
Pros and Cons
| Pros | Cons |
| Segregated client funds | Doesn’t offer VPS |
| Established in 2012 | Limited range of instruments |
| Regulated by financial conduct authority | No ASIC regulated |
| Min. Deposit from $50 |
Fees and Commissions
| Minimum Initial deposit to start trading | $50 |
| Average spread EUR/USD – active | Active 2.3 pips standard |
| Average spread EUR/USD – standard | Standard 2.3 pips |
| VIP or active trader discounts | From 1.9 pips VIP account – 0 pips platinum account |
Read 27 Best STP Forex Brokers here
In conclusion
In this article we looked at some of the best regulated forex brokers that can help you start your trading career. No matter where you are in the world, this list should have a broker that will suite your needs, beginners or veteran traders alike. We looked at the brokers who are regulated from various countries around the world, their pros and cons as well as their Fees and commissions.
Top 4 Brokers
