17 🥇 Best Forex Brokers with 0 pip spreads – ( Reviewed ) 2020

 

 

 

According to research in South Africa,  Zero spreads accounts allow Forex traders to know in advance what their entry and exit levels are when they open positions. Here you will find the 17 Best Forex brokers with 0 pip spreads from which to choose from in South Africa.

Getting a good Forex broker is crucial to start trading Forex. For those new to Forex trading, a broker is your connection to the foreign exchange market, and they will provide you with the essential coverage to trade with margins.

Zero spreads accounts are trading accounts offered by Forex brokers that have no difference between the price offered and the price asked. Zero spreads accounts allow traders to know in advance what their entry and exit levels are.

Since the spread is the main revenue for a broker, you also need to be aware of any other types of commissions or fees that may apply to low spread, or zero spread trading.

This list below is not ranked in any particular order but is rather a comprehensive list of great brokers to choose from.

 

A review about FXTM
 

FXTM

 

FXTM is a licensed and well-regulated broker worldwide, from the UK, South Africa, Belize, Cyprus and Mauritius as examples.  They also boast an impressive list of awards.

FXTM was founded in 2012 with offices in major cities like London, Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria.

All central operations are directed from FXTM’s five story tower located in Cyprus.

FXTM offers tight spreads, trading in all currency pairs as well as a wide range of other financial products and derivatives.

 

Features

 

  • Hedging is allowed
  • Quick and easy account opening
  • Low minimum deposit
  • Great selection of educational tools
  • Low stock index CFD fees
  • spreads as low as 0.1 pip for a standard account and 0 pips for ECN based trading accounts

 

Pros and Cons

 

Pros Cons
Low minimum deposit Inactivity and withdrawal fees
Fantastic Customer Service High CFD fees
Fast and easy account opening Limited product portfolio
Well regulated Broker
Very competitive Forex fees

 

XM.com Review in south africa
 

XM

 

XM Global, founded in 2017, and offers more than 1000 financial instruments which includes Forex Trading, Commodities CFDs, Stocks CFDs, Equity Indices CFDs, Energies CFDs and Precious Metals CFDs.

They also offer over 55 currency pairs for Forex trading.

XM offers 2 trading platforms which are accessible from both real and demo accounts; both MetaTrader 4 and MetaTrader 5, the most widely used platforms in trading.

XM is highly regulated by the International Financial Services Commission.

They are an award winning firm with some of their recent awards being: Best FX Service Provider for 2020 awarded by City of Wealth Management Awards 2020, Best Customer Service Global 2019 awarded by Capital Finance International Magazine, Best Market Research and Education Global 2019 awarded by Capital Finance International Magazine, and Best FX Service Provider awarded by City of London Wealth Management Awards 2019.

 

Features

 

  • Allows scalping
  • Offers negative balance protection
  • Low min deposit
  • Used by over 70,000 traders
  • Offers Negative Balance Protection
  • Allows Hedging

 

Pros and Cons

 

Pros Cons
Low withdrawal fees Inactivity fee
Easy and fast account opening Average Forex fees
No withdrawal fee
Great educational tools and resources

 

A review of GO Markets
 

GO Markets

 

With offices in Melbourne, London, Taipei and Hong Kong, GO Markets is one of the leading and trusted Australian regulated brokers.

GO Markets was founded in 2006 and currently offers more than 350 tradeable CFD instruments including Forex, Shares, Indices, Commodities and Cryptocurrencies.

 

Features

 

  • Allows hedging
  • Allows scalping
  • Offers STP
  • Regulated by ASIC
  • Offers Negative Balance Protection
  • Used by over 10,000 traders

 

Pros and Cons

 

   
Pros and Cons        
Pros Cons
Ultra-fast trade executions Only two account types available
Innovative technology Clients from many jurisdictions not accepted
Great trading and analysis tools Not available in the US
Highly regulated broker Limited range of instruments

 

A review of AvaTrade
 

AvaTrade

 

Founded in 2006, AvaTrade offers more than 250 instruments which include more than 60 currency pairs, major stock indices, cryptocurrencies, commodities, bonds, individual shares and ETFs.

AvaTrade is highly regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa.

They have  offices around the world, located in Japan, Australia, Ireland, and the British Virgin Islands with sales offices also in Paris, Milan, Madrid, Mongolia, Beijing, Nigeria, Santiago, and Johannesburg with their headquarters is Dublin, Ireland.

 

Features

 

  • A range of automated trading platforms and EA compatibility
  • Client funds are held in segregated accounts for increased security
  • MetaTrader 4, MetaTrader 5 and AvaTradeGO on desktop, tablet, mobile and web
  • Competitive spreads offering
  • Trading websites in more than 20 languages

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited research tools
Great educational tools Poor support telephonically
No withdrawal fee Administration fee
Free deposit and withdrawal options Inactivity fee
Low trading fees Offers only CFD’s, Forex and Cryptocurrencies

 

A review about Alpari
 

Alpari

 

Alpari was established in 1998, relaunched in 2014 and is based in and regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Alpari offer both the MetaTrader 4 and MetaTrader 5 platforms on Desktop, Web and Mobile formats and gives their traders access to more than 250 markets in Forex, Stocks, Indices, Metals and Cryptocurrencies.  

 

Features

 

  • Maximum leverage as high as 1000 to 1
  • Over 60 Forex currency pairs and crosses available for trading
  • Low min deposit
  • Choice between ECN and market-maker execution models
  • Regulated by an offshore industry center (FSC Mauritius)

 

Pros and Cons

 

Pros Cons
Demo Accounts and Social Trading Limited educational resources
Great copy trading broker Lack of resource tools
Diverse selection of tradeable assets High fees
Good support in over 30 languages Withdrawal fees
Low minimum deposit

 

A review of FP Markets
 

FP Markets

 

FP Markets is an Australian CFD and Forex broker that was founded in 2005.

They are regulated by the Australian ASIC and the Cypriot CySEC and offer MT4, MT5 platforms.

FP Markets offer over 50 currency pairs, gold, silver, CFDs, Indices, stocks and cryptos to trade with.

 

Features

 

  • Leverage is 500:1 when trading currency.
  • Offer Direct Markets Access (DMA)
  • ASIC & CySEC Regulated broker
  • Demo Account for beginning traders
  • 50 plus currency pairings to trade

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited product portfolio
Low trading fees High CFD fees
Fast execution of trades High minimum deposit
Low Forex fees High fee for international bank withdrawal
Good platform options

 

A review of Exness
 

Exness

 

The Exness Group was founded in 2008 in St. Petersburg, Russia and have licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles.

The Exness Group offers access to more than 120 financial instruments to trade across which include Forex, Crypto, Stocks and Indices. In Forex they offer 120 currency pairs to choose from.

Exness has a monthly trading volume of more than $180 billion, as well as 15,000 new accounts opened each month, with more than 80,000 active traders.

They have over 23 different languages including English, Chinese, Russian, Vietnamese, Farsi, Hindi, Urdu, Tamil, Thai, Bengali, Indonesian, and Malay on their website and their customer service team offers 24/5 customer support in 13 languages.

 

Features

 

  • Tight spreads from 0.1 pips
  • No hidden commissions or fees
  • Instant withdrawal of funds
  • Client funds kept in segregated accounts
  • Tight spreads
  • Copy trading system

 

Pros and Cons

 

Pros Cons
Customer support in many languages Inactivity and withdrawal fees
Commission free trading High CFD fees
Access to Forex ECN trading Not available in the US
120 Currency pairs to trade from
Offshore regulation

 

A HotForex Review in south africa
 

HotForex

 

HotForex provides access to over 150 trading instruments in Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs.

They have 6 core trading accounts to choose from and every account type offers commission-free trading for Forex pairs.

HotForex was founded in 2010 and has its headquarters in Cyprus with several global satellite offices in Dubai, and South Africa.

The company was listed as on the Top 100 Companies by World Finance Magazine and the received the award for Business Excellence in 2015.

 

Features

 

  • Tech innovations
  • Numerous industry awards garnered
  • Great range of markets
  • Offers Negative Balance Protection
  • Additional Civil Liability Insurance
  • Lots of premium MetaTrader tools offered

 

Pros and Cons

 

Pros Cons
Fast, easy, fully digital account opening Only Forex and CFD products
Low minimum deposit Two of their entities are unregulated
Commission free accounts available Only 56 shares available
Low Forex fees
Competitive spreads

 

Read 17 🥇 Best Floating Spread Forex Brokers – ( Reviewed ) 2020

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in 2007 and is based in Sydney, Australia. They have licenses with the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASI) in 2009

They offer tight spreads in its offering of 63 Forex pairs and 41 CFDs on indices, metals, cryptocurrencies and futures.

IC Markets are also an ECN broker, which means that there is a no-dealing-desk.

IC Markets makes use of their own high-level web security on all their platforms which include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as cTrader.

 

Features

 

  • Great variety of Educational materials
  • Selection of sophisticated trading platforms
  • Low min deposit
  • True ECN broker with institutional grade liquidity
  • Wide range of tradeable products
  • Good customer service with 24/7 Support

 

Pros and Cons

 

Pros Cons
Easy and fast account opening No investor protection
Low Forex fees Only Forex, CFD, and crypto trading
Free deposit and withdrawal Lack of research tools
Low Forex fees

 

A review on OctaFX
 

OctaFx

OctaFx, established in 2011, is a part of Octa Markets and has a subsidiary in Cyprus by the name of Octa Markets Cyprus Ltd. They are based Jakarta, Indonesia with offices in St. Vincent and the Grenadines.

OctaFx are an ECN Forex broker that offers both the MetaTrader and cTrader platforms They also offer all major currency pairs and commodities with a leverage of 1:500.

OctaFx has a presence in over 100 countries worldwide.

 

Features

 

  • First time deposit bonus
  • Unlimited demo account
  • Spread offerings among the most competitive in the Forex industry.
  • Great advanced technology
  • Extensive research and educational resources
  • Over 300,000+ traders worldwide

 

Pros and Cons

 

Pros Cons
No commission deposits or withdrawals Limited range of instruments
Free and easy deposit and withdrawal No Forex educational tools
Multiple platforms to choose from Doesn’t offer VPS
Enhanced licensing with the addition of CySEC regulation
Low Forex and stock index CFD fees

 

A review of FxPro
 

FxPro

 

FxPro UK, founded in 2006, is a subsidiary of FxPro Group Limited and boast over 870,000 client accounts. They are in 173 countries and are regulated by the FCA and CySEC, and FSB (FSCA).

FxPro offer incredible execution speeds, with an average execution time of less than 11.06 milliseconds and it processes approximately 7 000 orders per second.

They also boast over 70 international and UK awards in total to date which include:

Most Reliable Broker of the Year 2019, “International Investor” Magazine

Best FX provider of the Year 2019, Online Personal Wealth Awards

Best Tablet Application 2019, Online Personal Wealth Awards

Best European Value Broker of the Year 2019, Global Forex Awards

Best Global Forex Introducing Broker Programme 2019, Global Forex Awards

Best European Forex Trading Platform 2019, Global Forex Awards

Best MetaTrader Broker 2019, ForexBrokers com

Best in Class of Commissions & Fees, ForexBrokers com

5-stars MetaTrader Broker 2019, ForexBrokers com

 

Features

 

  • No dealing desk and very fast execution of trade speeds
  • Company capital in excess of 1 million British Pounds
  • Incredibly fast execution speeds
  • No dealing desk
  • Winner of Multiple awards
  • Good customer service with 24/7 Support

 

Pros and Cons

 

Pros Cons
Wide selection of market instruments No investor protection
Segregated accounts Doesn’t offer its services in all countries
Highly regulated
Range of account types
Little to zero commissions charged

 

A review about FBS
 

FBS

 

FBS was founded in 2009 and serves clients from over 190 countries with its headquarters in Cyprus.

They are under strict regulation from the CySEC and the IFSC.

FBS offers a great selection of account types and some of the lowest capital requirements. They also provide a wide selection of trading education videos and articles to help skill up any level trader.

FBS shows its excellence by winning over 40 prestigious awards, with some of the recent ones being:

Best broker in the Middle East, 2018

Most Transparent Forex Broker, 2018

Best Forex Trading Account, 2018

Best Copy Trading Application Global, 2018

Best Forex Broker Asia, 2018

Most Progressive Forex Broker Europe, 2019

Best Forex Broker Vietnam, 2019

 

Features

 

  • Over 14 000 000 traders and 370 000 partners
  • Commissions covered by FBS
  • Leverage of up to 1:3000
  • Offers bonuses to new traders
  • Low Spreads and comms (from 0 pips)

 

Pros and Cons

 

Pros Cons
Low Deposit for account opening Higher than normal spreads
Super-fast trade execution Fees on both deposits and withdrawals
Free demo account
Highly responsive customer service

 

A review of RoboForex
 

RoboForex

 

RoboForex Group was founded in 2009. They are headquartered in Cyprus and serves around 800 000 traders, from 170 countries.

RoboForex offers more than 12 000 instruments for trading and 8 asset types.

A fun unique fact is that RoboForex currently serves as an Official Sponsor of “Starikovich-Heskes” team at the Dakar and Official Sponsor of Muay Thai fighter Andrei Kulebin.

 

Features

 

  • Allows hedging
  • 5 Account currencies
  • Allows scalping
  • Tight spreads from 0 pips
  • Micro accounts with the minimum lot size of 0.01
  • Offers STP

 

Pros and Cons

 

Pros Cons
Fast order execution No FCA regulated
Fully digital account opening No fix spread accounts
Affiliate program with 50% profit sharing
Used by over 10,000 traders
8 asset classes

 

A review about Pepperstone
 

Pepperstone

 

Pepperstone, founded in 2010, is an Australian Forex broker that also established a London office in 2015.

Pepperstone offers over 57,000 trading clients and an average daily transaction size of $12.55 billion.

They are regulated by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

 

Features

 

  • Offers a range of online trading platforms
  • Regulated by the Financial Conduct Authority (FCA)
  • Low min deposit
  • Top Tier regulation
  • Award winning customer support

 

Pros and Cons

 

Pros Cons
Low fees in spreads and comms Limited range of instruments
Good offering of trading platforms Limited risk management tools
Free deposit and withdrawal No stockbroking. Only Forex and CFDs
Low minimum deposit Basic news flow, no fundamental data

 

A review of ThinkMarkets
 

ThinkMarkets

 

ThinkMarkets, an online Forex and CFD brokerage firm, was founded in 2010 and is based in London. They also have offices in the Asia-Pacific, Middle East, North Africa, Europe and in South America.

ThinkMarkets keeps the funds of clients in segregated accounts with top-tier banks such as Barclays, National Australia Bank as well as the Commonwealth Bank of Australia which prohibits the use of client funds for any reason.

ThinkMarkets is heavily regulated and authorized by two of the strictest and most demanding regulatory and authorization entities within the UK and in Australia, namely the FCA and the ASIC as well as the FSCS (FSB) in South Africa, providing a good layer of protection.

 

Features

 

  • Segregates client funds
  • Highly regulated
  • Diverse technical research tools
  • Over 10,000 traders
  • Tightest possible spreads

 

Pros and Cons

 

Pros Cons
Low minimum deposit No fixed spread accounts
Advanced trading programs No web-based trading platform
Commission free accounts Commission charged for two account types
VPS service

 

A review about Interactive Brokers
 

Interactive Brokers

 

Interactive Brokers is one of the biggest US-based discount brokers and one of the oldest considering it was founded in 1978.

They offer trading in stocks, options, futures, Forex and bonds in over 125 markets in 31 countries and is regulated by several financial authorities globally, including the US Securities and Exchange Commission (SEC) and UK’s Financial Conduct Authority (FCA).

 

Features

 

  • Over 4,300 no-transaction fee mutual funds
  • Strong research and tools
  • NerdWallet users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.
  • Advanced and smart order router
  • Mutual Fund Replicator which finds lower-cost exchange traded funds

 

Pros and Cons

 

Pros Cons
Wide range of products Website difficult to navigate
Extremely smart order router Inactivity fees
Great research tools Substantial fees with small or inactive accounts
Low trading fees Complicated account opening
Highly regulated

 

A review about Instaforex
 

InstaForex

 

InstaForex boasts more than 7 million traders and are a great brokerage especially for beginner traders.

They are known to offer great bonus and promo campaigns.  They also offer a 40% bonus for every deposit and up to 100% for the initial deposit.

InstaForex offers a variety of platforms which are backed up by a good, user friendly mobile app as well as ForexCopy, the InstaForex social trading platform.

On ForexCopy traders can earn commissions for providing their trades for copying while followers can copy deals of successful and experienced traders.

InstaForex also offers a wide range of trading tools and in-house MT4 plugins such as Pattern Graphix and Superior Forex Desk. boasts more seven million traders and

 

Features

 

  • More than 300 instruments
  • PAMM system
  • Free VPS
  • Pattern Graphix
  • Provides a financial calendar
  • Trading Central charting and signals

 

Pros and Cons

 

Pros Cons
Strict regulation Not operate in the US
No commissions Is a market maker broker
Copy trading system Restricted leverage in the EU
Wide variety of instruments
Free VPS
Excellent training materials

 

 

Read Best currency pairs to trade for Professionals – Revealed ( 2020 )

 

In conclusion

 

As you start trading Forex you need to be aware that getting a good Forex broker that suits you is absolutely critical.  Your broker is your access point to the Forex market, and they will provide you with the essential coverage to trade with margins.

Zero spreads accounts are trading accounts offered by Forex brokers that have no difference between the price offered and the price asked.

Zero spreads accounts allow traders to know in advance what their entry and exit levels are when they open positions.

A zero spread Forex broker offers its traders zero spread accounts which means that you don’t have to pay anything to make currency trades.

This means that you the trader knows your entry and exit stages in advance which could be a great advantage.

Zero spread Forex Brokers are typically NDD, STP or ECN brokers that provide direct access to the market and deep liquidity as well.

You need to be careful, however, because there are a lot of brokers who offer 0 spread trading, but they are not regulated, or are not a reputable broker.

Only well regulated brokers with a good track record can really provide true zero spread trading.  So, do your homework and make sure you have your account with a good, solid broker.

In other cases, a broker offers a spread that STARTS at 0 pips and the spread may increase depending on the market’s volatility or demand, so just be aware of this.

Since the spread is the main way a broker earns revenue, be aware of any commissions or fees that are hidden or tied to your zero spread trading account.

According to research in South Africa these 17 best Forex brokers with zero pip spreads in 2020 should provide a good foundation to get you started on your journey to finding a fruitful broker/trader relationship.

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