AuthorBy Björn Michels
Updated: August 5, 2022

Trading with a reputable online broker is a crucial factor for success in the international markets. At TradeForexSA, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.54/ 5 USD 100FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityMarket MakerCommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals5023
  • Good for beginners
  • Great customer support
  • Copy trading accounts
  • Expensive withdrawals
  • Local regulation only
Read Review 111003/ 5 111104/ 5 111104/ 5 100001/ 5 1110.503.5/ 5 11110.54.5/ 5 11110.54.5/ 5 73%200:11.50 pips Bronze, Gold, Gold ECN, Platinum, Premium, Silver MT4, SirixBank Transfer, Visa, Mastercard, Neteller, FasapayFees Included in Spread
1110.503.47/ 5 ZAR 500FSCA Regulated Forex BrokersSTPCommodities, Cryptocurrencies, Forex, Indices390
  • ZAR Accounts
  • Fast and free withdrawals
  • Great customer support
  • Local regulation only
  • No swap-free account option
Read Review 111003/ 5 111003/ 5 111104/ 5 11110.54.5/ 5 1110.503.5/ 5 1110.503.5/ 5 1110.503.5/ 5 0400:10.60 pips Silver, Gold, Platinum, Diamond MT4Bank Transfer, Visa, MastercardFees Included in Spread

At TradeForexSA, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare CM Trading and Khwezi Trade, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does CM Trading or Khwezi Trade have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that CM Trading holds no Tier 1 and no Tier 2 licences, and Khwezi Trade holds no Tier 1 and no Tier 2 licences.

 

Can I trust CM Trading?

Yes as CM Trading was founded in 2013 and is regulated by FSCA and FSA-Seychelles.

 

Can I trust Khwezi Trade?

Yes as Khwezi Trade was founded in 2013 and is regulated by FSCA.

 

Based on these findings, CM Trading earned a higher trust rating than Khwezi Trade.

Does CM Trading or Khwezi Trade have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Khwezi Trade has overall lower trading costs than CM Trading. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
CM Trading
111104/ 5
EUR, USD
1.50 pips
USD 15
1.70 pips
2.60 pips
1.70 pips
USD 0
Khwezi Trade
111003/ 5
ZAR
1.40 pips
USD 14
0.60 pips
1.00 pips
0.80 pips
USD 0

 

Does CM Trading or Khwezi Trade offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, CM Trading offers support for MT4 and Sirix and Khwezi Trade offers support for MT4. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both CM Trading and Khwezi Trade offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
CM Trading
111104/ 5
Sirix
Khwezi Trade
111104/ 5

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that CM Trading offers a greater range and depth of instruments to trade than Khwezi Trade. CM Trading offers 50 Forex pairs to trade and Khwezi Trade offers 39 Forex pairs to trade.

And what about Cryptocurrencies?

In this case, CM Trading offers 23 cryptocurrencies while Khwezi Trade offers 0 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with CM Trading.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CM Trading nor Khwezi Trade charges a withdrawal fee. Overall, Khwezi Trade has better deposit and withdrawal processes than CM Trading. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

CM Trading and Khwezi Trade both have moderate educational support. Neither CM Trading nor Khwezi Trade offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
CM Trading
Medium
Khwezi Trade
Medium

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that CM Trading offers better research analysis than Khwezi Trade and that CM Trading offer frequent webinars and Khwezi Trade does not.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
CM Trading
Khwezi Trade

 

Our overall Verdict on CM Trading

Founded in 2012 in Johannesburg, CM Trading is an FSCA-regulated broker with a few drawbacks. It offers six accounts on two different trading platforms, but both its minimum deposits and ongoing trading costs are higher than other brokers. 

Another drawback is the lack of ZAR trading accounts: Any Rand deposits are converted to USD or EUR, and profits will have to be converted again when withdrawn. CM Trading also charges higher deposit and withdrawal fees than other brokers, which in combination with currency conversion fees, may discourage some South African traders. 

On a positive note, CM Trading has a local South African customer service team that provides platform support and one-on-one training. South African traders will also benefit from local FSCA protection, which means that their money will be segregated at top-tier South African banks.

Our overall Verdict on Khwezi Trade

Founded in 2013, Khwezi Trade is an FSCA-regulated local broker with low deposit ZAR accounts, fast trade execution and is renowned for its customer-focused approach to traders. KwheziTrade will particularly appeal to South African traders looking for an MT4 broker with personalised customer support.

Khwezi Trade’s entry-level account accommodates beginner traders with a minimum deposit of 500 ZAR, spreads averaging at 1.4 pips on the EUR/USD, which is slightly wider than other brokers, but with no commissions. Its other three accounts offer very competitive spreads which will appeal to more experienced traders with higher minimum deposits. All accounts come with a personal account manager, which benefits both beginners just getting started and experienced traders looking for flexibility in their trading conditions. 


Khwezi Trade’s CFD assets outside of their Forex offering are limited compared to other brokers, with only 11 indices, and 7 commodities available restricting traders who wish to diversify their trading strategy. Although Khwezi Trade only offers support for MT4, beginners have access to an adequate selection of educational materials, including webinars and various training videos to get their trading careers underway.

Which broker has the highest overall rating?

CM Trading has an overall rating of 3.54 and Khwezi Trade has an overall rating of 3.47. For more detail please read our reviews of CM Trading and Khwezi Trade.

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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