By Jeffrey Cammack Author Information Updated: September 28, 2020

For many years, South African residents kept money in dollars to protect their savings from economic instability. But Bitcoin has become a more popular method in recent years, as it is anonymous and can be stored online. Increasingly it can also be used for online purchases, and Forex trading is no exception.

But while many brokers allow Bitcoin trading, only a very few brokers accept Bitcoin deposits. The scarcity of BTC accounts is mainly due to the extreme volatility of cryptocurrency, but also due to the anonymity of Bitcoin, which makes it difficult for brokers to comply with anti-money laundering obligations.  

Whatever the reason, Bitcoin accounts are extremely rare, and not all brokers are open about the fact that they accept Bitcoin deposits. Bitcoin deposits are generally converted to USD in a trading account, which opens up Bitcoin depositors to the risk of Bitcoin’s continually fluctuating exchange rate against the USD, whether you trade or not.

If you own Bitcoin and want to use them for your deposit, there are the brokers you should use.

  • HotForex - Best broker for depositing with Bitcoin
  • FXTM - Most Trusted Broker
  • XM - Most Assets Available
  • BDSwiss - Best Trading Conditions
  • CM Trading - Best Education
  • OctaFX - Best Trading Platforms
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  • Broker
    HotForex

    HotForex  - Best broker for depositing with Bitcoin

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    ZAR 70
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Listed as on the Top 100 Companies by World Finance Magazine and the award for Business Excellence 2015 (World Confederation Of Businesses) HotForex is not just recognized for their integrity by their industry peers, but also in the financial industry as a whole.

    As an STP broker regulated by multiple major international organizations including the FCA, CySEC and the FSCA, HotForex has built a reputation among traders for achieving a stable, fair, secure and transparent trading environment for both the beginning and expert level trader.

    Pros

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts

    Cons

    • Limited base currencies
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Market USD 5 Account Details
    Islamic 1.0 pips None Market USD 100 Account Details
    Premium 1.0 pips None Market USD 100 Account Details
    Auto 1.0 pips None Market USD 200 Account Details
    Zero 0.0 pips $3.00 Market USD 200 Account Details
    HFCopy 1.0 pips None Market USD 300 Account Details
    Premium Pro 1.0 pips None Market USD 5000 Account Details
  • Broker
    FXTM

    FXTM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    FSC FSC
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    USD 10
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    FXTM is regulated by the FCA, CySEC and the FSCA in South Africa and the educational material offered is first-class. By keeping the focus on beginners looking for reasonable trading conditions, the FXTM team of educators and analysts have succeeded in creating a welcoming environment for new traders. Additionally, FXTM are one of the few brokers with 24/7 support, allowing new traders to get set up on weekends or holidays.

    For the absolute beginner, FXTM has a great deal of training material to help new traders get started. Materials include articles, videos, webinars and a searchable glossary of new vocabulary. This is an excellent resource and many hours can be spent covering the basics of Forex Trading. There is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

    FXTM has an open “Daily Market Analysis” section on their website where research analysts post bulletins that connect daily news items with analysis and actionable trading ideas. This can be combined with other sources to achieve a more comprehensive view of global events and the trading opportunities they represent.

    The Standard Account has a minimum deposit of 100 USD and spreads start at 1.3 pips. FXTM also offers a Cent Account where the minimum deposit if only 10 USD but the spreads will be wider. If you can afford it, I would recommend starting with the Standard Account.

    Pros

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit

    Cons

    • Expensive withdrawals
    Account Spread From Commission Execution Min. Deposit
    Cent Account 1.5 pips None Instant USD 10 Account Details
    Standard Account 1.3 pips None Instant USD 100 Account Details
    ECN Zero Account 1.5 pips None Market USD 200 Account Details
    ECN Account 0.1 pips $2.00 Market USD 500 Account Details
    FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
  • Broker
    XM

    XM  - Most Assets Available

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    USD 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    XM Group has achieved substantial growth since 2009, earning 1.5 million clients living in 196 countries. Regulated by three major regulators and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

    XM Group has extensive experience and in-depth knowledge of the global financial markets. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

    Pros

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals

    Cons

    • Dealing desk
    Account Spread From Commission Execution Min. Deposit
    Micro 1.0 pips None Instant USD 5 Account Details
    Standard 1.0 pips None Instant USD 5 Account Details
    XM Ultra Low 0.6 pips None Instant USD 50 Account Details
    XM Zero 0.6 pips $7.00 Instant USD 100 Account Details
  • Broker
    BDSwiss

    BDSwiss  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FSC FSC
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Trading Conditions
    11111
    Minimum Deposit
    USD 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    BDSwiss is a respected broker, popular with both beginner and experienced traders. A number of account types are available, including a subscription-based Raw Spread Account, which offers very tight spreads and no commission in return for a low monthly payment.

    MT4 and MT5 are both supported and educational and analytical material are both excellent. More experienced traders will also find a lot to like with the Black Account, including free AutoChartist and one-on-one support.

    Overall, BDSwiss is a good choice for all traders and we are curious to see if the low-spread subscription model catches on.

    Pros

    • Tight spreads
    • Good for beginners
    • Wide range of assets

    Cons

    • Expensive withdrawals
    • Limited market analysis
    Account Spread From Commission Execution Min. Deposit
    Basic 1.5 pips None Instant USD 100 Account Details
    RAW Spread 0.0 pips None Instant USD 200 Account Details
    Black 1.1 pips None Instant USD 10000 Account Details
  • Broker
    CM Trading

    CM Trading  - Best Education

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Trading Conditions
    110.500
    Minimum Deposit
    USD 250
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    CM Trading is a well-regarded South African broker, regularly cited as the largest in the country, and headquartered in Sandton, Johannesburg.

    CM Trading is a market-maker, but offers competitive spreads and is a good choice for new traders due to their great educational material and the CopyKat copy-trading system. Maximum leverage is 200:1 and both MetaTrader 4 and Sirix Webtrader platforms are available, allowing for some flexibility.

    Customer service is generally excellent and, while deposit and withdrawal costs are high, many customers will find comfort in working with a good local broker.

    Pros

    • Good for beginners
    • Great customer support
    • Copy trading accounts

    Cons

    • Expensive withdrawals
    • Local regulation only
    Account Spread From Commission Execution Min. Deposit
    Bronze 1.5 pips None Instant USD 250 Account Details
    Silver 1.2 pips None Instant USD 1000 Account Details
    Gold 0.9 pips None Instant USD 10000 Account Details
    Premium Not Published pips None Instant USD 25000 Account Details
  • Broker
    OctaFX

    OctaFX  - Best Trading Platforms

    REGULATED BY
    CySEC CySEC
    Trading Desk Type
    Trading Conditions
    11110
    Minimum Deposit
    USD 50
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    OctaFX is a CySEC regulated STP/ECN broker founded in 2011 that will appeal to all Forex traders, both beginners and professionals.  They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading and an account monitoring service so you can learn anonymously from other successful traders.

    Trader education for beginners is well-presented and a generous bonus scheme exists for new deposits; platform support is almost unbeatable, with MT4, MT5 and cTrader all offered - but platforms are linked to account type and trading conditions.

    Pros

    • Great platform choice
    • Fast and free withdrawals
    • Copy trading accounts

    Cons

    • Limited education
    • Restrictive account types
    Account Spread From Commission Execution Min. Deposit
    cTrader ECN 0.0 pips $3.00 Market USD 100 Account Details
    MT4 Micro 0.4 pips None Market USD 100 Account Details
    MT5 Pro 0.2 pips None Market USD 500 Account Details

Best Forex Brokers in South Africa

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Open

Deposits and Withdrawals with Bitcoin

While you can make a deposit using Bitcoin and withdraw back to your Bitcoin wallet, your broker will almost always convert your deposit into USD for trading purposes.

Deposits can either be made with direct transfer between a wallet and the broker or by using an intermediary like Skrill’s Cryptocurrency Exchange.

Withdrawals of funds will only be returned to the same wallet, and additional profits will be sent to a bank account or e-wallet. The name on the withdrawal bank account or e-wallet needs to match that on the trading account.

Be aware that when a Forex broker receives a bitcoin deposit, most of them will instantly convert the Bitcoin to USD. When you request a withdrawal back to your Bitcoin account, the broker will convert the USD amount in your trading account back to Bitcoin. This means that even if you do not make a trade, you are still exposed to the fluctuations in the rate between the Bitcoin and the USD.

The Best Bitcoin Wallets for Forex Trading

Recommended Bitcoin wallets for Forex trading are:

  • BitPay – Founded in 2011 and used by thousands of businesses worldwide (including Microsoft, Twitch and the American Red Cross), BitPay offers personal Bitcoin wallets with all the security and features you would expect.
  • Bitcoin Wallet (Schildbach Wallet) – Launched in 2011, this was the first mobile Bitcoin wallet. This app is only available on Android and security is not as tight as other wallets, so do not move all your Bitcoin here at once. Extremely useful though.
  • BRD – Another mobile Bitcoin wallet, this app is available on both Android and iOS. BRD is a fully decentralized wallet that connects directly to the blockchain using a securely generated 12-word paper key. This means there are no accounts to set up, no passwords to remember, and no servers to hack.
  • Blockchain Wallet – The world’s most popular cryptocurrency wallet, also available on iOS and Android. Security is very tight, with both biometrics and advanced two-factor authentication. This wallet also supports 21 languages and gives you access to Bitcoin markets in 36 countries.
  • Copay – Developed by BitPay to hold the company’s funds, Copay is a multi-signature wallet. This means that more than one user can have access to the same wallet. It also supports multiple wallets in different cryptocurrencies.
  • Mycelium Wallet – Mycelium boast of having bank-grade security on their wallets. Available on iOS and Android, this wallet has five levels of security depending on your needs.

Deposits from Bitcoin wallets fund your trading account instantly. If a client is transferring a more substantial amount, it is commonplace to provide a screenshot of the summary of the account. This request is to prevent the Forex broker from being used as part of a fraud scheme.

Why do People Keep Bitcoin?

In some countries, residents often keep their savings outside of bank accounts and in foreign currencies or cryptocurrencies. Residents choose to save their money in a different currency, such as the USD or Bitcoin because their local currency is subject to sudden drops in value.

Since the creation of Bitcoin and other cryptocurrencies more people are keeping their savings in Bitcoin wallets rather than stuffed under a mattress in dollars. While Bitcoin is more volatile than USD it has two major advantages: It is anonymous, and it can be stored online.

These two qualities also make it particularly useful for online payments, especially in countries where some online activities are illegal.

To take advantage of this demand for Bitcoin payments, a few Forex brokers have recently started accepting Bitcoin deposits. However, most brokers do not for several reasons:

Forex Brokers and Bitcoin Volatility

Bitcoin, and other cryptocurrencies, are very volatile. In the past few years, the price of a single Bitcoin has gone from 500 USD to 20,000 USD, back down to 3,000 USD and then up again to 10,000 USD.

For a broker to accept Bitcoin deposits and withdrawals it must accept the risk of paying out withdrawals that could be more valuable, in USD terms, than they were the day before. This also goes for accepting Bitcoin deposits: A Bitcoin deposit today can be worth much more today than it might be tomorrow.

Forex Brokers and Bitcoin Anonymity

Forex brokers are also concerned by the anonymous nature of Bitcoin transactions. Well-regulated brokers have strict anti-money laundering obligations and anonymous trading accounts are prohibited.

Online wallets, bank accounts and credit cards require the account holders name and details to be attached, while Bitcoin wallets do not. This makes it harder for Forex brokers to verify the identity of Bitcoin depositors.

But, the first thing to know before opening a Bitcoin trading account is that you will not be able to remain anonymous just because you are using Bitcoin.

Know your customer (KYC) documentation is needed to for all Forex trading accounts, regardless of the broker or funding method. Although Bitcoin is an anonymous currency, all account holders will need to identify themselves and provide the standard documentation to support their application.

Brokers for Trading Bitcoin and Cryptocurrency

Traders do not need to deposit in Bitcoin to trade cryptocurrency pairs. Regular USD, ZAR or GBP deposits can be used to trade these pairs.

Most Forex brokers offer cryptocurrency CFD trading. The best will have a broad range of cryptocurrency pairs to offer traders. Those such as eToro and easyMarkets are some of the best and most trusted in this area.

Please note that there is no open cryptocurrency interbank market, and all brokers offering cryptocurrency trading are market makers, and counterparty to all trades. For the same reason, cryptocurrency trading runs 24 hours a day, 7 days a week, rather than the 24/5 of the Forex market.

Final Word

When choosing a broker, the same conditions should apply regardless of the deposit method or what you intend to trade.

You always need to trust your broker completely, so it is important to verify that it is well-regulated and compliant with the regulations. Trading conditions should be competitive with other similar brokers, if not better. You should also consider what trading platform you will be using. We use these metrics and more when judging all the brokers we review, and so should you.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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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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