IKOFX, also known as IKO Global Limited, is an STP broker registered in Vanuatu but unregulated. It has support for MT5 and leverage up to 1:1000 on its Mini Account. With simple account options, one-click trade execution, and optional swap-free Islamic accounts.  Intermediate and advanced traders will enjoy the updates to the MetaTrader 4 platform that IKOFX have built by themselves and can take advantage of hedging and scalping, and fast execution and minimal slippage on the ECN account.

A market maker broker, HYCM is a subsidiary of the Henyep Group, which has been involved in asset trading for over 40 years, giving potential clients an additional level of confidence in using this broker. Its various companies are regulated by the FCA in the United Kingdom, CySEC in Europe, and the DFSA in Dubai.  HYCM offers trading on more than 300 instruments, including Forex, commodities, stocks, ETFs, indices, and over 21 cryptocurrencies, a broader range than is typically seen at other brokers.  HYCM offers three live accounts which are suitable for beginners and more experienced traders.  The commission-free Fixed and Classic accounts have a low minimum deposit requirement of only 100 USD, but spreads that start at 1.8 pips and 1.2 pips (EUR/USD) respectively, which is wider than other brokers.  However, most traders will be interested in HYCM’s low cost Raw Account, with spreads starting at 0.2 pips on the EUR/USD in exchange for a commission of only 4 USD (round turn) and a reasonable deposit requirement of 200 USD.    Support is offered for both MT4 and MT5 alongside a comprehensive market education suite that is beneficial for traders of all experience levels. However, HYCM’s analysis materials are limited, forcing traders to seek market news elsewhere.

NOTE:  Currently, Exness does not accept traders from New Zealand and Italia.  As a replacement we recommend Pepperstone as a strong ASIC regulated broker, or eToro as the leading social trading broker in Italia. Exness is a Russian CFD broker with over 200,000 clients worldwide, offering trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices, and commodities. Exness has nine account types on the MT4 and MT5 platforms - many more than most brokers. These range from a Standard Cent Account with no minimum deposit to a selection of Pro Accounts with tight spreads, market execution, and minimum deposits starting at 500 USD.  Deposits and withdrawals are free of charge, and customer service operates 24/7. While Exness’ trading costs are generally below the industry average, its education and market analysis are poor compared to other major brokers.

CM Trading does NOT accept traders from Italia.  This review is for informational purposes only. Founded in 2012 in Sandton, CM Trading is a market maker with high ongoing trading costs and high minimum deposits compared to other Forex brokers operating in South Africa. CM Trading offers six trading accounts, including two ECN accounts, and offers trading on multiple instruments, including Forex, indices, cryptocurrencies, commodities, oil, and metals.  Minimum deposits start at 250 USD on its entry-level account with average spreads at 1.5 pips on the EUR/USD. Minimum deposits escalate quickly, with the Premium Account requiring a minimum deposit of 100,000 USD but still featuring relatively high ongoing trading costs.  In addition to the high minimum deposits and trading costs, a significant drawback for beginner traders is the lack of educational and market analysis materials offered at CM Trading. CM Trading charges high deposit and withdrawal fees compared to most other brokers, but local customer service is generally excellent. Like most Forex brokers, CM Trading supports the MT4 platform and allows for all trading strategies including hedging, scalping, signal trading and algo trading. In addition, it also provides support for Sirix Webtrader - a rare web-based trading platform that runs in browsers on all devices. Sirix comes with a selection of trading tools, including the Guardian Angel system - which provides automated feedback on your trading style - and the CopyKat copy trading system. 

BDSwiss is an offshore broker with a basic but intuitive mobile app and excellent education and market analysis. Unfortunately, its trading costs are generally above the industry average and the only trading account with relatively low fees required a 5000 USD minimum deposit.   With no ASIC regulation, BD Swiss can offer leverage of 1:500 for Forex trading. But there are always trust and safety concerns when using an offshore broker. Another downside is the lack of AUD trading accounts: Any AUD deposits are converted to USD, GBP or EUR, and profits will have to be converted again when withdrawn. Not a huge issue for some, but then BDSwiss also has quite high withdrawal fees for bank transfers. Taken together, this may put some traders off. Alongside its mobile app, BDSwiss also supports the MT4 and MT5 trading platforms and offers trading on Forex, commodities, shares, indices, and 26 cryptocurrencies.