Khwezi Trade Review and Tutorial 2021
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|Khwezi Trade Facts & Figures|
Khwezi Trade is an online broker offering four live MT4 trading accounts.
• Best Broker South Africa 2020 - Global Brands Magazine
|Instruments||Forex, CFDs, indices, commodities|
|Min. Deposit||R 2,000|
|Min. Trade||0.01 lots|
|Auto Trading||Yes (EAs)|
|CFD trading is available in multiple markets.|
Trade dozens of FX pairs with 1:200 leverage.
Khwezi Trade is an online forex broker offering four live accounts on the MT4 trading platform. In this review, we cover the registration and login process as well as leverage, contact details, and more. Find out if Khwezi Trade is safe or a scam.
Khwezi Trade Company Details
Khwezi Financial Services is a South African brokerage established in 2013. The broker has two offices in Cape Town and Johannesburg and is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.
The broker provides trading in currency pairs, commodities, and indices, as well as offering additional analysis tools and market signals.
MetaTrader 4 Trading Platform
Whether you’re a rookie or seasoned trader, the MT4 platform caters to multiple trading strategies on a simple interface. Users can access numerous charting tools and custom indicators to analyse price movements, such as Fibonacci Retracements and moving averages.
Other features include:
- Full trading history feed
- Single-threaded strategy tester
- Automated trading with Expert Advisors (EAs)
- Multiple time-frames (one minute to one month)
MT4 works with Windows XP and later PCs and can be downloaded straight from the broker’s website.
Khwezi Trade offers 60 CFD currency pairs, over 14 indices including the Dow Jones and NASDAQ, and a handful of commodities including gold, silver, and crude oil. All instruments are traded in South African Rand (ZAR).
Spreads & Commission
Unfortunately, the broker does not provide key information around contract specifications and spreads, which is one of the first things most traders look for when shopping around. This is concerning as it does indicate a lack of transparency on the broker’s part and potentially high fees.
The maximum leverage across all four live accounts is 1:200. These are reasonable rates but by no means the highest leverage levels available. On a positive note, this does limit potential risk exposure.
The mobile app version of MT4 is available, suitable for iOS and Android devices. The app provides easy access to trading features with a mobile-friendly interface. Custom tools are supported, as well as full pricing feeds and trading history. You can also set push notifications and access a free chat service for support on the go.
Information around deposits and withdrawals is also limited. Most brokers, whether regulated or unregulated, would provide this irrespective of whether the client has opened an account or not. Again, we have to flag this as a lack of transparency. With that said, the broker does publish information around the minimum accepted deposit, which is R 2,000.
Khwezi Trade offers a free practice account so you can test out your skills in the MT4 platform. Given that the broker isn’t forthcoming about many of its services, we’d recommend using the demo account to explore its features before opening a live trading account.
Bonuses & Promotions
At the time of writing, Khwezi Trade does not offer any no deposit bonuses or promotions. With that said, a R500 credit bonus has been offered in the past, so traders should check the broker’s website for any future deals.
Khwezi Financial Services Limited is regulated locally by the Financial Sector Conduct Authority (FSCA) in South Africa, with FSP license number 44816. This is a little surprising, considering the number of issues we have identified in this review and multiple online complaints.
Traders may feel more comfortable opting for a broker that operates under one of the more reputable regulatory frameworks.
There is limited trading research and education available, including several video tutorials for the registration process and market analysis. You can find a more comprehensive range of resources at other brokers.
The broker does offer their Flexi Analysis service, which is a subscription to live technical analysis updates and signals. However, this comes at a cost of 395 ZAR per month (around 23 USD).
Khwezi Trade offers four live accounts available in ZAR: Basic, Standard, Premier, and VIP. The accounts mainly differ in terms of the initial capital requirements and the spreads. Minimum deposits start from R 2,000 (around 120 USD) in the Basic account and go up to R 50,000 in the VIP. Spreads become more competitive as you move up the account levels.
Many of the other account features are the same, including the minimum trade size of 0.01 lots, and the margin call and stop out levels at 100% and 30%.
It looks relatively easy to open an account, however, it’s worth noting that the registration form requires a mobile number, which some scam brokers may use for cold calling.
Reasons to trade with Khwezi Trade include:
- FSCA regulated
- Forex & CFD trading
- Signals & technical analysis
Drawbacks of choosing this brand include:
- Complaints in reviews
- Not transparent about pricing
- Very limited educational content
- Lack of information around deposits & withdrawals
As with other parts of this review, limited information is available regarding asset-specific opening times. With that said, general market trading hours are between 0:00 GMT+2 on Monday to 22:00 GMT+2 on Friday.
There are several ways you can contact Khwezi Trade, including a live chat service and an online enquiry form. You can also reach the broker via telephone or email:
- Email – email@example.com
- Telephone – +27 (0) 21 300 3117 or +27 (0) 10 312 5194
- Cape Town address – 1020 Manhattan Place, 130 Bree Street, Cape Town 8001
- Johannesburg address – Office 9012, 9th Floor, Atrium on 5th Street, Sandton 2196
MT4 is a secure and safe platform, complying with industry-standard encryption protocols that protect data exchanges between servers. We cannot, however, guarantee the security of payment methods.
Khwezi Trade Verdict
Despite offering the trusted MT4 platform, several live accounts and a reasonable minimum deposit, this review did find concerns. Most notably, there is a distinct lack of information regarding payment methods and trading fees. This does make it difficult to recommend the broker at this time, as the evidence does point to a possible scam.
Khwezi Trade only accepts traders from South Africa, Lesotho, Namibia.
Alternatives to Khwezi Trade
If you are looking for alternatives to Khwezi Trade we have compiled a list of the top 5 brokers that are similar to Khwezi Trade below. This list of brokers like Khwezi Trade is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Webull – Webull offers a leading online stock trading app with low fees and generous bonuses.
- NinjaTrader – NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
Is Khwezi Trade a scam?
Khwezi Trade is a South African broker regulated by the FSCA. However, there are several red flags on the website that could suggest it is a scam.
What is the minimum initial deposit required at Khwezi Trade?
Minimum deposits increase depending on the account type but start at R 2,000 with the Basic account.
What platforms does Khwezi Trade use?
Khwezi Trade uses the downloadable desktop and mobile app platform – MetaTrader 4 (MT4).
Where is Khwezi Trade based?
The broker is based in two locations in South Africa: Cape Town and Johannesburg.
Does Khwezi Trade offer a no deposit bonus?
At the time of writing, the broker does not provide any such deals. Traders should check the website or social media pages for future deals.
Is Khwezi Trade a scam?
Whilst we cannot say for certain that the broker is a scam, our review was concerned with the lack of transparency on the part of Khwezi Trade, particularly around payment options and fees. As a result, we would recommend other providers first.
|Khwezi Trade is an online broker offering four live MT4 trading accounts.|