Khwezi Trade vs CM Trading - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsUpdated: May 8, 2024

Last Updated On May 8, 2024

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, 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.

Select brokers to compare

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Broker Score
Min. Deposit
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
1110.503.72/ 5 ZAR 500FSCA Regulated Forex BrokersSTPCommodities, Forex, Indices390
  • ZAR Accounts
  • Fast and free withdrawals
  • Great customer support
  • Local regulation only
  • No swap-free account option
Read Review 111003/ 5 111104/ 5 111104/ 5 11110.54.5/ 5 1110.503.5/ 5 1110.503.5/ 5 111104/ 5 0400:10.60 pips Silver, Gold, Platinum, USD, Diamond, ZAR MT5Bank Transfer, Mastercard, VisaFees Included in Spread
1110.503.48/ 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 111104/ 5 11110.54.5/ 5 73%200:11.50 pips Bronze, Gold, Gold ECN, Platinum, Premium, Silver MT4, WebTraderBank Transfer, Fasapay, Mastercard, Neteller, VisaFees Included in Spread

How do Khwezi Trade and CM Trading stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

CM Trading

Khwezi Trade

At FxScouts, 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 Khwezi Trade and CM Trading, 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 Khwezi Trade or CM Trading 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 Khwezi Trade holds no Tier 1 and no Tier 2 licences, and CM Trading holds no Tier 1 and no Tier 2 licences.


Is CM Trading financially regulated?

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


Is Khwezi Trade financially regulated?

Yes 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 Khwezi Trade or CM Trading 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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Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
Khwezi Trade
111104/ 5
1.00 pips
USD 10
0.60 pips
1.00 pips
0.80 pips
CM Trading
111104/ 5
1.50 pips
USD 15
1.70 pips
2.60 pips
1.70 pips


Does Khwezi Trade or CM Trading 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 MT5 and Khwezi Trade offers support for MT4 and WebTrader. 

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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Platform Choice
Copy Trading
Khwezi Trade
111104/ 5
CM Trading
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.

Toplist Forex Pairs

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. Both CM Trading and Khwezi Trade offer educational support for more experienced traders.

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Beginner Course
Advanced Course
Well Structured Education
Education Quality
Khwezi Trade
CM Trading


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 Khwezi Trade offers better research analysis than CM Trading and that both CM Trading and Khwezi Trade offer frequent webinars.

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


Our overall Verdict on Khwezi Trade

Please note that Khwezi Trade has rebranded to ATFX Africa. This review is for informational purposes only.

Founded in 2013, Khwezi Trade is an FSCA-regulated local broker with low-deposit ZAR accounts and fast trade execution. It is renowned for its customer-focused approach to traders. In November 2023, KhweziTrade was acquired by ATFX, a large global broker.

Khwezi Trade’s commission-free ZAR account accommodates beginner traders with a minimum deposit of 500 ZAR and spreads starting at 0.4 pips on the EUR/USD, which is much tighter than other brokers. Its USD account features similar spreads and has a minimum deposit of 50 USD. 

Both 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 its 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.

Overall, Khwezi Trade appeals to South African traders looking for an MT5 broker with personalised customer support, ZAR trading accounts, and low trading costs.

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.

Which broker has the highest overall rating?

Khwezi Trade has an overall rating of 3.72 and CM Trading has an overall rating of 3.48. For more detail please read our reviews of Khwezi Trade and CM Trading.

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