Top 8 Forex Brokers in South Africa
Over the past few years, Forex trading has become popular in South Africa, primarily because of the coronavirus. There are a few reasons behind the sudden increase in the popularity of Forex trading.
When it comes to Forex trading in South Africa, choosing a broker has always been tricky. A good broker can highly benefit a trader. Hence, we have a list of the top 8 forex brokers in South Africa to help our readers choose the right one for them.
Top 8 forex brokers in South Africa – Our parameters
In our list, we have considered deposit fees limit and leverage as the most critical factors. Customer support, accessibility, and user experience are also essential to us. Regulation is the one factor on which we think no compromise can be made.
Hence, all of our picked brokers are regulated. Choosing the top 8 forex brokers in South Africa is not easy since there are so many good options, and choices may vary from customer to customer.
Our list
Following are our top 8 forex brokers in South Africa,
1. AvaTrade
It is an internationally recognized broker with an excellent reputation in Forex circles.
Regulation
AvaTrade is regulated by the FSCA and a few other international authorities.
Leverage
Maximum leverage is capped at 1:400, which is an average rate.
Platform support
Most of AvaTrade’s tradings are done on the MT4 platform. However, the broker also offers a new and more secure MT5 platform.
Customer Support
The customer support system is very efficient and responsive.
Minimum Deposit
It would help if you started trading with AvaTrade. It is more than the average sum.
Fees
AvaTrade doesn’t charge any deposit or withdrawal fees.
2. Tickmill
Tickmill is the overall best broker with the most attractive spread rates.
Regulation
Tickmill is regulated by the FSCA, which means your funds are secure with this broker.
Leverage
Leverage rates with Tickmill are limited at 1:500 for all accounts.
Platform
This broker operates on MT4 and only recently started rolling out the newest MT5 platform.
Customer Support
Customer support is available 24/7. However, English speakers are not public all the time.
Minimum Deposit
The minimum deposit at Tickmill is set at 100 dollars. This deposit rate is standard for most premium brokers.
Fees
The deposit fees depend on your payment method. However, there is no withdrawal fee.
3. HotForex
HotForex offers most of the premium features at a few tradeoffs.
Regulation
FSCA regulates HotForex in South Africa). It is regulated by FCA in the UK and by CySEC in Europe.
Minimum Deposit
HotForex has a minimum deposit amount of 5 dollars.
Tighter Spreads
HotForex has the lowest spreads in terms of trading fees.
Fees
There is no deposit or withdrawal fee.
4. FXTM
FXTM is a good broker for new traders.
Minimum deposit
FXTM offers a minimum deposit fee of 10 dollars, which is very attractive for new users.
Leverage
FXTM offers flexible leverage rates.
Customer Support
Customer support is super friendly and helpful.
5. BDSwiss
Even though BDSwiss is a European regulated broker, it is a good option.
Pros
BDSwiss offers a standard 100 dollars deposit rate. It provides tighter and competitive spreads. There is no deposit or withdrawal fee of any kind.
Cons
FSCA does not regulate the broker, and the customer support is not the best.
6. Exness
Exness is a reasonably popular broker.
Pros
The low deposit rates combine with the new account bonus make it the best option for new traders.
Cons
There have been a few reports of people getting scammed.
7. XM Trading
CySEC and ASIC regulate it.
Pros
Negative balance protection. Extremely low spreads.
Cons
XM trading lacks customer support for South African users.
8. Plus500
Plus500 is the best trading platform for cryptocurrency trading.
Pros
Plus500 offers 15 Crypto CFDs on their platform. The broker also provides safe and secure risk management tools.
Cons
The demo/education account is limited. They have their proprietary trading platform.
Conclusion
To conclude our list of top 8 forex brokers in South Africa, we would leave it up to our readers to pick the right broker for themselves.
