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.
Following are our top 8 forex brokers in South Africa,
It is an internationally recognized broker with an excellent reputation in Forex circles.
AvaTrade is regulated by the FSCA and a few other international authorities.
Maximum leverage is capped at 1:400, which is an average rate.
Most of AvaTrade’s tradings are done on the MT4 platform. However, the broker also offers a new and more secure MT5 platform.
The customer support system is very efficient and responsive.
It would help if you started trading with AvaTrade. It is more than the average sum.
AvaTrade doesn’t charge any deposit or withdrawal fees.
Tickmill is the overall best broker with the most attractive spread rates.
Tickmill is regulated by the FSCA, which means your funds are secure with this broker.
Leverage rates with Tickmill are limited at 1:500 for all accounts.
This broker operates on MT4 and only recently started rolling out the newest MT5 platform.
Customer support is available 24/7. However, English speakers are not public all the time.
The minimum deposit at Tickmill is set at 100 dollars. This deposit rate is standard for most premium brokers.
The deposit fees depend on your payment method. However, there is no withdrawal fee.
HotForex offers most of the premium features at a few tradeoffs.
FSCA regulates HotForex in South Africa). It is regulated by FCA in the UK and by CySEC in Europe.
HotForex has a minimum deposit amount of 5 dollars.
HotForex has the lowest spreads in terms of trading fees.
There is no deposit or withdrawal fee.
FXTM is a good broker for new traders.
FXTM offers a minimum deposit fee of 10 dollars, which is very attractive for new users.
FXTM offers flexible leverage rates.
Customer support is super friendly and helpful.
Even though BDSwiss is a European regulated broker, it is a good option.
BDSwiss offers a standard 100 dollars deposit rate. It provides tighter and competitive spreads. There is no deposit or withdrawal fee of any kind.
FSCA does not regulate the broker, and the customer support is not the best.
Exness is a reasonably popular broker.
The low deposit rates combine with the new account bonus make it the best option for new traders.
There have been a few reports of people getting scammed.
7. XM Trading
CySEC and ASIC regulate it.
Negative balance protection. Extremely low spreads.
XM trading lacks customer support for South African users.
Plus500 is the best trading platform for cryptocurrency trading.
Plus500 offers 15 Crypto CFDs on their platform. The broker also provides safe and secure risk management tools.
The demo/education account is limited. They have their proprietary trading platform.
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.