If you are a South Africa Forex trader and you don’t know where or how to invest your money, we are here to help you make the right choice.
This decision may result extremely difficult for all those people who are new to this peculiar financial sector, which has become more and more relevant until becoming mainstream between retail traders and investors. If you have experience with Forex trading or even cryptocurrency trading, this process may be a little easier compared to if you have no prior experience. Although Bitcoin and Forex are different, they share some similarities. You may be curious as to doch war Bitcoin Revolution der Kandidat bei der Höhle der Löwen? Essentially, asking if Bitcoin is more reputable as it made it onto Lion’s Den, but it really depends on which Bitcoin trading platform investors use. There are many investors who prefer to invest in Bitcoin compared to Forex because there is often more research and resources to use. Thankfully, this guide will give you some Forex resources so you can make your own mind up.
But before we start, let’s stress the fact that Forex trading is completely legal in South Africa and well regulated by the FSCA (formerly FSB). This regulation provides a top-tier legitimization used not only in South Africa, but in many countries around the world.
With all that being said, let’s start straight away with our list of the best Forex brokers in South Africa.
Top spot of our list has been taken from one of the most recognizable Forex brokers not only in South Africa, but in the entire world: FXTM.
Founded by Andrey Dashin, of Extinty Group, FXTM gained many recognition in South Africa and won the 2018 “Best Broker in Africa” award from International Business Magazine.
They have a wide broad offer of 6 account types: 3 are ECN accounts and 3 Standard accounts.
FXTM requires a minimum deposit of $10 if you want to open a Cent account, while the minimum deposit for an ECN account is $200. For those who are interested not only in foreign exchange trading, there’s also the chance of opening a Share account thanks to a minimum deposit of $10,000.
In terms of spreads, they start from 0 pips with ECN accounts, or 1.30 on Standard accounts when trading in major currency pairs.
Their account offering will enable you to use many trading platforms, such as:
- MT4 Desktop
- MT4 Web
- MT5 Desktop
- Proprietary Web Platform
A globally famous renown, FxPRO presents to us as a highly recognized brokerage service which has collected an astonishing number of prizes and more than 60 awards.
With FxPro you may choose from 3 different kinds of trading accounts, with a minimum deposit of at least $100. They also have, for those who require it, an Islamic trading option.
FxPro gives to all the trader wannabes the possibility of opening a demo account in order to have a learning curve free of economic losses.
Thir spreads are very competitive if compared to the average competitor and have started from 0 pips. Within their service, there’s also the chance to select a fixed spread through MT4 for a certain number of assets.
There are many trading platforms where you can use an FxPro account, and they include:
- cTrader desktop
- cTrader web
- MT4 Desktop
- MT4 Web
- MT5 Desktop
- MT5 Web
- MAC Platforms
One of the top CFD brokers in South Africa and in the world, Plus500 is perfect if you are interested in starting from the first time in Forex trading.
Their offers are not only extremely competitive, but many services are often free of charge, such in the case of deposits.
To start with Plus500 you can only access one type of account which requires a minimum deposit of $100. If you do not want to excessively commit to this brokerage service though, you’ll also have the chance to try their services with a demo account.
South African traders may also have access to ZAR as base currency in addition to all the other major currencies available to trade.
They are also a well-regulated company, with regulations from international renown financial regulatory agencies such as MAS, FCA, ASIC, FMA and CySEC.
With a Plus500 account you can only have access to their proprietary web platform..