South Africans looking for an online forex broker will have many options. This guide will help to clear the air by reviewing and ranking the top 10 best forex brokers in South Africa right now.
Our reviews focus on key factors such as supported pairs, payments, commissions, spreads, regulation, customer service, and more to help our readers make an informed decision.
Each of the outlined forex brokers will provide a different level of service, so read our comprehensive reviews before making a decision.
What is a Forex Broker?
A forex broker is a financial services company that gives traders access to a platform where they can buy and sell foreign currencies. Forex is an abbreviation for foreign exchange. In the forex market, transactions are always made between two different currencies.
Many Forex Brokers in South Africa are among the world’s most well-known brokers, drawn by the destination’s relatively easy restrictions and promising opportunities. Many well-known international brokers with reasonable regulations are present in South Africa and serve almost all African regions.
10 Best Forex Brokers in South Africa
Here is our complete list of the top 10 best forex brokers in South Africa. We compared their Tier-1 and Tier-2 regulations, fees (spread and non-trading fees), the time required for deposits and withdrawals, trading execution time, and support provided.
#1. AvaTrade
AvaTrade is South Africa’s leading Forex Broker. It is one of the world’s largest, most reputable, and most comprehensive online brokerages.
Best Customer Support, Alert System, Financial Derivative Trading Provider, and Forex Broker are all trademarks of the company. The minimum initial deposit is $100, and there are no deposit or withdrawal fees.
Pros:
- It has a simple and quick account opening process
- free deposit and withdrawal options
- good educational tools.
Cons:
- The research tools are somewhat out of date.
- The phone support is inadequate.
- There is a fee for inactivity.
#2. F.P. Markets
F.P. Markets is one of South Africa’s fastest-growing Forex brokers. It is well-known worldwide as a CFD and one of the Forex brokers in South Africa that allows traders to access a full suite of trading products and trade from a single account.
The initial deposit requirement is $100, and there are no Inactivity or Deposit fees.
Pros:
- The Forex fees are reasonable.
- Accounts are simple and quick to open
- Deposit and withdrawal processes are quick.
- No price manipulation, no dealing desk, and also no re-quotes.
- F.P. Markets pays for bank withdrawal fees.
Cons:
- Stock CFD fees are high
- product portfolios are somewhat limited
- the web and desktop platform is a little out of date.
#3. Exness
Exness is a South African FSCA-regulated forex broker. Exness accepts South African traders and is one of the country’s fastest-growing ZAR Account brokers. There are no fees required for inactivity, deposits, or withdrawals.
Pros:
- It is regulated by both CySEC and the FCA.
- Client money is kept in separate accounts.
- A Dealing-Desk Broker is available.
- It uses tight spreads.
Cons:
- There are no available multi-currency accounts.
#4. FBS
FBS is the best ECN Forex Broker in South Africa for intermediate traders. FBS offers four accounts to traders, and all accounts offer market execution and the ability to trade in micro-lots in Cent accounts for more precise risk management.
The minimum initial deposit is $250, there is no deposit fee, and there is a $1 withdrawal fee.
Pros:
- The integration of MT4 and MT5.
- The extremely low minimum deposits.
- It has zero-pip spreads that are competitive.
- It provides a variety of promotions and deposit bonuses.
Cons:
- The E.U. has fewer account and trading options.
- The global firm pays commissions on a wide range of trade types.
#5. Tickmill
For low spreads and costs, TickMill is the best FSCA Forex Broker. It provides traders with two basic account types, both of which are accessible via the popular MetaTrader 4 platform.
It provides market execution in 0.3 seconds on average, variable spreads, leverage up to 1:30, and micro trade-able lots. To begin trading, a $100 initial deposit is required.
Pros:
- It has competitive pricing
- It is well regulated
- It has high leverage.
Cons:
- The platform options are limited.
#6. BDSWISS
BDSwiss is a top Forex Broker in South Africa for new traders. A BDSwiss is a European brokerage firm based in Switzerland that was founded in 2012. It allows crypto traders to trade a wide range of financial instruments.
The minimum initial deposit is £ 100, and there is an inactivity fee after 90 days of inactivity.
Pros:
- It is strictly regulated and authorized by three different entities.
- It has a stable trading environment, and a wide range of financial instruments can be traded.
- There are only a few trading platforms to choose from.
Cons
- There is a limited selection of cryptocurrencies
- U.S. and Canadian clients are not permitted.
Read Also:
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Top 10 Forex Brokers that Trade Cryptocurrency on Weekends
#7. I.C. Markets
I.C. Markets is one of the forex brokers with the lowest fees. I.C. Markets is an Australian-based company that began to bridge the gap between retail and institutional clients after conducting research in South Africa.
There are no required deposit or withdrawal fees, and the minimum deposit is $200.
Pros:
- Forex has low fees
- Account opening is quick and easy
- Deposits and withdrawals are free.
- Sophisticated trading platforms
- Safe, secure, and regulated
Cons:
- There is no investor protection.
- There is no safeguard against negative balance.
#8. HFM (HotForex)
HFM, formerly HotForex, is the most popular ZAR trading account among South Africans. HotForex is gaining popularity among global retail traders primarily because it listens to its customers, which led to redesigning its customer service platform.
Following the revamp, the company received numerous awards from well-known institutions in Europe, Asia, Africa, and the Middle East. To begin trading, a $5 initial deposit is required.
Pros:
- It has a low deposit requirement for new traders with Micro accounts,
- and it has a plethora of premium trader tools.
- They provide excellent customer service.
Cons:
- The instrument selection is limited.
- Opening an account is not easy.
- Clients from the U.S. are not accepted.
#9. OANDA
OANDA is a Forex broker with no minimum deposit requirement. According to South African research, OANDA is a trusted entity relied on by major global brands such as Google, KPMG, Airbnb, TESLA, FedEx, PWC, IATA, Twitter, Expedia, and others. The initial deposit required to begin trading is $0.
Pros:
- Competitive pricing.
- Simple web trading platform.
Cons:
- Slow customer service response/waiting times
- Expensive bank withdrawal fees
#10. AXIORY
AXIORY is one of the top best Forex Brokers for education in South Africa. It is a financial brokerage founded in 2011 and based in Belize, where it is regulated by the IFSC.
AXIORY is an STP broker with popular trading instruments and assets available on the MT4 and cTrader platforms. The initial deposit is set at $50.
Pros:
- There are opportunities in corporate and management.
- Demo account
Cons:
- There are multi-currency accounts available.
- Product descriptions are available.
FAQS
Who are the top Best Forex Brokers in South Africa?
All of the brokers mentioned in this article are recommended and good for trading.
Which Broker is Good for Newbies in South Africa?
HFM (HotForex) – Best All-Round Broker for Novices
HFM is a better option than many other international brokers for beginner South African traders who need assistance getting started because it has a local South African support team.
Which Broker has Lowest spread in South Africa?
I.C. Markets has the Lowest Spread Forex Brokers in South Africa.
Is Forex trading Better than Stocks?
That is entirely dependent on your trading objectives, risk tolerance, and trading style. Stock trading involves less leverage and regulation than forex trading, making both trading types extremely profitable and risky.
Conclusion
We hope this guide on the 10 best forex brokers in south Africa helped choose your best forex broker for trading.
Kindly leave a comment in the comment section below if you have had experience using any of the brokers outlined here.
About Author
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My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.
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