Best forex brokers for beginners in south africa

- Best Forex Broker for Beginners in SA.
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The spreads and commissions tend to be at the higher end of the industry, and their very best features, like flawless large-order execution, only really benefit experienced, high-volume traders. XTB offers 49 currency pairs and two main account types: standard and pro. The standard account is spread-only and offers industry-average rates, while the pro account offers smaller spreads, but with added commission. One example is the investment basket. Where XTB really shines, though, is customer service.

South Africa Forex Brokers

For beginner and intermediate traders, it offers a Training Academy that covers forex trading in impressive — but accessible — detail. Thanks to its size, it can offer much more competitive spreads than most, across a wide range of currency pairs. The real star, though, is the proprietary IG web platform, loved for its speed, reliability and user-friendly design. IG also excels in research.

BEST 5 FOREX BROKERS IN SOUTH AFRICA ( revealed ) 🔎

With its broad selection of news and market research tools and a personalised news feed, you always have the most relevant industry data and content in front of you. In fact, its low-spread offering is considered one of the best in the industry, available to every trader and account type. The award-winning platform is renowned for being the most user-friendly option on the market. Its charting function features an impressive 80 technical indicators, 40 drawing tools, 73 candlesticks, and an innovative tool that spots emerging patterns in your charting data.

Best Forex Brokers in South Africa for (TOP 10)

If mobile trading is an important feature for you, CMC has you covered. Next Generation works just as flawlessly on mobile as it does on the web, with excellent consistency across the formats and lots of value-added features like research updates. As with most brokers, you can get access to better spreads by using their proprietary software. Both are responsive and user-friendly platforms, but AT Pro packs an extra-powerful set of features for more experienced traders.


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Overall, City Index a good all-rounder that caters to traders of all budgets, styles and experience levels. It offers a good balance of everything, with proven reliability, affordable entry, competitive spreads, and a good mix of currencies. Plus is an established favourite for serious and casual traders alike.

However, their WebTrader offering is very easy to use and features all the most essential charting and risk management tools. However, what it does offer, it does very well. Boasting currency pairs, Saxo Bank is one of the best brokers out there in almost every category. Saxo Bank tends to cater more for the high rollers and super-active traders. If you were in the U. Their innovative, in-platform research offering is among the best in the market, delivered via in-house experts and industry heavyweights. These fantastic proprietary platforms leave nothing to be desired, with stacks upon stacks of innovative tools and algorithmic order types.

Best of all, both platforms are seamlessly integrated with each other and the mobile app, which is also in a league of its own.

The Best Forex Brokers in Africa

You get the impression that every need has been anticipated across the systems, and the whole user experience feels completely effortless. The standard account is free to open, but offers some of the highest spreads on the market. Note that LCG also charges commission. If you can afford the minimum deposit, the spreads really are among the best. However, be sure to use LCGTrader, their white-labelled cTrader platform, as the spread and commission both increase dramatically if you use MetaTrader 4.

If you trade at a high enough volume, you can also benefit from a generous active trader programme and significant rebates. Pepperstone is a relative newcomer to the market with around 60 currency pairs. All Rights Reserved, By Rahul Sharma Editorial Staff —. Overall Rating 9. It is almost zero pips with Pro accounts.

Exness offers ZAR base currency accounts. No fees on deposit or withdrawals.

Top 10 Forex Brokers in South Africa

Plus they have local bank transfer, and even instant withdrawal methods. Their English language chat support is available during 24 hours for 5 days in a week. Exness does not have any bonus offers for South African traders. Email support is slow, we received response after 12 hours on average during our tests. Overall Rating 8. From 0. Tickmill Pros Tickmill is a regulated broker i. And also with FSCA, so considered safe. And fair spread with Classic account. Tickmill Cons Limited trading instruments other than forex, like unavailability of cryptocurrency trading. Around 1. Hotforex offers ZAR trading accounts.

Very low spread with Zero Account i. Hotforex Cons No local banks for deposit or withdrawals. But wire transfer is available, and this method can take days to be credited. And 0. Their spread is quite low with Classic account, and it is from 0 pips with Raw Accouny.

Funding is free with all methods without any extra charges. The support at BDSwiss is very responsive. Plus they have bot chat for quick answers to most frequent questions. Similarly same fees applies to wire transfer withdrawals that are less than or equal to EUR. But there is 0 withdrawal fees when the amount is above these limits. No South African phone number, but you can call them on their international number or request a callback. Ranked 5 Forex Broker in South Africa. XM offers 11 base currency options including ZAR base currency accounts. XM does not have a South African phone number for support.

Low Fixed spread for Majors. Eg: 0. Ranked 7 Forex Broker in South Africa. Wide range of trading instruments available. Very high spread with Standard accounts.


  • Regulated Forex Brokers in South Africa.
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  • South Africa Forex Brokers Comparison.

    • Tight spread of 1. Limited trading instruments. Live Chat support is not very good. Your capital is at risk. Plus Cons They offer their own proprietary platform that is not available on desktop.

    Forex Broker Review Criteria

    Their education section is limited. So considered safe for SA traders. The spread is quite low compared to other brokers. Wide range of CFD trading instruments other than forex. Zero deposit or withdrawal fees. No negative balance protection. For South African traders, every forex broker that we have listed here are compliant with 1 or more Government regulators i.

    And spread from 0. And on average 2. Which is the best forex broker for beginners? To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker's homepage.

    South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance. Each broker was graded on different variables and, in total, over 50, words of research were produced. While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time live in person or over the web for an annual update meeting.

    All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than.

    Learn more about how we test. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.