List of Best South African Forex Brokers: A wise trader is one who chooses a broker and platform wisely. Choice of the different investors can vary depending upon the services a broker provides, leverages offered by him, minimum charge incurred to open the trade, and the platform broker is providing. So, the list of best South African Forex brokers is as follows:
Top 7 South African Forex Brokers
1. Oinvest
Oinvest is a registered firm regulated by a broker of South Africa. They have a wide range of courses, articles, tutorials, VODs and eBooks for budding traders.
It uses the globally famous Met trader four available for web browsers, mobile app and desktops. Suitable for both expert traders and beginners. The minimum deposit accepted by Oinvest is $250.
Investors can trade over cryptocurrencies, forex, commodities, indices, stock, and over 250 CFDs. The choices are vast; even a beginner will find an asset for trading. In case you need any help, they provide customer service, available from Monday to Friday (5 am-5 pm GMT). You can even contact them through email, online form, and live chat options available to you.
Fees and Commissions
- The initial deposit for starting trading is $250
- Average spread EUR/USD (Active)- 0.18 (2pips)
- Average spread EUR/USD (standard)- 0.26 (3 pips)
- Discount available for active traders and VIP
Overall Pros
1) Comprehensive material and tutorials for all types of traders.
2) For competitive spreads, there is no hidden fee.
3) Oinvest hires Award-winning and experienced brokers.
4) Provide a free demo account.
2. Tickmill
Tickmill provides two different account types to investors. One can access this account through the trading platform Meta Trader 4, with an average speed of 0.3 seconds. They provide leverage of 1:30 in addition to micro tradable lots and variable spread range.
If you opt for Pro ECN, they will charge a small amount as the commission fee, but you will get tighter spreads in return. Whereas, in the case of the Classic account, no commission fee is charged.
Benefits From Trading
For Classic and Pro account
- The minimum deposit is $100
- The minimum trade size is 0.01
- Maximum leverage given is up to 1:30
- Spreads and commission is from 1.6 pips to 0.2 pip plus $4/Lot*
- The commission depends on per standard lot size of 100000 units
It accepts payments from various methods via bank wire, credit/debit cards (Maestro, MasterCard, Visa), Dotpay, Sofort, and Skrill. One can carry online trading through Meta Trader 4 or MT4 on any device such as iOS, Mac/Windows PC, and Android.
Key Features
1) Leverage- 1:500
2) The minimum deposit is $100
3) Allows trading in different markets such as CFDs, commodity market, Forex, Stock Indices, and gold trading.
4) Meta trader supports mobile, web, and desktop
3. Exness
The regulator authority for Exness is FSA Seychelles. They accept a minimum deposit of $1, and the leverage offered is up to 1:2000. The average spread is 0.3 (standard). The online trading platforms provided by them are MT5, MT4, Mobile, and Web.
Key Features
1) They provide super-tight spreads.
2) The procedure for withdrawal and deposit is instant and available 24/7.
3) Multiple methods for deposit and withdrawal.
4) Negative account balance protection.
5) Experience and regulated brokers.
4. Markets.com
Markets.com was founded in the year 2008, head office situated in Cyprus. It is the global online broker that offers services on CFDs, Spread Bets, and Forex. Only UK customers are allowed to trade on Spread Bets. The most attractive feature of markets.com is they offer a demo online trading account to those who want to try trading before buying the platform. Their minimum deposit fee is $100.
A wide variety of currency pairs and instruments are available to traders.
- About 100 instruments.
- About 80 currency pairs.
They offer both Meta Trader platforms; MT5 and MT4 and online mobile apps for iOS and Android.
Trading Benefits
- Allows hedging
- Allows scalping
- Guaranteed stop loss
- Low minimum deposit
- Protection from a negative balance
On offer, they provide trading accounts such as Demo account, Mini account, Standard account, and Islamic account.
It also supports many languages, including English, French, Japanese, German, Arabic, Dutch, Chinese, etc.
5. JustForex
JustForex has gained widespread popularity and gives the best online trading services to its clients. They provide attractive conditions and options for trading on the Meta trader 5, MetaTrader4 platforms along with MT4/5 Web Trader and mobile applications.
Types of Account
Various types of accounts offered by JustForex are as follows:
Demo account- This account is designed especially for budding traders or new clients. It provides basic knowledge of online trading as well as gives tutorials on simulation of trade. The only difference between a regular account and the demo account is that trader uses virtual cash to execute the trade.
Standard Cent Account: This account operates on cents and uses it as its base currency. It is an excellent choice for new clients and traders who are new to the market because it allows them to execute the trade without any high risk.
Standard Account: It is designed for investors who want to carry out trade of any amount. The minimum deposit, in this case, is 1 USD with no commission fee and freedom of using any instrument.
Raw Spread Account: It is basically for experienced investors who prefer recurrent inputs and outputs, intraday trading, and short time frames for working. The value of the minimum deposit for this account is $100. It is suitable for scalpers as well.
Pro Account: This account is designed for professional and experienced traders. Investors are free to use any trading style in the pro account.
Islamic Account: Specially designed in consideration to the Islamic sharia law which prohibits transaction through swaps.
Pros of JustForex
1) Tight spreads.
2) The low value for a minimum deposit.
3) Qualified team for support.
4) Used by 10000 traders.
5) Different payment methods are available.
6) Regulated by the Financial Service Authority.
7) Various asset classes are available.
8) Commission-free trading accounts.
9) Trading in Forex ECN.
CONS
1) Do not accept US traders.
2) Not regulated by the Financial Conduct Authority.
3) Only offshore regulations.
4) Meta Trader MAC version not available.
6. FXTM
It is a well-regarded broker focused on educating new budding traders. FXTM online trading platform contains good material for building a foundation in the financial market, but their courses are not beneficial for advanced traders.
It has created a user-friendly environment for beginners by providing reasonable trading options and conditions. Additionally, it is known for its strong customer support team which guide trader in case they face any difficulty.
For advance traders, they provide an additional set of courses and videos that cover advanced fundamentals of market and chart reading techniques.
Pros
1) Commendable customer service.
2) Sign up process is easy and fast.
3) Well researched and comprehensive trading material for beginners.
4) Range of minimum deposits is affordable.
Cons
1) Withdrawal fee is comparatively higher.
2) They charge inactivity penalties from traders.
3) The product range is limited.
Fees and Commission
- The minimum initial deposit essential to start trade is $5 to $100
- The average spread for EUR/USD (active) is 0.8
- The average spread for EUR/USD (standard) is 1.6
- No discount available for active traders and VIP
7. Avatrade
It is one of the largest, oldest, and most respected online trading brokerage firm across the world. Avatrade Broker has received various awards such as best customer support, best alert systems, etc.
Overall Pros
1) Fast and easy account opening.
2) Their educational tools are much better.
3) No fee charged on deposits and withdrawals.
Overall Cons
1) They charge an inactivity fee.
2) The research tools are outdated.
3) The application does not work correctly on the mobile phone.
Fees and Commissions
- The value of the initial deposit to start trade is $100
- The average spread for EUR/USD (active) is 0.62
- The average spread for EUR/USD (standard) is 0.92
- Offers a discount to active traders and VIPs.
South African Forex Brokers
When a trader chooses a market for trading its main focus is to get optimal trading conditions and a higher chance of making a profit.
Forex is an excellent choice for traders who are looking for the features mentioned above. Currency trading market is the financial marketplace where trading is carried in currency pairs.
Forex trading is becoming popular among investors because it provides high liquidity and many trading options. One can trade more than 20,000 currencies of 75 countries across the world.
