Top 5 Forex Trading Brokers in South Africa

Forex Trading Brokers in South Africa: South Africa is one of the biggest economies of the continent of Africa renowned for its precious minerals, gold, platinum and diamond mines worldwide. Besides, millions of tourists across the globe land here and get mesmerised with the beauty of the country.

Due to this, the forex market has developed here. In July 2020, the Forex reserves in South Africa touched the all-time-high of 57880 USD Million.

List of Forex Trading Brokers in South Africa

Folks of the nation who invested in the foreign investment market got benefited. Let’s discuss top 5 Forex trading brokers in South Africa.

1. Oinvest

In the list of top 5 brokers, Oinvest remains on the pinnacle position. It is a CFD broker which chiefly deals in the forex market and deems fit for the traders and investors of South Africa. Besides, it has other instruments like commodities, indices, and cryptocurrencies.

Platforms used by Oinvest: MetaTrader4 is a leading platform commonly used across the spectrum of several brokers. Traders can access it through ioS, Android mobile devices, computers, tablets and laptops. Also, it is accessible through Windows as well.

Types of trading accounts on Oinvest

  1. Silver Account
  2. Gold Account
  3. Platinum Account

Also, to accustom Islamic traders, it has a unique Islamic account that serves their purposes.

Regulation of Oinvest

FSC is an authorised body which regulates the broker and keeps a check on its activities. Besides, there’s a license available which cements the claim of its authenticity.

Features of Oinvest

  • Maximum leverage:- 1:500
  • Commission on trades: zero
  • Minimum deposits: $ 250
  • Incredible course material
  • Demo account available

Withdrawal and Deposit Options on Oinvest

Neteller, Skrill, credit cards, wire transfer and many more.

Forex Currencies on Oinvest

USD/CHF, USD/INR, AUD/NZD, EUR/JPY, GBP/CAD

2. ForexTime

Commonly known as FXTM, has a reputation among South African investors in terms of forex exchange trading. The broker has a de facto headquarters situated in Limassol, Cyprus. The company found its establishment in 2011 and continuing its operations since then relentlessly. So far, it has served thousands and thousands of users and across many countries and territories trading forex.

Trading Platforms on FXTM

The broker has MetaTrader4 and MetaTrader5 platforms, which are the best available in the brokerage market. These two help edge out the competitors and rivals by a margin.

Types of Trading Accounts on FXTM

It offers the following accounts:-

  1.  ECN Account
  2. Standard Account
  3. Cent Account
  4. Stock CFDs Account

Regulation of FXTM

Famous regulatory agencies like FSC, CySec and FCA regulate the brokerage firm. It has got a license from FSCA South Africa.

Features of FXTM

  • Maximum leverage: 1:30
  • Instant order execution
  • Comes loaded with a swap
  • Minimum deposits: $ 10
  • Impeccable course material
  • Demo account available

Withdrawal and Deposit Options on FXTM

Cryptocurrencies, Credit Card, Maestro, QIWI, Neteller and several others

Forex Currencies on FXTM

USD / EUR / GBP and many more

3. FXPro

The broker firmly sticks to its ideology and name by offering the best forex exchange deals and markets to users across the South African region. It is way above its peers and companions when it comes to exhibiting currency pairs. It has more than 70 forex assets for traders to transact. The brokerage firm is flexible and moulds its direction to comply with the needs of an investor.

Platforms used by FXPro

Both MetaTrader4 and MetaTrader5 are available with the brokerage house that allows investors to pick and execute their forex biddings in the nick of time. Some charts on these platforms provide in-depth market information of markets with quick execution.

Types of Trading Accounts on FXPro:-

It offers a normal account, which needs necessary information and some proofs to authenticate to the user. After getting through the process, the user can get into the world of forex trading.

Regulation of FXPro

There are plenty of regulatory bodies and agencies that are keeping their eye on activities summoned by the broker. FSCA, CySec, SCB and FCA undertake the responsibility of guiding the broker.

Features of FXPro

  • Maximum leverage:- 1:30
  • Commission on trades: Slightly
  • Minimum deposits: $ 100
  • It has fixed spreads
  • Decent course material
  • Several trading platforms available

Withdrawal and Deposit Options on FXPro

Neteller, Credit Card, Union Pay, PayPal, Skrill, Wire Transfer

Forex Currencies on FXPro

AUD/CAD, AUD/CHF, AUD/NZD, CAD/JPY, CHF/JPY and several more

4. FXCM

It stepped in the world of online financial trading in 1999, when seldom people were aware of the alternative of over the counter transactions in several instruments of finance. It is renowned for offering spread betting and CFD trading accounts to users. Investors get active trader accounts with dedicated support and elite pricing.

Platforms used by FXCM

The online brokerage firm is providing MetaTrader4, also known as MT4 for getting the best deals in the forex market to South African traders and help them earn higher profits. Besides, there’s Ninja trade and Zulu trade for investors for selection.

Types of Trading Accounts on FXCM:-

It offers a standard account which applies to every individual who is willing to trade in the forex market. Simply registering on to by filling the essential details, a person can start the journey of financial trading.

Regulation of FXCM

FCA of the UK is the prime regulatory body which is undertaking all the work related to the FXCM broker and sees its activities. The factor pulls the element of authenticity.

Features of FXCM

  • Maximum leverage:- 1:30
  • Commission on trades: zero
  • Minimum deposits: $ 50
  • Amazing trading stations and platforms
  • Decent course material
  • Demo account available with more than 50K virtual currency money
  • Wide range of markets for trading

Withdrawal and Deposit Options on FXCM

Credit Card, Neteller, Wire Transfer, Skrill

Forex Currencies on FXCM

EUR/USD, USD/JPY, EUR/USD, GBP/USD, USD/JPY, and several more.

SAXO Bank

It is the player of the player in the field of the financial market. It dates back its origin from 1992. The company serves its client base in more than 120 countries globally. It has more than USD16 billion worth of asset management under it. Also, it has the capacity to process approximately one million transactions a day.

Platforms used by SAXO Bank

The company has its own in-house platforms that power through any bidding and execution of prices seamlessly. SaxoTrader, and TradeMaker exhibit remedies for all queries and placement.

Types of trading accounts on Saxo Bank

  1. Professional Account
  2. Saxo Account
  3. Corporate Account

These accounts comply with the requirements of distinctly South African traders and offer solutions to their needs while trading in the forex markets.

Features of Saxo Bank

  • It accesses more than 40 thousand instruments.
  • Maximum leverage:- 1:30
  • Advanced trading platforms
  • One account suffices for trading and hedging
  • Educational tools for veterans and beginners

Withdrawal and Deposit options in Saxo Bank

It is a successful bank. Hence Wire transfer is the most preferred way for depositing and extracting funds out of it.

Forex Currencies on Saxo Bank

The broker is offering 44 FX vanilla options to its traders. Some top currency pairs are as follows: XAU/USD, AUD/USD, EUR/USD, EUR/JPY, EUR/CHF. Sundry currencies are available for selection.

Conclusion

The top 5 Forex trading brokers in South Africa are the noblest in the domain for trading foreign exchange, which has crossed assimilated the boundaries of nations through transactions superseding $ 5.1 trillion a day. You can check out more South African forex brokers here.

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