The forex trader’s preferences frequently determine the finest South Africa forex broker. It could be the pairs you need to trade, the platform, currency trading using spot markets or per point, or simply the convenience of use.
Forex brokers reviewed
- IronFX: best broker for beginners and copy Trading platform
IronFX is an online broker that supplies a fantastic forex trading service, with over 80 plus currency pairings, including ZAR, in both major and minor currencies. They also offer two trading platforms: MetaTrader 4 and their advanced platform.
Aside from currency trading, forex.com falls a little flat. Even though this broker provides a variety of CFDs for trading, the selection of other products leaves much to be desired. IronFX also charges greater fees for trading specific assets as compared to other brokers. In other words, if you only trade forex, IronFX is a great forex broker in South Africa.
- FXTM: Best advanced features
FXTM broker, an organization that has been in operation since 2011, with headquarters in Cyprus and a regulated company in south Africa. Eventually, FXTM is not only a well-known broker, but it is also becoming fairly valuable in South Africa in terms of trading quality and customer satisfaction ratings.
FXTM has created an ideal trading setting for all experience levels, whether a newcomer or a seasoned trader. Beginners and professionals will find essential conditions and truly professional training and support materials in addition to the normal content broker takes.
- eToro: Social Forex Broker
eToro is well-known in South Africa as one of the greatest forex brokers. To that purpose, they received the International Business Magazine award for “best broker in Africa” in 2018.
etoro has six different account categories, three of which are ECN and three of which are standard. Cent and share accounts are available, as well as a fully authentic demo account and an Islamic trading account upon request.
If you have a cent account, the eToro minimum deposit for FX trading is a mere $10. This is perfect for inexperienced forex traders. The least deposit for an ECN account is $200, whereas the minimum deposit for a shares account is $10,000. Both eWallet and credit card deposits are permitted within the accounts at no cost in most circumstances.
It is very important to keeping in mind that ZAR deposits are not available, nor are they offered as a base currency alongside USD, EUR, or GBP.
Conclusion
South African forex traders have a lot of options. While the FSCA regulates many, overseas brokers provide the most competitive deal. An increasing number of organizations are pursuing an FSCA license to increase their appeal to South African forex traders by providing the best alternative. FSCA oversight, despite its many benefits and features, is not required if you deal with an internationally trusted forex broker. The most important and initial step is to decide what kind of trader you want to be and then hunt for the necessary equipment from various brokers.
