28/1/ · 5 Best Forex Trading platforms in South Africa for XM Trading – Overall Best forex trading platform (MT4 & MT5 for desktop, mobile & web) Plus – Popular CFD platform; Hotforex – Low spread beginner friendly MT4 & MT5 platforms (regulated with FSCA) IC Markets – Low fees ECN forex trading platform (Metatrader & cTrader available) Browse a list of the top brokers in South Africa. We have reviewed over online trading platforms to help you find the best fit for your investment. Trade FOREX Now 10 Best Forex Brokers in South Africa - ForexBrokers
Best Forex Trading Platforms In South Africa [ Updated]
We even put in consideration the actual user reviews and ratings of real traders. Exness is our 1st rank forex broker for South African traders. They are highly regulated with FSCA, top 10 forex trading platforms in south africa, FCA, CySEC so we consider trading with them to be safe for South African traders.
The spread is 0. Overall, we found Exness to a broker with one of the lowest spread. Exness offers the latest MT5 platform also along with MT4which we consider to be a positive thing. They even have local bank transfer option, and some instant withdrawal methods. They is one of its kind. We also like their customer support. read our in-depth Exness review. Tickmill is a No Dealing Desk NDD broker that is regulated by FSCA FSP no. Since they are regulated by multiple Top Tier Regulators, including in South Africa so we consider them to be safe.
Tickmill was established intop 10 forex trading platforms in south africa, and we consider them to be a safe broker as they are regulated with multiple top-tier regulators i. In terms of fees, Tickmill has an average spread with their Classic Account, starting from 1.
Their spread with Pro account is very low from 0. read our in-depth Tickmill review. Hotforex is our recommend choice for low cost forex broker in South Africa. Hotforex is solid for low fees! They offer 12 trading platforms Including the latest MT5, and the MetaTrader for Android, iPhone and desktop. read our Hotforex review to see detailed comparison of spread, platforms and features.
But they are not regulated with FSCA in South Africa. BDSwiss was founded in in Zurich, and they are a reputed forex broker. Also, BDSwiss LLC is authorized by NFA. They have spread of 1. They also offer CFD trading on popular indices like NASDAQ, and 20 Crypto CFDs at competitive fees.
They offer variety of account types with many features including negative balance protection. But the trading fees is much lower with these accounts.
The deposits at BDSwiss are free of any additional charges with all transaction methods. read our in-depth BDSwiss review. XM Trading is another good forex broker for South African traders. We highly recommend XM to new traders. XM Group is a part of Trading Point of Financial Instruments Ltd that was founded in They are now one of the leading forex broker in terms of daily trading volume.
Their fees with their Ultra Low Account is also one of the lowest of all the brokers that we have compared. Plus, they have negative balance protection, top 10 forex trading platforms in south africa. Their trading environment is quite good. Their support is also really fast in handling issues, especially their live chat which also available 24 hours during the week.
Avatrade is a European broker that is also regulated with FSCA in South Africa. Avatrade is an European forex broker that was founded in Their deposit and withdrawal options include credit cards, wire transfer, and wallets. They also accept local bank transfer deposits. But they do have a local phone number.
read our in-depth Avatrade review. FXTM is our 5 forex broker in South Africa as per our comparison. But their fees is high with their Standard accounts. We consider them to be safe since they are regulated with multiple top-tier regulators globally.
But the spread is quite high with their Standard accounts 2. In terms of their trading fees, we recommend them for ECN accounts only. They have very convenient funding methods with zero fees on deposits. But they offer some fees on withdrawals, but the withdrawals are quick. read our in-depth FXTM review. FXCM is a UK based broker that is also regulated with FSCA in South Africa as FXCM South Africa PTY LTD with FSP number They are one of the oldest regulated broker, so we recommend them.
FXCM was founded in We consider them to be safe as they are regulated with FSCA in South Africa sincewith FCA in UK, and with ASIC in Australia. In terms of fees, FXCM only charges variable spread for every trade. FXCM offers MetaTrader 4 MT4top 10 forex trading platforms in south africa, Ninjatrader, ZuluTrade, and their own propitiatory Trading station platforms. Credit card withdrawals top 10 forex trading platforms in south africa free with no fees.
But we found their Live chat support to be slow in answering questions. Disclaimer: CFDs are complex trading instruments that come with a very high risk of losing money quickly due to leverage. Before trading with real money, you should make sure that you understand how CFDs top 10 forex trading platforms in south africa, its risks and whether you can afford to take the high risk of losing your money.
Plus is a popular CFD trading platform, that is also listed on London Stock Exchange. Their platform is easy to use, and very user friendly. But the downside is that it is not available on desktop. But their education section is quite limited though.
read our in-depth Plus review. IC Markets is one of the largest forex broker in terms of daily trading volume. With Top 10 forex trading platforms in south africa spread accounts, the spread is top 10 forex trading platforms in south africa low as 0.
With Standard account too, the spread is competitive, around 1. They are a Metatrader broker, but offer cTrader platform all. Their platform is available on all devices. Our experience with their support was also good. Read our in-depth IC Markets review. In South Africa, you must check whether the broker is regulated by FSCA or not. Make sure to verify if the broker is approved for offering derivative instruments.
You need to ensure that the broker that you are choosing is approved for offering derivatives trading. So next time before choosing any broker, properly do your research, and check if the broker is regulated or not. If the broker claims that it is regulated, then search the name of the broker on the websites of the Regulatory authorities: fsca. If the broker that you are about to trade with is not regulated or has a valid complaint against it or has been fined in the past for some bad practice, then its best to stay away from that broker.
Also, as another rule, never choose a broker that is not regulated with at-least 1 top regulator i. FSCA, FCA. CySEC or ASIC. In the table below, we have compared the typical spread in pips of our 4 top rated forex brokers for their standard accounts according to the Contract Specification information on their websites :. Note: All 4 brokers compared above have variable spread, so the actual spread may be higher than the value listed in the above comparison table.
The actual live spread will fluctuate based on the market conditions. Also overall, Hotforex had very competitive spread for most FX instruments with Premium account. All 4 brokers listed in above comparison table have variable spreadso it may be lower or higher than their typical spread based on the actual Live market conditions.
Another factor to consider is if the broker offers quick order execution speed. Most of the good brokers have a terms or trading conditions page on their website regarding their execution policy. You would agree, right?
You should also carefully look into the withdrawal fees, because some brokers offer zero fees on deposits but charge high fees during withdrawals. Your account base currency is the currency in which your trading deposits, profits are converted.
Eg: If you choose ZAR as your base currency then all your account deposits, profits in your account with the broker with be held in ZAR South African Rand. As per our research, there are a few forex brokers that offer ZAR top 10 forex trading platforms in south africa in South Africa i.
with Rand ZAR as a base currency option for your trading account. Brokers will generally display their account base currency options on their Account Types page. This is a really important consideration for South African traders, if you are looking to make local deposits and withdrawals in Rand. There are following advantages for have a ZAR forex account:. You should ask these questions these for starters: Is it available for Android, iOS?
How To Choose The Best Forex Broker In South Africa// With Lesiba Mothupi
, time: 9:255 Best Forex Trading Platforms in South Africa - blogger.com
Forex traders require a good international or South African forex broker that has a range of currency pairs, low CFDs costs, and the best forex trading platform. Three of the most popular forex platforms are MetaTrader 4, MetaTrader 5 and cTrader 10 Best Forex Brokers in South Africa - ForexBrokers Browse a list of the top brokers in South Africa. We have reviewed over online trading platforms to help you find the best fit for your investment. Trade FOREX Now
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