South Africa is one of the fastest-growing Forex markets in the world. Each day thousands of people step into the Forex market. Hence, it is a very promising market for brokers. All the new traders look for a good broker to succeed. Similarly, the brokers try to get more traders by using their schemes. A trader must make the right decision regarding Forex brokers in South Africa.
This article will present the Top 7 Forex brokers in South Africa.
A Forex broker is a person or a company that provides exposure to the traders on the Forex trading platform. It is necessary for a broker to sign-up and trade through a broker on the Forex platform. The Forex market is decentralized; hence there is no official application or website of Forex.
A good broker
A good Forex broker should have a lot of qualities. It comes down to the trader and their needs to select the broker that works best for them. However, here are some general qualities that all good brokers must possess.
· Low deposit limits
· Average leverage
· Support for deposit and withdrawal methods
· Better support
Top 7 Forex brokers
Here are our top picked Forex brokers;
Starting off our list is Tickmill. Tickmill is one of the best Forex brokers in South Africa. It is a regulated Forex broker in South Africa by FSCA, and FCA and CySEC also regulate it.
Tickmill does not have low deposit limits; you need to deposit at least 100 USD in your Tickmill account. This broker also offers adjustable leverage rates depending on the account type.
The withdrawals and deposits are also processed within a day.
BDSwiss is the second broker on our list. This broker is also regulated by multiple authorities such as CySEC, NFA, FSC, and FSA.
BDSwiss offers better spreads with a definitive account at 1.3 pips. It offers even tighter spreads at 0.3 pips if you opt for the RAW account.
If you are looking for a good Forex broker who won’t break your bank, HotForex is the best choice. It has very low trading fees. HotForex also deducts no charges on deposit and withdrawal from your account.
FXTM is a good all-rounder broker. It offers robust features and fast trading speeds. FSCA, FCA, and CySEC regulate FXTM. Live Chat Support of FXTM is also very responsive & available 24/5.
OctaFX is probably one of the most famous brokers on this list.OctaFX typical EUR/USD spread is 0.7 pips with their MT4 & MT5 Trading Accounts. However, OctaFX does not offer SA traders ZAR base currency trading accounts.
Exness is another very famous Forex broker in South Africa. The reason for Exness’s popularity is the new user deposit bonus. Exness also offers MT4 and MT5 trading platforms, and users can choose either one of these based on their needs.
7. XM Trading
XM trading is a very good broker. However, it doesn’t have South African FSCA regulation. It also offers a good trading experience at competitive spreads and leverage.
South African Forex broker competition is tough. It is also very hard for a broker to select the right broker. Our list will help traders make the better choice and choose a broker that suits their needs. Check out this article trade245 minimum deposit for nasdaq if you want to learn more.