US and UK have the trusted financial management system and also, their brokers have the best trading platforms, features, financial health and management systems… But, we are talking about the best forex brokers in South Africa. Only the South African regulations can protect traders from the country. So, a good broker in South Africa must at least have one regulation from South Africa in order to keep the traders there safe. The fact is that a broker should have more than one license to serve traders in many countries and this also means that the broker is big and reliable for traders.
However, the quality of the regulation is more significant than the number of the regulations that a broker has. A broker only needs to obtain one license of the country where it works if that country has its regulation, which is enough. Then the traders in this area are free and safe to trade with FXTM since it has the regulation in their countries.
It is also said that the best brokers should be the largest brokers in the forex market. It means they should have huge trading volume monthly, offices and services in many countries with the excellent quality. It also has great reputation which is proved by time and then, traders could entirely trust in the largest brokers in the market. If you are not aware of the payment system in a broker, you will be charged a dramatic cost for depositing or withdrawing money. Some US and UK brokers are famous for their excellent services and payment system in their countries, but in other areas, they are not really good.
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Transferring overseas costs much more than you really know. For example, in Asia, traders are charged from 1. Therefore, the best brokers in South Africa should support payment systems in local bank or local e-wallet to reduce the cost for traders.
Best Forex Broker In South Africa That Can Be Trusted
Some brokers such as XM even offer free-of-charge payment through local banks. As this is the cost when you join into the forex market, it is very crucial to reduce the cost in addition to gaining the profit. There are 2 types of cost: spread and commission. Spread is the difference between the Bid and the Ask prices. It is the fee of transaction which are paid to brokers or banks. The high spread means the high cost of transaction. Meanwhile, commission is often charged by brokers for every ECN transaction. There are 2 types of brokers: dealing desk and non-dealing desk with 2 types of account: Regular and ECN.
While main income of dealing desk brokers is spread, the main income of non-dealing desk brokers is commission. That is the reason why the spread of dealing desk brokers is much higher than that of non-dealing desk brokers. For ECN accounts, you are charged only commission as the spread is nearly zero, then the main cost of transaction is commission.
The best brokers for South African traders should have the lowest spread or commission. Here are some spreads of the best forex brokers in South Africa for your consideration:. Since the forex system is complicated itself, it would be difficult for traders, especially beginners, if they do not get any guide or help from the support team. Support team play a significant role in forex market, which can indicate how well a broker works.
Therefore, the best forex brokers should offer the best customer services, which could help traders instantly, timely and effectively. For example, XM is one of the brokers which have the best customer services. It has no technical error or discomfort claimed by traders since it was first founded. It provides support in English and additionally more than 30 other languages, which could help many traders from all over the world.
Top 10 Forex traders in South Africa and what their secrets to success are
XM also has local banking support, which is really convenient for traders when they deposit or withdraw money. Here are the top supportive brokers that are highly recommended for South African traders:. In conclusion, there are many good forex brokers in South Africa but each trader is suitable for each broker in this area.
According to this article, South African traders could find their own forex brokers based on the common standards that are listed above.
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I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Attractive section of content. Over the past decades, Pepperstone has won multiple awards for its customer service. This includes the Investment Trends customer support award, Professional Traders client relationship manager service award and the Global Forex best forex trading support award. Active traders also are provided with an account manager to tailor the support given for their needs.
Read more…. With a strong reputation worldwide and top-tier regulation, they are the ideal choice for South African forex traders.
Top 10 Forex Brokers in South Africa
Below our team of industry experts will highlight all FXTM MetaTrader 5 features including functionality, range of markets, total costs and the trade execution speed. The diverse selection of trading accounts allows FX traders to opt for an account that suits his trading requirements. Without further ado, SA traders can open three trading accounts as follows:.
On the downside, we should note that the Swap-free trading account is not available through the MT5 platform. You can download the MetaTrader 5 for desktop and Mac versions as well as mobile trading iPhone and Android. ForexTime offerings of financial instruments are extremely low when compared to other forex trading platforms.
Forex Brokers in South Africa
The range of currency pairs major, minor and exotic and asset classes offered by FXTM is on the low side. However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1, ForexTime can offer through its proprietary price engine technology fast execution speeds of 52 milliseconds according to data compiled in March FXTM can also access a deep network of liquidity providers that ensures you will benefit from tight spreads.
Additionally, the MetaTrader 5 platform can boost the following performances:. South African residents can explore all MetaTrader 5 features and performances in a risk-free environment by opting for opening a demo account.
You can access the forex market and practice your trading skills under live market conditions. FxPro headquarters are in the UK and have offices across the world offering no dealing desk allowing fast execution speeds and low brokerage for automated trading. After evaluating all the features that come with a FxPro live account, we concluded that the best cTrader forex broker is the London-based FX broker FxPro. This feature lets forex traders visualize the best bid and ask prices coupled with the total amount of available liquidity.
Compared to other trading platforms, cTrader offers 3 convenient ways to display the data inside the DOM:. The no dealing desk forex brokers have the advantage of offering direct market access and a transparent way to trade. South African traders will have restricted access to the available financial markets.
The range of markets available on the cTrader platform includes 4 asset classes:. Compared to other South African forex brokers, FxPro has a poor selection of financial instruments. The cTrader platform can only give traders access to a total of instruments. Additionally, SA traders can have direct access to the cTrader account directly from your browser via the cTrader Web Platform.
On-the-go trading is also available via mobile trading iOS and Android. Below, our team of experts list some of the essential features that make Plus so great:. The Plus trading platform offers access to the most traded markets in the world, including shares, indices, Forex, commodities, options, ETFs and cryptocurrencies. Compared to other forex brokers, Plus has a wide range of asset classes, but IG Markets and CMC Markets can offer their clients more markets and subsequently more trading opportunities. Due to the zero-commission policy, Plus is not able to offer low spreads.
Our team of industry experts conducted a deep review of South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below. The global CFD Provider is suitable for all investors with strengths in customer service and easy-to-use Forex trading platform and a range of markets from Shares, Indices, Cryptocurrencies and Forex with an assortment of currency pairs. HotForex offers the best bonuses for South African traders. There are three offers in including the super charged bonus which is available for the Premium and Islamic account only.
HotForex will match the account deposit to a maximum determined amount. South African traders that prefer forex trading via trading accounts that are denominated in ZAR have a plethora of options to satisfy their needs if they opt for opening a live trading account with HotForex. No matter of the trading strategy used and level of risk with HotForex, clients can open a maximum of 5 live accounts and additional 3 demo accounts.
In the table below, our team of experts assessed the main features that come with each different account type. HotForex offers a wide range of deposit and withdrawal methods catering to the needs of a wide base of clients. Opening a live trading account with HotForex is simple and straightforward.
Check out below the available payment methods via HotForex:. South African residents can speculate on the exchange rates with a maximum leverage of on a total of 49 currency pairs, including:.