South Africa is one of the major destinations in Africa. That’s because it is one of the most notable countries not only in Africa but also in the world. South Africa has a lot of forex brokers and there are equally as many forex traders. The dilemma is always matching yourself as the trader to the right forex broker. You do not have to worry though, we’ve got you.
You may ask, what is the best forex broker and how to choose the best forex broker? Which are the best forex brokers with low minimum deposit 2019? best forex brokers with demo accounts 2019? Let’s try and answer this questions, and in the same efforts find the best forex broker South Africa.
Below is a comprehensive review of the best forex brokers in South Africa. If you are trading from South Africa, we want to point you in the right direction. We do not have a blueprint to successful trading in South Africa, but we are certain that we can point you in the right direction. We are certain that we can help you get the best forex broker in South Africa
We’ve had experiences with the various forex brokers in South Africa. Below we are going to explore the various offerings that they have and try to find out whether they are ideal for you. Take a look at this comparison table below. It compares the various forex brokers featured in the review.
|Broker||Minimum deposit||Minimum spread||Currency pairs|
|IQ Option||$10||5 pips||29||1st Choice|
|FXTM||$10||0.1 pip||57||2nd Choice|
|Forex.com||$50||0.97 pips||50||3rd Choice|
Before we get to exploring the specific forex brokers. Let try and learn what makes a great forex broker. There are various considerations that you must make before you settle on a particular forex broker. Below, we sample some of these factors, so that they can help us find the best forex brokers for South Africa clients.
- Trading accounts offered – The trading accounts offered by a forex broker is the reason why you want to get on a trading platform in the first place. The first step before you get onto a broker’s platform is to check whether the trading accounts offered will work for you.
- Reputation – You need to ensure the broker you are working with is a reputable one. You can understand what a broker has to offer by checking what other traders who have been on the platform before have to say.
- Trading Tools and Support – Trading tools and support are part of the extras offered by forex brokers to attract traders. You should explore the support and tools on a broker’s platform, and find out whether they’ll be helpful for you.
IQ Option is one forex broker that anyone would not want to miss out on. Anyone who has traded on IQ Option before knows it is an exciting experience. IQ Option is a big name, despite being a fairly new forex broker. IQ Option began offering brokerage services in 2013 and has managed to rise to the top within a very short while. IQ Option is popular because it is one of the best forex brokers for beginners 2019.
IQ Option is a broker that you can trade with comfortably. IQ Option is a broker whose reputation has been built through the provision of top-notch services. Apart from that, IQ Option is regulated, and hence its services are always above board. These are the regulatory authorities that oversight IQ Option.
- CySec (Cyprus Securities and Exchange Commission)
- FCA (Financial Conduct Authority)
- ESMA (European Securities Markets Authority)
- IQ Option Trading Accounts
IQ Option trading accounts are the desire of every forex trader. Despite it having just two trading accounts, it has platforms that are accommodative to every kind of trader out of there. IQ Option has these two trading accounts;
- Standard accounts – the minimum deposit is $10
- VIP accounts – the minimum deposit is $1900
The standard account is a perfect account for beginner traders. The minimum deposit of $10 is a good testament to that. It is a good account for seasoned traders as well. The account allows traders to hold any amount of trading balanced. Regardless of what trading strategy you are using, you will certainly love trading on IQ Option.
To wind up the discussion on IQ Option, you need to know that IQ Option provides enough trading support. Also, its customer care services are quite commendable. They are always there to ensure they can attend to your trading issues.
FXTM is an exciting forex broker to work with. We’ve had our chance to explore and experience what trading on FXTM is like. FXTM is a forex broker from Cyprus, and it offers some of the best brokerage services in the world. Also, FXTM is one of the forex brokers that has been on the forex brokerage for the longest time. Regardless of where you are trading from FXTM is certainly one of the best broker for forex trading.
FXTM is loved for being a trustworthy forex broker, and also providing enough trading support. You should also know that FXTM is a regulated forex broker. It is regulated by a couple of oversight authorities, which are mandated by government acts to oversee the operations of forex brokers.
FXTM Trading Accounts
FXTM’s strongest point is its trading accounts. FXTM has two categories of trading accounts. They are;
Here are the standard accounts
- Cent account – $10
- Standard account – $100
- Shares account – $100
Here are the standard accounts
- ECN accounts – $200
- ECN Zero account – $500
- Pro-account – $2500
The amounts indicated alongside each of these trading accounts is the minimum deposit for that account. Each of the different accounts is designed to cater to a specific type of trader. The variety offered by FXTM makes it one of the most attractive forex brokers.
Forex.com is a leading financial services provider.
The recommended option under the platform is either advanced trading or Meta Trader 4. The company has analysts who provide research reports, news, order history, economic calendars, access trade signals, see positions, and market analysis.
The company has a mobile app that is easier to use. The traders can use the app to view trade charts and history. Besides, the investors can deposit and withdrawal, access news, and create watch lists. The observed problem is the charting feature.
Besides unleveraged gold and silver, eighty-three pairs are offered to the investors living in the United States. The entire available forex pairs are provided to individuals not living in the U.S. besides indexes, commodities, and CFD stocks. Crypto-currency trading is present in the United Kingdom.
Online chats, emails, live phone support, FAQ and tutorials are essential means of contacting the company.
Commission and fees
The raw prices and orders of the clients are not connected. To facilitate a larger spread, the company marks it up a little. Bigger spreads are quite evident in a standard account. The account, however, does not offer commissions. An active trade program is given to any investor trades with a minimum of $25,000,000. On the other hand, there exist free charges on wire transfers that exceed $10000. When the wire transfers are under $10000, then clients are charged $25.
Pros of Forex.com
- It is a highly regulated company to increase trust and security.
- The company’s platform has TradingViews charts.
- Desktop functionality and mobile are excellent.
Cons of Forex.com
- Crypto-currency trading is not offered in the United States of America.
- The company does not offer negative balance protection.
- It seems a small rebate, especially to the small clients.
- The company has high spreads when compared to other international financial brokers
Etoro is a well-known company based in Cyprus. In the United Kingdom, the Financial Conduct Authority regulates etoro. The company is available for desktop, tablets, and phones.
Popular investors in etoro
Clients that one can copy or follow are known as popular traders. The trader becomes a popular investor by just joining the etoro trading platform. In the platform, an individual is able to interact, compete, learn, share, and copy.
An award is offered to an investor after being copied. The number of copies determines the fixed monthly commissions. Traders who come top are guaranteed 2% of the money under own operations. Customer relationship management enhances proper interaction between computers and investors.
The tools are important as it allows an individual to get investors to copy and follow. The Discover people tool was developed by the company. The tool through a wide range of parameters helps the investors to filter through the preferred traders. Some of the parameters are Gain percentage, country, assets traded, Profitable weeks and many others. In each calendar month and year, etoro displays performance as either losses or gains.
The traders’ chat
The etoro platform has a trader’s chat. Through the chat, a client can access the past performance of the traders promoting perform simulations. The risk of trading is reduced by the stop-loss feature. The clients can trade using the free fully functioning demo account.
Pros of etoro
- A fully functioning demo account is provided for free.
- The features of integrated risk and money management exist.
- The Copy portfolio is essential
- The social network works well.
- The interface is simple.
Cons of etoro
- The existence of higher overnight rollovers.
- The clients can only operate the account using the U.D.
- Compared to other brokers, etoro has higher spreads.
eToro is certainly a fantastic forex broker. You’ll certainly enjoy the copy trading experience on eToro. Also, eToro is a very trustworthy forex broker. eToro is regulated from Cyprus by CySec. It is also a widespread forex broker and is regulated by many other oversight authorities.