In South Africa, Forex trading is a growing market. Brokers are neck to neck in competition. Brokers act as mediators between Forex and local traders.
When it comes to choosing the best Forex traders in South Africa, there are many options to choose from.
Best Forex traders in South Africa – Our picks
There are many excellent options for Forex trading in South Africa. Our experts have gone through all the top brokers in South Africa.
People who want to start Forex trading in South Africa should consider our list. Additionally, people who are accustomed to Forex trading can also find a better broker on our list.
Our list
- Tickmill
- HotForex
- FXTM
- Exness
1. Tickmill
This broker is our pick for the best overall broker. Tickmill is an internationally known broker. If you want premium trading services without any compromises, Tickmill is the best pick.
Regulation
Tickmill has multi-regulation. Multi-regulation means that more than one authority regulates the broker. FSCA, FCA and CySEC look over Tickmill.
Minimum deposit
The minimum deposit with Tickmill is set at 100 USD. One hundred bucks is a lot of money for new traders. However, institutional traders need the premium services that Tickmill offers.
Verdict
Tickmill is a top-of-the-line broker for professional traders.
2. HotForex
HotForex offers good trading services at low deposit rates.
Regulation
FSCA in South Africa regulates HotForex. In Europe, CySEC looks over this broker. In the United Kingdom, FCA monitors HotForex.
Minimum deposit
The minimum deposit for international and USD account holders is 5 US dollars. For South African brokers, HotForex offers an account for R70.
Verdict
HotForex broker offers the best trading services for new traders at the lowest rates.
3. FXTM
FXTM is a robust broker that offers instant and efficient trading.
Regulation
FCA in England regulates the FXTM broker. In Europe, CySEC monitors it. FSCA regulates FXTM in South Africa.
Minimum Deposit
The minimum deposit with FXTM is 50 USD. The FXTM deposit limit is at the moderate market level. Mid-tier traders prefer a broker with 20-50 USD.
Verdict
FXTM is a good broker for average traders.
4. Exness
Exness is known to be the new trader’s broker.
Regulation
FCA regulates Exness. Exness is based in Cyprus. Non-local brokers are a little risky to trade with. However, it is pretty reputed.
Minimum deposit
The minimum deposit is the most attractive feature of Exness. Exness offers the lowest 1-dollar deposit rate. For South African traders, this rate equals 15 ZAR.
Verdict
Most entry-level traders use Exness because of the low trading requirements.
Selecting the best broker
If you want to select a good broker for yourself, you must consider the following factors;
-
Regulation
The broker must be regulated by at least 1 or 2 solid monitoring authorities.
-
Leverage
The leverage rate depends on your trading method. However, moderate leverage rates are suggested.
Conclusion
There are several good brokers in South Africa. The South African broker market is getting tougher. However, a few things set the best brokers above the good ones. Our list will help all kinds of the trader to choose a good broker for themselves.
