com does not review any broker unless it holds at least one license in a tier jurisdiction that we track tier one through tier three. Learn more about Trust Score. Unless you already have a significant portfolio and have taken massive risks and gotten lucky or have a highly detailed trading methodology, the odds of getting rich from forex trading are stacked against you: Year after year, the majority of traders consistently lose money.

For the successful minority, most will realize the extra earnings as complementing their income, in the form of capital gains, while the largest wealth creation will be from traders who let their profits ride over the longer term, or had consistent winners and an overall sizeable portfolio to begin with.

The exception is if someone has a history of returns i. Was this helpful? Yes or No. For our Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50, words of published research. Each broker was graded on different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure.

Read about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

Read more on forex trading risks. Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U. as a Commodity Trading Advisor CTA. John Bringans is the Senior Editor of ForexBrokers.

An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.

He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. com is committed to the highest ethical standards and reviews services independently.

Learn How We Make Money. Home Forex Guides Directory. October 05, Submit Details. Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers. John Bringans John Bringans is the Senior Editor of ForexBrokers. They have negative balance protection with all their account types. The max. leverage is with all these account types. Also, their Swap fees is very high for most of the instruments. Their trading conditions are 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 in South Africa. read our in-depth Avatrade review. 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. have lower leverage as per the leverage restrictions with ASIC regulations. 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.

The traders from SA are registered under their offshore regulation. This makes them somewhat low risk broker for traders. With Raw spread accounts, the spread is as low as 0. With Standard account too, the spread is competitive, around 0.

Their trading fees is comparatively quite low even with their Standard account. There is no extra commission with Standard Account type at IC Markets. Their Swap fees are competitive but are not the lowest. The exact fees depend on the currency pair that you are trading. You have the option to fund your account via wire transfer or online wallets like Skrill, Paypal etc.

or via your card. They are a MetaTrader broker, but offer cTrader platform also. Their platforms are available across all devices. Our experience with their support was good. Read our in-depth IC Markets review. We gave them a lower rating because of high spreads. But the spread is very high with their spread only account types on average it is 1.

So, for traders choosing lower account types at FXTM, the fees is quite high. The Swap fees at FXTM are moderate. The non-trading fees are higher than other brokers. They have very convenient funding methods including local bank transfer in ZAR with zero fees on deposits with this method. But they charge extra fees on some withdrawal methods, like there is 1 USD fees for local bank transfer withdrawals in ZAR.

read our in-depth FXTM 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. If a forex broker is regulated by more than 1 of these major regulators then it is considered to be a low risk brokerage. So these brokers are considered to be low risk. It is also important to note that some brokers may register their clients under Offshore regulators for lesser compliance.

Always ask your broker about the regulation under which your account will be opened. Most good brokers will transparently answer this question. Another important point to note is that some forex brokers have fixed spread accounts, like Avatrade.

But the spread at a Fixed spread broker like Avatrade remains the same as what is listed as the typical spread for every instrument on their website.

The average spread is normally calculated over a period by the broker. Also, the commission could vary depending on the CFD instrument. So you should check the total fees commission for the exact instrument that you want to trade because it is quite possible that the fees for that instrument is lower at another regulated CFD broker.

HotForex mention their commissions with Zero account in ZAR as well for traders who have opened account ZAR as their base currency. Their commission is R80 for majors, and R for other currency pairs.

So, you should also check is the exact commission for currency pairs that you want to trade. As the commission could be higher for that instrument. For the same conditions the Swap Fees charged by HotForex is USD You should take this fees into account if you are going to hold your position overnight.

For example, FXTM charges an inactivity fee of 5 USD per month after 6 months of Inactivity. This fees will be deducted from your account balance. 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. All 4 brokers listed in above comparison table have variable spread , so the actual spread may be lower or higher than their typical spread for an instrument. The actual spread is based on the Live market conditions. Another factor to consider is if the broker offers quick order execution speed. Forex brokers either offer market execution or instant execution of orders.

It is important to note that during volatile market conditions, you are likely to get requotes at brokers that offer instant execution. But market execution brokers mostly market makers are able to offer instant fill of your orders without requotes but there is likely to be slippage. 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.

For ex. 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 account 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 will be the primary currency of your trading account.

Account current should be 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? Is it fast to use? We have compared the best forex trading apps for South African traders based on 9 factors.

In general, a good app will have a lot more positive reviews than negative. Another important point to look for in the app is its security.

There have been some brokers which experienced security issues. We tracked the support of every broker that we have listed here. Also, the live chat support at HotForex is responsive. For ex: Avatrade offers customer support during their business hours only, so there may be high waiting time with them for support related issues. Also, there might be a few minutes of delay while connecting with chat support at some brokers.

Normally, their replied in under 6 hours for emails sent to their support email. Their email support in some cases did not reply back to our emails, and when they did, it took a few days. On average, we got a response to our email within days, but in some cases the responses were much more delayed. You should perform these tests over a period, so you can have the idea on how responsive their support is. Many traders now trade CFDs on metals, commodities, indices etc.

Always check beforehand if the instrument that you want to mostly trade is not available at the broker or not. Normally, brokers create separate pages for each type of CFD instrument like Forex, metals, indices, commodities etc. Other than forex, you should check if the broker offers NASDAQ or NAS , crypto CFDs, Gold CFDs etc. For example, many brokers like FXTM, OctaFX etc. Make sure to always check beforehand if all the trading instruments that you want to trade are provided by the broker.

And check what fees the broker charges for the instrument you want to trade. Another important thing is to compare the overall trading fees for trading each instrument.

Some brokers charge high Swap fees for trading CFDs, and this will increase the overall costs if you are a Position Trader. In this case, you should look for a broker that preferably does not charge you Swap fees for overnight positions on CFDs for commodities, stocks etc.

As a beginner in Forex Trading, you must look for a broker that offers a free demo account, is regulated with FSCA, and also offers good education material. Ultimately this depends on your trading requirements, like the currency pair that you want to trade, your deposit methods, leverage requirements, if you require a raw spread ECN account broker etc.

However, there are some general guidelines that you should check before depositing your money with any broker. Always choose a broker that is regulated with top tier regulators like FCSA, FCA or ASIC. Another thing that matters is the spread, the lower the better. Also, check if your desired broker offers a platform of your choice. If your broker offers ZAR account, then it is a positive thing. For a start, you must only choose a broker that is regulated with a top tier regulator.

But not every regulation is the same, as many brokers claim to be regulated, but are actually regulated with some Offshore regulators to avoid compliance. So you should check with your broker, if they are regulated with respected regulations like: FCA, FSCA, CySEC or ASIC. We have also created this list of FSCA regulated forex brokers for South African traders.

Almost all brokers add this information at the bottom section on their websites or their about pages. Moreover, all the brokers that we have reviewed on our website are regulated with top regulators. Also, we have given links to their registration number in our reviews. Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review.

This helps us cover the expenses for running the website. We aim to help traders in South Africa find the best forex brokers. Read more.. Read full risk disclaimer.. za: 1 Forex Broker Comparison website in South Africa.

All Rights Reserved, By Rahul Sharma Editorial Staff —. Overall Rating 9. Ranked 1 Forex Broker in South Africa. Tickmill Pros Tickmill is a regulated broker i. with Tier 1 regulator FCA. And also with FSCA, so considered safe. Fair spread with Classic account. Instant Deposits via online Bank Transfer in South Africa.

Withdrawal within 24 hours via Internet Banking in SA. Good Live chat support, but we experience a few seconds of hold time while connecting. Tickmill Cons No local phone number in SA for support. No ZAR Trading accounts. Overall Rating 8.

And 0. BDSwiss Pros The spread is competitive with Classic account, and it is from as low as 0 pips with Raw Account. Funding is free with all methods without any extra charges. ZAR Base Currency Account is available. The support at BDSwiss is very responsive. Plus they have bot chat for quick answers to most frequently asked questions.

Written by Steven Hatzakis Edited by John Bringans Fact-checked by Joey Shadeck. The ForexBrokers. com annual forex broker review six years running is the most cited in the industry. With over 50, words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

The trading of forex currencies in South Africa, already popular, became even more robust after the onset of the Covid pandemic, as a potentially lucrative practice that could be pursued from home.

Several international brokers reported jumps in business beginning in While brokers are not required to become authorised by the nation's regulatory body, the Financial Sector Conduct Authority, carrying such authorisation is a mark in a broker's favor and a signal of legitimacy to forex traders. The FSCA was established in as the successor to the Financial Services Board FSB , the previous regulator. For a historical breakdown, see the Financial Services Board page on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. To find the best forex brokers in South Africa, we created a list of all brokers that accept new customers from South Africa and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers.

This exacting analysis of more than variables includes our proprietary Trust Score more on Trust Score below. Compare South Africa authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below.

This broker list is sorted by the firm's ForexBrokers. com Overall ranking. To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker's homepage.

For example, here's the key disclosure text from IG's website. IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK FCA Number , a juristic representative of IG Markets South Africa Limited FSP No South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.

Next, look up the FSP number on the financial register available on the FSCA's website to validate that the broker is currently authorized in South Africa.

IG is the best forex broker in South Africa from amongst all brokers that are regulated in South Africa and accept South African residents. IG ranks highly across key categories, including its trust factor using our proprietary Trust Score and is the No. Trust is paramount when a company is holding money on your behalf, whether it be a bank or broker.

At a minimum, a regulated broker is accountable and must demonstrate a commitment to compliance. Most importantly, it's crucial to use a broker that is properly regulated to reduce your chances of stumbling into a scam. And in the event that you are unable to resolve a complaint with your broker, your local national regulator or the regulator in the country where your broker is located may be able to assist in resolving your case, or, in the extraordinary event of a broker bankruptcy, help recover your funds.

An unregulated broker has no such obligation to help you and no regulator will be able to assist you either. Pro tip: The ForexBrokers. com Trust Score algorithm factors into consideration the number of licenses a broker has and where those licenses are from, as not all regulators are of the same level of trustworthiness.

For example, in top-tier jurisdictions like the U. Disclosure: ForexBrokers. com does not review any broker unless it holds at least one license in a tier jurisdiction that we track tier one through tier three. Learn more about Trust Score. Unless you already have a significant portfolio and have taken massive risks and gotten lucky or have a highly detailed trading methodology, the odds of getting rich from forex trading are stacked against you: Year after year, the majority of traders consistently lose money.

For the successful minority, most will realize the extra earnings as complementing their income, in the form of capital gains, while the largest wealth creation will be from traders who let their profits ride over the longer term, or had consistent winners and an overall sizeable portfolio to begin with.

The exception is if someone has a history of returns i. Was this helpful? Yes or No. For our Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50, words of published research. Each broker was graded on different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure.

Read about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

Read more on forex trading risks. Steven Hatzakis is the Global Director of Research for ForexBrokers. Steven previously served as an Editor for Finance Magnates, where he authored over 1, published articles about the online finance industry.

A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U. as a Commodity Trading Advisor CTA. John Bringans is the Senior Editor of ForexBrokers. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.

An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. com is committed to the highest ethical standards and reviews services independently. Learn How We Make Money. Home Forex Guides Directory. October 05, Submit Details. Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers. John Bringans John Bringans is the Senior Editor of ForexBrokers.

Joey Shadeck Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.

This makes them a low-risk forex broker. FxPro is well recognised for its MetaTrader and cTrader platforms accessible for desktop, web, and mobile trading. Top 10 Best Rated Brokers. Instant execution should mean that the order is placed as close to your desired price as possible. Exness Pros Exness is FSCA FSP No. XM does not have a South African phone number for support.

Categories:

• Binary Options online
• Forex
• Binary Options
• Forex Brokers
• Forex Bitcoin