Best Forex Brokers in South Africa 2022

South African Forex Brokers

Forex brokers, providing access to trading on the most global and liquid financial market – Forex, are very numerous and work all over the world. Much more than investment or brokerage companies offering work at classical stock or commodity exchanges in the USA or Europe. Nevertheless, over the years, the brokerage companies have divided their zones of influence: some offer unique conditions for clients from the CIS countries or Europe, others focus on traders from Asia or South Africa.

Do I need a broker to trade Forex?

Direct access to any financial market, be it Forex or any other stock market is available to a natural person or a client only through a broker. These organizations are considered to be intermediaries, which have the necessary licenses and permits to allow clients to purchase currency pairs or other financial instruments through brokerage companies.

Which is the best broker SA, or how to choose a trading partner in South Africa

Both for beginners and professionals the choice of the company should be based on the analysis of the important parameters which define the degree of convenience, comfort and reliability of work with the broker. There are more than 50 SA forex brokers offering forex trading South Africa using national currency – ZAR.

To choose the best forex brokers in South Africa, you need to consider different parameters, among them: the size of the initial capital, the possibility of free training, the quality of technical support, the number of trading instruments and the efficiency of depositing or withdrawing funds.

Best forex broker south Africa

After analyzing the key parameters that are important to any South African trader, our experts have identified 10 companies that are considered the best south african forex brokers. The list of the best companies is headed by the following brokers.

1) Tickmill – best forex traders in south africa with low spreads
Overall Score: 9.0/10

Spread: from 0.1

Minimal deposit: $100.

Licenses: FSCA, FCA and CySEC.

Tickmill is the leader of the best brokers in south Africa and is considered one of the safest providers due to its licenses from reputable top order regulators: FSCA, FCA and CySEC. Also, the provider uses NDD technology, which means the work without dealing center – direct clients’ transactions to the markets.

The broker offers trading in the foreign exchange market since 2014, works with minimal spreads: from 0.1 pips. The complete absence of commissions for depositing or withdrawing money from the account is considered another important advantage.

Pros of Tickmill broker

• The broker is considered safe, due to the presence of licenses of different regulators of the highest order.
• Communication with online chat operators is only available during business hours on weekdays (not 24/7).
• Low commission on non-spread accounts: $4 per standard lot or floating spread from 0.1.
• There are no accounts with base currency in ZAR.
• No deposit or withdrawal fees.
• The broker does not have a local call center phone number in South Africa.
• The broker offers trading with 62 currency pairs.
• In addition to currencies, the company offers work with CFDs on major U.S. stock indices, cryptocurrencies, stocks or metals.
• The possibility of making a deposit through local banks in South Africa.
• Quality real-time support service with minimal delays.

2)BDSwiss is a reliable European major-league broker with spreads from 0 pips.
General estimation: 8,5/10

Spread: from 0

Minimal deposit: $100.

Licenses: FSC, FSA. BAFin and CySEC.

European broker from top forex traders in South Africa, licensed since 2012. It has many licenses from top level regulators such as CySEC (license 199/13). However, it is not regulated by the South African FSCA.

Trusted by over 1.5 million active traders in over 186 countries around the world. They offer trading in a wide range of instruments: more than 1000 assets consisting of Forex currency pairs (over 50 pairs), cryptocurrencies, commodities. It is also possible to buy ETF shares for those who plan to trade forex South Africa.

Spread can be fixed 0 or floating depending on the type of account. The minimum deposit to trade is $100 (or in another account base currency – EUR or GBP) in a standard account. There are no accounts in ZAR. The main trading platforms – MT 4 or MT 5 for different types of devices.

Pros of BDSwiss broker

• BDSwiss has received permission to operate from the reliable regulators BAFin and CySEC.
• The broker does not have accounts with the base currency ZAR.
• Low spread on any type of account (from 0 pips).
• There is a commission for an inactive account.
• Depositing the account without any commissions.
• Commission for withdrawal 10 EUR for amounts less than 20 EUR, when using payment instruments other than cards. The same fee is charged for withdrawals by bank transfer of amounts less than $100.
• More than 1000 instruments are available for trading: currency pairs (over 50), popular indices (e.g. SPX

3)HotForex is a broker regulated by the FSCA with minimum commissions and maximum possibilities for high-quality trading
General estimation: 8.9/10

Spread: from 0 or on average from 0.3 on a standard account

Minimum deposit: $5 (micro account).

Licenses: FSCA (South Africa), FCA (UK) and CySEC.

HotForex is one of the largest forex brokers, one of the top 8 forex brokers in South Africa
and offering traders in South Africa all the benefits and privileges available to other clients in the world. The broker operates on STP technology which guarantees instant order execution.

For traders from South Africa the broker offers opening of accounts in ZAR. The company has competitive commissions for all account types. Thus, the spread on the EUR/USD currency pair on the standard account averages 1.3 pips.

A wide choice of currency pairs (more than 50). Also the broker solves the problem of how to deposit money into forex account in South Africa by providing a lot of free channels to deposit and withdraw money from deposits without commissions, including local banks in South Africa. A welcome bonus of 100% on first deposit is also available for South African traders. The broker has developed all necessary tools and services for comfortable work on Forex.

Pros of HotForex

• There are licenses of authoritative top-level regulators FSCA South Africa and FCA in the UK.
• There is no opportunity to trade cryptocurrency.
• The broker offers accounts with the base currency ZAR.
• Some withdrawal channels have restrictions on the minimum amount – $100 for a bank transfer (the term can take up to 5-7 days).
• For traders in South Africa is available to deposit or withdraw money through local banks or online banking.
• Low spread (from 0 pips on non-spread accounts with minimal commissions or from 1 pip on standard accounts).
• No deposit or withdrawal fees of any kind.
• Instant execution of deposit and withdrawal transactions on most channels.
• Wide range of trading instruments (1200+): over 50 forex pairs, over 200 assets for CFDs, bonds or ETFs.
• Local customer service phone number (for SA).
• Bonus programs (100% on deposits, cashback for trades and referred clients).

4)FXTM – renowned forex broker with instant order execution and reputable licenses
General rating: 8.5/10

Spread: from 0 or on average from 1.8 on a standard account

Minimum deposit: $10

Licenses: FSCA, FCA and CySEC

FXTM is one of the top brokers in South Africa and is in 4th place in the ranking of the best forex brokers in South Africa. The broker has been operating since 2011 and received its FSCA license in 2016. In addition to the South African regulator’s license, the broker is certified by two other reputable organizations – FCA and CySEC, which makes the company safe for trading.

SA best forex brokers, which includes FXTM offers a large number of assets for trading: currency pairs Forex (more than 50), CFD on stocks, cryptocurrencies or indices, spot metals and classic stock trading.

South African traders can fund their accounts with local banks. Those investors who don’t want to trade on their own can take part in FXTM Invest’s trade copying service. It offers more than 1,000 accounts whose trades can be monitored after subscribing.

Pros of FXTM

• The company is regulated by the FSCA, FCA and CySEC.
• No accounts with base currency ZAR.
• Depositing an account with 0 commission.
• Some services for profit withdrawal with commissions: when using bank cards retains $3 or 2 EUR, with WebMoney 2% of the amount and 30 euros when using a bank transfer.
• Most of the withdrawal channels are commission free and executed maximum in 24 hours.
• Some instruments are available for trading without commissions (NYSE and NASDAQ stocks).
• Advantage MT4 account has the lowest commission with 0 spread: $3-$4 per trade.
• Wide range of trading instruments: currency pairs, CFD on indices, cryptocurrency or raw materials, metals.
• Customer support is online in real time and available 24/5.

5)OctaFX – regulated broker with low spreads and copy-trading
Overall Score: 8.3/10

Spreads: 0.7 on average on a standard account

Minimum deposit: $25

Licenses: CySEC

International forex broker which has been operating since 2011 and is CySEC Cypriot approved and regarded as moderate risk provider as it has only 1 license from a top order regulator. It is included in the list of forex brokers with the best trading conditions.

The company has set variable spreads and offers trading on one of two types of accounts, which differ in the type of trading platform: MetaTrader 4 or MT5. The base currency is USD and EUR. Accounts in the local currency of South Africa – ZAR, the broker does not offer.

6)Exness – broker that offers trading with the minimum deposit and maximum leverage
Overall rating: 8.5/10

Spread: from 1 pip on average on a standard account

Minimal deposit: $1

Licenses: FSCA, FCA (UK) and CySEC

Forex broker Exness is considered safe for traders in South Africa because of the licenses of two respected financial regulators – FSCA and FCA.

The provider has been operating since 2008 and is considered one of the largest in the forex industry with a trading turnover of about 1 trillion USD (as of the end of 2021). Customer service is available 24/7, speaks 15 languages, including Chinese or Thai. It is one of the few providers that offers the base currency of the account in more than 30 kinds of currencies, including such exotic ones as RUB, SGB, THB or IDR.

Minimum deposit forex brokers is Exness, which has no minimum deposit limits (the amount of the initial capital depends on the requirements of the payment systems), spreads from 0.3 pips and accounts with base currency in ZAR, which attracts South African traders to the company. Market or instant order execution allows traders to use different trading strategies.

Pros of Exness.

• The provider is controlled by reliable regulators – FSCA, FCA, which makes it safe for trading.
• The company does not offer bonuses for depositing.
• The broker does not charge traders any commissions neither for depositing nor for withdrawing.
• Account verification is required to make the first deposit.
• Accounts are available in more than 30 currencies, including ZAR.
• Low spread – from 0.3 pips for a standard account.
• No leverage limit.
• The broker offers more than 100 currency pairs, CFDs on shares, cryptocurrencies or indices.
• Swap-free trading on the standard accounts is available on the particular set of trading instruments.

7)XM – instant order execution and minimal spreads
General estimation: 8.9/10

Spread: 0.8 on average on standard account

Minimum deposit: $5

Licenses: CySEC (Cyprus), ASIC (Australia), DFSA (Dubai) and IFSC

XM is one of the largest forex providers in the world with an impeccable reputation and over 20 years of experience: the broker entered the foreign exchange market in 2009. In spite of the absence of FSCA license, the broker has proved its reputation over a long period of time and is considered safe for traders in South Africa as well. More than 5 million clients work with the company.

Before choosing which broker has the lowest minimum deposit, you should familiarize yourself with XM’s fees. All account types at the broker (4 account types) with spreads from 0,6 pips are available from USD 5 minimum deposit. ZAR base currency accounts are available for South African clients. The broker developed a wide range of tools for trading: more than 50 currency pairs, CFDs on commodities, popular indicators or metals. To test the quality of trading conditions, the company offers a demo account with an initial deposit of $100,000.

Pros of XM

• The broker is controlled by 4 regulators CySEC, ASIC, DFSA and IFSC.
• CFDs on cryptocurrencies are not represented among trading instruments.
• Low spreads from 0.6 pips.
• Only MT4 or MT5 terminals are available, no other services.
• Instantaneous withdrawal of orders to the market.
• The broker is not licensed by the FSCA.
• No deposit or withdrawal fees.
• The broker offers more than 10 types of base currencies including ZAR.
• High-quality and efficient 24/5 client support in 30 foreign languages.
• Bonus programs (welcome bonus and bonus on every deposit).
• There is an option of protection of deposit from negative balance.

8. AvaTrade – swap-free trading with fixed spread
   Overall Ratings: 8.8/10

Spread: 0.8 on average on a standard account

Minimum deposit: $5

Licenses: FSCA and ASIC

AvaTrade is a large European broker which exists since 2006 and has never been included in the fake forex brokers list South Africa. It is controlled by the South African FSCA, which makes it a safe partner for the traders of this continent. In addition, the provider is accredited in other countries: Dubai, EU, Australia, or Japan.

The broker offers more than 1,200 instruments: currency pairs, cryptocurrencies, commodities or shares of major U.S. companies. MT4 or MT5 trading terminals as well as AvaTradeGo, the broker’s own in-house developed terminal. AvaTradeGo is swap-free trading with an average spread of 0.9 pips.

Advantages of AvaTrade

• The broker is regulated by the FSCA, which makes it safe for traders in South Africa.
• The broker does not offer ZAR accounts.
• The broker offers trading on all accounts without swaps.
• There is a $50 fee for no trades on the account.
• Deposit or withdrawal of funds from the account without any commissions.
• Low spread from 0.8.
• Auto-trading option available.
• Company has a local South African number and the ability to fund your account with local South African banks.

8)Plus500 – online cryptocurrency trading platform
Overall rating: 8.8/10

Spread: 0.8 on average on standard account

Minimal deposit: $5

Licenses: FSCA, FCA and ASIC

Plus500 is a broker and an online platform at the same time, offering trading in more than 2,500 instruments, chief among which are CFDs on options, indices, commodities, currency pairs and cryptocurrencies. The company has been operating since 2008.

The provider is controlled by top-order regulators – FCA (UK), FSCA (South Africa) and ASIC (Australia), so it is considered a reliable and safe partner for traders in South Africa.

The shares of parent company Plus500 Ltd are part of the FTSE 250 Index which trades on the London Stock Exchange.

Competitive spread, which is considered the only commission charged by the broker for trades.

Pros of Plus500

• Controlled by reputable regulators FSCA, ASIC, and FSA.
• The company charges the client a $10/month fee for inactivity (no transactions in an active account for more than 3 consecutive months).
• The platform offers work with 15 cryptocurrency CFDs.
• Trading is available only on the platform x offered by the company (there is no possibility to trade through classic MT 4 or MT 5 terminals).
• The broker does not charge for opening transactions.
• Deposit or withdrawal of funds from the account without any commissions.
• The support service is available 24/7 in 30 foreign languages.
• Stock CFD price quotes are provided in real time.
• The broker is considered #1 among CFD providers.

9)IC Markets – forex broker with the best trading conditions for ECN accounts
General estimate: 8/10

Spread: 0.0 on average on a standard account (0.1 for EUR/USD)

Minimum deposit: $200

Licenses: ASIC, CySEC

IC Markets has been operating for a relatively short time (since 2018), but has managed to earn the trust of millions of clients. Created by a team of professional traders who understand the basic needs of clients, it offers optimal trading conditions. Works under the control of authoritative regulators – ASIC, CySEC, guaranteeing the safety of client money.

The broker provides access to trading more than 1200 financial instruments, working on three types of accounts: without spread, but with the commission of $6-7 for 1 lot or without commission with the spread from 0,6 pips.

Advantages of IC Markets

• The Group is regulated by CySEC in Cyprus and ASIC in Australia.
• The company does not open accounts in the South African currency ZAR.
• Low spread and low commission on accounts with zero spread.
• Low leverage compared to other brokers – only 1:30.
• The broker offers to open an account in 10 base currencies.
• The broker does not have an FSCA license.
• Available work with 61 currency pairs Forex (except other instruments: futures, commodities, indices or digital currency).
• Deposits and withdrawals are without commissions.
• For MT 4 or MT 5 terminals the broker offers all types of devices.

Are Forex brokers in SA reliable, or how were the best forex brokers in South Africa selected?

Most forex brokers in South Africa also operate in other continents. However, many companies are not suitable due to the lack of, for example, the ability to trade in the local currency – zar. Conversion costs can be significant and it is always nice when a broker takes care of their clients and allows them to fund the account immediately in South African Rand. Therefore, there are several important points or parameters which South African traders should pay attention to before choosing which forex broker in South Africa will help the trader to make money on currency pairs or CFDs.

1. security comes first or a reliable broker must be monitored by serious regulators.
   Since Forex is an international currency market without borders, there are many regulators to regulate the activity of brokerage companies, which are located on different continents and are subject to the laws of different countries. When working with South African brokers, it is important to choose a company that is under the supervision of the supervisory authority located in South Africa. Such is the FSCA – Financial Services Authority of South Africa (or in the English language Financial Sector Conduct Authority). Having a license from such companies guarantees the safety of client’s money and participation of the regulator in the resolution of disputes.

Important. All the brokers from our list of the best forex brokers in South Africa 2020, also 2022 are under the jurisdiction of at least one serious regulator that confirms their reliability.

To check the presence of the company among those accredited by the regulator, go to the website of the supervisory body and enter the license number.

It is also important to check that the selected broker not only has a license, but can provide clients with any trading instruments. For example, derivatives or derivatives, which include CFDs. It may turn out that the broker is officially licensed only for providing clients with the access to trading in currency pairs, while the CFD is not licensed.

Thus, the best south african brokers should be licensed by the regulators of the highest order. You can check the availability of such certificates only on the website of the regulators. To check for a permit from the FSCA as the main supervisory body in South Africa, you need to visit the company’s official website – fsca.co.za.

To check for another authoritative body, the FSA, the availability of a license is checked on the regulator’s official website – fca.org.uk. On the websites of the regulatory authorities, you can check not only the availability of licenses to work with specific trading instruments, but also verify whether there have been any problems or complaints about the broker.

If a trader has chosen a broker that does not have a top-order regulator license or has complaints from clients, particularly about unfair activities, of course it is better not to open an account with it and even less so to make a deposit. It is important to distinguish the official complaints filed by clients against the broker from the usual reviews, where traders often accuse brokers of unscrupulous execution of deals, when they lose their deposit due to the lack of competent strategy and money management or trade without stop orders.

That’s why you should entrust your deposit only to the brokerage brokers in South Africa or to the brokerage company having the license of at least one high-ranking regulator. Analysts include such companies as FSCA, FCA. CySEC or ASIC.

A special form below shows the most reliable regulators and the country where they are registered and operate. If a Forex broker has a license from at least one of these organizations, such a provider can be considered a company with minimal risks.

South african forex traders can choose one of the brokerage companies included in the top 10 forex brokers in South Africa. Among the companies considered in the rating the most reliable are HotForex, Exness, FXTM or Tickmill, having at least 2 licenses from regulators of the highest order. Among which it is mandatory for companies to have an FSCA license, which allows for legal forex activities on the territory of South Africa. Thus, these providers are considered to be low-risk for traders.

In addition, the companies included in the top 5 forex traders in South Africa should not register client accounts in offshore zones, creating subsidiaries for this purpose. In this way the broker may avoid responsibility. If there are problems with the client’s deposit, it may be that the trader’s account will not fall under the jurisdiction of the supervisory authority, whose license the parent company has, and the legal entity in which the account of the complainant client was opened, is registered in an offshore zone.

2.How do I calculate trading costs? Or what commissions are charged by a broker for providing services
A broker’s income is made up of different types of commissions, which are charged on trades or on a trader’s personal account. These include spreads, swaps (payment for transferring active trading orders to the next working day), commissions for opening deals in certain instruments or for account maintenance, payment for consulting support or for using the service of copying deals.

The choice of a brokerage company should always be based on a thorough analysis of tariff plans, which may also differ depending on the deposited amount or type of account (standard or ECN). Standard for each brokerage company the commissions are as follows:

Spread – the difference between the Bid and Ask price or the Bid and Ask price. This charge is foreseen at any broker and is considered the most important one when choosing a company. The spread can be fixed or floating. For instance, the brokerage company Avatrade sets a fixed spread on its trading instruments. The other brokers reviewed in the top 10 brokers in South Africa offer floating spreads.

Important. The main difference between floating spread and fixed spread is that a floating spread is greatly influenced by the current market situation. Such spread changes from the current market conditions. During periods of important political or economic news floating spread may greatly increase. It should be considered when opening positions for traders who trade on the news.

All low spread brokers in South Africa indicate the spread amount for the trading rate offered on the homepage, where the types of accounts available for opening are listed. For more information on what spread is charged on a particular trading instrument, you can check a separate page. It is called trade conditions or specification of contracts.

Screenshot Spread

The above example shows the spread amounts of the HotForex provider for a standard account. The broker keeps minimum commissions for the most popular currency pairs among traders – EUR/USD or GBP/USD. However, when working in the market, depending on the current situation (high volatility due to important news releases), the spread may increase.

Commissions for work on ECN accounts (a special type of accounts, working on the ECN technology, characterized by instant execution of orders and direct market transactions), which are offered for professional traders. For these accounts brokers usually do not charge spreads, the commission may be paid in two ways (depending on the tariff policy of the provider): from the turnover or for each open trade.

So, for example, FXTM as one of the best providers for forex trading brokers in South Africa, the commission for ECN accounts is calculated by a special formula, specified in the account terms and looks as follows: (trading volume * contract size * opening price)/1 000 000 * commission * 2. For example, for the popular currency pair EUR/USD at the opening price of 1.21892 the commission for 1 lot will be $4.88.

Also the commission can be written off in two ways: immediately at the opening of the order or in two stages: the broker will write off half of the commission at the opening of the order and the other half will be written off at the closing of the transaction. Best broker in South Africa will offer the best rates on commissions. The conditions should be transparent and open for free studying by each client before opening a personal cabinet and an account.

Important. Before choosing a broker, if a trader plans to work with an ECN account, it is necessary to compare the commission fees. In this way, they can vary greatly depending on what instrument to trade. For example, the company BDSwiss charges $5 per lot for Forex currency pairs, when trading CFDs, the fees will be $2.

Swap. This is a fee, which brokers charge for the position roll-over to the next trading session. Its size depends on the currency pair, for which the client maintains the position overnight and the type of transaction: buy or sell. You can read about the swap rates in the contract specifications. Also many brokers create a calculator for clients so that they can calculate the amount of commission. The fee will be charged for each night if the transaction is held for several trading sessions. Depending on the type – buy or sell – the fees can be positive or negative.

For example, at the broker XM for the currency pair EUR/USD, traded 1 lot and carried over to the next trading day, will be charged – 5.05 USD if a long position (buy) is opened on the pair, or -1.15 USD if a sell order is open. At HotForex, for the same currency pair, if a long position is carried over to the next business day, the fee will be -2.3 USD, if a sell order is open, the commission will be -0.20 USD.

Not all of the brokers listed in the rating charge swap. For example, OctaFX and Exness have accounts where there is no swap charge for currency pairs.

Since certain currency pairs can have not only negative rollover fees, but also positive ones, traders can use this in their trading. There are similar trading strategies where trades are opened on specific currency pairs and on the type of order for which the broker charges a positive swap. The position can be held for weeks until the price level set by the client is reached and in addition to that, a swap will be charged daily.

For example, the company HotForex which is one of South Africa’s Top 10 forex brokers has a swap on the currency pair ZAR/JPY (South African Dollar/Japanese Yen) for the long position of 1.0.

Important. When planning trading, the trader should always take into account that if there is a swap fee on Wednesday night, it is withheld at triple that night.

Fees for depositing or withdrawing from the account. Many brokers impose a fee on deposits. Or they limit the minimum amount to deposit, which will be commission-free. For example, they will ask you to deposit from $250 on account to not pay any commission. The participants of our rating of top forex brokers offer the most favorable conditions for deposits and withdrawals. For example, XM Forex, HotForex and Tickmill withdraw clients’ money from the account without paying any fees.

Conditions for withdrawals or deposits are listed on a special page dedicated to the account.

Screenshot Withdrawal or Depositing

The photo of HotForex broker’s website shows that the provider does not charge any commission for depositing or withdrawing profits in most channels

Also for traders in South Africa an important condition for choosing a broker is the availability of accounts in the local currency. Forex brokers with zar accounts are the participants of the best companies rating like Exness or HotForex. The brokers offer trading in the ZAR currency. If a client can open an account in the national currency in which he receives his income, it is better to consider accounts in the South African currency so as not to incur additional expenses for conversion operations.

Important. Many trading brokers in South Africa may have restrictions on the available profit withdrawal channels – only the same way you deposited money to your account. It is necessary to specify this beforehand. It may happen that replenishment of your account happens

3. The speed of opening trades is of utmost importance
   Because of peculiarities of Forex – high volatility and strong reaction on different political and economic factors, the speed of opening of trades is of particular importance for traders. Or how quickly a provider brings clients’ trades to the market. At the time of important news, for example, currency pairs or other financial instruments can react with a sudden jump in price: in a few minutes quotes can go up to 100 points. For those investors who trade on the news, a delay of even a fraction of a second can result in a loss of profit.

All forex brokers must use the latest technology and achievements in their work. For example, NDD (no deck diling) ECN services are considered one of them. Both types of transactions are characterized by the maximum speed. The participation of a broker must be excluded in the process of placing an order to the market – the command must be immediately transmitted to other market participants: sellers or buyers of the trader’s chosen asset.

One of the ways to test the quality of the trading platform is to open a demo account. In this way, a trader can check how quickly trades are opened and how they are closed according to pending orders (buy limit or stop loss). On the other hand, the broker can execute deals on a demo account according to one technology. On the other hand, the broker may execute trades on a demo account using one technology, while on a real account trading will be slower. For this purpose it is necessary to make the minimum deposit and to work off trade on the real account. All brokers considered in the rating offer big bonuses on the first deposit (up to 100-200%) which after working out become the trader’s personal money.

4. Simplicity of deposit and withdrawal
   The Forex brokers described in the rating have simple and convenient trading conditions, including a wide range of options for deposit and withdrawal of earned profit. A special section on the company’s website always indicates the available channels for making a deposit and withdrawing money. All peculiarities of working with payment systems are obligatory:

minimum amounts for deposits;
maximum amounts for withdrawal (such practice is not used by brokers, but banks or other payment systems);
terms for money transfer.
Important. All brokers perform operations of depositing money instantly at any time: whether it is weekends or working days. Operations on withdrawal from the account of some companies may be executed only on weekdays.

Many of the top 10 forex traders in South Africa such as Exness, Tickmill and HotForex offer local bank wire deposits in South Africa. This is a great deposit option for traders in South Africa.

Based on the analysis of payment services for deposits or withdrawals, Tickmill, HotForex, XM and Exness are considered the leaders, offering the lowest transaction fees. It is also important that the execution of requests by the majority of channels is immediate or up to 24 hours (for some withdrawal options).

5. What account base currency does the broker offer: ZAR or USD?
   The base currency of the account is the currency, in which all trading operations on the account are conducted, and in which the money, deposited to the account using different payment services, is converted. For example, when depositing by Visa card, it is desirable that the base currency of the account is also in U.S. currency. All calculations are made by payment service in USD.

The most popular account currencies offered by each Forex broker is USD EUR. All currencies are offered without exception. Further, the currency units of the countries or countries where the company has the largest presence or where it is legally registered can be additionally added to them. Therefore, currencies such as CHF, JPY or GPB may additionally be used.

Brokers in South Africa should have in their range of offered base currencies the monetary unit of South Africa – ZAR. In our ranking of the best forex companies in SA zar account brokers are HotForex, Exness, XM Broker and Plus500.

The base currency of the account is always indicated on the account characteristics page, then the broker offers clients to choose the desired currency from the list when opening an account.

It is important for South African traders to work with south africa forex brokers offering accounts in ZAR for the following reasons:

Savings on conversion costs. Currency conversion fees may not be charged by brokers, but banks, through whose accounts brokers conduct transactions always charge conversion fees. It is profitable for traders to immediately replenish the account in the base currency.
When working with local currencies, a trader can make faster withdrawals or deposits. The broker and the bank through which the company conducts financial transactions does not waste time on conversion and deduction of commissions, so the deposit is faster, as well as the withdrawal.
Trading currency pairs with ZAR. Much easier and more beautiful.

6. which forex broker has the best platform?
   To open trades, analyze the price chart, a trader cannot do without a trading terminal or platform that brings the client’s trades to the foreign exchange market. The best trading platforms in South Africa, as well as in any other country is a platform that offers traders the most advanced and technologically advanced solutions for constant monitoring of open positions or development of own trading strategies. Trading terminals are offered by brokers in the following variants:

A desktop application or a web version. The majority of forex trading platforms South Africa offered by the brokers from the considered rating offer work through the application on the desktop computer. This terminal is considered to be more functional: on a wide screen trader can conduct a qualitative and full analysis of charts of selected trading tools. In top 10 trading platforms in South Africa the first place belongs to MetaTrader applications that are popular all over the world: MT4 and MT5. To get acquainted with possibilities of terminals, it’s easier for trader to open virtual account and learn how to work with account on the training version of the account. Apart from MetaTrader services, many brokers develop and implement their own applications. Plus500 and OctaFX have such services.
Mobile application. For traders who prefer to work with a smartphone or simultaneously monitor the trading account from their desk, any broker should offer the use of a mobile application. Especially since the popular MetaTrader services have developed mobile services, which are considered the best trading platform in South Africa. Before installing, it is important to check which currency pairs are available in the app (not all instruments offered by the broker may be traded in it) and if the app is available for any type of smartphone: Android or iOS.
Thus, you should choose brokers that offer different types of trading platforms and for different devices: for desktop computer, cell phone, web version. That’s why the best trading platform South Africa will be different for each South African trader: for some traders the most popular MT4 or MT5 will do, for other investors it is more convenient to work with terminals like cTrader.

Also trading platforms in South Africa, offered by brokers, should not be limited to trading terminals, but also offer their own applications, through which the client can manage their personal account without using a computer.

7. The quality of the broker’s client support.
   When working with any broker, no matter what experience the trader has, there are always questions in the process of work and it is important for the customer support service to respond as quickly as possible.

Forex South Africa, considered in the rating offer customers comprehensive help: multilingual support, different communication channels (hotline, online chat, e-mail or messages in popular messengers).

So, as a result of the analysis it has been established that one of the best support works at XM & HotForex, which react to the client’s questions promptly and are available for communication 24/7.

8. Choice of trading instruments for work or Which broker has the most currency pairs?
   An additional parameter that is important to consider when choosing a forex broker is what trading tools the provider offers. Thus, some brokerage companies offer only 30 currency pairs. Other companies, such as HotForex, for example, offer more than 50 currency pairs for trading.

It is also desirable that the company offers a wide range of other assets. The optimal provider is one that offers stock trading (NASDAQ or NAS100), options, bonds, CFDs, swap metals or cryptocurrencies.

That’s why you should check in advance if the broker’s rates have trading instruments of interest to the trader.

Which broker has the best demo trading account?

One of the best demo accounts offered by the rating participants is the account of XM company, which offers trading with a balance of $100,000. In contrast to many other companies which limit a virtual account to a balance of $10,000. The XM offer is considered optimal for beginners because it allows testing work with different instruments and different volume of opened positions (from 0.01 to 1 full lot).

Which broker has the lowest minimum deposit?

Every trader does not want to invest large sums when getting acquainted with a new brokerage company. That’s why it’s more interesting to work with companies which set minimal account opening limits in order to test the real trading conditions. So, with XM broker of one of the best types of forex brokers you can open any of the 4 types of accounts and test the provider’s capabilities in real time.

Which broker has the highest leverage?

Among the leaders in the rating of the best South African brokers, Exness and XM offer the highest leverage. The former broker doesn’t set the maximum leverage, while XM offers leverage up to 1:888.

Which broker has the most CFDs?

The Plus500 platform is the undisputed leader that offers the greatest number of CFDs and has the largest number of trading instruments among the brokers.

Which is the best platform for Forex?

The best trading platforms South Africa is MetaTrader 4, as well as the upgraded version of MT5. The best forex trading apps are also released by MetaTrader, which is considered the undisputed leader in the total number of users in the world. Additionally, we have created MQL5.community where traders can communicate live with each other, learn and copy trades.

FAQ
Before starting to work on the currency market, traders always ask similar questions. It is important to get acquainted with the most popular questions in advance and choose the right partner for trading in South Africa.

Which is the best broker for beginners?

Based on our analysis and description of the conditions of the best forex brokers in South Africa, we can highlight 3 companies that are optimal for beginners, among them:

• HotForex.
• XM.
• Tickmill.

It is important for beginning traders to have full support from the trader and an optimal set of trading tools. They include: availability of the demo account, on which one can work with all the trading tools, offered by the broker for real accounts, high-quality analytics and free training in the basics of Forex trading, prepared by the practicing traders with great experience in the successful work at the foreign exchange market.

Which broker is the best for professional traders?

The main difference between professional trader and a beginner is experience. It is the most important thing that is necessary for profitable trading. Forex market attracts millions of clients all over the world with its seeming simplicity of making money. It is partly true – high liquidity of Forex allows earning up to 100-1000% from one trade within short periods of time. Losing the deposit is also easy. That’s why for the professional traders who learned how to operate Forex the following criteria are important for selecting a partner: availability of wide range of trading instruments, possibility to accept investors’ capital for management (PAMM-service as a manager) or providing a trading account in copying service.

The following companies are considered as such brokers for professionals:

• FXTM.
• HotForex.
• OctaForex.

How do I choose a Forex broker?

One of the first steps in choosing a Forex broker from a wide range of companies is to check if the broker has a license from a top-notch regulator. This includes supervisory companies such as the FCSA, FCA or ASIC. Ideally, a top forex brokers in south africa should have several licenses. Another important parameter to choose is the duration of the company’s existence. Only reliable brokers interested in long-term cooperation have been working for years. The longer the better – preference should be given to companies with more than 10 years of brokerage activity. Other important criteria for selection are the existence of a wide range of trading instruments, training, a demo account and multiple deposit and withdrawal channels.

How do I know if a Forex broker is regulated?

The availability of the supervising body’s license is the obligatory condition for the legal business of the brokerage company. When the SA broker has the necessary permits, this is indicated in a special section of the main menu of the official website of the company. An additional guarantee of the authenticity of the specified data is the presence of a separate page devoted to the description of the Forex broker on the regulator’s site. This information is publicly available and available for review to any willing client. The name of the issuing authority and the document number with a link to the details are always indicated on the website of the forex brokers that the client can work with.

How do I make a deposit with a broker?

You can make a deposit by any convenient for a client method offered by the broker. The more reputable a company is, the more channels are available for depositing. Also, the transaction should take place instantly using most types of payment services (the exception is bank transfer by requisites, which may take up to 3 working days).

After registration of an account and creation of a personal cabinet, the option of account replenishment is available at many brokers. However, some providers offer their clients to pass a partial verification with documents confirming the person’s identity, and only after that they give an opportunity for the account replenishment.

How do I make a withdrawal from a broker?

The withdrawal of profit from the account is the most important question, because any broker allows depositing money to the account, and only reliable and licensed forex dealers allow withdrawing the earned money from the account.

All forex brokers sa can process the request for funds withdrawal only after the client passed the full verification procedure – this is the requirement of the controlling bodies in the sphere of financial relations. For verification the user must prove his identity with documents. Verification can take from several minutes to several days. That’s why all brokers recommend to pass the procedure beforehand. After that, the application is processed instantly by the day withdrawal brokers in South Africa.

How can I report scam brokers?

After the doubts about the broker decency or revealing fraudulent schemes, the user should apply to the controlling body, which issued a license for the brokerage activity of the company. However, before choosing a broker, it is important to get acquainted not only with the licenses, but also with the reviews of real clients, who work with the company every day and know all the peculiarities of the broker’s work.