IC Markets offers three primary account types, each differing in fee structures. At IC Markets, users have a total of 10 base currencies to choose from when they open their account.
They offer something similar to an active trader offering, offering further discounts to traders that trade over standard lots per month. In terms of educational resources, IC markets offers a detailed range of content especially for novice traders, covering topics such as technical analysis and trading psychology. InstaForex is an international brand of online brokerage platform founded in that offers various services to its customers such as Forex, CFDs on indices, shares, commodities, Stock, and cryptocurrency trading.
InstaForex has an overall sound global presence over the internet and is popular among forex traders due to its services, lucrative bonuses, promotional acts, and international customer support. Accounts can be opened "instantly" on the InstaForex platform using the "instant account opening" option. Operational since , this forex broker company was initially known as AvaFX. They offer several trading tools to ease the process of devising a trading strategy and when to open or close a position. The leverage range at Markets. It depends on the asset being traded and the market condition.
The platform is known for faster execution of trades and for offering tight spreads. For security, Markets. The brokerage website ensures that all the transactional and personal data of their clients are SSL encrypted. The South African traders can also trade CFDs on this platform and the leverage offered in this case is usually up to The trading platforms offered by the broker to its clients are MT4 and Sirix. When trading forex, the broker offers competitive spreads and a leverage of up to for Mini accounts it is They also have an education section that is of great benefit to the inexperienced traders.
Withdrawal requests are usually fulfilled within 24 hours and the broker firm offers promotions and bonuses frequently. Vantage FX is an Australia based online broker which offers a range of trading services in the forex market. The broker was previously named MXT Global after being founded in , before going through a rebranding in It is a registered entity in Australia and primarily catered towards an Australian audience.
The site is mainly compatible with MetaTrader 4 and 5 as well as market trader and Web trader. Vantage FX gives users access to 38 forex pairs and 24 CFDs on cryptocurrencies, commodities and indices. It offers a Standard STP account among its offerings, which does not charge a commission.
South Africa Forex Brokers - Best South African Brokers
However, the standard STP account has an indicative spread of 1. Other account types include the Raw Account which has spreads of just 0. Islamic accounts are also available, compatible with Sharia Law. Vantage FX puts increasing focus on robot trading, where traders are automatically executed based on some predetermined parameters. It offers award winning customer care services and occasionally some attractive promotions. This is extremely appealing to novice traders, as well as more conservative traders who want to keep their level of risk at a bare minimum.
However, for more experienced traders who are willing to adapt riskier trading strategies, the upper leverage limit of maybe a burden for them. It is also permitted by the financial authority of South Africa to offer trading services in the country. The setting up of an account in BDSwiss is quite simple and requires only a few minutes.
How we selected the best Forex Brokers in South Africa
The broker offers tight spreads and a leverage as high as in case of forex trading. However, the leverage may differ from one currency pair to another.
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As yet there are still few South African based Forex brokers, but more enter the market regularly. Choosing the best broker in South Africa for Forex trading is a vital first step. They will form a vital part of your trading equation and essentially be your business partner. The broker you choose should install a feeling of trust and meet your individual needs as a trader.
South Africa Forex Legislation
There are some important factors to take into consideration. Is the broker regulated? The most reliable Forex brokers in South Africa will be regulated and supervised by a local or international body. A broker that sticks to the rules and meets certain standards is the most positive sign they take their business very seriously. Does the broker offer low spreads? The spread is the difference between the bid and ask price of a particular currency pair. If a particular broker is offering high spreads this should be seen as a red flag.
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A better option will be to pick a broker offering low spreads. Is high leverage on offer? Leverage allows a trader to trade large amounts of currency with a smaller deposit. It is usually expressed as a ratio. A ratio of means buying power is increased times. If a broker is offering high leverage more opportunities will be opened up for making a profitable trade. However, ThinkMarkets has managed in a relatively short period of time to make a name for oneself. Below, our team of experts will outline the main factors that weighted the most into our proprietary scoring system.
Best Forex Trading Platforms and Brokers in South Africa 2021
ThinkMarkets offer a variety of trading account types suitable for all types of traders. The types of forex accounts offered by ThinkMarkets are listed below:. Retail traders can only get maximum leverage of South African traders can safely deposit money with ThinkMarkets. Forex insurance coverage has the following advantages:. Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:. Overall, ThinkMarkets is among the best South African Forex brokers due to their no minimum deposit requirements, a wide range of payment methods, and fund protection.
We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:. At IG, the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa. IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG forex spreads oscillate in accordance with the market liquidity while CFD spreads remain unchanged excluding stock spreads.
South African residents can open a live trading account with IG with a minimum deposit of Rand 4, Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.
In conclusion, the more assets under management you manage to attract, the bigger your payment will be. The table below will highlight the 4 levels of the Popular Investor program. Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income. The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:.
Pepperstone was awarded the best forex broker for South African traders based on five key factors:. For more details, you can view the Pepperstone review. View our best forex broker section to see a list of the leading CFD providers. Beginner forex traders should be looking for a CFD broker that an easy-to-use forex trading platform, strong customer support and risk management features such as negative balance protection and guaranteed stop-loss orders.
Our recommendation is Plus, which has the components a beginner trader needs. The lowest spreads are available from providers that have ECN broker accounts. Our review of Pepperstone found they had the lowest spreads with some examples:.
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South African forex trading success is partially dictated by the fx broker chosen, and five criteria should be considered:. Some brokers will only have a spread while others may have narrower spreads but also charge a commission. Some other fees may apply to advanced features such as guaranteed spreads, an overnight holding of a position or licencing fees. These have different interfaces, features and integrations.
On the South African forex broker table above you can view how MetaTrader MT4 is offered by most brokers giving the flexibility to change brokers if you choose this fx platform. Other platforms may have unique features not available on MT4 such as share trading on MT5 and C programming on cTrader.
As currency market movement is modest compared to other markets, leverage makes these more substantial to make real profits or losses. A trader needs to afford to take the high risk of losing money rapidly due to leverage. They help control risk such as determining when a trader exits a trade eg a guaranteed stop or to prevent a trader from not only losing your money but also from going negative through negative balance protection.
Even with risk management, you can lose money when trading, so the amount put into a deposit is critical. You can check with each fx broker what percentage of retail investors lose their money on retail investor accounts. This regulator reviews the financial services industry, excluding the banks. This regulator works towards protecting South African investors including forex traders and has powers to enforce their policies.