Trust me you can save a lot of money in the future by simply depositing ZAR in your forex trading account. You will find that most forex brokerages are located in Cyprus or in London UK that is because these two places are the easiest to obtain a brokerage license that will allow them to operate across the whole world. You can read our popular article about FSCA regulated forex brokers here. The fact is that the majority of solid international brokers allow forex traders from South Africa to sign up without any problem.
They will happily accept you and provide you with the best trading conditions. To participate in Forex trading, you must deposit a minimum amount investment during the account opening process. The amount of deposit varies from broker to broker. If you live in South Africa you may prefer to deposit and withdraw money using SA banks and local depositing methods, always check if your chosen broker allows you to deposit comfortably.
Currencies are traded with a leverage in Forex trading. That means, only a small portion the margin of the total value of a position is necessary. It allows you to trade a much larger position with a small bet. In order to trade one standard lot which is Leverage is double edge sword so be careful. The higher the leverage the higher the profits but also loss. Some forex brokers advertise a bonus for new forex traders.
In most cases, the bonus offered by the brokers depends on the amount of the deposit and the number of trades within a certain period of time. For example: Bonuses are usually calculated as a percentage that is added as a free gift by the broker on the top of your deposit. Please note that in most cases the broker will not allow you to withdraw the bonus. You can only withdraw the money you earned, using the bonus money in forex trading.
On the foreign exchange market, a standardized contract, the so-called lot, is used. A standard lot has the equivalent of , euros. If the broker supports it, this value can be reduced to 10, euros mini-lot and 1, euros Mico lot. The spread is the difference between the buy and sell prices. One thing you do need though is a good trading platform. This is your main tool of work and you can open a free demo account with any broker just to test their trading terminals to see if you feel comfortable with them and whether they have all the features you need.
A good trading platform will be easy to use, user friendly, offer you a lot of various charts with possibility to open a lot of windows on the same chart station and with a lot of time frames, from 1 minute to 1 month. You will also need your favorite indicators, ability to analyze charts and place notes on them, back test your strategy and etc. One of the best trading platforms for the time being is Metatrader. It has everything you need. So, you should see if your South Africa broker has it.
Of course, if you prefer trading in a browser without downloading software most brokers will offer you that. But you need to check if they have all the tools you need for implementation of your trades. Unlike trading stocks where you will pay an amount for each trade, most brokers do not charge fees. So how do they make money you may ask? By offering you currency pairs with spreads. The spread is the difference between the buy and sell price. When you open a trade you will have 2 pips of deficit.
Spreads tend to be fixed and variable and sometimes fixed plus some extra fixed fee. Variable spreads can be much lower with as little as 0.
Africa's successful forex traders
If market is not affected by some surprising piece of fundamental news you will trade those low spreads. When some surprising economic or financial news is released and markets start going up or down sharply spreads tend to increase sharply too. So, you can choose between these two types of spreads depending on what kind of trader you are. If you have over a thousand USD you can try a mini and trade mini lots and if you prefer bigger trade sizes like k standard lot you would need 10k or more capital to trade with.
Of course, you can go further still and get VIP account where huge positions are traded, but you need to always remember that trading is a risky business and you should not risk what you cannot afford to lose. Trading is an international business, so you can expect a lot of foreign brokers offering there services in South Africa. It is obvious you need to expect excellent customer service in your own language or dialect from them.
Those who care, they will go extra mile or two to make you their customer. Do not forget that they will also have to offer a great and speedy request, complaint, questions answering service generally running all working days 24 hours without stopping till weekend. If they fail to solve your problems in a timely manner, do not trade with them. Like has been said, a good broker will walk extra mile to gain confidence of his clients.
Most brokers will do so by offering a lot of extra services for their customers both on their websites and on their platforms.
Large amount of those would be educational materials: videos, audio, articles, Ebooks and etc. They will hold free webinars and classes for newbies on every possible aspect of Forex trading. These things will definitely show that your broker cares about you.
You will always have time to trade Forex, so there is no need to rush to trade.
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You need to eliminate one problem first, find a good and reliable broker. You do that by checking whether he is regulated and what kind of services he offers in terms what hat been discussed in the article. If the broker you have looked at fits our description, it will probably be a good one. Of course, trading is always a risk and you should be ready to lose, but if you have done your homework success will come in your trading eventually.
Best Forex Broker Africa 2021 — Previous Years Winners
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Learn about our review process. FX Empire may receive compensation. The brokers below represent the best forex brokers for trading in South Africa. Scroll for more details. Your capital is at risk. No dealing desk. Dealing Desk, Market Maker.
Who are the best forex traders in the whole of Africa?
MT4, MT5. Market Maker. No dealing desk, STP. Sponsored Sponsored. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash. Visit Broker Your capital is at risk. FP Markets Review. Wide range of trading platforms and trading tools available. Excellent customer support and education tools. The volume of choice of markets and accounts may be overwhelming for beginner traders.
Visit Broker FXCM Review. Pros: Cons: Regulated Broker Multiple choices of trading platforms Numerous free trading tools provided Low minimum deposit requirement Comprehensive educational section Limited product portfolio No longer accepts US clients after losing US regulatory license. Vantage FX Review. Pros: Cons: Commission-free trading available. Can trade from MetaTrader 4 and MetaTrader 5. Access up to leverage.
Bonus and promotional trading offers. Segregated client funds held with National Australia Bank.
No regulation from Europe or UK regulators. FBS Review. ECN accounts available. FBS CopyTrade available for traders and investors.
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Fast customer live chat service. Good range of deposit methods Limited number of instruments IFSC Belize regulation offshore based. No mention of segregated client funds in Terms and Conditions.