The South African traders have the option to choose from the numerous online forex brokers all around the world. The only thing that is advised for the traders is that they check out first whether the forex broker is regulated by the Financial Services Board or FSB of South Africa. It often becomes difficult to understand whether a forex brokerage firm is scam or authentic as the scams nowadays expertly disguise themselves. One way of selecting a forex broker is to go by its popularity and its reviews. Listed below are some of the top forex brokers in South Africa and are permitted by FSB to do forex trading in the country.
CM Trading has its headquarters in Johannesburg, South Africa and is authorised by FSB under FAIS License Number 38782. 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 50:1.
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 200:1 (for Mini accounts it is 400:1). The minimum deposit at CM Trading is $250 only. 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.
Minimum Deposit: Real a/c- $10, VIP a/c- $1900
Maximum Leverage: Stocks- x 10, Forex- x 500, Crypto- x 5 (T&Cs apply)
Tradeable Assets: Stocks- 433, Forex- 27 pairs, Crypto- 16
Regulated By: CySEC (Cyprus Securities and Exchange Commission)
IQ Option Europe Ltd. is registered at Cyprus, and is regulated by CySEC. IQ Option Ltd. is registered at Seychelles. The online broker is known in the forex trading world for its trustworthiness and application of latest technologies. The unique features of IQ Options has made it won many accolades around the world. The process of opening an account on the platform of IQ Option is quite easy and the initial deposit is a mere $10. The trader can also register with their Google+ or Facebook account. There are no charges applied by the broker during withdrawal other than when it is a wire transfer to the traders bank account.
The broker offers over 70 assets for the trader to choose from and the minimum investment is barely $1. The website claims that traders can get up to 85% returns. The interface of the trading platform offered by IQ Option is easy to navigate and everything is organised neatly.
Minimum Deposit: $100 (electronic wallets and credit/debit card), $500 (bank transfers)
Regulated by: Financial Service Provider (FSP) and others
Licensed by several authorities the forex broker Plus500AU Ltd. is also permitted by Authorised Financial Services Provider in South Africa (FSP 47546). The minimum deposit when done through electronic wallets and credit/debit cards is €100. The broker is known offering tighter spreads. In case of some instruments, the leverage can reach up to 1:300. However, it depends on many factors like the market conditions.
The web-based version of the trading platform of Plus500 has several innovative features. The interface is extremely user-friendly. Plus500 does not put any limit on the usage of the demo account for its clients. They also offer guaranteed stops.
Operational since 2006, this forex broker company was initially known as AvaFX. Based in Ireland, AvaTrade has been permitted by Financial Services Board of South Africa to offer their services to the countrys citizens. With AvaTrade, the traders have the option to trade through and follow signal services on the platforms MT4, Mirror Trader, Zulu Trade and MQL5. They also have their own trading platformsAvaTradeAct and AvaTradeGo. The minimum deposit amount at AvaTrade is $250 only and the maximum leverage offered in forex trading is 400:1. They offer several trading tools to ease the process of devising a trading strategy and when to open or close a position.
has acquired the permission of FSB in order to operate in South Africa. Otherwise, the broker is also registered with CySEC or Cyprus Securities Exchange Commission. The leverage range at m is from 1:50 to 1:300. It depends on the asset being traded and the market condition. The initial investment is a mere $100 at Markets.com. The platform is known for faster execution of trades and for offering tight spreads. The traders can trade the currency pairs through the trading platforms MetaTrader, Markets Mobile Trader and Markets Web Trader. For security, Markets.com takes the help of SSL software and makes sure the communications between the clients and SafeCapInvestments are encrypted. They also offer investor compensation fund that can be as high as €20,000 to an individual trader. (T&Cs apply)
BDSwiss is a popular forex brokerage website worldwide and is regulated by CySEC. 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. The broker offers tight spreads and a leverage as high as 400:1 in case of forex trading. However, the leverage may differ from one currency pair to another. The minimum amount that a trader can deposit at BDSwiss is $100 only and the trader can choose the medium from credit card, debit card, wire transfer and other such approved mediums by the broker. WebTraderis the platform offered by BDSwiss that allows for easy navigation and lends to a user-friendly experience. MetTrader4 is another platform through which the clients of BDSwiss can trade.
All the brokers listed above offer demo account for trading forex and they deposit a certain amount in virtual money such that the traders can have real-time, live trading like experience. These brokers provide different charts, technical tools and indicators not only for the ease of the beginners but also for the experts. The customer support of these six forex broker websites is open 24 hours such that they are always available when anyone asks for help. The mobile apps offered by the above-mentioned websites are essential in modern era for ease of convenience.
Deposit Options: Credit Card, Neteller, Skrill
Withdrawal Options: Neteller, Skrill, Wire Transfer
Tradable assets: Forex / Currency pairs, Commodities (oil, gold silver), Indices and CFDs for shares trading
In the modern world of inter-connectivity, the way traders approach trading has also significantly changed. Online brokerages have emerged as the number one option for traders, whether it be Forex trading, stocks, indices or even cryptocurrencies. Online brokerages offer the convenience of trading from wherever one wishes, or even on the go. Many such brokers are operating in the market, combining value with selection and high-quality tools to provide their users with the best trading experience possible.
Brokers can differ from one another on the basis of the number of currency pairs on offer, leverage as well as the regulatory authority they are under. This is why it becomes essential to evaluate the quality of a particular online brokerage before using their services. Because of the influx of fraudulent sites masquerading as online brokerages, it has become even more imperative to check for the legitimacy for each brokerage.
Trading may not be suitable for everyone, so please ensure that you fully understand the risks involved.
Especially trading leveraged products such as Forex and CFDs carry a high degree of risk to your capital and can result in the loss of your entire capital. Only invest with money you can afford to lose.