More than 50 forex brokers are operating within South African traders who offer more or less the same trading environment and conditions. Most of them are regulated by the FSCA, CySEC, or FCA.
How to find the best forex broker in South Africa? Here we do solid research on over 50+ forex brokers in South Africa and filter out the top forex brokers for you listed below. Let’s have a look.
How to decide which forex broker is best?
First, you should select a forex broker who is credible and well-regulated by International authorized sectors in the South African market. Then it would help if you analyze other factors, including minimum deposit, trading fees, maximum leverages, ease of trading platforms, the convenience of withdrawal, and technical support.
If all the above factors of a certain broker are your trading strategies and profitable, sign in an account immediately.
Four best forex brokers in South Africa
One of the top forex brokers in South Africa that was established in 2014 is top multi-regulated by FSCA, FCA, and CySEC.
Tickmill has an average spreads with their classic account, starting from 1.6 pips for a currency pair of EUR/USD. However, offers a more low spread of 0.1 pips for a pro account. It doesn’t charge any deposit or withdrawal fees. It proves convenient to many South African traders as it 9ff4s a comparative variety of withdrawal methods.
Moreover, Tickmill offers MetaTrader 4, MetaTrader 5, and Web Traders trading platforms and offers trading over 62 currency pairs and many other trading instruments. Unfortunately, it doesn’t come with a ZAR base currency account.
HF market or HotForex is the best STP forex broker in South Africa. A well-regulated broker by FSCA since 2016 and FCA.
In terms of fees, HotForex has the lowest spreads with their zero accounts and doesn’t charge any deposit or withdrawal fees. Their average spread is about 1.2 with premium accounts for EUR/USD, and for zero accounts, it is about 0.3 pips.
Moreover, HotForex offers more than 12 trading platforms, including MetaTrader4 and MetaTrader 5, and offers trading over wide trading instruments. In contrast, HotForex offers a ZAR base currency account.
One of the well-reputed forex brokers found in 2012 and regulated by FSA, CySEC, NFA, and NFA. But they are regulated by Financial Service Conduct Authority.
With an average account, BDSwiss offers a spread of 1.3 pips. But they offer a relatively competitive spread over the raw account, an average of 0.3 pips. Moreover, they offer different trading platforms and a variety of trading instruments.
BDSwiss comes with the account types of EUR, USD, GBP, but they don’t offer a ZAR base account type. Minimum deposit varies according to account type as $100 minimum deposit is required for the classic account, but for another account, it can be $3,000, $5,000, or even more.
Finding the best forex broker is the key point for your forex trading in SA. So, it’s highly recommended to do full-fledged research over the top best forex brokers in South Africa and decide accordingly.