First we narrowed down the list & selected only the regulated & credible brokers that work in the South African market. Steven HatzakisSteven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the https://forexaggregator.com/ online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

They are also very trustworthy having established a great reputation in the sector. With ZuluTrade you can connect a supported broker account to their social trading platform where Exchange rate you can interact with, and copy others. IC Markets is also a very popular choice among scalpers thanks to their very fast execution speeds and spreads which can start from 0 pips.

Another important point is that if you are a high volume trader, then the fees structure with ECN accounts will be more transparent & have lower trading costs for you. This above example highlights the ‘Average spreads’ at XM with their Standard Account. For a major like AUD/USD, their average spread is 1.9 pips with Standard Account. The average spread is normally calculated over a period by the broker. The actual spread during trading this instrument on XM’s platform may be higher or lower because XM is a variable spread broker. Before signing up with any forex broker, you should check the broker’s contract specification page as it normally has information on the broker’s spread.

Again with FX Junction you can easily connect your trading account to analyze your performance against the others in the community and copy them if you wish to do so. Founded way back in 2007 by Leon Yohai, a well-known greek entrepreneur, ZuluTrade has always been at the forefront in this new sector, especially in Forex Social Trading. Users have access to some social features to interact with Signal Providers, especially to read the comments left by other investors before them. Overall, Pocket Option is regulated by the International Financial Market Relations Regulation Center in the Marshall Islands.

Choosing A Forex Broker?

For example, below is how the “Approved Products” category would look like for a broker regulated for offering Forex & CFD trading. For South African traders, every forex broker that we have listed here are compliant & licensed by 1 or more Government regulators i.e. Plus, they accept local online bank transfer in SA, and even offer instant withdrawal methods. Exness offers the latest MT5 platform as well as MT4 , which we consider to be a positive thing.

We recommend them to traders looking to trade forex & CFDs at fixed spread, with a locally regulated broker. The customer support at Exness is fair, we did not find it to be the best. Exness’s chat support is available 24 hours for 5 days in a week, but it is only available to logged in users. We found their chat support to be friendly, but there were delays while connecting during our test & the support agents were slow in answering our queries. The responses to queries sent to their support email are very slow, and in some tests it took a few days to get a response to our questions.

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The deposit process is a fast one that will take approximately 1-2 business days. The minimum deposit required for the Live Account is 50USD, which is considered low. However, the downside is that you can only make deposits in USD since it is the only base currency available with Pocket Option. The most popular base currency options are USD & EUR, but as per our research ZAR trading accounts are very popular among traders in South Africa.

For ECN brokers, Exness & HotForex are very competitive with their spread. FXTM also has really tight spread & low commissions with their MT5 Advantage account. Tickmill too has Pro Account which is an ECN type account with Raw Spread & only $4 bitbuy reviews commission per 100,000 units . The following are the Top-tier Regulators for Forex & CFD trading in various countries. If a forex broker is regulated by more than 1 of these major regulators then it is considered to be a low risk brokerage.

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They are now one of the leading forex broker in terms of daily trading volume. Trading Point of Financial Instruments Ltd is regulated by CySEC & ASIC , so we consider them to be safe. Exness was founded in 2008 & they are now one of the largest broker globally in terms of daily trading volume, with around 1.269 Trillion USD trading volume in November, 2021. They are a well regulated broker & are regulated by FSCA, FCA, CySEC, so we consider trading with them to be safe for South African traders. Wide range of trading instruments which include 53 currency pairs & 200+ CFDs on Commodities, Metals, Indices, shares, bonds.

But the amount is converted to account’s base currency like USD since they don’t offer ZAR accounts. They offer the one of the fastest trade execution out of all the forex brokers that we have reviewed & compared, with almost zero re-quotes & zero rejection. Their fees with their Ultra Low Account is also one of the lowest of all the brokers that we have compared.

  • But the spread with Raw Account is very competitive, it is on average 0.3 pips (plus $5 commission per standard lot on Forex).
  • FXTM offer a wide range of trading instruments, 63 major, minor & exotic currency pairs, CFDs on commodities, metals, indices as well as stocks.
  • You can benefit from some professional market insights from many other traders.
  • While trading with CMC Markets you will have access to the trusted MT4 trading platform andspreads starting from just 0.3 pipsthat make it a great broker for forex trading.

So, compare the Swap Long & Swap Short Fees at every broker for the instruments that you want to trade & then decide which broker would be favourable for you. You should use the Swap Calculator on the broker’s website to see the exact Swap that you will have to pay or you will earn for the overnight position for a particular position. This fees would vary depending on the broker & you may earn a positive Swap at some brokers for the same order while another broker may charge you. If the broker is regulated & registered with more than 1 of these Top-tier Regulatory authorities , then we consider them to be safe for trading. They are regulated with FSCA since 2015 under the company name ‘Ava Capital Markets Pty Ltd’. There is long hold time for connecting to their chat support, and we received email response after 24 hours on average during our tests.

The broker can also connect with the ZuluTrade social trading platform without any problem. Where the social trading broker ZuluTrade however excels is in the Copy Trading function. In a market where there are multiple brands to choose from, finding a reliable and efficient one can be a daunting task. Luckily, IC Markets is one of those brokers that cater to the requirement of all traders and investors. The MetaTrader compatibility which this platform possesses can assist a lot of clients who have been prior users of MT4 and MT5.

With that said, of course there are never any guarantees, and there are also always risks of losing money as in any form of trading. Hashtag Investing is another very popular social trading community that you can benefit from joining. This is particularly the case if you are interested in social trading stocks.

Social trading software, trading platforms, and social trading brokers like eToro first launched around 2010 with eToro leading the way here as they still do. Beyond that, this social trading platform allows you to interact with their huge social trading community. Here you can compare and share a wide range of your trading activity and study that of other traders from around the world. They also offer comprehensive broker support, linking up with more than 100 brokers across the industry. The platform also has a top range of copy trading features, and a low minimum deposit of $100 in place.

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Also, they don’t have local Internet banking option for funding or withdrawals in South Africa. South African traders at Tickmill can use Online bank tranfer option for funding & withdrawals in Rand . Instant funding is available with online bank transfer, and local bank transfer withdrawals are processed within 24 hours maximum. There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Learn more. IG is a leader for its educational content, offering a vast selection of material in a variety of formats, including video, written articles, numerous weekly webinars, and guides from DailyFX.

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As a trader with OctaFX you can also benefit from a very accessibleminimum deposit from just $100to trade in a wide range of markets including 28 forex currency pairs. Another attractive point for all traders is the fact thatboth fixed and floating spreadsare offered world currencies and start from 2 pips, and 0.2 pips respectively. In this regard, they offer their own proprietary copytrading service and platform that many traders rate highly. Myfxbook AutoTrade is another of the best known social trading platforms in the industry.

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To save your time, we have already calculated & compared the fees of all the brokers for you in our comparison. Similarly, at Exness the Swap Long EUR/USD 1 Standard lot is −3.54 USD & you earn 0.97 USD for Swap Short for overnight trade open for 1 night. So, in this example, you would notice that XM is charging the highest fees for this trade with both Swap Long & Short on xm broker review EUR/USD. You should take this fees into account if you are going to hold your position overnight. Forex Brokers normally mention their commission for “each side” of the trade/order. So if the broker mentions that they charge $2 commission per lot per side, then it means that the broker is charging $2 for opening the position & another $2 during closing of the position.

USD, EUR & GBP account base currency options are available currently. There are over 50+ Forex Brokers that accept South African traders. Most of these brokers claim to offer more or less the same features & trading environment. Advanced tools include a customizable screener for various asset classes, including CFDs on global stocks, forex. IG’s innovative “Recommended News” section personalizes your content, aiming to tailor headlines based on your account traits. The additional DailyFX content practically doubles the already impressive amount of research provided by IG.