According to our concluding study in South Africa (2021), when traders elect which market or forex broker to trade with, they’re coming across optimal trading conditions, the lowest minimum deposit, tight spreads, no commissions, and of course, the formal chance of making nice earnings.
So, we have created a list of forex brokers in South Africa that must be in your list of FX brokers as an FX trader. Hence, let’s start the list:
FXCM
FXCM is one of the oldest FX brokers in foreign exchange; it was established and launched in 1999. So, you can consider it one of the best not only because old is gold but also because it offers some amazing services for FX traders.
Regulations
FXCM is considered to be one of the safest FX brokers all over the world, including South Africa, as it is regulated by reliable and safest securities of big trading countries of the world:
- FSCA in South Africa regulates it.
- And by FCA in the UK.
- And with ASIC in Australia.
Pros and Cons
Pros
- In South Africa, it is completely verified to be a regulated and safe broker. You can also check it yourself with FSP Number: 46534.
- Surprisingly, it is one of those international FX brokers with an office and number in South Africa.
- Moreover, if you are a South African, then you will get a welcome bonus of 20$. The company is probably doing this to promote itself in South Africa because South Africa is one of the biggest markets of FX in the world.
Cons
- You cannot trade in the MT5 trading platform by using FXCM.
- FXCM is offering limited trading instruments.
- The live chat system is not that good.
Plus500
This FX broker is on our forex broker list in South Africa because it is one of the most. Popular CFD trading platform. Plus500 was established in 2008.
Regulations
You can easily trade with this regulated broker because it is regulated by one of the safest security instituted of the world:
- It is regulated with CySEC in Cyprus.
- And with FCA in the UK.
- And with ASIC in Australia.
Pros and Cons
Pros
- You can trade with Plus500 on any of your mobiles because it is also available on web browsers and mobile apps.
- This broker provides competitive spreads on forex majors and crypto CFDs.
- 5 Crypto CFDs are available on Plus500, and that is why it is said to be one of the best in CFDs trading.
- The minimum deposit you need to trade with Plus500 is just R 1500 (South African RAND).
- You don’t need to pay any fees on deposit and withdrawal.
Cons
- If you want to do some training and then start trading, this is not one of the best platforms.
IC Markets
It has been operating FX trading markets since 2007, which is why it is one of the best.
Regulations
ASIC regulates IC Markets in Australia and CySEC in Cyprus, so you can consider it safe in the world of FX trading.
Pros and Cons
Pros
- Zero deposit or withdrawal fees.
- Wide range of CFD trading instruments other than forex.
Cons
- They don’t offer ZAR trading accounts for South Africa.
Final Line
If you still have any questions about these brokers, you can ask us.
