As a South African trader, you can choose any broker from the numerous options worldwide. However, you must check if the broker is regulated by the Financial Services Board (FSB) of South Africa. It can be difficult to understand if a broker is authentic or scam. A great option to do it is going through the reviews of brokers to know which one is the best for you. You may collect your information from the comparison table of best forex brokers given below –
|Broker||Regulation||Max. Leverage||Min. Deposit||Demo|
|IQ Option||CySEC and others||1:500||$10||Yes|
|BlackBull||FSPR and others||1:500||$200||Yes|
|Avatrade||FSB and others||1:400||$100||Yes|
|Markets.com||FSB and others||1:300||$100||Yes|
|BDSwiss||CySEC and others||1:400||$100||Yes|
|FP Markets||CySEC and others||1:500||$100||Yes|
With its headquarters in South Africa and Johannesburg, CM Trading is regulated by FSB. The broker of South Africa makes sure to protect all the personal and transactional data of their clients with SSL encryption. South African traders can trade CFDs on the trading platform with leverage up to 1:50. CM Trading offers trading platforms like MetaTrader 4 and Sirix to their clients. Withdrawal requests on the broker usually take 24 hours to be fulfilled.
Launched in 2009, RoboForex is an online broker that provides users with an innovative trading platform supported in 18 languages. The broker offers eight asset types and over 12,000 instruments for trading. There are 6 types of accounts on RoboForex, including swap free accounts for Islamic traders. You can explore some key markets like forex, stocks, ETFs, metals, commodities, energies and cryptocurrencies on the platform and you also get access to 36 currency pairs.
Registered under Cyprus and regulated under CySEC, IQ Option was established in 2013. The online broker is mainly popular for binary options trading, but you can also trade forex, stocks, commodities, cryptocurrencies, CFDs, ETFs, and indices on this platform. It is very easy to open a trading account on IQ Option and the minimum deposit is only $10. Apart from live accounts, the broker also offer a free demo account so new traders can practise trading without the risk of losing money.
Plus500 is a forex broker that is regulated by several authorities including the Financial Services Provider in South Africa (FSP). The minimum deposit through credit and debit cards and electronic wallets is 100 Euros. The broker offers tight spreads. The leverage provided to the traders can go up to 1:300. However, it may depend on market conditions. The web-based version of the broker offers many innovative features and user-friendly interface.
Based in New Zealand, BlackBull was established by a group of experienced forex and fintech professionals in 2014. The broker offers institutional grade trading services around the world while it specially focuses on forex and CFDs. Other assets available for trading on BlackBull Markets are indices, metals, energies, metals, and commodities.
Launched in 2007, IC Markets is an international forex and CFD broker with many branches across the world. It is regulated by CySEC and FSA. The trading platforms offered by IC Markets are MetaTrader 4, MetaTrader 5, cTrader, and more. The broker offers various trading instruments like 41 CFDs on metals, cryptocurrencies, indices, future contracts, and 63 forex pairs. As a user you can choose from a total of 10 base currencies on IC Markets while opening and account.
Initially known as AvaFX, the forex broker company AvaTrade was established in 2006. It is regulated by Financial Services Board of South Africa. Traders cab trade through and follow signal services on the MT4, Zulu Trade, MQL5, and Mirror Trader platforms with this broker. The minimum deposit amount on AvaTrade is $250, and the maximum leverage it offers in forex trading is 1:400. The broker offers various trading tools so traders can implement a trading strategy easily and take the right decision about when to open or close a position.
Markets.com is permitted by FSB to offer trading services to the clients of South Africa. It is also regulated under CySEC. The broker offers leverage from 1:50 up to 1:300, depending on the market condition and the asset being traded. The minimum deposit required to start trading on Markets.com is $100. The platform offers tight spreads and faster execution of trades. Trading platforms to trade currency pairs offered by this broker are MetaTrader, Markets Web Trader, and Markets Mobile Trader.
The Australia based online broker Vantage FX was founded in 2009. It was previously named MXT Global before a rebranding took place in 2015. The broker offers both MT4 and MT5 for its clients along with WebTrader and Market Trader. Vantage FX provides access to 38 forex pairs and 24 CFDs on cryptocurrencies, indices and commodities. Maximum leverage offered by the broker is 1:100.
Regulated by CySEC, BDSwiss is a well-known forex brokerage website. It is also permitted by the Financial Authority of South Africa to provide trading services within the country. Minimum deposit required on this broker is $100 and the maximum leverage offered is 1:400. BDSwiss offers 200 tradable assets to traders with light spreads.
Regulated by ASIC and CySEC, FP Markets is a well-known broker with more than 12,000 clients across the world. Minimum deposit on this brokerage is $100, and maximum leverage offered is 1:500. FP Markets offers different trading platforms like IRESS, MT4, and MT5. The broker provides the benefit of trading on a demo account.
However, no matter which broker you choose for trading, you must always keep in mind that your capital is at risk. So, it is important to take risk management seriously.