BEST FOREX BROKERS IN SOUTH AFRICA REVIEWED 2019
As the world’s forex market is changing at a rapid rate, so are the forex brokers in a vast and developing region such as South Africa, which is why the South African traders must take advantage of the situation and find a reliable forex broker to do business with.
However, it is often viewed as a hard task since there’s not that much reliable brokers in the country, and most traders there have relatively no experience on the market and about choosing brokers as well.
The main standard, of course, is always the regulation. Your broker should always be regulated under trusted regulatory agencies.
These regulations are there to protect the traders’ rights and also to provide them with the latest and most reliable security available in the world.
Thus, it’s fair to assume that the first and foremost thing to check for in a broker is its trading license or regulation to ensure that your broker at least meets the required security level and standards of a safe and professional trading environment.
Other than that, there are also other important factors to be taken into consideration such as:
- Local payment system
- Trading cost:
- Low spread
- Low commission
- Efficient payment system.
- Good rebate.
- Good bonus
- Trading conditions:
- Good quotes
- Multiple trading platforms
- Low slippages
- Low swap fee
- Great customer service.
List of top 5 best brokers in the areas of South Africa:
Regulation has always been one of the most important things to look for in a broker.
South Africa itself is a very vast region, which is why there’s a wide range of both domestic and international brokers that you can freely choose.
As usual, we recommend our traders to always go for international brokers with trusted regulations since they are oftentimes more reliable and overall more trustworthy, for some very minor drawbacks.
Most of these international brokers have been on the market for quite a while, averaging from five to 10 years of service in the forex trading market and they still have virtually none scam report whatsoever so it should be pretty safe doing business with the international brokers.
As for the credibility of each regulation, we find that the regulations from the UK is currently the best. South Africa also has their own regulations such as FSCA, FSB and IFSC. For a more detail of each top broker’s regulation, please refer to the list here:
- FXTM – FSB, FCA, CySEC
- Hotforex – FSC, FSCA, CySEC
- Exness – CySEC, FCA
- FxPro – CySEC, FCA, DFSA, FSB
One other thing that our readers should note is that the regulations’ quality triumphs their quantity most of the time.
Larger number of regulations only mean that that broker is bigger and deal with traders in more regions but it doesn’t necessarily guarantee the broker’s service to be that much better than brokers with only one regulation.
Moreover, as a rule of thumb for every trader who wants to do it safe, your broker should always be the biggest brokers and belong to one of the top brokers since you can’t really go wrong doing business with one of the tops. As for me, I personally test a broker for one to two weeks to see if there’s any error or bug with that broker and also to test their service as well.
2. Payment systems:
As always, we recommend our traders to go with the brokers who offer local bank payment system or e-wallet. For a list of top brokers currently supporting such payment methods, please refer to the list below:
3. Trading costs:
There are currently two kinds of forex accounts: Regular account and ECN account.
As for regular account, the brokers’ main income is spread (Note: spread is the transaction fee added to quotes that brokers get from liquidity providers – this process is called Mash Up), while commission is the method that ECN account makes profit since these accounts often have little to no spread.
As teams of experts writing this, obviously we always hope the best for our traders, which is why we suggest that you should always go for brokers with low spread and/or low commission since the reduced trading costs can save you a lot of money, especially for the scalper who specialize in large quantity of trading positions.
- Exness – 0.7 pip for EUR/USD
- Hotforex – around 1 pip for EUR/USD
- FxPro – 1 to 1.3 pips for EUR/USD
- FXTM – 1.3 to 1.7 pips for EUR/USD
4. Customer support:
Customer support, as always, is the core of every broker however big or small.
For a complicated field such as forex trading, it’s necessary that traders can be assisted at anytime and can have all of their questions answered whether it be about the market or their problems with the forex trading platform…
Moreover, your broker should also have local office in your area or your region and be able to support you in your own local language.
Fortunately, the majority of South Africa countries have English as their main language so there’s plenty of support available for South Africa traders.
- FXTM – 24/5
- FxPro – 24/5
- Hotforex – 7:00 to 23:59 GMT Mon-Fri
- Exness – 24/7
All in all, it’s no doubt that it’s a hard job for even experienced traders to pick their most suitable broker, which is why it’s our job as teams of expert traders to give you the best reviewed experience and tips of the top forex brokers, whether it be brokers from South Africa or anywhere else.
South Africa, however, is new and has been getting a lot of attraction and activity from traders from all over the world so it’s best that you should choose your most suitable broker in order to trade more efficiently.