With its daily growing exposure Forex industry shows constant development as well as bringing more and more opportunities to world traders and for South Africans in particular. Eventually, South Africa recently passing through a Forex boom as many investors are willing or already sign up into Forex trading.
This was caused by several reasons, the first of them is that South Africa established a regulated trading environment through its FSCA (Financial Services Conduct Authority in South Africa) which is a regulatory body that oversees trading activity and promotes its healthy development. It is indeed a great measure for both, South African traders with the possibility to invest safely and world Forex companies that may expand and still offer licensed trading opportunities beyond.
Lastly, FSCA regulatory regime set its regulatory standard aligned to international security rules and yet allows high leverage ratios up to 1:200, while European ESMA already significantly lower its allowed leverage, which is another point causing South Africa to quick expand on being world Forex hub.
Which South Africa broker to choose?
So now understanding the importance of regulatory regime within the jurisdiction, as it obviously promotes safe trading conditions and limits the risks to fall under the scams for you as a trader lets see the choices among the trading brokers. Consequently, you should choose only among the FSCA regulated brokers, which you should also verify by checking the broker’s license and never trust to alluring opportunities of offshore firms, as they may easily scam you.
Actually, with its growing daily activity, there are already numerous world-leading brokerage firms operating its entities in South Africa and also strongly compliant with FSCA Regulation. For this reason we assist in your choice and create a list of 7 Best Forex trading platforms for South Africans in order to support your selection among trusted firms.
South Africa Trading Brokers comparison
To compare the trading offering and select the best one for you we present 7 South Africa Brokers that were determined and selected by a particular ranking. This including broker’s legal sides and regulation, the overall competitiveness of trading conditions and offering, its international reputation or trust, and other important profile data.
So see below the list and choose the appropriate one in balance to your personal values, also you may access in-depth review with all important point covered of each broker trading conditions by clicking the link.
First in our list is FXTM broker, a company operating since 2011 with headquarter in Cyprus, also with established regulated entity in South Africa. Eventually, FXTM is not only highly regarded broker, but also the one that becoming quite valuable in South Africa in terms of both its trading quality and customer satisfaction ratings.
Whether you are beginning trader or professional FXTM designed specified conditions suitable for any type of trader. Beginners or Professional will find necessary conditions accompanied by truly professional educational material and support materials, and that is besides regular contest broker takes.
XM is another great option and trading solution, which operates globally and a quite known broker in Cyprus, UK, Australia and worldwide as well. With its great variety of trading instruments and focus on the client needs with a range of account types including micro accounts and specified type with ultra-low costs brings you a comprehensive feature for trading. Read a full review of XM here
3. IG Group
Eventually, IG Group or IG Markets is one of the pioneer companies within trading and Forex industry. It started its operation in 1974 and was standing at the very beginning of the online dealing and trading, which produce as a result of powerful combination for world investors.
So besides t its numerous entities around the world, the broker also deploy a trusted trading environment with greater conditions which indeed not many brokers has access to. IG received numerous industry awards and timely recognized for its excellence in both trading service and technology solution they provide. With IG NDD connectivity, you will get truly comprehensive trading capabilities, so definitely IG worth consideration.
HotForex also offers a powerful solution to trade CFDs and Forex, also with costs built into the tight spread. Being a fully regulated broker in various jurisdictions HotForex maintains safe trading capabilities and delivers various solutions including Zero Spread trading and Islamic Accounts.
South Africans are able to benefit from the speculation on price fluctuations on various instruments including Cryptocurrencies.
5. FP Markets
FP Markets originally an Australian broker also expand its proposal globally, serving additional entity in Cyprus and accepting South African traders. Some of the great FM Marktes is a technical trading solution, as besides its powerful execution model you are able to choose from powerful software including IRESS, and MetaTrader platforms.
FP Markets also constantly undergo development, so along the time you will get more wide offering and various interesting conditions, which is definitely a great option in the long run.
Plus500 is fully based on CFD trading providing, so if you would like to deploy your strategy on CFDs with a truly amazing and very wide range of instruments, Plus500 is your choice. Its trading platform is also very customer-friendly and intuitive, so any trader will get into the process quite easily. Also, Plus500 delivers some of the great costs, while the only missing point of Plus500 is education materials.
FXCM is the last one in our list with developed trading software based on MetaTrader and TradeStation, so whether your choice is automated strategy or manual trading, along with a copy trading option, you will be able to use technology to its best.
While all in all, FXCM is defined as customer-oriented and professional broker with low trading costs and great level of customer service.
Critical Points or How to Choose Trading Broker
So now you get more of the details about each one’s broker offering, you should then make sure to consider critical points in choosing the trading platform.
As first it goes Regulation, as money safety always stands first. Then you should take in account type and your personal level of expertise in trading, so if you’re a beginner select among beginners friendly brokers. The third point is to select appropriate Broker Type along with its structure of the fees, either based on spreads only variable or fixed spread, or to a mainstay on commission charges with raw spread offering. Of course, never forget and verify additional fees or check-on specified conditions if necessary. Lastly, see the instrument range along with platform and trading software which you will use to execute orders maybe you prefer to use MetaTrader4 or another specific platform, so select broker with the included offering.