Over the course of the past decade, Foreign Exchange Trading, also known as Contracts for Difference (CFD), has developed into a large sector in South Africa. The primary factor driving this market is how simple it is to enter.
The foreign exchange market, sometimes known as the forex market, provides traders with the opportunity to speculate on the price movement of a variety of currencies from around the world.
In order to be a successful Forex trader in South Africa, it is of primary importance to sign up with an FSCA-regulated broker that provides a wealth of tools and resources. In this article, we examine the 5 best Forex brokers in South Africa.
- AvaTrade
Overview
AvaTrade is an excellent all-around broker that provides traders with low charges, free withdrawals, ZAR trading accounts, and a well-designed mobile trading software. Traders who are interested in these features and more can sign up with AvaTrade.
AvaTrade’s most appealing features are its zero-cost deposits and withdrawals to South African bank accounts, as well as its minimal trading costs and competitive foreign exchange spreads, which begin at 0.9 pips on the EUR/USD pair.
Pros and Cons
Features
👉Open a Free Trading Account Now
- Exness
Overview
Exness is an excellent option for novice traders searching for a trading account with a low risk, a minimum deposit of only one dollar, low trading fees, and customer care that is available around the clock.
Exness recognizes the importance of providing novice traders with access to high-quality customer care around the clock, making it possible for them to contact the company even on weekends and holidays.
Pros and Cons
Features
You might like: Best Forex Brokers in the USA
- IFX Brokers
Overview
Trading platforms such as MetaTrader 4, MT4 Mobile, and MT4 Web are all offered by IFX Brokers.
When it comes to order execution, IFX Brokers can act as both an A-book and a B-book broker for its clients (market maker).
IFX Brokers can help you trade currencies, CFDs, and commodities in a secure environment that is fully regulated by the FSCA.
Pros and Cons
Features
- HF Markets
Overview
Traders who are looking for a Rand trading account with a minimal minimum deposit requirement, as well as withdrawals to South African banks that are both quick and free, should consider HF Markets as an excellent alternative.
The standout features of HF Markets’ offering for South African Rand traders are its instant and cost-free deposits and withdrawals, as well as its ZAR trading accounts.
Traders almost always want to make their deposits and withdrawals as quickly and affordably as possible, and HF Markets outperforms other brokers by offering instant deposits and withdrawals that take just two days to process.
Pros and Cons
Features
- CM Trading
Overall
Because it serves more than one million customers all over the world, CM Trading is the most successful brokerage house in South Africa. South African investors place a high level of importance on South African brokers like CM Trading for a number of reasons.
Pros and Cons
Features
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
