The smaller the spread, the better for you, although just how much better will depend on your individual trading style. Most forex traders use a spread model, but some charge a commission instead some charge both! In this model, the trader relays your currency order to the interbank market, which matches the price. The broker then charges a commission on top, based on a percentage of your total trading volume. We generally prefer spread-only models, but do you research and work out which one is best for you. Some brokers offer you various platforms to choose from depending on your trading style, and many have a proprietary platform of their own.

Choose a broker with a demo account option so you can set up a free account and get a feel for the software. If you do all of your trading at home, a desktop or web app is fine.

5 factor to look for in a top UK forex broker

Your ideal forex broker will be one that offers smaller spreads with no minimum time between buying and selling. Remember that the ideal broker for you will depend on lots of individual factors, some of which may be more important to you than others. Of course, the one thing everyone should insist on is FCA regulation, so you can rest assured that every trader on this list is FCA-regulated. Some, like the standard account, lean towards the average-to-high end of the industry, but their ECN accounts are known to be very competitive.

In our eyes, that gives them points for trustworthiness. For more experienced or professional traders, the loyalty programme is one of the best. Overall, FXTM is a great, reliable all-rounder for beginners and professionals alike. Just do your due diligence on those fees and make sure they fit with your trading style and budget before you sign up.

It offers around 70 currency pairs across various account types, catering to most styles of trader. FxPro tends to get high marks for customer service, with most people able to get through in under a minute and receiving professional, knowledgeable support.

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That said, this is probably not the best trader for newbies. The spreads and commissions tend to be at the higher end of the industry, and their very best features, like flawless large-order execution, only really benefit experienced, high-volume traders. XTB offers 49 currency pairs and two main account types: standard and pro.

The standard account is spread-only and offers industry-average rates, while the pro account offers smaller spreads, but with added commission. One example is the investment basket. Where XTB really shines, though, is customer service. For beginner and intermediate traders, it offers a Training Academy that covers forex trading in impressive — but accessible — detail. Thanks to its size, it can offer much more competitive spreads than most, across a wide range of currency pairs.

The real star, though, is the proprietary IG web platform, loved for its speed, reliability and user-friendly design. IG also excels in research. With its broad selection of news and market research tools and a personalised news feed, you always have the most relevant industry data and content in front of you.

In fact, its low-spread offering is considered one of the best in the industry, available to every trader and account type. The award-winning platform is renowned for being the most user-friendly option on the market. Its charting function features an impressive 80 technical indicators, 40 drawing tools, 73 candlesticks, and an innovative tool that spots emerging patterns in your charting data. If mobile trading is an important feature for you, CMC has you covered. Next Generation works just as flawlessly on mobile as it does on the web, with excellent consistency across the formats and lots of value-added features like research updates.

As with most brokers, you can get access to better spreads by using their proprietary software. If your brokerage would like to discuss the potential ranges of paid up capital in South Africa, it is best to contact our team in order to explore this question in more detail. Registering a new business in St. Due to recent […]. The biggest theme for and beyond has been the increased challenges that forex brokers face in obtaining PSPs and […]. The African continent is very much an emerging region for online foreign exchange trading.

Unlike Europe or Asia, which has experienced decades of market development, Africa remains a relatively untapped, emerging territory. In the past years, however, several globally recognized forex brokers have further increased their presence on the African continent by obtaining FSB licenses in South Africa. To date, FX regulation exists in only a handful of countries on the African continent, South Africa being the most well known and recognized jurisdiction.

Any forex broker looking to seriously expand into Africa should strongly consider obtaining a FSB forex license in South Africa.

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The first step in the application process involves gathering basic documentation related to your brokerage, the directors, and shareholders. They are a Metatrader broker, but offer cTrader platform all. Their platform is available on all devices. Our experience with their support was also good. Read our in-depth IC Markets review.

How to Find the Best Forex Brokers in South Africa?

Make sure to verify if the broker is approved for offering derivative instruments. You need to ensure that the broker that you are choosing is approved for offering derivatives trading. So next time before choosing any broker, properly do your research, and check if the broker is regulated or not. If the broker claims that it is regulated, then search the name of the broker on the websites of the Regulatory authorities: fsca. If the broker that you are about to trade with is not regulated or has a valid complaint against it or has been fined in the past for some bad practice, then its best to stay away from that broker.

Also, as another rule, never choose a broker that is not regulated with at-least 1 top regulator i. In the table below, we have compared the typical spread in pips of our 4 top rated forex brokers for their standard accounts according to the Contract Specification information on their websites :. Note: All 4 brokers compared above have variable spread, so the actual spread may be higher than the value listed in the above comparison table.

The actual live spread will fluctuate based on the market conditions. Also overall, Hotforex had very competitive spread for most FX instruments with Premium account. All 4 brokers listed in above comparison table have variable spread , so it may be lower or higher than their typical spread based on the actual Live market conditions. Another factor to consider is if the broker offers quick order execution speed. Most of the good brokers have a terms or trading conditions page on their website regarding their execution policy.

Best Forex Brokers in South Africa for (TOP 10)

You would agree, right? You should also carefully look into the withdrawal fees, because some brokers offer zero fees on deposits but charge high fees during withdrawals. If you prefer local bank deposits, then we recommend Exness. Your account base currency is the currency in which your trading deposits, profits are converted. Brokers will generally display their account base currency options on their Account Types page. This is a really important consideration for South African traders, if you are looking to make local deposits and withdrawals in Rand.

There are following advantages for have a ZAR forex account:.

South African Forex Brokers

You should ask these questions these for starters: Is it available for Android, iOS? Is it fast to use? We have compared the best forex trading apps for South African traders based on 9 factors. It is best to choose a broker that offers support for all devices. We tracked the support of every broker that we have listed here. For ex: Avatrade offers customer support during their business hours only, so there may be high waiting time with them for support related issues.

Normally, their replied in under 12 hours for emails sent to their support email. As a beginner in Forex Trading, you must look for a broker that offers a free demo account, is regulated with FSCA, and also offers good education material. Ultimately this depends on your trading requirements, like the currency pair that you want to trade, your deposit methods, leverage requirements, if you require a raw spread ECN account broker etc. However, there are some general guidelines that you should check before depositing your money with any broker. Another thing that matters is the spread, the lower the better.

Also, check if your desired broker offers a platform of your choice. If your broker offers ZAR account, then it is a positive thing.

Best Forex Brokers in South Africa

For a start, you must only choose a broker that is regulated with a top tier regulator. But not every regulation is the same, as many brokers claim to be regulated, but are actually regulated with some Offshore regulators to avoid compliance. Almost all brokers add this information at the bottom section on their websites or their about pages. Moreover, all the brokers that we have reviewed on our website are regulated with top regulators.

Also, we have given links to their registration number in our reviews. Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review. This helps us cover the expenses for running the website. We aim to help traders in South Africa find the best forex brokers.