Do you want to find the best forex trading brokers in South Africa as a beginner? If so, you don’t need to worry about anything because we have done so much research that will always benefit you.
With the best forex companies in South Africa there are many forex trading brokers that take over South African traders. Most of these brokers affirm to give more or less identical features & a trading atmosphere.
But how will you realize which one of those is the perfect forex trading broker for you in South Africa? Want to know? Read this pretty comprehensive article thoroughly:
Which Forex Trading Brokers in South Africa is the Best for You?
This is something we can’t determine because everyone has a different opinion and different way of trading. But the typing does not end here because we have got some best and well-known forex trading brokers in South Africa with their facts and figures.
So, you can easily compare them with each other and with your trading style and the system to determine the best of all.
A tip that we can provide you while determining your suitable forex trading broker in South Africa is that you can consider an FX broker to be legit if it is regulated and licensed with FSCA. Financial Sector Conduct Authority is probably the most reliable security institute in South Africa.
Hence, here is a small list of the best forex trading brokers in South Africa:
Tickmill
It was established in 2014.
Regulations
It is an NDD (No Dealing Desk) broker. And it is regulated by FSCA with (FSP Name Tickmill South Africa Pty Ltd and FSP no. 49464 ), FCA & CySEC. So, we can consider them safe.
Pros and Cons
Pros
- It is a regulated broker, and it is a safe broker as well.
- No fee is needed on deposit and withdrawal.
- Metals, bonds & Cryptos are available on stock indices.
- Sixty-two major & minor currency pairs are available for trading.
Cons
- English Live Chat operators are not available 24/7.
- No local phone number in SA for support.
Avatrade
Avatrade is one of the oldest forex trading brokers in South Africa.
Regulations
AvaTrade is licensed in the EU, Japan, Australia, South Africa, UAE, and the British Virgin Islands as a regulated broker.
Pros and Cons
Pros:
- Free deposit and withdrawal options.
- Easy and fast account opening.
- Educational tools are good.
Cons
- Inactivity Fees.
- Poor phone support service.
FXTM
This forex trading broker was established in 2011.
Regulations
FSCA, FCA, and CySEC licensed this FX broker. FXTM was regulated with South Africa’s FSCA in 2016
Pros and Cons
Pros:
- Live Chat Support is responsive & available 24/5.
- Zero deposit fees.
- Quick withdrawal
Cons
- Thirty euros are charged on every withdrawal that is sometimes unaffordable. Many brokers do not charge withdrawal fees.
- ZAR Base Currency Account is not available. Only USD, GBP & EUR are the available current currency options.
Conclusion
Hopefully, this article has been beneficial for you in finding a suitable forex trading broker in South Africa for you.
