Finance

List of Best South African Forex Brokers

Introduction

List of the Best South African Forex Brokers. A wise trader chooses a platform and broker carefully. The services offered by a broker, the leverages available, the minimum charges incurred for opening trades, and the broker’s platform can all impact the choice of an investor. The following is a list of the top South African Forex brokers:

Learn more about How To Buy Cryptocurrency In Hawaii?

Top 7 South African Forex Brokers

1. Oinvest

Oinvest, a registered company, is regulated by the broker of South Africa. There are many courses, articles and tutorials available, as well as VODs, eBooks, and eBooks that budding traders can use.

It makes use of the internationally renowned Met trader four, which is available via web browser, mobile app, and desktop. It is suitable for beginners and experts alike. Oinvest accepts $250 as a minimum deposit.

You can trade cryptocurrencies, forex and commodities as well as stocks and more than 250 CFDs. There are so many options that even a novice can find something to trade. They offer customer service from Monday through Friday, between 5 am and 5 pm GMT. They are available via email, online form or live chat.

Commissions and fees

  • $250 is the initial deposit required to start trading.
  • Average spread EUR/USD (Active)- 0.18 (2pips)
  • Average spread EUR/USD (standard)- 0.26 (3 pips)
  • Active traders and VIPs get a discount

Overall Pros

1) Tutorials and comprehensive material for all trade types.

2) There is no hidden charge for competitive spreads

Oinvest is a team of highly-skilled and experienced brokers.

4) Provide a free demo account.

2. Tickmill

Tickmill offers two types of accounts to investors. This account can be accessed via Meta Trader 4, which has an average speed of 0.3 seconds. These accounts offer leverage up to 1:30 and micro-tradable lots as well as a variable spread range.

Pro ECN will cost a smaller commission fee but will give you tighter spreads. The Classic account does not have a commission fee.

Trade has many benefits.

Classic and Pro accounts

  • Minimum deposit of $100
  • The minimum trade size is 0.01
  • The maximum leverage allowed is up to 1:25
  • Spreads and commission are from 1.6 pip to 0.2 pip plus 4/Lot*
  • The minimum lot size for the commission is 100000 units

You can pay via bank wire, credit/debit card (Maestro MasterCard, Visa), Dotpay Sofort, Skrill, and Visa. In addition, online trading can be done through Meta Trader 4 and MT4 from any device, including Android, Mac/Windows PC, or iOS.

The Key Features

1) Leverage- 1:500

2) The minimum deposit required is $100

3) Trading in various markets, such as CFDs and commodity markets, Forex, Stock Indices, Gold trading, and Forex.

4) Metatrader supports desktop, mobile and web.

3. Exness

FSA Seychelles is the Exness regulator. The minimum deposit is $1, and the leverage offered can be up to 1:2000. The average spread is 0.3 (standard). In addition, they offer online trading platforms such as MT5, MT4, and Mobile.

The Key Features

1) They offer super-tight spreads.

2) You can withdraw or deposit your funds instantly and are available 24/7.

There are many ways to deposit or withdraw money.

4) Protection against negative account balances

5) Experienced and licensed brokers

4. Markets.com

Markets.com was founded in 2008 and had its headquarters in Cyprus. It is the largest online broker offering services in Forex, Spread Bets, and CFDs. UK customers can only trade spread Bets. Markets.com’s most appealing feature is its demo trading account. This allows users to test trading before purchasing the platform. The minimum deposit required to open an account is $100.

Traders have access to a wide range of currency pairs and currencies.

  • Around 100 instruments
  • Around 80 currency pairs

They offer Meta Trader platforms, MT5 and MT4, as well as online mobile apps for iOS or Android.

Trading Benefits

  • Hedging is allowed
  • Allows scalping
  • Guaranteed stop loss
  • Low minimum deposit
  • Protection against a negative balance

They offer trading accounts, including Mini account, Standard account, an Islamic account.

It supports many languages, including English, French and Japanese, as well as Arabic, Dutch, Chinese, French, Japanese and German.

4. JustForex

JustForex is a popular online trading platform that offers the best services. They offer attractive trading conditions and the option to trade on Metatrader 5 and MetaTrader4 platforms, as well as MT4/5 WebTrader and a mobile application.

Types of accounts

JustForex offers a variety of accounts:

Demo account: This account is for new traders and budding traders. This account provides basic knowledge about online trading and tutorials on how to simulate trades. Only the difference between a demo and a regular account is that the trader uses virtual money to execute the trade.

Standard Cent Account: This account is based on cents and has it as its base currency. This account is a great choice for traders new to the market and new clients. It allows them to execute trades without high risk.

Standard Account: This account is for investors who wish to trade any amount. In this instance, the minimum deposit is 1 USD. There is no commission fee. You can use any instrument you like.

Raw Spread Account: This account is for experienced investors who are looking for recurrent inputs or outputs, intraday trades and shorter time frames to work. This account requires a minimum deposit of $100. This account is also suitable for scalpers.

Pro Account: This account was created for experienced and professional traders. The pro account allows investors to trade in any style they choose.

Islamic Account: Designed in accordance with the Islamic Sharia law that prohibits swap transactions.

The pros of JustForex

1) Tight spreads.

2) A minimum deposit of zero value.

A qualified team provides support.

4) Used by 10000 traders.

There are five payment options available.

6) Regulated and supervised by the Financial Service Authority.

7) There are many asset classes available.

8) Trading accounts that are free from commissions

9) Forex ECN trading

CONS

1) Don’t accept US traders.

2) Not regulated or supervised by the Financial Conduct Authority.

Only offshore regulations.

4) Meta Trader MAC Version not available.

5. FXTM

This broker is well-respected and focuses on teaching new traders. However, advanced traders will not benefit from their courses.

Offering reasonable trading conditions and options, it has made the platform easy to use for novice traders. It is also known for its excellent customer support team that assists traders in any situation.

They offer advanced traders a set of videos and courses that will cover the fundamentals of the market and chart reading techniques.

Pros

1) Excellent customer service.

2) It is quick and easy to sign up.

3) Comprehensive and well-researched trading material for beginners.

4) The minimum deposit range is reasonable.

Cons

1) The withdrawal fee is relatively higher.

2) They impose inactivity penalties on traders

3) The product selection is limited.

Fees and commission

  • To trade, you need to deposit $5-$100
  • The EUR/USD active spread is 0.8
  • The EUR/USD standard spread average spread is 1.6
  • For VIPs and active traders, there is no discount

6. Avatrade

It is the oldest, largest and most trusted online trading brokerage firm in the world.

Overall Pros

1) Account opening is fast and simple

2) They have better educational tools.

(3) No fees for withdrawals or deposits

Overall Cons

1) They charge an inactivity cost.

2) The research tools are out of date.

3) The mobile application is not working correctly

Fees and commissions

  • The initial deposit required to trade is $100
  • The EUR/USD active spread is 0.62
  • The EUR/USD standard spread average spread is 0.92
  • Active traders and VIPs get a discount

South African Forex Brokers

The main goal of a trader when choosing a market to trade is to achieve optimal trading conditions and higher chances of making a profit.

Forex is a great choice for traders looking for all the above features. The currency trading market is a financial marketplace that allows trading in currency pairs.

Because forex trading offers high liquidity and many trading options, it is becoming increasingly popular with investors. You can trade more than 20.000 currencies from 75 countries around the globe.

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