South Africa is one the fastest growing economies of not only the African continent but the world. In the second quarter of 2021, it recorded a fourth consecutive growth in its GDP. It grew approximately 1.2 per cent. April-June 2021. The data exhibits its strengthening currency and investment flowing in the nation known for its gold mining globally. Traders who are looking for the best forex brokers in South Africa should read the article for better information and guidance.
There was a revised surge of one per cent in real GDP (gross domestic product) during the first quarter of January-March 2021.
Best Forex Brokers in South Africa
PrimeFin
Overview: If a trader is chasing a vision to explore the foreign exchange market, PrimeFin offers CFD trading to them on exotic, major and minor currency pairs. They are coupled with hi-tech tools and online platforms that expedite order placements and allow traders to invest more in the volatile marketplace. As a result, it is getting in the race of being at the top spot. Moreover, it aids in keeping you with the changing momentum of the market. The parent company is Caps Solutions LTD. Hence, it is one of the best forex brokers in South Africa. Read full PrimeFin Review.
Forex pairs offered by the broker are:- CHF/JPY, CAD/CHF, USD/JPY, EUR/USD, EUR/CAD, GBP/USD etc.
Pros
- The commission is low
- There’s a zero per cent fee
- Dedicated support
- Cross trading platform
- Superb data safety
- Quick speed trading
- Low latency
- A wide range of currency pairs available for trading
Cons:
MetaTrader5 platform is not available for traders
Minimum Deposit
The minimum deposit for a trader is USD 250. So, traders can make that and start trading in the live market.
Maximum Leverage
The maximum leverage offered by PrimeFin for its forex client is 1:100, which seems sufficiently good for both veterans and beginner market players.
Trading Platforms
- WebTrader
- MetaTrader4
- Mobile App
Regulations
Caps Solutions Limited is the owner of PrimeFin, which is regulated by LFSA ( Labuan Financial Authority).
Investby
Overview: For remarkable trading, the broker offers more than 45 currency pairs to its subscribers that provide them. Its breakthrough online trading program is the USP which draws market players for investment in the ocean of opportunities. The top-notch trading environment helps clients exceptionally to execute their bids in the forex bazaar. As a result, the financial future remains secure. The parent company is TechFX LLC. Read full Investby Review.
Some currency pairs include:- AUD/USD, CAD/CHF, EUR/CAD, USD/JPY, GBP/USD, CAD/JPY etc.
Pros
- Privilege of flexibility
- Power of security
- No hidden fees
- Forefront of experience
- Professional customer support
- CFDs on assets
- Innovative trading conditions
Cons
- Unavailability of MetaTrader4
Minimum Deposit
The broker seeks a minimum deposit of USD 250 from its clients, which is manageable and extends them the gateway of a plethora of activities.
Maximum Leverage
The maximum leverage for retail traders offered by Investby broker is 1:100. So, forex trading becomes better with it.
Trading Platforms
- WebTrader
- Mobile App
- MetaTrader4
Regulations
The forex brokers in South Africa is regulated by NBRB (National Bank of the Republic of Belarus).
Pepperstone
Overview: The broker provides extensive services in the financial markets to all its users. Its razor-sharp pricing and 60 plus currency pairs for trading make the brokerage firm a top forex broker. Pepperstone EU Limited is the parent company that operates all activities on the trading portal. The registration number is ΗΕ 398429, while the license number is 388/20.
Some currency pair includes:- USD/CAD, EUR/GBP, EUR/USD, AUD/USD, GBP/USD, USD/CHF etc.
Pros
- The customer care support is 24/5 for traders
- Spreads are tight for forex market players
- Industry-leading analysis
- Award-winning educational tools
- 1000+ instruments for trading
Cons
- The user interface is not effective.
Minimum Deposit
The broker seeks a minimum deposit of zero, which is incredible for traders. Moreover, it is exciting because it allows people with no balance to create an account.
Maximum Leverage
The maximum leverage offered by Pepperstone is 1:100 for forex traders, which gives market players to display their skills in the foreign exchange market.
Trading Platforms
- Social Trading
- cTrader
- MetaTrader4
- MetaTrader5
Regulations
The forex brokers in South Africa is regulated by CySEC (Cyprus Securities and Exchange Commission). The registration number is ΗΕ 398429, while the license number is 388/20.
FP Markets
The broker takes pride in offering trading through a wide range of accounts. The financial service provider has partnered with one of the best banks for seamless funds transactions globally. So, traders can engage in better bidding prepositions. It has a deep liquidity pool and comes with a facility of CFD on forex instruments. The broker offers 60+ currency pairs, including AUD/NZD, CAD/JPY, AUD/SGD, AUD/CAD, CAD/CHF, EUR/AUD etc.
Pros
- Accesible global markets
- Multilingual customer support
- Advanced VPS solutions
- Personal Account Manager
- Consistently Tighter Spreads
- Segregated Client Funds
- CySEC Regulated
Cons
- The trading account seems messed up
Minimum Deposit
The broker seeks a minimum deposit of AUD 100, which is fair for all types of clients.
Maximum Leverage
The pro account of FP Markets offers whopping leverage of 1:500. That helps forex traders to bid bigger in the international market without owning too much funds.
Trading Platforms
- WebTrader
- MetaTrader4
- MetaTrader5
Regulations
CySEC (Cyprus Securities and Exchange Commission) regulates the broker FP Markets with a registration number HE 372179 and license number 371/18. The First Prudential Markets Ltd is the parent company of the financial service provider.
BDSwiss
The forex trading at BDSwiss is competitive, however not as good as other brokers. But it is keeping up with the market. Buying and selling are average. Moreover, the brokerage firm is not accepting new clients until further notice. Thus, it is going through some issues at the same time. Meanwhile, it provides easy access to the forex market. Here are some currency pairs:-
AUD/CHF, AUD/USD, CAD/CHF, CAD/JPY, EUR/CAD, EUR/NZD, EUR/GBP etc.
Pros
- It offers analysis and research
- Trading academy to novice traders
- Different payment methods
- Several account types for investments
- A demo account for practising
- A minimum spreads of zero
- No commissions on transactions
Cons
- The broker offers not much information to clients
Minimum Deposit
The minimum deposit needed by the broker is USD 100. That is sufficient to start the trading journey.
Maximum Leverage
The leverage ranges here between 1:50 to 1:200. That is good for traders.
Trading Platforms
- MetaTrader4
- MetaTrader5
Regulations
The broker is regulated by CySEC, which is one of the leading regulatory authorities globally. The license number of the broker is 199/13, while its registration number is HE 300153. The owner of the brokerage firm is BDSwiss Holding Ltd.
HotForex
The broker has over 2.5 million active accounts and has been in the business for more than 10 years. It has won above 50 awards for its services in the financial market. The brokerage firm offers over 50 foreign exchange pairs for trading and creating a better portfolio. Moreover, it supports rollover policy to clients. The transaction cost is lesser here compared to other financial service providers.
Here are some pairs:- GBP/CHF, EUR/USD, CAD/CHF, EUR/CHF, EUR/JPY, GBP/JPY, AUD/USD etc.
Pros
- It offers a wide range of FX pairs
- Tighter spreads
- High liquidity
- No deposit fees
- Sixteen superior trading tools
- 24/5 customer care support
Cons
- The user-interface is not up to the mark.
Minimum Deposit
The minimum deposit needed by the broker is USD 100. That is sufficient to start the trading journey.
Maximum Leverage
The highest leverage offered by the broker is 1:1000, which is humongous for forex traders. It can take profits to another level, provided a trader applies a great strategy. It is exemplary.
Trading Platforms
- MetaTrader4
- MetaTrader5
Regulations
HF Markets (Europe) LTD is the parent company that regulates the broker and takes care of all other activities. On the other hand, MiFID and CySEC are regulating the broker. Thus, it is highly convenient for forex traders to place their bets on it.
Capital.Com
The broker is a global investment vehicle-based in London. The founder of the brokerage firm is Viktor Prokopenya. He’s also the vice president of the trading portal. The financial service provider unfolds more than 4000 trading markets for clients, which is massive for every forex trader. It offers plenty of currency pairs to market players for investment. It is one of the best forex brokers in South Africa.
Pros
- High security and safety standards
- Fast order execution
- Provides latest economic news to subscribers
- Charges zero commission
- Trading guides and online courses
- Advanced charts
- Analytical tools
- Risk management tools
- Easy to use interface
Cons
- MetaTrader5 unavailable to clients
Minimum Deposit
The minimum deposit needed by the broker is USD 20. It is pretty meagre for traders to invest easily
Maximum leverage
The highest leverage offered by Capital.Com is 1:30, which is decent for beginners. However, veterans may have a different opinion when they trade.
Trading Platforms
- MetaTrader4
- Trading View
- Web Platform
- Mobile Apps
Regulations
The broker has several regulatory authorities watching after whether the brokerage firm is following the guidelines sketched by different nations. They include ASIC, CySEC and FCA. All of them have offered different registration numbers and licenses for trading. Thus, the broker is genuine.
Avatrade
Forex trading is one of the essential instruments of Avatrade brokers. It is a product of Ava Trade Markets LTD. It renders some of the top forex currency pairs that provide reasonable returns on investments to its clients. Some of them are:- EUR/JPY, GBP/JPY, EUR/GBP, USD/JPY, AUD/USD, USD/CHF etc.
Pros
- It is a fully protected broker
- It has the best educational material
- Automated trading
- Provides regulations in 7 jurisdiction
Cons
- A broker finds it difficult to find certain information.
Minimum Deposit
The minimum deposit needed by the broker is USD 100. It is reasonable for some traders.
Maximum leverage
The maximum leverage offered by Avatrade is 1:400. That is massive for all users alike. However, some caution is required while trading with it.
Trading Platforms
- MetaTrader4
- MetaTrader5
- AvaTradeGo
- Mac Trading
- Automatic Trading
Regulations
The broker scores brownie points when it comes to getting regulated. There are plenty of regulatory authorities that keep an eye on every bit of its trading activity. It is one of the best forex brokers in South Africa:-
They are:-
- Central Bank of Ireland
- B.V.I Financial Services Commission
- ASIC
- South African Financial Sector Conduct Authority
- Financial Services Agency
- Financial Futures Association of Japan
- Israel Securities Authorities
RoboForex
Overview: It is one of the best forex brokers in South Africa, as the name suggests. The company found its establishment in 2009 and has been going and growing steadily. It is a property of RoboMarkets Ltd. The broker helps traders to make significant investments in different trading markets. The EUR/ GBP, USD/JPY, GBP/USD, USD/JPY etc.
Pros
- Spreads begin from zero pips
- More than forty currency pairs
- Highest execution speed
- Educational videos
Cons
- Less information available on the brokerage firm
Minimum Deposit
The minimum deposit needed by the broker is USD 10. It is reasonable for some traders.
Maximum leverage
The maximum leverage offered by RobForex is 1:2000. That is explicitly huge to handle for any forex trader. The chances of profits and losses are immense. Hence, one should seek advice from experts. This feature makes it one of the best forex brokers in South Africa.
Trading Platforms
- MetaTrader4
- MetaTrader5
- cTrader
- RoboForex Terminals
- Download Center
Regulations
The broker RoboForex is an international brokerage firm that is regulated by IFSC. Its registration number is 128.572 and license number is 000138/210. The domain is owned by RoboMarkets Ltd.
IC Markets
Overview: The brokerage firm IC Markets is one of the biggest CFD forex brokers globally. The financial service provider promises superior technology for trading that aids in better trading facilities. It hops on trust and transparency. Some of the top currency pairs offered are:- AUD/USD, USD/CHF, USD/CAD, EUR/USD, GBP/USD, GBP/USD etc.
Pros
- Spreads start from zero pips
- The average execution speed is as low as 40 ms
- Free low latency
- Offers 61 forex products to clients
- Unrivalled customer service
- Advanced trading tools
Cons
- The user-interface does not seem friendly
Minimum Deposit
The minimum deposit needed by the broker is USD 200 before a client creates an account for trading in the forex market.
Maximum leverage
The maximum leverage offered by ICMarkets is 1:500. Forex trader, it needs to be regulated before that decide to invest in the financial market of volatility and uncertainty.
Trading Platforms
- MetaTrader4
- MetaTrader5
- cTrader
Regulations
IC Markets provides its services in several countries. Thus, it has several regulatory authorities taking care of its activities:-
- Financial Services Authority of Seychelles
- Australian Securities and Investments Commission
- Cyprus Securities and Exchange Commission
- Securities Commission of The Bahamas
Moreover, it has acquired licenses and registration numbers from all regulatory authorities.
How to open an account with the forex brokers in South Africa ?
One of the best brokers in South Africa keeps the process of account opening for traders simple for their clients. There are three easy steps that need to be followed.
- Provide the essential information and details including name, phone number, email id and password
- Offer the documents that can verify the claims and establish the identity of a trader
- Deposit the amount and start trading.
Pros and Cons of trading in South Africa
Pros
The best forex brokers in South Africa offers certain pros
- High leverage facilities
- Best technology tools
- Great platforms like MetaTrader 4 and 5
- High execution speed
Cons
- Poor user interface
- Trading conditions are not good enough
Conclusion:-
After skimming through all 10 brokers, one thing can be established that PrimeFin and Investby are the forex brokers in South Africa for trading. These brokerage firms have all necessary elements that suffice for all strategies. Moreover, leverage, regulations, deposits and platforms are great where investors can feel at ease while investing their funds for returns.
