They offer variety of account types with many features including negative balance protection. You can have your trading account funds in four different currencies. They have very convenient funding methods including local bank transfer in Rand with zero fees on deposits with this method.
- Learn more about why IG is a great pick for beginner forex traders by reading our full-length review of IG.
- Regulated Forex brokers must adhere to strict standards set by regulatory bodies, which include requirements for capital adequacy, segregation of client funds, and ongoing reporting and compliance.
- He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
- But HF Markets, Tickmill, Exness & other brokers have their application as either pending or withdrawn.
- Exness’s chat support is available 24 hours for 5 days in a week, but it is only available to logged in users.
Which forex brokers are regulated with FSCA?
Like Exness’s email support is very slow in responding to queries, and in most cases you will have to wait for a few minutes to connect to their Live chat support. It is best to choose a broker that offers support for all devices. But here are the brief factors on how we conducted the check on broker’s platforms. To save your time, we have xtb review already calculated & compared the fees of all the brokers for you in our comparison.
Which Trading Platforms do the Best Forex Brokers Offer?
JustMarkets is a foreign forex broker that accepts traders based in South Africa. They are regulated with FSCA as Just Global Markets (PTY) Ltd, but it only acts as an intermediary & is not the issuer of products. Plus500 is a popular CFD trading platform, that is also listed on London Stock Exchange.
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Yes, forex trading is legal in South Africa when you trade with a broker that is properly licensed by the Financial Sector Conduct Authority (FSCA). Most brokers do not offer ZAR accounts, because the cost of the currency conversion fees on profits and losses could be a serious drain on profitability. Check that the minimum account size is small enough for your requirements. I always like to start with this step because no matter how much you like a broker, it will not matter if you do not have enough capital for the minimum deposit.
HotForex has various accounts, for beginner & professional traders. They have Premium account with average spread of 1.2 pips for EUR/USD, with no extra fees. And they have Zero account for high volume traders an average spread of 0.4 pips + $6 per standard lot for EUR/USD.
Moreover, OCTA does not charge swaps on positions held overnight. To operate legally in South Africa, brokers must obtain authorization from the Financial Sector Conduct Authority (FSCA), the national regulatory body. Being authorized by the FSCA is considered a positive attribute for brokers and provides forex traders with a sense of legitimacy. However, some brokers are regulated outside of South Africa but still offer forex trading services to locals. Other brokers act as a go-between, taking orders from traders and sending them straight to the global Forex market.
One way to check this is to check the website with the regulator. Also, you should make sure that your broker/dealer is authorized to offer derivatives trading. Some brokers don’t have the license for offer Forex & Derivatives trading, but they still accept clients for forex trading via their general license. The overall fees at FXTM with Micro account is high compared to other brokers.
XM – Lowest Fees in South Africa
It must have the proper license that allows it to issue or act as intermediary for CFDs products it is offering. But still, in general if there are similar brokers, equally well regulated, choose the one with lower pricing structure. We cannot find this data in public because most brokers keep this information private (they are not required to make their financials public). But XTB, which is a publicly listed company, has made this information public in their Investor presentations, as well as on their FAQs page about revenue sources. Tracking the fees charged by a broker & then comparing it with other brokers is not easy, but we are here to help you with this.
They can also improve their market analysis features to provide more detailed, specific insights on South African marketplaces. They excel at customer service, providing local phone assistance and service in multiple languages, which benefits the South African market. Each category receives a rating from one star (weak) to five stars (excellent).
Copy traders get Myfxbook Autotrade and DupliTrade, while social traders can connect to TradingView. According to Statista, credit/debit cards and bank transfers are still the top payment methods for South African forex traders, accounting for coinspot review more than 60% of all online transactions. Most of the best forex brokers in South Africa provide opportunities to speculate on the South African Rand (ZAR), normally through the USD/ZAR. Plus500 might improve by expanding its instructional resources to include more thorough learning materials for novices. Furthermore, the platform might benefit from providing more complex analytical tools to experienced traders.
He earned a Bachelor’s degree in Economics and International Relations. Plamen’s broad experience has equipped him with the expertise to recommend the best forex brokers. Commissions below $3 are considered to be low for forex pairs and gold. I assessed Vantage’s spreads on a Raw ECN account, which features spreads from 0.0 pips and a $6 round-turn commission per traded lot. This account type has an extremely low minimum deposit requirement of $50, making it quite accessible. The broker offers a wide range of deposit and withdrawal methods, including cryptocurrency.
Both types of Forex brokers require a lot of money to set up and need teams of highly qualified technicians to maintain their trading platforms. Founded in 2011, Octa offers trading on 52 Forex pairs, five commodities, ten indices, 34 cryptocurrencies, and 150 stocks. Octa supports the world’s two most popular trading platforms, MT4 and MT5, as well as its new intuitive OctaTrader platform, which may be easier for many beginners to get started with.
