As a beginner, it is essential to test the waters before you just jump into the forex market. Before you invest all your real money and start trading, you can open demo accounts with each broker and trade with virtual money. This way, you will know what to expect with a live trading account and how to trade your funds. Below you can compare five of the best forex brokers South Africa. Their pros and cons, minimum deposits, and what trading instruments they have to offer.
1. RoboForex
RoboForex was established in 2009 and offers five different live trading account types. Traders can trade over 12 000 trading instruments, including forex, stocks, indices, precious metals, cryptocurrencies, etc. Pros: Regulated by Cyprus Securities and Exchange Commission (CySec). Minimum deposit from $10. Five account currencies (EUR, USD, CNY, RUB, GOLD). Available to support traders 24 hours a day, seven days a week. Cons: Not Regulated by FCA. Don’t accept clients from the US, Canada, Australia, or Japan. No fixed spread accounts.
2. XM
XM was established in 2009. They are also known as XM.com, XM Global, XM Markets, and XM Broker. They offer four different account types; any client can hold up to eight active trading accounts and one Shares Account. Traders can trade more than 1000 instruments anytime, anywhere. These instruments include CFDs on forex, shares, indices, commodities, metals, and energies. Pros: Regulated by IFSC, ASIC, Cysec. Minimum deposit from $5. Allows scalping and hedging. Offers Negative Balance Protection. Easy switch between demo and live account. User friendly. Supporting numerous languages. Customer support available 24 hours, five days a week. Cons: Doesn’t offer VPS European clients may only trade CFDs, Crypto, and Forex products. Account types vary according to jurisdiction. Average Forex Fees.
3. Tickmill
Tickmill was established in 2014 and offers three different live account types. Tickmill offers more than 80 trading instruments, including precious metals, forex, stock indices and oil, and bonds. Tickmill offers four wallet currencies – USD, EUR, GBP, and PLN. Pros: Regulated by FSA. Minimum deposit from $100. Multilingual customer support. Customer support offered five days a week and 24 hours a day. Minimum leverage of 1:1. Maximum leverage 1:500. Cons: Limited platform options. Not FSCA regulated.
4. BD Swiss
BDSwiss was established in 2012 and offers three live account types. BDSwiss offers trade in financial instruments such as cryptocurrencies, commodities, forex, indices, stocks, and more. BDSwiss offers three base currencies – US Dollar, Euro, and British Pound. Pros: Fast account opening. Quality customer support offered 24 hours a day, five days a week Negative Balance Protection applied. $0 withdrawal fee. Minimum deposit from $100. Cons: Not listed on Stock Exchange. Administration fee for non-use account. US and Canadian clients not allowed.
5. Exness
Exness was established in 2008 and offers four live account types. Exness offers traders the following instruments to trade in: forex, cryptocurrencies, metals, indices, energies. Exness supports base currencies USD and EUR. Pros: Regulated by CySEC and FCA Provides Negative Balance Protection. Fast digital account opening. Minimum deposit from $1. Customer Support available in various languages 24 hours a day, five days a week. User-friendly trading software. Cons: Not listed on Stock Exchange. 24/7 support is only available in English and Chinese. These are just the basic features of each broker. Be sure to read the full review of each broker and do the necessary research before you start trading. Read more about the best forex brokers in South Africa.
