The South African forex market is one of the largest in Africa and caters to local and international investors. The seven best forex brokers in south africa provide traders with everything they will need to trade successfully.
For an individual who wants to make money trading Forex, the challenge is choosing the right Forex broker. With so many forex brokers on offer, it becomes difficult to select the right one that has all the features you need in a Forex broker. The main concerns include cost, benefits, and maximum leverage.
If you are new to the Forex markets, setting up your account with the right broker is important. Below, we’ve listed 7 of the best Forex brokers in South Africa for trading to make your decision easier.
Here is a list of seven of the best forex brokers in South Africa
The forex market can be intimidating for novice traders, but it does not have to be. With a little knowledge, you can become a successful trader and make money from foreign exchange (FOREX). Some day traders, scalpers, and swing traders use different strategies to succeed.
The london capital group review: London Capital Group (LCG) is a leading provider of financial services to private investors and companies in the UK. LCG has been active in the UK finance industry for over a decade, and in that time, we have built up an unrivaled reputation as one of the best providers of structured finance solutions. Our focus on delivering exceptional client service has helped us to emerge as a market leader in this niche area of finance. We understand that many private investors don’t have the time or resources.
1. XTB – XTB is one of the most popular online brokers that offer high-quality trading tools and services at competitive prices. The broker provides customers with an opportunity to trade on more than 90 currency pairs, which include major pairs such as EUR/USD, USD/JPY, and GBP/USD. XTB also offers access to other assets including commodities, stocks, and indices via CFDs (Contract For Difference).
2. CMC Markets – CMC Markets is another leading broker that offers competitive pricing for its clients along with high-quality trading tools and services such as mobile trading apps for iOS and Android devices as well as web-based platforms for trading on your desktop computer or laptop at home or work. The company offers up to 300:1 leverage when trading CFDs on currencies.
3. Saxo Bank – Saxo Bank offers the most advanced trading platform in the industry and is one of the first companies to offer FX and CFD trading on cryptocurrencies. It also has one of the lowest minimum deposit requirements in the forex industry at just $2,000, making it accessible to traders with small accounts. Saxo Bank is not regulated by any financial authority in South Africa but it is a member of the Financial Services Compensation Scheme (FSCS), which protects deposits up to £85,000.
4. IG Group Holdings plc – IG Group Holdings plc was founded in 1974 and has grown into one of the largest online retail forex brokerages in the world today. It offers forex, CFDs, and options trading on more than 60 asset classes across major exchanges worldwide. IG Group Holdings plc is regulated by numerous authorities around the globe including the UK’s Financial Conduct Authority (FCA) and Dubai Financial Services Authority (DFSA). The company also has offices in Australia and Japan where it operates under different names but offers similar products to its UK clients: IG Markets Australia Pty Ltd and IG Securities Japan KK respectively.
5. FxPro – FxPro is an award-winning
foreign exchange broker that was established in 2004. It has more than 5 million accounts, making it one of the most popular forex brokers in South Africa. FxPro offers a wide range of services that are tailored to meet the needs of professional traders and individual investors alike.
6. Oanda – Oanda is an online forex broker that was founded in 1999 and is based in Toronto, Canada. It has offices around the world including Johannesburg and Cape Town in South Africa. Oanda provides services across six continents with more than 1 million clients worldwide. Oanda offers a diverse range of currency pairs with competitive spreads and no commissions on trades over $5 000 000 per day (minimum 0%).
7. Currencies Direct – Currencies Direct was founded in 1999 by Peter Baines and Michael Harte who believed that there was an opportunity to offer better value for money than what was available at the time from traditional banks.