All Rights Reserved, By Rahul Sharma Editorial Staff —. Overall Rating 9. Ranked 1 Forex Broker in South Africa. Tickmill Pros Tickmill is a regulated broker i. with Tier 1 regulator FCA. And also with FSCA, so considered safe. Fair spread with Classic account. Instant Deposits via online Bank Transfer in South Africa. Withdrawal within 24 hours via Internet Banking in SA. Good Live chat support, but we experience a few seconds of hold time while connecting.

Tickmill Cons No local phone number in SA for support. No ZAR Trading accounts. Overall Rating 8. And 0. BDSwiss Pros The spread is competitive with Classic account, and it is from as low as 0 pips with Raw Account. Funding is free with all methods without any extra charges. ZAR Base Currency Account is available. The support at BDSwiss is very responsive. Plus they have bot chat for quick answers to most frequently asked questions.

BDSwiss Cons BDSwiss is not licensed with any Tier-1 Regulation. Traders are registered under BDS Ltd. Fees on Account Inactivity Fixed Withdrawal fees of 10 EUR for withdrawals less than or equal to 20 EUR for methods except for card refunds. Similarly same fees applies to wire transfer withdrawals that are less than or equal to EUR. But there is 0 withdrawal fees when the amount is above these limits.

No South African phone number, but you can call them on their international number or request a callback. Around 1. HotForex offers ZAR base currency trading accounts. Online bank transfer option via major banks is available at HotForex SA for deposits or withdrawals.

Very low spread with Zero Account i. on average 0. HotForex Cons Wire transfer is available at high fees, and this method can take days to be credited. But local bank transfer in SA is available for withdrawals. The withdrawals via bank transfer can take 2 days. Also, with Zero account the commission is higher at R for other currency pairs. FxPro Pros FxPro Financial Services Ltd is authorized by FSCA, with FSP no. ZAR base currency account option is available.

FxPro is a No Dealing Desk broker. There is zero fees on deposits or withdrawals. The overall fees is quite competitive with their cTrader account type.

The support is okay. There are wide range of CFD trading instruments. FxPro Cons The average floating spreads are somewhat higher with MetaTrader 4 account. OctaFX Pros Octa Markets Cyprus Ltd. is regulated with CySEC. Very competitive typical spread of 0. OctaFX Cons OctaFX is not regulated with FSCA. ZAR Base Currency is not available. Local phone number in SA is not available for support. Exness Pros Exness is FSCA FSP No. It is almost zero pips with Pro accounts.

Exness offers ZAR base currency account option to traders in SA. No fees on deposit or withdrawals but currency conversion fees apply. Plus, they accept local online bank transfer in SA, and even offer instant withdrawal methods.

Wide range of CFD trading instruments including CFDs on Gold, Cryptos, 78 CFDs on US Stocks, CFDs on Indices are available for trading at Exness. On Average 1 pips spread for major pair EURUSD with their Standard Account. Exness Cons Exness does not have any bonus offers for South African traders.

There is long hold time for connecting to their chat support, and we received email response after 24 hours on average during our tests. The currency conversion fees during withdrawals are high. Ranked 7 Forex Broker in South Africa. There is no extra commission with the account type. XM Cons XM is not regulated with FSCA in South Africa.

Traders from SA are registered under Offshore regulation FSC. Swap charges are very high if you are holding positions overnight. So, for traders who keep overnight positions, this fees can add up to a lot. XM does not have a South African phone number for support. Crypto CFDs are not available at XM. AvaTrade Pros Avatrade is regulated with FSCA FSP Number: Accept local bank transfers in ZAR for deposits in South Africa. Low Fixed spread for Majors. Eg: 0. AvaTrade Cons No ZAR trading accounts.

Your capital is at risk. Minimum deposit: R Regulation: ASIC, CySEC, FSA Leverage: Upto depends on the trading instrument Ranked 9 CFD Trading platform in South Africa.

Plus Pros PlusAU Pty Ltd has financial services license through FSCA. Plus Cons They offer their own proprietary platform that is not available on desktop.

Their education section is limited. or via your card They are a MetaTrader broker, but offer cTrader platform also. So considered moderate risk for SA traders. The spread is quite low compared to other brokers. Wide range of CFD trading instruments other than forex. Zero deposit or withdrawal fees. No negative balance protection. Due to their multiple regulations, they are considered low risk.

Low spread with Advantage Account plus volume based commission. The commission decreases to as low as 0. High spread with Standard account type.

The Swap fees are moderate. ZAR Base Currency Account is not available. There is no South African phone number available for support on their website.

FSCA South Africa , FCA UK , ASIC Australia or CySEC. Regulatory Authority Country FSCA Financial Sector Conduct Authority South Africa FCA Financial Conduct Authority United Kingdom ASIC Australian Securities and Investments Commission Australia CySEC Cyprus Securities and Exchange Commission Cyprus BaFIN The Federal Financial Services Authority Germany MAS Monetary Authority of Singapore Singapore.

And spread from 0. And on average 1. get started Exness FCA, CySEC On Average 1 pips with Standard Account. get started Plus FCA, ASIC Floating spread, from 0. get started.

Which is the best forex broker for beginners? How should you choose a forex broker? How can you check if your forex broker is regulated or not?

Which forex brokers are regulated with FSCA? Ranks 1 Open Account Read Review. Authorized Forex Broker in Sout African: Best Broker Forex, CFD, ETF,Stocks, Options, Bonds and more! Member of FSCA. START TRADING Read Review. FREE DEMO ACCOUNT. Read Review. START TRADING. Whether the central bank raises rates by 25bps or 50bps may depend on the outcome of the CPI report! How to buy Investec PLC shares on the JSE. How to buy Sirius Real Estate shares on the JSE.

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We even put in consideration the actual user reviews and ratings of real traders. Tickmill is our 1st rank forex broker for South African traders.

Tickmill is a No Dealing Desk NDD broker that is regulated by FSCA FSP no. Since they are regulated by multiple Top Tier Regulators, including in South Africa, so we consider them to be safe. Tickmill was established in , and we consider them to be a safe broker as they are regulated with multiple top-tier regulators i. In terms of fees, Tickmill has an average spread with their Classic Account, starting from 1. But their spread with Pro account is very low from 0.

Instant funding is available with online bank transfer, and local bank transfer withdrawals are processed within 24 hours maximum. But Tickmill does not have ZAR base currency account option, so your funds are converted at the latest exchange rates depending on your account currency.

They have recently started to offer the latest Metatrader 5. read our in-depth Tickmill review. But they are not regulated with FSCA in South Africa. BDSwiss was founded in in Zurich, and they are a reputed forex broker. BDSwiss have an average spread of 1. But the spread with Raw Account is very competitive, it is on average 0.

They also offer CFD trading on Gold, popular indices like NASDAQ, and 20 Crypto CFDs at competitive fees. They offer variety of account types with many features including negative balance protection.

But the overall trading fees is much lower with these account types. BDSwiss have local Internet banking EFT option for funding or withdrawals in South Africa and you can have ZAR as your account currency.

The deposits at BDSwiss are free of any additional charges for all transaction methods. read our in-depth BDSwiss review. HotForex is our recommended choice for low cost forex broker in South Africa. HotForex SA is solid for low fees. They offer 12 trading platforms Including the latest MT5, and the MetaTrader for Android, iPhone and desktop.

HotForex also offer crypto CFDs. The deposits via Bank transfer can take 10 minutes, but the withdrawals can take 2 business days. The minimum withdrawal amount is R70 with bank transfer. In terms of support, they have a quick Live chat support, and they also have a local phone number in South Africa for support. read our HotForex review to see detailed comparison of spread, platforms and features.

FxPro Financial Services Ltd is a well regulated forex broker, and they are regulated with FSCA in SA. FxPro Group are also regulated by Top-tier regulator FCA. This makes them a low-risk forex broker. Also, FxPro operates No Dealing Desk model, which means there is no conflict of interest. FxPro offers low cost trading with their cTrader account. This is quite low in comparison to most other brokers. But their fees with MetaTrader based account types is higher than cTrader account.

In terms of accounts, FxPro does offer ZAR base currency account option. There are also other payment options available. Their email support is also okay as per our tests.

They also have an option to request a callback. read our FxPro review to see detailed comparison of spread, platforms and features. OctaFX is a global forex broker that is only regulated with one Top-tier regulation i. CySEC with License no. They are not regulated with FSCA. OctaFX was founded in In terms of fees, OctaFX charges variable spread for every trade. There is no extra commission per lot with any account, and the only trading fees they charge is the spreads.

So, their fees overall are very competitive. OctaFX is a Metatrader only forex broker. Their number of trading instruments are limited compared to other brokers.

For eg. OctaFX only offers 35 currency pairs for forex trading. Although, other CFD brokers have higher number of instruments. But we found their Live chat support to be quick in answering questions. But the support at Exness is not the best as per our tests. The spread is 0. Overall, we found Exness to be a broker with one of the lowest spread for Standard accounts, while Tickmill has lower overall fees for commission based account types.

Exness offers the latest MT5 platform as well as MT4 you can choose , which we consider to be a positive thing. The responses to queries sent to their support email are very slow, and in some tests it took a few days to get a response to our questions. read our in-depth Exness review. XM Trading is another popular forex broker with South African traders. XM Group is a part of Trading Point of Financial Instruments Ltd that was founded in They are now one of the leading forex broker in terms of daily trading volume.

The parent company of XM i. Their fees with their Ultra Low Account is also low. They have negative balance protection with all their account types. The max. leverage is with all these account types.

Also, their Swap fees is very high for most of the instruments. Their trading conditions are quite good. Their support is also really fast in handling issues, especially their live chat which also available 24 hours during the week.

AvaTrade is a European broker that is also regulated with FSCA in South Africa. AvaTrade is an European forex broker that was founded in Their deposit and withdrawal options include credit cards, wire transfer, and wallets. They also accept local bank transfer deposits. But they do have a local phone number in South Africa.

read our in-depth Avatrade review. Plus is a popular CFD trading platform, that is also listed on London Stock Exchange. Their platform is easy to use, and very user friendly. But the downside is that it is not available on desktop. have lower leverage as per the leverage restrictions with ASIC regulations. But their education section is quite limited though. read our in-depth Plus review. IC Markets is one of the largest forex broker in terms of daily trading volume. The traders from SA are registered under their offshore regulation.

This makes them somewhat low risk broker for traders. With Raw spread accounts, the spread is as low as 0. With Standard account too, the spread is competitive, around 0. Their trading fees is comparatively quite low even with their Standard account. There is no extra commission with Standard Account type at IC Markets. Their Swap fees are competitive but are not the lowest. The exact fees depend on the currency pair that you are trading. You have the option to fund your account via wire transfer or online wallets like Skrill, Paypal etc.

or via your card. They are a MetaTrader broker, but offer cTrader platform also. Their platforms are available across all devices. Our experience with their support was good. Read our in-depth IC Markets review. We gave them a lower rating because of high spreads.

FSCA, FCA. The idea of social trading is that you can use the skills of other people to generate a passive income for yourself. Trading without a strategy will leave you without a plan or a trading goal and make you far more susceptible to sustaining severe losses. Bulgarian Catalan Croatian Czech Republic Philippines Greek Hungary Romania Slovakia Iran Ukrainian Turkey Tamil. ActivTrades was founded in the year in Switzerland but they later relocated to the UK in However, most successful traders place an extraordinarily strong emphasis on beginner traders thoroughly educating themselves with regards to the fundamental and technical aspects of the Forex market. Their number of trading instruments are limited compared to other brokers.

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