Some Of The Best Forex Brokers In South Africa That Are Regulated By The FSB
I’m Trading With IronFx But There Are
Many Others You Should Also Pay Attention To.
IronFX is one of the most regulated brokers and their Research & Analysis team get’s global recognition by the most well respected Financial media of the world.
There daily market analysis is 100% FREE for clients. Being a globally trusted brand, IronFX offers instant execution with no slippage or delay. They offer the best spreads from 0 pips, with your&1 account you can trade 15 platforms and they offer over 200 tradable instruments.
IronFX’s achievements has been recognized by multiple international awarding bodies. Probably the best reason for us South African’s is that they have an office in Sandton and they’re in the process of getting a license for the JSE prices. And finally, copy trading, a way to earn a passive income while someone trades your account.
Other Forex Brokers that accept South African Traders
Other than choosing IronFx for my own trading and blog branding purposes, I’ve also spent some time checking out some of the other brokers operating from here or who accept South African traders.
But first this is what you need to know.
One of the first and probably most important things you need to become a successful when forex trading is to find a broker that you trust. A company who can give you a stable platform, pay you out when you ask and is not out to simply make a quick buck from you.
Worse still are those brokers that are simply scammers and out to get your money away from you, regardless of the consequences. With the tight regulation in the financial services industry any broker worth their salt must be regulated to operate from the country that you’re trading from and your local financial services regulator will be the first place you should look to see if a broker you’re considering is worth investigating further.
Fortunately there are places you can find out about Forex scams and if the broker’s you’re with are reliable. Here’s also a comprehensive article to read first about the pitfalls you need to look out for before you sign up with a random broker that teaches you a hard lesson.
The first South African based forex brokerage broke my heart so badly with their lack of attention, to me as an IB and to my clients that I sent, and seemed to just be interested in money that I happily moved my live trading account to an overseas brokerage (my mentor recommended anyway, so it fit in nicely with the strategy I chose to learn and follow).
Rather that gripe about the horrible service I got (or use their name) let me tell you about the brokers that I’m using at the moment.
An FSB Regulated South African Broker That’s Playing Very Nicely With Me With Me As An IB
CMTrading is a new broker that’s operating from South Africa. They’re regulated with the FSB with number 38782. With a welcome bonus that goes all the way up to $2000 its easy to trade using their money if you’re just starting out and want some added funds.
They also offer local deposits in South African Rands to fund your trading account.
This makes it easier for us Saffers to start trading.
But more importantly getting your profits out is so easier as its a normal local EFT to your bank account and not a wire transfer where you have to wait a week so you’ll get it to spend it faster (just remember there’s no short cuts to a being a professional trader and you have to take the time and effort to educate yourself with what’s important. You’ll end up paying for it anyway in blown accounts.
They have an easy to sign up for sub-affiliate program so that you can also make money passively from referring other affiliate marketers to get them new traders (like I’m doing right here, so join me)
Open An Account with Blacktone FuturesBecause local is lekker
Another SA Based Broker that’s recently got my attention
A new broker that got in touch with me is Blackstone Futures, I had a conversation with the CEO. They offer a promising alternative to the other company here in SA, I’m beginning to create a relationship with them and look forward to seeing how they develop. I’ll update this post when they settle more and start offering the MT4 platform, which I don’t think they do at present.
I also found out that CMTrading is trading under Blackstone’s license, so you’re effectively trading with Blackstone anyway.
Its funny how this corporate culture works but anyway, they also offer a SUB-IB account for you and you can sign up by clicking here. Finally, if you just want to try them out, open a demo account here.
Axitrader is the broker I first started trading seriously with
AxiTrader was the recommend of the mentor I chose and in since I’ve been trading with them they’ve been great and only messed up once with the price feed to their server. It was all fixed very quickly though. I’m yet to withdraw any money from them (so I can’t tell you about this part of their service yet.) New legislation has made it a bit harder to open an account at Axitrader, you now need two forms of identity (like an ID document in addition to a passport) to open an account but regardless of the admin issues, they’re a terrific company though the operate with slippage and aren’t the best to choose for certain types of traders.
A reliable broker that’s trusted by many traders
Trade for Free with XM
XM is offering a R347, no deposit bonus to try out their services. Many brokers are now offering this risk free way to give you a taste of their services. You probably won’t get rich from this free account, you’ll need a decent size account of at least $500 if you want to start making some real money but if you haven’t ever traded before or you want to see what their service is like, sign up with XM. Its also a great way to try out their live server for free, which is normally different to a demo account server, before you decide to commit. They do have some interesting loyalty bonuses that sound like something to investigate. I haven’t yet, but if you trade with them and take advantage of these, please let me know about how they work.
AVATrade Offers Bitcoin Trading
One of the few brokers that offer Bitcoin trading, AVATrade also makes it easier for South African traders to enter the market especially with the funding of your account using PayPal makes them one of the more convenient broker to deal with. Once with AxiTrader though (especially with the price difference in their charting platform) I didn’t like trading with AVATrader that much anymore.
Social Trading With eToro
eToro is one of the first companies to offer social trading. What’s that? Its like combining a trading platform (like MT4) and Facebook.
It allows novice traders to follow the trades of other more professional or traders with more experience and allows you to profit without knowing how to trade. The first trading account I ever owned was an eToro account and even though I don’t trade it anymore, it is still there and I’m sure that one day I’ll return to it.
So even though it may not be for me (for now) it may just be for you.
Click here to sign up for an eToro account.
No Deposit Bonus From Markets.com
Brokers are going crazy these days offering no deposit bonuses, you saw my favourite one earlier but here Markets.com are also offering a $25 account for mahala. Who can resist?
InstaForex Joins The No Deposit Bandwagon
Third Time Lucky and Instaforex, Asia’s favourite broker also offers a no deposit bonus, terms and conditions apply, so I would only recommend it to the absolutely desperate to start trading forex with none of your own capital.
Otherwise you’d be better off either taking their 250% bonus when you deposit your real money or give some love to Liverpool, the Premier League team I follow.
These are the brokers that I’ve tried out, I’ll add in some more as I get to try them out and see how they operate. I believe more will be coming into the local market now as the number of South African’s that are Forex Trading is increasing every day. How’s your trading going? Please take care with the brokers you eventually do choose, if you would like some help, please contact me, I’d be happy to help you. Thanks for reading, Haroun Kola PS: Here’s some of the latest posts from my blog and a link to a totally unrelated article.
Daily Forex Market Review 10.02.2016. The “Doom-Loop” has returned to Europe as credit markets seize up further
The ECB’s Villeroy and recently appointed Bank of France Governor has gone all negative nelly pointing out the patently obvious that central banks recent struggle with deflationary forces is nowhere near being over. However he added that the ECB was determined to uphold its mandate to bring back inflation to below but close to 2 percent. When asked whether there was any limit to negative interest rates, he replied in the classic central banker doublespeak form by saying, “that’s maybe where the practical limit is.” Mr Villeroy made headlines yesterday as well touting his one dream one Eurozone concept aiming to centralize all treasury functions. So it should come as no surprise that he is quick to point out the flaws in the current status quo and grabbing more and more column inches.read more
The situation in China is becoming bleaker by the day, it transpires that S&P have downgraded 13 Chinese companies this year and upgraded only one, the worst ratio since 2006. With over $22.6 billion of offshore bonds from the nation being rated one notch above junk there is undoubtedly a lot of pain to come and only a few defaults short of a catastrophe. Furthermore many more companies are going to be in the firing line and the market is preparing itself for a large number of additional downgrades. There is the beginnings of a “mini-panic” and as the fallen angels continue to present a major risk to investors this year it is well worth noting that over 40% of 2015’s downgrades on China credits came in the fourth quarter.read more
The dollar and the pound are in the headlines today, while oil and gold are both on the rise. In the US, the FOMC has taken a cautious approach toward further rate hikes, while in Britain the chances are rising of a “Brexit” from the European Union. Click here to read the full report.read more
High volatility continues in many markets. Oil price jumps on news that US oil production fell in August and is likely to keep falling.
WSJ’s Fedwatcher says FOMC might not vote to hike rates next week.
PBOC trying to force CNH and CNY to converge so that CNY can be included in SDR; suggests that they will aim for continued stability.read more
Risk comes back into fashion as stocks rose in Europe and US; commodity prices rebounded, including copper & oil. Commodity and oil-related currencies also gained the most, while safe-haven JPH and CHF lost groundread more