Best Forex Brokers in South Africa 🇿🇦
Below you will find some of the brokers that I think offer the best conditions for South African traders.
If you don’t want to waste time before settling on the best, just go directly to them first and then start worrying about the more difficult parts of forex trading.
Khwezi Trade
A leader in the SA online trading industry, Khwezi Trade is one of the first to be awarded an Over-the-Counter (OTC) licence. OTC Approved Derivatives Provider. Welcome Deposit Bonus.
Two-tier affiliate system with a hybrid CPA and. Send your clients to them with confidence, knowing they will receive the best customer service from their experienced team.
Trade Nation
Trade Nation believes in fair trading.
Their dedicated customer support team is on hand 24/5 to give you a more accessible and more human trading experience.
Their trading costs are fixed.
You can have complete confidence that charges won’t rise when markets get volatile.
You know exactly how much you’ll pay to enter and exit a trade.
Their local offices are in Houghton Johannesburg and they’re staffed by some really wonderful people.
They’re regulated by the FSCA amongst others for their worldwide operations.
Exness Offers Best Market Conditions
Fast & reliable execution with free VPS hosting.
Tick-level data across all instruments
Trade across multiple markets with the most stable and reliable pricing in the industry.
This is perfect for both beginners and more experienced traders with the most transparent pricing, and fast execution.
The support their own Exness trading platform as well as the popular MT4 and the new MT5 ones. You can also trade on the web terminal for these platforms.
They’ve placed a great deal of attention on social trading and I’ll write more about that in the copy trading section.
XM – Choose a Big, Fair and Human Broker.
Get up to $5K in bonus into your trading account as well as up to $12.5 back in rebates when you trade using my referral link to open your account.
Win or lose your trade, you will always earn this rebate to your account.
Choosing the right broker to trade with may seem like a simple task of going to the first company that calls you telling you that you’re going to be rich, but watch out.
There are many scams in the name of forex trading which is hard enough without having a scammy broker to deal with. Even with some of the licensed brokers you can encounter serious problems, like with the liquidation of JPMarkets, once my employer.
Because 80% of traders lose ALL their money withing the first 90 days of trading, most brokers operate as what is known as B-Book, where your losses are their gains. Most don’t care about you losing money at all and will do anything to get you to open a live trading account as soon as you can.
There are also terms and conditions that you need to pay attention to (especially around bonuses conditions and withdrawing this money that was gifted to you).
Your choice of which regulated broker to choose will be one of the most important decisions that you make when deciding to trade.
The FSCA is the regulatory body for South Africa that overseas forex brokers and you can contact them if you have any problems, like in the above case of JPMarkets, where traders complained to the regulator that they weren’t receiving their withdrawal requests, and felt like they were cheated in their trades.
In fact, you should search for any broker here first and find out their regulatory standings before trading with them.
Things to look out for with brokers are, do they allow you to hedge your positions, or are you only able to trade in one direction (long or short but not both at the same time), can you run EAs or robots on your trading account?
Finally, it would be good to know if the brokers have an IB program so that you could earn some extra cash from referring other traders to trade too.
These are the other brokers that have a license to operate in South Africa.
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