Currency transactions in South Africa have become easier over the past decade, resulting in a larger audience, strong economic growth and increased disposable income for many Africans. Below are some of the well-known forex brokers in South Africa that you should consider as a beginner or an experienced trader.
Eightcap, a leading Australian company, has been showing a prime example of inexpensive trading since 2009. EighCap is a reliable broker, it also provides an excellent technical platform for business analysis, cost efficiency and optimization, including on the MT4 platform. These tools are widely known, and you can withdraw money in a variety of ways. Traders can use over 250 financial instruments including CFDs on currencies, currencies, gold, silver, stocks and cryptocurrencies. Eightcap offers a 1:30 maximum leverage, allowing customers to enter multiple markets.
FBS has been operating since 2009 and is a well-managed and respected ECN and STP broker based in Belize. Traders in 190 countries with registered accounts with FBS are using their competitive edge to trade over 75 financial products in the international market. BTC, LTC and ETH are just some of the instruments that can be used to trade with other cryptocurrencies or currencies, commodities and other more traditional tools. It has an ultra-low minimum deposit requirement, and provides a leverage from 1:50 to 1:3000 depending on your requirements. It also has good customer service.
Plus500 was opened in 2008 and is under the control and registration of two major regulatory bodies, so it is safe for South African traders. Plus500 distribution depends on the product traded and market conditions, but it is highly competitive for most CFD products. In addition, their minimum investment of R1500 is not too high, furthermore they do not charge any additional fees for deposits or withdrawals. They provide their own network and mobile network. The platform is easy to use and very user-friendly.
AvaTrade is a european forex broker that began in 2006. They are regulated by the well-known FSCA, which is a testimony to their reliability as a safe broker. It offers MT4 and MT5 platforms for web and mobile, as well as the app itself. Like all other brokers, they offer Forex, Cryptocurrency, Stocks and Bonds trading. Deposit and withdrawal options include credit cards, bank transfers, and wallets; they also accept local bank transfers. On the other hand, they charge no fees for deposit and withdrawal. AvaTrade Messenger support is not as good as instant phone or live chat support. It is available 24 hours a day, 7 days a week during business hours only. However, they do have a local phone number in South Africa through which customers can seek help.
Exness is one of the most respected retailers in the world. It is regulated by FCA, FSCA which are authentic and well-known regulatory bodies. It is extremely competitive in distribution and offers a wide range of trading platforms and direct deposits and investments. It offers excellent customer support for platforms such as MT4 and MT5.