Economy

Best South African Forex Brokers

Due to the constant development of the South African financial market, the forex industry gives a lot of exposure and has great potential. As more and more international brokers are involved in South Africa’s trade, the demand for this industry is also growing. Continue reading to learn about some of the best South African forex brokers.

FXTM

FXTM was founded in 2011 and is operated by FSCA South Africa in 2016. This provides competitive spreads for large companies using Advantage MT5 accounts to earn EUR / USD. However, the high load on your account will only spread it. FXTM offers a wide range of trading products in 63 sizes, currency pairs, commodities, metals, indices, and stock CFDs. However, we do not provide cryptocurrency CFDs. The trading platforms provided by FXTM are MetaTrader 4 and 5 with compatible mobile trading apps for Android and iOS. The easiest way to raise funds is to use this method to send ZARs to local banks with zero investment fees.

OctaFX

OctaFX was founded in 2011. It is regulated by CySEC. OctaFX charges a variable transaction load as a commission. Their MT4 and MT5 trading accounts have an average EUR / USD spread of 0.7 pips, which is very competitive compared to other regulated brokers in South Africa. They also don’t charge any inactivity fees or deposit and withdrawal fees. Therefore, their prices are usually very competitive. It offers MetaTrader 4 (MT4) and the latest MT5 platforms along with their own trading platform. The Metatrader platform supports personal computers, the Internet and mobile phones. OctaFX only offers 32 currency pairs for Forex trading, they also offer CFDs on commodities, indices and cryptocurrencies. OctaFX does not provide trading accounts in ZAR currency. Traders can only get currency options in US dollars and Euros. They do not charge any fees for deposits or withdrawals using this method.

IC Markets

IC Markets has been operating since 2007. This is a reputable broker and is regulated by several regulatory bodies, so we believe it is reliable. IC Markets offers Raw Spread trading accounts and Standard accounts. Their minimum investment is $ 200. They are Metatrader brokers (MT4 and MT5) but also offer the cTrader platform. The platform is suitable for all devices. Their spread is quite low compared to other brokers and they provide a wide range of CFD trading instruments which is a huge appeal to many traders. There are 10 Base Currency options available including USD, EUR, GBP, AUD & JPY.

HotForex

Hotforex was founded in 2010 and has been regulated by the FCA since 2016 to ensure financial security. As a full-fledged broker in multiple jurisdictions, HotForex supports secure trading features and provides a wide range of solutions, including zero trading and Islamic accounts. It is a 100% STP foreign exchange broker in South Africa. It has a wide range of trading instruments and can trade 54 currency pairs. HotForex also offers powerful CFD and currency exchange solutions. South Africans can benefit from price changes for various instruments, including cryptocurrencies.