Best Forex Brokers in South Africa ranked based on User Reviews

Tickmill — South Africa's best forex broker, with minimal spreads and FSCA regulation.

Tickmill was founded in 2014, and WikiFX considers them to be a safe broker because they are regulated by multiple top-tier regulators, including the Financial Services Commission of Australia (FSCA), the Financial Conduct Authority of the United Kingdom (FCA), and the Cyprus Securities and Exchange Commission (CySEC) (Cyprus).

The organisations Classic Account costs an average spread, which starts at 1.6 pips for EUR/USD. Their spreads are exceptionally minimal with a Pro account, starting at 0.1 pips (average spread) for EURUSD + $2 charge per Standard Lot on both sides ($4/Standard lot for both sides). There are no fees for deposits or withdrawals at Tickmill.

Tickmill traders in South Africa can fund and withdraw in Rand via an online bank transfer method (ZAR). Online bank transfers provide instant funding, and local bank transfer withdrawals are executed within 24 hours at the most. However, because Tickmill does not provide a ZAR base currency account, your money will be converted at the current exchange rate for your account currency.

Tickmill is a Metatrader-only FX and CFD broker that supports MT4, MT5, and Webtrader (their Metatrader platforms are available on multiple devices). They've just lately begun to sell Metatrader 5, the most modern version. Their forex trading currency pair offering is extensive, with 62 pairs available, but their other trading instruments are restricted, with only 14 CFDs on stock indices, two oil CFDs, two metal CFDs, and three other instruments.

The broker presently does not have a local phone number in South Africa, however their chat and email support is accessible Monday through Friday from 7 a.m. to 10 p.m. (GMT).

Tickmill Advantages

• Tickmill is a regulated broker, meaning it is regulated by the FCA, a Tier 1 regulator. Also, because of the FSCA, it is thought to be safe.

• With a Pro account, you may get a very low commission of $4 per standard lot ($2 each side for open and close) and a 0.1 pip spread. With the Classic account, there is a reasonable spread.

• There are no fees for deposits or withdrawals.

• There are 62 main and minor currency pairings to trade.

• There are CFDs on stock indexes, metals, bonds, and cryptocurrency.

• In South Africa, you may make instant deposits via an online bank transfer. Withdrawal using Internet Banking in South Africa within 24 hours.

• The platforms MT4 and MT5 are both available.

• Good live chat help, however we had to wait a few seconds for a connection.

Tickmill Drawbacks

• There is no local phone number for help in South Africa.

• There are no ZAR trading accounts available. Account base currency choices are now available in USD, EUR, and GBP.

• English Live Chat operators are not accessible 24 hours a day, 7 days a week.

BDSwiss - Excellent Forex broker with a 0 pip spread Raw account.

BDSwiss is a reputable forex broker that was founded in 2012 in Zurich. Since May 31, 2013, they have been regulated by CySEC under license number 199/13. NFA has also approved BDSwiss LLC. With their Classic account, BDSwiss has an average spread of 1.5 pips for EUR/USD. However, the Raw Account spread is quite competitive, averaging 0.3 pips (plus $5 fee per normal lot on Forex). At low costs, they also provide CFD trading on Gold, famous indexes like the NASDAQ, and 20 Crypto CFDs.

They provide a range of account kinds, each with its own set of features, such as negative balance protection. However, they do not provide ZAR base currency accounts; instead, they only offer USD, EUR, and GBP account currency alternatives. With the Classic Account, the minimum deposit is $100. However, the minimum financing requirements for VIP, Raw, and InvestPLUS accounts are $3,000, $5,000, and $5,000, respectively, which is much more than other brokers. These account types, however, have substantially reduced trading fees.

For all transaction methods, BDSwiss does not impose any additional fees for deposits. BDSwiss, on the other hand, has various non-trading costs, including as inactivity fees and penalties on withdrawals below restrictions made by wire transfers and means other than credit cards. In addition, in South Africa, they do not have a local Internet banking (EFT) option for financing or withdrawals. During an investigation, it was found BDSwiss's customer service to be excellent. They may be reached by live chat, email, and phone. However, they do not have a South African phone number.

Pros of BDSwiss

• BDSwiss Group is regulated by CySEC and the National Futures Association (NFA).

• With the Classic account, the spread is competitive, and with the Raw Account, it starts at 0 pips.

• All means of funding are completely free of charge.

• CFD trading instruments include 51 currency pairs and more than 120 CFDs on cryptos, indices, commodities, and stocks.

• BDSwiss has excellent customer service. They also provide a bot chat feature for rapid responses to the most often requested questions.

Cons of BDSwiss

• BDSwiss does not provide accounts in ZAR as a base currency. There are just three account currency options: USD, EUR, and GBP.

• Fees for Account Inactivity Online bank transfers to and from a South African bank account are not accessible for deposits or withdrawals.

• Fixed Except for card reimbursements, withdrawal fees of 10 EUR apply to withdrawals of less than or equal to 20 EUR. Wire transfer withdrawals of less than or equal to 100 EUR are subject to the same costs. When the sum exceeds these restrictions, however, there are no withdrawal costs.

• There is no phone number in South Africa, however you may call them on their international number or get a callback.

XM Trading offers cheap spreads and quick execution.

Trading Point of Financial Instruments Ltd, which was created in 2009, owns the XM Group. In terms of daily trading volume, they are currently one of the biggest forex brokers. Trading Point of Financial Instruments Ltd is a moderate-risk broker since it is licensed by CySEC and ASIC (Trading Point of Financial Instruments Pty Ltd since 2015). Because XM is a market maker, they can provide quick transaction execution with nearly no re-quotes or rejection. Their Ultra Cheap Account has low fees as well. All of their account types offer negative balance protection.

With Micro and Standard account categories, their normal spreads are quite substantial. For example, during regular market hours, their usual spread for EUR/USD with Micro account is 1.9 pips, which is rather high. Furthermore, for the majority of instruments, their Swap costs are quite hefty. XM offers web and mobile trading on the MT4 and MT5 platforms. They also provide a diverse set of trading products, such as currencies and CFDs on metals, indices, and commodities. They also let you use ZAR as the base currency for your trading account. Their trade terms are fairly favorable.

Their customer service is also quite quick to resolve concerns, particularly with their live chat, which is open 24 hours a day, seven days a week. Another advantage is that there are no fees for deposits or withdrawals.

XM Pros

• CySEC and ASIC are used to control XM.

• With an Ultra Low Account, the usual EUR/USD spread is 0.8 pips.

• Orders are processed quickly and there are no re-quotes.

• XM provides 11 different base currency accounts, including ZAR and USD.

• Protection against Negative Balance is offered.

• Deposits and withdrawals are both free of charge.

• Live chat help that is both quick and knowledgable.

Cons of XM

• In South Africa, XM is not regulated by the FSCA. This is a crucial factor for users since being regulated by the FSCA assures greater funds protection and compliance.

• Micro and Standard Accounts have quite wide spreads.

• Swap fees are quite expensive. For example, using a normal lot, the Swap for GBP/USD is USD -2.58 for Long and USD -4.88 for Short. As a result, for traders who hold overnight positions, these costs can quickly pile up.

• There is no support phone number for XM in South Africa.

• XM does not provide cryptocurrency CFDs.

AvaTrade is a forex broker with a fixed spread.

AvaTrade is a forex broker based in Europe that was established in 2006. Since 2015, they have been regulated by the FSCA as 'Ava Capital Markets Pty Ltd.' AvaTrade's trading costs with their account are cheaper than those of the other brokers. They provide fixed spread accounts, with the EUR/USD spread (on average) being 0.9 pips with the Retail account. However, their & non-trading costs are hefty, with a $50 inactivity fee (for non-trading for 3 months) and a $100 administration fee (for 12 months of inactivity on an account).

AvaTrade provides MT4 and MT5 platforms for online and mobile trading, as well as a customized app. They trade Forex, cryptocurrencies, stocks, and bonds, just like the rest of the brokers. Credit cards, wire transfers, and wallets are among the deposit and withdrawal methods available. They also accept deposits through local bank transfer. They don't charge any fees for deposits or withdrawals, which is a positive.

AvaTrade's customer service isn't the finest, since their phone and chat help isn't available 24 hours a day, seven days a week. It is only available during the working hours of the corporation. They do, however, have a South African phone number.

Pros of AvaTrade

• The FSCA regulates Avatrade (FSP Number: 45984).

• There are no deposit fees and withdrawals are processed quickly.

• For help, dial a local South African phone number (during business hours only).

• For deposits in South Africa, accept local bank transfers in ZAR. However, because they do not provide ZAR accounts, the amount is translated to the account's base currency, such as USD.

• Majors have a low fixed spread. For example, the EUR/USD pair has a 0.9 pips spread.

Cons of AvaTrade

• There are no ZAR trading accounts available.

• High non-trading costs, including $50 inactivity penalties if the account is not utilized for three months in a row.

• Even on weekdays, live chat and phone support are not accessible 24 hours a day.

Best ECN Forex Broker: IC Markets

IC Markets has been in business since 2007, are secure for traders in South Africa because they are a reputable broker with various regulators.

IC Markets offers both Raw Spread and Standard accounts for trading. For most CFD instruments, the spread on Raw spread accounts is as little as 0.1 pips (plus $5-6 charge per Standard Lot depending on your platform, which can be MetaTrader or cTrader). The spread on the Standard account is also competitive, averaging approximately 0.62 pips for EUR/USD according to our benchmark check. Even with their Standard account, their trading fees are rather modest. At IC Markets, there is no additional commission for using the Standard Account type.

All of their account types have a $200 minimum/starting deposit requirement. However, IC Markets does not provide any local financing methods in South Africa, such as bank transfers, and they do not have a ZAR account base currency. They are a MetaTrader broker, but they also provide a cTrader platform. Their platforms may be used on any device.

Pros of IC Markets

• ASIC and CySEC regulate IC Markets Group. As a result, traders in South Africa are deemed to be at a moderate risk.

• They have a average fair against others.

• Other than forex, a wide selection of CFD trading products are available.

• There are no fees for deposits or withdrawals.

• All devices may use the Metatrader 4 and 5 platforms.

• There are ten base currency available, including USD, EUR, GBP, AUD, and JPY.

Cons of IC Markets

• The broker is not FSCA-regulated, and they do not have a South African office.

• No ZAR trading accounts available.

• There is no protection against negative balance.

It is important to note that Forex trading is still new in South Africa, therefore there are not many laws governing the industry. Although all of these aforementioned brokers comply with all the laws of South African Forex industry, it is important to know how brokers can scam their clients. There are also in dependant Forex broker and industry review platforms to check out before choosing a broker. Although there are very few, it is important to seek them out.

How can I be certain that my Forex Broker is trustworthy？

The popularity of Forex has exploded in the previous decade, leading in the creation of thousands of new Forex brokers that are currently flooding the market. Thus, many scams as been found, especially in South Africa. There are not many laws governing brokers in South Africa.

• Check out independent review sites

• Personal recommendations

• Professional or regulatory organizations while looking for a good Forex broker.

• Check out the website and social media channels for more information.

Professional forex traders use which broker？

Professional retail forex traders can utilize as many brokers as they like, based on their preferences.Tickmill, BDSwiss, XM Trading, AvaTrade and IC Markets are just a few of the well-known trading platforms.

Which is the best forex broker for me？

When choosing a Forex broker in South Africa, it is important to know about their background. They should follow all the regulatory and compliance laws of South Africa. This information should be on their website or obtainable through customer support. If they do not have quality customer support, this is a bad sign. Low fees are preferable, however, brokers legally do not have to cap their fees in South Africa. Many brokers also offer very attractive trading accounts and benefits, however there are many scams. These scams could include, brokers trading against you, high fees, platforms freezing, problems with withdrawals etc.

Is Forex Investing a Good Idea？

In South Africa, there are not many jobs available in the current industries. Any jobs that are available are underpaid and overworked. It was determined the only way to to make a successful life in South Africa is to be an entrepreneur. This is why many South Africans have started trading. Although there are many scams, there is an increasing number of traders arising in South Africa.This is because against all odds, Forex is a lucrative industry, if you are careful and do your research. In this industry only 8% of people succeed, however this number is slowly increasing as the market gets saturated. South Africans like the industry, because it is convenient and lucrative. You can trade from anywhere in the world, the market is open 24/5 and there is enough money for everyone without heavy overheads.

What Are the Profit Potentials of Forex Traders？

Trading is still new in South Africa, therefore we do not know all the most successful traders or how much they earn. Besides it being a new industry many traders are fabricating and inflating their net worth. However, we can determine a range of average earnings, of Forex traders in South Africa. The range would begin at $2000000 (R30 000 000) all the way to $500000000 (R7500000000). This is some of the most profitable traders in South Africa earnings. The average retail trader would make around R300000/ month ($20000).

As a forex newbie, which broker should I use？

You should use XM Global, as they provide bonus‘ without any deposits. This makes your risk virtually 0%, however its not much so you have to be a good trader to make it work for you. They do provide continuous bonus’, benefits and rewards, when you trade with them. They are also very reliable and have never had issues with withdrawals. It isn't the best broker available, but they do have advantages for beginners.

In the year 2022, who will be the best forex broker？

IC Markets might be the best in the world, because of the regulatory certificates, customer care and reliability, this does not transfer to South Africa. In South Africa, the best broker would be Tickmill, as they fulfill the needs of their clients in South Africa.