The scope of Forex trading is increasing in South Africa. Thousands of people on a daily basis enter the forex trading world in the country. South African Rand is among the most popular currencies traded in the forex market.
The rand sees significant price fluctuation in the market that gives birth to numerous trading opportunities. In addition, government rules and regulations are also favorable to forex traders. Ultimately, these factors increase the participation of South Africans in the market.
So, in this blog, we will discuss the best forex brokers in South Africa. It will help you start your forex trading journey in the country with ease.
5 Best Forex Brokers South Africa for Beginners
Numerous local and global forex broker platforms are available in South Africa. However, the real task is selecting the most ideal brokers considering the traders and the country’s trade conditions:
IG
IG is amongst the safest forex broker platforms in South Africa. It is a UK-based platform that provides services all over the world. IG offers various forex, cryptocurrencies, commodities, shares, and indices products.
The broker is quite transparent to start trading; all the information regarding fees and additional charges is available on the website. Further, IG took all the measures necessary to protect the clients’ capital. It offers features like segregated accounts, negative balance protection, technological solutions, and many others.
Pros
Has a large community of traders.
Top-notch educational and training resources.
Cons
Customer Support is not available on Weekends.
Exness
Exness is a global forex broker platform allowing you to trade over 107 financial assets. The broker is regulated by many reputable financial institutions, including South Africa’s Financial Sector Conduct Authority (FSCA). It offers a leverage of up to 1:2000 to South African traders.
In addition, the broker’s spreads and commissions are the lowest as compared to others. The best part is that Exness provides ZAR account options. So South African traders have the option to keep ZAR as their account currency.
Pros
Local Bank deposit and withdrawal facility is available.
No inactivity fees.
Cons
Charges overnight trading fees.
Beirman Capital
Beirman Capital is amongst the best forex brokers in South Africa, and it is regulated by the jurisdiction of incorporation, Saint Lucia. With numerous clients from South Africa, the broker provides the best services to the clients.
Ultra Fast Execution, High Leverage Facility, Smooth Withdrawal and deposit, and round-the-clock customer support are some of the best features of the broker.
The platform also provides advanced trading tools, educational resources, risk management tools, negative balance protection, and guaranteed stop loss to the clients.
Pros
Demo Account Facility
Allow trading in Forex, Stocks, ETFs, NDFs, Indices, Commodity and Crypto Instruments.
Cons
Minimum Deposit of $100 for opening an account.
KYC and verification formalities.
Tickmill
Tickmill is another good-to-go platform for South African traders. The broker has even received the award of Best Finance Partner Program for Africa. It offers the best copy trading services, so can be an ideal option for copy traders.
You can trade in over 60 forex pairs, 500 stocks, 15 stock indices, bonds, commodities, cryptocurrencies, futures and options on the platform. It is amongst the most useful platforms for beginners. Here, you will find access to numerous webinars, ebooks, video tutorials, market analysis materials, economic calendars, profit calculators and many other tools.
Pros
Low trading commission.
No withdrawal or inactivity fees.
Amongst the Best forex brokers in South Africa.
Cons
Minimum deposit of $100.
AvaTrade
AvaTrade is also a reputed broker platform for South African Traders. It was founded in 2003, and it has over 300,000 active traders globally. The broker has regulations from the financial jurisdictions of Australia, Japan, the European Union, Abu Dhabi, Ireland, and many other countries.
The platform has excellent customer reviews and a client base. In terms of technology, it is the best broker. It has numerous apps like Avatrade app, Avaoptions, Duplitrade, and many others. The broker also provides analytical tools that help traders find the right opportunities. Further, it also provides trade alerts and copy trading signals that are quite helpful for novice traders.
Pros
Negative Balance Protection.
Wide range of account types.
Offers the best copy trading services.
Cons
Minimum deposit of $100.
Wrapping Up
We have studied the best forex brokers in South Africa with their pros and cons. However, traders need to be quite vigilant while selecting the right platform. For that purpose, organize thorough research, read the customer and broker reviews, study the features and consider fee structure.
Every country is different, so the people living there have some specific requirements with the platform. So, traders should first find out whether the brokers follow the rules and regulations of that specific country or not.
South Africa is one of the countries where scams in the name of forex brokers are increasing. So, select a broker after a proper analysis of the platform. The best way to start is by opening a demo account with a broker, which will help you access the broker before depositing real money.
FAQs
What is the currency of South Africa?
The South African rand, popularly known as ZAR, is South Africa’s official currency.
Is Forex Trading Legitimate in South Africa?
Yes, Forex trading is legal in South Africa. The Financial Sector Conduct Authority (FSCA) regulates all forex trading activities in the country.
How much leverage can Forex traders use in South Africa?
In South Africa, Forex traders can take advantage of unlimited leverage.
Which are the best Forex brokers in South Africa for Beginners?
Exness, IG, AvaTrade, Beirman Capital, and Tickmill are some of the best brokers in South Africa.
Is forex trading income taxed in South Africa?
Yes, forex trading income is subject to capital gain tax in South Africa. The tax rate is around 18% of the profit amount.
