There are many forex brokers that work in South Africa. In South Africa, more than tens of billions of dollars are made through forex exchanging as every South African individual is legally allowed to be a forex trader. How to choose the best one? Read along to weigh the pros and cons of the best forex traders in South Africa 2020 and choose the one you like the best!
Tickmill
Tickmill was founded in 2014 and is a reliable broker that is regulated under FCA, FSCA, etc. South African traders can carry out transactions online in Rand (ZAR). There are no fees on deposit or withdrawal. It has over 62 major and minor currencies pairs for trading. It has good live chat support so easy communication. You can get a pro account with a very low commission of $4/standard lot.
Hotforex
Hotforex was founded in 2010 and has been regulated under FCA since 2016 to ensure the safeguarding of funds. It is a 100% STP forex broker in South Africa. There are no fees on deposits and withdrawals and have a 100% deposit bonus for new customers in South Africa. They offer 12 trading platforms for both mobile phones and desktop. There is an online bank transfer option and the option of live chat support. It has a wide range of trading instruments with 54 currency pairs for trading.
BDswiss
BDswiss is a reputed forex broker founded in 2012. It is licensed with CYsec and NFA. It is a good spread, competitive with the classic account and it is from as low as 0 pips with Raw Account. There is no limitation on funding methods and they are all free of cost. It has a wide range of trading instruments with 51 currency pairs for trading. Their customer service is excellent with a very responsive support system. They have a bot chat that instantly answers any frequently asked questions.
FXTM
FXTM was founded in 2011 and has been regulated under FSCA in South Africa since 2016. It has no deposit or withdrawal fees and has local online bank transfer available for any transactions. It has a low spread with Advantage Account. The minimum commission for EUR/USD spread is USD 0.4 and can go upto just USD 4.88 per 1000 lots. It also has a responsive live chat support that is available at any hour for five days a week.
Exness
Exness, founded in 2008, is one of the most well-known brokers globally. It is regulated under FCA, FSCA, and other authentic regulators. It has an exceptionally competitive spread even for its Standard Account. It offers many trading platforms like MT4 and MT5. It has 100+ currency pairs available for forex trading. They offer very convenient methods for funding and have local online bank transfer options for all transactions. It has a moderate live customer support system that is available for 5 days a week at any hour.