7 Trustworthy Best South African Forex Brokers 2020

South Africa is a developing nation and already the most developed state in the continent of Africa. It is the only country here, which is a member of the G20 Summit. Thus, the state is also not behind in the financial sector. Not to forget, it has FSCA, i.e. Financial Service Conduct Authority, a regulatory body for non-banking finance institutes.

South Africans have also developed a great interest in forex trading and investing in recent times, thus, making the region an excellent potential forex trading market place. As a result, there are a vast number of brokers now in the area. However, only a few are trustworthy. Let’s find the real one among them.

Here, we would discuss the top 7 best South African Forex brokers in 2020.

7 Best Forex Trading South African Brokers 2020

1. Oinvest – Best Forex Broker in South Africa

Oinvest is a Seychelles based broker operating in Victoria, Mahe city since 2018. The minimum deposit amount to start online trading with the firm is $250. Oinvest is a trading name of Aronex Corporation Ltd. The long list of tradable assets offered by the company include stocks, forex pairs, indices, commodities, and cryptos. Note that the firm is a CFD broker and does not provide ownership of assets.

Further, the MetaTrader 4 platform is easy and smooth to process. A user can trade with the help of tools provided by the platform and use the leverage of 1:500 too. There is no charge on trading any asset, and the company earns solely from spreads. Both the platforms are available on the web, desktop, and mobile application.

However, there are swap charges with the broker. The organisation is licensed with the Financial Service Commission of Seychelles.

2. Pepperstone – Best Local SA Service

Pepperstone is a Melbourne based trading firm which started its operations in 2010. If we go by the data posted by the online trading website, the broker serves more than 73,000 users and has an estimated volume of around $12.55 billion per day. The company is regulated under the two top financial authorities of the globe, i.e. UK’s Financial Conduct Authority (FCA) and Australian Securities & Exchange Commission (ASIC). Moreover, Pepperstone has also applied for a license from South Africa’s FSCA (Financial Service Conduct Authority).

The trading website has several payment options (both deposit and withdrawal) which includes credit/debit cards, bank transfers, and E-wallets like Neteller, PayPal, Skrill, UnionPay, and more. One can open a demo service account for free with the broker and start practising today.

The advantages of choosing Pepperstone are low fees and commission, no hidden charges, safe broker, several trading platforms, and robust customer support. Similarly, the disadvantages of dealing with the broker are average educational content for beginners and a high minimum deposit of $500.

3. FXTM – Most Trusted South Africa Broker

ForexTime (FXTM) broker is a Cyprus headquartered trading website that started serving customers in 2011. The company operates in three different locations, i.e. Cyprus, Mauritius, and the UK. Similarly, the broker has licenses from top financial bodies like FCA, CySEC (Cyprus Securities and Exchange Commission), UK’s FSCA, and Financial Service Commission (FSC) of The Republic of Mauritius).

The brokerage firm has a minimum deposit of only $10 to start real online trading and also offers a FREE demo account service for real-time practice. The broker is primarily known for its low-cost service charges. Moreover, the broker provides a vast number of financial instruments for trading to clients, including currency pairs, stocks, metals, commodities, and many more. Notably, the broker offers real stocks and not CFD trading on shares.

Some benefits of choosing FXTM as your broker are robust security of funds, several promotional offers, and several compensation funds for users.

Note that although, it is one of the best South African Forex brokers but does not serve in many countries, including the USA, Japan, and Canada.

4. HotForex Trading Platform

Started in 2010, HotForex is a Republic of Cyprus based company which serves its clients with trading facilities and products. The broker is a multinational organisation and works under the HF Market Group, which provides trading facilities in the EU. The organisation claims to have more than 200 employees and 1.5 million online trading accounts in the world. Moreover, the company aids all its services to users in 27+ languages.

HotForex is a highly regulated and thus, utterly safe to trade broker. In total, it is licensed with financial bodies of six countries and several jurisdictions. The governing bodies include the UK’s FCA, CySEC, DFSA (Dubai Financial Service Authority), South Africa’s FSCA, and FSA of Seychelles.

Besides, the company protects the interest of its consumers by providing civil liability insurance up to 5 million euros, in total.

Some of the pros of trading with HotForex are low minimum deposit amount starting from $5, tight spreads and commission, popular trading platforms, and high leverage. Similarly, some cons with the broker are a limited range of financial assets and no bonus and promotional offers.

5. AvaTrade – Best Trading Platforms

AvaTrade, formerly known as AvaFX, is a Dublin, Ireland based trading company and commenced operations in 2006. The broker is one of the most popular and old pioneers of forex trading. Moreover, the company offers services like high regulations, several deposit and withdrawal methods, FREE demo account and tools for both beginners & professionals.

The organisation is licensed with four top tier governing bodies which include the Australian Securities & Investment Commission, South Africa’s Financial Service Conduct Authority, British Virgin Island, and Central Bank of Ireland.

The company has a long clean record and have established itself as a reputed broker. Besides, AvaTrade also reports that they have a client base of more than 200,000 users in the world. The firm has grown immensely and places nearly 2 million trades per month amounting to approximately $60 billion.

Some of the benefits of online trading with the broker are a wide range of tradable instruments, excellent customer support, and intense research and educational content. Simultaneously, some limitations with AvaTrade are high minimum deposit and high charges than the market average.

6. XM Trading Broker

XM Trading, established in 2009, is a regulated broker and operates under the financial bodies like Australian Securities and Exchange Commission, Cyprus Securities & Exchange Commission, and Belize’s IFSC (International Financial Service Commission). Moreover, the broker is way ahead than many in the number of financial assets.

There are more than 1000 instruments available for trading, which includes products from stocks, forex, commodities, indices, crypto, and metals.

Meta Trader4 and 5 are available for users to do hassle-free trading. A user will have access to features like one-click trading, scalping, hedging, Robo Trading, and more. The XM broker minimum deposit amount is $5, and it also offers a free demo service to its users. The maximum leverage available for users is 1:888 but do remember that a high margin trading is risky.

There is no charge on trading, but the spreads are at par with market rates. Note that there is no Forex ECN account kind with the broker.

7. Plus500 Online Trading Broker

It is a well-organised broker who is delivering the trading products and services to its users at highly competitive prices for the last 12+ years. There is no commission either any minimum deposit to open an account with the trading website. However, the broker offers an average level of services.

Plus500 is a global broker with its platform having access to more than 50 nations. The company also operates under the several top financial bodies including UK’s FCA, CySEC, Australia’s ASIC, Israel Security Authority, MAS (Monetary Authority of Singapore), and many. There are more than 2500+ financial assets available with the firm for trading, which includes several currency pairs, stocks, indices, cryptocurrencies, options, commodities, and many more.

The positives of Plus500 are absolute safety due to multiple license and regulations, 24/7 customer assistance service, low-cost trades, and simple but effective platform. However, the negatives of the firm are dull educational page, no proper research offered, and no phone support for users.

PS: Plus500 is also an official sponsor of soccer club Atletico Madrid.

Rounding Up

So, this was the comprehensive list of best South African forex brokers. Confused, which one to choose? The ideology should be simple – the one which caters to your needs the most. For example, a beginner might only be looking for a low-cost broker; then he can go for Plus500 or Oinvest. However, an advanced trader might want something else.

Moreover, remember that a good broker always has these qualities – safe (through licensing & regulations), reasonable (not necessarily low) charges, UI, and payment methods and processing time.

Again, despite all of them, it must satisfy your trading needs. Note that if you are a broker, then do not enter without any preparation and practise. Every broker in our list is offering a FREE demo account; try each and every one.

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