5 Best Forex Brokers in South Africa –Comparisons and Reviews

Forex trading can be a pointless venture if the broker fees are too high. Fortunately, many reputable forex brokers in South Africa offer their services at a low rate.

Taking a look at several broker platforms by examining prices, trading environment and general trading conditions, there are a number of viable options in SA.

South African forex brokers to choose from

Below, you can check out the list of the top 5 brokers with low fees in South Africa, and a little more about each of them:

● Capital.com
● BlackBull Markets
● RoboForex
● Pepperstone
● IQ Option

Capital.com

The products available on Capital.com are forex, stocks, equities, commodities and cryptocurrencies. Forex traders can expect to trade with spreads starting from 0.6 pip on the majors. Zero commissions apply to all account types, and the broker also offers its trading services in its proprietary app and MT4.

BlackBull Markets

Blackbull Markets offers three types of ECN accounts at highly competitive commissions and spreads as well as MT4 integration. Funding and withdrawing from your account are simple thanks to the many different payment methods available. These include MasterCard, Visa, Fasapay, Neteller, Unionpay and Skrill.

RoboForex

RoboForex provides access to a selection of financial instruments including currency pairs, stocks and CFDs through several account types. Trading services are available on MT4, MT5, cTrader and RTrader. Although commissions apply, customers can trade with an average spread of 0.3 pip on their ECN account.

Pepperstone

Pepperstone provides true ECN and STP execution in a world-class trading environment at competitive fees, as well as MT4, MT5 and cTrader platforms for trading. Many useful tools are built-in and algorithmic trading is available. Pepperstone also offers social and copy services through Zulutrade and MyFxbook.

IQ Option

Through its proprietary trading platform, IQ Option offers access to a range of instruments such as currency pairs, options, indices, stocks, cryptocurrencies and ETFs. South Africans can deposit and withdraw seamlessly through basic payment options, like Capitec, Standard Bank, Nedbank, Absa and FNB.

What are the trading rules in South Africa?

South Africa, with its robust and thriving economy, is one of Africa’s economic giants. The Rand (ZAR) is one of the top 20 most traded currencies around the world. SA citizens have a high level of financial literacy and are well-informed about financial market trading opportunities. Forex and financial activities are well-regulated in the country.

The Financial Sector Conduct Authority (FSCA) oversees all trading activities in forex and CFDs. Forex brokers must be authorised by this authority before operating in the country. They must meet all financial requirements and strictly adhere to the authority’s policies before providing brokerage services to South Africans.

How to trade forex in South Africa

The basic requirement for trading forex in South Africa is registration with a broker. Individual or retail traders cannot enter the financial markets on their own. They need a broker to access this market.

A forex broker is the combination of a retail trader and a market trader. The broker provides this service and takes a fee for it. Unless the broker is regulated by a strict financial authority, the deals and trading conditions may be poor.

When choosing a broker, keep the following points in mind:

• Is the broker licensed by a recognised financial institution?
• Are the fees competitive or lower than average?
• Is customer support available 24 hours a day?
• Can you easily deposit and withdraw money?

If the answer to all of these questions is a ‘yes’, then a broker may be a suitable choice.