Novice Traders in South Africa should choose a registered forex broker that offers education, risk management, and a user-friendly trading interface. The best forex brokers for beginners in South Africa were ranked using these criteria.
Listed below are the best brokers in South Africa for newbies in South Africa.
South African traders can trade with ThinkMarkets, a licensed broker. Since the ASIC and the FCA (formerly the FSA) have deemed the online broker compliant with top-tier financial regulation, the worldwide forex community views it as trustworthy in addition to the control provided by South African regulatory organizations (FSCA and FSB).
For ThinkMarkets customers, ThinkTrader, the broker’s proprietary trading platform, may be used on a desktop trading platform or a mobile trading app. The mobile trading app is compatible with iOS and Android smartphones and features a user-friendly interface and a wide variety of charting and analytical capabilities.
Trading with Saxo Bank offers reasonable pricing, good trading platforms, fantastic research, and dependable customer care for traders who can afford the USD 10,000 minimum deposit (GBP 500 in the UK). Over 40,000 products are available for trading at Saxo Bank. Their proprietary trading systems, SaxoTraderGO (web) and SaxoTraderPRO (desktop) are the industry standard because of their simplified interfaces and extensive trading capabilities.
Saxo Bank delivers a complete package worth becoming a customer for, under a worldwide name that traders can trust, for traders who can afford the hefty minimum deposit.
With its low-cost ECN trading service, quick transaction execution, and various third-party trading platforms, Pepperstone is a favorite among seasoned traders and serious novices worldwide. With no commission and spread costs of 0.69 pips on the EUR/USD, Pepperstone’s Standard Account is one of the most affordable trading accounts. Most deals on both Pepperstone’s accounts are done in less than 30 milliseconds for experienced traders that use scalping and bots for automated trading. Even though Pepperstone doesn’t have its trading platform, it supports the MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, which are easier to use but share all of the complex automation capabilities found in the other two platforms. It’s worth noting that Pepperstone has dropped its minimum deposit requirement for ECN brokers, though it still suggests starting with at least $200. ECN broker Pepperstone also offers one of the best educational sections available.
With its ultra-low trading costs, XM’s Ultra-Low Account is a significant appeal. The Ultra-Low Account provides spreads beginning at 0.6 pips on the EUR/USD and no fee for USD or Rand trading. Withdrawals and deposits from a South African bank account do not require any currency conversion for traders in South Africa using Rand trading accounts.
While the Ultra-Low Account requires a $50 (R700) commitment, XM also offers two other accounts that require only a $5 (R70) deposit. A demo account that never expires is also available for novices to use at XM. Additionally, clients of XM may choose between MT4 and MT5 trading platforms, as well as 1200+ shares and a wide range of trading assets.
In South Africa, IG Markets is the most OK broker for novices. If you’re starting, IG Markets is a great low-risk alternative because it’s licensed by the Financial Services Compensation Scheme (FSCA) and has no minimum deposit requirement. IG’s South African office offers award-winning customer service by email, live chat, and phone, seven days a week. An extensive educational segment, including articles, videos, regular webinars, advanced trading methods, and chart analysis, is also available at IG Markets.
Pros and cons of eToro and Plus500
With the Plus500 sample account, Plus500 is not ideal for beginners. CFDs are risky investments that seasoned investors should only undertake.
Both Plus500 vs etoro have modest minimum deposits and provide traders with a wide range of market data and news. Demo accounts are available at eToro and Plus500, both of which accept US customers. Customers may see that eToro and Plus500 care for them when they see this.
Investing in Forex in South Africa: Is It Allowed?
It is legal to trade Forex in South Africa, and brokers are subject to oversight by the Financial Services Conduct Authority (FSCA) (FSCA). The FSCA does not license many foreign brokers, although South Africans can lawfully trade with any broker worldwide.