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Best Forex Brokers in South Africa Replied 11 months ago - I have never traded with Justmarkets or Plus500, so I can't say anything positive or negative. But looking at Justmarkets's spreads, 0.6 with Pro Account, 0.9 pips with Standard account on EUR/USD, it is okay (not the lowest, but also not the highest). Their spreads on indices CFDs are not that great. Just Global Markets (PTY) Ltd. have a CATEGORY I license, meaning, they can only act as an intermediary. I don't really know who the counter party is, because their are not an approved ODP. From what I know of all the FSCA regulated forex brokers, TradeNation have the lowest CFD trading costs, it is quite low on forex & indices (and it is fixed during active trading hours). But they are also not an approved ODP, and as per FSCA's website Trade Nation Financial (Pty) Ltd were fined R30,000 in 2022 because of it. You will find it on FSCA's website. But overall, their trading costs are quite low. And they are reputed. Note that it is not a recommendation of any broker. It is just my opinion.
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Any good forex brokers with ZAR Account? Replied 11 months ago - I'll add that although Exness & many other CFD brokers I mentioned offer ZAR accounts, but don't trade NASDAQ or any other index CFDs with these brokers. If you primarily want to trade index CFDs, don't on European or US indices, don't open a ZAR account, because your broker will likely charge you fees on conversion to base. Open a USD base currency account. Also, the spreads on index CFDs by some of the ZAR brokers (especially Exness) are really bad. For example, Exness charges 6-7 points spreads on DAX, this is really high. There are regulated CFD brokers that charge less than 1 point spreads on DAX, NASDAQ & US30 etc.
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Can you suggest any micro account brokers in South Africa? Replied 11 months ago - Hi Chaka, these brokers have micro account and FSCA regulation: 1. XM South Africa ($5 minimum deposit) 2. Exness ($10 minimum deposit) 3. HFM ($5 minimum deposit) 4. Just Markets ($10 minimum deposit) 5. RCG Markets (R50 minimum deposit) 6. Headway ($1 minimum deposit) 7. Vault Markets (R50 minimum deposit) 8. Space Markets (R50 minimum deposit) 9. IFX Brokers ($10 minimum deposit) 10. FBK Markets (R20 minimum deposit)
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What's FxPro minimum deposit in ZAR for Standard & cTrader Account Replied 11 months ago - FxPro cTrader & MetaTrader Account minimum deposit is $100 or an equivalent of 1,800 ZAR and these accounts now come with unlimited leverage. If this is too high for you, consider opening an FxPro Promo Account which has around 50 to 100 ZAR minimum deposit but comes with 1:500 leverage & expires at the end of the promo period.
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Is Revolut FSCS Protected? Replied 11 months ago - As seen on Revolut website, Commodities investment is not FSCS protected so you do it at your own risk.
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Is Trading 212 FSCS Protected? Replied 11 months ago - No, Investments or Structured Investments you make with Trading 212 are not FSCS protected, I confirmed this from the FSCS website. Please use the link below to do it yourself. https://claims.fscs.org.uk/PreScreening/EnterDetails?_gl=1*1t0d8sc*_gcl_au*ODg1NTc1ODY5LjE3NDEzNDkyNDY.
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does FP Markets require a minimum deposit in UK? Replied 11 months ago - Yes, there is a 100 pound minimum deposit but if you are looking for brokers in the UK with no minimum deposit consider looking at CMC Markets, IG Markets, Oanda, City Index and maybe Pepperstone.
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Which forex broker has the best demo account? Replied 11 months ago - Out of the MetaTrader demo accounts I have used so far, Exness MT5 demo account & Just Markets MT5 demo account were the best for the following reasons: 1. You can change your demo account balance from your personal area (no need to send an email to customer support for change of balance; its inconvenient). 2. These demo accounts do not expire early. 3. Their trading platforms are stable and do not lag or crash 4. They offer high leverage up to 1:3000 5. They support multiple account currencies
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what is nas100 symbol on Exness? Replied 11 months ago - Exness calls nas100 "USTEC100" because Nasdaq is an index composed of mainly tech stock (100 biggest tech companies listed on the Nasdaq exchange.)
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Can I Trust Plus500, Have They Scammed Anyone? Replied 11 months ago - Plus500 is a market maker CFD broker, but that does not make them good or bad. I have not traded with them so this is my opinion only. Just because they are not a DMA broker, it does not automatically mean they are bad. They are well regulated & they are also public in the UK, Plus500 is definitely legit. Whether they are bad in terms of actual trading I don't know. But from the spreads & all the charges listed on their website, they are definitely not cheap. There are lots of reputed CFD brokers out there that are also cheap.
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Does the FSCA Regulate FBS Broker? Replied 11 months ago - No, the Financial Sector Conduct Authority (FSCA) in South Africa does not regulate FBS broker. FBS is a broker that has weak regulation from the Financial Service Commission (FSC) Belize and I say weak because such offshore regulators can even allow the brokers self-regulate and do as they please. FBS is not regulated by any well known market regulator anywhere in the world and little wonder they reject clients from Israel, EU & UK. Some people have been saying FBS is regulated in Australia but that is not correct, what they have in Australia is called "FBS Oceania" and is a different brand name from "FBS" in South Africa.
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Does Exness Have Bonus? Replied 11 months ago - I have never heard of Exness giving anyone a bonus, but my current broker EasyMarkets gives 50% bonus on deposits. I think the brokers XM, Markets.com & AvaTrade also give deposit
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Does Admiral Markets Give No Deposit Bonus? Replied 11 months ago - They are not giving bonus at the moment but you can try other brokers like HFM, Headway, Space Markets. If you are thinking of trading with Admiral Markets you should know that they are a very pricy broker and they charge fees for every little thing. They even charge fees for internal transfers between your own trading accounts just because the accounts have different base currencies.
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Tickmill Bonus: which countries are banned from participating? Replied 11 months ago - Yes, you are correct that the Tickmill no deposit bonus is $30 but several countries are banned. See the list of banned countries: Belarus, Bangladesh, Côte d’Ivoire, Colombia, Algeria, Egypt, Brazil, Angola, Argentina, Bolivia, Western Sahara, Jordan, Hong Kong SAR China, Indonesia, Lebanon, India, LN, Sri Lanka, Libya, Lesotho, Macao SAR China, Morocco, Thailand, Uganda, Palestinian Territories, Mexico, Tunisia, Taiwan, Vatican City, Venezuela, South Africa, El Salvador, Mozambique, Chile, Costa Rica, Dominican Republic, Ecuador, Guatemala, Honduras, Paraguay, Peru, Uruguay, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, Ghana, Zimbabwe, Vietnam, Nigeria, Australia, Austria, Belgium, Pakistan, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Equatorial Guinea, Estonia, Finland, France, Germany, Greece, Greenland, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Liberia, Liechtenstein, Lithuania, Luxembourg, Malta, Gibraltar, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Sierra Leone. If your country is not on the above list, then you can get the Tickmill $30 bonus without making any deposit. Once you create your Tickmill account, a special Welcome Account is created for you to warehouse your $30 bonus. The welcome Account has a 60 day lifespan after which it will be closed. During the lifespan of the Welcome Account, you must trade with it and if you make profits you will be required to open a live Tickmill account, fund it with the mandatory $100 minimum deposit, then transfer your profits to your live account. The Tickmill bonus is not withdrawable but the profits are.
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can you recommend a broker with R 50 minimum deposit? Replied 11 months ago - I think FBK Markets has an even lower minimum deposit of R20 for their Micro Account and Vault Markets also has a R50 minimum deposit but I warn you: most of these brokers with R50 minimum deposit just want to lure you in as you may not be able to trade until your account balance is more than R50. I have friends who have had a similar experience with FBK Markets and they could not place a trade until their account balance was higher than the R50 deposit. If you must go for a forex broker with R50 minimum deposit, I suggest you open a Micro Account so you will be allowed to at least trade micro lots.
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Can you recommend synthetic indices brokers in South Africa? Replied 1 year ago - Recently I traded Synthetic Indices with the broker Trading.com (formerly known as XM) in Australia and they are ASIC regulated. Trading.com has synthetic induces like Artificial Intelligence Giants Index, Crypto10 Index, Electric Vehicles Index, NFT index etc. You can also checkout the ASIC regulated broker called Vantage Markets and although I have not traded ith them, I think they also offer the Volatility Index.
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Minimum Withdrawal Allowed at RCG Markets Replied 1 year ago - RCG Markets has no minimum withdrawal. You can choose to withdraw all the money in your trading account as long as you do not have any open trade.
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What is the minimum amount I can withdraw from FBK Markets? Replied 1 year ago - R100 is the minimum withdrawal for FBK Markets that operates in South Africa as a Juristic Rep to RocketX (Pty) LTD.
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What is the minimum amount withdrawable at XM? Replied 1 year ago - XM minimum withdrawal is 5 USD which is the same amount as their minimum deposit.
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What is Scope Markets minimum deposit with MPESA? Replied 1 year ago - Scope Markets allows $10 as minimum deposit for forex traders in Kenya and $50 as minimum deposit for those investing in real stocks & Nairobi Stock Exchange futures. KES base currency is available so you can deposit in local Kenyan Shilling via MPESA.
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