Which is the Best Forex Broker in South Africa?

@karbin - 11 months ago

Most of the forex brokers included in this list are okay. But important suggestion I would add is, only trade with a FSCA regulated broker.

a. Check their license number, and verify the license category, products approved: https://www.fsca.co.za/Fais/Search_FSP.htm

b. Verify the ODP status: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP

Only ODP approved brokers can offer derivatives like CFDs.

c. Check the trading costs for instrument you want to trade. Look at the overall cost you will pay for your trading.

For example, if you are trading 10 Standard lots in a month, and your broker charges you 0.7 pips on EUR/USD, you will be paying $70 for trading.

But if that spread is 1.1 pips, the cost will increase to $110. And if the commission is $7 roundturn per lot with 0.1 pip spread, it is still $80 for 10 lots.

All this adds up over the years & eats into your equity. Do the math.

So, compare the spreads & trading costs.

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@lawanf - 11 months ago

AvaTrade & Easy Markets are my best forex brokers in South Africa when I need to use Fixed Spread on a ZAR Account.

Easy Markets only offers Fixed Spread on MT4 Account but AvaTrade offers Fixed Spread on both MT4 & MT5 Account types.

Both Easy Markets & AvaTrade South Africa are FSCA regulated so I guess they are safe.

Tickmill & FxPro are the only FSCA regulated brokers in South Africa I can trust when it comes to variable Spread Pricing. They also have ZAR Account currency like you specified.

I've traded with their MT5 Raw Spread Account and its okay with fast execution & almost zero slippage.

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@amosglad01 - 11 months ago

1. Tickmill: Based on my experience trading with Tickmill I think they are a good forex broker for anyone in South Africa who wants Raw Spread pricing. You get EUR/USD at 0.1 pips.

Tickmill is also an FSCA regulated Financial Service Provider (FSP) & Over the counter Derivative Provider (ODP), hence you are legally protected by South African Laws.

2. AvaTrade: This is another forex broker I have traded with & they are for those who want fixed spreads. Their EUR/USD spread is fixed at 0.8 pips or so and their MT4 is good.

AvaTrade is also FSCA regulated & has ZAR account currency for easy funding .

3. FxPro: I am still trading with FxPro but what I see so far is that their spreads are high (EUR/USD 1.4 pips) but their processes are good. FxPro is also FSCA regulated & offers ZAR accounts

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@eunice_nd - 11 months ago

Exness is my best. They are licensed by the FSCA, and they have an approved ODP License.

They charge low spread and swap, however compared to other brokers, their commission is relatively high.

They over over a thousand tradable instruments including Nas100 Index (CFD).

I also find the Exness trading app to be user friendly

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@jay_malema - 9 months ago

Quoted - karbin

Most of the forex brokers included in this list are okay. But important suggestion I would add is, only trade with a FSCA regulated broker.

a. Check their license number, and verify the license category, products approved: https://www.fsca.co.za/Fais/Search_FSP.htm

b. Verify the ODP status: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Search_ODP

Only ODP approved brokers can offer derivatives like CFDs.

c. Check the trading costs for instrument you want to trade. Look at the overall cost you will pay for your trading.

For example, if you are trading 10 Standard lots in a month, and your broker charges you 0.7 pips on EUR/USD, you will be paying $70 for trading.

But if that spread is 1.1 pips, the cost will increase to $110. And if the commission is $7 roundturn per lot with 0.1 pip spread, it is still $80 for 10 lots.

All this adds up over the years & eats into your equity. Do the math.

So, compare the spreads & trading costs.

I used to like AvaTrade because of their fixed spread but I had to leave because of their high non-trading fees.

Now, I trade with Easy Markets because they also have fixed spread & TradingView. So far I have not had any issues with Easy Markets.

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@hosea_makelele - 6 months ago

Quoted - jay_malema

I used to like AvaTrade because of their fixed spread but I had to leave because of their high non-trading fees.

Now, I trade with Easy Markets because they also have fixed spread & TradingView. So far I have not had any issues with Easy Markets.

The spread is what makes a forex broker the best because it affects your trading so much. For me Trade Nation has the lowest spreads of all FSCA brokers, so they are my best.

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