South African traders are accepted by more than 50 different forex brokers. The majority of these brokers assert that they provide essentially the same services & trading environment.
Best Forex Brokers in South Africa
The top best forex brokers in South Africa are those brokers which provides a minimal fee on withdrawal and have a great user friendly experience with trading. Some of the best forex brokers in south Africa are described below:
Tickmill is our top-ranked FX trader for South African investors. Tickmill is a No Trading Desk (NDD) broker that is subject to FCA, CySEC, and FSCA regulations (FSP no. 49464 and FSP name Tickmill Africa Pty Ltd). Since they are under the control of various Top Tier Regulators, such as those in South Africa, we think they are secure.
Tickmill was established in 2014, and we think that since they are governed by a number of prestigious agencies, such as the FSCA, FCA (UK), and CySEC, they are a reliable broker (Cyprus).
For EUR/USD, Tickmill’s Classic Account offers an average spread with costs starting at 1.6 pip. However, their spread for Pro accounts begins at a very low $2 fee for each Standard Lot on the both sides ($4/Standard lot for both sides) and a very tiny 0.1 pip (average spread) for EURUSD. Tickmill does not charge any fees for contributions or withdrawals.
South African merchants at Tickmill have the choice of employing an online bank transfer for financing and withdrawals in Rand (ZAR). Online bank transfers enable quick funding, while withdrawals from local bank transfers can be made in as little as 24 hours.
The money is changed using the most recent conversation rates depending on your account currency because Tickmill does not provide ZAR base currency accounts.
Tickmill is a Metatrader-exclusive FX and CFD broker that offers MT4, MT5, and Webtrader platforms (their Metatrader platforms are available on multiple devices). Recently, Metatrader 5’s most recent version became accessible. For forex trading, they have 62 different currency pairs available, but only 14 CFDs on stock index, 2 CFDs on oil, 2 CFDs on metal, 3 CFDs on cryptocurrency, and 4 CFDs on bonds are available.
- Since Tickmill is a regulated broker, Tier 1 regulator FCA is in charge of it. Additionally, it is made secure via FSCA.
- A Pro account has a very modest $4 standard lot commission ($2 each side for the open and close). Trade in 62 major and minor currency pairings; reasonable spread with Classic account; no fees for deposits or withdrawals.
- CFDs are available on stock indices, metals, bonds, and cryptocurrencies.
- Online bank transactions that permit South African deposits to be made right away. 24 hour withdrawal using Internet Banking in South Africa.
- The MT4 and MT5 platforms are accessible.
- Good live chat support, although connection takes a moment to establish.
Cons of Tickmill
- There is no local support phone number in SA.
- None for ZAR Trading. Currently, there are three possibilities for account base currencies: USD, EUR, and GBP.
BDSwiss (forex broker UK)
BDSwiss is a European FX and CFD broker. However, the FSCA does not apply in South Africa. A prominent forex broker named BDSwiss was founded in Zurich in 2012. They are governed by FSC and FSA laws (license no. SD047).
BDSwiss’s Classic account has a typical spread for EUR/USD of 1.6 pips. The spread for a Raw Account, however, is incredibly affordable, coming in at just 0.3 pip on average (plus a $5 fee for each standard lot of Forex). In addition, they offer reasonably priced CFD trade on 20 Cryptocurrencies, Gold, and popular indices like the NASDAQ.
There are several account types with numerous characteristics, including negative balance protection. They offer accounts in the ZAR base currency to South African traders. Additionally, you have the choice of setting your account currency to USD, EUR, or GBP.
The minimum deposit for both Classic Accounts and Premium Accounts is $100. However, the minimal financial standing for VIP and Raw accounts are significantly greater than those of other brokers, at $3,000 and $5,000, respectively. However, these account types have significantly reduced overall trading fees and because of this its forex broker UK