South Africa is a rapidly progressing country. In 2020, many people lost their jobs and gravitated towards Forex trading. Since then, there has been a constant flow of new traders in the Forex market. The South Africa Forex brokers are also the reason for huge Forex trading popularity in South Africa. The brokers need to survive in a competitive market. Thus, they offer promotional schemes and advertisements to gain the interest of new brokers. Read more about forex trading south africa
Let’s look at our selected brokers and see how they fare in our research.
Our best brokers
- XM
- HotForex
- Exness
- Plus 500
- FX Pro
- Blackstone Futures
- Markets.com
- GT
Before diving into the review of each of our brokers, let’s take a look at some major contributing factors in South African brokers that you need to consider.
Minimum deposit
Minimum deposit plays a huge role in Forex trading. It allows traders to open and close trade according to their portfolio and ease.
Regulation
The regulation factor is one of the most important and influential. If you are looking for a broker, make sure that FSCA in South Africa regulates your broker.
1. XM
XM broker offers a minimum deposit amount of 5 USD or R75. The XM broker offers ZAR account as well for South African brokers. The maximum leverage rate that you can get from XM is 1:500. It has great user reviews and user experience. It offers tighter spreads of 1.6 pips for standard accounts and 0.6 pips for Raw accounts. The broker doesn’t take any deposit or withdrawal fee. For the most part, every trader will be fine with an XM broker trading account.
2. HotForex
Hotforex is also a local broker. It is regualted by the FSCA. The minimum deposit limit is set at R70. However, the leverage rates are in the risky territory of 1:1000. The spread of standard accounts is one pips, and raw account users get 0.1 pips spread account. HotForex is also a very effective and snappy broker. It is good for new traders.
3. Exness
Exness is one of the most famous Forex brokers in the world. You can open a ZAR trading account as well. The minimum deposit amount is set at 1 USD or R15. Such low deposit limit requirements are great for new and beginner-level traders. The leverage rates at Exness are higher than the market average at 1:2000. The standard accounts offer spreads of 0.7, and the Raw account offers spreads of 0.5 pips.
4. PLUS 500
Plus 500 is a South African broker without FSCA regulation. It supports ZAR trading accounts with a minimum deposit limit of R1500. It operates on the MT4 trading platform. It has the best and tightest spreads for raw trading accounts with 0 pips.
Frequently asked questions
New brokers are often confused about following ZAR broker things;
Is a ZAR trading broker better than an international broker for South African citizens?
You can go with USD trading accounts in South Africa. However, the broker should be based in South Africa with FSCA regulation.