Forex simply put is a link between traders and their banks which have forex liquidity. There is a feature known as Leverage which is given by Forex, This leverage is the ratio of the company loan capital to the value of it’s common stock use to borrow capital aimed at investment, this investment is aimed at gaining.
The Best Forex Brokers in South Africa
Tickmill Forex Broker
Tickmill is known as South Africa current number 1 ranking Forex Broker, it is a NO DESK DEALING (NDD) which FCA(Financial Conduct Authority) is currently regulating.
This Broker platform was established in 2014 and was considered safe as it regulated with different regulators such as FSCA, FCA (UK) & CySEC (Cyprus).
On tickmill the minimum deposit is $100 dollars, they have a total score of 81/99, so they are considered as having average risk.
Tickmill has a trading tool known as Autochartist for automated technical analysis, they as well offer a copy trading feature on their platform, which can help boost your earnings, They as well offer education to new traders so they can better understand Tickmill, this education sources includes: e-book, Live podcast And weekly webinar which are of different languages.
Currently Tickmill holds regulation status in the UK, Malaysia and even Cyprus, they have over 200 staff and more than 50,000 customers as of 2021
Pros and Cons
• They have low trading fees
• Opening of Account is fast and easy
• Free deposit and Withdrawal
• Their platform design is outdated and old
• Their minimum deposit is very high.
BDSwiss Forex Broker
BDSwiss is an european forex broker platform which is currently being licensed by CySec.
BDSwiss was founded in 2012 in Zurich, they have up to 4 regulations which includes CySec, NFA, FSC, FSA.
It is regulated by the Swiss banking license, this forex broker have a good review and friendly trading conditions.
They have nice educational tools and opening an account in BDSwiss is very fast and easy.
They have currently over 1.5 million clients and a total of 186 countries can fully access this broker features.
On BDSwiss they are three main types of account which include the Classic, VIP and Raw, each Account type come with its own features. BDSwiss also offer demo account for users to practice trading and fully understand what the platform is all about.
Pros and Cons
• BDSwiss is regulated by CySec and NFA
• Wide range of CFD trading instrument including 51 currency pairs
• BDSwiss do not offer ZAR based currency accounts
HotForex Forex Broker
This is a low cost forex broker platform in South Africa, They are regulated in South Africa by FSCA. HotForex broker was founded and established in 2010. they offer 12 trading platform on their platform including MT5, Their trading instruments on offer are very wide: forex, CFDs on indices, shares, bond & commodities. But HotForex does not offer crypto CFDs.
HotForex is an average risk platform with a trust score of 80/99. On this broker platform you get a demo Account to practice how to trade.
Pros and Cons
• they have multiple trusted regulators which includes: CySEC, FCA, FSA, DFSA, FSCA
Deposit and Withdrawal are all free of charge
• They are only limited amount of asset available on this broker platform.
• The minimum deposit on this platform is high
Plus500 Forex Broker
Plus500 is a broker platform established on 2008, it is a popular CFD trading platform, which is currently listed about london top exchange platform.
They are regulated with top-tier regulators including FCA (UK), ASIC (Australia) & CySEC.
Plus500 is a very friendly Broker platform, which provides users with the best training in other to improve and understand how the platform works.
Pros and Cons
• Customer service is very help
• Very user friendly
• They are very supportive
• Limited number of asset
• Average CFD fees
IC Market Forex Broker
IC Market is an automated trading system, it is considered as one of the best Forex Broker platform in South Africa because of its low cost and easy execution, IC broker platform was founded in 2007
PROS AND CONS
– Low fees and fast execution
– Withdrawal does not take any charge
– They have a very bad and slow live chat
– inadequate trading instrument
Exness was founded in 2008, and they are currently known as the most popular broker platform in daily trading volume.
They have a minimum deposit of $1 which is very cheap compared to lot of Forex Broker platform.
They are a well regulated broker & are regulated by FSCA, FCA, CySEC, so they are said to be a safe choice of broker platform in South Africa