Top 4 Forex Brokers in South Africa

Most Forex traders in South Africa prefer only regulated broker in their own country. In South Africa, Financial Sector Conduct Authority (FSCA)  is the regulatory body and a successor agency to the Financial Service Board (FSB).

For greater protection, the Forex brokers who look to accept traders from South Africa should be regulated under FSCA. Many local brokers run their companies unregulated and target the local people in South Africa who lack trading knowledge.

So every trader should be careful in choosing the right broker considering the legal status of the brokers. You can check any company’s information on your own through FSCA official website –  www.fsca.co.za, and you can follow them on Twitter @fsca_za for regular updates.

Here, tradingcritique.com lists you the Top 3 Forex brokers in South Africa considering important factors like Regulations, Trading Platforms, User interface, Trading Instruments, Commission, Costs, Educational tools, Customer support, and User reviews.

This ranking has been prepared by the Research team of tradingcritique.com after analysing more than 60 Forex brokers who tend to accept traders from South Africa. All the below-listed broker platforms follow FSCA and CySEC regulations properly and are much liked by the traders due to their many efficient factors.

1. HotForex

HotForex is owned and operated by HF Markets group founded in the year 2010. They have been regulated in 4 countries (South Africa, United Kingdom, Dubai, Seychelles) and incorporated as HF Markets (SV) Ltd in St. Vincent and the Grenadine.

Hotforex makes efforts to safeguard its liabilities against clients and other third parties with a Civil Liability Insurance Program for a limit of €5,000,000. This includes coverage against errors, omissions, negligence, frauds and various other risks that leads to financial loss.

Clients’ funds are segregated and kept separate in leading global banks so that the company does not use these funds to pay back the creditors if any default happens to the company.

HotForex offers 6 different types of accounts that suit the specific requirements of different traders. The account types are Micro, Premium, Zero Spread, PAMM, Auto, HFcopy and Islamic accounts. All these accounts have a different trading strategy, leverage, and simultaneous open orders.

Hotforex has offices in 4 cities in over 4 countries, namely, Beachmont Kingstown (St. Vincent and the Grenadines), Johannesburg (South Africa), Mahe (Republic of Seychelles) and Larnaca (Cyprus).

2. XM

XM Group is a group of online regulated brokers. Trading Point of Financial Instruments Ltd was founded in the year 2009 and regulated by CySEC. Later in 2015 Trading Point of Financial Instruments Pty Ltd has been established and was regulated by ASIC. In 2017, XM Global was established and is regulated by IFSC.

XM offers 4 types of accounts for traders – Micro Account, Standard Account, XM Ultra-Low Account and Shares Account. Each account has a different Contract size, Leverage, Spread and Lot Restrictions.

XM provides an excellent trading experience by following no rejection of orders and re-quotes execution. Because of this 99.35% of all trading orders are executed in less than one second.

The company has visited more than 120 cities to have face to face interactions with its clients and partners. It also had hosted hundreds of seminars to educate its traders which helps them to make better trading decisions. Its registered office is in Belize and has 24/5 excellent customer support.

3. FXCM

FXCM (Forex Capital Markets) is a retail online trading broker for trading Forex and CFDs founded in New York in the year 1999. It is one of the early developers of electronic trading platform for trading in the forex market. FXCM Group is an entity now owned by Jefferies Financial Group which is formerly known as Leucadia National Corporation.

FXCM offers three types of accounts – Mini, Standard and Active Trader accounts. Each account has different minimum deposits, different spreads, leverage and commission. It also offers a variety of trading platforms that is very advanced and offers various features like spread betting.

FXCM offers a wide range of educational materials like Daily Market Analysis, News, Live Webinars, Trading Guides, Market Insight Articles and more. It also offers excellent customer support available 24 hours a day, 5 days a week with a live chat feature.

FXCM have offices in 6 major cities in 6 major countries, London (UK), Nicosia (Cyprus), Sydney (Australia), Johannesburg (South Africa), Toronto (Canada) and Jerusalem (Israel).

4. Tickmill

Tickmill is a trading name of Tickmill Ltd owned and operated within the Tickmill group of companies which is a global broker focused on Forex, Indices, Commodities and CFDs. It was founded in 2014 and began to provide its trading service in the Foreign Exchange Market in the year 2015.

Tickmill offers three types of accounts to traders, namely, Classic account, Pro account, and VIP account. Each account offers different features like Leverage, Spreads form, Commissions, and Minimum deposit. All the accounts offer options to swap-free Islamic accounts.

Tickmill won several prestigious awards and have offices in 5 countries in the United Kingdom, Cyprus, Malaysia, South Africa and Seychelles.

One Final Conclusion

The research team of tradingcritique.com lists you the Top 4 Forex Brokers in South Africa based on their unique features, regulations, user comments, and reviews. The broker platforms listed here is the most trustable and best Forex brokers in South Africa both for beginners and experts. Choosing the right broker is the most important thing and tradingcritique.com shows you the right direction in choosing them. So think wisely and choose the broker according to your trading needs by taking our experts’ advice.