When it comes to Forex trading in South Africa, it is one of the most commonly used trading platforms. Thousands of young people are using it daily and earning a lot.
If you are someone who has just stepped into Forex trading, the odds are that you have not selected a broker yet.
A broker is a person or a company that gives you exposure and access to the Forex trading platform. It is a very crucial decision for a trader. This article will talk about some promising Forex brokers in South Africa.
Forex brokers’ regulation in South Africa
The FSCA regulates forex brokers in South Africa. It is FSCA’s job to ensure people’s funds’ safety and uphold state laws.
We recommend our readers to go with regulated brokers in South Africa.
Our picks for Forex brokers in South Africa
We have carefully chosen the following Forex brokers in South Africa for our traders.
XM is a robust Forex broker in South Africa. It is regulated by South Africa’s authority FSCA. Thus, you will be safe with this broker.
XM offers up to a 100 % deposit bonus for new traders. Hence, if you are a new trader, now is as good as a time ever to go with XM. The minimum deposit limit is also not very high. You can start trading with XM for just 10 USD.
XM broker’s leverage rates are set at 1:888. The leverage rates are higher than what experts mark as safe trading rates.
Overall it is a good broker for new traders.
HotForex is a very attractive choice for new traders in South Africa. HotForex is also regulated by South Africa’s financial watchdog FSCA.
You can start trading at HotForex with just a minimum of 5 USD. The bonus percentage of HotForex is set at 100% for now. To top off all the amazing offers for new traders, HotForex offers a leverage rate of 1:1000. Suppose you are a professional broker, then the leverage rates might not excite you because it is risky to trade with higher leverage. However, new users are often interested in higher leverage rates.
FBS mostly falls under the radar because of its comparatively less agro marketing schemes. However, in our experience, we have found this broker to be very good.
It also offers a 100 percent max bonus for new traders with a minimum deposit limit of 10 USD. The leverage rates are through the roof for FBS at 1:3000.
Frequently asked questions
New traders often ask the following questions about Forex brokers in South Africa.
Should I choose a broker based on high leverage rates?
No, high leverage rates also expose traders to higher risks.
What is the least deposit limit I can find on a broker?
The least amount of money brokers offer in South Africa is 10 USD or 150 ZAR.
There are several great brokers in South Africa to trade with. However, it is up to you to choose a broker that suits your trading requirements.