South Africa has millions of Forex traders. Subsequently, it is also a very attractive market for Forex brokers. Whenever a new person starts Forex trading, they are faced with choosing a Forex broker. However, there are a lot of Forex traders to choose from in South Africa. The one thing that every new trader should look for is regulation in a broker.
Advantages of a regulated broker
There are a lot of advantages that a trader gets if he trades with a regulated broker. Traders get the security of their assets and funds. The broker can’t run scam schemes either. Financial authorities make sure that everything is done according to the law and regulations of the country. If the broker scams a trader, the FSCA will also restore the funds.
List of regulated brokers
Here is a list of some well-regulated Forex brokers in South Africa.
In South Africa, AvaTrade is the most popular CFD broker. AvaTrade offers more than 1250 tradable pairs. These tradable pairs are spread through several asset classes.
AvaTrade offers different types of accounts; users can select the account that suits their needs and budget. The minimum deposit limit of AvaTrade is 100 USD. ASIC and FSA regulate it.
AvaTrade works on the latest forex trading platforms, MT4 and MT5. This broker also offers crypto pairs and Islamic account features.
2. HF Markets
HF Markets is a good broker. It is regulated and recognized globally. This broker is a good overall broker, and it is also very user-friendly for beginners. This broker also believes in transparency. Users can benefit from the safe and fair trading environment of HF markets.
The minimum deposit of HF Markets is 5 USD. This broker also has multi-regulation, making it a safe and secure option for traders. HF Markets has low trading fees. The total number of pairs available on HF Markets is 47, and it doesn’t include crypto pairs. Traders can make an Islamic account with no interest.
HF Markets is a leading brokerage firm with more than a million registered clients. It offers a variety of trading platforms and services such as educational tools and bonuses.
Exness is a well-regulated and reputable agent with the rules and authorization order to offer comprehensive investment solutions and solutions to traders around the globe. Exness offers versatile account types, competing for trading conditions, plus dedicated 24/5 client support.
Exness provides a safe, reasonable, and transparent investing environment, low minimum deposit requirements, plus some of the smallest spreads and cheapest commission charges within the industry. Along with Exness, traders may access several international monetary markets with the effective and innovative MT4 and MT4 on particular web, mobile, and desktop applications.
XM is another great regulated Forex broker. XM is known for its unique system that is excellent for both newbie traders and experienced investors.
XM includes a reputation for being the next-generation broker for on the internet forex trading. They offer features like auto trading, they have got no hidden charges or commissions, and the order accomplishments are blazingly quick with 99. 35% happening in below 1 second.
About the beginner investor, XM offers a large number of scholarly sources in addition to demo accounts with $100 00 0USD of digital currency to understand.
Regulated brokers are a must for Forex brokers in South Africa. If you are looking for a good Forex broker, make sure to look at our list and pick a good broker for yourself. Here is more information on tickmill minimum deposit if you are interested.