First we narrowed down the list & named only the regulated & believable brokers that work in the South African request.
Also we inked up with each broker & anatomized multiple factors including minimal deposit, trading fees ( normal/ typical spread for major instruments, commissions & indeed freights on deposits/ recessions), maximum influence, convenience of trading platform ( mobile & desktop), ease of recessions, specialized support.
Then’s our complete list of 10 stylish performing forex brokers in South Africa. And we’ve compared their League-1 & League-2 regulations, fees ( spread & non-trading fees), time taken during deposits & recessions, trading prosecution time & support offered ( last 4 months)
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Tickmill was established in 2014, and we consider them to be a safe broker as they’re regulated with multiple top- league controllers i.e. FSCA, FCA (UK) & CySEC (Cyprus).
In terms of fee Tickmill has an average spread with their Classic Account, starting from1.6 pips for EUR/ USD. And their spread with Pro account is veritably low from 0.1 pips ( Typical spread) for EURUSD$ 2 commission per Standard Lot both sides ($ 4/ Standard lot for both sides). But also, Tickmill does n’t charge any fee on deposits or recessions.
South African dealers at Tickmill can use Online bank transfer option for backing & recessions in Rand (ZAR). But the instant backing is available with online bank transfer, and original bank transfer recessions are reused within 24 hours outside. And Tickmill doesn’t have a ZAR base currency account option, so your finances are converted at the rearmost exchange rates depending on your account currency.
Tickmill is a Metatrader only forex & CFD broker & they offer MT4, MT5 & Webtrader platforms (their Metatrader platforms are available on multiple bias). And they’ve lately started to offer the rearmost Metatrader 5. But their forex trading currency brace immolation is wide with 62 dyads, but their other trading instruments are limited with just 14 CFDs on Stock Indices, 2 Canvas CFDs, 2 Essence CFDs, 3 Crypto CFDs & 4 Bonds.
Tickmill does n’t have any original phone number in South Africa presently, still their converse support & dispatch support is available from Monday to Friday from 7AM – 10PM (GMT).
BDSwiss was innovated in 2012 in Zurich, and they’re a reputed forex broker. And they’re regulated by CySEC with license number 199/13 since 31/05/2013. Also, BDSwiss LLC is authorized by NFA. BDSwiss have an average spread of1.5 pips for EUR/ USD with their Classic account.
But the spread with Raw Account is veritably competitive, it’s on average0.3 pips (plus$ 5 commission per standard lot on Forex). And they also offer CFD trading on Gold, popular indicators like NASDAQ, and 20 Crypto CFDs at competitive freights. But they offer a variety of account types with numerous features including negative balance protection. And they do n’t offer ZAR base currency accounts, only USD, EUR & GBP account currency options are available.
Their minimal deposit is$ 100 with Classic Account. But with Personality, Raw & InvestPLUS accounts, the minimal backing needed is$,$ &$ independently, which is much more advanced than other brokers. And the trading rates are much lower with these respective types.
The deposits at BDSwiss are free of any fresh charges for all sale styles. So, the BDSwiss have some non-trading charges which include Inactivity charges & rates on recessions below limits and made via line transfers & styles other than credit card.
Also, they do n’t have original Internet banking (EFT) options for backing or recessions in South Africa. But during our exploration, we plant BDSwiss’s support to be good. And you can reach them via Live converse, dispatch & phone. So, they do n’t have an original phone number in South Africa at the moment.
HotForex, or HF Markets a 100 STP forex broker in South Africa. So, they were innovated in 2010 & have been regulated by FSCA as HF MARKETS SA (PTY) LTD since 2016. But in terms of trading fees HotForex has the smallest spread with their Zero account & there’s no fees on deposits/ recessions.
Their average EUR/ USD spread is around1.3 with Premium account (this would vary according to request conditions), and it’s typically around0.1 pips with Zero account (plus R80 Roundturn commission per lot). But the typical spread for CFD like XAU/ USD is0.29 with all account types. HotForex SA is solid for low freights!
HotForex offers ZAR accounts for South African dealers, this is voluntary & you can choose USD or EUR base currency accounts as well. And they offer 12 trading platforms Including the rearmost MT5, and the MetaTrader for Android, iPhone and desktop.
Their trading instruments on offer are veritably wide forex, CFDs on indicators, shares, bond & goods. HotForex also offers crypto CFDs. They also have a seductive 100 deposit perk for new guests in South Africa and have some great fidelity programs for being guests.
The backing & pullout options at HotForex are also veritably good & at zero fees, and they also offer online bank transfer option via major SA bank accounts for deposit & recessions. But the deposits via Bank transfer can take 10 twinkles, but the recessions can take 2 business days. And the minimal pullout quantum is R70 with bank transfer. But in terms of support, they’ve quick Live converse support, and they also have an original phone number in South Africa for support.
FXTM was innovated in 2011 & it got regulated by South Africa’s FSCA in 2016. But we consider them to be safe since they’re regulated with multiple top- league controllers encyclopedically.
They offer competitive spreads for majors including EUR/ USD (0 pips as low as0.4 USD commissions per lot) with their Advantage MT5 account. So, the spread is high with their spread only accounts (on average it’s 1.9 pips with Micro account &2.1 pips with Advantage Plus account). And in terms of their trading fees, we recommend FXTM’s Advantage account.
But the FXTM offers a wide range of trading instruments, 63 major, minor & fantastic currency dyads, CFDs on goods, essence, indicators as well as stocks. So they do n’t offer CFDs on cryptos. And the trading platforms offered by FXTM are MetaTrader 4 & 5, with mobile trading apps compatible with Android and iOS.
They’ve veritably accessible backing styles including original bank transfer in ZAR with zero freights on deposits with this system. But they charge redundant rates on some pullout styles, like there’s 1 USD figure for original bank transfer recessions in ZAR. Just know that the recessions are quick & typically reused in lower than 24 hours.
Their client support is veritably active, with quick & knowledgeable live converse available 24 * 5. Besides this, they give free education to new dealers in the form of webinars, papers & forums.
OctaFX was innovated in 2011. And we consider them to be moderate threat brokers for forex & CFD trading as OctaFX Group is regulated with only one League-1 controller CySEC. And in terms of rates, OctaFX charges variable spread for every trade.
Their typical EUR/ USD spread is0.7 pips with their MT4 & MT5 Trading Accounts (as per OctaFX’s spread data), which is largely competitive when compared with other South African regulated brokers. But there’s no redundant commission per lot with any account, and the only trading fee they charge is the spreads. And they also don’t charge any inactivity fees or deposit & pullout freights. So their fee overall are veritably competitive.
OctaFX is a Metatrader only forex broker. And they offer MetaTrader 4 (MT4) & the rearmost MT5 platforms, and they also have their apps for forex trading & dupe trading. But their Metatrader platform has support for desktop, web & mobile. But the number of trading instruments is limited compared to other brokers. And for instance, OctaFX only offers 35 currency dyads for forex trading. But they do offer CFDs on Commodity, Indices & Cryptos. Although, other CFD brokers have an advanced number of instruments.
OctaFX doesn’t offer ZAR base currency trading accounts, only USD & EUR account currency options are available to SA dealers. And they also do n’t offer original Internet Banking options for deposits & recessions. But deposit and pullout options at OctaFX SA are veritably limited & only include Credit/ disbenefit card and Cryptos. And they do n’t charge any fees on deposits or recessions with these styles. So, OctaFX doesn’t have an original phone support & office in South Africa.