Forex Brokers List South Africa

The choice to choosing Forex brokers is not an easy task for traders.

They take a lot of factors into consideration and even then, depositing their hard-earned money is a scary feeling. It is not as easy as choosing a bank to transact with daily!

This is serious business and that is where we come in, providing you with open and transparent broker reviews.

Forex Brokers List

Ever since Forex trading in South Africa has become immensely popular, fastest-growing on the African content, just below Nigeria, brokers are swarming into the SA space.

These can be seen as positive and negative. This gives traders a wider variety of brokers to choose from but also opens the door for fly by night brokers to take advantage of traders.

This is why we designed a Forex brokers list!

After conducting our 2021 survey, we have found that traders find the following most important when choosing their broker of choice. The regulation came up as most important, no surprise.

This is due to the fact that clients are becoming more educated on its importance when it comes to fairness and the safety of funds. This is closely followed by withdrawal time, leverage and minimum deposit.

An interesting observation was that clients are 3 times more likely to open an account if the broker has a local office in the country they reside in. Trust seems to play a big role.

Forex scams are common. Don’t fall victim to overnight brokers! Read our reviews before opening a trading account!

Enjoy our latest up to date May 2021 Regulated Forex Broker List – Non-bias, Transparent and Reviewed for our Forex traders!

Browse our top Forex brokers and learn more about them as a company and what they can offer you as a trader.

1.
4.8 stars from 530 ratings

Broker Verified

Blackstone Futures is a truly local FSCA regulated broker with offices in Rosebank Johannesburg. Enjoy same-day withdrawals.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
4.7 stars from 503 ratings

Broker Verified

Markets.com providers a unique trading experience for forex and stock traders alike. They are a global multi-regulated CFD broker regulated in SA.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
4.6 stars from 301 ratings

Broker Verified

With 107 currency pairs, Exness provides leading coverage. Exness has a maximum leverage of 1:2000 and a low minimum deposit.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

Top 10 Forex Brokers

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Blackstone Futures Broker Review
4.8 stars from 530 ratings

Broker Verified

FSCA

up to 30%

USD 100

1:400

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
Markets.com Broker Review
4.7 stars from 503 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
Exness Broker Review
4.6 stars from 301 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
4.
Tickmill Broker Review
4.5 stars from 333 ratings

Broker Verified

CySEC, FCA, FSA, FSCA, LFSA

N/A

USD 100

1:500

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
5.
CM Trading Broker Review
4.6 stars from 301 ratings

Broker Verified

FSCA

up to 100%

USD 250

1:200

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
6.
FBS Broker Review
4.5 stars from 521 ratings

Broker Verified

CySEC, IFSC

up to 100%

USD 10

1:3000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
7.
HotForex Broker Review
4.4 stars from 468 ratings

Broker Verified

FSCA, FCA, CySEC, FSC, DFSA

up to 100%

USD 5

1:1000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
72.83% of retail investor accounts lose money when trading CFDs with this provider.
8.
XM Broker Review
4.2 stars from 300 ratings

Broker Verified

ASIC, FCA, CySEC, IFSC

up to 100%

USD 10

1:888

Review Visit Site Visit Site
CFD service. Your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
9.
Moneta Markets Broker Review
4 stars from 156 ratings

Broker Verified

VSFC, CIMA

up to 50%

USD 50

1:500

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
10.
BDSwiss Broker Review
3.9 stars from 299 ratings

Broker Verified

NFA, CySEC, BaFIN, FSA , FSC Mauritiusm

NA

USD 100

1:500

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

The Top 10 Forex Brokers List in South Africa, all regulated, most even multi-regulated. Reviewed on TradeFX, ensures client funds’ security and safety!

Whether you trade CFDs on Forex, Indices, Equities, or Commodities. We want to link you with a trading broker that you can trust with your funds and have a positive trading experience with.

Forex Brokers Reviews

Our broker reviews are anything but bias. It is a transparent and comprehensive list of the Best Forex Brokers and Trading Platforms in South Africa.

It is focused on our traders, especially beginners, trading for themselves. No more guessing, leave the reviews and due diligence up to us. We do not promote or recommend Forex Trading Signals. Education first!

Let’s go through our Top Forex Brokers List, these only include companies that are regulated and trustworthy, verified by us!

  1. 🥇 Blackstone Futures – Best Overall Spreads 2021
  2. 🥈 Markets.com – Best Broker Award South Africa 2021
  3. 🥉 Exness – Lowest Minimum Deposit Broker 2021
  4. ✅  Tickmill – Best FSCA Regulated Broker 2021
  5. ✅  CM Trading – Biggest Broker in Africa 2021
  6. ✅  FBS – Highest Leverage Broker 2021
  7. ✅  HotForex – Multi-Regulated Broker 2021
  8. ✅  XM – No Deposit Bonus Broker 2021
  9. ✅  Moneta Markets – Fair Trading Conditions 2021
  10. ✅  BDSwiss – Best International Broker 2021

Top Regulated Forex Brokers

 

Blackstone Futures Logo

Blackstone Futures

Blackstone Futures is a locally FSCA regulated broker and has been around since 2009. They are not new on the block and is expanding rapidly.

They are expanding within the whole of Africa with clients in neighbouring countries such as Swaziland, Lesotho and Namibia. They offer the tightest spreads without any commissions.

Withdrawals are processed daily and clients receive their funds the same day or 24 hours later, depending on their bank.

They offer excellent support as well as a dedicated account manager, webinars and free training. They have a client-first approach with the goal to increase client longevity.

One of their standout features is their negative balance protection. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 0.8
  • USD/JPY: 1.0
  • AUD/USD: 0.6
Pros / Cons
  • Same Day Withdrawals
  • FSCA Regulated
  • Negative Balance Protection
  • Outstanding Customer Service
  • Broker Verified
  • No Islamic Account
  • No MetaTrader 5

up to 30% Welcome Bonus

Open Trading Account

 

Markets.com Logo

Markets.com

Markets.com services clients across the globe from regulated entities in South Africa, Europe, Australia, United Kingdom & BVI. South African and non-SA residents can access cash equities through our Cysec offering.

Markets.com is well-known around the world for its outstanding trading products and secure platform, and it was named best forex trading platform and best forex provider at the 2017 U.K. forex awards.

Unique features like X-ray and blend markets gives traders a sense of trading ideas.

Markets.com stands out by offering traders a comprehensive list of assets at competitive spreads. Customers have access to over 2200 instruments, like currency pairs, precious metals, a diverse range of global securities, stocks, ETFs, cryptocurrencies, and blend assets, unique to the Markets.

Markets.com has created a proprietary, user-friendly trading app, Marketsi, and Marketx, whilst still offering MetaTrader 4 and 5.

Markets.com’s main features and advantages include exceptionally low spreads (starting at 0.7 pips), leverage of up to 1:300 (depending on account type and jurisdiction), and powerful educational resources

Markets.com is an excellent choice for traders looking for a robust and dependable online platform with plenty of account choices and features.

The Cypriot investment company Safecap Investments LTD established the platform in 2008, a subsidiary of FTSE250 listed as Playtech PLC. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 1.2
  • USD/JPY: 0.9
  • AUD/USD: 0.9
Pros / Cons
  • ZAR Account Currency
  • FSCA Regulated
  • Educational Tools
  • Broker Verified
  • Low Leverage
  • Account Inactivity Charges

up to 30% Welcome Bonus

Open Trading Account

 

Exness Logo

Exness

Exness was established in 2008 and has since grown in popularity, with approximately 60,000 active client accounts from all over the world.

Exness attracts traders because of its regulation and licensing from the Cyprus Securities and Exchange Commission (CySEC) and because it provides a variety of flexible account types and financial products to accommodate multiple trading strategies.

Exness continues to achieve new benchmarks, winning market share from other leading firms as a result of impressive sponsorships with Real Madrid FC and WWF Russia.

Traders who join up will encounter a secure and simplified trading environment, which extends to both the MT4 and MT5 platforms, supports multiple languages, and offers favourable trading conditions, including low spreads and an array of financial instruments.

Exness would be particularly appreciated by traders who do not want to deposit a large amount of capital or frequently do not want to trade.

With a $10 minimum deposit, no deposit or withdrawal commissions, and a minimum lot size of 0.0001, the Exness Mini account is ideal for these users. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.1
  • GBP/USD: 0.7
  • USD/JPY: 1.0
  • AUD/USD: 0.7
Pros / Cons
  • 24/7 Support
  • Wide Range of Forex Pairs
  • Multi-Regulated
  • Broker Verified
  • Limited Range of Stocks

up to 100% Welcome Bonus

Open Trading Account

Tickmill Logo

Tickmill

Tickmill, which was introduced to traders in 2014, now serves clients worldwide with its blend of online trading platforms designed to facilitate education and optimize user functionality.

Tickmill was founded by a seasoned team of professionals with decades of experience who are passionate about advancing the interests of their clients.

Tickmill has received several awards, including the prestigious “Most Trusted Broker in Europe” from Global Brands Magazine in 2017. It also got “Best Forex Execution Broker” from the UK Forex Awards in 2018.

Tickmill’s reputation benefits largely from its widely regarded trading conditions, which favor execution, highly competitive spreads beginning at 0.0 pips, no-dealing desk execution, no requotes, and acceptance of all trading strategies.

As a result, investors have adopted this service model, with over 130 million trades conducted across more than 200,000 registered accounts in 2018.

Tickmill promotes education and expertise through a variety of opportunities in addition to trading conditions.

The integration of useful technical and fundamental analysis, as well as an abundance of educational content, assures that you are fully prepared to enter financial markets with the trust and protection required to succeed. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.0
  • GBP/USD: 0.2
  • USD/JPY: 0.1
  • AUD/USD: 0.1
Pros / Cons
  • Multi-Regulated
  • Islamic Accounts
  • Low Spreads
  • Broker Verified
  • No MetaTrader 5
  • No Stocks
  • No Welcome Bonus

Welcome Bonus NA

Open Trading Account

 

cm trading logo

CMTrading

CMTrading is an FSCA regulated broker in South Africa. Founded in 2012 they have been in the industry for well over 9 years, established and with a good reputation.

They are a multiple award winner, winning best financial broker Africa 2020! They are arguably the biggest broker on the African continent.

Cm Trading offers tight spreads across their 4 account types, which is tiered according to your account size, each providing more benefits.

3 Trading platforms are offered by them, including MetaTrader 4, STRIX (proprietory platform) and their CM Trading CopyKat platform. All of them offer mobile app capabilities.

A wide variety of local deposit options are available, yet we’d like to see faster withdrawals. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.6
  • GBP/USD: 2.1
  • USD/JPY: 2
  • AUD/USD: 2.1
Pros / Cons
  • Multiple Award Winner
  • Low Spreads
  • Islamic Accounts
  • Broker Verified
  • Not Multi-Regulated
  • No MetaTrader 5

up to 100% Welcome Bonus

Open Trading Account

 

FBS Logo

FBS

FBS, an online forex broker, established in 2009, rapidly gained traction and retains a prominent status among traders, achieving a steady pace of new membership of 7,000 daily even a decade later.

Forex isn’t the only market available to FBS‘s over 13 million traders; CFDs, stocks, and other instruments are also available, with leverage of up to 1:3000 and no commissions on the majority of instruments and accounts.

FBS brings confidence among traders in over 190 countries thanks to regulations from CySEC and the IFSC, as well as rock-solid trading foundations based on Straight Through Processing and Electronic Communications Network model.

As a result, FBS traders benefit from some of the industry’s lowest capital requirements, as well as a comprehensive range of trading education videos and articles on the FBS website.

FBS welcomes and promotes all kinds of traders by offering a diverse range of account types and bonuses. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.1
  • GBP/USD: 0.9
  • USD/JPY: 1.0
  • AUD/USD: 0.8
Pros / Cons
  • Commission Free Trading
  • ECN Accounts
  • MetaTrader 4
  • MetaTrader 5
  • Broker Verified
  • Limited Trading Instruments
  • NO FSCA Regulation

up to 100% Welcome Bonus

Open Trading Account

 

HotForex Logo

HotForex

HotForex is a highly regulated broker, including with the FSCA.  This provides security to South African traders. HotForex has been a well-respected broker for over a decade.

They have local offices in Johannesburg, South Africa, which allows SA clients to visit them on an appointment, which adds an extra level of comfort. They offer a low minimum deposit, yet extremely high leverage.

These two are not positive factors to success. As a positive their spreads are excellent and fairly low. If you are a trader that enjoys rebates on top of tight spreads, then HotForex ticks that box.

On the downside, they only offer MetaTrader 4 as a trading platform.

We also found their support to be lacking a bit for a top runner in the industry. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1
  • GBP/USD: 1.2
  • USD/JPY: 0.8
  • AUD/USD: 1.8
Pros / Cons
  • Low Minimum Deposit
  • Multi-Regulated
  • Tight Spreads
  • Broker Verified
  • No Local Deposit Options
  • Average Support
  • High Leverage

up to 100% Welcome Bonus

Open Trading Account

 

XM Logo

XM

XM, although being multi-regulated, lacks an FSCA regulation in South Africa. They are in the circles of brokers that offer, what we call a no deposit bonus.

On top of that, they over an up o 100% bonus, USD 5 minimum deposit. XM‘s leverage is slightly above the norm, not much above the industry standard of 1:200 – 1:400.

Their client base is widespread in over 190 countries globally.

This makes them one of the biggest brokers. They offer an exceptional amount of account currency options, including ZAR. If you are a Crypto fan, you would be happy to know that you can find your account in Bitcoin.

XM support runs 24/5, ready to assist when the markets are open. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.7
  • GBP/USD: 2.2
  • USD/JPY: 1.7
  • AUD/USD: 1.9
Pros / Cons
  • Low Minimum Deposit
  • Multi-Regulated
  • Bitcoin Deposit Option
  • Multiple Account Currency Options
  • Broker Verified
  • No FSCA Regulation
  • No Local Offices
  • No Demo Account
  • High Leverage

up to 100% Welcome Bonus

Open Trading Account

 

Moneta Markets Logo

Moneta Markets

Moneta Markets, a part of Vantage International Group Limited, is a forex broker formed in 2020.

Moneta Markets keeps its clients’ funds with National Australia Bank (NAB) as part of its Cayman Islands service, governed by the Cayman Islands Monetary Authority (CIMA).

Moneta Markets provides over 45 currency pairs, as well as six of the most prominent cryptocurrencies, including Bitcoin and Dash.

There are also 15 widely traded commodities, 15 global indexes, and over 185 share CFDs available in Australia, the United Kingdom, the United States, Europe, and Hong Kong.

Moneta Markets allows traders to use MT4, MT5, and WebTrader, and clients can effortlessly switch between them for optimal ease.

Moneta Markets’ registration process is highly quick and efficient. The broker’s WebTrader platform allows you to register an account in less than five minutes and includes capabilities such as deposits and withdrawals.

Moneta Markets has created an excellent online trading platform with various products, a high leverage ratio of up to 1:500, and some of the industry’s most useful and unique features such as the market buzz, market sentiment tool, and the DupliTrade.

As a result, the Moneta Markets WebTrader trading platform has been named “2021’s Most Advanced Web-Based Trading Platform of the Year.”

The fact that Moneta Markets is regulated and licensed adds to its value. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.0
  • GBP/USD: 0.3
  • USD/JPY: 0.3
  • AUD/USD: 0.0
Pros / Cons
  • Low Spreads
  • Low Minimum Deposit
  • MetaTrader 4
  • MetaTrader 5
  • Broker Verified
  • Not FSCA Regulated
  • No ZAR Account Currency
  • Fairly New Broker

up to 50% Welcome Bonus

Open Trading Account

 

BDSwiss Logo

BDSwiss

Since its inception in 2012, BDSwiss has been one of the best forex and CFD brokers.

Due to their regulation by the EU authorities and other additional registrations, the broker relies on Cyprus financial competence and offers the option to trade to practically any resident.

BDSwiss strives to give traders with the finest trading ecology possible, which includes an unparalleled liquidity strategy.

As a result, traders are urged to take advantage of ultra-low spreads, lightning-fast execution, and substantial liquidity from top-tier providers across all assets available via the platform.

Newcomers looking for additional experience are also welcome on the platform due to demo accounts, minimal starting deposit amounts, numerous instructional courses offered through the Trading Academy, and even regular webinars meant to keep traders up to date on daily changes in market conditions.

BDSwiss provides clients with access to over 250 financial products, including forex, commodities, stocks, and indices, via its proprietary WebTrader platform and the worldwide recognised MetaTrader 4 and MetaTrader 5 platforms.

You can trade these assets with the five account types BDSwiss offers.

BDSwiss offers exceptional circumstances, from extremely tight starting spreads to institutional quality liquidity and comprehensive tools.

As a result, world Finance awarded BDSwiss the Best Trading Conditions award for 2019. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.5
  • GBP/USD: 2.0
  • USD/JPY: 1.7
  • USD/CHF: 1.7
Pros / Cons
  • Low Spreads
  • User-friendly Web Platform
  • Multiple Account Types
  • Broker Verified
  • No FSCA Regulation
  • No ZAR Account Currency

Welcome Bonus NA

Open Trading Account

 

BlackBull Markets Logo

BlackBull Markets

BlackBull Markets is another name for Black Bull Group Limited. Since 2014, the platform has been licensed by New Zealand’s Financial Services Provider Registry (FSPR) and FSA (Seychelles). The company is based in Auckland, New Zealand, but they also operate from Kuala Lumpur, Malaysia.

BlackBull Markets offers forex traders an easy way to gain experience in the forex market through its easy-to-use platform. The company offers more than 300 assets. Aside from this, they offer 60 forex pairs, indices, gold, silver, natural gas, and oil commodities.

For an ECN standard account, BlackBull Markets’ spreads are tight, starting at 0.8 pips. Standard ECN accounts do not incur commissions. A $3.00 fee per round-trip lot will be charged to traders with prime accounts. For precious metals, the maximum leverage remains at 1:500. Indexes and oils are leveraged to a maximum of 1:100.

Deposits can be made at BlackBull Markets in nine different currencies, including the US dollar, the British pound, and the euro. Furthermore, bank wire transfers, credit and debit cards, Skrill, Neteller, Union Pay, and FasaPay, can all be used for deposits. All other payment methods will be processed on the same day, except for the bank wire method, which may take three business days.

A demo account is complimentary for beginners for 30 days. Demo accounts allow you to practice trading with virtual money while accessing the real trading market. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.2
  • GBP/USD: 0.6
  • USD/JPY: 0.4
  • XAU/USD: 22
Pros / Cons
  • ZAR Account Currency
  • High Leverage
  • Low Spreads
  • Tier 1 Regulation
  • Broker Verified
  • No FSCA Regulation
  • High Minimum Deposit

Welcome Bonus NA

Open Trading Account

 

 

Vantage FX Logo

Vantage FX

Vantage FX, one of the largest online brokers, based in Australia, provides a variety of trading services that allow clients to access the international currency market.

Vantage FX was established in 2009 and is now owned and managed by Vantage International Group Limited.

The minimum deposit required to trade with Vantage FX is $200; however, the broker does not charge any deposit fees, ensuring that clients get the most out of their account funds.

The Pro research tools offered to clients who fund accounts over $1000 are one of Vantage FX’s distinguishing features. These tools assist investors in keeping track of over 35,000 tradable assets from across the world.

You can also gain access to a premium economic calendar. Furthermore, all customer monies are kept in separate accounts, giving a higher level of protection.

Vantage FX’s platform solutions include MetaTrader 4, MetaTrader 5, a web-based platform, all of which give a high level of flexibility.

The broker’s fees and commissions schedule is clear, with an emphasis on quick execution.

Overall, Vantage FX provides an award-winning trading ecosystem that is designed to maximise investor profits by providing the tools needed to identify market opportunities and the quick execution required to execute them. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.2
  • GBP/USD: 0.4
  • USD/JPY: 0.4
  • AUD/USD: 0.7
Pros / Cons
  • MetaTrader 4
  • MetaTrader 5
  • Fast Execution of Orders
  • Broker Verified
  • Not FSCA Regulated
  • No ZAR Account Currency

Welcome Bonus NA

Open Trading Account

FXChoice Logo

FXChoice

Established in 2010, FXChoice is a leading online broker that accepts clients worldwide. It provides trading platforms that are available for traders at all levels. In addition, it allows multiple account types with convenient payment options.

In addition to offering low spreads starting at 0.5 pips, FXChoice provides the most competitive trading conditions. Its key features include 24-hour support, low commission rates, flexible leverage up to 1:200, and quick trade execution speed.

The regulation by IFSC makes FXChoice an exceptionally reputable broker. With a history dating back to 2010, it now offers trades on Forex, cryptocurrencies, CFDs, index CFDs, and commodity CFDs on MetaTrader4 and MetaTrader5.

Moreover, MyFXBook AutoTrade and other hand-selected expert advisors are also available for the traders. Having all these features, FXChoice is not only ideal for beginners but also for experienced traders. Although it is not the same as being regulated by Tier-1 regulator.

FXChoice’s MetaTrader4 and MetaTrader 5 platforms and video tutorials make the learning curve for its software incredibly short. In addition, FXChoice offers more than 50 trading instruments in a variety of categories. Commission-free and commission-based accounts are also available to suit individual trading styles.

In addition to its latest Pip+ program, FXChoice incorporates safety measures and risk management strategies. These features ensure that the investments of their customers remain protected. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.5
  • GBP/USD: 0.4
  • USD/JPY: 0.4
  • AUD/USD: 0.7
Pros / Cons
  • MetaTrader Web Terminal
  • Low Spreads
  • Free VPS
  • MT5
  • Broker Verified
  • No FSCA Regulation
  • No ZAR Account Currency
  • Demo Account Expires in 90 Days

Welcome Bonus NA

Open Trading Account

 

Globex360-Logo

Globex360

Globex360 is a South African-based online trading services firm that was founded in 2017. Globex360 is a licensed financial services firm in South Africa, regulated by the Financial Sector Conduct Authority (FSCA).

More than 100 financial trading instruments are available with Globex360, including FX currency pairs, indices, commodities, and stocks.

There are three types of accounts on the Globex360 platform: Standard, Pro, and Expert account. The Standard account comes with a minimum deposit of 0, while Pro has 0, and the Expert account has a 00 minimum deposit.

When it comes to leverage, the maximum trading leverage offered by Globex360 for forex trading, indices trading, and commodities trading are up to 1:500.

The spreads are lower for forex pairs on standard and pro accounts. For other assets, spreads vary according to the account.

When it comes to trading platforms, GlobeX360 provides MT4 desktop and mobile platforms. In addition, GlobeX360 has a native mobile app that lets broker’s partners organize and manage their business.

The broker provides a FAQ section, which answers all your questions. The broker has limited educational content on the site and is one of its major drawbacks.

Overall, the broker provides a competitive trading environment under FSCA regulations. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.9
  • GBP/USD: 0.9
  • USD/JPY: 0.9
  • AUD/USD: 0.9
Pros / Cons
  • FSCA Regulated
  • ZAR Account Currency
  • MT4
  • Broker Verified
  • High Spreads
  • No MT5

up to 100% Welcome Bonus

Open Trading Account

 

 

AvaTrade Logo

AvaTrade

AvaTrade is regulated across 5 continents! They are arguably the most regulated broker in the industry. Their offices also stretch globally. They have expanded and grown tremendously since 2006, climbing the leaderboard to becoming the best broker in the world. AvaTrade support is available whenever the markets are open, 24/5. If you are a Crypto enthusiast then you can enjoy trading popular cryptocurrency 24/7.

The leverage offered is nothing above average which is excellent, enforcing responsible trading. If you’d like to give them a try, you can make use of their free 30-day demo account, after filling in a single form. They want to invite clients to experience their exceptional service! Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.9
  • GBP/USD: 1.6
  • USD/JPY: 1.1
  • AUD/USD: 1.1
Pros / Cons
  • Easy account opening
  • No Withdrawal Fees
  • 24/7 Support
  • Multi-Regulated
  • Broker Verified
  • Inactivity Fees
  • Not Beginner Friendly
  • No Local Deposit Options

up to 40% Welcome Bonus

Open Trading Account

 

Axi Logo

Axi

Axi, formerly known as Axi Trader, started as a two-person startup in 2007 and has since grown to become one of the world’s largest global forex brokers, currently serving more than 100 countries worldwide. Axi has grown to become one of Australia’s largest brokers since 2007. It has also expanded globally, with large-scale operations in the United Kingdom, and has a partnership with Manchester City Football Club.

Axi is a well-established platform that attracts traders from all over the world due to its favourable pricing, low spreads, and a large variety of currency pairs. Customers can choose between two types of live accounts: standard and professional. It is also possible to set up a free 30-day demo account.

The brand is overseen by major regulators such as the FCA and Australia’s ASIC, so you can assure that your investment is secure.

The MT4 NextGen includes the firm’s in-house and outside analysis resources, including AutoChartist and the powerful PsyQuation, which lets you differentiate Axi from other MT4 brokers.

Axi is a member of the world’s multi-award-winning brokers because of their consistent efforts and high-quality services. It has several industry awards, including 2019 Best MT4 Broker, 2019 Best European Forex Broker, and 2020 Best EMEA Region Broker. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.2
  • GBP/USD: 1.7
  • USD/JPY: 1.2
  • AUD/USD: 1.3
Pros / Cons
  • Multi-Regulated
  • MetaTrader 4
  • Autochartist
  • Broker Verified
  • No FSCA Regulation
  • No MetaTrader 5
  • No ZAR Account Currency

Welcome Bonus NA

Open Trading Account

 

FXCM Logo

FXCM

Since 1999, the FXCM group of companies (FXCM Group) has been a significant provider of online foreign exchange (forex) trading, CFD trading, spread betting, and associated services, with trading available in over 190 countries.

FXCM is dedicated to providing the trading community with a comprehensive portfolio of innovative trading tools, market news, and education. FXCM’s vast network of forex liquidity providers enables FXCM to offer competitive spreads on major currency pairs to clients.

Mobile trading, one-click order execution, and trading from real-time charts are all available to clients. Forex Broker Capital Markets Limited, FXCM’s U.K. division, also provides CFD products with no and allows you to trade oil, gold, silver, and stock indices with forex on a single platform.

Speaking of platforms, FXCM has plenty of them. It includes MT4, NinjaTrader, TradeStation, and TradingView.

FXCM provides education to the trading community through trading tutorials, webinars, and much more for new traders. The broker’s multilingual client support team is available 24 hours a day, five days a week, and is always ready to address any customer’s problem quickly and effectively.

Depositing funds and withdrawing profits are both possible through several payment methods and are completed quickly.

FXCM is an award-winning broker having more than 25 awards from various entities. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.3
  • GBP/USD: 1.7
  • USD/JPY: 1.4
  • AUD/USD: 1.8
Pros / Cons
  • FSCA Regulated
  • Low Minimum deposit
  • Well Established
  • Multi-Regulated
  • Broker Verified
  • No ZAR Account Currency
  • No MT5

Welcome Bonus NA

Open Trading Account

 

easyMarkets Logo

easyMarkets

easyMarkets was established in 2001, making them one of the first brokers introduced to retails Forex traders. They have a long history and track record, which has been mostly positive throughout the years. They are regulated by ASIC and CySEC, sadly the FSCA is missed from this list. Non the less, they are multi-regulated. They offer excellent support whenever the market is open, 24/5. Their leverage ranges from 1:200 – 1:400 depending on the platform you use.

The easyMarkets platform offers respectable fixed spreads. They offer 3 account types across their two platforms, MetaTrader 4 and easyMarkets platform. They have good values and really try to provide an enjoyable trading experience. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.9
  • GBP/USD: 1.3
  • USD/JPY: 1.0
  • AUD/USD: 1.2
Pros / Cons
  • Fixed Spreads
  • ASIC Regulated
  • easyMarkets Platform
  • MetaTrader 4
  • Guaranteed Stop Loss
  • Broker Verified
  • High Spreads
  • No Micro Account
  • No FSCA Regulation

up to 50% Welcome Bonus

Open Trading Account

 

Trade Nation TN Logo

Trade Nation

Trade Nation is one of the most regulated brokers globally, regulated by the FCA, FSCA, ASIC and SCB. They strive to provide a fresh approach to trading whilst being open and transparent. They offer a wide variety of account currencies to their clients. Trade Nation, along with MetaTrader 4, have their own trading app, offering fixed spreads. This is also accommodated by negative balance protection and a guaranteed stop loss.

If you are in South Africa or countries outside of ASIC and the FCA you can also enjoy a very respectable loyalty program. They are an overall outstanding broker that is going to take the industry by storm, not just based on their offerings, but their culture and brand values. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 0.8
  • USD/JPY: 0.7
  • AUD/USD: 0.6
Pros / Cons
  • Multi-Regulated
  • 24/5 Customer Support
  • MetaTrader 4
  • Trade Nation App
  • Fixed Spreads
  • Negative Balance Protection
  • Broker Verified
  • Jurisdiction Dependent Loyalty Program
  • No Islamic Account
  • No MetaTrader 5

Loyalty Program

Open Trading Account

 

Oanda Logo

Oanda

Oanda is a financial services firm based in the United States. Oanda was created in 1996 with the belief that the internet would open up markets and provide equal access to data and trading for all.

Although its headquarters are in the United States, it maintains a number of worldwide offices, including Tokyo and London. Oanda has clients in over 200 countries and operates from eight global financial centres.

In 2001, Oanda was the first company to provide complete currency exchange information online and to assist the development of currency trading. In addition, Oanda is the second-largest Forex broker in the United States.

Oanda is a dynamic trading platform that is suitable for both novice and experienced forex traders. There is a vast choice of charting tools and indicators available, and it offers the same features for the mobile platform.

Margin rates are low, and with 69 forex pairs to trade and an extensive set of training tools for beginners, you’re sure to learn something new. Experts will appreciate the desktop and mobile app hidden gems, such as advanced charting capabilities and free plugins.

Oanda has a pro website with a declared purpose of transparency, a focus on customer education and research, several user interfaces, and global regulatory monitoring. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.3
  • GBP/USD: 1.7
  • USD/JPY: 1.2
  • AUD/USD: 1.4
Pros / Cons
  • User-Friendly Platform
  • Great Tools And Educational Resources
  • Broker Verified
  • No ZAR Account Currency
  • No Local Deposit or Withdrawal Options
  • No FSCA Regulation

Welcome Bonus NA

Open Trading Account

 

IC Markets Logo

IC Markets

Based in Sydney, Australia, IC Markets is one of the world’s major FX CFD providers by daily trade volume, with over billion in foreign exchange activity and over 500,000 orders processed daily.

The broker, regulated by the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the Financial Services Authority (St Vincent and the Grenadines), presently welcomes clients from more than 140 countries and has over 100,000 active clients.

IC Markets provides its clients with tight variable spreads starting at 0.0 pips on major currency pairs.

The broker is well-known for its ultra-fast order execution, with transactions typically completed in under 40 milliseconds, making it an ideal habitat for high-frequency trading, algorithmic methods, and institutional investors.

Although the minimum deposit of $200 is slightly greater than other major FX brokers, it is still an adaptable amount that welcomes both newbies and pros.

IC Markets makes sure that all customer funds are handled in separate accounts. Furthermore, all customer funds are completely insured, adding an additional layer of security.

Newcomers will also like the educational resources and value-added products, such as AutoTrader and ZuluTrade, which are designed to help those who prefer a more passive approach to trading. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 0.6
  • USD/JPY: 0.6
  • AUD/USD: 0.6
Pros / Cons
  • Low Spreads
  • Low Minimum Deposit
  • MetaTrader 4
  • MetaTrader 5
  • cTrader
  • Broker Verified
  • No FSCA Regulated
  • No ZAR Account Currency Option
  • No Welcome Bonus

Welcome Bonus NA

Open Trading Account

 

Plus500 Logo

Plus500

Plus500 is classified as a CFD Provider and not a Broker. They are a very unique provider in the sense that they have such a variety of product, assets, and offerings to their traders. They are no newcomer and have been around since 2008. They offer traders conservative leverage, which shows they enforce responsible trading! They have super competitive dynamic spreads all around. What we appreciate most is that they treat all clients equally, no matter their account size.

Their own proprietary trading platform is second to none! Traders will find it very user-friendly, yet providing all the basic tools needed. Plus500 is an industry leader and a veteran in the industry. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.8
  • GBP/USD: 1.3
  • USD/JPY: 1.0
  • AUD/USD: 0.8
Pros / Cons
  • Multi-Regulated
  • 24/7 Support
  • 2000 Instruments
  • Islamic Account
  • Tight Spreads
  • Broker Verified
  • No MetaTrader 4
  • No MetaTrader 5
  • Low Leverage

Welcome Bonus NA

CFD service. your capital is at risk.

Open Trading Account

 

IFX Brokers

IFX Brokers, based in South Africa, is a renowned broker that distinguishes itself by providing a competitive and feature-rich trading environment that caters to a variety of trading aims and methods.

Both institutional and private clients have access to global markets with a diverse range of assets and instruments from which you can build a diversified trading portfolio.

The broker is constantly striving to provide an atmosphere distinguished by exceptional client service, a wide range of popular instruments, cutting-edge trading tools, and competitive pricing. As a result, this South African broker definitely stands out among the best in the business.

In terms of the trading experience, IFX’s upgraded tools and features mean that traders enjoy a better trading environment at a lower cost. In contrast, trading platforms offer top-tier competitive liquidity and spreads.

Traders benefit from ultra-fast trade execution and a no-dealing-desk model when trading various CFDs, commodities, Forex, and futures contracts using the trading platform.

MetaTrader 4 and MT4 Mobile for smartphones and tablets are among the online trading platforms offered by the firm, which is powered by Equinix. IFX’s MT4 also offers a multilingual interface, a complete analysis, and the ability to build up many charts. Read the Full Review.

Average Spreads on Majors

  • EUR/USD: 0.8
  • GBP/USD: 1.2
  • USD/JPY: 1.2
  • AUD/USD: 1.2
Pros / Cons
  • MetaTrader 4
  • FSCA Regulated
  • ZAR Account Currency
  • Broker Verified
  • Limited Assets
  • Limited Deposit and Withdrawal Options

Welcome Bonus NA

Open Trading Account

 

InstaForex Logo

InstaForex

InstaForex is a global forex broker that offers a user-friendly trading platform to over 7 million customers worldwide. The broker was started in 2007 in Kaliningrad, Russia, but has since expanded to over 260 branches worldwide.

Trading at instaforex.eu is done on the MetaTrader 4 platform, whereas trading at instaforex.com is done on both the MT4 and MT5 platforms. Aside from traditional desktop trading, InstaForex offers mobile trading via the self-developed MobileTrader app and the WebTrader platform for trading via a web browser.

InstaForex also provides various trading tools and in-house MT4 plugins such as Pattern Graphix and Superior Forex Desk. InstaForex customers can trade CFDs on shares, CFDs on cryptocurrencies, CFDs on commodities, and CFDs on futures and indices in addition to currency pairs.

InstaForex customers can trade CFDs on shares, CFDs on cryptocurrencies, CFDs on commodities, and CFDs on futures and indices in addition to currency pairs.

InstaForex provides high-quality trading services and is constantly improving its technology. The brokerage focuses primarily on user-friendly forex trading and has received over 30 awards in this category.

InstaForex has received recognition for having the finest copy-trading platform in the UK and being the best broker in Asia and the best ECN broker in Europe. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.8
  • GBP/USD: 0.8
  • USD/JPY: 0.8
  • AUD/USD: 1.0
Pros / Cons
  • MetaTrader 4
  • MetaTrader 5
  • Crypto Depositing Options
  • Broker Verified
  • No ZAR Account Currency Options
  • No FSCA Regulation

up to 55% Welcome Bonus

Open Trading Account

 

FXTM

Forex Time, or FXTM, is not a newcomer to the CFD trading scene, launched in 2011. It swiftly climbed up the ranks to become a popular platform for traders of all types.

FXTM‘s service casts a wide net, emphasising several account kinds, an impressive number of deposit and withdrawal options, and comprehensive market analysis.

These helpful features are backed up by its status as a regulated and compliant broker with regulators such as the FCA and CySEC, adding credibility to the many traders it serves worldwide.

FXTM‘s platform is suitable for practically every trader, with a low minimum deposit requirement, a wide range of payment methods and account types, social trading features from which you can choose from over 5000 trading strategies to copy.

FXTM offers a feature- and function-rich platform. Individuals who have difficulty understanding everything can seek assistance from a customer service team available on Saturdays and Sundays in their preferred language.

FXTM has plenty of awards in its trophy case. In 2020, it was awarded the best broker in Nigeria by ForexTrading.NG. World Finance presented FXTM with the Best Trading Experience broker in 2020, and it was awarded best education provider by FXDailyInfo.com. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.5
  • GBP/USD: 1.8
  • USD/JPY: 1.7
  • AUD/USD: 1.8
Pros / Cons
  • User-Friendly Web-Based Platform
  • Great Customer Support
  • Established Broker
  • Broker Verified
  • Low Leverage
  • No ZAR Account Currency

Welcome Bonus NA

Open Trading Account

JustForex Logo

JustForex

JustForex was established in 2012 as a brand name of JF Global Limited, a corporation registered in St. Vincent and the Grenadines.

The broker advertises client funds segregation and a negative balance protection policy. You can select from seven different types of trading accounts, including commission-free, commission-based, and Islamic swap-free, and ECN trading accounts.

While the broker offers over 150 asset classes to trade on, including Forex ECN, Stocks, Indices, Commodities, and Bonds, access to certain markets is dependent on the account type chosen.

JustForex offers the widely known MetaTrader 4 and MetaTrader 5 trading platforms for PC, as well as the MetaTrader mobile trading app for Android and iOS users.

Users of the MetaTrader platform have access to social trading services as well as Forex VPS services. Users can also access a variety of market research and education articles, as well as videos.

Both novice and experienced traders will benefit from the broker’s bonus and promotion offers, as well as low spreads on all forex pairs.

Although it isn’t regulated, JustForex has partnered with several industry giants like J.P. Morgan, Barclays, Citi Bank, Deutsche Bank, HSBC, and UBS. This shows the brokerage firm’s approach towards its clients. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.1
  • GBP/USD: 0.4
  • USD/JPY: 0.3
  • AUD/USD: 0.3
Pros / Cons
  • Low Minimum Deposit
  • Tight Spreads
  • Wide Range of Account Currency Options
  • Broker Verified
  • No FSCA Regulation
  • No ZAR Account Currency
  • Poorly Regulated

up to 120% Welcome Bonus

Open Trading Account

FxPro Logo

FxPro

FxPro is a forex and CFD broker based in the UK and was established in 2006. Since then, the firm has fulfilled over 455 million orders.

Today, the company operates in 173 countries, has over 1,866,000 customer accounts, and has €100 million in Tier 1 capital.

FxPro is well known in the business for being a trustworthy and dependable broker. The FxPro brand is regulated in the United Kingdom (UK) by FxPro UK Limited, Cyprus by FxPro Financial Services Limited, South Africa, and the Bahamas by FxPro Financial Services Limited.

FxPro is ideal for FX and CFD traders who desire a wide range of trading options. Their forex pair selection and ability to trade equities indices, cryptocurrencies, commodities, and futures distinguish them from competitors.

FxPro is well recognised for its MetaTrader and cTrader platforms accessible for desktop, web, and mobile trading. FxPro’s proprietary technology, FxPro Edge, also provides a solid foundation for a new web-based platform.

By 2020, FxPro has received more than 80 international awards. The most recent ones include Best Forex Trading Platform, 2019, Best FX Provider, 2020 and “Best in Class MetaTrader Broker, 2020.

The company also has multiple sponsorships, including; McLaren’s F1 Team, Yacht Club, de Monaco, and four football clubs. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 0.9
  • USD/JPY: 0.3
  • AUD/USD: 1.0
Pros / Cons
  • FSCA Regulated
  • Tight Spreads
  • ZAR Account Currency
  • Broker Verified
  • Limited Local Deposit And Withdrawal Options

Welcome Bonus NA

Open Trading Account

 

QuickTrade Logo

QuickTrade

QuickTrade is a brand of QuickTrade (Pty) Ltd, a South African firm that the Financial Services Conduct Authority has approved of South Africa as a Financial Services Provider (FSP) (FSCA).

QuickTrade offers a nice selection of tradeable products. You can trade over 30 currency pairs, including forex majors, minors, and exotic USDZAR, as well as CFDs on stocks, ETFs, crude oil, Brent, Natural Gas, silver, platinum, gold, palladium and 12 indices.

QuickTrade offers completive spreads. Spreads begin at 1.2 pips and are floating (changing), meaning they alter based on market conditions. If the market is turbulent, the spreads will be slightly greater, but they will not fall below 1.2 pips. It is also worth noting that certain assets have naturally greater spreads and thus may always be shown around 1.2 pips or even more than two pips, but this is standard for all brokers.

While additional countries are advertised to be allowed, it appears that QuickTrade is just targeting the South African market. Moreover, they provide competitive spreads with reasonably large leverage, a decent assortment of trading products, and the MetaTrader5 platform. Regrettably, you will only be able to open a trading account with them in South African Rands. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.2
  • GBP/USD: 1.5
  • USD/JPY: 1.5
  • AUD/USD: 1.5
Pros / Cons
  • FSCA Regulated
  • ZAR Deposit Currency
  • MetaTrader 5
  • Broker Verified
  • Unclear About Deposit And Withdrawal Methods
  • Limited Trading Assets

Welcome Bonus NA

Open Trading Account

 

NSBroker Logo

NSBroker

NSBroker is a forex and CFD provider owned by NSFX Ltd. NSFX Ltd., a Maltese-directed investment services company that operates according to European and Maltese regulations.

A group of seasoned traders founded NSBroker in 2011. As a result, it provides practically everything an investor might want.

Users of the broker can trade on exclusive financial markets such as forex, cryptocurrencies, precious metals, indices, and energy carriers. If you are a beginner trader, you may find detailed trading guides at NSBroker.

Because of a licence provided by the Malta Financial Services Authority, NSBroker can operate in a variety of jurisdictions (MFSA). The FCA, BaFIN, ACP, CNMV, and FINANSTILSYNET all regulate the broker.

The low fees are where NSBroker genuinely outperforms its competitors. Spreads begin at 0.3 pips, which is much smaller than on other trading platforms. Furthermore, traders can personalise charts based on their preferences.

If you are a novice trader, NSBroker recommends that you leverage your money from two to 30 times, depending on the financial instrument. At NSBroekr, a leverage rate of up to 1:100 is available to all professional traders.

NSBroker provides newcomers with a wide range of analytics and articles to facilitate real trading and money use of investors, including trading tools, technical analysis, investment strategies, financial news, and a forex economic calendar, thanks to its extensive research and educational resources. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.3
  • GBP/USD: 0.3
  • USD/JPY: 0.3
  • AUD/USD: 0.3
Pros / Cons
  • Low Spreads
  • Multi-regulated
  • Broker Verified
  • No FSCA Regulation
  • No ZAR Account Currency
  • Low Leverage

Welcome Bonus NA

Open Trading Account

 

RoboForex Logo

RoboForex

RoboForex LTD is a RoboMarkets/RoboForex Group subsidiary, which includes RoboMarkets LTD and RoboMarkets LLC. This organisation has been around since 2009, and the three subsidiaries have grown at a rapid pace over the last decade.

RoboForex’s large selection of accounts, which cater to all levels of trader, from rookie to old pro, is one of its best advantages. Forex, indices, stocks, CFDs, commodities, metals, and ETFs are among the assets available. This broker does not charge commissions on its most popular account, the Pro-Standard.

RoboForex is a step ahead of the competition in terms of education. In addition to the plethora of tools provided by the MetaTrader suite, the market maker features economic calendars and analytics centres.

It offers a range of account kinds, with the Prime, ECN, and R Trader accounts offering particularly favourable trading conditions. RoboForex offers advanced accounts for “experienced” traders, such as the R Trader and ECN Accounts, in addition to catering to beginner traders.

RoboForex has over 3,523,000 clients from nearly 169 countries and has won numerous prestigious awards, including the Global Brands Magazine Awards’ “Best Investment Products,” the Global Forex Awards’ “Most Transparent Asian Forex Broker,” the International Business Magazine’s “Most Trusted Broker,” and the IAFT Awards’ “Best Broker of the CIS,” among others. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.3
  • GBP/USD: 1.3
  • USD/JPY: 0.6
  • AUD/USD: 1.6
Pros / Cons
  • Great Customer Support
  • Multiple trading Platfroms
  • Wide Range Of Deposit and Withdrawal Options
  • Broker Verified
  • No FSCA Regulation
  • No ZAR Account Currency

 Welcome Bonus NA

Open Trading Account

 

FP Markets Logo

FP Markets

FP Markets is a CFD and Forex trade platform provider that offers execution services to clients from over 100 countries across the world. The company has its headquarters in Sydney.

FP Markets, which was founded in 2005 and is regulated by the Australian Securities and Investment Commission (ASIC), has a solid track record over the last 14 years.

The company currently has offices all around the world, serves thousands of clients from all over the world, and processes billions of dollars in transactions each month.

The broker allows you to trade on over 10,000 markets, including Forex, stocks, cryptocurrencies, metals, commodities, and indices.

You can select from a variety of accounts, including the commission-free Standard MT4/MT5 account and the Raw MT4/MT5 account, which is commission-based but with spreads starting at 0.0 pips. Advanced traders can also open Iress accounts, which are commission-free but provide a more comprehensive trading package.

When it comes to securing client funds, FP Markets adheres to the highest standards.

All retail client monies are held in a Segregated Trust account with National Australia Bank, an Australian Tier 1 bank. As needed by law, client funds are kept completely separate from FP Markets’ operating funds. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.2
  • GBP/USD: 1.4
  • USD/JPY: 1.2
  • AUD/USD: 1.3
Pros / Cons
  • Low Spreads
  • Multi-Regulated
  • Over 13,000 Tradable Assets
  • Autochartist
  • Broker Verified
  • No ZAR Account Currency
  • No FSCA Regulation

Welcome Bonus NA

Open Trading Account

 

HYCM Logo

HYCM

HYCM was founded in 1977 and has a long track record of providing exceptional trading experiences to its global customers. It gives clients all of the information they need to make trading decisions.

The Henyep Capital Markets Group, a worldwide-recognised corporation in investments in real estate, financial services, and education, is HYCM’s parent company.

Some internationally known financial regulators, such as CySEC and the FCA, oversee HYCM. It has operations in the United Kingdom, Hong Kong, Dubai, and Cyprus.

Fixed, Classic and Raw trading accounts are available at HYCM, with attractive spreads and a combination of commission-free and commission-based trading.

You can access a variety of trader instructional resources that cover a wide range of topics and come in various formats. This comprises videos on various trading tools, MT4, trading methods, and other topics.

Users can trade on over 300 financial CFD products, including Forex, stocks, indices, cryptocurrencies, commodities, and ETFs. In addition, the broker provides Islamic swap-free trading accounts and demo trading accounts.

The broker provides the industry-standard MetaTrader 4 and MetaTrader 5 trading platforms for Desktop, Web, and Mobile.

In addition, HYCM provides 24/5 customer assistance in several languages. If you don’t want to contact them, all the info can be found in their FAQ section. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.8
  • GBP/USD: 2.5
  • USD/JPY: 2.3
  • AUD/USD: 2.5
Pros / Cons
  • Experienced Broker Since 1977
  • Multi-Regulated
  • Low Minimum Deposit
  • Broker Verified
  • No ZAR Account Currency
  • No FSCA Regulation

up to 10% Welcome Bonus

Open Trading Account

 

Khwezi Trade Logo

Khwezi Trade

Khwezi Trade (a branch of Khwezi Financial Services FSP 44816) is a new online Forex and CFD brokerage that debuted in 2014.

The FSCA has its headquarters and regulates them in the Republic of South Africa. They distinguish themselves as a distinctly South African brokerage rather than a sales office of a multinational that has gained regulatory status in the country.

Khwezi allows traders to trade a reasonably diverse choice of products packaged as CFDs (Contracts for Difference), including a selection of soft commodities. Khwezi Trade provides trading in 60 FX currency pairs, various commodities, including soft commodities, and the major global equity indices. The broker uses South African Rands to denominate all accounts and trades.

Khwezi Trade offers four account kinds based on the minimum deposit, although all accounts include a personal account manager. Leverage is lower than that offered by other foreign brokerages, and currency combinations are more limited, but the evident attractiveness of Khwezi Trade is their competitive trading conditions that compete with other local companies.

Khwezi Trade has a well-rounded, well-regulated, and professional-looking broker. For a South African trader seeking a local broker, Khwezi Trade offers local regulation, local offices, local staff and employs local banks.  Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 0.6
  • GBP/USD: 1.0
  • USD/JPY: 0.8
  • AUD/USD: 0.8
Pros / Cons
  • FSCA Regulated
  • ZAR Account Currency
  • Great Customer Support
  • Broker Verified
  • Limited Deposit Options
  • Lack Of Education

up to 30% Welcome Bonus

Open Trading Account

 

FXGM ZA Logo

FXGM ZA

FXGM ZA South Africa is regulated under South Africa Financial Sector Conduct Authority Authorization No. 564. FXGM ZA is a great role player in the forex market, operated by Unum capital (pty) Ltd. This performs its operations only in South Africa.

The broker helps its customers maximize profit with easily accessible powerful tools, interface, inbuilt controls and simple navigation and allows its customer to trade approximately 140 assets.

FXGM ZA is an amazing broker providing its customers with easy deposit and withdrawal methods. It also provides customers incentives with protection insurance by giving an opportunity of getting their refund back within 10-30 days of loss.

The broker’s customers service is one of the most customers wanted services because their team is ready for 24/7 customers assistance. In addition, the online profit platform is providing an amazing experience with an outstanding trading environment.

Users can gain access to several unique features, such as the option to have the first five protected trades, which allow you to trade with no risk on those trades. Autochartist, SMS services, Traders Trend, and other trader research tools are also available through the firm. These functions are provided in the browser-based PROfit trading platform, which is accessible online and on mobile. Read the Full Review.

Average Standard Account Spreads on Majors

  • EUR/USD: 03
  • GBP/USD: 0.3
  • USD/JPY: 0.3
  • AUD/USD: 03
Pros / Cons
  • FSCA Regulated
  • Up to 10 Protected Losing Trades
  • Autochartist
  • Broker Verified
  • No Demo Account
  • Lack of Educational Material

Welcome Bonus NA

Open Trading Account

 

OctaFX Logo

OctaFX

OctaFX is a CySEC only regulated broker. As you know, we are not big fans of this regulatory body, especially if they are the only regulator. Non the less, OctaFX has a fairly good reputation without many complaints reported. This is encouraging to see. Established in 2011 they are not new on the block. They offer a good combination of leverage and minimum deposit.

Their bonus is also within a realistic range of up to 50%. They do run promotions that allow for higher bonuses, risk-free trades or prizes up for grabs. We are disappointed that they do not offer ZAR as an account currency option. They have a modest amount of deposit options, not many local methods for South Africans. A big positive is that their support runs 24/5. Read the Full Review.

Average Standard ECN Account Spreads on Majors

  • EUR/USD: 0.7
  • GBP/USD: 0.8
  • USD/JPY: 0.7
  • AUD/USD: 0.9
Pros / Cons
  • Bitcoin Deposit Option
  • cTrader Platform
  • Low Minimum Deposit
  • Broker Verified
  • Limited Forex Pairs
  • No Local Offices
  • CySEC Regulated
  • No FSCA Regulation

up to 50% Welcome Bonus

Open Trading Account

 

eToro Logo

eToro

eToro is famous for its copy/social trading platform. They are multi-regulated with strong FCA and ASIC ties. An FSCA regulation is missing, sadly so for SA traders. They are one of the older brokers, joining the industry in 2007.  They have a respectable minimum deposit of USD 200, leverage within the standard range, pushing good risk management.

Their bonus offering is up to 40%. A major downside is their account currency options, only being offered in USD. Although most South African traders somewhat prefer USD, ZAR is always welcome to those who do not want to take an exchange risk. eToro offers 24/5 support and also has a live chat option, offering easy access to clientele support. Read the Full Review

Average Standard Account Spreads on Majors

  • EUR/USD: 3 pips
  • GBP/USD: 4 pips
  • USD/JPY: 3 pips
  • AUD/USD: 6 pips
Pros / Cons
  • Unique Broker
  • Social Trading
  • Fully Verifiable Trading Stats
  • Broker Verified
  • High Spreads
  • No MetaTrader 4
  • Only One Account Currency Option

up to 40% Welcome Bonus

Open Trading Account

 

Ask Your Broker These Important Questions

  • Where are you regulated and can I see proof of such regulations(s)?
  • What type of broker are you, Dealing-Desk (DD), Non-Dealing-Desk (NDD)?
  • What account types do you offer?
  • Do you offer ECN accounts?
  • What are the commissions per round trip on ECN accounts?
  • What Leverage/Margin requirement do you offer?
  • What is your minimum deposit amount?
  • Are there any fees on deposits or withdrawals?
  • How often are withdrawals processed?
  • How long does a withdrawal take to reach my account?
  • Which trading platforms do you offer?
  • What education is offered?

Choosing the Best Forex and CFD Broker

Scrolling through all the available brokers can be overwhelming since the Forex market is so large and constantly being flooded with new brokers. Choosing the right Forex broker to trade with can be a huge challenge, especially if you are new to the industry and don’t know what to look for.

This guide is going to highlight how to choose a Forex broker by important factors to be on the lookout for before making the ultimate decision.

Regulation

Regulation is King. A broker without regulation is like a door that cannot lock. It leaves the door wide open for mismanagement and poor security of funds. Not all regulatory entities are rated equally. Stick to the well know ones i.e. FSCA, FCA, ASIC, CySEC, SCB, B.V.I, DFSA, IFSC.

Transactional Cost

Cost is something we can not avoid. It is either paid as a commission or as a spread. Swaps are also a form of commission for holding a position overnight. Find out what these costs are upfront. You don’t want to be paying a fortune on spreads. This directly has an impact on your profits and losses.

Trading Platforms

A user-friendly trading platform is high on the list of things you need to be on the lookout for. Ask your broker which platform(s) they offer and if they have free educational material on it.

Education

Look for a broker that truly wants to educate its clients. Free weekly webinars, e-books and one-on-one sessions. Never let a broker tell you which trades to execute or worse, execute the trade for you.

Deposits and Withdrawals

When we want our funds, we need our funds. Swift withdrawals are key. Local brokers withdrawal times can be as quick as the same day. Look for a broker with a lot of different deposit options. Check all these variable factors with the broker before you join.

Customer Support

There is nothing more dreadful than terrible customer support. Word travels fast in this industry. Make sure your broker has a friendly staff that are willing to help and assist. Also, be aware of the contact methods and times they are available. 24/5 Is becoming the norm.

South African Forex Trading Stats and Information

The Forex or FX market for short is the fastest growing industry within Africa, especially South Africa and Nigeria. The Foreign Exchange market allows you, a trader, to trade the global financial Forex market from almost anywhere in the world. It is also the largest financial market, with over USD 5 trillion in volume exchanged on a daily basis.

As a trader, you should seek the best possible trading conditions, allowing for a fair trading environment and a positive experience with your broker of choice. This will significantly increase your odds to return a profit. Although not the only factor, this gives you the best possible start. A lot of work such as educating yourself and screentime (time spent in front of the charts) is yet to be done.

Without a good reputable broker your significantly decrease your odds of success.

Who Regulates (Regulatory Body) the South African Financial Sector?

The FSCA (Financial Services Conduct Authority), was formerly known as the FSB (Financial Services Board) before the rebrand on 1 April 2018.

Financial Conduct Authority Office and Contact Details.

41 Matroosberg Rd, Ashlea Gardens, Pretoria, 0002
Phone: 012 428 8000
Website: https://www.fsca.co.za
Email: info@fsca.co.za

Is Forex & CFD Trading Legal in South Africa?

Yes, it is legal to trade these financial products within South Africa. NOTICE: Do Not Trade with an Unregulated Broker!

Most Popular Forex Currency Pairs Traded in South Africa by Search Volume.

USDZAR – United States Dollar vs. South African Rand
EURUSD – Euro vs. United States Dollar
GBPUSD – Great Britain Pound vs. United States Dollar
USDCHF – United States Dollar vs.
USDJPY – United States Dollar vs. Japanese Yen
AUDUSD – Australian Dollar vs. United States Dollar

Is Trading Taxable in South Africa?

Yes! Please consult with your accountant for advice.

Top 3 FSCA Forex Brokers List in South Africa.

Blackstone Futures
Trade Nation
CM Trading

How Much do I Need to Start Forex trading in South Africa?

There is no definite answer. It is depended on your Goals and Financial situation. A good starting point is ZAR 2,500 to ZAR 5,000.

Upcoming FSCA Regulated Broker in South Arica.*

Trade Nation (FCA, FSCA, ASIC, SCB)

Estimate Amount of Current Active Traders in South Africa?

It is estimated to be over 100,000 +. The number is a soft estimate, Updated in April 2020.

Most Optimal Time to Trade Forex in South Africa?

24/5. It depends on your trading style, strategy and experience level. The most liquidity is when markets open and overlap.

Times are in GMT+2
Sydney open and close – 11 PM to 7 AM
Tokyo open and close (Asia) – 1 AM to 9 AM
London open and close (Europe) – 9 AM to 6 PM
New York (NY) open and close – 2 PM to 10 PM

Why Are All Your Brokers on The Site not Local South African Brokers?

We put every broker through an incubation period, where we trial and test them before and if they make it on our website. We are not in the game to add as many brokers as possible for our own financial gain, putting our clients at risk! If a broker accepts South African clients and has good regulation we are more than happy to list them. We do give FSCA brokers preference.

What is the Optimal Leverage to Use in South Africa?

The less/lower leverage you can get away with the better. Higher leverage does not make you a better or more profitable trader. Your skills do. Use leverage responsibly and try to stick to 1:100 - 1:400.

Forex Trading Education – Is it Important?

Success or failure of any traders financial outcome is based on a key factor, Forex trading education. Africa is arguably the most uninformed country, yet the fastest-growing trading geographic in the world. Forex trading in South Africa is expanding by the day. If you are one of the many traders you should consider expanding your knowledge. Put in the time and become a smart trader.

Forex Terminology – Know you A, B, Cs

Knowing your terminology, just like in any other industry, is an important factor. The last thing you want to do is trade the markets blindly. Repetition is key, take it from a professional’s experience and view. The more you do something, the more natural it becomes. You want it to become second nature. Do what is working 10 times, do it 10 more times and you will start reaping the benefits of success.

Time spent in front of the charts plays a big role in your journey to becoming a successful trader. It all starts by knowing your trading A, B, Cs! It starts with you.

Signals, EAs and Robots – The Solution?

Out of the 30 years between us here at TradeFX we can tell you with all the honesty and confidence in the world that Signals, EAs and Robots are not long term solutions! Beginners and Experienced traders that are not happy with their results turn to these so-called solutions, mostly out of fear and greed, thinking it will lead to success. These are short term solutions that might look promising.

Save yourself the disappointment and price tag that comes with it. If you are not willing to educate yourself, you should not be trading. Sadly there is not a magical quick-fix solution.

Leverage in Forex – Explained

Opened a trading account and heard about leverage for the very first time? Not understand what it is or how it works? Leverage allows you to trade on margin. You can trade positions 100s of times bigger than the margin required to open and maintain the position. It is normally noted as 1:200 or 1:400 etc. It is a double-edged sword when abused! The higher the reward equals higher the risk.

You essential “borrow” money from the broker which allows you to open these big positions. Your margin is the collateral you put aside. The profit or loss gets added or subtracted from your equity and the “borrowed” funds are returned to the broker.

Margin in Forex – Explained

Margin, in simple terms, is capital or collateral required by your broker for you to open and maintain an open position. This gives you the ability to open a leveraged position, much bigger than what you normally could under normal circumstances. Margin is not a cost paid to the broker. This is a misconception. As soon as the position is closed the margin is returned to your balance.

The margin does temporarily get deducted from your equity and free margin as it is a liability. Do not abuse the fact that margins are 100s of times smaller than your open positions. You might just get a margin call.

  • 1:400 Leverage – 0.25% margin required
  • 1:200 Leverage – 0.5% margin required
  • 1:100 Leverage – 1.00% margin required
  • 1:50 Leverage – 2.00% margin required
  • 1:20 Leverage – 5.00% margin required

Swap Rollover Interest – Explained

What is Swap or Rollover Interest? In simple terms, it is an interest you as a trader are charged on open positions. Positions carried overnight accumulates an interest. This interest can be positive, in your favour, or a negative swap, which you pay to the broker. The rates and calculations can usually be found on the broker website or trading platform.

There are specific trading strategies built on swap-rollover interest, where the trader opens a position, either long or short, just before interest is paid. The trader then gains a substantial positive interest due to the big position size. All they need to do is analyse the market and ensure the position goes in their favour for that short period of time.

What is Slippage in Forex?

Slippage in forex happens when a trading order is executed, or a stop loss closes the position at a rate other than the set price.

In other words, the slippage is the difference between the expected and actual fill price.

Slippage occurs during times of high uncertainty, such as when there is breaking news or economic data releases.

If you have a trading position when the news comes out, you might see significant slippage on your stop-loss, endangering you to much more risk than you expected.

For example, you bought GBP/USD at 1.3800 and have a stop-loss order at 1.3750. All of sudden, bad news comes from the U.K. and GBP/USD plunges. Your stop-loss gets hit, but you see that your fill price was 1.3700!

You experienced a negative slippage of 50 pips!

As the trader, you have no clue that the price has changed. You just see your stop-loss order hit at 1.3700.

Since major currency pairs are more liquid, they are less vulnerable to slippage in normal market conditions.

Slippage cannot be completely avoided. Consider it a fixed cost of doing business. You can use limit orders wherever possible to enter positions. That will reduce the chances of experiencing higher slippage costs.

Why Broker Regulation is Important?

Since the forex market is so large, the idea of having to skim through all of the available brokers can be daunting.

Choosing a regulated broker can be a difficult task, particularly if you don’t know what to look for.

You wouldn’t give anyone thousands of dollars if they claimed to be legitimate, would you?

Simply put, a regulated broker is one whose financial operations are monitored, and regulated by a local regulatory body.

A regulatory body, also known as the financial market’s “watchdogs,” the main task is to discourage fraudulent activity and unnecessary risk in the market while also growing customer awareness.

When a brokerage firm is licensed and regulated, all of its trading practices and operations adhere to the rules, guidelines, and industrial standards established by the local regulatory body.

Here’s why broker regulation is important:

  1. Regulated brokers provide transparent trading operations.
  2. Regulation ensures a broker always has a working customer support desk
  3. Regulated and licensed brokers protect you from money laundering and fraud.

The most notable among regulatory bodies are:

  • The U.K. Financial Conduct Authority (FCA)
  • The Australian Securities and Investment Commission (ASIC)
  • S. Securities and Exchange Commission (SEC)
  • New Zealand Financial Markets Authority (FMA)
  • Cyprus Stock Exchange Commission (CySEC)

Why Forex is the Most Popular Assets to Trade?

Forex, also known as currency trading, is a global market that is extremely liquid, with a massive daily trading volume.

Forex trading is practised worldwide as a global market, with the main markets based in major financial centres such as New York, London, Tokyo, and Hong Kong. This is a reason why the forex market never sleeps.

Forex trading has become a common option among many people due to its high liquidity, 24-hour trade schedule, and ease of access.

Being your own boss with the luxuries of making money using your laptop/mobile when it’s comfortable for you is enough motivation to start forex trading.

Every trader has a different reason for trading forex, and there is a lot of knowledge available about this market. That being said, here are some of the reasons why forex is the most popular asset to trade:

  • Seven days a week, 24 hours a day
  • Minimal or no commissions
  • High trading volume and liquidity
  • Nobody can manipulate the market.
  • Profitability in rising and falling prices
  • Suitable for a wide range of trading styles
  • Various pairs to trade
  • Capital requirements are low
  • Significant growth potential
  • Allows demo trading
  • Low entry barriers
  • There is a wealth of education and services available.

What is Requoting in Forex?

When trading forex, you can come across the word “requote” eventually. Although it is not very common, it does occur, and you should be aware of what it means.

When a broker is unable to validate a trade at a specific bid or ask price, a requote occurs. In other words, by the time a trade is received, the price has already changed, forcing the broker to requote the trader at a different price.

Requotes are common in volatile markets, especially when highly influential economic news is reported.

The requote announcement appears on your platform, informing you that the price has changed and giving you the option to determine whether you are willing to accept that price.

It’s easy to avoid requotes when you use a reputable forex broker. By using a limit order, you are informing your broker that you are only willing to place an order at a certain price or better.

By doing so, you inform them ahead of time that you are unwilling to pay more for the trade than this particular amount and that you are ready to walk away from the trade if it cannot be completed within these parameters.

Stochastic Indicator (SI) Explained

Another technical indicator that can help traders predict where a trend will end is the Stochastic oscillator.

In the late 1950s, George Lane invented this basic momentum oscillator.

The Stochastic technical indicator shows when the market is overbought or oversold. The Stochastic scale ranges from 0 to 100.

When the Stochastic lines are over 80, it indicates that the market is overbought.

When the Stochastic lines fall below 20, it indicates that the market is oversold.

As a general rule, we buy when the market is oversold and sell when it is overbought.

The Stochastic indicator works similarly to the RSI. It is used in various ways by forex traders, but its main aim is to show us where the market conditions may be overbought or oversold.

Remember that Stochastic can stay above or below 20 for extended periods, so just because the indicator says overbought doesn’t mean you should sell!

Similarly, if you see oversold, it does not immediately imply that you can begin buying!

When developing a trading strategy based on the stochastic oscillator, analyze the currency pair on longer timeframes. This way, Stochastic produces fewer false signals and gives stronger signals.

Moving Average Convergence Divergence (MACD) Explained

The MACD, or moving average convergence divergence, is a price movement indicator that is calculated by integrating two moving averages.

The MACD incorporates two moving averages: the 26-day EMA (exponential moving average) and the 12-day EMA (exponential moving average). It calculates by subtracting the 26-day EMA from the 12-day EMA. A 9-day EMA serves as a signal line as well.

A buy signal is produced when the 12-day EMA crosses above the 9-day EMA. When the 12-day EMA crosses below the 9-day EMA, this is a sell signal.

A histogram is often used to represent MACD. The histogram displays the difference between the MACD and Signal lines.

If the MACD is higher than the signal line, the histogram will be higher than the MACD’s baseline. The histogram will be below the MACD’s baseline if the MACD is below its signal line.

A divergence occurs when the MACD forms highs or lows that differ from the corresponding highs and lows on the price. When the MACD forms two rising lows that correspond to two falling lows on the price, this is a bullish divergence.

On the other hand, a bearish divergence occurs when the MACD forms a sequence of two falling peaks that correspond to two rising highs on the price.

7 Vital Forex Trading Tips for Beginners

So you’ve done your homework on the forex market and are about to dive into forex trading.

So you’ve done your homework on the forex market and are about to dive into forex trading. Congratulations! Take a deep breath now because you’re about to enter a whole new world of possibilities.

It’s easy to get carried away by all of the available choices, strategies, and resources. The good news is that you can get started right away by following a few simple steps.

Here are seven beginner trading tips:

1.Choose the right broker

Set aside plenty of hours to research various brokers and read their reviews. Ensure that the broker you choose is trustworthy, complements your trading style, and, most importantly, is licensed.

2. Define goals and trading style

Make sure your personality matches the type of trading you do. Stress and some losses can result from a personality mismatch.

3. Open a demo account

Before investing funds to a live forex trading account, you should put your trading strategy to the test on the demo account.

4. Keep your emotions under control

Make certain that you have a clear mind and are making educated, logical, and unemotional decisions.

5. Create a basic trading plan

You’ve probably heard the expression “failure to plan is planning to fail,” and it couldn’t be more valid in the forex market.

6. Determine your risk tolerance

Decide how much money you can afford to lose.

7. Educate yourself!

No matter how experienced you are in forex trading, there is a new lesson to be learned every day.

Creating a trading plan

Nothing in the practical world happens without planning. From dressing up to building a house, planning is a crucial part of it all. So, when it comes to something as risky and unpredictable as financial markets, of course, there should be a plan, right?

And obviously, there is one. It is called a trading plan. In the forex trading world, a trading plan helps an investor in more than one way. It not only stops the risks or damages but also provides a systematic method of planning.

What is a trading plan?

A trading plan is a planning strategy for identifying and trading securities concerned with all the risks involved in the trade, including the investor’s objectives. A trading plan properly guides the trader to make the right decision to minimize risk and come up with a more productive and positive solution.

A lesser-known fact is that the trading plan has a lot to do with the trader’s personality. The trading plan shows how, when, and where a trade needs to be done. But that all also depends on the trader who is responsible for taking the final decision. Of course, the main aim of a good trading plan is to reduce damages as much as possible.

Forex Trading for Beginners

If you are a newbie looking to get into the world of trading but have some reservations about taking risks, we have got you covered.

Forex trading undeniably is a great way of making money, but it is also very tricky. It involves using two different currencies from different parts of the world. And only an experienced and financially educated trader can find their way around forex trading.

But no need to get disheartened. Although forex trading may come off as something intimidating, it is still a good start for beginners. If you know the right tools of the trade (quite literally), then you are good to go.

How to become a good Forex trader?

If you want to be a good forex trader, you must first learn the rules of the financial market. What is currency pair? What is forex trading? How is it useful? You must have the answer to all these questions. There are also types of trading that a beginner must be aware of, which include day trading, scalping, and swing trading. The trick of the entire trading methodology is to buy and sell trades as quickly as possible to stop any kind of serious damage. If you want to be a forex trader, then you better hang tight.

How does Forex trading work?

Forex trading is the buying of one currency and selling of another.

The combination of these two currencies forms a currency pair.

Currencies are often exchanged in pairs, and each currency in a pair has its own three-letter code.

The first two letters of the code represent the nation, and the third letter represents the currency, as in GBP = Great Britain Pounds.

Rates are forex prices that express the value of one currency in terms of another.

A price or rate of British pounds versus U.S. dollars, for example, may be quoted as:

GBP/USD = 1.40000

The currency to the left side is the base currency (in this case, the GBP), while the currency to the right is the quotation currency (in this example, the U.S. dollar).

Compared to the $22.4 billion a day value of the New York Stock Exchange (NYSE), the forex market appears to be massively enormous, with a daily trading volume of $6.6 trillion.

The forex market is open 24 hours a day, five days a week, except for the weekend. The day begins when traders awaken in Auckland/Wellington and Sydney, then moves to Tokyo, then to Frankfurt, London, and finally to New York.

How to verify broker regulation?

As one of the world’s biggest and most liquid markets, the foreign exchange market provides traders all over the world with a plethora of lucrative trading opportunities. However, if there is a chance to benefit, there is also a chance for fraudulent brokers to take advantage.

That is why it is important to fully investigate brokers or investment advisors and their companies before doing business with them. You should also be on the lookout for signs that a financial professional is attempting to victimize you.

Here’s how you can verify broker regulation

1. Do Some Research

The first thing worth trying when researching a financial professional is a simple web search with the broker and firm name. That might bring up new releases or media reports of alleged wrongdoing or disciplinary actions, client conversations on online forums, background information, and other details.

In the forex markets, ASIC (Australian Securities and Investments Commission), FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission) are considered the best regulatory bodies.

2. Have a conversation

If you’re looking for a broker or a financial planner, you should feel at ease with the people who will be giving you advice, goods, and services. Inquire about the company’s services and its experience with clients that have similar needs to yours.

The US Non-Farm Payroll Report

When we look at the trading world, we come across different kinds of financial reports every week or a month. These reports are countless as there is a new report generated almost every minute. Although it may seem necessary, these reports are very helpful when it comes to getting information about the financial markets.

One of these reports is the US non-farm payroll report, and it is exactly what the name suggests. This report is a monthly report of the situation of the US labour market released by the Bureau of Labor Statistics.

It is a detailed report on the labour market situation regarding the employment rate, how many jobs are available, and how many people are still working. However, it includes certain labourers such as farmworkers, non-profit organizations, and private business owners who have setups at home. So, you can say that this report is more concerned with the corporate labour sector than anything else.

But if you are a trader or simply someone looking into the world of trade and looking to invest, you must have a thorough knowledge of this report. This is because it keeps the whole labour market in one place, and it has a serious effect on the performance of the USD.

What is a Forex trading platform?

If you haven’t been living under a rock, you’ve probably heard of a trading platform. However, for those who are unfamiliar, a trading platform is a software program that enables you to trade by open, close and manage market positions through a financial intermediary such as an online broker.

Trading platforms are often bundled with extra features such as real-time quotes, charting tools, news feeds, and even premium analysis. Specific markets, such as stocks, currencies, options, and futures, can also have their own platforms. You can use a variety of trading platforms depending on your trading style and size.

Some trading platforms are widely available, while others can only be accessed via a broker. As a consequence, before subscribing to a specific trading platform to execute trades, consider the broker’s reliability.

Forex trading platforms

The most common platform for forex market traders is MetaTrader, a trading platform that integrates with a variety of brokers.

Its MQL scripting language has become a must-have for currency traders looking to automate their trading. MetaTrader platforms are classified into two types: MT4 and MT5. Aside from these, cTrader is a young player who is quickly gaining the confidence of many traders.

What is a Pip?

A pip, or percentage in point, is the smallest price movement of a currency pair.

Assume the GBP/USD pair has moved from 1.4034 to 1.4035, which means the pair’s quotes have moved by one pip.

One forex pip is usually equivalent to 0.0001 parts of one unit of trading the base currency. However, since each currency has its own value, the price of a pip is not a fixed value but varies depending on the currency pair.

Suppose, if we take the same currency pair GBP/USD, then we will see that the first currency in this pair is the GBP. This means that the GBP is the base currency, which we buy for US dollars so that one pip will be measured in dollars.

Currency quotes change by a certain number of points; therefore, the Forex trader’s profit changes first in pips, and then it is converted into a monetary equivalent.

What determines the cost of pip?

As you may be aware, each currency pair has its own monetary value in the form of pips. It is determined by:

  • the currency pair being traded;
  • the lot (volume) by which it is open;
  • the exchange rate that applies to the currency transaction.

What is Short Selling?

Short selling is the practice of opening a position, hoping that the value of a market will fall. Shorting is commonly associated with stocks, but it is possible to short sell various assets, including forex, indices, and commodities.

Going short in the forex market works on the same concept as stocks—you bet that a currency will decline in value, and if it does, you profit. However, it’s a little more complicated. This is because currencies are always traded in pairs. Any forex trade includes a short position in one currency and a long position in the other.

How short selling works in forex?

When you trade in the forex market, there’s an option to either buy or sell a currency pair. In both instances, you are buying one currency and selling another. Whether you are buying or selling determines which currency you are buying and which you are selling.

Say, for example, you are trading EUR/USD.

If you go long on that currency pair and ‘buy,’ you are simultaneously going long on the Euros while going short and selling the U.S. dollar.

Conversely, if you sell and go short on that currency pair, you are simultaneously going short on the Euros while buying and going long on the US dollar.

What is stop loss and take profit?

If you are a trader or have any interest in the trading world, two words that you must have come across: take-profit and stop-loss. But when do they signify?

Stop-loss

A stop loss is a limit order that closes a trade when a certain price is reached.

Think of a stop-loss order as a protective device that is used to prevent further losses.

When the exchange rate moves against you and exceeds the amount you specify, it immediately closes an open position.

One of the skills that distinguish pro traders from their peers is the ability to place stop-loss orders wisely.

They hold stops close enough to prevent serious losses, but they also avoid putting stops so close to the entry point that they are forced out of a trade that would have inevitably been profitable.

Take profit

Of course, where there are talks about loss, then there will be talks about profit.

When the price of an open order hits a certain level, a take profit order closes it automatically.

It is a currency trader’s order to close their place automatically after a certain profit has been made.

Since it prevents more profit growth, it guarantees a certain profit after a certain amount is reached.

Profits are locked in with take-profit orders.

what is forex

What is Forex?

[top_three_brokers] You've probably heard the term forex but have no clue what it's all about.…

read more +
what is forex trading

What is Forex Trading?

[top_three_brokers] This is your quick guide to Forex trading in South Africa What is Forex…

read more +
cfd trading south africa, keyboard showing buy and sell, green and red

What is CFD Trading in South Africa?

[top_three_brokers] There's been an increase in popularity with CFD trading in South Africa. With an…

read more +
how does forex trading work

How Does Forex Trading Work?

[top_three_brokers] The big question on every new trader’s mind: How does Forex trading work? Your…

read more +
how to trade forex

How to Trade Forex?

[top_three_brokers] Have you ever wondered how to trade forex in order to generate supplemental income…

read more +
african man at start line how to start forex trading

How to Start Forex Trading?

[top_three_brokers] Your quick guide to Forex trading in South Africa, answering the big question on…

read more +
Markets.com Logo

Get up to $1,000 Bonus

Markets.com Logo

Get up to $1,000 Bonus

South Africa's Top 4 Brokers

Minimum
Deposit

USD100

Welcome Bonus

30%

Minimum
Deposit

USD100

Welcome Bonus

50%

Minimum
Deposit

USD10

Welcome Bonus

10%

Minimum
Deposit

USD100

Welcome Bonus

N/A

South Africa's Top 4 Brokers

Blackstone Futures Logo

Minimum Deposit

USD100

Max. Leverage

1:400

Welcome Bonus

up to 30%

Markets.com Logo

Minimum Deposit

USD100

Max. Leverage

1:300

Welcome Bonus

up to 50%

Exness Logo

Minimum Deposit

USD10

Max. Leverage

1:2000

Welcome Bonus

up to 10%

Tickmill Logo

Minimum Deposit

USD100

Max. Leverage

1:500

Welcome Bonus

N/A