MetaTrader 4 is one of the most significant and widely used trading platforms in the world, particularly in South Africa. For those of you that do not know, MetaTrader 4 or MT4 is a platform where forex traders can trade with the help of advanced tools and flexible and easy-to-understand algorithms.
Moreover, the marketplace provided by the MetaTrader 4 platform is enormous. So, you can trade according to your preference. In addition, the platform has several expert traders and advisors that can guide you to earn a hefty amount of profit while minimizing the risk.
However, to take the utmost benefit of the platform, you need to have a reliable and reputable broker. Without a good broker, all your efforts put into MT 4 would be in vain. Therefore, today we will discuss the best MetaTrader 4 brokers in South Africa.
Top MT4 Brokers List in South Africa
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Best MetaTrader 4 brokers
Below specified are some of the best MetaTrader 4 brokers you can work with if you live in South Africa.
1. FXTM
FXTM is one of the most popular forex brokers that supports the MetaTrader 4 platform. The best part about the broker is that they have a license and are registered in compliance with FSCA, which is a regulatory body that oversees all the finance operations in South Africa. It means that you can do trading without having to lose your funds.
In addition, FXTM has a low starting fee, which is only $50. So, almost everyone can create their account on the platform and get started right away. All this allows novice traders to put aside their fear and get some hands-on experience in the real world of trading.
Furthermore, FXTM has some of the best tools, and resources that both advanced and beginners can use to enhance their knowledge about both the platform and trading.
Pros
- Low deposit fees mean less risk.
- Quick transactions, including withdrawals.
- Registration and setting up your FXTM account barely take minutes.
- Spreads start from just 1.5 pips.
- Supports copy trading.
Cons
- Withdrawals are associated with some fees.
- Although you can also trade in CFD instruments, its fee is exceedingly high.
2. Tickmill
Tickmill is another one of the best MetaTrader 4 brokers you can try without having a doubt. The platform was founded in 2014, and since then, it has attracted numerous traders across the globe.
It is no surprise that the broker is recognized by FSCA. However, what might be surprising to you is that you get a $30 bonus when creating an account with Tickmill.
In addition, the broker also supports Islamic account trading and over 60+ currency pairs. This diversification in currency pairs allows you to trade amongst some of the most profitable currencies and earn a hefty profit.
Overall, the MT4 platform provided by Tickmill is easy to customize, and there are numerous indicators and 20 plus CFD instruments that can enhance your trading experience.
Pros
- Reliable forex signals and EAs.
- Flexible automation
- Multiple cryptocurrencies are available on the platform.
- No withdrawal fees, which saves you some extra money.
- You can use Tickmill’s MT4 on mobile as well as on desktop.
Cons
- Account activation can take a day or two.
- The minimum deposit to start trading is $100, which can be daunting for new comers.
3. XM
You cannot put XM away from the discussion if it is about what are some of the best MetaTrader 4 brokers. More than 1.5 million users in over 190+ countries are already a part of the XM broker. One of the best parts about this broker is that it offers negative balance protection to its traders. Having negative balance protection means that you can safely trade without owing any money to your broker.
Moreover, XM has some of the easiest-to-understand lectures, videos, and other resources on how to use the MT4 platform, including automatic EAs and forex signals. One of the primary features of XM is that it allows you to create a virtual account that is accredited with $100,000 so you can practice trading and understand the highly volatile market of trading.
Pros
- The low starting fee is only $5.
- Easy to use platform.
- Perfect for beginners.
- Supports stock CFDs, equity indices CFDs, and more.
- Multiple currency pairs.
Cons
- The inactivity fee is one of the major cons of the broker.
- The dealing desk is an integral part.
4. Hotforex
Hotforex is another broker that was founded in the year 2010 and is one of the most widely used brokers, particularly amongst professional forex traders. However, overall, Hotforex is moderately good for novice traders as well. The broker offers some of the tightest spreads that allow, which start from 1.2 pips. This allows you to trade more profitably and minimizes your overall trading risk.
Speaking of risk, Hotforex broker is authorized by FSCA, and other financial regulatory bodies, such as FCA and CySEC. Hotforex brokers also allow their traders to incorporate scalping and hedging trading techniques. This allows both advanced and beginners to earn more profit in a short span.
Pros
- Fully licensed broker, which means your account remains safe and secure.
- Supports multiple payment methods such as Skrill, Vload, Credit Card, Bank Transfer, and more.
- You can create multiple accounts with a Hotforex broker.
- You can trade between multiple instruments.
- Good market exposure. It also allows you to identify the overall trend of the market.
- Quick customer service.
Cons
- You might end up paying a fee if your account is not used for a specific period, which is listed in the terms and conditions provided by the broker.
5. Exness
Exness supports both MT4 and its upgraded version MT5. Hence, it is one of the advanced brokers in the forex game. With Exness forex broker, you can open a ZAR account and trade between 100+ currency pairs.
Pros
- Tight spreads, which are on average between 0.6 and 1 pips.
- You only need $3 to start trading with Exness.
- Best forex signals, automated EAs, and technical analysis.
Cons
- Customer service can sometimes be a bit slow.
Conclusion
By now, you must have known what are some of the best MetaTrader 4 brokers in South Africa. Each Forex broker offers different benefits and features. So, before choosing a forex broker, make sure what features do you want that would help you amp up your trading game.