There are many Forex trading platforms in the market that accepts South African traders. Each platform has a unique set of tools that allow the trader to conduct their trades with ease. While most of the platforms on the market are designed for general use, there are some that are better suited for beginners.
Experienced SA forex traders who have mastered their craft often choose a forex trading platform. However, for beginners, choosing the right platform is crucial to a successful trading experience. In this article we discuss the best South African forex trading platforms for beginners in 2022.
Best South African Forex Platform Brokers
R100 Deposit
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Reviews of Forex Trading Platforms in South Africa
1. Markets.com
Markets.com is a trading platform that gives you a lot of good information. The platform is used by traders of all levels, but it is especially good for new traders. People who are new to trading can make smart decisions with the help of this platform. Many different types of analysis are also available. The platform has free webinars to help traders learn about how to trade.
2. The Admiral Markets
Admiral Markets is the best forex trading platform because it makes it easy for traders to make trades and make money from them. The platform can work with a lot of different trading apps, like MetaTrader. Admiral Markets is great because it can be used on a lot of different devices. With features like deal cancellation, it’s also a good way to keep your money safe.
2. AvaTrade
AvaTrade is another platform when it comes to teaching people how to trade. Even though there are a lot of different account types on this platform, like demo and micro accounts, it also has fixed and variable spreads. Also, the platform gives traders a leverage of 30:1.
3. XM
The XM platform may be the best place to trade in MetaTrader. Multiple awards have been given to this platform because of how well it works with MetaTrader 4 and MetaTrader 5. Traders who work in different markets can use it to get data and make sure their analysis of the markets is correct. XM is a good choice for beginners because it is simple and easy to use. Even though the spread on the platform isn’t fixed, it is one of the best for competitiveness, customer support, and safety.
4. Plus500
Plus500 is known for having a webtrader platform that is very unique. If you want to trade CFDs in South Africa, then this is the top-rated broker. He helped people learn about the market. Users can use two types of accounts: a demo account and a standard account. Those who are new to trading will like this platform because it doesn’t charge fees for making trades. The platform is also the best place to trade CFDs. It’s possible to buy more than two thousand instruments in different markets.
5. Pepperstone
Pepperstone is a good platform for new traders because it has small spreads. This award-winning Australian CFD broker platform is compatible with all of the major platforms. It also gives you access to both demo and standard accounts. In addition, the platform is safe and credible because it is regulated by the FCA and ASIC. All in all, the great customer service makes this platform a no-brainer for new users.
6. XTB
XTB is an award-winning trading platform that has customer support that is better than any other platform. This platform lets traders trade more than 1,000 different types of stocks, bonds, and more. People in the UK can use the platform, but it is also available in a number of other European countries There are fixed and variable spreads, and there are separate accounts that hold the money of clients.
7. IC-Markets
Finally, IC-Markets has a lot of features that make it great for new users. I like this one because it has some of the lowest spreads and can run on the MetaTrader 4 platform. Most people who choose this platform also say that the ECN broker is a good thing to have. Client funds are used in separate accounts, and there is a way to protect against a negative balance, too. For new traders, all of these things are very important.
What are Trading Platforms
For a long time, only people who worked for institutions could trade on the stock market. Today, almost anyone can make money by trading. Only thing you need to have is a trading platform. This can either be installed on your own computer or used through the web. People can buy and sell stocks and other stock market products on the platform, but they can also use professional tools like order supplements or chart analysis tools. The platform can also show you what is happening on the stock market and what your portfolio is worth.
Best Forex Brokers in South Africa
Many forex brokers offer their services in South Africa and most of them have almost the same features. However, the overall user experience is different in all of them which makes it necessary for you to select the top one out of all the best forex brokers in South Africa.
It is also important because by forex trading alone you can earn over $10,000 a month which might be more than your job in South Africa. So, we tried and tested almost all of the best forex brokers in South Africa and shortlisted the ones that brought the best experience.
The 7 Best Forex Brokers in South Africa Reviewed
If you are from South Africa and you want a Forex Broker that brings an amazing experience, then below are the top 7 options you can go for.
IG – Best overall
IG stands on the top of the list of Best Forex Brokers in South Africa because of its experience and safety. You can consider it as your safest option for forex trading in South Africa. From research tools to trading education, everything comes in high-quality here.
Features
- Brings smart portfolio feature
- Makes mobile trading simple
- Comes with more than 19000 trading instruments
Pros
- The best global broker
- It is the safest forex broker in South Africa
- The minimum deposit is under $350 only
Cons
The web platform needs some manual configurations
Tickmill – Best Low Spread
Next up on the list is Tickmill which has been serving people from South Africa since 2014. With top-tier regulations from regulatory, it can be a very safe option. However, the main highlight about selecting it is because of the low spreads.
Features
0.0 pips spread for pro accounts
Fair spread feature for classic accounts
Allows to trade in 62 currencies
Pros
- FCA Tier 1 regulatory as well as compliance with FSCA
- No fees for withdrawals and deposits
- Provides CFDs for many other investment options
Cons
The customer support overall is not that good.
FXCM – Best Research
Some traders do not make a single trade without doing proper market research. If you are one of them then it is the best choice for you. Well, FXCM comes with average pricing and several attractive features for South African Forex Traders to provide them with an exceptional experience.
Features
- Allows deposits as low as $50
- Provides reports with stats regularly
- Algorithmic trading options
Pros
- Perfect for beginners and experts
- Very safe option in South Africa
- Offers 276 tradable symbols
Cons
Fees might be high for some individuals
BDSwiss – Best account variety and options
With a 1.5 pips average spread for the classic account, you may think that it is not the right option, but the Raw account will make things a lot better. Although there is no local phone number to call for South African Traders, you get an amazing overall experience with BDSwiss.
Features
- Offers to trade on gold and other stuff
- Amazing customer support despite not being local
- Several currency accounts are available
Pros
- Minimum deposit of only $100
- No fees on deposits
- Competitive fees policy
Cons
There are some non-trading charges
HotForex – Best Regulated in South Africa
If you are after some forex broker that is regulated in South Africa by FSCA itself, then this might be the perfect choice for you. Here you get the best low-cost trading options and on top of that, it is a very safe option to go for in South Africa.
Features
- 100% STP
- Options for selecting different currency accounts
- Offers different commodities for trading
Pros
- Lowest fees among FSCA regulated forex brokers
- A minimum deposit of $5 only
- Available across all platforms
Cons
Sometimes the fees are higher according to trades
AvaTrade – Best Fixed Spread
Finding a forex broker with a fixed spread means that you never have to worry about the spreads. You will always know the rate and another beneficial thing about AvaTrade is that it is regulated by FSCA. While there is the benefit of fixed spreads, there are some cons that come along as well
Features
- MT5 and MT4 web trading platforms provide the best experience
- Provide proprietary applications for mobile phones
- You can deposit and withdraw using credit cards, e-wallets, and some other options
Pros
- No fees for withdrawals and deposits
- South African local call support
- Convent currency conversion for different accounts
Cons
Their inactivity fees are very high
OctaFX – Best for Copy Trading
OctaFX is considered a safe and reliable trading option for forex trading around the globe. It comes with CySEC regulation making sure that you will have a pretty safe experience however, there are no other regulations. In terms of trading experience, you need to consider the variable spreads for different trades.
Features
- MT5 and MT4 web platforms
- No additional trading fee other than spreads
- Apps available for desktop and mobile
Pros
- No inactivity fees
- No deposit or withdrawal fee
- Live chat is available and very effective
Cons
No FSCA regulations
Our process of selecting the Best Forex Brokers in South Africa
To make sure that each one of the Best Forex Brokers in South Africa brings the right options we considered a lot of different things. These include:
- Compliance with FSCA and many other country regulatory authorities
- Fees of the broker including commission, inactivity, spread, rollover, and deposit/withdrawal fees
- Speed of trade execution
- Ease of deposit and withdrawal
- The base currency of the account
- Efficiency and efficacy of the trading platform/app
- Customer support
- Trading instruments provided
With the comparison of all of these things, we were able to shortlist the 7 Best Forex Brokers in South Africa. This was all according to the experience and features they brought for a user.
Final Remarks
Forex Trading can be better than your primary job only if you understand things and act intelligently. People have high win rates and for a beginner, it will be good to have a 55% win rate as it is easily achievable. Lastly, the only thing that you need to be perfect at your end is the selection of your Forex trading platform. Selecting one of the Best Forex Brokers in South Africa is something that can help you earn the most from forex trading.
There are indeed many platforms in South Africa that you can find in the market. However, not every platform is suitable for beginners. To be successful, beginners need to look for specific platforms that suit their needs. The above platforms are some of the friendliest, most competitive, and efficient options for beginners. They are the top options for all traders who want to start their trading journey without any challenges.