There are a lot of different types of forex brokers, and they use different tactics to make their services attractive. Due to these things, the forex market alone makes up around 40% of the total market in the world according to Global Trading Mag. One of these attractive things forex brokers tell is low spread and sometimes it can be beneficial for you.
So, if you are from South Africa and you are looking for the best lowest spread forex brokers then you are at the right place. Make sure to read till the end and you will know the importance of spread and all the best lowest spread forex brokers in South Africa.
Best South African Lowest Spread Forex Brokers
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The importance of Spread and low spread in forex trading
Successful forex trading is a combination of a lot of different things. Spread is among those important things. Every currency in forex trading has an asking price and a bid and there is a difference between these two things. This difference is known as the spread, and you can also call it the difference between the rate at which you buy and sell currency.
This difference is also the fees that the broker charges. So, a low spread means that the fees will be low. However, sometimes the forex brokers charge other fees and commissions so relying on a low spread only when selecting the broker is not the best decision you can make.
Best Lowest Spread Forex Brokers in South Africa
There are a lot of low spread forex brokers available in South Africa but not all of them provide the best quality. So, we did our research on most of the top forex brokers and shortlisted the best ones. Here are our findings on the best lowest spread options for you.
1. Avatrade – Best experience lowest spread broker
Avatrade is known for its premium experience and good quality services. For the South African traders, it brings reliability as well because of FSCA regulations. The attractive thing here is that there are fixed spreads with no commissions meaning that you can have a better idea of what you are paying.
Moreover, its website includes all the information about all the necessary information and educational stuff that you need to perform well with every trade.
What’s best about it:
- Simple and easy withdrawal and deposits
- Quick processing
- Amazing educational content
What’s worst about it:
- High inactivity fee
2. Pepperstone – Best No-Commission broker
Pepperstone is emerging as one of the best lowest spread forex brokers in South Africa. It is because it works on a no-commission model and provides the tightest spreads in the market. It does not matter what type of account you have; it will still provide the same great services.
What’s best about it:
- Amazing execution speeds
- Options to create different accounts with different spreads and features
- Best regulations
What’s worst about it:
- It does not provide a lot apart from forex trading
3. Plus500 – Best free service broker
Plus500 is a forex broker in SA that not only provides low spread but also comes with free withdrawal and deposit services which make it very attractive. So, the only thing you need to be careful about here is the commission. In terms of safety and reliability, it comes with various regulations but there is no FSCA regulation.
What’s best about it:
- Top-tier regulations make it safe
- Low spreads for most trades
- Low inactivity fee after 3 months
What’s worst about it:
- Only 5 withdrawals are free in one month
4. HotForex – Best FSCA Regulated
If you are looking for an option that comes with no reliability or safety options, then HotForex is the way to go. FSCA regulations make it safe while other features like no deposit and withdrawing fees are very beneficial for traders. Apart from that it even comes with bonuses and a lot more
What’s best about it:
- Supports ZAR currency account
- Provides Local SA support
- MT5 and MT4 platforms are available for trading.
What’s worst about it:
- Limited trading options and instruments
5. Exness – Best low variable spread broker
If you are a forex trader in South Africa, then chances are that you must have heard about Exness. Well, it is known for its amazing quality and rates. It is one of the best lowest spread forex brokers that you can select in South Africa because it allows different variable spread rates for different accounts.
Some features make it a good option for those who are after budget-friendly options.
What’s best about it:
- Low minimum deposit requirements
- FSCA regulations
- Safe withdrawals
What’s worst about it:
- Customer service is not that reliable with no local phone number for SA
6. XM Broker – Best international low spread forex broker
The last one here is another famous broker in the world as well as in South Africa. With around 2.5 million global clients there is no need to worry about the reliability of services. XM ensures to bring low spreads for SA traders and also supports ZAR accounts making things even better for locals.
What’s best about it:
- Quick execution with no-requotes
- Provides negative balance protection
- Deposits and withdrawals have no fees
What’s worst about it:
- Local SA phone support is not available
These were the 6 best lowest spread forex brokers in South Africa.
Final Remarks
Forex trading is an earning opportunity where people from all over the world can participate. 41% of forex traders open around 20 trades every month. This is what makes this market grow at a fast rate. So, if you are also looking to be one of those people who benefit from Forex Trading then you must search for the best lowest spread forex brokers for you. However, make sure to check other things like fees and commissions to ensure that the lowest spread is working out for you.
FAQ
What are the benefits of going with low spread forex brokers?
Low spreads mean that the difference between ask, and bid will be less so there will be better opportunities for you to earn.
Does 0 pips spread mean you have to pay nothing?
Different forex brokers have different policies. So, even if some broker is offering 0 pips services, there will be some commissions or other fees making that 0 pip just a marketing gimmick for you with no real benefit.