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5 best Forex brokers in South Africa along with their pros and cons

Here are five best Forex brokers in South Africa along with their pros and cons.
5 best Forex brokers in South Africa along with their pros and cons

1. Exness

Exness is a well-regulated SVG, Cyprus and UK-based broker offering the trade in numerous financial instruments such as Forex, Metals, Cryptocurrencies, Energies, Indices, and CFDs from as little as $1.

Pros and cons

ProsCons
Strictly-regulated global brokerNo US clients
Negative balance protection offeredSmall amount of tradable financial instruments
MetaTrader 4 and MetaTrader 5 offeredAccounts are not multi-currency
Reasonably low minimum deposits
More than adequate leverage offered
Demo account provided
Islamic account option available on all account types


2. AvATrade

AvATrade is an award-winning and well-regulated broker that offers the trade in over 250 financial instruments from as little as $100.

Pros and cons

ProsCons
Strict regulation through multiple entitiesNo US clients
Negative balance protection offeredVariable spreads are not offered
Multiple awards obtainedOnly one account type offered to retail traders
Fast trade execution speeds
Fixed and tight spreads
Zero-commissions charged on trading
Variety of reliable, powerful trading platforms
AutoChartist offered
Social trading platforms offered
Hedging and scalping allowed


3. XM

XM is an Australian, Cyprus and Belize-based broker which is well-regulated and offers the trade in numerous financial instruments from as little as $5.

Pros and cons

ProsCons
Strictly regulatedNo US clients
Negative balance protection offeredFixed spread accounts not provided
Award-winning and reputable
Low spreads and low commissions
Fast trade execution speeds offered
Both hedging and scalping allowed
Hedging and scalping allowed


4. eToro

eToro is currently the most popular social trading platform along with being a well-regulated Market Maker broker offering the trade in numerous financial instruments from as little as $200.

Pros and cons

ProsCons
Global broker, which is strictly regulatedNo US clients
Negative balance protection offeredSmall amount of tradable financial instruments
MetaTrader 4 and MetaTrader 5 offeredAccounts are not multi-currency
Reasonable minimum deposits
More than adequate leverage offered
Demo account provided
Islamic account option available on all account types


5. FXTM

FXTM is a reputable and well-regulated ECN and STP broker offering the trade in over 250 financial instruments across a variety of asset classes from only $10 when registering a live trading account.

Pros and cons

ProsCons
Well-regulatedNo US clients
Wide variety of trading instruments offered
Multiple account types offered
Commission-free trading provided on most accounts


Final thoughts

Selecting the correct broker that meets the needs and objectives of individual traders can be a daunting task as various brokers cater for various traders, it is, however, imperative to view brokers objectively by looking at their Pros and Cons before selecting a broker.
You might also be interested in: Tickmill

Despite the pros and cons indicated, these five brokers are some of the best in the trading industry in addition to being well-regulated, reputable, and providing the best trading conditions.

21 Jul 2020 12:15

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