There is a big Forex community in South Africa among 60 million population of the country.
Forex brokers in South Africa are regulated from The Financial Sector Conduct Authority (FSCA). But as there isn't restriction the citizens of South Africa use local forex broker, they are free to choose a forex broker regulated outside the country if it offers better trading conditions.
One of the most important criteria, when you choose a forex broker, is the regulation. Unfortunately, some of the jurisdictions of forex brokers have some restrictions. For example, leverage cap or the forex brokers are not allowed to offer bonuses to their retail clients. If these points are important for you, you should choose jurisdictions outside of the European Union (offshore broker or forex broker from Australia for example.
Another important criterion when you assess the forex broker is the fees. There are different types of fees. If you trade frequently, the spreads are one of the most important criteria. Another case is if you plan to deposit a small amount of money. In this case, the deposit fee can be more important. Or if you plan to do often withdrawal of a small amount of money, then check withdrawal fees. A Rollover fee is another type of fee that is good to be evaluated.
| Forex Broker | Min deposit | Leverage | Deposit method | Platforms | Spread | Swaps | Support |
|---|---|---|---|---|---|---|---|
| Pepperstone Visit |
200 AUD | 1:30 |
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| Plus500 Visit |
100 USD | 1:30 |
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| XTB Visit |
250 USD | 1:30 |
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| XM Visit |
5 USD | 1:30 |
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| CMC Markets | 0 USD | 1:30 |
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| IG Markets | 300 USD | 1:30 |
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For the traders from South Africa are available a big number of different trading platforms. The most known platforms like MetaTrader 4 and MetaTrader5. Also, the traders can use different own build platforms from the forex brokers with a big amount of different features and additional tools.
As the traders from South Africa can trade in the best forex brokers in the world, the variety of instruments that they can use is big. There are over 80 forex pairs, a lot of CFDs based on world stock indices, metals, commodities, cryptocurrencies, and others.
South Africa is one of the best destinations to trade forex. The traders from the country can use one of the best conditions from the top forex brokers. They can choose between a lot of different trading platforms and trade over thousands of different trading instruments form different trading classes.
Miroslav Georgiev is Senior Risk Executive with 20+ years of professional wide-ranging experience in multinational forex companies. Take part in Global setup and development of Forex and CFD being an active part of the Business Team. Build and manage Risk management departments and teams.
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