If you looking for who the best forex brokers in South Africa, this article is here to help you. There are a lot of good online brokers a trader can sign up with; however, there are also the fake ones that present themselves to be legit. This is why a thorough investigation is required. However, most traders do not know what to look out for when checking out a new Forex trading broker.
LISTED BELOW ARE THE BEST FOREX BROKERS IN SOUTH AFRICA.
There are a lot of Forex brokers who provide top-notch services in South Africa, and we will be reviewing them one after the other.
- Tickmill
- XM
- Avatrade
- Hotforex
- FBS
- Exness
- IFX Brokers
- GV Markets
- Alpari
- ThinkMarkets
Table of Contents
Comparison Table
| FOREX BROKER | REGULATIONS | TRADABLE ASSET | LEVERAGE | ACCOUNT MINIMUM | FOREX TRADING PLATFORMS |
| Tickmil | CySEC, FCA, FSCA | CFDs on Forex, The German government bonds, Stock, Indices, and Commodities | 1:500 | $100 | MT4 |
| XM | CySEC, FSC, ASIC | Forex and CFDs on Cryptocurrencies, Stocks, Commodities, Stock Indices, Metals and Energies. | 1:1 – 888:1. | $5 | MT4, MT5, XM WebTrader |
| Avatrade | ASIC, BVI, CBI, FFAJ, FSA, FSCA | Forex Stocks Commodities FXOptions Cryptocurrencies, Indices, ETFs Bonds | 400 to 1 | $100 | AvaTradeGO MetaTrader 4/5 WebTrader AvaSocialTM AvaOptions |
| Hotforex | FCA, DFSA, FSCA, FSA | Forex trading, CFDs, Metals, energies, commodities, stocks, and indices | 1:500 | $100 | MT4 and MT5 Trading platforms |
| FBS | FSCA | Forex assets, and Metals, | 1:3000 | $1 | FBS Trader, MetaTrader 4, MetaTrader 5 |
| Exness | CySEC, FCA, FSCA, FSA, BVI | Forex, Metals, Cryptocurrencies, Energies, Stocks, Indices | 1:Unlimited | $10 | Exness Trader App, MetaTrader 4, MetaTrader 5, Exness Terminal, MetaTrader WebTerminal, MetaTrader Mobile |
| IFX Brokers | FSCA, FSCA | Forex Commodities Crypto Indices | 1:500 | $250 | MetaTrader 4, MetaTrader 5 |
| GV MARKETS | FSCA | Forex Commodities Indices Stocks (US, SA, EU) Cryptocurrencies | 1:500 | $7 | Metatrader 5 |
| ALPARI | FCA | Forex Spot metals, and CFDs. | 1:3000 | $100 | MetaTrader 4, MetaTrader 5, and Alpari invest App |
Forex trading is the most popular market in the trading sector. The market is the most traded market with over $1trillion traded daily. This is because it is the easiest and cheapest market any trader can venture into.
Forex trading can be traded with as low as $50, thanks to forex brokers who provide traders with all the leverage they need. In the olden days, Forex trading was only done by banks, and big firms, this is because the asset required huge capital and it was a lot more stressful. Back then, there were no online brokers, every trade was placed and monitored manually, which means constantly sitting and monitoring your trade over the computer system; presently, all that has changed. A trader can easily open and close trades with the use of online brokers. Online brokers are the intermediaries between the trader and the liquid market. The forex brokers provide the liquidity needed for the market to occur.
With the high influx of online Forex brokers, it is difficult for traders to select the best ones that fit their trading styles. Additionally, the high influx has also increased the number of fake online brokers in the industry. Traders should do good research and investigation before opening a trading account with any forex broker. Although most traders are always impatient, and in a hurry, they forget to make all the necessary findings needed before signing up. In this article, we will focus on analyzing the best forex brokers in South Africa.
What makes a good Forex Broker?
There are a lot of distinct features that every good forex trading broker must possess.
- HIGHLY REGULATED: A good trading platform must be highly regulated by a reliable regulatory body. This feature is highly required because a regulated broker cannot defraud you. This is because they are governed under strict laws to ensure the safety of their trader’s funds. If cases concerning fraud are reported, they will be held liable and accountable.
- GOOD AND DIVERSIFIED TRADING PLATFORM: A good Forex broker l must have a trading platform. These features are the most important aspect of your trades as they mare or make your trades. Traders should ensure that the trading platforms they sign up with have diversified trading platforms, that is, they can trade different classes of trade using just one trading platform. This feature is required as it helps the trader to minimize costs and time. Also, a good trading platform provides lots of tradable assets with tight spreads and minimal fees.
- HAVE EDUCATIONAL MATERIALS SECTION: This is another important feature every good forex trading platform must possess. A good and rich educational sector helps traders to improve their trading skills. Most forex brokers provide good educational materials, both for advanced and new traders.
- FAST EXECUTION: This is another important feature of a very good trade execution score. Fast trade execution helps traders to see and attack. Fast trade execution makes sure your trades are placed in real-time, thereby avoiding slippage and late trade executions. Fast trade execution helps a trader to place or open a position at the current market price imputed.
- GOOD CHARTING TOOLS: Advanced charting tools are a very good feature that every good broker should possess. A good charting tool enables a trader to carefully understand the price trend of an open position. An advanced charting tool offers many features, such as trade signals, numerous technical indicators, and the ability to recognize chart patterns, which tells the exact trend of a price chart.
All these listed characteristics above are some of the main characteristics that a trader should look out for when signing up with a Forex broker.
Best Forex Brokers in South Africa
TICKMILL
- About the Broker
Tickmill is a Forex and CFD broker based in the United Kingdom and founded in 2014.
- Regulation
The Tickmill brokerage firm is regulated by several financial regulatory bodies. This is the number one Forex broker used by South Africans. The brokerage firm is ranked number one when it comes to Forex trading. One of the reasons behind this is the highly regulated portfolio. As mentioned earlier, the brokerage firm is based in the United Kingdom, and it is regulated by the FCA which is the UK Financial Conduct Authority. They are all regulated by various other financial regulatory bodies such as CySEC which is the Cyprus Securities and Exchange Commission, FSCA which is the South African Financial Sector Conduct Authority, and LFSA which is the Financial Services Authority of Labuan Malaysia.
- Deposit
The Tickmill broker has a minimum deposit of $100. Funds can be deposited via the use of credit cards, Bank transfer, and E-wallets such as Neteller, Skrill, dotpay, Paysafecard, Comfort, Rapid by Skrill, China Union Pay
Fasapay, Ngang Luong, Qiwi, Sticpay, Webmoney. However, in accounts such as the VIP accounts traders are mandated to have a minimum account balance of $50,000. Deposits carried out within this brokerage firm are free of charge. No additional commission fees for depositing funds into your trading account.
- Withdrawal
Withdrawals on Tickmill take 1 business day, to be processed and paid into the trader’s desired bank account. Withdrawals can also be carried out by using different payment methods such as Credit Cards, Bank Transfers, and E-wallets such as Neteller, Skrill, dotpay, Paysafecard, Comfort, and Rapid by Skrill, China Union Pay
Fasapay, Ngang Luong, Qiwi, Sticpay, Webmoney. Withdrawals are free of charge, no commissions are charged for withdrawal of funds.
- Customer Service
They provide top-notch customer service. They are available during trading hours and ensure to provide their traders with all the necessary inquiries or provide a solution to any problem encountered. The customer care service is on 24/5. They can be reached via live chat which is accessible via the broker’s website; they have an email and their phone available on their website.
- Educational Material
This company provides one of the best educational materials for both new traders and advanced traders. They provide different types of video tutorials, webinars, and market analyses. They provide educational materials ranging from forex trading for beginners, to technical and fundamental educational materials. These educational materials help traders to fully understand the Forex world and also make good trading decisions.
- Trading platform
The broker has a WebTrader trading platform, a Desktop trading platform, and a mobile trading platform. These trading platforms are user-friendly and can easily be customized to fit the trader’s trading strategy. However, Tickmill does not have its trading platform; they provide the MT4 trading platform for their clients. The MT4 Mobile trading platform can be downloaded from a play store or Applestore for Android and IOS users respectively.
- Tradable assets
Tickmill has limited tradable assets. They only provide market access to CFDs on Forex, the German government bonds, Stock, Indices, and Commodities. Tradable assets such as stocks are not provided.
- Pros
Tickmill provides Low forex fees
Tickmill offers immediate and easy account opening
Deposits and withdrawals are free of charge.
- Cons
The broker only trades forex and CFDs
The broker has an outdated platform layout and functions
Tickmill provides Basic news feeds.
XM
- About the Broker
The broker is ranked number 2 among the best Forex brokers in South Africa. The firm was founded in 2009 and is traded by so many Forex traders globally.
- Regulation
This trading firm is highly regulated, and it ensures the safety of its client’s funds. The Firm is regulated by three different regulatory bodies namely, the CySEC which is the Cyprus Securities and Exchange Commission, the ASIC which is the Australian Securities and Investments Commission, and the FSC, which is the Financial Services Commission of Belize. These regulatory bodies ensure that the firm adheres to all the rules and regulations to ensure the safety of both the traders and the firm.
- Deposit
Depositing funds is easy and can be done immediately. The firm offers 11 base currencies that its traders can choose from. Deposits are free of charge and do not require any commission. They can be done via Credit Cards, Bank Transfers, and electronic transfers.
- Withdrawal
Withdrawals are processed instantly, and they are free of charge without any commission charged. They can be done via different payment methods such as Credit Cards, Electronic transfers, and bank transfers.
- Customer Service
They provide one of the best customer services. The firm has a live chat that can be 24 hours 5 days a week, specifically during trading hours. They also have an email that can be accessed through their platform, and they have a phone number listed on their website.
- Educational Material
The firm provides different types of educational materials for its users. These educational materials range from, blogs posts, webinars, and video tutorials. They provide different educational materials that cover several trading topics on both fundamental, technical, and sentimental analysis. They also have educational materials on other Forex topics such as the Forex market analysis etc.
- Trading platform
XM does not have a web trading platform. Instead, it uses third-party platforms: MetaTrader 4 and MetaTrader 5. These platforms are very similar to each other in functionality and design. One major difference is that you can’t trade stock CFDs on MetaTrader 4, only on MetaTrader 5.
- Tradable assets
XM provides limited tradable assets for its users. They provide CFDs, and Forex markets for their traders, the stock market is only accessible to IFSC regulated bodies. Tradable assets such as the EFTs, options, and bonds are not provided.
- Pros
They provide low stock fees, Low CFD fees, and low Withdrawal fees.
Opening an account is easy and fast.
They provide a wide range of educational materials
- Cons
They provide limited tradable assets.
They provide average trading fees for Forex and Stock index CFD.
The firm does not protect non-EU traders.
AVATRADE
- Regulation
Avatrade is highly regulated. The Forex broker is one of the best Forex brokers used by South African traders. The broker is regulated by various regulatory bodies who ensure the safety of traders’ funds. The financial body that regulates Avatrade is ASIC which happens to be Australia’s integrated corporate, markets, financial services, and consumer credit regulator.
They are also regulated by BVI which is the British Virgin Islands financial services that comprise insurance, banking, trustee business, business management, mutual funds business, the registration of companies, limited. CBI is The Central Bureau of Investigation it is the regulatory body based in India. FFAJ is a self-regulatory body that ensures the safety of traders that are into trading Futures. FSA is the financial service authority, it is responsible for financial regulation in the United Kingdom.
FSCA is the Financial Sector Conduct Authority, they offer financial products and services. They also provide financial licenses to various financial bodies. The Forex trading platform is regulated by 7 different countries namely: Ireland, Australia, Japan, South Africa, Abu Dhabi, British Virgin Islands, Israel.
- Deposit
Avatrade has a minimum deposit of 100USD. And money can be deposited with the use of debit cards and wire transfers. Deposits can also be done via electronic transfer. It requires only a one-day limit to open an account.
Traders are given the ability to open 5 different accounts namely:
The retail account or standard account, this type of account is owned by individuals.
The Options account is solely used in trading Forex Options.
The Spread betting account, this account is only accessible to Uk and Ireland residents.
The Corporate accounts, these particular accounts are acquired by a legal body.
Islamic account, this account is mainly for those in the Islamic religion.
Additionally, traders are allowed to open a professional account when they become more experienced and learn more advanced trading techniques.
- Withdrawal
Withdrawals from Avatrade take a minimum of 2 days to arrive at the destination account. However, the withdrawal duration differs depending on the type of withdrawal method used. Additionally, the good thing about this broker is that they charge zero commission for withdrawals. That is, withdrawals are done free of charge.
- Customer Service
Avatrade has top-notch customer service. They provide live chat services that are available 24 hours a day 5 days a week. They also have a section where a trader can fill out a form and submit it. They also have an email that can be accessed at any time and they have a phone number that can easily be reached 24 hours 5 days a week.
- Educational Material
Avatrade provides lots of educational materials for its users. They provide blog posts where market analysis is provided, and they also provide economic calendars where several economic data are released periodically. They provide materials ranging from technical analysis to forex trading for beginners.
- Trading platform
This broker provides one of the best Forex trading platforms in history. They provide different types of trading platforms. They offer MT4 trading platforms, WebTrader platforms, Desktop and Mobile trading platforms.
The web trader platform is made available on Avatrade’s website and it is used by most of the clients to trade. The mobile trading platform is the broker’s mobile app that can be gotten from any play store for Android users and it can also be downloaded from any Apple store for IOS users. According to the ranking, their users ranked the mobile trading platform as the best trading platform.
- Tradable assets
Avatrade provides various types of tradable assets that traders can easily speculate on. The broker provides a total number of 1260 tradable symbols with 55 Forex pairs. Avatrade offers its traders Cryptocurrencies, CFD trading, Forex trading, Social trading, and Copy trading. The broker does not offer US stocks.
- Pros
Avatrade does not charge withdrawal fees
Avatrade charges Low CFD fees
The broker’s web trading platform is very user-friendly.
- Cons
Avatrade charges average Forex trading fees.
The broker charges High inactivity fees
The web trading platform does not provide alerts.
The web trading platform can’t be easily customized.
HOTFOREX
- About the Broker
The broker firm is ranked number 4 as one of the best Forex brokers used by South African traders. The firm was established in 2010, and it has managed to break ground globally by delivering top-notch services.
- Regulation
Hotforex is a highly regulated firm, the firm is regulated by 4 different financial bodies. They include:
The FCA is the Financial Conduct Authority, the regulatory body based in the United Kingdom. The firm became regulated by the FCA on 14/11/2018 with its license number stated as 801701.
The DFSA which is the Dubai Financial Services Authority, the regulatory body is with the Dubai Financial Services Authority HF Markets. The firm has been regulated under DFSA since 12/12/2018.
The FSCA is the Financial Sector Conduct Authority based in South Africa. The firm is registered u see the license number 46632. The firm has been regulated under the FSCA regulatory body since 09/02/2016.
The FSA which is the Financial Services Authority based in Seychelles and overseen by the Seychelles Financial Services Authority, HotForex is regulated under the license number SD015.
- Deposit
HotForex provides several methods that can be used in the depositing of funds into their trading accounts. The minimum deposit allowed in a trading account is $100. However, this minimum deposit varies depending on the type of account that is being used. The deposit does not require any additional fees or commission. That means, the amount deposited from the trader’s bank is what reflects in the trader’s trading account.
- Withdrawal
Withdrawals are instant, and they do not require any additional fees or commissions. Withdrawals can be made via different withdrawal methods such as Credit cards, E-Wallets such as Bitcoin, etc. and Bank transfers.
- Customer Service
They provide one of the best customer services, with a prompt response from their customer service reps. They have live chat support which is available 24 hours for 5 days a week. They also provide an email address and a phone number which can be accessed via their website.
- Educational Material
This company provides top-notch educational materials that can be used by both experienced and amateur traders. These educational materials range from video tutorials, blog soloists, and webinars. They also provide different types of Forex articles that cover a wide range of topics.
- Trading platform
This trading platform does not have its trading platform. It uses third-party trading platforms like the MT4 trading platform and the MT5 trading platform. The trading platforms provide different trading platforms across all the devices, like Web trading, desktop trading platform, and mobile trading platform.
- Tradable assets
HotForex provides a wide range of tradable assets for its users. They provide over 1000 assets which include Forex trading, CFDs, Metals, energies, commodities, stocks, and indices.
- Pros
The broker firm is regulated by 4 different regulatory bodies. This means that traders trading under those regulatory jurisdictions are protected by the financial laws.
The firm charges low and tight spreads
They do not charge withdrawal and deposit fees.
Their customer service is top-notch and always available.
HotForex provides MT4 & MT5 trading platforms across all 3 devices.
- Cons
They do not have their trading platform
FBS
- About Broker
The Forex broker was founded in the year 2009, the company has its headquarters located in Belize and Cyprus. They are ranked as number 5 as the best forex brokers in South Africa.
- Regulation
The FSCA is the Financial Sector Conduct Authority based in South Africa. The firm is registered u see the license number 0885.
The IFSC is the International Financial Services Commission with license number 119717.
The CySEC is The Cyprus Securities and Exchange Commission with license number 353534.
The ASIC is the Australia integrated corporate, markets, financial services, and consumer credit regulator with license number 426359.
- Deposit
FBS offers several account deposit methods used by their traders to deposit funds into their trading accounts. The minimum deposit allowed is $1. Traders make use of payment methods such as Credit Cards, Bank Transfers, and Electronic Payments. There are no additional fees or commissions charged when depositing funds.
- Withdrawal
The same payment methods used in the deposit of funds are also applicable when withdrawing funds. However, funds must be withdrawn to an account that tallies with the same name used in registering with the broker. There are no additional fees or commission charges when withdrawing funds.
- Customer Service
They have one of the best customer support services among their peers. They have a live chat that is available 24/5. They also provide an email address and a phone number that can be accessed via their website.
- Educational Material
This brokerage firm provides one of the best educational materials in the forex trading industry. They have a wide range of educational materials ranging from beginners to advanced trading materials. They also provide video tutorials, webinars, blog posts, and Forex market analysis.
- Trading platform
FBS provides a series of trading platforms that their traders can choose from. They provide third-party trading platforms such as the mT4 trading platform and the MT5 trading platform. They also provide their webTrader trading platform and a copyTrade platform.
- Tradable assets
They have limited tradable assets which are the Forex assets and Metals. They do not provide assets for Stocks, Options, and other tradable assets not mentioned.
- Pros
FBS is known for providing a reliable trading environment.
They provide Copytrading for their clients
They charge low spreads
They provide a wide range of educational materials
- Cons
Their tradable assets are limited to just Forex and CFDs.
EXNESS
- About The broker
The Forex broker was established in 2008, they are ranked as number 6 with over 145,500 users on the trading platform.
- Regulation
The broker is highly regulated by 6 different regulating firms in the financial industry. Such as
The CySEC is known as the Cyprus Securities and Exchange Commission.
The FCA is known as the Financial Conduct Authority, the regulatory body based in the United Kingdom.
The South Africa FSCA, known as the Financial Sector Conduct Authority based in South Africa.
The Seychelles FSA, known as the Financial Services Authority based in Seychelles and overseen by the Seychelles Financial Services Authority.
The BVI Financial Services Commission.
The Central Bank of Curaçao.
- Deposit
The firm offers different payment methods for deposits of funds. Funds can be deposited through Credit Cards and Bank transfers. Funds can also be deposited by using other payment methods such as Skrill, Neteller, e-wallets, Wire transfers, and Crypto wallets. The minimum deposit allowed is $10.
- Withdrawal
Withdrawal methods apply to the deposit methods. Funds can be withdrawn by using credit cards, specifically Visa and Mastercards. There are no extra charges for withdrawals, that is any amount withdrawn from the broker is 100% the same amount that enters into the trader’s local bank account or crypto wallet.
- Customer Service
They provide very good customer care service. Their customer care service is ranked as one of the best in the trading industry. They are available 24/5 and they can be contacted via live chats and through an email or phone number posted on their websites.
- Educational Material
They provide one of the best educational material sections. Their educational portfolio ranges from beginner to intermediate and expert. They have materials for all categories. So if you’re a trader looking to improve your trading skills, or you are a rookie trying to find your way around the market FBS got you covered.
- Trading platform
This broker provides third-party trading platforms for their traders, such as the MetaTrader 4 trading platforms and the MetaTradsr5 trading platforms. They also provide their trading webTrader platforms. Their trading platforms are available across all devices Mobile devices, desktops, and webTrader trading platforms.
- Tradable assets
FBS provides various types of tradable assets which include Forex, Cryptocurrencies, Stocks, Metals, Indices, and energies.
- Pros
FBS is a highly regulated and reputable trading platform. The platform is regulated by 6 different regulatory bodies based in the United Kingdom, Cyprus, Seychelles, South Africa, Mauritius, BVI, and Curaçao.
Regulated by the United Kingdom, Cyprus, Seychelles, South Africa, Mauritius, BVI, and Curaçao.
FBS provides Tight spreads
The broker has over 130 Forex Pairs with Multiple Trading Platforms
- Cons
It has no multiple currency accounts
Funds are kept in a separate account
IFX BROKERS
- Regulation
IFX is a highly regulated broker. The broker is regulated by FSCA which is the regulatory body that governs the financial sector in South Africa. FSCA is known as the Financial Sector Conduct Authority based in South Africa.
- Deposit
IFC offers different methods for depositing funds into a trading account. However, they are different accounts provided and each has its specific minimum deposits. The good thing about this broker is that they offer a 50% first-time bonus.
IFX standard account has a minimum deposit of $10 / R160
The IFX Premium Account has a minimum deposit of $250 / R3800
The IFX Islamic Account has a minimum deposit of $10 / R160
IFX Cent account has a minimum deposit of $10 / R160
Deposits are instant and can be done via Visa cards, Neteller, Skrill, PayFast, MasterCard, Wire Transfer, and Ozow.
- Withdrawal
The firm provides an instant withdrawal with different forms of withdrawal methods. Traders are allowed to withdraw funds via several payment methods which include: Visa cards, Neteller, Skrill, PayFast, MasterCard, Wire Transfer, and Ozow.
- Customer Service
IFX brokers provide top-notch customer service, as they are available 24 hours 5 days a week from Monday to Friday. They provide live support and also their email and phone number are listed on their websites.
- Educational Material
They provide the best educational materials that help traders to understand how the Forex market works. These educational materials are beneficial both to beginners and experienced traders. They provide webinars, blog posts, daily market analysis, and a lot more.
- Trading platform
They have a very good trading platform. However, they do not provide their trading platform but rather third parties trading platforms such as the MT4 and MT5. These are the metaqoutes trading platforms, and they are well known for their user-friendly interface.
- Tradable assets
IFX provides traders with various types of tradable assets. The broker has market access to almost all the tradable assets, this means it is very good for traders who want diversity. The provides assets such as Forex, Stocks, Indices, Cryptocurrency, Commodities, Energy, Precious metals.
- Pros
They are well-regulated
They provide a wide range of educational materials
Commissions are not charged for withdrawals and deposits.
They provide a wide range of tradable assets
Wide range of payment methods.
- Cons
They are limited to some countries.
GV MARKETS
- Regulation
GV Markets is one of the best trading platforms in the brokerage industry. The firm is highly regulated and governed by one of the best regulatory bodies in South Africa. It is ranked as number 7 in the best Forex brokers in South Africa. The firm is regulated by FSCA which is the Financial Sector Conduct Authority based in South Africa.
- Deposit
GV Markets provides different methods that traders can use in depositing funds. Funds can be deposited by using Bank Wire Transfer
Electronic Funds Transfer through Ozow. The minimum deposit required is R200. Deposits are instant, and it doesn’t require any fee or commission.
- Withdrawal
Withdrawals can be done through the same method used in depositing funds. They are Bank Wire Transfer, and Electronic Funds Transfer through Ozow. Withdrawal fees are not charged for the transaction, this means that withdrawals are free of charge.
- Customer Service
They have top-notch customer service that is available 24/5. Their customer service reps respond swiftly and are always eager to help traders fix whatever problem they might be facing. They can be accessed via Tele, email, and live chat.
- Educational Material
They have one of the best educational systems. They provide top-tier educational materials that help traders advance in thief trading careers. They also provide materials for new traders who are still finding their footing in the trading industry. They provide materials such as blog posts, webinars, videos tutorials, and market analysis reports.
- Trading platform
GV Markets provides a third-party trading platform for their traders. This trading platform is the most popular trading platform used by traders in the trading industry. The Metatrader 5 has a user-friendly interface and provides all the basic amenities needed for a trader to make good trade decisions.
- Tradable assets
The broker provides different types of tradable assets. They include Forex, Commodities, Indices, Stocks (US, SA, EU), Cryptocurrencies.
- Pros
The broker is Well-regulated by FSCA The broker does not charge Commissions Deposit fees are not charged
They have the most trusted and credible payment methods
GV markets offer MetaTrader 5
The broker protects traders from negative balance
- Cons
GV Markets do not provide tight spreads.
They do not provide enough educational materials and research materials.
They provide only one retail trading account.
They don’t provide their trading platform
The funding methods offered by the broker are limited.
ALPARI
- Regulation
Alpari brokers is one of the best brokers used by tons of traders in the trading industry. The broker is highly regulated and governed by many regulatory bodies. This means that traders’ funds are secured. They are regulated by the FCA which is the Financial Conduct Authority, the regulatory body based in the United Kingdom.
The FSCA is known as the Financial Sector Conduct Authority governing the financial sectors in South Africa.
The CMA is the capital market Authority based in Kenya.
- Deposit
The minimum deposit required is $5, compared to other Forex brokers, this is one of the easiest brokers to trade with. However, for the ECN accounts the minimum deposit required is $500. Deposits can be made via bank, Cards & E-wallets, and deposits are free to charge.
- Withdrawal
Withdrawals can be made via the same methods used in making deposits. However, withdrawals are not free, 2% of the total amount withdrawn is charged. Withdrawals take about 24 hours tops.
- Customer Service
They have one of the best customer care support services in the trading industry. They are available 24/5 and provide immediate services for their clients. They ensure that the problems of their customers are fixed and even follow up with calls and messages. They can be reached via email, live chat, telephone, and also a form can be filled out on their websites.
- Educational Material
They provide lots of educational materials that help their traders advance and also help them make good trade decisions. They provide research tools that help traders know the price action of trade. They provide different types of market articles and blog posts. They also provide webinars, video tutorials, and articles that could help beginners start a trading career.
- Trading platform
Alpari provides three main trading platforms for its traders. They provide MetaTrader 4, MetaTrader 5, and Alpari invest App. The trading platforms provided have a user-friendly interface, and they have great charting tools that help traders to fully monitor trades and make good trade decisions. The trading platform also enables traders to trade on different time frames, and they are also given access to automatic trading.
- Tradable assets
Alpari provides several types of financial instruments for its traders. They provide Forex trading, Spot Metals, and CFDs. These assets are easily tradable on Alpari’s trading platforms.
- Pros
The broker is easy to trade with, it has a user-friendly interface.
They are highly regulated and safe.
They do not charge deposit fees.
They provide a different types of educational materials.
- Cons
The country is limited to some countries like the USA, Russia, Japan, etc. That means traders from these countries are not allowed to trade with the broker.
THINKMARKETS
- About The Broker
ThinkMarkets was established in 2010, they have branches in Australia, the UK. US, Russia, Canada. The broker is one of the best Forex brokers in South Africa. They are highly reputable and known for their impeccable performance.
- Regulation
ThinkMarkets are highly regulated brokers. They ensure the safety of their traders. The broker is regulated by four different governing bodies that ensure the safety of both the broker and the traders. They are regulated by the ASIC which is the
The FCA is the Financial Conduct Authority, the regulatory body based in the United Kingdom.
The FSCA is known as the Financial Sector Conduct Authority located in South Africa.
The FSA is the Financial Services Authority based in Seychelles and overseen by the Seychelles Financial Services Authority.
- Deposit
ThinkMarkets provides different payment methods used in depositing funds into a trading account. The payment methods include Ozow, Bankwire / EFT, Credit / Debit cards, and Skrill. The forex broker does not have any minimum deposit.
- Withdrawal
The same payment method used in depositing funds is used in withdrawals. They include OZOW, Bankwire / EFT, Credit / Debit cards, and Skrill.
- Customer Service
They have a very responsive customer support system that looks after the interests of their customers and assists them in facing any issues that arise. The customer care service is available 24/7 via different support channels. They have a live chat that can be accessed via their website, they also have an email, and telephone number listed on their website.
- Educational Material
They provide the best educational materials needed by their clients. The educational materials range from beginners, intermediate, and expert.
- Trading platform
They provide the types of metaqoutes trading platforms. MT4, MT5, also provide their trading platform known as the ThinkTrader. These platforms are all available across all devices, mobile, desktop, and webtrader.
- Tradable assets
They provide various tradable assets for their clients. They offer assets like Forex, CFDs, Indices, Precious metals, Commodities, Cryptocurrencies, Shares, EFTs, Futures
- Pros
They are regulated under four regulatory bodies.
They provide tight spreads
They provide educational content for new traders
They provide both PAMM and MAM trading accounts
- Cons
The broker charges high commissions
They are limited to certain countries such as Russia, and Canada.
FXTM
- About
FXTM was established in 2011, the broker is a well-known CFD and Forex broker.
- Regulation
FXTM is a highly regulated broker. It is regulated by two of the top regulating bodies in the financial industry. They are regulated under the laws of FCA the UK Financial Conduct Authority and CySEC the Cyprus Securities and Exchange Commission.
- Deposit
The broker offers different deposit methods such as the use of credit and debit cards, bank wire transfer, etc. The minimum deposit required for a standard account is $50. Deposits are free without any commission or fee.
- Withdrawal
Withdrawals can also be done via the same payment methods used in depositing funds. However, $3 is charged per withdrawal. Withdrawals take 3 working days, and the account name must tally with the name of the bank account.
- Customer Service
They provide the best customer service, and they are available 24/7. They are accessible through live chat, email, and telephone.
- Educational Material
They provide the best educational materials featuring several articles, and market analyses. They have several ebooks on different topics of Forex trading such as technical indicators and different Forex trading strategies.
- Trading platform
FXTM provides their traders with two different trading platforms, the metaqoutes trading platform MT4 and MT5. They are well known for their top-notch trading capabilities. They provide the best trading experience for FXTM traders.
- Tradable assets
The broker offers tradable assets that range from CFDs to Forex. The broker lacks several taxable assets such as ETFs, options, futures, and bonds. Their stock trades are limited to non-EU clients.
- Pros
FXTM offers awesome customer service
They provide great educational tools
Opening an account is swift
They have a fast trade execution.
• Cons
They provide high CFD fees.
They charge inactivity and withdrawal fees
They have a limited trading portfolio.
OCTAFX
- About
OCTAFX was established in 2011, is a member of global industries which includes the Octa Markets incorporated which is located in Saint Vincent and the Grenadines, and also part of the Octa Markets Cyprus LTD located in Cyprus.
- Regulation
OctaFX is a highly regulated broker. The broker operates under the strict laws of the FCA, the Financial Conduct Authority based in the United Kingdom.
- Deposit
Deposits can be done via different payment methods such as Credit cards, debit cards, and bank transfers. OctaFX allows a minimum deposit for as low as $25. Deposits reflect in the trader’s account instantly. They also provide a 50% bonus on first-time deposits.
- Withdrawal
Withdrawals are free, and funds can be withdrawn via the same payment method used in depositing. Withdrawals take a period of 2 to 3 days to reflect.
- Customer Service
They provide the best customer service platform. Their customer care service can be reached via live chat, email, and telephone. They are swift in responding to complaints and always ensure that their clients’ problems are solved.
- Educational Material
They provide a wide range of educational materials. The educational material ranges from video tutorials to Webinars and blog posts. They also post informative articles and eBooks on their websites.
- Trading platform
OctaFX has one of the best trading platform portfolios. They provide the third-party trading platform the MT5 trading platform, they also provide their web trading platform, and their trading app can be downloaded on any google play store for android users, and apple store for IOS users. In addition to that, they provide a copytrading app that enables traders to easily copy trades without having to exert much effort.
- Tradable assets
They provide several tradable assets for their traders. These assets include Forex Trading, CFD Trading, Cryptocurrency (CFD), Social Trading / Copy-Trading. They provide a total number of 52 tradable symbols and 28 Forex pairs.
- Pros
The Broker provides advanced educational materials for their traders.
They are a highly regulated broker
They do not charge withdrawal fees
They provide copy trading services
They provide daily and weekly forecasts
- Cons
They are only regulated in Cyprus
They provide limited tradable assets
They do not provide tight spreads.
They do not provide the third-party trading platform cTrader.