If you are a new trader in South Africa, choosing a new broker is a tough decision. If you are looking for a review of the top 10 Forex brokers in South Africa, then you have come to the right place.
We will briefly review the top brokers in South Africa, so traders can easily pick one that suits them.
Top 10 Forex brokers in South Africa – Criteria
Top Brokers in South Africa are neck to neck with each other in terms of competition. Selecting the top 10 brokers is difficult.
However, in our view, the Top 10 Forex brokers in South Africa are all good contenders for new traders.
Professional and old-time brokers can also consult our list.
Our Top 10 Brokers
- Tickmill
- HotForex
- BDSwiss
- FXTM
- Exness
- XM Trading
- AvaTrade
- FXCM
- Plus500
- IC Markets
Our Reviews
We have tried to review every broker extensively. We have discussed the most important aspects of every broker.
- Regulation
- Minimum Deposit
- Spread rates
1. Tickmill
Tickmill is the best broker in South Africa, in our opinion.
Regulations
FSCA, FCA and CySEC regulate Tickmill. The CySEC is a very highly reputed authority. Hence, we can trust Tickmill.
Minimum Deposit
The minimum deposit of Tickmill is 100 USD. It is high on the spectrum.
Spread rates
0.1 pips. The spread rates of Tickmill are tighter than most brokers in South Africa.
2. HotForex
HotForex is a premium broker offering services at low prices.
Regulations
FSCA and FCA regulate HotForex.
Minimum Deposit
Minimum deposit at HotForex is 5 USD.
Spread rates
For the price, HotForex offers attractive rates at 0.3 pips.
3. BDSwiss
BDSwiss is a very good and effective broker.
Regulations
BDSwiss is regulated in many different nations. NFA, FSA, FSA and CySEC monitors BDSwiss.
Minimum Deposit
The minimum Deposit at BDSwiss is set at 100 USD.
Spread Rates
Spread rates are higher than usual premium brokers at 1.5.
4. FXTM
FXTM is non for its instant trading offerings.
Regulations
FSCA, FCA and CySEC regulate FXTM.
Minimum Deposit
The minimum deposit limit of FXTM is 50 USD.
Spread Rates
This broker offers moderate spread rates for mid-tier traders. The spread rates are at 1.9 pips.
5. Exness
Exness is a cheaper broker in comparison. It allows everyone to open and trade an account.
Regulations
FCA and CySEC regulate this Cyprus-based broker.
Minimum Deposit
The minimum deposit limit of Exness is 1 USD.
Spread rates
Exness offers 1-pips spread rate for a standard account which is good.
6. XM trading
XM trading is a really good non-local broker.
Regulations
CySEC (Cyprus), ASIC (Australia) & IFSC regulates XM trading.
Minimum Deposit
XM trading offers 5 USD minimum deposit limits.
Spread rates
Average spread rates are at 0.8 pips.
We have made a little table for our 4 top traders for the ease of our readers.
| Broker | Regulations | Minimum Deposit | Spread rates |
| 7. AvaTrade | FSCA and ASIC | 100 USD | 0.9 pips |
| 8. FXCM | FSCA, ASIC and FCA | 50 USD | 1.2 pips |
| 9. Plus 500 | ASIC and CySEC | R1500 | Variable |
| 10. IC Markets | CySEC and ASIC | 200 USD | 0.1 pips |
Verdict
In our list of top 10 Forex brokers in South Africa, every broker is best in their tier. Hence, we suggest our traders research their needs and pick one that fits their needs.
