Top 10 Forex Brokers in South Africa

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. 

BrokerRegulationsMinimum DepositSpread rates
7. AvaTradeFSCA and ASIC100 USD0.9 pips
8. FXCMFSCA, ASIC and FCA50 USD1.2 pips
9. Plus 500ASIC and CySECR1500Variable
10. IC MarketsCySEC and ASIC200 USD0.1 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.

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