Review of Top 10 Forex Brokers in South Africa 

 November 3, 2021

There are more than a hundred Forex brokers in South Africa. The numbers only swell when take the global brokers into account. 

In this article, we will look at the top 10 Forex brokers in South Africa.

Our top 10

Let’s jump into the list of our selected brokers. 

1. AvaTrade

AvaTrade is overall a good broker for Forex trading in South Africa. 

Minimum Deposit limit

The minimum deposit limit of AvaTrade is USD100. We often see several high-end brokers with the same kind of deposit limits. 

Leverage rate

Leverage rates of AvaTrade are 1:400. 

Trading Platform

The trading platform of AvaTrade is MT4. 

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Regulation 

AvaTrade is regulated by FSCA and a few other regulatory authorities as well. 

2. Exness

Exness is the most easy-to-use broker in South Africa. 

Minimum deposit limit 

Exness has the lowest minimum deposit limit of 10 USD.

Leverage rates

Exness offers a very high leverage rate of 1:1000. 

Trading Platform 

The trading platform of MT4 is incorporated with the Exness broker’s platform. 

Regulation

FSCA and CySec monitor the regulation of Exness. 

3. FX Pro

FX Pro is not a very famous broker. However, it is a good option for new traders. 

Minimum Deposit limit

The minimum deposit limit of FX pro is 100 USD.

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Leverage rate

FX Pro has variable leverage rates. The spreads of FX pro are set at 174 pips. 

Trading Platform

The trading platform of FX pro is MT4.

Regulation 

CySEC and FSCA regulate FX Pro.

Deposit methods 

The deposit methods of FX are Bank transfer and credit/debit card payments. 

4. Plus 500

Plus 500 is an overall good broker option for South African traders. 

Minimum Deposit limit

The minimum deposit limit of plus 500 brokers is R1500.

Leverage rate

Plus 500 has an attractive leverage rate of 1:300

Trading Platform

Plus 500 functions on the MT4 platform. 

Spreads

The spread rate of Plus 500 broker is set at 160 pips. 

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Regulation 

The regulatory body of Plus 500 broker is FSCA.

Deposit methods 

Plus, 500 supports all the major deposit payment methods. 

5. XM broker

XM broker is another fast and reliable broker that is a decent option for South African brokers. 

Minimum Deposit limit

The minimum deposit limit of an XM broker is 5 dollars. 

Leverage rate

Leverage rates of XM brokers are at 1:500.

Trading Platform

The trading platform of XM brokers is MT4. 

Spreads

One hundred eighteen pips of moderate spread rate are attractive for XM brokers.

Regulation 

FSCA brokers regulate XM brokers.

BrokerMin. DepositLeverageTrading Platform Regulation
6. FXTM 50 $1:400MT4FSCA , FSA
7. HotForex200$1:500MT4FSCA
8. Blackstone FuturesR10001:500MT4 & MT5FSCA 
9. CM Trading100 USD1:400MT4FSCA, FCA
10. Khwezi TradeZAR 200VariableMT4FSCA

Frequently Asked question

This is the most frequently asked question about Forex brokers in South Africa;

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What is the most important feature about a Forex broker?

Regulation is the most important feature that you should look out for.

Summary

Our article has explained the most impactful parameters that affect the trading conditions. 

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