Top 10 Best Forex Brokers In South Africa

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Among the numerous Forex Brokers scattered throughtout country , Scout Africa Discovers the Top 10 Best Forex Brokers In South Africa that are regulated with FSCA, FCA or CySEC.

Who Is A Forex Broker ?

A forex broker is a financial services company that provides traders access to a platform for buying and selling foreign currencies. Forex is short for foreign exchange. Transactions in the forex market are always between a pair of two different currencies. Do I need a broker for forex? Yes, to trade forex you’ll need to use a forex broker. You’ll need to open an account and deposit enough collateral (margin) to enable you to place orders with your broker to buy or sell forex.

Top 10 Best Forex Brokers In South Africa

Top 10 Best Forex Brokers In South Africa

Here are the Top 10 Best Forex Brokers In South Africa

Tickmill

Tickmill is regulated with FSCA, so they are considered a low risk forex broker. South African Clients can open trading account with Tickmill with minimum deposit of $100. Tickmill is a NDD broker so there is no conflict of interest with their clients . South African traders can open an account at Tickmill but need to meet the minimum deposit requirement of 100 USD to do so. In order to open a VIP Account, traders must maintain a minimum balance of 50,000 USD.

BDSwiss

BDSwiss Group is a leading financial group, offering Forex and CFD investment services to more than a million clients worldwide. Is BDSwiss safe? BDSwiss is considered average-risk, with an overall Trust Score of 83 out of 99. BDSwiss is not publicly traded and does not operate a bank. BDSwiss is authorized by one tier-2 regulator (average trust) and one tier-3 regulator (low trust).

HotForex

HF Markets formerly known as HotForex Review. Overall, HF Markets formerly known as HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. HFM is regulated by Tier 1 and Tier 2 Trading Bodies. HFM charges no fees for deposits and withdrawals, but withdrawals via credit and debit cards take up to 10 days to be processed, which is painfully slow compared to other brokers.

FxPro

FxPro is a No Dealing Desk Execution* broker, offering professional trading conditions, superior execution technology and access to deep liquidity. Trade CFDs on a wide range of instruments, including popular FX pairs, Futures, Indices, Metals, Energies and Shares, and experience the global markets at your fingertip

FxPro says they are well‑known throughout the industry as a trustworthy and reliable broker. They are regulated by the FCA, CySEC, FSCA, and SCB.

OctaFX

OctaFX is considered high-risk, with an overall Trust Score of 67 out of 99. OctaFX is not publicly traded and does not operate a bank. OctaFX is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust).

With a vast experience in economic fields, they’re considered an authority in the Forex field. They’ve awarded us as the Best Islamic FX Account of 2020. Our accounts are crafted explicitly in a way to facilitate Muslim traders.

Exness

Exness is the best forex broker for beginners. They have diverse account types ranging from Standard Cent, Standard to Pro and Zero. Their accounts have really low spreads for the main currency pairs. Moreover, they have a 24/7 support team ready to assist customers in various languages.

XM Trading

XM broker offers a wide array of trading instruments: 55+ currencies, CFDs on equity indices, precious metals, commodities & energies. Their support is good, and they have local payment options like EFT for South African traders. Also, XM has ZAR base currency accounts

AvaTrade

AvaTrade is licensed as a regulated broker in the EU, Japan, Australia, South Africa and the British Virgin Islands. As such we are subject to stringent compliance requirements regarding how we handle client funds, security, and financial reporting. Join AvaTrade today and get a new client bonus of up to $10,000!

Plus500

Plus500 is a global fintech firm providing online trading services in contracts for difference, share dealing, futures trading and options on futures. The company has subsidiaries in the UK, Cyprus, Australia, Israel, Seychelles, Singapore, Bulgaria, Estonia, the United States and Japan. Is Plus500 good for beginners? Furthermore, Plus500 is not the most beginner friendly place to trade due the complexity and risk of CFD trading.

IC Markets

IC Markets is considered a low-risk and can be summarised as trustworthy and reliable. IC Markets is regulated by the top-tier ASIC, CySEC, FSA, SCB and is very competitive in terms of its trading fees, (against major currency pairs), with low spreads.

Does forex get taxed in South Africa?

The tax rate on forex trading undertaken through a South African registered firm is 28 percent of taxable income, with no exemptions or deductions. Small business corporations, in contrast to corporations, are immune from tax until their taxable revenue exceeds R75, 750 in the year of incorporation.

Is it illegal to trade forex for someone else South Africa?

In terms of the Exchange Control Laws only Authorised Dealers (ADs) and Authorised Dealers with Limited Authority (ADLAs), appointed by the South African Reserve Bank (SARB), are permitted to buy, sell, borrow or lend foreign currency.

Can you become a millionaire by trading forex?

The answer is yes. In the year 1992, a person named ‘George Soros’ made one billion dollars by trading in currencies. Trading accounts can be opened for as little as 5 USD (70 ZAR), though most brokers require a minimum deposit between 100 USD and 200 USD.

Source .. Scoutafrica.net

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