Welcome To Trade Forex SA


Your Guide to Forex Trading in South Africa

Want to trade forex in South Africa? You have come to the right place. Trade Forex SA was established to bring answers to those who are starting in Forex trading and give honest and balanced reviews of the brokers.  Trading forex can be a lot of fun but it does come with a great deal of risk – if we help you choose the best broker for you by weighing every pro with a con, we have then succeeded in our goal.

If you are looking for a biased guide to trading forex online where the news is always positive, you have come to the wrong place. If you want to really understand what you are getting into and looking for something honest and real please keep on reading and write us with your questions.

Quick List To Top Online Brokers

By popular demand, if you want fast recommendations, here you go:

  1. Etoro
  2. Easy Forex
  3. X forex
Etoro Features Bonus Platforms Next Step
etoro-icon
  • Leading beginner broker
  • Easy to use platform
  • 400:1 Leverage
  • Available to South Africans
50 USD
  • eToro OpenBook
  • eToro WebTrader
  • eToro Mobile Trader
sign-up

try-demo

 Read Review

My Experience with Etoro Etoro has an extremely successful user base which has enabled it to create an effective social trading tool which encourages traders to follow other successful traders in the brokerage.  I would recommend this broker to any beginner because the practice accounts have a lot of money in them to practice with, and their software makes trading simpler and removes a number of the complexities.  I would also recommend it to an advanced trader because of the high 400:1 leverage, making larger trades easier.  Though Etoro is not perfect, with some downtime and lag of it’s software, the pros of this broker far outweigh the cons.

Easy Forex Features Bonus Platforms Next Step
Easy Forex Logo
  • Commodities available on top of currency pairs
  • Works with MetaTrader platform
  • Offers a mobile version of the platform
  • Available to South Africans
Up to $2000 deposit bonus on first time deposits only
  • MetaTrader4
sign-up

try-demo

 Read Review

My Experience with Easy Forex If you have traded with the MetaTrader platforms before, then you should like this broker because you don’t have to go through much of a process of configuring up your account.  While the website and the sign up process could be easier, the staff are welcoming and helpful if they are called upon to help out. If you want a broker with good leverage, Easy Forex is probably not for you, but if you want to start of a trading career with low risk then that low leverage does play in your favour.

Xforex  Features  Bonus  Platforms  Next Step
xforex
  • Competitive spreads
  • Web-based Trading Platform
  • Available to South Africans
  • No auto-trading.
  • Slow support
20% deposit bonus for new accounts
  • Xforex Own Platform
sign-up

try-demo

 Read Review

My Experience with X Forex In my list of features you may misunderstand that I don’t like this broker.  On the contrary otherwise I would not feature them on a list like this; this list is aimed at helping people make an educated decision.  If you are a trader with experience and don’t feel like you need the support, then this broker can give you a great working platform via a web-based trading tool.  I would not recommend this broker to someone who is looking for assistance or guidance because the service across this organization is a little too slow.

Trading Point Features Bonus Platforms Next Step
Trading Point Logo Small
  • Many bonuses offered
  • Interest accrues on all funds
  • Fast execution
  • No minimum deposit on micro accounts
  • Available to South Africans
$100 free signup bonus and
50% deposit bonus on larger accounts
  • MT4
  • Webtrader
  • Mobile Trader for iPhone
  • Droid Trader for Android
  • Mobile Trader for Windows
sign-up

try-demo

 Read Review

My Experience with Trading Point I first started using Trading Point when I was trading binary options, and really appreciated the advanced uses of this broker.  This broker has huge leverage, and tight spreads but to mitigate risk hedging is allowed.  If you are a seasoned trader or want to learn with many of the features at your disposal then Trading Point is for you.  This broker has no minimum on the micro account making it hugely attractive for newcomers too.

YoutradeFX Features Bonus Platforms Next Step
YoutradeFX logo Small
  • Wide range of platforms
  • Automated trading
  • Multiple bonuses available
  • Good trading signals
  • Available to South Africans
$100 free signup bonus and
50% deposit bonus on larger accounts
  • MT4
  • MT5
  • iPhone
  • WedTrader
  • Mobile Trader
  • ZuluTrade
sign-up

try-demo

 Read Review

My Experience with Youtrade FX YoutradeFX is the perfect broker for those want to change brokers, but not platform.  This broker seems to understand that we grow used to tools and want to stick with them. Another strong point of this broker is that you are able to create custom sized accounts; this making this nice for traders who are experienced.  Automatic trading is good for South Africans if you are working on US or Asia trading markets meaning you don’t need to be at a computer when your trades needs to be completed.  This is a great choice for advanced traders, and a good place for new traders to try new software.

 

Q ‘n’ A Session for Would-Be Traders

What choices do I have?

The range of Forex brokers available is impressive. You can find brokers to work with you on any budget, using a wide range of platforms, and offering multiple account types. As long as you’re willing to put in the research, you can find a lot of options per your category of investment.

What should I focus on?

Focus on finding a broker that matches your needs. This seems generic, but it’s very particular to your specific set of demands. For instance, if you don’t have a lot to invest, focus on a broker offering a micro account, tight security, a lot of support, and other features. If you’re after a managed account with a mobile platform and high leverage, then this is obviously what you want to focus on in any broker.

How can I vet my broker?

Every broker is going to claim to be the best, but the trick here is finding out what real people say about them. Leave those short 40-word reviews alone and focus on blogs and forums dealing with real, experienced Forex investors who give their take on the broker you’re looking at. The people using the broker will speak truth to power.

Why do I need a broker in the first place?

Having a broker gives you access to different charts and analysis, constant reports on the market, someone to help you or handle the trades for you, and it basically allows you to be more of an investor than a trader. This minimizes risk and maximizes profit.

Are brokers honest?

Not every broker is going to be honest. This is where vetting comes into play. However, on principle, brokerages are businesses and businesses need to profit. So you will find that a legitimate broker is honest and is very concerned about helping you make money.

Will my broker help me earn money?

Yes. A good Forex broker’s number-one goal is to ensure that you earn money. They’re either going to give you the tools to achieve or manage your account for you (with you still calling the shots, of course). If you don’t earn money, they won’t earn money. Your success is in their best interest.

What platform or software will my broker offer?

Some brokers have proprietary software, while others use popular platforms like MT4, cTrader and other software packages. No matter which type of platform it is, however, every broker is going to offer something to you.

What’s the deal with South Africa and Forex brokers?

South Africa has a lot of rules and regulations in place making it difficult for investments, but not impossible. You won’t find a lot of brokers in South Africa, and if you do it doesn’t matter as long as you vet them properly. The money is exchanged elsewhere. Just be careful of scams.

What types of currencies and commodities should I look for?

A good broker is going to have between 30 and 50+ currency pairs, gold and silver, CFDs and other commodities you can trade with. You don’t have to settle for currency alone just because you’re seeking a Forex broker.

A Final Note

Every Forex trader is different in his or her needs and desires, so there is no one-size-fits-all broker. To find the right fit, make sure you’re reading reviews and vetting the broker properly. Take your time to choose the best platform, the best account, and make sure you understand the risks involved.

About Us

Trade Forex SA (South Africa) has been created to bring a real balance to the online information. Separating ourselves from the other online guides to forex, we bring perspective, education and analysis to this trading niche.