These are the best Forex brokers available to South African traders that we put together as a guide. These are all trusted international brokers which take South African accounts and deposits. While what brokers offer traders are very similar at the core, there are a couple areas that set them apart.
If I were new to trading and choosing from this list, I would look to see if a broker takes low deposits, if the broker has social trading in a web-based application, if the broker charges commissions on the trades and also the bonuses that each of them offers first-time depositors. You can always sign up and use the demo accounts to find which setup you prefer before depositing.
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.