The foreign exchange market is the largest in terms of national currency trading. It is inherent in the buying and selling at current and determined prices. It is the world’s benchmark financial market regarding daily average gross notional value exceeding 5 trillion US dollars. It has emerged as a significant player in this market, and the economy is laying the ground for growing diverse and fast-growing economies globally.
More to it, the availability of related education on the Internet and online trading platforms has confirmed that the indication is accurate; many people are involved in this market. This trading in SA is under the regulation of the Financial Sector Conduct Authority. It ensures that all the relevant services are given by a credible broker. Below is the article that will update you about the top brokers in SA and, in reality, can even help you decide.
Top-Rated Forex Brokers
- AvaTrade
This was founded in 2006. It is a multi-certified broker (ASIC/BVI/Central Bank of Ireland/FFAJ/FSCA/KNF) that works globally. All these licenses should suffice to confirm that they provide safety for every user and a transparent trading environment.
The other thing that one should not miss is that it offers many different trading platforms to answer the diversified needs of traders. MT4 and MT5 are the most used, including the home-grown platform. Furthermore, through the Sharptrader platform, AvaTrade provides traders with many more tools to add to their academics and to level up their skills. It offers a trader a large variety of assets.
It allows you to be a trader even with a small $100 in your account, making it accessible to traders with varied capacities to invest. A typical cost to trade a pair of EUR/USD is 0.9 pips, hence competitive with the Forex markets.
- FXTM
Mainly recognizable by the abbreviation FXTM, ForexTime was formed in 2011. The broker is regulated by CMA, CySEC, FCA, FSC Mauritius, and FSCA in South Africa. It offers two different types of execution models: the flexibility of executing trades on the ECN/STP and the Market Maker model. It placed a requirement on the minimum balance, up to $500, because multiple platforms are available for trading: MetaTrader 4, MetaTrader 5, TradingView, and other exclusive developments the broker considers necessary to satisfy the trader’s needs.
Besides, it enjoys an extraordinary commission-based pricing environment that is highly transparent for the forex sector. Consequently, the client’s interests will be protected. Also, the selling/buying conditions will be competitive and unbiased.
- Tickmill
This entered the field in 2009, and it’s regulated by ASIC/CySEC/FCA/SCB. Besides, two types of execution (ECN/STP & market maker) are available to the trader. Thus, this feature gives the investor a choice. This makes it widely acceptable to the broad masses, with the required lowest deposit of $100.
They offer exchanging pages like MetaTrader 4, MetaTrader 5, & TradingView. A trader can choose an excellent and convenient platform to use. In addition, good quality training material is provided for end users to acquire priceless knowledge and enhance their trading skills. The company also offers deposit bonuses, which add value to the trader’s account.
- BlackBull Markets
Established in 2014, it operates from New Zealand and is regulated by FMA and FSA. It offers execution of the ECN/STP type and is a No Dealing Desk, meaning that whichever kind of trade is placed through the system is executed within the shortest time possible. Also, it has no minimum initial deposit, which creates a choice of people with different wealth levels to join.
These platforms in MetaTrader 4, MetaTrader 5, and TradingView provide the trader with valuable platforms with unique functionalities. The company can generally be seen as reliable, thanks to its ECN/NDD execution model. This deep liquidity pool provides investors with the best prices on the market for executed exchanges.
- MultiBank Group
Started in 2005, it is one of the most highly-listed providers in the world. It works with the strict control of ASIC/AUSTRAC/BaFin/BVIFSC/CIMA/CySEC/ESCA/FMA/MAS/TFG. The company provides order execution of the ECN/STP type to its clients. In turn, this provides users with direct access to the interbank market. Therefore, many investors can afford it, as it accepts a minimum deposit of $50.
Besides, it utilizes the MetaTrader 4, MetaTrader 5, and cTrader trading platforms, leaving you with the most developed space in features and functionality. Finally, it is known for its deep liquidity and no trading restrictions, which gives investors ideal trading conditions.
There are many FX brokers in South Africa, but the best have been described for you. They are highly regulated, provide numerous exchange platforms, and have competitive trading costs. Before choosing a broker, a personal investigation is necessary to address one’s exchange needs. After all, trading success isn’t just having the right company but also the right strategies, risk management, and continuous learning on the market.