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Jan 21

5 Forex Trading Platforms in South Africa

Reading Time: 3 mins

South Africa is one of many active countries that have forex traders who participate in the global forex market. While hundreds of forex brokers welcome South African traders, we have selected some options for retail and institutional traders and investors, discussed in the sections below.

 

AvaTrade

Established in 2006 and operational in several regions around the world, AvaTrade is one of the most popular, highly regarded, and well-regulated forex and CFD brokers in the world that makes headlines frequently.

AvaTrade offers more than 1,250 instruments across several asset classes including forex, options, commodities, cryptocurrencies, indices, and others. AvaTrade offers a selection of trading platforms through which South African traders can connect to the broker and various financial markets.

 

PROS CONS
Well-regulated by several reputable regulatory entities The platform does not accept traders from the United States
Tight spread and zero commission There are no variable accounts offered
Powerful and innovative trading technology offered
Social trading provided

 

Exness

Exness is the brand name of a multinational brokerage organization with two primary locations in Seychelles and is a Cyprus Broker.

The firm’s divisional structure allows global customers to benefit from customized financial services and investment management, while the global brand opens broad prospects for retail and primarily corporate solutions or collaborations in South Africa and other nations.

 

PROS CONS
Exness is known for its secure trading environment and competitive trading conditions There are some limitations in the range of tradable instruments
Exness is well-regulated by several entities
Supports the use of MetaTrader 4 and 5
Offers a choice between retail investor accounts

 

XM Group

XM Group is not only one of the largest forex and CFD brokers in the world but also the most versatile in its offering. With more than 1,000 financial instruments to trade across several financial markets, South African traders may find that XM Group can meet their trading objectives.

 

PROS CONS
Negative balance protection is applied to all retail accounts US clients are restricted from registering an account
There are several reliable payment methods for deposits and withdrawals There are no fixed spread accounts
The broker accepts all trading strategies There are inactivity fees applied to dormant accounts
Traders are given multilingual personal customer service
There are low spreads, low commissions, and fast trade executions offered

 

HotForex

HotForex is a worldwide CFD broker regulated by the Financial Services and Markets Authority (FSCA) and provides ZAR trading accounts. It offers a diverse variety of trading products, including Forex, commodities, indices, stocks, bonds, and ETFs.

 

PROS CONS
There are several retail investor and trading accounts to choose from Fixed spreads are not offered
The broker is well-regulated and has a high trust score There are limited base currency options
There are tight spreads and low commissions charged
The minimum deposits charged are low

 

Khwezi Trade

Khwezi Trade is a South African-based Straight Through Processing (STP) broker regulated by the FSCA. Khwezi Trade offers a wide range of tradable markets and trading software.

 

PROS CONS
Well-regulated by the FSCA US clients cannot register with Khwezi Trade
MetaTrader 4 is supported across devices There is a limited selection of account currencies
There is a dedicated account manager provided Limited funding options offered
Traders can access several trading tutorials and comprehensive market analysis

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

Remember, Forex is a high risk investing strategy and you could lose everything you put in. 

 

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