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BUSINESS NEWS - Forex trading can be an intimidating task and there are a lot of factors to consider when choosing a broker.
South African traders who are looking for some of the best regulated forex brokers can consult the list below.
FXTM
As a reputable and well-regulated ECN and STP broker, FXTM offers traders with access to more than 250 financial instruments along with the opportunity to start trading from $10, or R151.31 when registering a live trading account.
Pros and cons:
PROS | CONS |
Well-regulated | US clients not accepted |
Variety of tradable assets offered | |
Multiple account options available | |
Commission-free trading offered | |
Competitive trading conditions |
Exness
Exness is a well-regulated broker based in SVG, Cyprus, and the UK, offering South African traders with comprehensive trading solutions and a variety of financial instruments which can be traded from as little as $1 or R15.13.
Pros and cons:
PROS | CONS |
Strict regulation | US clients not accepted |
Negative balance protection offered | Accounts are not multi-currency |
MetaTrader 4 and MetaTrader 5 offered | |
Low minimum deposit requirement | |
Demo account and Islamic option offered |
Open a FREE Trading Account Here
AvaTrade
AvaTrade is a multi-award-winning, multi-asset and multi-regulated broker that has become quite popular. When using AvaTrade to facilitate trading, South Africans have access to a wide variety of financial instruments which can be traded through powerful trading platforms.
Pros and cons:
PROS | CONS |
Strict and multiple regulation | US clients not accepted |
Negative balance protection offered | Variable spreads not offered |
Fixed spreads and fast trade executions | Only one retail account offered |
Zero-commission trading offered | |
Variety of trading platforms provided |
XM
XM is a dynamic, regulated, and trusted broker which offers its solutions and services to South African traders. Traders have access to numerous financial markets, competitive trading conditions, a plethora of bonuses and promotions and reliable trading platforms.
Pros and cons:
PROS | CONS |
Reputable and well-regulated | US clients not accepted |
Award-winning and reputable broker | Fixed spread accounts not offered |
Tight spreads and low commission charges | |
Fast and reliable execution speeds | |
Hedging and scalping allowed |
FXCM
FXCM is a well-established and well-regulated broker which offers South African traders with a variety of forex and CFD instruments which can be traded. As a STP broker, FXCM obtains the best pricing from premium liquidity providers and with advanced trading technology, traders can expect some of the best trade execution speeds.
Pros and cons:
PROS | CONS |
Strict regulation | US, Ukraine, Turkey, and several other countries not accepted |
FSCS member | Spreads are not the tightest. |
Choice in trading platforms | |
Social trading supported | |
Advanced trading tools offered |
eToro
eToro is reputable in addition to being the leading online social trading platform. With eToro, South African traders have access to an array of financial instruments, competitive trading conditions, a large online community, ample access to social trading, and a reliable proprietary trading platform.
Pros and Cons:
PROS | CONS |
Strict and multiple regulation | US Clients not allowed |
Negative balance protection | Spreads are not the tightest |
Competitive trading conditions | |
Social trading opportunities | |
Large online trading community |
Open a FREE Trading Account Here
