First, we narrowed the list and chose those brokers active in the South African market that were reputable and licensed. In Africa, if you want to trade profitably you must check the list of best forex brokers in south Africa and choose from those.
Then, we opened accounts with each broker and looked at a variety of factors, such as the minimum deposit, trading costs (such as the typical average spread for popular instruments, commissions, and fees on deposits and withdrawals), the maximum leverage, the convenience of the trading platform (both mobile and desktop), the simplicity of withdrawals, and technical support. We even take into account the real user evaluations and trader ratings.
1.BDSwiss
BDSwiss is a well-known forex broker that was established in Zurich in 2012. They are subject to FSC and FSA regulation. With their Classic account, BDSwiss has an average spread of 1.6 pips for EUR/USD. However, the spread with a Raw Account is extremely competitive, at 0.3 pip on average. With their Classic account, BDSwiss has an average spread of 1.6 pips for EUR/USD.
However, the spread for a Raw Account is extremely reasonable at 0.3 pip on average (plus a $5 commission for each regular lot of Forex). Additionally, they provide CFD trading on 20 Cryptocurrencies, Gold, and well-known indexes like the NASDAQ at affordable rates.
Several account kinds with many features, such as negative balance protection, are available. They provide ZAR base currency accounts for traders in South Africa, and you can also select USD, EUR, or GBP as your account currency.
For both Classic Account and Premium Accounts, the minimum deposit is $100. However, compared to other brokers, the minimum financing requirements for VIP and Raw accounts are substantially higher at $3,000 and $5,000, respectively. However, these account types have significantly reduced overall trading fees. All transaction methods at BDSwiss do not incur any additional fees for deposits. However, BDSwiss levies penalties for inactivity and withdrawals below the minimum that are made through wire transfers and other means other than credit cards. In South Africa, there is also no local Internet banking (EFT) option for funding or withdrawals.
We discovered BDSwiss’s support to be solid during our investigation. They are reachable by phone, email, and live chat. However, they currently do not have a local phone number in South Africa.
2. Interactive Brokers
In the world of investing, Interactive Brokers is well-known. With support for more than 100 pairings, the platform provides a very thorough forex trading platform. The fact that this service is the top forex broker in South Africa for institutional investors may be the most significant factor. The eToro and FxPro are the best forex trading platforms uk which are totally legitimate and perfectionist.
Because Interactive Brokers is a real ECN supplier, this is the case. Because of this, consumers will have access to interbank exchange rates, which in turn provide competitive spreads everywhere. This often only results in a spread of 1/100 of a pip. Depending on the 30-day volume, trading commissions range from 0.08 to 0.2 basis percentage points (bps). The platform of Interactive Brokers offers high levels of liquidity, which is another factor in the choice. We also appreciate how sophisticated the Interactive Brokers platform is.
This gives customers the best chance at accurately predicting the direction of the currency markets by providing a wide range of advanced tools. There are, for instance, real-time pricing feeds, screeners, customisable charts, technical and economic indicators, sketching tools, and more. Additionally, Interactive Brokers provides traders with unique order types so they can enter and exit a position as they see fit. Finally, Interactive Brokers does not have a minimum deposit requirement.
3. Axi
Only MT4 trading platform users that want an ECN broker with excellent trading tools but aren’t overly concerned with trading shares. For three reasons, Axi, formerly known as AxiTrader, stands out: First off, this broker only supports MT4, so if you prefer another trading platform, you can go elsewhere. Instead of all that Tickmil, Avatrade and pepperstone is top of list forex trading platforms uk provide advanced services to his clients,
For three reasons, Axi, formerly known as AxiTrader, stands out: First off, it’s an MT4-only broker, so you can stop looking if you want to use any other trading platform. Second, it’s an ECN broker with affordable costs, no need for a minimum deposit, and two straightforward accounts—one with commission and the other without.
And finally, it has a great selection of trading tools that it gives away without charge to its customers. Although the MT4-only rule may appear to be a disadvantage, Axi can concentrate on making its MT4 trading process as profitable as possible. This incorporates the advanced sentiment indicator, correlation trader, and automatic trade diary features of Axi’s MT4 NexGen plugin.
The costs for its accounts are also lower than the industry average, despite not being the lowest currently offered. Particularly the Pro Account offers good value, with spreads on the EUR/USD averaging 0.1 pip and a 7 USD cost. Both new and seasoned traders will value Axi’s selection of potent and cost-free trading tools, including as Autochartist, MyFxbook, and PsyQuation. Three of the most well-known copy-trading platforms in the market are MyFxBook, Autochartist, and PsyQuation. PsyQuation is an AI trade diagnostic that enables traders to learn from their mistakes.
