We have tested the most important and most promising forex brokers and examined every detail to offer our readers a critical assessment of their performance. There are a couple of things to think about when choosing a broker, which is why we’ve tied our test reports to appropriate criteria.
In comparison, the broker concluded easyMarkets best and convinced with many advantages.
The following table contains a summary of all brokers with whom we’ve already gained experience. With one click you’ll view our experience report on the respective provider.
Best Forex Brokers South Africa
|Forex Broker||Minimum Deposit||Trust||Rating||Visit Site|
|Sign Up EasyMarkets SA|
|Sign Up XM South Africa|
|Sign Up FXTM South Africa|
|Sign Up Avatrade South Africa|
Choosing a Forex Broker
When choosing your broker in South Africa, pay attention to the following points in order to find the best broker for Forex trading. Those who choose a good broker can successfully trade currencies and forex in the long run.
Brokers are your interface through which you as a personal investor can actively participate in trading currencies and currency pairs. With a deposit at a broker you’ve got direct access to the market and obtain the prospect to back rising or falling rates of a currency.
Leverage is crucial when trading currencies. The exchange rates of the currencies change within each day only in the last decimal places. The larger profits can only be generated with increased capital.
With a high leverage, however, the capital is additionally increased, but on the part of the broker. The customer doesn’t need to make a large deposit. The profit (or loss) then stays with the trader. The trading principle of forex trading is essentially very simple when traders know what to do and how.
Forex broker test reports
In order to make a particular structure clear and to make it easier for you to follow our thoughts and our approach. We have decided to follow a particular structure altogether of our test reports. The sector reports basically follow the subsequent pattern:
Before we devote ourselves to the “inner values” of a broker, we at OnlineForexTrading.co.za naturally attach particular importance to seriousness and reliability. We have therefore thoroughly examined all forex brokers and made a so-called background check.
Above all, we glance at the corporate or company from which the provider originates. We enter details like the owner and say especially how long this provider has been on the market and the way much he had to try to with financial instruments beforehand. From this you’ll basically already see what proportion experience a forex broker has in its field and the way reliable it is.
Further inquiries are being made regarding the seriousness. The OnlineForexTrading.co.za page takes special care to make sure that all readers have an objective check out the broker. Therefore, additionally to the background of the corporate, we also check out the many different regulations and licensing. We check in which country there’s a license and since when this has been the case.
We also take an in depth check out what the forex broker says about the legal situation and the way they react to it.
Customer opinions about the forex broker
There are always black sheep in the world of forex trading. Finding this out isn’t particularly easy for beginners and newbies. We would like to point out whether a broker is a scam or not. that is why we take to heart in our critical tests the opinions and reviews that we can find on the World Wide Web.
This is not always particularly easy, since a differentiation should be made here. On the one hand, customers with a negative experience are more inclined to vent their displeasure on the web and express themselves a few providers than those that had no problems with a specific retailer.
In their reviews addressed on to a broker, they really don’t complain about the provider as such, but more about the trading principle of forex trading.
In the section “Broker Support within the Test” we always briefly present the support options of the respective broker and say what to consider the overall selection of contact options.
As it should be for a sufficient test, we might in fact also wish to have our own experience with the support. That’s why we expect about several test questions during our broker tests, with which we approach the support at different times. The answers are rated in terms of reaction time, quality and friendliness. So, our own support experiences can become a part of the tests.
The offer of the forex broker
An essential a part of our tests and experiences consists of presenting the offers exactly and explaining what a Forex broker can score with.
The first look goes after the essential seriousness check on all possible Forex trading types. Since the principle of forex trading is quite limited, we’ll also enter different account types here. These, in turn, are usually achieved with a better deposit and may bring very different advantages. for instance, a VIP account with a broker increases the amount of tradable underlyings. Differences in trading costs, margins and spreads also are not uncommon.
One of the foremost important parameters when trading currency pairs is that the maximum leverage. This is often usually offered on a minimum of one among the quality currency pairs. These include EUR / USD and GBP / EUR, among others. Here the leverage is highest, which suggests that each euro that’s used are often traded in multiples within the end. The required maximum leverage of 30: 1 means with a customer deposit of 333.33 euros, 10,000 euros are often traded on the market. This makes it possible that changes within the last decimal places of a price may end in profits or losses for personal investors.
The legislator has set the utmost leverage at 30: 1. the subsequent table shows which leverage applies to which underlyings:
|Products||Maximum leverage||additional margin for private investors|
|Major FX pairs||30: 1||14x|
|Major Indices Minor FX Pairs Gold||20:01||5x|
|Commodities Minor Indices||10:01||10x|
We would wish to means that these levers don’t apply to all or any currency pairs. If you would like to trade your favorite pair, determine how high the leverage is on the broker’s website before registering.
A higher maximum leverage doesn’t have to mean that the broker is additionally better. It is true that larger profits are often achieved faster with a higher leverage. However, traders slide just as quickly into the red, from which they then need to fight their way out again. So, choose a broker who offers a maximum leverage that suits your trading preferences.
Usually brokers provide their customers with their own trading systems. Depending on the provider, these are either available for download or are often used directly in the browser. The latter is the most typical method of trading.
The advantage is that customers only need an online connection and a computer to trade currencies. Traders can easily trade online from anywhere within the world. Many broker sites also are accessible for mobile devices, so that trading from a smartphone or tablet on the go is easy.
We at OnlineForexTrading.co.za would really like to advise newbies against trading via mobile devices. This also includes the apps, which are often provided freed from charge by larger brokers. Usually the screen of mobile devices is just too small to get a thought of the price developments and charts. Therefore, problems can arise here, which might become losses.
Deposit and withdrawal
The point of deposit and withdrawal naturally belongs to a particular extent to the sub-point of seriousness. Only a broker who has no fraudulent intent and for whom the customer’s welfare is within the foreground will endeavor to dutifully make payouts within a suitable time-frame.
What is also important with reference to deposits and withdrawals is that the point of deposit options and, accordingly, also the payout opportunities. Online services are usually offered additionally to mastercard and bank transfer payments. This includes Skrill and Neteller especially, which are represented almost everywhere. To our regret, PayPal is a smaller amount common.
When making withdrawals, customers must concentrate to any fees and costs which will arise per withdrawal. The simplest brokers offer a minimum of one payout per month completely freed from charge. Anyone who can handle their money and deposits well should be ready to deal with them.
Bonus and special promotions
In order to lure new customers, Forex brokers plan to draw attention to themselves with special promotions. These often have the content that a particular bonus is guaranteed on the primary deposit. For instance, if a replacement customer registers and needs to form use of the one hundred pc bonus with an initial deposit of 100 euros, they will enter the market directly with 200 euros. However, the bonus conditions on which this deal is predicated must be observed. They state that the bonus amount must be converted by a particular amount before a withdrawal are often made. In most cases the quantity must be wagered a minimum of 20 times, which seems fundamentally difficult. So, think twice about whether you would like to simply accept a bonus offer or rather decline it.
For beginners, we have also selected forex brokers without a deposit. These are worthwhile to get started with Forex trading and to try out trading without risk.
Traders can only actively trade with a broker if they have made a particular minimum deposit. This can be different for each broker. In most cases, participation is possible with a minimum deposit of around 100 euros. However, we might like to point out that you simply should only bet with around 5% of the entire capital per position. This results in 5 euros in this case, which does not appear to be much. In our professional opinion, you’ll only trade sensibly with start-up capital of a minimum of 500 euros.