PROS CONS
Well regulated by the Financial Sector Conduct Authority (FSCA) and Licensed OTC provider Limited account currency options
Trading tutorials and other educational materials are provided Limited funding options
Decent maximum leverage ratio offered Individual stock trading is not supported
There is a dedicated account manager provided
Traders can trade financial instruments through MetaTrader
Traders have a choice between retail investor accounts and flexible funding options including bank transfer, credit card, debit card, and others
PROS CONS
Ultra-low minimum deposit of $1 The cent account does not offer the lowest spreads
User-friendly trading platforms are supported Inactivity fees are charged on dormant accounts
Offers a range of advanced trading tools and educational resources
Demo account provided
Dedicated customer services offered in several languages across
Offers a wide range of assets
PROS CONS
Well-regulated broker with authorisation through several regulatory entities There is a high minimum initial deposit required to start trading
Automated trading is supported
Offers a wide range of assets
Offers dedicated customer services
Offers a spread-free ECN retail trading account
Offers leverage up to 1:500
PROS CONS
Multi-award-winning and multi-regulated forex broker Variable spreads are not offered
Offers a wide range of assets There is a high inactivity fee applied
Supports the use of MetaTrader and offers a proprietary platform
Supports social trading platforms
Accepts any trading style and trading strategy
Offers advanced trading tools including technical analysis, fundamental analysis, and others
PROS CONS
Well-regulated South African broker There is a limited selection of forex pairs that can be traded
Offers a high maximum leverage ratio
Accounts are fitted with negative balance protection
Offers ZAR base currency account options to South African traders
Supports the use of powerful trading platforms
Offers educational resources and advanced trading tools
PROS CONS
Features a proven trade execution score The proprietary forex trading platform can prove to be complex for beginner traders
Offers a wide range of tradable financial markets
An economic calendar is provided
Provides several research reports and pivot point analysis, popular amongst experienced traders
Supports the use of MetaTrader and NinjaTrader
Well-regulated and trusted trading provider
PROS CONS
There are no added broker fees charged The leverage model is dynamic and subject to change
Features some of the lowest spreads in the industry
Well-regulated and trusted broker with a proven history and good reputation
High maximum leverage provided
Offers traders a trade assistant to help their trading decisions
Traders can use algorithmic trading strategies
PROS CONS
High maximum leverage is offered The social trading network is underdeveloped
Well-regulated by reputable regulatory bodies There is a high minimum deposit requirement
Offers automated trading through ZuluTrade
There are several trading bonuses offered
Traders can use different forex trading signals
Offers more than 60 tradable forex pairs
PROS CONS
Offers 24/7 multilingual and dedicated customer support Inactivity fees are charged
Well-regulated by several regulatory entities
Offers technical analysis and several other advanced trading tools
Provides one of the best mobile apps and a powerful desktop trading application
Advance trading solutions are offered to beginner traders and professional investors
PROS CONS
Globally recognised broker with strict regulation with major regulators, ensuring the safety of client funds in segregated accounts There is a limited selection of financial markets available
Negative balance protection is automatically applied to retail accounts Rollover fees are not transparent
There is a high maximum leverage ratio provided
Offers a demo account and Islamic accounts for Muslim traders
Offers competitive trading conditions to professional and novice traders
Ultra-low minimum deposits charged on all account types

Depositing with a forex broker is simple. Once you have registered a live account and it has been verified, you can choose between local bank transfers, credit/debit cards, online payment solutions, crypto transfers, or online payment solutions.

Yes, if the market moves against your position, you could lose your entire investment and your account could go into a negative.

You can visit the official website of the market regulator and search for the broker’s license number online.

Yes, forex trading is a legal activity in South Africa.

You must consider the margin requirements, commissions and fees, support for trading platforms, and several other factors.