Plus500 is one of the most popular forex brokers operating around the world, including several African markets. Plus500 is known for offering an award-winning patented trading platform that connects traders to several markets. Even if you choose the perfect online broker for Forex trading in South Africa, it won't do any good if you can't use your personal bank account to deposit funds. You should also know the trading conditions and rules offered by a certain broker for trading Forex.
While forex brokers may seem similar, they are quite different once you dig a little deeper, and account conditions will vary for residents of South Africa. The first fundamental step before finding and selecting any foreign exchange brokerage agency in South Africa is to identify and define your requirements and needs. The main advantage of trading with an FSCA regulated broker in South Africa is the local protection of your trading account. FXCM is a well-established and regulated STP currency broker that offers comprehensive solutions to traders around the world, including South Africa.
And if you can't resolve a complaint with your broker, the local national regulator or the regulator of the country where your broker is located can help you resolve your case or, in the extraordinary case of a broker's bankruptcy, help you recover your funds. With dozens of forex brokers available on the South African market, choosing the best option can be a big challenge. While international brokers accept clients from most countries, trading conditions and regulatory oversight may be different for South African traders. XM offers ZAR accounts to South African traders, in addition to offering transparent trading fees, a loyalty program, a deposit bonus and access to a wide range of currency pairs that can be traded on the foreign exchange market, among other financial markets.
If you're a beginner and want to trade Forex in South Africa, consider choosing any of the brokerage agencies mentioned in the table below.