HFM (HotForex): the best broker overall for beginners. With a local South African support team, HFM is a better choice than many other international brokers for beginning South African traders who will need help getting started. The best broker for beginners in South Africa is Interactive Brokers. Both the mobile and web versions are easy to use.
Although IG Markets is a UK-based broker, it is one of the top names in South Africa's trading platforms. To determine the FSCA's best South African currency broker, the team compared the fees, platforms and features that most affect currency trading. Compare the best Forex Broker choice to find the best CFD broker with the lowest fixed spreads is the international broker AvaTrade. The Brokers interactive trading platform is a powerful and flexible solution for novice and professional traders.
The commission-free trading feature, along with a robust range of trading platforms and improved execution speed, make FXCM the best no-commission forex broker. This regulator works to protect South African investors, including currency traders, and has powers to enforce their jurisdictions. The headquarters of FxPro is located in the United Kingdom and has offices around the world, without dealing desks, allowing fast execution speed and a low level of intermediation for automated operations. Forex brokers that do not have a dealing desk have the advantage of offering direct access to the market and a transparent way of trading.
Foreign exchange (currency) trading in South Africa, which was already popular, became even stronger after the start of the COVID-19 pandemic, as a potentially lucrative practice that could be carried out from home. IG is the best South African forex broker among all the brokers that are regulated in South Africa and accept South African residents. South Africa is a hub for foreign exchange trading with local regulation by the Financial Services Conduct Authority. Used by millions of traders around the world, eToro is the world's largest social trading broker and is preferred among residents of South Africa because of its copy trading feature.
It's common for top brokers to have educational materials to improve their risk management or trading skills. Here are some important factors to consider when choosing the best online trading platforms in South Africa.
