South Africa is one of the most developed countries in Africa and has long embraced the opportunity of trading in the forex market. What are the best brokers for South African traders?
The government of South Africa established the Financial Sector Conduct Authority (FSCA) to oversee the South African non-banking financial services industry.
The FSCA is an independent institution established over twenty years ago and has since become a reliable regulatory body for South African forex brokers. Of course, the best South African forex brokers must hold a license issued by FSCA.
Some popular brokers that adhere to the rules and are regulated by FSCA include:
- FBS broker: Regulated by FSCA with license number of 50885, headquarters in Cape Town, ZAR account avaliable.
- Exness: ZAR accounts are available, regulated by FSCA 51024, and have headquarters in South Africa.
- AvaTrade: FSCA regulated under license number 45984, South African headquarters available. ZAR Accounts are not available, as well as deposits and withdrawals.
- Tickmill: FSCA regulated under license number 49464. Not supporting ZAR account-based currency, deposit, and withdrawal. No South African Headquarters.
- FXTM: Regulated by FSCA with license number 46614, no headquarters in South Africa, ZAR account not available.
- Axi: ZAR account available, as well as deposit and withdrawal. South Africa headquarters is available. Not regulated by the FSCA.
- XM Broker: ZAR base currency. South Africa headquarters is available. Not regulated by the FSCA.
Those popular brokers can be a good option for South African traders. For more information, let's move on to the next part.
See Also: Broker Bonus, Promotion, and Contest: Based on Country
FBS
- ZAR Allowed: Yes, for account currency, deposit, and withdrawal.
- FSCA License Number: 50885.
- Languages: English, Deutsch, Spanish, French, Italian, Portuguese, Indonesian, Malay, Tagalog, Thailand, and many more.
- Office in South Africa: Cape Town, South Africa.
- ZAR Deposit and Withdrawal: Available in Sticpay.
- South African Customer Service: None.
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None.
FBS broker offers a range of features tailored to South African traders. With a license number 50885 from the Financial Sector Conduct Authority (FSCA), FBS provides a secure trading environment. Traders can opt for ZAR as their base currency account during signup, and both ZAR deposits and withdrawals are available.
South African traders can conveniently withdraw funds to local banks. FBS's South African headquarters is in Cape Town, ensuring a local presence. The platform is accessible in English, and payment options are diverse, encompassing various local banks that support ZAR transactions.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by FSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
FBS spread begins from 0.5 pips for Pro account type and from 0.7 pips for Standard and Cent accounts. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading instruments: 36 Forex pairs, 8 metals, 3 energies, 11 indices, 127 stocks, 5 crypto pairs.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of FSCing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
Exness
- ZAR Allowed: Yes as a base currency.
- FSCA License Number: 51024.
- Languages: Kiswahili, English, Chinese, French, Bahasa Indonesia, Spanish, and many more.
- Office in South Africa: Gauteng, South Africa.
- ZAR Deposit and Withdrawal: Available through Sticpay, Perfect Money, and Fasapay.
- South African Customer Service: None.
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None
Exness is equipped with ZAR base currency accounts, allowing South African clients to transact conveniently in their local currency. The FSCA regulates the broker with a license number of 51024, ensuring compliance with relevant financial regulations in South Africa.
Notably, Exness has its headquarters in Gauteng, South Africa, further solidifying its commitment to serving the local market. This broker allows opening a ZAR base currency account and depositing and withdrawing. Exness provides Ozow as a deposit and withdrawal method for South African traders.
For local payment, Exness allows traders to make deposits and withdrawals through online banking and Capitec Pay. For better information, check out the table below.
For deposits:
| 💳Payment System | ⌛ Processing Time | 🕓 Availability | 💵 Minimum Amount | 💵Maximum Amount | ⛔ Deposit limit Daily/Weekly/Monthly |
| Internet banking | Up to 30 minutes | 24/7 | $10 | $24,000 | ❌ |
| Capitec Pay #1 | Up to 30 minutes | 24/7 | $10 | $50,000 | ❌ |
| Capitec Pay #2 | Up to 30 minutes | 24/7 | $10 | $26,000 | ❌ |
For withdrawals:
| 💳Payment System | ⌛ Processing Time | 🕓 Availability | 💵 Minimum Amount | 💵Maximum Amount | ⛔ Deposit limit Daily/Weekly/Monthly |
| Internet banking | Up to 72 hours | 24/7 | $4 | $12,500 | ❌ |
| Capitec Pay #1 | ❌ | ❌ | ❌ | ❌ | ❌ |
| Capitec Pay #2 | ❌ | ❌ | ❌ | ❌ | ❌ |
The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.
Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.
Not only that, but traders can also enjoy other advantages such as automatic fund withdrawals. Exness processes the majority of client withdrawals instantly, without manual checks; however, withdrawals may be subject tos depending on the payment provider or method of choice.
The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.
Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.
Traders do not need to worry about transaction fees when depositing and withdrawing. Exness doesn't charge any transaction fees to traders even though some charges may be incurred depending on the payment provider of choice. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.
The financial reports and metrics on the Exness website are audited quarterly by Deloitte, one of the four largest public accounting firms globally.
Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.
The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.
Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.
One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.
Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.
Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.
When trading with Exness, clients can also make use of its free VPS hosting services. A VPS (Virtual Private Server) offers increased reliability and stability for traders as they can maintain their trades and expert advisors without interruption in the event of unexpected technical issues, such as internet or electricity downtime.
From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.
AvaTrade
- ZAR Allowed: Does not offer ZAR currency account.
- FSCA License Number: 45984.
- Languages: English, Dutch, French, Turkish, Portuguese, Indonesian, Malay, and many more.
- Office in South Africa: Johannesburg, South Africa.
- ZAR Deposit and Withdrawal: Available through Ozow.
- South African Customer Service: None.
- Webinars for South African Traders: None, but courses available.
- Bonus and Promotions for South African Traders: None.
AvaTrade is a regulated forex broker, with its operations overseen by the FSCA under license number 45984. The broker maintains its headquarters in Johannesburg, South Africa, reflecting its commitment to serving the local market.
However, it's important to note that AvaTrade does not offer ZAR accounts, meaning South African clients may not be able to transact directly in their local currency.
Additionally, the broker does not support deposits and withdrawals in ZAR, which could be a consideration for traders looking for a seamless and cost-effective transaction experience. However, AvaTrade allows South African traders to transfer via Ozouw, which is available in their country.
Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.
AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.
In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.
Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.
The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.
Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.
In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).
Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.
With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).
AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.
New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.
There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.
If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.
Tickmill
- ZAR Allowed: Zar base currency available.
- FSCA License Number: 49464.
- Languages: Deutsch, English, Espanyol, French, Italian, Portuguese, Indonesian, Malay, Tagalog, Thailand, and many more.
- Office in South Africa: None.
- ZAR Deposit and Withdrawal: Available in South African local banks.
- South African Customer Service: None.
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None.
Tickmill is a brokerage firm operating in South Africa and is regulated by the FSCA under license number 49464. Despite being regulated in the country, Tickmill does not support accounts denominated in ZAR as the base currency. That said, Tickmill provides options to deposit and withdraw through South African local banks.
Furthermore, it is worth noting that Tickmill does not have a physical headquarters located in South Africa. As a result, traders in the region may need to consider alternative options if they specifically require ZAR-based accounts or prefer a broker with a local presence.
Tickmill is an award-winning global ECN broker, authorized and regulated by the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the FSA of Seychelles. Founded in 2014, it offers its retail and institutional clients various trading services with a prime focus on forex, stock, commodities, CFDs, and metals.
For traders who prioritize the value of spreads in broker selection, Tickmill provides excellent services with low spreads, starting from 0.0 pips.
The London-based company has a mission to provide clients with the best possible trading environment, so clients can focus on trading and become successful traders. One way to reach its mission is to offer a fast-execution of 0.15s. With this facility, it's no wonder that Tickmill gets the 2019 Best Forex Execution Broker award by the CFI.co Awards. Also, Tickmill received the achievement as Best CFD Broker Asia 2019 by International Business Magazine, the Best Forex Broker Asia, and the Most Transparent Broker 2019 by Forex Awards.
After registering in Tickmill, traders can choose the most ideal asset among 60 currency pairs that they can trade. If traders aren't sure yet to open a real account, Tickmill recommends learning to trade through a demo account.
There are also educational features such as Webinars, Seminars, Ebooks, and Video Tutorials. All of these facilities can be used by traders to increase knowledge about trading and the financial market as a whole. If traders already have enough knowledge, they have a greater opportunity for earning profit consistently.
For traders registered in real accounts, they can choose between provides three types of accounts, including Pro Account, Classic Account, and VIP Account. Traders can open positions with a minimum order of 0.01 Lots. This applies to all types of accounts.
The company provides recommendations for traders who are still confused when choosing an account. For example, for novice traders, Tickmill encourages clients to choose a Classic Account. It offers optimal conditions with fast order execution while enabling traders to use virtually any trading strategy. Additionally, the account is trade commission-free so traders only pay the bid/ask spread. Other than the 3 main accounts above, Tickmill also provides an Islamic account (swap-free).
The downside is, trading with Tickmill will only enable traders to use MetaTrader 4 as their offered trading platform. Although not much if compared to other brokers, the Tickmill platform provides a user-friendly and highly customizable interface, accompanied by sophisticated order management tools to help traders control positions quickly and efficiently.
The convenience of trading on Tickmill is enhanced by the existence of One-Click EA integrated on MT4. Traders will get Stop Loss and Take Profit calculations automatically. On top of that, Tickmill provides a VPS hosting for automated traders that can't be bothered with technical problems such as troublesome internet connection.
They offer several third-party research solutions, including Autochartist, which is a popular pattern-recognition software that uses automated technical analysis to make forecasts and generate trading signals. Autochartist is available both in Tickmill's web portal and as a platform plugin for MetaTrader 4.
As a Tickmill client, a trader can deposit and withdraw with a variety of payment methods, including Visa, Mastercard, bank transfer, and Skrill. Tickmill accepts deposits and withdrawals in 4 currencies, which include USD, EUR, GBP, and PLN.
Overall, Tickmill is a competitive broker in spreads and provides a safe trading environment with its regulated entities in three different jurisdictions. Although their trading platform is not outstanding, the analytical tools they present to equip traders' needs are considered by retail broker standards.
FXTM
- ZAR Allowed: No ZAR account currency.
- FSCA License Number: 46614.
- Languages: South African website available in English.
- Office in South Africa: None.
- ZAR Deposit and Withdrawal: Available in Africa Local Solution.
- South African Customer Service: Yes (+44 20 3734 1025).
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None.
FXTM is a regulated forex broker under the FSCA with a license number of 46614. While it operates in South Africa, it does not have headquarters there. Traders using FXTM can make deposits in ZAR with no fees attached.
However, it is essential to note that while deposits are free, withdrawals may incur a charge, for instance, a $1 fee for withdrawals in ZAR using specific payment methods. The broker supports deposits and withdrawals through Africa Local Solution banks, that allow ZAR currency.
FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.
Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614
FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.
As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.
As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.
For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.
Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.
FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.
Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.
Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.
Axi
- ZAR Allowed: Offer ZAR currency account.
- FSCA License Number: None.
- Languages: English, Korean, Italian, Indonesian, Malay, and many more.
- Office in South Africa: Sandton, South Africa.
- ZAR Deposit and Withdrawal: Available through Ozow and Sticpay.
- South African Customer Service: None.
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None.
Axi is a forex broker that offers ZAR accounts, allowing South African traders to conduct transactions in their local currency, which adds convenience and reduces currency conversion fees. The broker supports deposits and withdrawals in ZAR and ZAR account currency. This can be done through various methods, including Ozow and Sticpay, which are available in South Africa.
Moreover, Axi maintains its headquarters in Sandton, South Africa, demonstrating its commitment to serving the local market. However, it is essential to note that the FSCA does not regulate Axi. Instead, it operates as an offshore brokerage, allowing South African traders to open accounts with its international platform.
If traders are looking for brokers with elite class regulations, Axi can be the right choice. Axi is an Australian broker registered under ASIC and FCA. This is the main point because the two regulators are widely recognized to have strict regulations.
"Created by traders, and for traders" is a mission carried by Axi since its foundation in 2007. They continue to strive to accommodate the needs of traders. Axi had the strongest brand association with being "trustworthy" among current FX Traders in December 2014.
In addition, Axi also received other awards, including the most reliable Forex Broker 2017, Highest Overall Client Satisfaction Investment Trend 2017, Commenced back-office operations in Philippines, Cyprus & Singapore 2018, Best MT4 Broker 2018 by the UK Forex Awards, and the Most Trusted Forex Brokers by the 2018 Forex Forex Awards. With the various achievements that have been obtained, Axi seeks to build the confidence of traders from all over the world.
Traders can monitor the movements of spreads on Live Spreads, which are provided by Axi on its official website. These floating spreads are beneficial for traders when price volatility is not high.
In addition to spreads, the difference is also seen in the commission on each account. There is a commission of around USD7 for Pro Accounts, whereas, for Standard Accounts, traders do not need to spend funds for commission.
Meanwhile, the minimum trade size is 0.01 lots and leverage is up to 1:400. Traders can choose their deposit amount because Axi does not specify a minimum amount. Instead, traders have the opportunity to profit when trading on Axi with a 20% deposit bonus. Opportunities to open positions thus increase, accompanied by deposit bonuses that can be withdrawal easily and quickly.
There are around 80 currencies and CFDs traded on Axi. Besides, the company also offers traders looking for diversified investments in other assets like gold, silver, oil, and 11 indices. To attract the attention of traders from various countries, Axi also provides a variety of currencies that can be used by traders as base currency, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD.
Traders at Axi can enjoy free VPS provided by third parties by depositing a certain amount. The Virtual Hosting Service uses an external server to ensure the platform stays running 24 hours a day and prevents Downtime. Of course, this service is very useful for those who use Expert Advisors.
When trading forex, chart analysis becomes an unavoidable activity. Traders do not need to worry about that when trading with Axi. Because one of the advantages of the Axi broker is Autochartist signals. This facility is useful for following market movements precisely. For traders who use MT4 Standard Account and MT4 Pro Account, they will get Autochartist signals for free.
Besides being able to easily understand the pattern of price movements through Autochartist, Axi also provides easy access to sophisticated trading tools under the name of MT4 NexGen. The advantage of this platform is to find out trading sentiments, Market Insights, Correlation Traders, and Alarm Managers. With this technology, traders can easily access super-fast networks and can handle any high-frequency inflows to scalping.
Traders can also add knowledge about forex trading with the Webinar facility, which is provided by Axi for free. Professional traders and experienced analysts will provide traders with a variety of new trading knowledge in this education program.
Not only that, opening an account in Axi can lead to other experiences such as copying trading strategies from professional traders, with tools like as DupliTrade, Myfxbook, and ZuluTrade. Traders are free to copy trading strategies from professional traders and apply them to their own trade.
If there are still other questions, traders can contact Axi support that is active 24/5. Their staff comes from all over the world, so they got a global team that speaks traders' language from various countries in the world.
XM
- ZAR Allowed: Yes, as a base currency.
- FSCA License Number: No.
- Languages: English, Malay, French, German, Italian, Indonesian, and many more.
- Office in South Africa: Cape Town, South Africa.
- ZAR Deposit and Withdrawal: Available through African Bank, ABSA, First National Bank, Capitec Bank, Investec Bank, TymeBank, Ned Bank.
- South African Customer Service: None.
- Webinars for South African Traders: None.
- Bonus and Promotions for South African Traders: None
One of the notable features of teksXM broker/span> in South Africa is that it allows ZAR (South African Rand) as a base currency. This can be advantageous for local traders as it eliminates the need for currency conversion, simplifying transactions and potentially eliminating hidden cost.
However, it's important to know that XM in South Africa does not possess a specific FSCA (Financial Sector Conduct Authority) license number. However, XM has an office in South Africa, precisely in Cape Town. XM caters to a diverse audience by offering its services in multiple languages, including English, Malay, French, German, Italian, Indonesian, and many more.
In addition to offering deposit and withdrawal via credit and debit card, South African traders can also make payments through various local banks such as:
- African Bank
- Standard Bank
- ABSA
- First National Bank
- Capitec Bank
- Investec Bank
- TymeBank
- Ned Bank
XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.
Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.
XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.
XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.
In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, & Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.
Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip.
To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. Minimum deposit of $5 applies to Standard, Micro, and also Ultra-Low Accounts. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.
For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.
To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).
All in all, there is no doubt that XM has gone global with its deep commitment to providing services in more than 30 different languages across the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.
For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.
After Words
In conclusion, when searching for a broker in South Africa, it is crucial to consider several factors to make an informed decision. Firstly, look for brokers with headquarters in South Africa, as this can enhance transparency and customer support. Additionally, ensure the broker is regulated by the FSCA (Financial Sector Conduct Authority) to guarantee compliance with local financial laws and regulations, providing a layer of security for traders.
Finally, opt for a broker that allows transactions using ZAR, which facilitates convenient and cost-effective transactions in the local currency. While having all three factors is beneficial, it is essential to note that lacking one or two factors does not automatically make a broker bad. Some brokers may still offer valuable services and benefits without meeting all three criteria.
Therefore, it is essential to carefully assess the broker's overall reputation, customer reviews, and available services to find the most suitable option for individual trading needs.
To easily compare the abovementioned brokers, check out this comparison below:
| Brokers | FSCA Regulated | South African Headquarters | ZAR Transaction Available |
License number 50885 | ✔️ | Account currency: ✔️ Deposit and Withdrawal: ✔️ | |
License number 51024 | Gauteng, South Africa | Account currency: ✔️ Deposit and Withdrawal: ✔️ | |
License number 45984 | Johannesburg, South Africa | Account currency: ❌ Deposit and Withdrawal: ❌ | |
License number 49464 | ❌ | Account currency: ❌ Deposit and Withdrawal: ❌ | |
License number 46614 | ❌ | Account currency: ❌ Deposit and Withdrawal: ✔️ | |
| ❌ | Sandton, South Africa | Account currency: ✔️ Deposit and Withdrawal: ✔️ |
For the opportunity of trading in other regions, you may want to check Top Forex Brokers in Australia.
5 Comments
Nov 22 2023
Alright, according to the article, I discovered that South Africa provides numerous brokers, around 7 to be specific. The brokers highlighted in the article are highly reputable, and by following the link provided, I can access reviews for a more in-depth understanding. I'm grateful to the author for sharing information about brokers in South Africa, especially since I'll be relocating there in a few months.
Additionally, I noticed that brokers like Tickmill and XM, mentioned in the article, also support ZAR currency, which is the currency of South Africa. This raises a question for me—will I actually be trading in ZAR currency when I make deposits and engage in trading activities there? I would appreciate it if someone could provide an answer to this. Thanks.
Nov 25 2023
Hey there, you know, when they talk about accepting the local currency, it's mainly for the deposit part. So, even though you'll be trading in USD, the cool thing is you can just deposit using the local currency, like South Africa's Rand (ZAR). Let's say you're putting in some cash — just ask for it in ZAR, and bam, your deposit account gets loaded up with USD. It just makes the whole deposit thing a breeze.
Now, if the broker doesn't let you deposit in the local currency, it can get a bit sluggish, especially with bank transfers. But, here's the hack: if you go for other payment methods like e-wallets, the process is way smoother. From what I've seen, having the option to deposit in the local currency is a game-changer. It not only simplifies the whole deposit gig but also speeds things up, especially if your e-wallet automatically flips your cash to USD. Cool, right?
Nov 27 2023
Hey man, I reckon it's a good idea to reach out to the brokers directly for clarification on this. From what I've gathered, even if you throw in your cash in a local currency, your trading account usually gets tracked in the broker's base currency, often USD. They might convert your local currency deposits into USD at the current exchange rate to keep things consistent with account values.
On the flip side, trading in the local currency seems to make transactions smoother. No back-and-forth conversion hassle, and local currency transactions tend to get processed faster. The cool part is, you can dodge those currency conversion fees by depositing in your local currency. It's a money-saver, especially when you compare it to depositing in a different currency. But yeah, for the nitty-gritty details, it's probably best to shoot your questions over to the brokers themselves.
Jan 10 2024
Hey! Got a question about XM. Is XM legal in South Africa? 'Cause in the article, it mentioned that XM in South Africa doesn't have a specific license number from the FSCA (Financial Sector Conduct Authority). However, XM does have an office in South Africa, right in Cape Town.
So, the deal is, XM doesn't have the FSCA regulator number, but it's got a physical office there. Kinda confusing, huh? Is it normal to have an office but not the regulation number in a place?
Jan 12 2024
Hey there! It's kinda odd for a financial company to set up shop in a place without playing by the local financial rulebook. Usually, financial outfits need to follow the rules, get the right licenses, and do things by the book to stay on the right side of the law. When there's no FSCA license in the mix, it raises red flags about how legit their South Africa operations really are.
Now, here's the twist. In some countries, they might let brokers have an office if they're cool with general business regulations. These rules basically say, "Sure, you can set up shop here." But, it doesn't cover all the financial nitty-gritty. So, technically, it might be legal from a business angle, but in the bigger picture, it's not entirely legit without the full financial green light.