Below shows part of the forex broker comparison table for South African brokers.
Justin Grossbard, a co-owner of Compare Forex Brokers, explains that “Pepperstone for the second year in a row was determined as the best forex broker for South Africa traders.” He explained that “Pepperstone was the clear winner based on their low brokerage with market-based spreads and low commission accounts.” Pepperstone also provides traders with three of the most popular forex trading platforms, MetaTrader 4, MetaTrader 5 and cTrader. Other key features include leverage up to 500:1, award-winning customer service and fast execution speeds. Pepperstone is in the process of obtaining FSCA regulation too, with an application submitted in 2018.
Other forex brokers that made the South African shortlist include FxPro, ForexTime, IG and Plus500. Each of these brokers are FSCA regulated with some having unique benefits from guaranteed stop-loss orders, ZAR accounts to low minimum deposits.
Forex trading In South Africa
South Africa has the 23rd-highest over-the-counter foreign exchange turnover amount globally based on BIS figures from April 2019. This equates to over USD $20 billion being exchanged within South Africa daily, clearly making it the forex hub of Africa. While the popularity of forex trading continues to increase it's important for all traders to understand the risks associated with leverage products. This can include losing more than your initial deposit. Therefore, it is highly recommended to first try forex trading using a demo account to learn about the risks associated with derivatives trading prior to trading real money.
