Traders Union (TU) analysts have prepared a comparative analysis of the best brokers South Africa in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from South Africa to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers South Africa by TU include the following:
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
Forex4you is an all-in-one broker for active and passive trading, rates well for both novice traders and professional level traders.
ForexMart is a broker for those who value a wide range of trading instruments as well as quick support. This company is a good choice for both new and experienced traders who work from PCs and smartphones.
Best forex brokers for beginners in South Africa in 2024
| RoboForex | Exness | FBS | Forex4you | ForexMart | |
|---|---|---|---|---|---|
Trading platform |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
MetaTrader 4, MetaTrader 5, FBS Trader |
МТ4, Forex4you, МТ5 |
MT4 |
Min deposit |
$10 |
$10 |
$1 |
$0 |
$1 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:10 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 1.0 points |
From 0.2 points |
From 0.1 points |
From 0.0 points |
Level of margin call / stop out |
60% / 40% |
0% / 60% |
40% / 20% |
100% / 20% |
30% / 10% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
$5 |
No |
$150 |
Cent accounts |
Yes |
No |
Yes |
Yes |
Yes |
There are certain specifics in trading, which novice traders residing in the territory of South Africa need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in South Africa - RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 Advantages of trading with RoboForex for traders from South Africa:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from South Africa:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
RoboForex Commissions & Fees for traders from South Africa
RoboForex charges trading fees. The fees are charged as the spread. In the fees review for traders from South Africa, you can learn about their rates depending on the account type.
RoboForex Commissions and Fees in South Africa
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Pro |
$13 |
No |
Pro-Cent |
$13 |
No |
ECN |
$3 |
No |
Prime |
$1 |
No |
2
Best Forex broker for beginners in South Africa - Exness
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 Advantages of trading with Exness for traders from South Africa:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from South Africa:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
Exness Commissions & Fees for traders from South Africa
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from South Africa, you can learn about their rates depending on the account type.
Exness Commissions and Fees in South Africa
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard Cent |
$0.3 |
No |
Standard |
$3 |
No |
Standard Plus |
$10 |
No |
Raw Spread |
$0 |
No |
Zero |
$0 |
No |
Pro |
$1 |
No |
3
Best Forex broker for beginners in South Africa - FBS
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
👍 Advantages of trading with FBS for traders from South Africa:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from South Africa:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
FBS Commissions & Fees for traders from South Africa
FBS charges trading fees. The fees are charged as the spread. In the fees review for traders from South Africa, you can learn about their rates depending on the account type.
FBS Commissions and Fees in South Africa
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $1.7 |
No |
Cent |
From $1.3 |
No |
4
Best Forex broker for beginners in South Africa - Forex4you
The broker Forex4you started in 2007. The company provides a full range of active and passive trading services in the Forex market. The company runs its operations in the British Virgin Islands, under the license BVI FSC (license number SIBA/L/12/1027). Forex4you is committed to responsibility and professionalism. In 2018, according to Le Fonti, the company was awarded the ‘Best Broker’ which is the highest award achievable, and prior to this it has consistently won and received nominations for awards including ‘Forex Broker of the Year’ and ‘Best Service Quality’ nomination. Read more about Forex4You Available Countries.
👍 Advantages of trading with Forex4you for traders from South Africa:
•best trading conditions for novice traders;
•no trading restrictions on scalping and algorithmic trading;
•the possibility of passive income - social trading platform Share4you;
•the broker has an insurance for $10 million on a contingency basis;
•there are cent accounts with a minimum transaction amount of 2 cents.
•customer support responds to customer inquiries within 8 hours, even on weekends.
👎 Disadvantages of Forex4you for traders from South Africa:
•Relatively high fixed fees on Pro accounts.
•Traders from the U.S, Canada, Japan, and EU countries cannot use services of the broker.
Forex4you Commissions & Fees for traders from South Africa
Forex4you charges trading fees. The fees are charged as the spread. In the fees review for traders from South Africa, you can learn about their rates depending on the account type.
Forex4you Commissions and Fees in South Africa
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Cent Fixed |
from $0.2 |
Yes |
Cent Pro |
From $0.01 |
Yes |
Classic Fixed |
From $20 |
Yes |
Classic Pro |
From $1 |
Yes |
Classic Standard |
from $9 |
Yes |
5
Best Forex broker for beginners in South Africa - ForexMart
ForexMart is a company that operates globally, except for the United States, North Korea, Myanmar, Sudan, and Syria. The company is part of the TradoMart Ltd group. It was registered in 2015 in Cyprus, is regulated by the Cyprus Securities and Exchange Commission (CySEC, 266/15), and is a member of the European Securities and Markets Authority (ESMA). This broker provides clients with access to Forex currencies and other trading instruments such as futures contracts for stocks and precious metals.
Over the years, ForexMart has won many awards including “The Best New Broker in Europe 2016” from the International Financial Journal (IFM). A year earlier, ForexMart was named “The Most Promising Broker in Asia”, according to ShowFx World.
👍 Advantages of trading with ForexMart for traders from South Africa:
•a diverse range of over 100 trading instruments. In addition to Forex currency, clients can use cryptocurrencies, as well as futures contracts for metals and stocks;
•the company’s official website contains a wealth of useful trading tips and educational materials.
•interesting partner programs for those looking to make extra money, as well as the option to invest in auto-copy trading.
👎 Disadvantages of ForexMart for traders from South Africa:
•customer service is available 24/5;
•not suitable for scalping;
•few investment opportunities;
•no MT5 platform;
•a small set of analytical tools in comparison with some of its competitors;
•no PAMM accounts;
•not all trading advisors work stably.
ForexMart Commissions & Fees for traders from South Africa
ForexMart charges trading fees. The fees are charged as the spread. In the fees review for traders from South Africa, you can learn about their rates depending on the account type.
ForexMart Commissions and Fees in South Africa
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Zero Spread |
From $0 |
No |
Classic |
From $10 |
No |
Cents |
From $10 |
No |
Pro |
From $6 |
No |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in South Africa, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from South Africa, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from South Africa
| RoboForex | Exness | FBS | Forex4you | ForexMart | |
|---|---|---|---|---|---|
Overall score |
8.61 |
7.58 |
8.28 |
7.44 |
6.23 |
Execution of orders |
8.95 |
9.6 |
9.5 |
8.65 |
2.93 |
Investment instruments |
8.2 |
8.79 |
6.96 |
6.1 |
6.91 |
Withdrawal speed |
9.71 |
8.79 |
9.57 |
6.4 |
8.14 |
Customer Support work |
9.17 |
9.29 |
7.58 |
8.5 |
5.98 |
Variety of instruments |
8.75 |
8.02 |
7.02 |
5.77 |
6.72 |
Trading platform |
6.86 |
1 |
9.03 |
9.22 |
6.7 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker South Africa?
According to the requirements of country South Africa, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from South Africa.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from South Africa.
Best Forex Brokers for Beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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