Best Forex Brokers for Beginners in South Africa have been reviewed by Forex Brokers South Africa team. Finding the best Forex broker for beginners in South Africa is not easy. In this guide, you will learn how to find the Best Forex brokers for beginners South Africa.
Best Forex Brokers for Beginners in South Africa 2024
Currency trading also known as Forex or FX Trading is a great way to grow your capital over the medium to long term. To get started in the Forex world as beginner, the first step is to choose a reliable and best Forex broker for beginners in South Africa offering offering tools and resources to help newbie traders. The best Forex brokerage sites for beginners are listed below, most of the brokers featured all offer guides and educational resources to learn how to trade as well as free demo accounts so you can test and practice trading the markets with skills and virtual money.
Best Forex Brokers for Beginners South Africa
List of the best Forex brokers for beginners in South Africa
- eToro
- IQ Option
- XM
- BDSwiss
- AvaTrade
- Trading 212
- FxPro
eToro
eToro is the most intuitive best forex broker for beginners. eToro offers over 1,083 different instruments, including over 47 currency pairs. This forex broker for beginners also allows you to trade commodities, stocks and even crypto-currencies.
eToro’s online platform attracts thousands of new accounts every day as the world’s largest social trading network . Regarding trading strategy, eToro launched its social investment platform “OpenBook” in 2010, as well as the company’s “CopyTrading” function.
In 2010, eToro launched its first Android apps to allow investors to trade and trade on their mobile devices. This innovative platforms allows investors to automatically monitor, follow and copy the best traders in the network. The trading application is available on Android and IOs. eToro is ideal for novice traders as well as more experienced traders.
eToro also rewards its best traders, because apart from making money with their trading, traders can also get other traders to follow their activities. It is one of the only broker to earn additional income for sharing ideas with other traders.
Their platform is easy to learn and offers a free demo account. The eToro Demo Account allows you to test the platform and practice trading for free. Thus traders can practice trading without the risk associated with 100,000 USD of virtual money.
eToro is a multi-asset platform offering both equity and crypto-asset investments, as well as CFD trading assets.
Please note that CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You have to ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
Crypto assets are volatile instruments that can fluctuate considerably in a very short period of time and therefore are not suitable for all investors. Other than through CFDs, trading in crypto assets is unregulated and therefore not overseen by any EU regulatory framework.
IQ Option
IQ Option is one of the best brokers in the cryptocurrency trading market. This broker will be of interest to both novice traders and experienced traders who want to experiment with a newly developed trading scheme or method. IQ option has a completely free demo mode on Forex and CFDs and a minimum deposit of $ 10 which makes it even more accessible.
Withdrawals can be made via Visa, MasterCard or Maestro, WebMoney, Skrill and Neteller. Deposits are available using the same methods. Withdrawals are processed within 24 to 72 business hours.
The Forex markets are always on the move and offer interesting trading opportunities. IQ option gives traders the alternatives they need to always be able to find a market to trade.
The success of its model is illustrated by the fact that IQ Option is the fastest growing brokerage in Forex and CFDs. As of February 2016, it had 30 million active traders. It is also a winner of several awards and the Google Play ranking shows that its mobile app has been ranked as the best trading app in 26 countries.
(Protected CFD) you will never lose more than the amount invested.
77% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
XM
XM is one of the best Forex brokers for beginners in South Africa. XM broker provides a multi-asset solution to Forex and CFD traders around the world, offering over 50 currency pairs , over 20 indices and 1,000 stock CFDs , as well as over 60 ETFs and 21 CFDs. of the most popular commodities through its own xStation. platform suite and the MT4 and MT5 platform from MetaQuotes Software Corporation.
The Forex XM Broker was established in 2009 by Trading Point of Financial Instruments Ltd. This group is currently made up of interbank brokers. The XM has strong and efficient regulations. All Eurozone or EU countries benefit from special regulatory measures for gambling and trading websites. So, when it comes to the security of personal data and customer’s money, XM is one of the most suitable and recommended website.
But that’s not the only big and interesting asset of the XM platform. The website also has great customer support. Services are provided 24 hours a day and in 17 different languages, allowing any client, whether a beginner or a very good trader, to make an inquiry at any time and receive an answer to their question or request.
In addition, the XM website offers many trading options: Forex, CFDs on stocks, commodities, stock indices, precious metals, energies, cryptocurrencies, securities. The leverage here is also correct – 888: 1 (limited to 30: 1 for European clients) Be aware that currency options are also plentiful on the site – USD, EUR, GBP, JPY, CHF, AUD , etc.
78% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
BDSwiss
In fourth position on our top best forex broker, BDSwiss is one of the largest European Forex and CFD brokers; The company meets the most modern standards and offers quality services to traders of all skill levels.
BD Swiss is a licensed Forex broker offering MetaTrader4 accounts. It now offers an interesting offer for trading CFDs and crypto currencies. With no less than 90 currency pairs and over 250 underlying assets for CFD trading . Investors can choose to use their platform and start with a free demo account worth $ 10,000 to practice trading.
You can trade CFDs or currencies with BDSwiss and it is easy to place a trade on this sites. The site also offers the possibility of trading via the MetaTrader 4 (MT4) platform. You can also trade online using the BDSwiss WebTrader platform, if you wish.
As you explore their website, you will notice that they regularly offer webinars, video lessons, and plenty of educational resources for traders of all skill levels. On-site questionnaires are an additional feature of these two sites. They are great for testing your trading knowledge and confirming that you are ready to start trading live.
76.2% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
AvaTrade
Best Forex broker for beginners in South Africa. AvaTrade was founded in 2006 and is based in Ireland. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa. AvaTrade is also licensed by the Australian Securities and Investments Commission. AvaTrade offers access to a wide selection of financial markets, from Forex and cryptocurrencies to stock indices and commodities, as well as a wide variety of trading platforms on which to trade these financial assets. just like the other broker on our comparison AvaTrade also offers account holders the benefit of negative balance protection (so traders never lose more than the amount they have on deposit).
80% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
Trading 212
If you want to trade forex, stocks or CFDs online, a simple internet search will show you that you are not spoiled for choice. There are thousands of brokers today offering both new and experienced traders a wide variety of services and features. The point is, not all of these brokers are legitimate, and many were created just to rip people off. Also, if you compare the services, tools and features that brokers offer, it will quickly become clear that no matter what type of trader you are, there is always a broker out there that will meet your needs and preferences and trading212 is one of those serious Forex Brokers beginners offering a multitude of tools and services.
Trading 212 is a London-based fintech company founded in 2006 offering democratized access to financial markets with free and intuitive applications. Traders who have chosen Trading 212 can trade stocks, currencies, commodities, indices and cryptocurrencies commission-free. The broker is known to have created a brokerage service with no commission and tight spreads in Europe, which opens the financial markets and to millions of people.
Trading 212 offers different payment methods. These payment options include PayPal, Visa, Maestro or MasterCard, wire transfers, and electronic wallets such as Skrill. Note that the minimum deposit remains the same regardless of the method used. these fees are set at $ 100, which is lower than the average amount in the industry. The maximum amounts are unlimited, except in the case of credit card transfers, up to a limit of $ 10,000.
This broker offers the following advantages:
- Unlimited trading and investing without commission
- Interface built in-house, specific to the brand
- 24/7 customer service
- A content-rich YouTube video hub with hundreds of Learning Tutorials
- Free deposits and withdrawals (except withdrawals by bank transfer)
76% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
FxPro
FxPro.com has always been one of the best forex brokers for beginners in South Afroca since 2006 and as such has distanced itself from the rest. FxPro is unquestionably one of the world’s leading forex brokers, with a large global footprint, large client base and high transaction volume. FxPro has a rich platform offering and the inclusion of MT4 Web is an added bonus as many MT4 brokers do not offer the web version of the platform. MT5 and cTrader platforms further complement FxPro’s value proposition to traders.
Overall, FxPro caters to the needs of a wide range of traders due to its various orders and account types, as well as its execution and pricing models, which offer instant execution, as well as floating or fixed spreads. To open a real account you will need a minimum deposit of at least $1. FXPro also offers a demo account that you can use to practice and familiarize yourself with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 509956), CySEC (License: 078/07) and FSCA (License: 45052). FXPro places all of its clients’ funds in a separate bank account and uses Tier 1 banks for this purpose. FXPro has been established since 2006 and is headquartered in the UK.
Before diving into some more detailed aspects of FXPro’s spreads, fees, platforms and trading features, you can open the FXPro website in a new tab by clicking the button below to view the latest. information directly from the official FXPro website.
80% of retail investor accounts lose money when trading CFDs with this provider. You should ask yourself if you understand how CFDs work and if you can afford to take the high risk of losing your money.
How to Choose the Right Best Forex Broker for Beginners in South Africa
If Forex is a lucrative market. Choosing the best Forex broker for beginners is an important and essential part of your success in the world of trading. In order to make gains and be able to withdraw them without any problem, you must turn to a serious Forex Broker. All the Forex Brokers presented in this comparison are reputed to be reliable, whether in terms of security, quality of service, tight spreads or even trading tools.
Conclusion on the best Forex brokers for Beginners South Africa
eToro remains the best Social trading broker in South Africa, that is to say automatically imitating the main traders of the network while being able to invest in peers of currencies, stocks, ETFs, indices and commodities.
XM is an excellent broker for trading Forex, compatible with automatic trading and trading robots. It is a broker compatible with the MT4 / MT5 trading platform being part of one of the world leaders in the foreign exchange market and speculating on Forex, CFDs and crypto.
You can also choose IQ option if you want to trade on one of the best brokers to trade forex, cryptocurrencies, stocks and commodities.
BDSwiss is a good Forex and CFD trading courter, they offer a lot of great tools. You will not pay any trading fees or commission on most transactions with BDSwiss.
AvaTrade is a good alternative to trade online by providing access to the financial markets. Traders on AvaTrade can trade stocks, currencies, commodities, indices, and cryptocurrencies.