Author:
Alexander Foster
Last Updated:
04/08/2022
Table of Content
- Who should make use of this forex trading in South Africa comparison?
- Is forex trading legal in South Africa at the moment?
- steps to make sure you trade forex safely
- How we review the best forex trading platforms
- Checklist: find your ideal forex broker in South Africa
- What else can you trade online in South Africa?
- Conclusion to our guide on forex trading in South Africa
- Forex trading in South Africa FAQ
Who should make use of this forex trading in South Africa comparison?
If you are looking to dabble in forex trading in South Africa, then this comparison is the perfect place for you to start. Our guide is designed to suit both newbie traders and advanced forex traders alike.
For all of you new forex traders, we can help you find a platform that is designed for new traders. From there, you will be able to quickly pick up the tricks of the trade. If you are a veteran forex trader, our guide will help you find platforms that give you the lowest trading fees and the best range of currency pairs as well.
Is forex trading legal in South Africa at the moment?
Yes, forex trading is completely legal in South Africa right now. The best forex trading platforms in South Africa are regulated by the Financial Sector Conduct Authority. Always make sure you look out for the stamp of approval from the FSCA.
Something else to keep in mind with forex trading in South Africa is your tax. Traders need to make sure that they report all of their earnings to SARS (the South African Revenue Service). You will need to do the same, even if you are using the best forex broker in the UK so be sure to always keep this in the back of your mind.
5 steps to make sure you trade forex safely
Just because there are a number of forex trading platforms to choose from in South Africa, that does not necessarily mean that all of them are the safest to use. You are using your own hard-earned cash, so why take a risk? It’s better to make absolutely sure that a platform is safe to use first. Here are a few factors to keep in mind when you assess these sites:
How we review the best forex trading platforms
Here at TradersBest, our team of writers stick to a fairly strict set of criteria when they review these forex trading platforms. Here are a few of the key elements that they keep in mind:
Usability of the platform
Whether it is a site from our CFD broker list, or the best forex broker in South Africa, we always take the time to see how well these platforms actually function. Our reviews give you some insight into how quickly the pages load, how easy the site is to navigate, and how easy it is to trade and deposit on the site as well.
Currency pairs
The best forex broker in South Africa will have plenty of different forex pairs to choose from. These pairs should include the likes of; USD/CAD, EUR/JPY, EUR/CHF, EUR/GBP, EUR/USD, and many others.
Trading fees
We go through these forex trading sites with a fine tooth comb to see any and all of the trading fees that they have in place.
Account types
The best forex platform in South Africa will make sure to offer users the chance to choose from at least three different account types. We check to see if these accounts will match beginner, advanced and professional forex trading ambitions.
Deposit options
In order to successfully take part in forex trading in South Africa, you need to have your preferred deposit method available to you. Our reviews give you a clear breakdown of the available methods on these sites.
Check out our top-rated Forex brokers in South Africa
Checklist: find your ideal forex broker in South Africa
If you want to find the best forex broker on our site, all you have to do is check out our detailed reviews and use our comparison tool. Using our resources will cut your search time in half. With that being said, it’s important that you consider what type of trader you are and what you would like to have available to you on these sites. Let’s take a look at a few examples of what you might consider before signing up for the best online forex broker in South Africa:
Do I want to use an app?
A mobile app can save your trades when you are unable to get to your computer. If you are someone that is on the go a lot then a mobile app is going to be a must. Our reviews can help you find a platform with a streamlined mobile app to download.
Do I want to use a demo account first?
If you want to test a forex trading platform out before ever using your own money, then a demo account is what you are after. Many of these platforms allow new users to test their site out with a demo account. We can help you find top-quality forex platforms that allow you to open a demo account first.
Do I need 24/7 customer support?
If you are someone that is going to be keeping late hours with your forex trading, then you will need to find a broker that offers you 24/7 customer support. This way, should you ever run into an issue at 3 am, you know that you can be helped.
What else can you trade online in South Africa?
Forex trading remains strong in South Africa but the country has plenty more to offer than just currency pairs. If you use the best online trading platform in South Africa, you’ll find that you have access to plenty of other trading markets. These markets include trading instruments such as:
- ETFs
- CFDs
- Cryptocurrency
- Bonds
- Mutual funds
- Commodities
- Futures
- Precious metals
Conclusion to our guide on forex trading in South Africa
That brings us to the end of our guide. Remember, you can visit our site at any time to use our detailed reviews. From there, you should have little problem finding a forex trading platform in South Africa that will suit your needs.
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