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:
When you want to use a site for forex trading in South Africa, you need to make sure that the broker is fully regulated and licensed. Usually, you just have to scroll to the bottom of the homepage where you should see the licence number and the financial authority that regulates the platform.
Reading through a bunch of fine print can be one of the more tedious things you ever have to do but it’s all worth it in the long run. Sites for forex trading in South Africa will have their terms and conditions readily accessible on their homepage. Read through these Ts and Cs at least once to make sure there is nothing in there that worries you or that you consider to be a bit of a dealbreaker.
To really make sure that you are safe to trade on these platforms, you need to check out what the level of security is like first. Security measures with sites for forex trading in South Africa will vary but they should at the very least be using solid encryption software to layer your data. This software makes your sensitive data, like your login and banking information, all but unreadable to any hackers or third parties. It’s also worth your time to check out if they allow you to use two-factor authentication for your transactions and your logins. This just makes your account that much more difficult to access for anyone that isn’t you.
You may not know your fellow forex traders personally, but you can trust that when someone has had a poor experience on a forex trading platform, they are likely telling the truth. You can distrust one or two reviews but a whole host of negative reviews says all you’ll ever need to hear about a forex platform. So, take in as many of these user reviews as you can to see exactly how these brokers operate. If the reviews are mostly positive, then you can check the site out for yourself to confirm if you agree with the rest of the traders.
Professional customer care
Whether you know it yet or not, customer service plays a big role in the time you spend on sites for forex trading in South Africa. You can be a veteran of forex trading and you will still likely need the assistance of customer support at some point in time. As such, it’s a good idea to check these services out before you sign up. Send them a message or give them a call to see just how helpful they actually are.
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:
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
1.
Players from United States of America accepted
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
2.
Players from United States of America accepted
All investments involve risks, including the possible loss of capital.
3.
Players from United States of America accepted
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
Forex trading in South Africa FAQ
📌Is forex trading legal in South Africa?
If you are unfamiliar with forex trading in South Africa, then your first thought might be about the legality of it all. This would be a fair concern to have and it is one that we address in our guide to forex trading in South Africa. In our guide, we will shed some light on all things forex trading in South Africa and that includes whether or not you can legally trade forex currency pairs in the country right now.
📝What other markets can I trade in South Africa?
If you are a fan of forex trading but you also enjoy dabbling in other trading instruments, then you will want to know if you can trade in other markets in South Africa. The country is very similar to other major trading nations but with a few key differences. We highlight these differences in our guide to online forex trading in South Africa. If you want to know more about what else you can trade in SA with the best forex platform worldwide, then be sure to check out our guide.
📏How do I create a forex trading account?
If every forex trading site had the exact same process for creating an account then this would all be much simpler. Unfortunately, most of these sites vary to some degree in the steps you need to take to create your account. Our forex broker review South Africa gives you some insight into what you can expect with your sign up process with the best platforms.
❓What forex broker is the best option ion South Africa?
If you want to trade forex in South Africa, you will naturally want to use the best site available. While this can be quite subjective, we can still point you in the direction of the platforms that have the highest ratings on our site. Check out our review to see what forex trading platforms are currently sitting atop our forex broker list South Africa.
💵Do I need a lot of money to start forex trading?
Different trading strategies will require different levels of investment. This is just how things work. With that said, you may not need as much capital investment as you think to start forex trading today. Check out our guide to forex trading in South Africa to learn more about how much money you might need to get your journey off the ground.
