BDSwiss Broker Review ¦ Regulated Binary Broker South Africa

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

Contents

Binary Options Brokers and Platforms – Reviews and Comparison

We have compared the best regulated binary options brokers and platforms in April 2020 and created this top list. Every broker and platform has been personally reviewed by us to help you find the best binary options platform for both beginners and experts. The sortable broker comparison list below shows which binary trading sites came out on top based on different criteria.

You can sort the list using payout (maximum returns), minimum deposit, bonus offers or if the operator is regulated or not. You can also read full reviews of each broker, helping you make the best choice. Below the comparison list is some advice on how to pick the best trading platform for you, as this will often come down to your personal requirements and needs.

Top Brokers

Binary Options Brokers
Broker Regulated Min Deposit Payouts Bonus
Binary.com $5 90% » Visit
IQ Option $10 91%* » Visit
Binomo $10 90% » Visit
BDSwiss $10 N/A » Visit
Spectre $10 (ETH) Up to 200%* » Visit
Ayrex $5 85% Up to 30% » Visit
OptionField $5 93% Pro Account Discount and 10% Cashback » Visit
24Option $100 » Visit
Nadex Exchange $250 100% » Visit
HighLow $50 USD / $10 AUD 200% $50 Casback » Visit
RaceOption $250 90% 100% Deposit match bonus » Visit
BinaryCent $100 85% 100% Bonus on ANY 1st Deposit » Visit

How to Compare Brokers and Platforms

In order to trade binary options, you need to engage the services of a binary options broker. Here at binaryoptions.net we have provided a list with all the best comparison factors that will help you select which trading broker to open an account with. We have also looked at our most popular or frequently asked questions, and have noted that these are important factors when traders are comparing different brokers:

  1. What is the Minimum Deposit? (These range from $5 or $10 up to $250)
  2. Are they regulated or licensed, and with which regulator?
  3. Can I open a Demo Account?
  4. Is there a signals service, and is it free?
  5. Can I trade on my mobile phone and is there a mobile app?
  6. Is there a Bonus available for new trader accounts? What are the Terms and
    conditions ?
  7. Who has the best binary trading platform? Do you need high detail charts with technical analysis indicators?
  8. Which broker has the best asset lists? Do they offer forex, cryptocurrency, commodities, indices and stocks – and how many of each?
  9. Which broker has the largest range of expiry times (30 seconds, 60 seconds, end of day, long term etc?)
  10. How much is the minimum trade size or amount?
  11. What types of options are available? (Touch, Ladder, Boundary, Pairs etc)
  12. Additional Tools – Like Early closure or Metatrader 4 (Mt4) plugin or integration
  13. Do they operate a Robot or offer automated trading software?
  14. What is the Customer Support like? Do they offer telephone, email and live chat support – and in which countries? Do they list direct contact details?
  15. Who has the best payouts or maximum returns? Check the markets you will trade.

We cover as many of these comparison factors as possible in our list above, but we go into much more depth within each review.

Regulated Binary Brokers

Regulation and licensing is a key factor when judging the best broker. Unregulated brokers are not always scams, or untrustworthy, but it does mean a trader must do more ‘due diligence’ before trading with them. A regulated broker is the safest option.

Regulated Binary Options Brokers April 2020

Broker Regulator Instruments
Binary.com Malta GA BO, CFD
IQ Option CySEC BO, CFD, Crypto, Forex
BDSwiss CySec BO, CFD, Crypto, Forex
24Option CySEC BO, CFD, Crypto, Forex
Nadex Exchange CFTC BO, Forex
HighLow ASIC BO

Regulators

Leading regulatory bodies include:

  • CySec – The Cyprus Securities and Exchange Commission (Cyprus and the EU)
  • FCA – Financial Conduct Authority (UK)
  • CFTC – Commodity Futures Trading Commission (US)
  • FSB – Financial Services Board (South Africa)
  • ASIC – Australia Securities and Investment Commission

There are other regulators in addition to the above, and in some cases, brokers will be regulated by more than one organisation. This is becoming more common in Europe where binary options are coming under increased scrutiny. Reputable, premier brands will have regulation of some sort.

Regulation is there to protect traders, to ensure their money is correctly held and to give them a path to take in the event of a dispute. It should therefore be an important consideration when choosing a trading partner.

Bonuses

Both sign up bonuses and demo accounts are used to attract new clients. Bonuses are often a deposit match, a one-off payment or risk free trade . Whatever the form of bonus, there are terms and conditions that need to be read.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

It is worth taking the time to understand those terms before signing up or clicking accept on a bonus offer. If the terms are not to your liking then the bonus loses any attraction and that broker may not be the best choice. Some bonus terms tie in your initial deposit too. It is worth reading T&Cs before agreeing to any bonus, and worth noting that many brokers will give you the option to ‘opt out’ of taking a bonus.

Using a bonus effectively is harder than it sounds. If considering taking up one of these offers, think about whether, and how, it might affect your trading. One common issue is that turnover requirements within the terms, often cause traders to ‘over trade’. If the bonus does not suit you, turn it down.

Demo Accounts

Binary options demo accounts are the best way to try both binary options trading, and specific brokers’ software and platforms – without needing to risk any money.

You can get demo accounts at more than one broker, try them out and only deposit real money at the one you find best. It can also be useful to have accounts at more than one broker. For example, payouts for two different assets might be best at different brokers. You can shop around, and use whichever account has the best payout for that asset.

Demo accounts offer the best way to try out a brand, risk free. Likewise if we recommend a brand, you can try it first, before risking anything.

Low Minimum Deposits

If you are looking to get involved with binary options for the first time, low minimum deposit requirements may be of interest. For traders just looking to try binary options, a low minimum deposit broker might be best. A small initial deposit keeps risks low. Minimum deposits start at just $5 and there are a growing number of brokers offering low minimum deposits – “low” would be any minimum under $50.

Likewise, all brokers will have a minimum trade requirement or trade amount too. These can vary greatly between platforms. Minimum trade figures range from $1 to $25 – which is a large difference if a trader plans to trade frequently. For some traders, this might be less of a factor in terms of finding the best broker for them, but for others it will be very important. Practice accounts are a zero risk way of learning to trade.

Payouts

One element many traders use to find the best binary options trading account, is the payout percentage on offer. This is not always a simple comparison however. Payouts will change based on the underlying asset being traded, and the expiry time of the option. In addition, payouts will change as the broker manages their own risk. So if one broker was originally the best price, things may then revert and mean that another now has the top payout.

So the most an investor can do, is to check the payouts for assets, and expiry times they are most likely to make, and judge which brand offers the best terms most often. Demo accounts are good when researching payouts on specific assets and trades.

Exchange traded and over the counter brokers will have different payouts – and they will not be easy to compare. In general, exchange traded options offer superior value. Nadex are one example of an exchange.

So as you can see, finding the best trading account and broker is not always easy – but it is worth noting that you are free to move between brokers whenever you like. So even if an account turns out to be poor, it is easy to up sticks and find a new trading firm. Likewise, a trader could have multiple accounts, and open trades at the broker with the best terms for that particular trade.

Which is the Best Binary Trading Platform?

Naming the best trading platform is not easy, simply because trading platforms and proprietary (bespoke) software are normally a question of personal taste. One user might like a simple layout, while others might need a lot of data on screen all the time.

However, platforms do have different levels of quality, both in terms of ease of use, and features. Broadly speaking, brands which offer Contracts for Difference (CFDs) in addition to binary options, deliver a more feature-rich trading platform or advanced software.

So the likes of Nadex and IQ, will deliver a very professional trading platform. MetaTrader integration is also normally provided at the more professional brokers (Some use both mt4 and mt5 functionality) . This difference in quality is evidence of the maturity of binary options as a product, but binary brands will catch up very quickly.

Intro To The IQ Option Platform

How do Brokers Make Money?

Binary options brokers make money via one of two business models:

  1. As a counter-party, ensuring an ‘over round’ via payout percentages. Known as ‘Over the counter’ (OTC)
  2. Via a spread or commission on an exchange traded model

People who have experience of other forms of trading, and are now approaching over-the-counter (OTC) brokers for the first time may find themselves asking the question: “Where is the commission?”.

With OTC binaries however, there is no commission. In theory, the term ‘brokers’, is not correct. Binary firms are not arranging a deal or acting as a middleman, or as a market maker; What they are, is the counter-party to each of their customers’ positions. So there is no fee or commission for the trade. Instead, each customer is essentially betting against the house. Where brokers have both sides of a trade covered, they have a handsome margin. Where they do not, the payout still gives them a level of protection. In certain circumstances, the broker will also hedge it’s own position to mitigate risk.

Those companies (Nadex, for instance) that trade binary options via an exchange operate much more like a ‘broker’. Unlike the OTC market where the platform is the counter party, with exchange traded options, the broker is the middleman – matching buyers with sellers and charging a commission. This charge is normally hidden within the spread, rather than an explicit cost. There is far less risk involved for the broker, and therefore generally better returns per trade for the trader. Brokers can be actively compared using the spread – the tighter the spread (difference between buy and sell prices) the cheaper it is to trade.

Brokers using the spread model often also offer leverage, or trading on ‘margin’ via their software. This increases the trade size for the trader – and profit for the platform.

Should You Use Multiple Brokers?

There are some very good arguments for having more than one binary trading account:

  • Brokers suit certain trades. Different brokers will suit different trading styles, or trade types. So one broker might be excellent for shorter term trade types, and have great payouts on forex pairs. But that same brand may be slightly less good when it comes to offering boundary trades or indices payouts. If a rival had a full set of long term expiries with great payouts, and lots of choice of boundary trades – it makes sense to have accounts with both platforms, and place trades with the broker that offered the best deal for each trade.
  • Demo accounts. Multiple demo accounts makes perfect sense – you want to try as many brokers and trading platforms as possible before deciding where to trade.
  • Reduce risk. Accounts at more than one broker protects you from any issues with a particular firm. From issues as serious as insolvency, to smaller things, like website downtime, software issues or a market being closed – multiple accounts reduces your risk of being affected by any hardship a broker might face.
  • Multiple offers. Each sign up can mean a new bonus, so it might be worthwhile taking up more than one account to receive all the offers. As ever, read the terms – and also note that on occasion, larger deposits might mean larger bonuses – so splitting them may not be the best choice.
  • Spread winnings. Some brokers may look for winning traders on their books, with a view to restricting their trading, perhaps limiting trade size – or worse. While this threat is thankfully small, multiple accounts means spreading the winnings out. Most brokers will search for “winners” based on total profit rather than strike rate, so hiding the volume across broker accounts can help you stay below their radar.

Exchange versus OTC (Over the Counter) Brokers

Exchange Brokers

A broker that offers an exchange is much closer to a traditional ‘broker’ than OTC brokers. An exchange performs the job of ‘middleman’. They will match a seller of an asset, with a buyer of the same asset, and charge a commission for putting the deal together. The market itself will decide the prices – if there are more sellers than buyers, the price will drift down until demand rises. If there are more buyers than those willing to sell, the option price will rise.

A broker operating an exchange does not mind who wins and who loses. They take no risk on the trade themselves (unless the traders are trading on credit). The broker will make their commission on the trade regardless of the outcome.

Due to this reduced risk for the broker, the returns for a winning trader are generally larger. Commissions are usually small relative to the size of the trade, meaning they do not impact the payout too much. Other benefits include the fact that stop losses can be applied, and also that trades can be closed at any time (to take a profit or reduce losses).

The complications with exchanges, comes from the structure. An exchange traded binary option will “trade” somewhere between 0 and 100. Where 0 is the figure used where an event did not occur, and 100 where it did. If the current price is currently 30, a ‘buyer’ would risk 30 times his trade size, to potentially win 70. A ‘seller’ therefore, would risk 70 to win 30. While not a complicated equation, it is slightly more complex than the straight forward over the counter option.

OTC (Over The Counter) Brokers

The most common type is the Over the counter (OTC) broker, but this type of firm is not really a ‘broker’ at all strictly speaking. They are the counter-party to one side of the trade. So where a trader opens a position, the broker will win or lose money, based on whether the trade wins or loses. Only where the broker has another trader who has made the exact opposite trade, will they have assured profits.

Due to this increased risk, the brokers will offer a lower payout which mitigates some of the risk they are taking. It is therefore likely to be lower than an exchange traded broker. Some firms will also have built in ‘hedging’ mechanisms to reduce risk further. In some cases, one side of trade might be made unavailable if liabilities get too large.

The simplicity of binary options is retained with OTC brokers. They have also made great strides in competing with exchanges by offering ‘cash out’ values for options, allowing traders to close positions early, and set up stop losses. Once those features become common the gap between OTC and exchanges will get smaller. For now, traders are better off trading on an exchange – but might be advised to learn the differences via demo account.

Have you had a problem with your broker? Submit a complaint

Payment Methods

Deposit and withdrawal options do vary at each brokerage. Each of our reviews will explain which each firm offer, but below is a list of the most common options.

If you are looking for brokers that support a specific payment method:

  • Neteller
  • Paypal
  • Skrill
  • Webmoney
  • Paysafecard
  • Ukash
  • Visa
  • Amex
  • Bitcoin
  • Wire Transfer
  • Credit cards / Debit cards

Read More

All of the factors covered above will ultimately affect the way a trader plays the market, and therefore, their profitability. The ideal situation is to get a binary broker that offers:

  • Several financial assets spread across several markets
  • Offers a reasonable bonus with a good payout approaching 90%
  • Offers flexible expiration dates without boxing traders into very long expirations.

Trading using a broker’s platform will only be enjoyable, and profitable, if you are using a reputable operator. You also need to choose one that suits your trading style best – only you will know what that is. Read the above binary broker reviews carefully before making that crucial trading decision, but remember you are not tied in to any single broker, and can pick and choose.

BDSwiss отзывы

В он-лайне с: 2020
Страна: Кипр
Регулируется: CySec
Способы расчетов: банковский перевод, кредитные карты, электронные платежные системы
Минимальный размер счета: 100$
Минимальный размер сделки: 0,01 лота
Кредитное плечо: до 1:400
Спрэды: фиксированные, плавающие, от 1 пипса

Banc de Swiss – молодая брокерская фирма, которая была основана в начале 2020 года и специализирующаяся на торговле на Форекс, CFD и бинарными опционами.

BDSwiss принадлежит BDSwiss Holding plc и регулируется Комиссией по ценным бумагам и биржам Кипра (CYSEC лицензия No. 199/13).

BDSwiss зарегистрирована в Национальной ассоциации фьючерсов США (NFA) под идентификационным номером 0486419. NFA является одним из самых строгих финансовых наблюдателей в отрасли, но следует отметить, что BDSwiss зарегистрирована только в NFA, но не регулируется им.

Торговая платформа, выплаты и активы по бинарным опционам

Торговая платформа работает на SpotOption. Она предлагает режим Pro Trader, где трейдеры могут получить доступ к различным инструментам и индикаторам, которые доступны для высокопроизводительных торговых платформ.

Banc de Swiss SpotOption работает на зашифрованном соединении и стабильна, что гарантирует безопасность трейдинга. Banc de Swiss предлагает такие бинарные опционы, как Call/Put, One Touch и 60 секунд. В дополнение к этому трейдер может использовать Option Builder и дополнительные платформы Pro Trader.

По сделкам с One Touch можно получить доходность до 600%. Однако в среднем выплаты составляют от 65% до 85%.

Banc de Swiss предоставляет доступ к товарам, индексам, валютным парам и акциям. На данный момент существует 27 акций, 15 валютных пар, 7 товаров и 20 индексов.

Торговля на Форекс

Предоставляется программное обеспечение MetaTrader4, которое необходимо загрузить на ваше устройство.

Счет можно открыть в USD, EUR, GBP.

Доступны два аккаунта: BD Swiss Basic и BD Swiss Black. На обоих кредитное плечо 1:400. На первом спреды на стандартную пару EUR/USD составляют 1.3, на втором – 1 пипс.

Для трейдеров доступны обучающие материалы, фундаментальный и технический анализ, глоссарий, раздел «FAQ», в котором клиенты найдут ответы на часто задаваемые вопросы, как, например, открытие учетной записи, торговые инструменты и др. Также предоставляется доступ к последним новостям рынка.

Banc de Swiss предоставляет своим клиентам различные бонусы и акции. Они включают специальные предложения, бонус на депозит. Вы получите право на получение бонусов и промоакций, как только вы откроете торговый счет у этого брокера.

Трейдеры могут рассчитывать на 10% бонус при регистрации в Blanc de Swiss.

В Banc de Swiss работает круглосуточная многоязычная поддержка клиентов, которая доступна через чат, телефон, Skype и электронную почту.

BDSwiss принимает основные кредитные карты и банковские переводы. Также принимаются альтернативные платежные системы, такие как Skrill, Neteller, GiroPay, Soforth, iDeal и EPS. Брокер не взимает комиссию за ввод и вывод средств.

  • регулируемый брокер;
  • доступна торговля на Форекс и бинарными опционами.

Best Forex Brokers In South Africa 2020

South African traders looking to trade CFDs should choose a South African Forex Broker regulated by the Financial Services Conduct Authority (FSCA) with an advanced forex trading platform such as MetaTrader 4, a range of forex markets and currency pairs.

View the best forex brokers in South Africa below.

By Justin Grossbard / Updated: Friday, April 03rd, 2020

Top 8 Forex Brokers For South African Traders

The April 2020 best forex brokers in South Africa are:

  • Pepperstone – Best South African MetaTrader 4 Broker
  • ForexTime – FXTM Is The Top MetaTrader 5 Broker
  • Plus500 – Best Forex Broker For Beginner Traders
  • AvaTrade – Lowest Fixed Spread Forex Trading Account
  • IG – Lowest Non-Commission Forex Trading Spreads
  • HotForex – Best Forex Broker With ZAR Account
  • FXCM – Good No Commission Forex Broker Account
  • FxPro – Best Forex Broker Offering cTrader
  • ThinkMarkets – Top No Deposit Forex Account

Broker Reviewed

Regulations and Licenses

Brokerage

Markets and Instruments

Trading Platforms + Tools

Overall

The Best MT4 Forex Broker In South Africa Is Pepperstone

The fasted-growing broker worldwide is Pepperstone based on their:

  • Lowest MetaTrader 4 (MT4) average spreads
  • Low commissions from $3.50 ($7 round turn)
  • Fastest execution speeds
  • Minimum deposit requirement of $200
  • No fees on deposits and withdrawals
  • Award-winning customer service

Pepperstone is regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. They have an FSP application in South Africa with the Financial Sector Conduct Authority (FSCA). Below are the five key reasons why Pepperstone is recommended for those considering the MT4 which is the most used forex trading platform worldwide.

1) Average MT4 Spreads Offered By Pepperstone

Pepperstone has a razor online trading account offering spreads similar to a true ECN broker with EUR/USD spreads from 0.0 pips. Below compared 2020 average spreads of leading brokers offering ECN broker spreads with Pepperstone having the lowest across major currency pairs. These major currency pair spreads include 0.13 for the EURO/US Dollar, 0.14 for the Australian Dollar / US Dollar, 0.22 for the Euro/Japanese Yen, 0.41 for the Euro/British Pound, 0.44 for the Pound/US Dollar.

0.18 0.27 0.13 0.24 0.13 0.20 0.30 0.20 0.50 0.10 0.30 0.44 0.36 0.58 0.10 0.20 0.50 0.20 0.30 0.20 0.42 0.30 0.20 0.83 0.44 0.29 0.68 0.24 N/A 0.16 0.40 0.70 0.30 0.70 0.20 0.50 0.80 0.40 1.10 0.40 0.70 0.80 0.50 0.80 0.40 0.99 0.77 0.45 1.21 0.44

You can compare view more MetaTrader 4 Pepperstone spreads on our full comparison page.

2) MT4 Commissions

Pepperstone offers two main account types, standard and razor. The Razor online trading account is the most popular The razor account also charges a commission of $3.50 AUD per lot when the Australian Dollar online trading account currency is chosen. There are other rates as shown below with options from the British Pound (GBP), US Dollar (USD) or Euro (EUR) base currency are chosen. It should be noted that like most global CFD brokers there is no ZAR account option.

Commissions Per Lot US Dollar Australian Dollar British Pound The Euro Swiss Franc Canadian Dollar Singapore Dollar New Zealand Dollar Hong Kong Dollar Japanese Yen
MetaTrader 4 USD 3.76 AUD 3.50 GBP 2.29 EUR 2.61 CHF 3.30 CAD 3.50 SGD 4.55 NZD 4.75 HKD 28.17 303

There are also further commission discounts (rebates) available for active traders with three tires:

  • Tier 1 = 100 lots = 10% rebate
  • Tier 2 = 200-500 lots = 15% rebate
  • Tier 3 = 500+ lots = Negotiable

3) Range Of Currency Pairs And CFDs

Pepperstone offer over 60 currency pairs from the majors such as EUR/USD to minors including ZAR/USD. Up to 500:1 leverage is offered on the forex market and the Pepperstone EDGE environment ensures fast execution speeds. In addition to currency pairs, there is the ability of trading CFDs including:

  • Cryptocurrencies (Bitcoin, Litecoin, Bitcoin Cash, Dash and Ethereum) with up to 5:1 leverage and no commissions
  • Share CFDs (Over 60 high-quality stocks) with 20:1 maximum leverage and commissions from USD $0.02 per share
  • Index CFDs (Across 14 major markets) with 200:1 maximum leverage and spreads from 0.4 pips
  • Commodities (Metals, Soft Commodities, Energy) with 500:1 maximum leverage and spreads from 10 cents per pip

4) Low Minimum Deposit Of $200

Pepperstone has one of the lowest minimum deposit requirements of AUD $200. The fx broker also offers fee-free funding methods from Debit Card, Credit Card, Direct Transfer, Paypal to Skrill.

5) Awards Winning Customer Support

Over the past decades, Pepperstone has won multiple awards for its customer service. This includes the Investment Trends customer support award, Professional Traders client relationship manager service award and the Global Forex best forex trading support award. The CFD provider offers South African traders with a 24/5 live chat, contact centre (phone) and e-mail customer support. Active traders also are provided with an account manager to tailor the support given for their needs. Read more…

Summary Of Why We Chose Pepperstone For South African Traders

Pepperstone’s low brokerage (spreads/fees), choice of forex trading platform and support are the three pillars making them the best broker. With a strong reputation worldwide and their FSP application pending, they are the ideal choice for South African forex traders.

Our Rating

The overall rating is based on review by our experts

FXTM (ForexTime) – Best MetaTrader 5 Broker

Compare Forex Brokers’ top pick for the best MetaTrader 5 forex broker is ForexTime (FXTM). Founded in 2020, FXTM has the know-how expertise to offer South African traders top-notch technological solutions. Additionally, forex traders can benefit trading on the upgraded MetaTrader 5 (MT5) with an online broker that holds trading licenses from the world’s top regulatory agencies, including:

  • In South Africa from the Financial Sector Conduct Authority (FSCA) with FSP license No. 46614.
  • In Belize from the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS
  • In the UK from the Financial Conduct Authority (FCA) with license No. 777911
  • In Cyprus from the Cyprus Securities and Exchange Commission (CySEC) with License No. 185/12

Below our team of industry experts will highlight all FXTM MetaTrader 5 features including functionality, range of markets, total costs and the trade execution speed.

3 Types of MetaTrader 5 Trading Accounts

ForexTime offers South African FX traders the choice to use the MetaTrader 5 platform on three different account types. The diverse selection of trading accounts allows FX traders to opt for an account that suits his trading requirements. Without further ado, SA traders can open 3 MetaTrader 5 trading accounts as follows:

  • ECN Account
  • ECN Zero Account
  • FXTM Pro Account

Note* FXTM offers the ECN technology across all of its MT5 account offerings.

On the downside, we should note that the Swap-free trading account is not available through the MT5 platform. You can download the MetaTrader 5 for desktop and Mac versions as well as mobile trading (iPhone and Android). Additionally, there is a browser-based trading platform FXTM MT5 WebTrader, which is supported across 6 different browsers.

Low Range of Markets on MetaTrader 5

ForexTime offerings of financial instruments are extremely low when compared to other forex trading platforms. The range of currency pairs (major, minor and exotic) and asset classes offered by FXTM is on the low side. Currency trading can be done on 33 currency pairs and additionally, there are two CFD spot metals (XAUUSD and XAGUSD).

However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1,000:1.

Fast Order Execution Speed

ForexTime can offer through its proprietary price engine technology fast execution speeds of 52 milliseconds (according to data compiled in December 2020). FXTM can also access a deep network of liquidity providers that ensures you will benefit from tight spreads. Additionally, the MetaTrader 5 platform can boost the following performances:

  • Low re-quote rate of 3.22% (December 2020)
  • Positive slippage on 94.64% of TP orders
  • Negative slippage on 5.36% of SL orders
  • Execution speed of 81 milliseconds for MT5 ECN account
  • Execution speed of 88 milliseconds for MT5 ECN zero account

South African residents can explore all MetaTrader 5 features and performances in a risk-free environment by opting for opening a demo account. You can access the forex market and practice your trading skills under live market conditions.

FXPro – Best cTrader Broker

FxPro headquarters are in the UK and have offices across the world offering no dealing desk allowing fast execution speeds and low brokerage for automated trading. The broker offers MetaTrader 4, MetaTrader 5 and the cTrader forex trading platform. In addition to FSB (FSCA) regulation, the broker has a Financial Conduct Authority (FSA) and Cyprus Securities and Exchange Commission (CySEC) regulation. Visit Site…

After evaluating all the features that come with a FxPro live account, we concluded that the best cTrader forex broker is the London-based FX broker FxPro. Below, our team of industry experts will try to outline all the aspects of FxPro’s software solution.

Full Market Depth (DOM)

The FxPro cTrader platform is equipped with full depth of market DOM. This feature lets forex traders visualize the best bid and ask prices coupled with the total amount of available liquidity. Compared to other trading platforms cTrader offers 3 convenient ways to display the data inside the DOM:

Note* FxPro’s order execution engine on the cTrader platform only uses the volume-weighted average price (VWAP) to execute orders.

Average Market Execution Speed of 37 Milliseconds

The FxPro cTrader trading platform can boost ultra-fast order execution speeds of:

  • 37 milliseconds (average order execution speed)
  • 11.06 milliseconds (fastest order execution speed)

While FxPro is not a true ECN forex broker, it runs a No Dealing Desk execution model (NDD). FxPro’s NDD model gives South African traders the chance to execute their orders without any human intervention. The no dealing desk forex brokers have the advantage of offering direct market access and a transparent way to trade. Our team of industry experts has assessed FxPro’s order execution policy and found the following advantages:

  • 12.81% of client orders received positive slippage
  • 98.60% of client orders received no requotes
  • Collocated servers (Equinix LD5 data centre and AM4 in Amsterdam)

Limited Range of Markets

South African traders will have restricted access to the available financial markets. The range of markets available on the cTrader platform includes 4 asset classes:

  • Forex currency pairs (70 pairs)
  • Metal Trading (7 pairs)
  • Stock indices (24 instruments)
  • Commodities (3 energies)

Compared to other South African forex brokers, FxPro has a poor selection of financial instruments. The cTrader platform can only give traders access to a total of 104 instruments. However, trading CFDs on shares and futures can be accessed via the FxPro MetaTrader 4 terminal.

Final Words – About the Best cTrader Forex Broker

The award-winning cTrader trading platform offered by FxPro can be downloaded as a Desktop or MAC application. Additionally, SA traders can have direct access to the cTrader account directly from your browser via the cTrader Web Platform. On-the-go trading is also available via mobile trading (iOS and Android). If you’re a high volume trader, the FxPro cTrader platform can be a good fit for your needs.

HotForex – Best South African Rand (ZAR Account)

Our team of investing professionals included forex brokers that support ZAR Forex accounts and allows South African traders the comfort to fund their retail investor accounts using the local currency Rand. The forex trading accounts denominated in South African Rand are the ideal solution for traders who actively trade the ZAR crosses. Not many forex brokers can be proud to offer clients to open ZAR trading accounts. However, HotForex was able to score the highest amount of points on our star scoring system and was awarded the best ZAR account due to the following 3 reasons:

  1. Multiple trading account types (5 retail investor accounts)
  2. 11 funding methods
  3. Maximum leverage of 1000:1

If you want to study the full list of South African forex brokers with ZAR accounts, please check out: Top 5 Forex Broker ZAR Accounts.

HotForex Account Types

South African traders that prefer forex trading via trading accounts that are denominated in ZAR have a plethora of options to satisfy their needs if they opt for opening a live trading account with HotForex. No matter of the trading strategy used and level of risk with HotForex, clients can open a maximum of 5 live accounts and additional 3 demo accounts.

In the table below, our team of experts assessed the main features that come with each different account type.

Micro Account Premium Account Zero Spread Account HFCopy Account Premium Pro Account
Minimum Deposit $50 $100$ $200 $1000 for Strategy Provider, $300 for Follower $500
Forex Leverage 1000:1 1000:1 1000:1 1000:1 1000:1
Minimum Spread From 1 pip From 1 pip From 0 pip From 1 pip From 1 pip
Range of Markets 8 Markets 8 Markets 8 Markets Forex, Gold and Bitcoin 8 Markets
Maximum Total Trade Size 7 Standard lots per position 60 Standard lots per position 60 Standard lots per position 60 Standard lots per position 60 Standard lots per position
Commission for forex pairs
Stop out level 50% 50% 50% 50% 20%

Note* HotForex Zero Spread Account type comes with raw spreads and 0 markups, but it charges the following commission structure:

  • $6 round turn commission on major currency pairs
  • $8 round turn commission on minor currency pairs

HotForex Deposit Methods

HotForex offers a wide range of deposit and withdrawal methods catering to the needs of a wide base of clients. The minimum deposit to fund the most basic HotForex account is $50 or equivalent in South African Rand. Opening a live trading account with HotForex is simple and straight forward. Check out below the available payment methods via HotForex:

  • Bank wire transfers
  • Credit cards and debit cards (Visa, Mastercard, and Maestro)
  • Electronic Wallets (Neteller, Skrill, and TrustPay)

Note* the only negative point scored by HF Markets is that it doesn’t support PayPal the world’s largest online payment portal.

HotForex 1000:1 Leverage on Forex Trading

South African residents can speculate on the exchange rates with a maximum leverage of 1000:1 on a total of 49 currency pairs, including:

  • 15 major currency pairs
  • 34 minor currency pairs
  • 4 ZAR crosses (USDZAR, EURZAR, GBPZAR and ZARJPY)

Compared to other forex brokers, only Pepperstone, IC Markets and FxPro can boost decent forex leverage of 500:1. For a full comparison of the leverage offerings among South African forex brokers please study the table below.

Instrument Traded HotForex FxPro Leverage IC Markets Leverage Pepperstone Leverage IG Markets Leverage Plus500 Leverage
Forex 1000:1 500:1 500:1 500:1 200:1 300:1
Index CFDs 20:1 500:1 200:1 200:1 200:1 300:1
Share CFDs 5:1 20:1 20:1 20:1 20:1 20:1
Commodities 10:1 150:1 500:1 500:1 25:1 to 200:1 150:1
Cyptocurrency 2:1 20:1 5:1 5:1 10:1 20:1
Bonds 5:1 200:1
Futures 50:1 200:1
ETF 20:1 100:1

Final Words – Best Broker with ZAR Account

Like all the best forex brokers operating in South Africa, HotForex abides by the standards imposed by the FSCA and other tier-one financial institutions (CySEC, FCA, DFSA and FSA). Client funds are secured and held in segregated accounts. With HF Markets enforces the negative balance protection policy, which means that SA traders can’t lose more than their account balance. Additionally, HotForex offers free account funding with zero deposit fees and fast transaction times.

eToro – Best South Africa Broker for Social Trading

Used by millions of traders worldwide, eToro is the world’s largest social trading broker that is favoured among South African residents due to its copy trading feature. Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:

  • Copy-trading on multiple assets all from one proprietary trading platform
  • A diverse range of trading strategies, portfolios and trade signals to follow
  • Low minimum deposit requirements of $200
  • CopyPortfolios a unique premium feature designed for sophisticated investors

Note* the minimum deposit required to invest in CopyPortfolio is higher. SA traders need to put down $5,000 to access eToro’s premium products.

73% Success Rate on Copied Trades

Based on the data compiled since inception and ended in January 2020, eToro generates 73% success rate on over 124 million copied trades. In other words, 73% of the 124 million trades copied on the social trading platform closed in profit. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.

eToro Investors can Earn 2% Annual Fees

eToro Popular Investor program is dedicated towards the skilled traders that have a profitable trading strategy and want to earn an additional income. If you become a Popular Investor on eToro copy trading platforms you can earn up to 2% in annual fees.

For example, if the total funds under management (funds that follow you) are $1 million, you’ll earn an additional $20,000 regardless of your success rate.

Note* The 2% annual fee is credited to your eToro account every month (by the 10 th of the month) and the funds will be available for withdrawal right away.

The eToro’s Popular Investor program is structured into 4 levels (Cadet, Rising Star, Champion and Elite) that come with their own requirements and different levels of assets under management. In conclusion, the more assets under management you manage to attract, the bigger your payment will be. The table below will highlight the 4 levels of the Popular Investor program.

Final Words – eToro Best South African Copy Trading Network

Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income. The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:

  • Australian Securities and Investments Commission (ASIC) holding AFSL number 491139
  • In the US, eToro USA LLC is registered with FinCEN as a Money Services Business (on the downside it doesn’t hold a CFTC license)
  • Cyprus Securities and Exchange Commission (CySEC) holding license number 109/10
  • Financial Conduct Authority (FCA) holding registration number 7973792
  • On the downside, eToro is not regulated by the FSCA formerly known as the FSB

Note* while your funds are safe and secure, eToro will charge you a withdrawal fee of $25. The second negative point is eToro’s high spreads (typical EUR/USD spread of 3 pips and USD/ZAR spread of 50 pips) and the high overnight rollover fees.

Plus500 – Best For South African Beginner Traders

Compare Forex Broker’s top pick for the best South African forex broker that caters to beginner traders is Plus500. Plus500 is a leading CFD provider that has its financial services exclusively dedicated to the beginner traders. For South African traders, the best forex brokers for beginners must come with some advantages that are part of the broker’s offerings. Below, our team of experts will list some of the essential features that make Plus500 loved by beginners:

  • Dedicated round the clock customer support service 24/7 (including over the weekend support access)
  • Easy-to-use CFD trading platform (web-based intuitive interface)
  • State of the art social trading network
  • Zero commission trading
  • Forex educational webinars for beginners
  • ZAR trading account (comes with convenient payment methods including debit cards and credit cards, bank transfer, PayPal and Skrill)
  • Risk management tools to minimize risk (guaranteed stop loss). The disadvantage is that the guaranteed SL comes with an additional extra cost in the form of an additional spread charged and it’s only available to certain instruments.

Note* On the negative side, Plus500 doesn’t offer its clients access to a desktop trading platform. Plus500 offers a WebTrader platform and mobile trading via CFD trading apps (iOS and Android).

+2000 Financial Instruments

The Plus500 trading platform offers access to the most traded markets in the world, including shares, indices, Forex, commodities, options, ETFs and cryptocurrencies. Compared to other forex brokers, Plus500 has a wide range of asset classes, but IG Markets and CMC Markets can offer their clients more markets and subsequently more trading opportunities.

Due to the zero-commission policy, Plus500 is not able to offer low spreads. For example, the EUR/USD spread offered by Plus500 is 0.6 pips and the USD/ZAR spread is 85 pips.

Our team of industry experts conducted a deep review of South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below.

Plus500 Pepperstone IC Markets FXTM HotForex FxPro
EUR/USD 0.6 0.13 0.1 0.4 1.2 1.4
USD/ZAR 85 10 23.9 88.7 29 65
EUR/ZAR 120 38.46 42.50 55 101
GBPZAR 219 80 176

Final Words – Best Forex Broker for Beginners

Plus500 holds an Authorized Financial Services Provider licence with the Financial Service Board of South Africa. The global CFD Provider is suitable for all investors with strengths in customer service and easy to use Forex trading platform and a range of markets from Shares, Indices, Cryptocurrencies and Forex with an assortment of currency pairs. Plus 500 is also regulated by financial institutions including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Insurance and Investment Corporation (ASIC).

FXCM – Best No Commission Forex Broker Account

Based on our proprietary star scoring system, FXCM is the best forex broker offering no commission on FX trading. South African residents can enjoy trading on the foreign exchange market with a proprietary trading platform, spreads as low as 1.2 pips on EUR/USD and 57.6 pips on USD/ZAR and leverage as high as 400:1 (and 200:1 for CFD trading). The average spreads are calculated from October 1, 2020 – December 31, 2020.

Note* The default forex leverage is 400:1 but for deposits over $20,000 the leverage will be limited to 100:1.

Another aspect which makes FXCM offerings of financial services so attractive is their exclusive bonuses and promotions. Currently, SA traders can enjoy the following bonuses for forex trading:

  • Forex welcome bonus of $20 (or Rand 300) available until June 30, 2020
  • Forex affiliate program (you can get additional $20 when you refer friends and family to FXCM)
  • FXCM Africa monthly trading contest (the winner can get $500 cash prize)

Note* SA traders need to make a minimum deposit of $50 (or Rand 749) to be eligible for FXCM’s bonuses and promotions.

FXCM Range of Trading Platforms

In terms of forex trading platform options, FXCM offers three featured trading platforms:

  • MetaTrader 4 (MT4) – the world’s most popular trading platform
  • Trading Station – FXCM’s proprietary trading platform
  • NinjaTrader – dedicated to developing automated trading strategies via Strategy Builder feature

Note* Additionally to the main trading platforms, FXCM offers third-party platforms that can be fully blended with FXCM’s financial services. There are a total of 7 third-party trading platforms, including QuantConnect, MotiveWave, AgenaTrader, Sierra Chart, SeerTrading, NeuroShell Trader and StrategyQuant.

Each of FXCM’s trading platforms has unique trading features and providing market access for all types of traders. Regardless, of your preferred trading platform, FXCM can boost the following advantages:

  • 67.37% of client orders got executed with no slippage
  • 22.00% of client orders received positive slippage
  • 17 milliseconds average execution speed
  • 98.84% better Forex pricing compared to the interbank pricing

Final Words – Best Forex Broker with No Commission

Overall, FXCM has the best no commission forex trading accounts dedicated to South African traders. Pepperstone came in second place in the same category. One thing to mention is that the FXCM trading accounts offer variable spreads plus mark-up pricing. The zero-commission trading feature couple with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission.

Note* FXCM took some extra negative points due to its lack of diversity when it comes to the available currency pairs for trading. In total, FXCM offers only 39 forex currency pairs (major, minor and exotic pairs).

AvaTrade – Best Fixed Spread CFD Broker

Compare Forex Broker’s top pick for the best CFD broker with the lowest spreads is international broker AvaTrade. Regulated across five continents, including on the African continent by the local watchdog FSCA, AvaTrade gives SA traders access to over 784 financial instruments, including:

  • Forex currency pairs (55+ major, minor and exotic pairs). Competitive spreads starting from 0.9 pips on EUR/USD and 85 pips on USD/ZAR.
  • CFDs on global stocks (627 individual stocks like Amazon, Facebook or Google). The CFD stock spread starts from 0.13%.
  • CFDs on commodities (17 soft and hard commodities, including metals). Gold spread starts from $0.34 and WTI Oil spread of $0.03.
  • CFDs on indices (20 global indices). The spread on the DJ30 is 3.00 points and MSCI spread is 0.10 points.
  • CFDs on FX Options (44 FX options contracts)
  • ETFs (5 ETF contracts). The spread are as low as 0.13%
  • Bonds (2 bond contracts)
  • CFDs on cryptocurrency (14 digital coins). The bitcoin spread is 0.5% over-market.

It’s important to note that AvaTrade offers different levels of leverage conditions as follows:

  • Gold leverage is 20:1 and the rest of commodities is 10:1
  • Stock leverage of 5:1
  • Indices leverage 10:1 (and 20:1 on the most traded indices)
  • Cryptocurrency leverage of 2:1

AvaTrade has access to a deep pool of liquidity providers which promises CFD trading with competitive spreads. AvaTrade ZA also has numerous trading platforms, including the iconic MT4 and MT5 platforms, a browser-based trading platform and proprietary trading platforms AvaTradeGO and AvaOptions. Across all trading platforms, AvaTrade offers fixed spreads.

Fixed Spread Forex Trading Broker

AvaTrade offers competitive fixed spreads across its range of financial instruments. Unlike variable spreads, fixed spreads remain constant and aren’t impacted by the changes in the market conditions. However, it’s important to note that AvaTrade fix spreads are over the market. This means that the spread will fluctuate as per the market price, and they stop moving, once the position is open.

Below you can overview the fix spreads offered by AvaTrade under normal trading conditions on some of the most traded currency pairs:

Additionally, AvaTrade may offer spreads as a percentage of the position for some CFD instruments as follow:

  • CFD stock spreads as low as 0.13%
  • CFD commodity spreads as low as 0.03 points
  • CFD index spread as low as 0.25 over-market
  • CFD FX Options spread as low as 0.9 points
  • CFD ETF spread as low as 0.13%
  • CFD Bonds spread as low as 0.03 over-market
  • CFD cryptocurrencies spread as low as 0.35% over-market

Final Words – Low Fixed Spread CFD Broker

Like Plus500, AvaTrade is a global Forex broker that also has a SA subsidiary (Ava Capital Markets Pty) meaning it is regulated by the South African Financial Services Board. They have over 200,000 Forex traders using the fx broker and have won the ‘best customer service award’ in past years. They offer a web trader, MT4, MT5 or the proprietary platform AvaTrade Go as a mobile trading app.

ThinkMarkets – Best No Deposit FSCA Forex Account

ThinkMarkets has ranked as the best forex broker with no minimum deposit requirements that offers FX and CFD trading. This South African-based forex broker has only recently opened up (May 2020) its business in the African continent. The legal entity under which ThinkMarkets offers its financial services to South African traders is TF Global Markets (South Africa) (Pty) Ltd. ThinkMarkets is regulated by the local financial watchdog Financial Sector Conduct Authority (FSCA) and is an Authorized Financial Services Provider with FSP No 49835.

Offering financial services to forex traders in South Africa has become extremely competitive for the brokerage trading firms. However, ThinkMarkets has managed in a relatively short period of time to make a name for oneself.

Below, our team of experts will outline the main factors that weighted the most into our proprietary scoring system.

5 Types of Trading Forex Accounts

ThinkMarkets offer a variety of trading account types suitable for all types of traders. Setting up an account with this FSCA regulated FX broker requires no initial deposits (exception is the ThinkZero account). The types of forex accounts offered by ThinkMarkets are listed below:

  • Standard account offers average spreads of 1.2 pips and access to 3 different trading platforms (ThinkTrader, MetaTrader 4 and MetaTrader 5)
  • ThinkZero account offers raw spreads +$3.5 commission per 1 standard lot (requires a minimum operating balance of $500)
  • Islamic accounts come with swap-free charges. However, ThinkMarkets charges a weekly administrative fee of $5 for major pairs and $10 for minor pairs for trades that are held more than 7 days.
  • Demo account gives access to over 1200 tradable instruments (Forex and CFDs on shares, indices, commodities, cryptocurrencies and metals)
  • Joint Account which can be owned by two account holders

See below a quick comparison between the two most popular ThinkMarkets accounts:

Note* The maximum leverage offered by ThinkMarkets is 500:1 if you qualify as a professional trader. Retail traders can only get maximum leverage of 30:1.

$1 Million Insurance Protection

South African traders can safely deposit money with ThinkMarkets. The additional $1 million client fund insurance offered by ThinkMarkets aims to safeguard your fund in an unlikely event of insolvency. Forex insurance coverage has the following advantages:

  • Transparent protection with no additional fees
  • Market-leading fund protection with segregated forex accounts
  • Top-tier insurance partner (Lloyd’s of London)

Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:

  • Bank wire and bank transfers (international bank wire transfer costs $25)
  • Credit and debit cards (Visa and Mastercards)
  • Visa Checkout
  • Sid Secure EFT
  • Masterpass
  • Payment Asia / UnionPay
  • Skrill
  • Zotapay Africa
  • PayPal

Note* ThinkMarkets clients can manage the deposits and withdrawals through the secure client area ThinkPortal. SA traders can fund their account using the most popular currencies (ZAR, USD, EUR, CHF, GBP, JPY, AUD and more).

Final Words – Best SA Broker with No Deposit Requirement

Overall, ThinkMarkets is among the best South African Forex brokers due to their no minimum deposit requirements, a wide range of payment methods and fund protection. Following our extensive review process, we concluded that it’s safe to trade with ThinkMarkets.

IG – Lowest Forex Trading Standard Spreads

IG.com ranks as the lowest spread forex broker in South Africa for the standard account. Established in the UK in 1974, IG is the world’s biggest CFD provider. IG Markets South Africa Limited is part of IG Group Holdings Plc and regulated by the Financial Sector Conduct Authority (FSCA) FSP No. 41393. We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:

  • The average spread of 0.75 pips on EUR/USD
  • Access to +17,000 global markets through CFD contracts
  • Direct Market Access (DMA)
  • ProRealTime charting software and trading platform for only Rand 300 per month
  • Stockbroking services with over 12,000 global shares like Facebook, Apple, Alphabet, etc.
  • First-class customer support
  • Fund protection through segregated accounts at tier-one banks and negative balance protection
  • Fast average order execution speed of 14 milliseconds

Discover below the CFD spreads charged by IG South Africa.

Competitive Standard Spreads

At, IG the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa. IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG’s average trade spreads can go as low as:

  • 0.75 pips on EUR/USD
  • 1 point on FTSE 100
  • 0.3 points minimum spread on spot Gold
  • $40 minimum spread on Bitcoin

Note* IG charges the spreads across all its markets with the exception of share trading which is commission-based (USD 25 on the US share trading).

The typical average standard spreads for the most traded currency pairs can be studied below:

Additionally, the IG’s order management software comes with the following advantages:

  • No re-quotes – less than 0.36% (according to data compiled through October 2020) of trading orders are rejected due to liquidity constraints
  • Price improved technology ensures positive slippage – more than 183,000 orders received positive slippage (according to data compiled through October 2020)
  • Good for handling large order trading sizes
  • A high rate of 98.3% order fill

Final Words – IG Lowest Spread Forex Broker in South Africa

Our FX expertise revealed that IG has the lowest forex trading standard spreads among South African FX brokers. IG forex spreads oscillate in accordance with the market liquidity while CFD spreads remain unchanged excluding stock spreads. South African residents can open a live trading account with IG with a minimum deposit of Rand 4,000.

South Africa Brokers FAQs

Which forex broker is the best in South Africa?

Pepperstone was awarded the best forex broker for South African traders based on five key factors:

  1. It’s regulated with the FCA, ASIC and is in the process of a South African FSP licence
  2. It has the lowest commissions and spreads from 0.0 pips for the EUR/USD
  3. Traders can choose from the most popular forex platforms, MT4, MT5 or cTrader
  4. It has award-winning customer support from live chat to the call centre
  5. There are a plethora of fee-free funding methods with a $200 minimum deposit requirement

For more details, you can view the Pepperstone review.

How to choose the best forex broker?

To find the best fx broker for your needs you should be looking for a regulated fx broker that has low brokerage (spreads/commissions), a solid forex trading platform, strong customer service and easy deposit/withdrawal methods.

View our best forex broker section to see a list of the leading CFD providers.

What fx broker is best for beginners?

Beginner forex traders should be looking for a CFD broker that an easy to use forex trading platform, strong customer support and risk management features such as negative balance protection and guaranteed stop-loss orders.

Our recommendation is Plus500 which has the components a beginner trader needs.

Which forex broker has the best spreads?

The lowest spreads are available from providers that have ECN broker accounts. Our review of Pepperstone found they had the lowest spreads with some January 2020 example:

  • EUR/USD average spread of 0.13
  • AUD/USD average spread of 0.14
  • EURJPY average spread of 0.22
  • GBP/USD average spread of 0.44
  • EUR/AUD average spread of 0.54

Brokers Regulated By FSB – South Africa Forex Brokers

SA Forex Broker Regulation Min.Deposit Trading Platform Leverage
Pepperstone FSB Pending, ASIC, FCA $200 MT4, MT5, cTrader 500:1
AxiTrader FSB, ASIC $200 MT4 500:1
FXTM (Forex Time) FCA, CySec, IFSC $5 MT4, MT5, Web 1000:1
AvaTrade FSB, ASIC $100 MT4, AvaTrader 400:1
IG ASIC, FCA, MAS $450 MT4, L2 200:1
Khwezi FSB R5,000 MT4 200:1
FXCM ASIC, FCA $50 MT4, NinjaTrader 400:1
Markets.com FSB, CySEC $100 Sirix Web,
Mobile
300:1
IronFX CySEC $100 MT4, MT5 500:1
Saxo Bank FCA, FSA, ASIC $10000 SaxoTrader 100:1
ACM Gold FSB R5000 MT4 500:1
BlackStone Futures FSB R5000 MT4, CloudTrade 100:1
JP Markets FSB R3500 MT4 500:1
Harborx CySEC $50 Harborx Platform 100:1
ALFA Financials FSB $1000 Alfa Trader 100:1
FxPro FSB, FCA, CySEC $100 MT4, MT5, FxPro, cTrader 500:1
XTrade CySEC $100 Xtrader Pro 400:1
Velocity Trade FSB $200 Protrader 75:1
Plus500 FSB, FCA, CySEC, ASIC, FMA, FSCA €100 Plus500 Platform
Plus500 CFD Platform
300:1

Guide to Finding The Right Forex Broker In South Africa

South African forex trading success is partially dictated by the fx broker chosen and five criteria should be considered:

1) Spread and Commission Fees are the forms of brokerage that apply to a forex broker in South Africa. Some brokers will only have a spread while others may have narrower spreads but also charge a commission. Some other fees may apply to advanced features such as guaranteed spreads, an overnight holding of a position or licencing fees. Fees can also be reduced by choosing a South African Rand ZAR account.

2) Forex Platforms are the way online brokers allow South African forex traders to trade with currency markets. These have different interfaces, features and integrations. On the South African forex broker table above you can view how MetaTrader (MT4) is offered by most brokers giving the flexibility to change brokers if you choose this fx platform. Other platforms, on the other hand, may have unique features not available on MT4 such as share trading on MT5 and C# programming on cTrader. Another popular platform is NinjaTrader offered by FXCM and Forex.com.

3) Leverage is critical when currency trading in SA. As currency market movement is modest compared to other markets, leverage makes these more substantial to make real profits or losses. A trader needs to afford to take the high risk of losing money rapidly due to leverage. Therefore, leverage needs to be aligned to a South African forex traders risk profile and trading strategy. Remember, losing your money is a real possibility on currency markets so it’s critical to understand the risks of forex trading.

4) Risk Management features take into account how trading CFDs are complex instruments. They help control risk such as determining when a trader exits a trade (eg a guaranteed stop) or to prevent a trader from not only losing your money but also from going negative through negative balance protection. Even with risk management, you can lose money when trading so the amount put into a deposit is critical. You can check with each fx broker what percentage of retail investors lose their money on retail investor accounts.

5) Regulatory Bodies: The South African local regulatory body is the FSCA, this is also referred to as the FSB (Financial Service Board). This regulator reviews the financial services industry excluding the banks. This regulator works towards protecting South African investors including forex traders and has powers to enforce their policies. They also work with the Ombudsman to investigate customer concerns in regards to forex trading brokers. View more our on FSB regulated page. Global financial institutions such as eToro, IC Markets and AxiTrader were not considered as part of this comparison as they were not FSCA certified but can be compared on this SA trader page.

Published by Justin Grossbard

Friday, April 03rd, 2020

Review: BDSwiss, a Modern Binary Options Broker Bent on Education

Taking a different approach to the binary options market, despite somewhat limited asset offering BDSwiss provides a comprehensive binary options

BDSwiss (formerly known as Banc de Swiss) is a registered trade mark of BDSwiss Holding Plc., a Cyprus Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license # 199/13.

Its trading platform is provided by SpotOption, one of the biggest in the trade, and was founded in 2020 in Germany, the broker also comes from a serious background.

BDSwiss emphasizes the envelope it providers clients with, including market news, an economic calendar, trader education, a lounge for interacting with fellow traders, rewards and prizes and 24/7 support. People with no experience in binary options will certainly get the feeling of safety and security, or at least more so than from other brokers.

There are many features available on the website that add to the binary options trading experience. The education center contains an extensive list of videos that will bring new traders up to speed. The market news section is well designed and up to date. There is also a blog with articles covering market events and facts.

Examining the trading section, we can see what the trading framework looks like. Here again, it is clear, uncomplicated and easy to use. Parameter selection for placing orders flows naturally from left to right and then down. All relevant information also follows the same route.

Much like in other platforms, the trader sentiment which appears below the chart is of little use. Perhaps the platform providers should try and improve the chart performance instead.

Taking a look at the asset list we can see what BDSwiss has to offer: FX majors, many FX crosses, core commodities, several leading world indices and a number of stocks. In terms of asset list diversity, the broker ranks somewhere in the middle.

Option Types

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Option types available for trading are digital, turbo, pairs, one touch and ladder. Long-term options are also available. Digital options expire every 10 minutes and also at the end of the day.

The pairs options allow for speculating on which of the 2 assets will perform better and expire every hour or also at the end of the day. Turbo options are available for 30, 60, 120, 180 and 300 seconds. One touch options are weekly, but they have a significantly higher payout.

Payouts

Payouts vary widely and in some cases are as low as 54% as for the 30 second turbo USD/CAD option. The one touch Google weekly option, however, has a payout of 550%. In general, the payouts are the usual – between 70% and 80% and depend on asset liquidity. For example, the EUR/USD digital option has a very nice payout of 82%, higher than most of the competitors.

Conclusions

In conclusion, BDSwiss seems to be a modern binary options portal focusing on education and information about the market as much as trading it. The company does have its own take on how to do that, but option types and option availability differ from other established binary option brokers.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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How To Make Money on Binary Options Trading
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