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7 Best Regulated Forex Brokers in South Africa

Before joining a forex broker, it is mandatory to ascertain whether it is properly regulated.One can verify this through the brokers’ official website first, as regulated companies always displaytheir licenses.

The next step would be to verify a license through the official regulator’s website.

Seven Forex brokers that are properly regulated in South Africa are:

Exness

Exness is regulated by the FSCA in South Africa, the FCA in the UK and CySEC in Cyprus.

Exness was founded in 2008 and offers the MT4 and MT5 platform on standard and pro accounts. The minimum deposit is only $1 and EUR/USD benchmark spread is 1 pip on average with its Standard Account.

Exness offers a lot of trading instruments, good support and instant and convenient funding and withdrawal methods – including local bank transfers. Exness offers ZAR base currency accounts and charges no fees on deposits or withdrawals.

Exness’s chat support is available 24 hours for 5 days in a week.

CM Trading

CM Tradingis a brand name of Blackstone Marketing SA (PTY)LTD, is based in Johannesburgand regulated by the FSCA.

The broker provides the MT4 trading platform along with Sirix, and a copy trading platform CopyKat to tradeCurrencies, Cryptocurrencies: (Bitcoin, Litecoin, Ethereum), CFDs: (Gold, Silver, Other) Precious Metals, Stocks, Stock Indexes, Oil, and Other Commodities.

CM Trading offers five live accounts – Bronze Accounts, Silver Accounts, Gold Accounts, Premium Accounts and Islamic versions on all account types.

The minimum deposit required to open a Bronze Account is 250 USD or EUR and CM Trading offers a maximum leverage of up to 1: 200.

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AvaTrade

Avatrade is a European broker founded in 2006 but regulated in South Africa with the FSCA since 2015.

Avatrade offers MT and MT5 platforms for web and mobile, as well as a proprietary app, to trade Forex, Cryptocurrencies, Stocks and bonds.

Avatrade offers fixed spread accounts, with EUR/USD spread being 0.9 pips on average with the Retail account.

Deposit and withdrawal options include credit cards, wire transfer, and wallets, as well as local bank transfer deposits. There is no fees charged on deposits or withdrawals.Their non-trading charges like inactivity fees, are high though.

Blackstone Futures

BlackStone Futures was founded in 2009in Johannesburg and is FSCA-regulated. Blacstone Futures offers both ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms, with STP execution.

It is rated as one of the best Forex brokers in South Africa, for transparency, fairness and customer support.

Beginner traders have access to excellent educational support, spreads are tight, the minimum deposit requirement is 1,000 ZAR and traders have access to leverage of up to 1:400 despite the size of the account.

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XM Group

XM Group is a good forex broker for South African traders, properly regulated by the FSCA, ASIC (Australia), CySEC (Cyprus) and IFSC. The broker offers11 base currency options, fast order execution, low spread with Ultra Low Account, negative balance protection and no fees on deposits and withdrawals.

XM Group is a part of Trading Point of Financial Instruments Ltd that was founded in 2009.

XM Group provides both web and mobile trading on MT4 and MT5 platforms to trade a wide range of trading instruments including currencies and CFDs on metals, indices and commodities.

XM Group’s support is really fast in handling issues, especially its live chat which is available 24 hours during the week.

Plus500

Plus500 was found in 2008 and is safe for South African traders as it islicensed through the FSCA. They are also regulated with ASIC, CySEC and FSA and is publicly listed.

Plus500 offers a proprietary platform on web and mobile.

Plus500 has competitive variable spreads depending on the instrument being traded and market conditions. Their spread is especially competitive for forex majors and crypto CFDs and a leverage ratio of up to 1:30 (depends on the trading instrument) can be used.

The broker requires a minimum deposit of R1500 and doesn’t charge any deposit or withdrawalfees.

15 Crypto CFDs are available on their platform.

FXCM

FXM was founded in 1999 and is safe as they are regulated with the FSCA since 2016, with the FCA in UK, and with ASIC in Australia.

FXCM charges variable spread for every trade, with a typical EUR/USD spread being 1.3 pips. The broker do charge inactivity fees though after an account is idle for a year.

FXCM offers MetaTrader 4, Ninjatrader, ZuluTrade, and their own propitiatory trading platforms. Trading instruments are limited to forex, commodities and cryptocurrencies but a wide variety of deposit and withdrawal options are available: credit/debit cards, bank wire transfer, and wallets (Skrill & Neteller). They don’t charge deposit fees but do charge fees on withdrawals via International bank wire.

FXCM has local phone support as well as an office in South Africa.

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