For example, the closer the buy and sell prices are, the more profitable it’s for a trader to work with this broker for these currency pairs. That’s why, often, traders choose different brokers for different currency pairs. Forex is one of the most liquid financial markets that attract more investors year by year. By 2021, the total daily turnover is equivalent to $6.6 trillion, having grown from $1 trillion twenty years ago.

one of the best forex brokers

In terms of fees, OctaFX charges variable spread for every trade. Their typical EUR/USD spread is 0.7 pips with their MT4 & MT5 Trading Accounts (as per OctaFX’s spread data), which is highly www hycm com competitive when compared with other South African regulated brokers. There is no extra commission per lot with any account, and the only trading fees they charge is the spreads.

With that said, the minimum deposit at is just $20 – which is an inconsequential amount for most. The platform supports e-wallets and debit/credit cards for instant deposits. Next up we have – a market leader in the CFD brokers market, spread betting, and forex scene a swell as being one of the best brokers with NASDAQ. In particular, this platform is highly suited for those of you that are somewhat new to online currency trading – as the broker offers a simple and burden-free way of placing orders.

How Can I Tell if a Forex Broker Is Regulated?

We recommend them to consult financial experts or financial services for expert advice on Forex and CFDs trading. With FXCM, you can benefit from all of the charting tools MetaTrader 4 is well known for and you can also enjoy a high level of customization and trading on the go. If your broker is executing trades on your behalf, make sure they’re in line with your objectives. An unscrupulous broker may only make trades that suit their best interests, not yours. All of these features are available on any device, including iPhone and Android devices.

The overall fees is quite competitive with their cTrader account type. Good Live chat support, but we experience a few seconds of hold time while connecting. We tested 40+ brokers & then selected the 10 best Forex brokers for South Africans that are regulated with FSCA, FCA or CySEC.

Trading platform

Compared to other trading platforms, is a bit expensive and does not have some trading features, spreads products and services, and dozens of drawing tools other than the basic ones. However, check the review to learn more about these trading platforms & full list of the trading assets in detail.

  • An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
  • It offers convenient market hours you can work around, high liquidity for when you want to pull out, and the ability to trade on the margin.
  • Very competitive typical spread of 0.7 pips for EUR/USD with MT4 & MT5 accounts.
  • Although, other CFD brokers have higher number of instruments.
  • If you want to start trading currencies from the comfort of your home right now – the guidelines below will take you through the process step-by-step.

ECN system removes the base of the potential conflict of interests between a trader and brokerage company. Choosing a trading platform you’re most comfortable working with is no less important than choosing a broker. The main thing for the trader is not only that the platform lets you easily manage every day’s duties, but also the broker supports the work with this platform. We would like to note that there are several regulatory organizations. In our opinion, this is the most important and fundamental option in the broker’s work, directly related to how much investors will trust it with their money.

How much money do you need to start trading forex?

EToro was founded in the early days of the online retail Forex era, in 2007 – this broker occupies a unique space as the king of social and copy trading. EToro is regulated in Cyprus, the U.K., Australia, and the United States although its U.S. offering is firmly differentiated from its offering to the rest of the world.

Best Forex Brokers for Beginners

It is recommended that you choose a broker that is regulated in the country or countries it operates. They have been around since 1997, have over 2.2 million customers around the world, and have been granted 30 international awards. This can be extremely beneficial if you have a trading robot that scalps the market and requires blazing fast speeds to execute orders. The broker may provide a VPS service at some cost or free for clients that meet a specific deposit requirement. Nonetheless, a few also offer this service for free, and those should be a priority while choosing a forex broker. Dukascopy has built its reputation as a renowned bank and platform for automated trading.

EToro is a very popular online broker, especially for its social trading functionality. This feature combines a social media-type environment where traders can share their trading opinions and ideas. Another factor to consider is if the broker offers quick order execution speed.

Plus500 is a popular CFD trading platform, that is also listed on London Stock Exchange. They are regulated with top-tier regulators including FCA , ASIC & CySEC. Swap charges are very high if you are holding Forex brokers positions overnight. For example, for GBP/USD their Swap is USD -2.58 for Long & USD -4.88 for Short side with a standard lot. So, for traders who keep overnight positions, this fees can add up to a lot.

Tickmill – Best Forex Broker in South Africa with low spread & FSCA regulated

To come up with a list of the best brokers, we test several brokers for forex quality and CFD trading. As the brokers’ aid in exchanging, Forex brokers buying, or selling currencies, they also have a stand-alone web platform and mobile trading platforms for your support.

With Raw spread accounts, the spread is as low as 0.1 pips (plus $5-6 commission per Standard Lot depending on your platform, which can be MetaTrader or cTrader) for most CFD instruments. With Standard account too, the spread is competitive, around 0.62 pips on average for EUR/USD are per our benchmark check.