Recently, forex trading in South Africa has increased significantly for many reasons, except that South Africa, as a highly developed country, continues to develop its economic system and is one of the most advanced countries in the area of international currency exchange. Below are some of the most reputed forex brokers in South Africa.
Founded in 2014, Tickmill is considered a trusted broker as it is operated by many large regulatory bodies such as FSCA, FCA (UK) and CySEC (Cyprus). Tickmill is a specialized MetaTrader broker for currencies and CFDs that offers MT4, MT5 and Webtrader platforms (these Metatrader platforms can be used on a variety of devices). They recently launched the latest version of Metatrader 5. They offer a wide variety of 62 currency pairs for currency trading. Tickmill does not charge any fees for deposits and withdrawals. South African buyers can deposit and withdraw funds in South African Rand (ZAR) using the online bank transfer option. You can receive money instantly via online bank transfer, and local bank withdrawals can be completed within 24 hours.
Veracity Markets is a registered trademark of Veracity Markets (Pty) Ltd. in South Africa. Veracity Markets was officially launched in early 2020. It is a stock broker whose goal is to enable individuals and their clients to confidently trade in the market. Based in South Africa, they support over 20 languages and offer over 250 financial instruments and CFDs. Veracity Markets is a licensed financial services provider and is subject to the Financial Advice and Brokerage Act. No. 37 of 2002-FSP4701. It provides three types of accounts: standard accounts, fixed accounts and ECN accounts. The minimum investment for a standard account is $ 10 and the minimum investment for the other two accounts is $ 250. The maximum movement is 1: 500, which allows you to use the MT4 trading platform on a mobile terminal.
Khwezi Financial Services, the parent company of Khwezi Trading, is managed by the FSCA in South Africa. Although Khwezi Trading is not subject to international regulations, it actively offers special accounts for client funds with Standard Bank and ZAR, providing a higher level of security. Khwezi Trade offers 4 different account types for MT4 traders and the minimum investment for an account is 2000 ZAR. When trading currencies, there is no commission charged on any account, but all chart transactions require a commission of up to 3 ZAR. Deposits and withdrawals are faster and free of charge, and copy trading is also provided.
IronFX is an online broker that provides excellent currency exchange services for over 80 currency pairs including ZAR and other currency pairs including major and minor currencies.
They offer two trading platforms: MetaTrader 4 and their own advanced platform. Although the broker offers wholesale CFD trading, the options for other funds are very limited. IronFX charges higher commissions for individual trades than other brokers. If you only want to trade in foreign currencies without any other types of trades, this is a good broker.