What is a Forex Broker?
A forex broker is a financial services company that provides traders access to a platform for buying and selling foreign currencies.
Forex is short for foreign exchange. Transactions in the forex market are always between a pair of two different currencies.
Cheap Forex Brokers In South Africa
Tickmill – Best For Active & VIP Traders
Tickmill was founded in 2014 as a global FX and CFD broker. The best forex broker in South Africa, pty ltd firm, this broker is regulated in South Africa by various financial regulators worldwide and has a good overall rating, including the top-tier UK’s Financial Conduct Authority FCA and Financial Services Authority for safe trading.
Markets.com – Best For Trading Options
Markets.com offers a wide range of offers for retail investor zar accounts for the MetaTrader 4 and MetaTrader 5 platforms. Still, the broker has maintained its unique CFD trading platform, which has been there since 2015 and has always focused on technologies to make trading easier.
Several major system improvements in 2018 have affected both web trading and the mobile trading app across the Financial Markets and Markets sub-brands.
IG Group – Best For Trading Platforms Offerings
The online brokers IG Group is well regulated and is amongst the biggest and top most renowned brands in forex pairs trading like EUR/USD or GBP/USD with a good overall rating, with a wide range of offers and various bodies regulating and authorizing it, including with FSCA regulation at your side founded in 2018 (South Africa), CFTC, BaFin, and a lot more. IG Group Markets SA Limited provides South African traders and stockbrokers with over 17,000 trading products across many other asset classes, providing a safe trading environment and trading forex.
Khwezi Trade – Best For Forex Broker Trading & Financial Services
Khwezi Trade, according to research in South Africa, is a top & well-respected South African brokerage firm run by its parent company, Khwezi Financial Services pty ltd. This award-winning firm was created in 2013 and is located in Cape Town, South Africa. Khwezi Trade is someone who offers ZAR trading.
As an STP broker, the firm offers South African traders exceptional trading conditions, devoted 24 hours of customer service, account types, financial instruments, market volatility, a range of deposits, 24 hours of open and withdrawal options at non-trading fees, in-depth analysis, lowest spreads, mobile trading, and market analysis of this FSCA regulation platform.
What is the best forex broker in South Africa?
After extensive research and testing of all forex brokers that are regulated in South Africa (and that accept South African residents), I’ve found IG to be the best forex broker in South Africa in 2023. IG is regulated by the FSCA and holds a wide range of regulatory licenses from jurisdictions around the globe.
In fact, IG holds more licenses than any of the 60+ Forex brokers reviewed on ForexBrokers.com. Add to that the fact that IG is publicly traded and well capitalized, and you can see why we rank IG so highly as a trusted forex broker (with a Trust Score of 99).
Is forex trading legal in South Africa?
Yes, forex trading is legal in South Africa when you trade with a broker that is properly licensed by the Financial Sector Conduct Authority (FSCA).
The Financial Advisory and Intermediary Act (FAIS) of 2002 and the subsequent Financial Sector Regulation Act (FSRA) of 2017 set the requirements for Financial Service Providers (FSPs) in South Africa that offer derivatives (such as forex trading).
Forex brokers must be licensed and authorized as FSPs with the FSCA in order to legally offer forex trading in South Africa to residents. I recommend choosing a broker regulated in South Africa to reduce your chances of falling victim to potential scam brokers. In some cases, forex brokers that hold similar licenses in other jurisdictions may be tolerated by the local regulator, even if the broker isn’t directly regulated by the FSCA.
What time does the forex market open in South Africa?
In South Africa, the forex markets open on Sunday at 10:00 p.m. local time. If daylight savings time (DST) is in effect in other countries or regions (South Africa does not observe DST) the forex markets will open at 11:00 PM local time.
That said, it is always important to check with your broker to verify what opening hours it observes, and whether weekend trading is available.
Globally, forex markets are generally open from 9:00 PM Coordinated Universal Time (UTC) on Sunday until 9:00 PM UTC on Friday, each week. South Africa, however, runs on South Africa Standard Time (SAST) which runs two full hours ahead of UTC.
Which South African forex broker is best for beginners?
Among all forex brokers that accept clients in South Africa and that are regulated by the FSCA, IG is the best forex broker for beginners in 2023. IG offers a substantial variety of in-depth educational content and materials for new investors and traders, alongside trading platforms that are well-designed and user-friendly.
IG even offers a standalone mobile app – IG Academy – that is exclusively dedicated to education. IG is also regulated in numerous top-tier jurisdictions, making it one of the most trusted forex brokers globally.