Which Brokers Are Good for South African?

It is a hustle to find reliable information concerning South African brokers and you usually have to spend hours online looking for recommendations for a good broker. I suggest that for any broker inquiry you may have with WikiFX. This powerful app is connected to all the regulatory boards globally so they can help you find the best regulated and verified brokers. They also keep a list of all the known scam brokers, so you will be able to stay away from these brokers before you lose your money.

This list is completed using information from the WikiFX so you can trust that the information is vetted and correct. WikiFX carries out a thorough investigation and analysis of several broker factors, e.g license index, customer experience, user interface etc., and places a rating on these brokers in accordance with their performance metrics on these factors. We choose the highest-rated brokers on WikiFX who serve South Africa so you can find the best one suited for your needs.

1) XM: Rating - 9.00/10

XM has an established global presence as they are regulated by five different regulatory boards worldwide. They are rated so high because they offer some of the lowest minimum deposits at about R84 and the lowest spread they offer is 1 pip, depending on the pair and volatility. They have very fast transaction speeds and no requotes so you can be accused that your trades will be opened and closed right at your command. For those who sign up with the broker for the first time, they can get a $30= R505,29 sign-up bonus to check out the broker platform and services, a pretty good offer if you ask me.

2) IG markets: Rating - 8.20/10

Out of the three brokers who are mentioned here, IG features the most industry experience as they have been established for 20 plus years. This broker is also established worldwide as it is regulated by Seven different regulatory bodies including the FSCA. They also have very low barriers of entry as you can open an account with little to no money at all and have a spread that can go as low as 0.2 pips for EUR/USD. The extensive market experience makes these guys a premium choice broker as they have a strong reputation for good service delivery The only issue with this broker is that the leverage they offer ends at 200:1 which is pretty low but is plenty for traders with small accounts.

3) Exness: Rating - 9.01/10

Exness is also globally recognized, respected, and established. They have about 14 years of experience and they are also regulated by three regulatory boards including the FSCA in South Africa. They offer ZAR accounts with the lowest barriers of entry being the standard account with a zero-rand minimum deposit and a spread of 0.3 pips, hence their high rating. This broker has had a good record in the country and very few negatives can be found in the broker. They handle a lot of trading volume as just last month they reported trading up to nearly $2.3 trillion. So they will have the liquidity to handle your every withdrawal request. Their transaction speeds are top tier which ensures your trades are open and closed right at the moment you decide..