Top and The Best Forex Brokers In South Africa Regulated By FSB

top and the best forex brokers in South AfricaMany forex brokers have started offering services in South Africa as the country’s economy is experiencing rapid growth. Further, there is an increased demand for financial services in South Africa. Another reason as to why forex brokers setting up offices in this country is probably the mounting regulatory pressure on them in Europe.

South Africa is a huge market and the potential for growth is very high. As it is the most advanced country in the African continent in terms of economic growth, it is even part of the G20 countries. The legal, financial and communications sectors of the country are well-developed and South Africa’s JSE Limited is by far the largest stock exchange in the African continent and ranks among the top 20 exchanges in the world.

In South Africa, the operations of the non-banking financial services sector, including collective investment schemes (stock market and unit trusts) and financial brokers and advisors are overseen by the Financial Services Board (FSB). It is this agency that processes applications and issues licenses to companies that want to operate as financial services providers in the country. The agency also ensures that the regulated companies are complying with the relevant legislations and capital adequacy requirements in order to promote financial soundness among the service providers and protect the investors.

Trusted South Africa Forex Brokers Regulated By FSB

Broker Info Bonus Open Account
xm best forex broker Min Deposit: $5
Spread: From 1 Pips
Leverage: 888:1
Regulation: ASIC, CySEC, FCA (UK), BaFin, CNMV
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plus500 best forex broker review Min Deposit: €100
Spread: The Spread can be as low as 0.01%” (0.01% = spread for EUR/USD)
Leverage: 1:294
Regulation: ASIC, CySEC, FCA (UK)
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Moreover, the FSB is bestowed with the powers to enforce compliance and deal with breaches via an enforcement committee. The company also runs a customer complaints department, the Office of the Ombud for Financial Services Providers. As forex trading is allowed in the country and is well-regulated by the FSB with relatively less restrictions (capital requirement is R5 million), South Africa has become a promising destination as far as financial services providers are concerned.

Here is a list of FSB regulated forex brokers:

#1: XM.com

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XM.com, a trade name of Trading Point Holdings Ltd, is owned as well as operated by Trading Point of Financial Instruments Ltd, which is regulated by CySEC. It is also European Union-registered forex broker. XM has its headquarters in Limassol, Cyprus.

Operational Since: 2009
FSB License Number: XM.com has applied for license
Types of Accounts: Demo, Micro, Standard and XM Zero
Minimum Deposit: $5
Spread: Starts from 0
Leverage: Up to 888:1
Deposit Options: Visa/Master/Maestro/UnionPay Cards, Neteller, Skrill, Webmoney, Sofort, iDeal, paysafe, Qiwi, CashU, Local Bank Transfer and Bank Wire Transfer
Trading Platforms: MT4 for PC and Mac; MT4 Multiterminal, MT4 WebTrader; MT4 for Android and iPhone; MT4 for Android Tablet and iPad
Bonus: Up to $5,000

#2: AvaTrade

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AvaTrade, a pioneer in the field of online forex trading from 2006 onwards, was created for the purpose of providing a great online trading experience to retail traders. Within a short time, AvaTrade had more than 20,000 registered customers executing over 2,000,000 trades in a month around the globe. The total value of trades surpasses $60 billion in a month.

Operational Since: 2006
FSB License Number: 45984
Types of Accounts: Demo and Real
Minimum Deposit: $100
Spread: Fixed; Starts from 3
Leverage: Up to 400:1
Deposit Options: Credit/Debit Card, Paypal, Webmoney, Skrill, Neteller and Bankwire (minimum $500)
Trading Platforms: MT4, AvaTrader, MT4 Floating Spreads, AVAOptions, Automated Trading, Mac Trading, Web Trading, Mobile Trading
Bonus: Up to $5,000

#3: CM Trading

CM Trading is the brand name of the Seychelles based company Global Capital Markets Trading Ltd. The online broker specializes in providing trading opportunities in forex, indexes and commodities. In South Africa, CM Trading is registered with FSB and, therefore, complies with the agency’s stipulations.

Operational Since: 2012
FSB License Number: 38782
Types of Accounts: Demo, Mini, Standard, Executive and Gold
Minimum Deposit: $250
Spread: Depends on account type; tighter for Executive and competitive for Gold
Leverage: Up to 400:1
Deposit Options: Wire or Bank Transfer, Debit or Credit Card,
CashU, Neteller, Fasapay
Trading Platforms: MetaTrader 4, Mobile Trader, Tablet Trader, WebTrader, CM Trading CopyKat, Social Mobile App
Bonus: Up to $1,000

#4: easyMarkets

easyMarkets, a market maker type forex broker, was initially established under the trade name “easy-forex” in 2003. easyMarkets offers 136 spot currency pairs, 48 FX forwards and 57 currencies crossed with metals for trading. easyMarkets is the trading name of Easy Forex Trading Limited and the company’s website is operated by Easy Forex Trading Limited

Operational Since: 2003
Types of Accounts: Demo and Standard
Minimum Deposit: $25
Spread: Fixed
Leverage: Up to 400:1
Deposit Options: Credit Card, Webmoney, Wire Transfer, Neteller
Trading Platforms: easyMarkets, easyMarkets MT4
Bonus: Up to $2,000

#5: Markets.com

Markets.com is operated by Safecap Investments Limited, which is a financial services company that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). Safecap is a subsidiary company of Playtech PLC, which is traded on the Main Market in the London Stock Exchange and is a FTSE 250 index constituent. Safecap has also obtained the license from the Financial Services Board in order to operate in South Africa. Markets.com received the best customer service award at the London Investor Show Forex in 2012, among others over the last few years.

Operational Since: 2010
FSB License Number: 43906
Types of Accounts: Demo and Standard
Minimum Deposit: $100
Spread: Low
Leverage: Up to 200:1
Deposit Options: Credit Card, Webmoney, International Bank Transfer, Wire Transfer
Trading Platforms: Markets WebTrader, Markets MT4, mobile platforms
Bonus: $25 on registration

Of course, the best forex brokers in South Africa will be complying with the stipulations put in place by FSB. However, there are many forex brokers in the country whose operations are not overseen by the agency. We recommend that you should work only with forex brokers that are registered with the FSB if your goal is to succeed as a forex trader in South Africa.

Another thing you need to decide before you sign up with and South African forex trading company is whether you want to trade the domestic currency or standard currency pairs like EUR/USD. Once you have decided this aspect, understand the spreads that the brokers are offering. You should ensure that make sure you are getting the best quotes available. Additionally, you should also ensure that the forex broker you are planning to work with will actually allow you to deposit funds in Rand, if required. Finally, dig a little deeper and find out that the brokers are offering a demo account and platforms that are capable of catering to your specific needs.

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