15 Best SA Forex Brokers for Beginners 

 

The following 15 Best SA Forex Brokers for Beginners and they have revolutionized the way South African investors trade by providing easy access to popular online trading platforms and a vast selection of advanced trading tools and educational resources.

 

Markets.com

Markets.com was founded in 2008 and it is listed on FTSE 250. Products offered include a wide range of Shares, Bonds, Blends, Crypto, ETFs, Forex, Indices and Commodities, which are all CFD. 

Markets.com provides more than 67 currencies to trade with and 25 crypto coins. This broker is compatible with MetaTrader platforms and offers an Investment Strategy Builder tool.

Markets.com delivers a simplistic and user-friendly website and extends customer support 24/5, along with live chat assistance. 

Tools provided by Markets.com include trading signals and alerts, trend trackers, advanced charting, market news streams, analyst recommendations and hedging tools. 

 

Markets.com Pros and Cons:

✔️Pros	❌Cons
trade with over 2,200 CFD instruments	Costly
Reliable support and educational resources	Hedging is not allowed
Great selection of research tools	Slow response on mobiles when closing trades

 

eToro

eToro is an award-winning leader in the Forex industry, with 338,815,724 trades opened since its inception. This broker has CopyTrading functionality and it is operating with official licenses from CySEC and FCA.

eToro facilitates the trading of Stocks, Cryptocurrencies, Forex, Commodities, and almost 2,000 tradeable CFD instruments.

eToro also accommodates Social Trading and provides a comprehensive library of educational content.

 

eToro Pros and Cons:

✔️Pros	❌Cons
CFD fees are low	Withdrawals are delayed and pricey
Minimum deposit is affordable	Only one base currency available
Deposits are free	Non-trading fees are expensive
Customer-focused platforms	$5 per withdrawal

 

Saxo Bank

Saxo Bank is a licensed financial services provider that offers its proprietary trading platforms, SaxoTraderGO (web) and SaxoTraderPRO (desktop), along with 40,000 tradeable instruments to investors globally who can afford the minimum deposit of $10,000.

SaxoBank’s trading platforms perform well in comparison to the popular trading platforms, such as MetaTrader 4 and 5, or cTrader. 

An impressive selection of advanced trading and research tools are provided as part of the package and clients are guaranteed reliable and responsive customer service.

 

Saxo Bank Pros and Cons:

✔️Pros	❌Cons
Compliant to strict regulations	Minimum deposit is high
Withdrawals are free of charge	Response times may seem delayed
Great variety of research content and news	Not compatible with popular platforms

 

easyMarkets

easyMarkets facilitates the trading of Shares, Indices, Forex, Metals, Commodities, Cryptocurrencies and Vanilla Options. This broker has over two decades of experience in the industry and is licensed and regulated by the FSA.

easymarkets is popular for its tight, fixed spreads and its unique selection of tools, such as dealCancellation, Freeze Rate and guaranteed Stop Losses.

easyMarkets has won several awards over the years and the platforms provided include MetaTrader 4 and the proprietary easyMarkets platform.

 

easyMarkets Pros and Cons:

✔️Pros	❌Cons
User-friendly	US clients cannot access the server
Commission-free trading	Not regulated by FCA
Deal cancellation available	High spreads

 

IG

IG was founded in 1974 and has evolved into a leader in the world of Forex, having accumulated nearly 240,000 clients and offering access to more than 17,000 global markets. This brokerage is regulated and licensed by the FSCA of South Africa, and the FCA of the UK.

IG offers demo accounts and several different trading account options. Accounts can be used with advanced tools, APIs and trading signals, that can all be used on MetaTrader 4.

The product offering at IG includes Indices, Shares, Commodities, Crypto and Forex pairs. IG exclusively offers 24/7 weekend trading, with user-friendly platforms and educational resources.

 

IG Pros and Cons:

✔️Pros	❌Cons
Amazing selection of research tools	Stock CFD fees are high
17,000 assets to trade with	Product offering is limited in most countries
Affordable prices and low costs	Delayed customer support

 

CMC Markets

CMC Markets was founded in 1989. This broker facilitates the CFD (Contract for Difference) trading of more than 300 Forex pairs, over 60 Indices, 15 Cryptocurrencies, nearly 10,000 Shares and ETFs, and close to 100 popular Commodities and 30 Treasuries.

For more experienced and curious traders who would like to diversify their portfolios, CMC Markets offers exciting trading opportunities with low spreads, advanced trading tools and an incredible variety of tradable instruments.

CMC Markets also provides a learning centre with trading guides, tutorials and articles to assist traders on their journey of becoming professionals, and traders can use demo accounts.

CMC has 13 international head offices offering support to traders and it is regulated by BaFin and the FCA.

 

CMC Markets Pros and Cons

✔️Pros	❌Cons
Advanced platform with innovative tools	Withdrawals may cause inconvenience
Excellent product offering	Tax information cannot easily be requested
High-volume traders are discounted	slow response times

 

Dukascopy

Dukascopy is an award-winning Swiss Bank that was founded in 1998. It facilitates online trading, provides banking services to the public, and also offers wealth management services and management of client accounts.

Dukascopy is compatible with MetaTrader4 and all information relating to trading accounts, fees and products offered is fully disclosed on the website.

Dukascopy offers advanced trading tools and Automated trading features. New clients also have the option of using demo accounts to see if they like the platform.

 

Dukascopy Pros and Cons

✔️Pros	❌Cons
More than 600 assets to choose from	Negative reviews on customer support
Compliant with regulatory bodies	High minimum deposit
Impressive research tools	Not designed for low-volume traders

 

TD Ameritrade

TD Ameritrade is a stockbroker that offers zero-commission trading in global markets with Stocks, Options, ETFs, Mutual Funds, Futures, Forex and Bonds. The service offering also includes managed portfolios and cash management.

TD Ameritrade provides an innovative trading platform known as thinkorswim, which can be downloaded on desktop and mobile, or used on the web. The platform enables traders to manage risks and to use advanced analysis and scanning tools, along with customizable dashboards.

TD Ameritrade is regulated by SEC, FINRA and CFTC.

 

TD Ameritrade Pros and Cons

✔️Pros	❌Cons
Commission-free trading on EFT, stocks and options	Customer support is unreliable
Great selection of investment products	Platform is not user-friendly
Vast library of educational resources	Technical issues with system

 

City Index

City Index is regulated by the FCA and its parent company is StoneX Financial Ltd. Traders have access to more than 12,000 markets and a variety of tradable instruments, including 21 Indices, over 4,500 Shares, 84 Currency pairs and nearly 30 Commodities.

City Index is a MetaTrader 4 and WebTrader broker, offering traders a range of advanced trading tools, trading signals and Expert Advisors.

Traders can also analyze charts in layers and customize the layout.

 

City Index Pros and Cons

✔️Pros	❌Cons
Generous product offering	High-volume trading is not discounted
The platform is easy to navigate	Pricing structure is not disclosed
FCA regulated and trading under Gain Capital Holdings Inc.	Not ideal for social traders

 

Forex.com

Forex.com provides access to more than 500 markets and facilitates the trading of Equities, indices, Forex and Commodities. The website is compatible with MetaTrader and active traders can earn rebates and expert support using the program. Forex.com is another member of the StoneX Group Inc.

Forex.com is also part of GAIN Global Markets Inc. and is monitored by NASDAQ, with client funds in segregated accounts at top financial institutions.

Forex.com has designed several trading courses for traders with different levels of trading experience and accounts can be opened within 5 minutes.

 

Forex.com Pros and Cons

✔️Pros	❌Cons
Publicly traded under Gain Capital Holdings Inc.	Fees on stock CFDs are high
Low trading fees	Product offering may seem limited
Great selection of currency pairs to choose from	Designed for experienced traders

 

XTB

XTB is an IFSC-regulated Forex broker that facilitates the trading of Forex, Indices, Commodities, Stock CFDs, ETF CFDs and Crypto, which can be traded in more than 1,500 global markets. There are nearly 250,000 traders using the XTB platform.

This broker has a proprietary platform, known as xStation5, that provides traders with advanced calculators, charts and statistics, and also offers comprehensive educational material to the public.

XTB’s customer support team can be reached telephonically, by email or by using live chat, and clients have given positive reviews on customer assistance. 

 

XTB Pros and Cons

✔️Pros	❌Cons
User-friendly and xStation compatibility	Spreads are not fixed
Educational offering includes Trading Academy	US clients cannot access this site
Superior execution speeds	Exotic pairs are limited

 

FXCM

FXCM is an FSCA-regulated Forex broker with international offices, a reliable customer services team and over 20 years of experience. A minimum deposit of $50 is required to get started with trading and the broker is MetaTrader-compatible and also enables traders to use TradingStation.

The product offering at FXCM includes Forex pairs, Shares, indices, Commodities and Cryptocurrencies.

FXCM also provides an elaborate learning centre for new and experienced traders, which can be used along with a trading glossary and guides about trading strategies and Forex indicators.

 

FXCM Pros and Cons

✔️Pros	❌Cons
FCA and ASIC regulated	Banned by US authorities
Pricing is competitive	Product offering is limited
Advanced research and analysis tools	Platform needs development

 

InteractiveBrokers

InteractiveBrokers has head offices in the US and is a well-regulated Forex broker, facilitating online trading with 105 Currency pairs, 7,400 CFDs, Stocks, Futures, Metals, Bonds, ETFs and Options. Traders from more than 30 countries can access InteractiveBrokers and they can trade on 120 global markets.

InteractiveBrokers offers 12 flexible accounts for different types of traders and users and does not only provide trading accounts. This broker is a financial services provider.

The proprietary Trader Workstation platform is provided to clients of InteractiveBrokers and the platform has API functionality and advanced trading tools.

 

InteractiveBrokers Pros and Cons

✔️Pros	❌Cons
Great selection of products to choose from	Only supports bank transfers for withdrawals and deposits
Compliant with strict regulations	Designed for more experienced traders
Trades on more than 80 global exchanges	Not ideal for low-volume traders

 

OANDA

Oanda is a licensed Retail Foreign Exchange Dealer and offers low spreads, API functionality and access to the global markets.

Oanda facilitates the trading of Forex, Commodities, Indices, Bonds and Metals. 

Oanda is compatible with MetaTrader 4 and has received many positive customer reviews. It provides different accounts for individuals and corporate entities. and demo accounts can also be used.

 

Oanda Pros and Cons

✔️Pros	❌Cons
Pricing structure competes well with other brokers	Does not support crypto or single-stock CFD
Low minimum deposit of $1	Customer support is delayed
Web trading platform is well-developed	Bank withdrawal fees are high

 

London Capital Group (LCG)

LCG has executed a total trading volume of $20 trillion and facilitates the trading of Indices, Shares, Forex, Commodities, Spot Metals, ETFs and Cryptocurrencies. Traders can choose from more than 7,000 tradeable instruments across 9 asset classes. Oanda is regulated by the FCA.

LCG provides Islamic accounts, ECN accounts and CFD trading accounts. The platform is compatible with MetaTrader 4 and traders have Direct market Access with pips starting from 0.

The Oanda customer support team is available 24 hours a day, 7 days a week. LCG also provides a proprietary trading platform with advanced trading tools.

 

LCG Pros and Cons

✔️Pros	❌Cons
Compliant with regulations from 3 jurisdictions	ECN trading required $10,000+ trading capital
Great variety of educational resources and research tools	No fixed spread accounts
Low minimum deposit of $1
More than 7,000 trading instruments to choose from

 

Conclusion

Research suggests that any of the 15 Best SA Forex Brokers for Beginners in this article will be accessible by South African citizens and that they will be able to use the platforms and tools provided by each broker.

When choosing your broker as a South African citizen, make sure to check the server stability and transaction execution speeds, payment methods and banking fees, tools provided, educational resources, and regulations.

Good luck with your trading!

 

Disclaimer

Remember, 75% of retail investors lose money when trading CFDs and there is a high risk of losing your capital in the forex markets.

The information on this website is in no way intended to be used as financial advice and opening an account with any broker is done at your own discretion and risk.