BDSwiss Broker Review ¦ Regulated Binary Broker South Africa

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education.
    Free Demo Account.
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Recommended Only For Experienced Traders!

Contents

Regulated Binary Options Brokers: Complete Guide

What are Regulated Binary Options Brokers? Why Choose Regulated Binary Options Brokers? Top 3 Best Regulated Binary Options Brokers

What are Regulated Binary Options Brokers?

The chances are that if you are looking to understand what regulated binary brokers are, you probably already understand a few about binary options brokers. For the sake of those who stumbled upon this article, and have never heard about binary options trading before, here is a quick explanation.

Binary options trading is a form of online trading, where you can only lose your whole investment or profit with a predetermined margin. Conventional stocks or forex trading usually involve fluctuating values. You can never tell how much you will profit or lose until the trade is over. Binary options brokers are the enablers of this trader. They make the trading assets available for you to trade.

IMP NOTE:

Now Get Real Account with as little as $10. And start trading the BINARY OPTIONS, FOREX, FX OPTIONS & CRYPTOCURRENCIES at one platform. Click To Open Free Demo Account | Click To Get Real Account In $10 (Updated July 2020)

My Recommended Regulated Brokers

Back to regulated binary options brokers. There are many binary options brokers operating in different countries around the world. The brokers handle their clients’ funds, and hundreds or thousands of transactions. A lot of funds exchange hands within these platforms. Such circumstances require the parties involved, especially the brokers to be of high discipline. So, who regulates binary options brokers? In a bid to avoid dubious undertakings and scams, there are regulatory bodies in various countries that govern the operations of binary options brokers. Regulated binary options brokers are those brokers under the regulation of such authorities depending on the countries in which they operate. We compiled one of the best regulated binary options brokers reviews. This guide aims at leading you to the best regulated binary options brokers.

Different countries have different laws and regulations concerning binary options trading. Some countries even allow unregulated binary options brokers to operate. It is always advisable to trade with regulated binary options brokers. We will expound more on why you should only trade with regulated binary options brokers. Below is a list of countries where most of the binary options brokers available operate from;

Each country has a different set of regulations concerning binary trading. Among the most respected countries regarding binary options trading regulations are the USA, the UK, and Cyprus. Let’s take a quick look at the regulatory bodies in these countries.

Cyprus

Cyprus boasts of binary options traders that have the largest numbers of subscribers. Their laws and regulations are a bit flexible, and they allow many people from different countries around the world to trade on these platforms. Their regulations are quite effective too. Cyprus has some of the most trustworthy binary options traders in the worlds.

Cyprus was the first country to recognize binary options as a financial instrument, allowing many brokerage firms to sprout. CySec (Cyprus Securities and Exchange Commission) is Cyprus’s body that regulates the firms operating in Cyprus. It is a respected regulation authority around the world. CySec laws and regulations are aligned to those of the EU allowing many traders from all over Europe to get involved. The laws and regulations are quite different from those in the USA though! This makes it difficult for USA residents to engage on brokerage platforms from Cyprus. A majority of the binary options brokers from Cyprus, if not all, do not admit traders from the US. Brokerage firms can still operate in Cyprus with licensing from CySec. However, clients will always prefer a regulated binary options broker.

USA

The USA has the strictest laws and regulations as far as binary options trading is concerned. In fact, very few binary options brokers from overseas can afford to engage traders who are residents in the USA. Binary options trading is part of the US Financial markets and is under the regulations of CFTC (Commodity Features Trading Commission) and the U.S SEC. (Securities exchange commissions). These bodies are mandated with licensing binary options brokers in the US. Many of the binary options traders operating in the US are based in the US. The regulatory bodies insist on being able to monitor and audit their operations constantly.

Majority of the offshore binary options brokers that operate in the US are from the UK. USA’s regulatory bodies have the means to monitor the binary options brokers in the UK. Brokers operating in the USA are seen as the most secure and reliable binary trading brokers.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Education.
    Free Demo Account.
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Recommended Only For Experienced Traders!

UK

The UK takes pride in being the source of binary options brokers. Many of the first binary options brokerage companies were started in the UK in the early 1990s. UK’s laws and regulations concerning binary options trading have been quite different from those in other countries for some time. The UK has for long allowed free interaction between its residents and binary options brokers. The regulations have since changed though. Just like in the USA, the UK laws and regulations have become strict, and brokerage firms are required to be licensed and regulated by the FCA (Financial Conduct Authority). The authority also constantly monitors and audits the brokerage firms.

The similarity in the UK’s laws and regulations on binary options trading and those in the USA has made it fairly easy for UK’s brokerage firms to admit USA’s resident traders. UK’s brokerage firms are currently some of the most respected around the world. They also command a good share of the market. They admit clients from many countries around the world. Brokerage firms also subscribe to the regulations of authorities in other countries, so that they can be attractive to traders in that country.

So, why is it important to have the binary brokers regulated? Why do countries such as the UK and USA have strict regulations concerning binary options brokers? Why is important that you trade only with regulated binary options brokers? Let’s find solutions to these queries.

Why Choose Regulated Binary Options Brokers?

The main reason why you should only choose regulated binary options brokers is so that you don’t get duped. Whenever you fund an account on a binary options broker’s platform, you are entrusting them to handle your money for you. Therefore, it is important that there are watchdog authorities that ensure the brokers handle your money right. Let’s get into the nitty-gritty of how binary options brokers handle trader’s money, and how the regulation authorities protect you from getting scammed.

My Recommended Regulated Brokers

Broker Min Deposit ($) Min Stake ($) Max Payout (%)
IQ Option 10 1 95 1st Choice
ExpertOption 50 1 95 2nd Choice
Olymp Trade 10 1 92 3rd Choice

Binary Option Brokers Operations

The reason binary options brokers are in operation is that many people do not have the capital to trade in the stock or forex markets directly. They give traders with small amounts of capital access to the markets.

They combine identical trades from different traders (since only binary options are involved there is a bulk of identical trades) and the amounts stakes and put execute the trade on the main market. They, therefore, trade on the main market on your behalf. You need to be sure that they will put up your trade the way you put it, and they will use your money for exactly that purpose.

The other form of engagement is where the binary options brokers buy the binary options from the main market, and you buy the options from them in turn. In both instances, the flow of funds is similar.

So why should you have confidence in the fact the binary options traders are regulated? How does the regulation protect you?

  • First, a regulated binary options broker indicates that the broker has the best interests of the traders. It indicates that they want you to profit from the trade. It is important to note that binary options traders can profit in both ways. They can profit if you lose or win.
  • Regulated brokers have to keep their client’s assets independent of their company’s assets. They cannot use your assets to trade on the market if you have not initiated any trade. This means whatever happens to the company, the trader’s money remains intact.
  • For the binary options to be licensed by the regulatory bodies, they need to show proof and guarantee that they have the adequate financial capital needed to run their trading operations smoothly. The trades you make, start immediately you confirm. The broker, therefore, needs to have enough funds ready to cater to the clients on their platform.

Governments across the world are beginning to appreciate the binary options trading is a legitimate investment channel. They also know it is very easy for traders to be duped. There are two main reasons why government authorities are choosing to regulated binary trading brokers.

  • One, as already mentioned, need to ensure that clients are offered legitimate services by the brokers, and the brokers handle client’s money responsibly.
  • As with any other investments, there are profits and losses. You all know the government wants tax everywhere there is any profit. The regulation allows the government to cash in on the profits made, more so by the binary options brokers.

At this juncture, it should be pretty clear to you why you should only go for regulated binary options brokers. You are always at your own discretion to choose whichever broker you want to work with. You will lose nothing by choosing a regulated broker though. Also, note that there are binary options brokers that claim to be regulated in weird jurisdictions. Some of these jurisdictions have no proper systems in place to regulate the brokers. The most reputable and trustworthy jurisdictions are those from the countries mentioned above. It is prudent to stay away from binary options brokers claiming to be regulated by jurisdictions that have a history of money laundering, and tax evasion havens.

So, you have finally decided that you need to trade with a regulated binary options broker. Right?

If you follow the guidelines above, you will find a lot of available brokers. You will most likely be left confused concerning the broker you should choose. Apart from regulation, there are a few other factors you should consider before settling on any binary options broker.

  • Maximum payouts – different brokers offer different profit percentages when you win a trade. Higher percentages are always attractive. However, take time to explore other services offered by the broker. Some brokers will have low payout percentages but will offer you great resources that can help you win trades.
  • Minimum deposit – different brokers require different amounts of initial deposit to issue you with an account. Obviously, you can only work with the broker whose minimum deposit you can meet.

Below are three reputable binary options brokers that you could consider trading with.

Best Regulated Binary Options Brokers

You will find a long binary options brokers list if you go searching for some. Which binary options brokers are regulated? Which ones are trusted binary options brokers? There are many different binary option regulators that control trustworthy brokers. You could go for binary options brokers regulated by asic or binary options brokers regulated by cftc. binary options brokers who are regulated with the cftc are usually those looking to operate in the US. We shall look at binary options brokers regulated by cysec and binary options brokers regulated by fca since they are the most popular currently.

My Recommended Regulated Brokers

Broker Min Deposit ($) Min Stake ($) Max Payout (%)
IQ Option 10 1 95 1st Choice
ExpertOption 50 1 95 2nd Choice
Olymp Trade 10 1 92 3rd Choice

1. iqoption.com

IQ Option is one of the best, if not the best, binary options brokers. The Seychelles-based broker operates under the regulation of CySec. As we have already established CySec is also a reputable and respected regulation authority. IQ Option was launched in 2020 and has seen consistent growth since then. Consistent growth in an indication of satisfied traders and high winning rate. IQ Option has over 25 million subscribers as at now.

Trading Platform

IQ Option trading platform offers you up to 77 assets to trade with. They offer three types of accounts on their platform. The accounts are;

DEMO account- this is a virtual account that is offered to a new member on the platform so that they can learn how to trade. Binary options trading is available to everyone. It is prudent to start here if you have no idea about what binary trading is.

REAL account – This account gives you access to the real market. The account attracts a minimum deposit of $10. The account offers a cash back option of up to 45% too. You also have access to the web brokers trading competitions. A deposit of $100 and above will earn you free trading signals, and you also get access to more trading opportunities.

VIP account – this account attracts a minimum deposit of $3000. The account offers you unlimited access to trading opportunities. IQ Option will also give you a dedicated account manager and trading insights from their resident analyst. The account also offers refunds of up to 60% when you make wrong predictions.

  • The minimum deposit on IQ Option is $10 for a real account or $3000 for a premium account
  • The minimum investment is $1
  • The maximum returns are 95% profit on your stake
  • IQ Option offers no bonuses.
  • IQ Option operates a proprietary web, and Android and iPhone platforms

IQ Option is recognized by many players as one of the best binary options brokers 2020. It is also one of the best binary options brokers with low minimum deposit, and one the best binary options brokers regulated by CySec.

2. Raceoption

Raceoption is a UK-based binary options broker. It is subject to the laws and regulations of the FCA (Financial Conduct Authority). UK regulations have gotten tighter in recent years. Raceoption has stood out as one of the most compliant binary options brokers. The company has managed to get itself in the USA market too. That’s a strong point for any binary options broker. Raceoption has been operating since 2020 and has 1570 subscribers as of now. It boasts of average trader earnings of 1217 per month.

Trading Platform

Raceoption offers you over 100 assets to trade with. They offer three types of trading accounts too. The trading accounts are.

  • Bronze account- this trading account attracts a minimum deposit of $250. The account’s privileges include; demo account, copy trading tool, 1-hour withdrawal, 24/7 live support, and a bonus of 20%.
  • Silver account – this trading account attracts a minimum deposit of $1000. The account comes with all the privileges in the bronze account plus a master class training, up to 50% in bonuses, a dedicated account manager, and first three risk-free trades.
  • Gold account – this account attracts a minimum deposit of $3000. The account comes with all the privileges of the silver account plus, up to 100% in bonuses and integrated technical analysis.

Raceoption has one of the best binary trading sites. The sites are user-friendly and very responsive. Raceoption is one of the best binary options brokers regulated by FCA. It is one of the best binary options brokers uk. It is also one of the best us regulated binary options brokers.

Raceoption offers up to 90% profit on the stake in payoffs.

3. Binarymate

Binarymate is yet another reputable UK-based binary options trader. It is also under the regulation of the FCA (Financial Conduct Authority). It is also regulated and licensed by CySec. Binarymate is another one of the few binary options brokers that admit US traders. Binarymate is a recent entrant into the binary options scene. It has managed to gather 5372 subscribers in a short while. Binarymate is best binary options brokers for beginners. It offers a wide array of educational resources to help you learn.

Trading Platform

Binarymate offers over 100 assets for you to trade with. They offer three types of trading accounts too. The trading accounts are;

  • Bronze- this account attracts a minimum deposit of $250. You are also offered up to 20% bonus on your deposit.
  • Silver- this account attracts a minimum deposit of $1000. You are offered up to 50% bonus on your deposit.
  • Gold- this is the ultimate trading account on Binarymate. It attracts a minimum deposit of $3000. The account offers you either a bonus of $250 or risk-free trades.

You can choose to start with a demo account if you are a green beginner. You might not want to invest your money before you have learned the ropes of engaging on the Binarymate platform. Below are a few advantages to the Binarymate platform.

  • Steller customer support 24/7 live video chat support
  • 1-hour withdrawals processing time
  • Secure trading, and ample data protection

Binarymate pays maximum returns of up to 90% profit on the stake. The broker allows US traders on its platform. It is one of the best binary options brokers us.

These are three legit binary option brokers that you can choose to trade with. Other binary trading reviews will suggest different brokers depending on their findings. Trading binary option 2020 is one of the ways of making money online in 2020. It is not straightforward or easy though.

Best Forex Brokers In South Africa 2020

South African traders looking to trade CFDs should choose a South African Forex Broker regulated by the Financial Services Conduct Authority (FSCA) with an advanced forex trading platform such as MetaTrader 4, a range of forex markets and currency pairs.

View the best forex brokers in South Africa below.

By Justin Grossbard / Updated: Thursday, April 09th, 2020

Top 8 Forex Brokers For South African Traders

The April 2020 best forex brokers in South Africa are:

  • Pepperstone – Best South African MetaTrader 4 Broker
  • ForexTime – FXTM Is The Top MetaTrader 5 Broker
  • Plus500 – Our Best CFD Provider For Beginner Traders
  • AvaTrade – Lowest Fixed Spread Forex Trading Account
  • IG – Lowest Non-Commission Forex Trading Spreads
  • HotForex – Best Forex Broker With ZAR Account
  • FXCM – Good No Commission Forex Broker Account
  • FxPro – Best Forex Broker Offering cTrader
  • ThinkMarkets – Top No Deposit Forex Account

Broker Reviewed

Regulations and Licenses

Brokerage

Markets and Instruments

Trading Platforms + Tools

Overall

The Best MT4 Forex Broker In South Africa Is Pepperstone

The fasted-growing broker worldwide is Pepperstone based on their:

  • Lowest MetaTrader 4 (MT4) average spreads
  • Low commissions from $3.50 ($7 round turn)
  • Fastest execution speeds
  • Minimum deposit requirement of $200
  • No fees on deposits and withdrawals
  • Award-winning customer service

Pepperstone is regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. They have an FSP application in South Africa with the Financial Sector Conduct Authority (FSCA). Below are the five key reasons why Pepperstone is recommended for those considering the MT4 which is the most used forex trading platform worldwide.

1) Average MT4 Spreads Offered By Pepperstone

Pepperstone has a razor online trading account offering spreads similar to a true ECN broker with EUR/USD spreads from 0.0 pips. Below compared 2020 average spreads of leading brokers offering ECN broker spreads with Pepperstone having the lowest across major currency pairs. These major currency pair spreads include 0.13 for the EURO/US Dollar, 0.14 for the Australian Dollar / US Dollar, 0.22 for the Euro/Japanese Yen, 0.41 for the Euro/British Pound, 0.44 for the Pound/US Dollar.

Broker Min Deposit ($) Min Stake ($) Max Payout (%)
IQ Option 10 1 95 1st Choice
ExpertOption 50 1 95 2nd Choice
Olymp Trade 10 1 92 3rd Choice 0.18 0.27 0.13 0.24 0.13
0.20 0.30 0.20 0.50 0.10
0.30 0.44 0.36 0.58 0.10
0.20 0.50 0.20 0.30 0.20
0.42 0.30 0.20 0.83 0.44
0.29 0.68 0.24 N/A 0.16
0.40 0.70 0.30 0.70 0.20
0.50 0.80 0.40 1.10 0.40
0.70 0.80 0.50 0.80 0.40
0.99 0.77 0.45 1.21 0.44

You can compare view more MetaTrader 4 Pepperstone spreads on our full comparison page.

2) MT4 Commissions

Pepperstone offers two main account types, standard and razor. The Razor online trading account is the most popular The razor account also charges a commission of $3.50 AUD per lot when the Australian Dollar online trading account currency is chosen. There are other rates as shown below with options from the British Pound (GBP), US Dollar (USD) or Euro (EUR) base currency are chosen. It should be noted that like most global CFD brokers there is no ZAR account option.

Commissions Per Lot US Dollar Australian Dollar British Pound The Euro Swiss Franc Canadian Dollar Singapore Dollar New Zealand Dollar Hong Kong Dollar Japanese Yen
MetaTrader 4 USD 3.76 AUD 3.50 GBP 2.29 EUR 2.61 CHF 3.30 CAD 3.50 SGD 4.55 NZD 4.75 HKD 28.17 303

There are also further commission discounts (rebates) available for active traders with three tires:

  • Tier 1 = 100 lots = 10% rebate
  • Tier 2 = 200-500 lots = 15% rebate
  • Tier 3 = 500+ lots = Negotiable

3) Range Of Currency Pairs And CFDs

Pepperstone offer over 60 currency pairs from the majors such as EUR/USD to minors including ZAR/USD. Up to 500:1 leverage is offered on the forex market and the Pepperstone EDGE environment ensures fast execution speeds. In addition to currency pairs, there is the ability of trading CFDs including:

  • Cryptocurrencies (Bitcoin, Litecoin, Bitcoin Cash, Dash and Ethereum) with up to 5:1 leverage and no commissions
  • Share CFDs (Over 60 high-quality stocks) with 20:1 maximum leverage and commissions from USD $0.02 per share
  • Index CFDs (Across 14 major markets) with 200:1 maximum leverage and spreads from 0.4 pips
  • Commodities (Metals, Soft Commodities, Energy) with 500:1 maximum leverage and spreads from 10 cents per pip

4) Low Minimum Deposit Of $200

Pepperstone has one of the lowest minimum deposit requirements of AUD $200. The fx broker also offers fee-free funding methods from Debit Card, Credit Card, Direct Transfer, Paypal to Skrill.

5) Awards Winning Customer Support

Over the past decades, Pepperstone has won multiple awards for its customer service. This includes the Investment Trends customer support award, Professional Traders client relationship manager service award and the Global Forex best forex trading support award. The CFD provider offers South African traders with a 24/5 live chat, contact centre (phone) and e-mail customer support. Active traders also are provided with an account manager to tailor the support given for their needs. Read more…

Summary Of Why We Chose Pepperstone For South African Traders

Pepperstone’s low brokerage (spreads/fees), choice of forex trading platform and support are the three pillars making them the best broker. With a strong reputation worldwide and their FSP application pending, they are the ideal choice for South African forex traders.

Our Rating

The overall rating is based on review by our experts

FXTM (ForexTime) – Best MetaTrader 5 Broker

Compare Forex Brokers’ top pick for the best MetaTrader 5 forex broker is ForexTime (FXTM). Founded in 2020, FXTM has the know-how expertise to offer South African traders top-notch technological solutions. Additionally, forex traders can benefit trading on the upgraded MetaTrader 5 (MT5) with an online broker that holds trading licenses from the world’s top regulatory agencies, including:

  • In South Africa from the Financial Sector Conduct Authority (FSCA) with FSP license No. 46614.
  • In Belize from the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS
  • In the UK from the Financial Conduct Authority (FCA) with license No. 777911
  • In Cyprus from the Cyprus Securities and Exchange Commission (CySEC) with License No. 185/12

Below our team of industry experts will highlight all FXTM MetaTrader 5 features including functionality, range of markets, total costs and the trade execution speed.

3 Types of MetaTrader 5 Trading Accounts

ForexTime offers South African FX traders the choice to use the MetaTrader 5 platform on three different account types. The diverse selection of trading accounts allows FX traders to opt for an account that suits his trading requirements. Without further ado, SA traders can open 3 MetaTrader 5 trading accounts as follows:

  • ECN Account
  • ECN Zero Account
  • FXTM Pro Account

Note* FXTM offers the ECN technology across all of its MT5 account offerings.

On the downside, we should note that the Swap-free trading account is not available through the MT5 platform. You can download the MetaTrader 5 for desktop and Mac versions as well as mobile trading (iPhone and Android). Additionally, there is a browser-based trading platform FXTM MT5 WebTrader, which is supported across 6 different browsers.

Low Range of Markets on MetaTrader 5

ForexTime offerings of financial instruments are extremely low when compared to other forex trading platforms. The range of currency pairs (major, minor and exotic) and asset classes offered by FXTM is on the low side. Currency trading can be done on 33 currency pairs and additionally, there are two CFD spot metals (XAUUSD and XAGUSD).

However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1,000:1.

Fast Order Execution Speed

ForexTime can offer through its proprietary price engine technology fast execution speeds of 52 milliseconds (according to data compiled in December 2020). FXTM can also access a deep network of liquidity providers that ensures you will benefit from tight spreads. Additionally, the MetaTrader 5 platform can boost the following performances:

  • Low re-quote rate of 3.22% (December 2020)
  • Positive slippage on 94.64% of TP orders
  • Negative slippage on 5.36% of SL orders
  • Execution speed of 81 milliseconds for MT5 ECN account
  • Execution speed of 88 milliseconds for MT5 ECN zero account

South African residents can explore all MetaTrader 5 features and performances in a risk-free environment by opting for opening a demo account. You can access the forex market and practice your trading skills under live market conditions.

FXPro – Best cTrader Broker

FxPro headquarters are in the UK and have offices across the world offering no dealing desk allowing fast execution speeds and low brokerage for automated trading. The broker offers MetaTrader 4, MetaTrader 5 and the cTrader forex trading platform. In addition to FSB (FSCA) regulation, the broker has a Financial Conduct Authority (FSA) and Cyprus Securities and Exchange Commission (CySEC) regulation. Visit Site…

After evaluating all the features that come with a FxPro live account, we concluded that the best cTrader forex broker is the London-based FX broker FxPro. Below, our team of industry experts will try to outline all the aspects of FxPro’s software solution.

Full Market Depth (DOM)

The FxPro cTrader platform is equipped with full depth of market DOM. This feature lets forex traders visualize the best bid and ask prices coupled with the total amount of available liquidity. Compared to other trading platforms cTrader offers 3 convenient ways to display the data inside the DOM:

Note* FxPro’s order execution engine on the cTrader platform only uses the volume-weighted average price (VWAP) to execute orders.

Average Market Execution Speed of 37 Milliseconds

The FxPro cTrader trading platform can boost ultra-fast order execution speeds of:

  • 37 milliseconds (average order execution speed)
  • 11.06 milliseconds (fastest order execution speed)

While FxPro is not a true ECN forex broker, it runs a No Dealing Desk execution model (NDD). FxPro’s NDD model gives South African traders the chance to execute their orders without any human intervention. The no dealing desk forex brokers have the advantage of offering direct market access and a transparent way to trade. Our team of industry experts has assessed FxPro’s order execution policy and found the following advantages:

  • 12.81% of client orders received positive slippage
  • 98.60% of client orders received no requotes
  • Collocated servers (Equinix LD5 data centre and AM4 in Amsterdam)

Limited Range of Markets

South African traders will have restricted access to the available financial markets. The range of markets available on the cTrader platform includes 4 asset classes:

  • Forex currency pairs (70 pairs)
  • Metal Trading (7 pairs)
  • Stock indices (24 instruments)
  • Commodities (3 energies)

Compared to other South African forex brokers, FxPro has a poor selection of financial instruments. The cTrader platform can only give traders access to a total of 104 instruments. However, trading CFDs on shares and futures can be accessed via the FxPro MetaTrader 4 terminal.

Final Words – About the Best cTrader Forex Broker

The award-winning cTrader trading platform offered by FxPro can be downloaded as a Desktop or MAC application. Additionally, SA traders can have direct access to the cTrader account directly from your browser via the cTrader Web Platform. On-the-go trading is also available via mobile trading (iOS and Android). If you’re a high volume trader, the FxPro cTrader platform can be a good fit for your needs.

HotForex – Best South African Rand (ZAR Account)

Our team of investing professionals included forex brokers that support ZAR Forex accounts and allows South African traders the comfort to fund their retail investor accounts using the local currency Rand. The forex trading accounts denominated in South African Rand are the ideal solution for traders who actively trade the ZAR crosses. Not many forex brokers can be proud to offer clients to open ZAR trading accounts. However, HotForex was able to score the highest amount of points on our star scoring system and was awarded the best ZAR account due to the following 3 reasons:

  1. Multiple trading account types (5 retail investor accounts)
  2. 11 funding methods
  3. Maximum leverage of 1000:1

If you want to study the full list of South African forex brokers with ZAR accounts, please check out: Top 5 Forex Broker ZAR Accounts.

HotForex Account Types

South African traders that prefer forex trading via trading accounts that are denominated in ZAR have a plethora of options to satisfy their needs if they opt for opening a live trading account with HotForex. No matter of the trading strategy used and level of risk with HotForex, clients can open a maximum of 5 live accounts and additional 3 demo accounts.

In the table below, our team of experts assessed the main features that come with each different account type.

Micro Account Premium Account Zero Spread Account HFCopy Account Premium Pro Account
Minimum Deposit $50 $100$ $200 $1000 for Strategy Provider, $300 for Follower $500
Forex Leverage 1000:1 1000:1 1000:1 1000:1 1000:1
Minimum Spread From 1 pip From 1 pip From 0 pip From 1 pip From 1 pip
Range of Markets 8 Markets 8 Markets 8 Markets Forex, Gold and Bitcoin 8 Markets
Maximum Total Trade Size 7 Standard lots per position 60 Standard lots per position 60 Standard lots per position 60 Standard lots per position 60 Standard lots per position
Commission for forex pairs
Stop out level 50% 50% 50% 50% 20%

Note* HotForex Zero Spread Account type comes with raw spreads and 0 markups, but it charges the following commission structure:

  • $6 round turn commission on major currency pairs
  • $8 round turn commission on minor currency pairs

HotForex Deposit Methods

HotForex offers a wide range of deposit and withdrawal methods catering to the needs of a wide base of clients. The minimum deposit to fund the most basic HotForex account is $50 or equivalent in South African Rand. Opening a live trading account with HotForex is simple and straight forward. Check out below the available payment methods via HotForex:

  • Bank wire transfers
  • Credit cards and debit cards (Visa, Mastercard, and Maestro)
  • Electronic Wallets (Neteller, Skrill, and TrustPay)

Note* the only negative point scored by HF Markets is that it doesn’t support PayPal the world’s largest online payment portal.

HotForex 1000:1 Leverage on Forex Trading

South African residents can speculate on the exchange rates with a maximum leverage of 1000:1 on a total of 49 currency pairs, including:

  • 15 major currency pairs
  • 34 minor currency pairs
  • 4 ZAR crosses (USDZAR, EURZAR, GBPZAR and ZARJPY)

Compared to other forex brokers, only Pepperstone, IC Markets and FxPro can boost decent forex leverage of 500:1. For a full comparison of the leverage offerings among South African forex brokers please study the table below.

Instrument Traded HotForex FxPro Leverage IC Markets Leverage Pepperstone Leverage IG Markets Leverage Plus500 Leverage
Forex 1000:1 500:1 500:1 500:1 200:1 300:1
Index CFDs 20:1 500:1 200:1 200:1 200:1 300:1
Share CFDs 5:1 20:1 20:1 20:1 20:1 20:1
Commodities 10:1 150:1 500:1 500:1 25:1 to 200:1 150:1
Cyptocurrency 2:1 20:1 5:1 5:1 10:1 20:1
Bonds 5:1 200:1
Futures 50:1 200:1
ETF 20:1 100:1

Final Words – Best Broker with ZAR Account

Like all the best forex brokers operating in South Africa, HotForex abides by the standards imposed by the FSCA and other tier-one financial institutions (CySEC, FCA, DFSA and FSA). Client funds are secured and held in segregated accounts. With HF Markets enforces the negative balance protection policy, which means that SA traders can’t lose more than their account balance. Additionally, HotForex offers free account funding with zero deposit fees and fast transaction times.

eToro – Best South Africa Broker for Social Trading

Used by millions of traders worldwide, eToro is the world’s largest social trading broker that is favoured among South African residents due to its copy trading feature. Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:

  • Copy-trading on multiple assets all from one proprietary trading platform
  • A diverse range of trading strategies, portfolios and trade signals to follow
  • Low minimum deposit requirements of $200
  • CopyPortfolios a unique premium feature designed for sophisticated investors

Note* the minimum deposit required to invest in CopyPortfolio is higher. SA traders need to put down $5,000 to access eToro’s premium products.

73% Success Rate on Copied Trades

Based on the data compiled since inception and ended in January 2020, eToro generates 73% success rate on over 124 million copied trades. In other words, 73% of the 124 million trades copied on the social trading platform closed in profit. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.

eToro Investors can Earn 2% Annual Fees

eToro Popular Investor program is dedicated towards the skilled traders that have a profitable trading strategy and want to earn an additional income. If you become a Popular Investor on eToro copy trading platforms you can earn up to 2% in annual fees.

For example, if the total funds under management (funds that follow you) are $1 million, you’ll earn an additional $20,000 regardless of your success rate.

Note* The 2% annual fee is credited to your eToro account every month (by the 10 th of the month) and the funds will be available for withdrawal right away.

The eToro’s Popular Investor program is structured into 4 levels (Cadet, Rising Star, Champion and Elite) that come with their own requirements and different levels of assets under management. In conclusion, the more assets under management you manage to attract, the bigger your payment will be. The table below will highlight the 4 levels of the Popular Investor program.

Final Words – eToro Best South African Copy Trading Network

Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income. The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:

  • Australian Securities and Investments Commission (ASIC) holding AFSL number 491139
  • In the US, eToro USA LLC is registered with FinCEN as a Money Services Business (on the downside it doesn’t hold a CFTC license)
  • Cyprus Securities and Exchange Commission (CySEC) holding license number 109/10
  • Financial Conduct Authority (FCA) holding registration number 7973792
  • On the downside, eToro is not regulated by the FSCA formerly known as the FSB

Note* while your funds are safe and secure, eToro will charge you a withdrawal fee of $25. The second negative point is eToro’s high spreads (typical EUR/USD spread of 3 pips and USD/ZAR spread of 50 pips) and the high overnight rollover fees.

Plus500 – Best For South African Beginner Traders

Compare Forex Broker’s top pick for the best South African CFD provider that caters to beginner traders is Plus500. Plus500 is a leading CFD provider that has financial services the suit beginner traders. Below, our team of experts list some of the essential features that make Plus500 loved by beginners:

  • Dedicated round the clock customer support service 24/7 (including over the weekend support access)
  • Easy-to-use CFD trading platform (web-based intuitive interface)
  • State of the art social trading network
  • Zero commission trading
  • Forex educational webinars for beginners
  • ZAR trading account (comes with convenient payment methods including debit cards and credit cards, bank transfer, PayPal and Skrill)
  • Risk management tools to minimize risk (guaranteed stop loss). The disadvantage is that the guaranteed SL comes with an additional extra cost in the form of an additional spread charged and it’s only available to certain instruments.

While the Plus500 platform is recommended for beginner traders, we do not recommend using the platform in order to learn to trade. For this, we recommend their demo account where one trade with virtual currency rather than their own cash.

Note* On the negative side, Plus500 doesn’t offer its clients access to a desktop trading platform. Plus500 offers a WebTrader platform and mobile trading via CFD trading apps (iOS and Android).

+2000 Financial Instruments

The Plus500 trading platform offers access to the most traded markets in the world, including shares, indices, Forex, commodities, options, ETFs and cryptocurrencies. Compared to other forex brokers, Plus500 has a wide range of asset classes, but IG Markets and CMC Markets can offer their clients more markets and subsequently more trading opportunities.

Due to the zero-commission policy, Plus500 is not able to offer low spreads. For example, the EUR/USD spread offered by Plus500 is 0.6 pips and the USD/ZAR spread is 85 pips.

Our team of industry experts conducted a deep review of South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below.

Plus500 Pepperstone IC Markets FXTM HotForex FxPro
EUR/USD 0.6 0.13 0.1 0.4 1.2 1.4
USD/ZAR 85 10 23.9 88.7 29 65
EUR/ZAR 120 38.46 42.50 55 101
GBPZAR 219 80 176

Final Words – Best Forex Broker for Beginners

Plus500 holds an Authorized Financial Services Provider licence with the Financial Service Board of South Africa. The global CFD Provider is suitable for all investors with strengths in customer service and easy to use Forex trading platform and a range of markets from Shares, Indices, Cryptocurrencies and Forex with an assortment of currency pairs. Plus 500 is also regulated by financial institutions including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Insurance and Investment Corporation (ASIC).

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

FXCM – Best No Commission Forex Broker Account

Based on our proprietary star scoring system, FXCM is the best forex broker offering no commission on FX trading. South African residents can enjoy trading on the foreign exchange market with a proprietary trading platform, spreads as low as 1.2 pips on EUR/USD and 57.6 pips on USD/ZAR and leverage as high as 400:1 (and 200:1 for CFD trading). The average spreads are calculated from October 1, 2020 – December 31, 2020.

Note* The default forex leverage is 400:1 but for deposits over $20,000 the leverage will be limited to 100:1.

Another aspect which makes FXCM offerings of financial services so attractive is their exclusive bonuses and promotions. Currently, SA traders can enjoy the following bonuses for forex trading:

  • Forex welcome bonus of $20 (or Rand 300) available until June 30, 2020
  • Forex affiliate program (you can get additional $20 when you refer friends and family to FXCM)
  • FXCM Africa monthly trading contest (the winner can get $500 cash prize)

Note* SA traders need to make a minimum deposit of $50 (or Rand 749) to be eligible for FXCM’s bonuses and promotions.

FXCM Range of Trading Platforms

In terms of forex trading platform options, FXCM offers three featured trading platforms:

  • MetaTrader 4 (MT4) – the world’s most popular trading platform
  • Trading Station – FXCM’s proprietary trading platform
  • NinjaTrader – dedicated to developing automated trading strategies via Strategy Builder feature

Note* Additionally to the main trading platforms, FXCM offers third-party platforms that can be fully blended with FXCM’s financial services. There are a total of 7 third-party trading platforms, including QuantConnect, MotiveWave, AgenaTrader, Sierra Chart, SeerTrading, NeuroShell Trader and StrategyQuant.

Each of FXCM’s trading platforms has unique trading features and providing market access for all types of traders. Regardless, of your preferred trading platform, FXCM can boost the following advantages:

  • 67.37% of client orders got executed with no slippage
  • 22.00% of client orders received positive slippage
  • 17 milliseconds average execution speed
  • 98.84% better Forex pricing compared to the interbank pricing

Final Words – Best Forex Broker with No Commission

Overall, FXCM has the best no commission forex trading accounts dedicated to South African traders. Pepperstone came in second place in the same category. One thing to mention is that the FXCM trading accounts offer variable spreads plus mark-up pricing. The zero-commission trading feature couple with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission.

Note* FXCM took some extra negative points due to its lack of diversity when it comes to the available currency pairs for trading. In total, FXCM offers only 39 forex currency pairs (major, minor and exotic pairs).

AvaTrade – Best Fixed Spread CFD Broker

Compare Forex Broker’s top pick for the best CFD broker with the lowest spreads is international broker AvaTrade. Regulated across five continents, including on the African continent by the local watchdog FSCA, AvaTrade gives SA traders access to over 784 financial instruments, including:

  • Forex currency pairs (55+ major, minor and exotic pairs). Competitive spreads starting from 0.9 pips on EUR/USD and 85 pips on USD/ZAR.
  • CFDs on global stocks (627 individual stocks like Amazon, Facebook or Google). The CFD stock spread starts from 0.13%.
  • CFDs on commodities (17 soft and hard commodities, including metals). Gold spread starts from $0.34 and WTI Oil spread of $0.03.
  • CFDs on indices (20 global indices). The spread on the DJ30 is 3.00 points and MSCI spread is 0.10 points.
  • CFDs on FX Options (44 FX options contracts)
  • ETFs (5 ETF contracts). The spread are as low as 0.13%
  • Bonds (2 bond contracts)
  • CFDs on cryptocurrency (14 digital coins). The bitcoin spread is 0.5% over-market.

It’s important to note that AvaTrade offers different levels of leverage conditions as follows:

  • Gold leverage is 20:1 and the rest of commodities is 10:1
  • Stock leverage of 5:1
  • Indices leverage 10:1 (and 20:1 on the most traded indices)
  • Cryptocurrency leverage of 2:1

AvaTrade has access to a deep pool of liquidity providers which promises CFD trading with competitive spreads. AvaTrade ZA also has numerous trading platforms, including the iconic MT4 and MT5 platforms, a browser-based trading platform and proprietary trading platforms AvaTradeGO and AvaOptions. Across all trading platforms, AvaTrade offers fixed spreads.

Fixed Spread Forex Trading Broker

AvaTrade offers competitive fixed spreads across its range of financial instruments. Unlike variable spreads, fixed spreads remain constant and aren’t impacted by the changes in the market conditions. However, it’s important to note that AvaTrade fix spreads are over the market. This means that the spread will fluctuate as per the market price, and they stop moving, once the position is open.

Below you can overview the fix spreads offered by AvaTrade under normal trading conditions on some of the most traded currency pairs:

Additionally, AvaTrade may offer spreads as a percentage of the position for some CFD instruments as follow:

  • CFD stock spreads as low as 0.13%
  • CFD commodity spreads as low as 0.03 points
  • CFD index spread as low as 0.25 over-market
  • CFD FX Options spread as low as 0.9 points
  • CFD ETF spread as low as 0.13%
  • CFD Bonds spread as low as 0.03 over-market
  • CFD cryptocurrencies spread as low as 0.35% over-market

Final Words – Low Fixed Spread CFD Broker

Like Plus500, AvaTrade is a global Forex broker that also has a SA subsidiary (Ava Capital Markets Pty) meaning it is regulated by the South African Financial Services Board. They have over 200,000 Forex traders using the fx broker and have won the ‘best customer service award’ in past years. They offer a web trader, MT4, MT5 or the proprietary platform AvaTrade Go as a mobile trading app.

ThinkMarkets – Best No Deposit FSCA Forex Account

ThinkMarkets has ranked as the best forex broker with no minimum deposit requirements that offers FX and CFD trading. This South African-based forex broker has only recently opened up (May 2020) its business in the African continent. The legal entity under which ThinkMarkets offers its financial services to South African traders is TF Global Markets (South Africa) (Pty) Ltd. ThinkMarkets is regulated by the local financial watchdog Financial Sector Conduct Authority (FSCA) and is an Authorized Financial Services Provider with FSP No 49835.

Offering financial services to forex traders in South Africa has become extremely competitive for the brokerage trading firms. However, ThinkMarkets has managed in a relatively short period of time to make a name for oneself.

Below, our team of experts will outline the main factors that weighted the most into our proprietary scoring system.

5 Types of Trading Forex Accounts

ThinkMarkets offer a variety of trading account types suitable for all types of traders. Setting up an account with this FSCA regulated FX broker requires no initial deposits (exception is the ThinkZero account). The types of forex accounts offered by ThinkMarkets are listed below:

  • Standard account offers average spreads of 1.2 pips and access to 3 different trading platforms (ThinkTrader, MetaTrader 4 and MetaTrader 5)
  • ThinkZero account offers raw spreads +$3.5 commission per 1 standard lot (requires a minimum operating balance of $500)
  • Islamic accounts come with swap-free charges. However, ThinkMarkets charges a weekly administrative fee of $5 for major pairs and $10 for minor pairs for trades that are held more than 7 days.
  • Demo account gives access to over 1200 tradable instruments (Forex and CFDs on shares, indices, commodities, cryptocurrencies and metals)
  • Joint Account which can be owned by two account holders

See below a quick comparison between the two most popular ThinkMarkets accounts:

Note* The maximum leverage offered by ThinkMarkets is 500:1 if you qualify as a professional trader. Retail traders can only get maximum leverage of 30:1.

$1 Million Insurance Protection

South African traders can safely deposit money with ThinkMarkets. The additional $1 million client fund insurance offered by ThinkMarkets aims to safeguard your fund in an unlikely event of insolvency. Forex insurance coverage has the following advantages:

  • Transparent protection with no additional fees
  • Market-leading fund protection with segregated forex accounts
  • Top-tier insurance partner (Lloyd’s of London)

Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:

  • Bank wire and bank transfers (international bank wire transfer costs $25)
  • Credit and debit cards (Visa and Mastercards)
  • Visa Checkout
  • Sid Secure EFT
  • Masterpass
  • Payment Asia / UnionPay
  • Skrill
  • Zotapay Africa
  • PayPal

Note* ThinkMarkets clients can manage the deposits and withdrawals through the secure client area ThinkPortal. SA traders can fund their account using the most popular currencies (ZAR, USD, EUR, CHF, GBP, JPY, AUD and more).

Final Words – Best SA Broker with No Deposit Requirement

Overall, ThinkMarkets is among the best South African Forex brokers due to their no minimum deposit requirements, a wide range of payment methods and fund protection. Following our extensive review process, we concluded that it’s safe to trade with ThinkMarkets.

IG – Lowest Forex Trading Standard Spreads

IG.com ranks as the lowest spread forex broker in South Africa for the standard account. Established in the UK in 1974, IG is the world’s biggest CFD provider. IG Markets South Africa Limited is part of IG Group Holdings Plc and regulated by the Financial Sector Conduct Authority (FSCA) FSP No. 41393. We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:

  • The average spread of 0.75 pips on EUR/USD
  • Access to +17,000 global markets through CFD contracts
  • Direct Market Access (DMA)
  • ProRealTime charting software and trading platform for only Rand 300 per month
  • Stockbroking services with over 12,000 global shares like Facebook, Apple, Alphabet, etc.
  • First-class customer support
  • Fund protection through segregated accounts at tier-one banks and negative balance protection
  • Fast average order execution speed of 14 milliseconds

Discover below the CFD spreads charged by IG South Africa.

Competitive Standard Spreads

At, IG the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa. IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG’s average trade spreads can go as low as:

  • 0.75 pips on EUR/USD
  • 1 point on FTSE 100
  • 0.3 points minimum spread on spot Gold
  • $40 minimum spread on Bitcoin

Note* IG charges the spreads across all its markets with the exception of share trading which is commission-based (USD 25 on the US share trading).

The typical average standard spreads for the most traded currency pairs can be studied below:

Additionally, the IG’s order management software comes with the following advantages:

  • No re-quotes – less than 0.36% (according to data compiled through October 2020) of trading orders are rejected due to liquidity constraints
  • Price improved technology ensures positive slippage – more than 183,000 orders received positive slippage (according to data compiled through October 2020)
  • Good for handling large order trading sizes
  • A high rate of 98.3% order fill

Final Words – IG Lowest Spread Forex Broker in South Africa

Our FX expertise revealed that IG has the lowest forex trading standard spreads among South African FX brokers. IG forex spreads oscillate in accordance with the market liquidity while CFD spreads remain unchanged excluding stock spreads. South African residents can open a live trading account with IG with a minimum deposit of Rand 4,000.

South Africa Brokers FAQs

Which forex broker is the best in South Africa?

Pepperstone was awarded the best forex broker for South African traders based on five key factors:

  1. It’s regulated with the FCA, ASIC and is in the process of a South African FSP licence
  2. It has the lowest commissions and spreads from 0.0 pips for the EUR/USD
  3. Traders can choose from the most popular forex platforms, MT4, MT5 or cTrader
  4. It has award-winning customer support from live chat to the call centre
  5. There are a plethora of fee-free funding methods with a $200 minimum deposit requirement

For more details, you can view the Pepperstone review.

How to choose the best forex broker?

To find the best fx broker for your needs you should be looking for a regulated fx broker that has low brokerage (spreads/commissions), a solid forex trading platform, strong customer service and easy deposit/withdrawal methods.

View our best forex broker section to see a list of the leading CFD providers.

What fx broker is best for beginners?

Beginner forex traders should be looking for a CFD broker that an easy to use forex trading platform, strong customer support and risk management features such as negative balance protection and guaranteed stop-loss orders.

Our recommendation is Plus500 which has the components a beginner trader needs.

Which forex broker has the best spreads?

The lowest spreads are available from providers that have ECN broker accounts. Our review of Pepperstone found they had the lowest spreads with some January 2020 example:

  • EUR/USD average spread of 0.13
  • AUD/USD average spread of 0.14
  • EURJPY average spread of 0.22
  • GBP/USD average spread of 0.44
  • EUR/AUD average spread of 0.54

Brokers Regulated By FSB – South Africa Forex Brokers

SA Forex Broker Regulation Min.Deposit Trading Platform Leverage
Pepperstone FSB Pending, ASIC, FCA $200 MT4, MT5, cTrader 500:1
AxiTrader FSB, ASIC $200 MT4 500:1
FXTM (Forex Time) FCA, CySec, IFSC $5 MT4, MT5, Web 1000:1
AvaTrade FSB, ASIC $100 MT4, AvaTrader 400:1
IG ASIC, FCA, MAS $450 MT4, L2 200:1
Khwezi FSB R5,000 MT4 200:1
FXCM ASIC, FCA $50 MT4, NinjaTrader 400:1
Markets.com FSB, CySEC $100 Sirix Web,
Mobile
300:1
IronFX CySEC $100 MT4, MT5 500:1
Saxo Bank FCA, FSA, ASIC $10000 SaxoTrader 100:1
ACM Gold FSB R5000 MT4 500:1
BlackStone Futures FSB R5000 MT4, CloudTrade 100:1
JP Markets FSB R3500 MT4 500:1
Harborx CySEC $50 Harborx Platform 100:1
ALFA Financials FSB $1000 Alfa Trader 100:1
FxPro FSB, FCA, CySEC $100 MT4, MT5, FxPro, cTrader 500:1
XTrade CySEC $100 Xtrader Pro 400:1
Velocity Trade FSB $200 Protrader 75:1
Plus500 FSB, FCA, CySEC, ASIC, FMA, FSCA €100 Plus500 Platform
Plus500 CFD Platform
300:1

Guide to Finding The Right Forex Broker In South Africa

South African forex trading success is partially dictated by the fx broker chosen and five criteria should be considered:

1) Spread and Commission Fees are the forms of brokerage that apply to a forex broker in South Africa. Some brokers will only have a spread while others may have narrower spreads but also charge a commission. Some other fees may apply to advanced features such as guaranteed spreads, an overnight holding of a position or licencing fees. Fees can also be reduced by choosing a South African Rand ZAR account.

2) Forex Platforms are the way online brokers allow South African forex traders to trade with currency markets. These have different interfaces, features and integrations. On the South African forex broker table above you can view how MetaTrader (MT4) is offered by most brokers giving the flexibility to change brokers if you choose this fx platform. Other platforms, on the other hand, may have unique features not available on MT4 such as share trading on MT5 and C# programming on cTrader. Another popular platform is NinjaTrader offered by FXCM and Forex.com.

3) Leverage is critical when currency trading in SA. As currency market movement is modest compared to other markets, leverage makes these more substantial to make real profits or losses. A trader needs to afford to take the high risk of losing money rapidly due to leverage. Therefore, leverage needs to be aligned to a South African forex traders risk profile and trading strategy. Remember, losing your money is a real possibility on currency markets so it’s critical to understand the risks of forex trading.

4) Risk Management features take into account how trading CFDs are complex instruments. They help control risk such as determining when a trader exits a trade (eg a guaranteed stop) or to prevent a trader from not only losing your money but also from going negative through negative balance protection. Even with risk management, you can lose money when trading so the amount put into a deposit is critical. You can check with each fx broker what percentage of retail investors lose their money on retail investor accounts.

5) Regulatory Bodies: The South African local regulatory body is the FSCA, this is also referred to as the FSB (Financial Service Board). This regulator reviews the financial services industry excluding the banks. This regulator works towards protecting South African investors including forex traders and has powers to enforce their policies. They also work with the Ombudsman to investigate customer concerns in regards to forex trading brokers. View more our on FSB regulated page. Global financial institutions such as eToro, IC Markets and AxiTrader were not considered as part of this comparison as they were not FSCA certified but can be compared on this SA trader page.

Published by Justin Grossbard

Thursday, April 09th, 2020

BDSwiss

Key Information

Platform: Proprietary
Minimum Deposit: 10$
Payout: Variable
Demo Account: Yes
Regulation: CySec
Signals: Free Trading Alerts

In light of the ESMA restrictions in the EU, BDSwiss have taken the decision to focus on forex and CFD trading only.

About BDSwiss

BDSwiss was established in 2020 and offers Forex and CFD trading. They are regulated by CySec under the following License number: 199/13.

Their registration number is: 300153 and their address for BDSwiss Holding PLC is: Apostolou Andrea Street 11, Hyper Tower, 5th Floor, 4007 Mesa Yeitonia, Limassol, Cyprus.

You can reach BDSwiss by phone on a range of numbers available on their ‘contact us’ page

BDSwiss is a member of the investor compensation fund:

This fund is a private legal entity, which will compensate client’s non-invested capital up to €20,000 in the event of the company’s liquidation.” – BDSwiss.

The brand also offer the ‘sub-zero account‘. This allows traders to let their account balance go below zero – effectively offering credit. This might prove a useful feature for traders looking to act quickly after spotting an opportunity. Terms and conditions apply, and traders need to use the feature responsibly.

Trading Platform

BDSwiss boast a bespoke platform that delivers FX/CFD, where a free demo account is also available.

How To Place A Trade At BDSwiss

  1. Select the asset or market – Choose from Forex, commodities or indices for example
  2. Select the volume – The size of the trade, tailor it to manage risk and reward
  3. Set any risk management levels – stop loss or take profit
  4. Select the direction of the price – Will the price rise or fall?

BDSwiss offer 250+ assets to trade, and with markets operating around the globe, the platform is available 24/7

Charts

The trading charts on the platform use Line or Candlestick format. You may also choose among the following time frames: 1, 5, 15, 30, 60 minutes and 4 hours, Daily, Weekly and Monthly.

A number of indicators that can be directly inserted to your charts are:

  • Moving Averages
  • RSI
  • Bollinger Bands
  • ATR
  • MACD
  • Fibonacci Retracements.

The platform for the Forex trading very advanced. You can integrate to MetaTrader 4 with loads of indicators, technical tools and many more settings.

Trade Types

BDSwiss offer CFDs and traditional spot forex trading.

Trading Software and Features

BDSwiss Payouts

Payouts will vary based on performance of the underlying asset. The use of stop losses and take profit orders can ensure some structure and limits when trading. This allows traders to monitor their risk.

Asset Index

The asset list at BDSwiss covers forex, commodities and indices (as well as some treasuries). There are over 250 assets including cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

Customer Support

Live chat is available in English, German and Italian which is very good. All you need to access the live chat is an email address and a user name. Telephone and email support is also available – telephone support is delivered locally in 16 different nations.

Terms & Conditions

Always check the terms and conditions of the firm you wish to deposit with. We have reviewed those at BDSwiss and would highlight the following:

A dormant account fee is applied after 6 months which is more than enough time to learn and have the time to be active on the platform. If however you remain inactive after 6 months, a 10% fee will be deducted from your account ranging from minimum 25 Euros but NOT more than 49.90 Euros.

Withdrawals

BDSwiss offer very quick withdrawals, with processing normally taking place within 24 hours – though some methods may take 2 or 3 days. They recently added to their range of deposit options (wire transfer, debit and credit cards and e-wallet solutions). They want traders to be able to use local, familiar payment methods, so offer a good spread of deposit choices.

Free Signals

BDSwiss recently opened a new service for clients – offering free trading alerts. In addition the signals themselves, the service also includes entry and exit points. This allows traders to better judge the quality and strength of the signals – plus the all important element of timing.

Signals can lead to over trading, but as these are offered free, they are a low risk way to try them out and see how accurate they are long term.

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