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5 best Forex brokers in South Africa along with their pros and cons
![5 best Forex brokers in South Africa along with their pros and cons](https://biz-file.com/c/2007/567198.jpg)
1. Exness
Exness is a well-regulated SVG, Cyprus and UK-based broker offering the trade in numerous financial instruments such as Forex, Metals, Cryptocurrencies, Energies, Indices, and CFDs from as little as $1.
Pros and cons
Pros | Cons |
Strictly-regulated global broker | No US clients |
Negative balance protection offered | Small amount of tradable financial instruments |
MetaTrader 4 and MetaTrader 5 offered | Accounts are not multi-currency |
Reasonably low minimum deposits | |
More than adequate leverage offered | |
Demo account provided | |
Islamic account option available on all account types |
2. AvATrade
AvATrade is an award-winning and well-regulated broker that offers the trade in over 250 financial instruments from as little as $100.
Pros and cons
Pros | Cons |
Strict regulation through multiple entities | No US clients |
Negative balance protection offered | Variable spreads are not offered |
Multiple awards obtained | Only one account type offered to retail traders |
Fast trade execution speeds | |
Fixed and tight spreads | |
Zero-commissions charged on trading | |
Variety of reliable, powerful trading platforms | |
AutoChartist offered | |
Social trading platforms offered | |
Hedging and scalping allowed |
3. XM
XM is an Australian, Cyprus and Belize-based broker which is well-regulated and offers the trade in numerous financial instruments from as little as $5.
Pros and cons
Pros | Cons |
Strictly regulated | No US clients |
Negative balance protection offered | Fixed spread accounts not provided |
Award-winning and reputable | |
Low spreads and low commissions | |
Fast trade execution speeds offered | |
Both hedging and scalping allowed | |
Hedging and scalping allowed |
4. eToro
eToro is currently the most popular social trading platform along with being a well-regulated Market Maker broker offering the trade in numerous financial instruments from as little as $200.
Pros and cons
Pros | Cons |
Global broker, which is strictly regulated | No US clients |
Negative balance protection offered | Small amount of tradable financial instruments |
MetaTrader 4 and MetaTrader 5 offered | Accounts are not multi-currency |
Reasonable minimum deposits | |
More than adequate leverage offered | |
Demo account provided | |
Islamic account option available on all account types |
5. FXTM
FXTM is a reputable and well-regulated ECN and STP broker offering the trade in over 250 financial instruments across a variety of asset classes from only $10 when registering a live trading account.
Pros and cons
Pros | Cons |
Well-regulated | No US clients |
Wide variety of trading instruments offered | |
Multiple account types offered | |
Commission-free trading provided on most accounts |
Final thoughts
Selecting the correct broker that meets the needs and objectives of individual traders can be a daunting task as various brokers cater for various traders, it is, however, imperative to view brokers objectively by looking at their Pros and Cons before selecting a broker.
You might also be interested in: Tickmill
Despite the pros and cons indicated, these five brokers are some of the best in the trading industry in addition to being well-regulated, reputable, and providing the best trading conditions.
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