Forex Trading Brokers in South Africa

What is the Foreign Exchange Market?

The foreign exchange market, also known as the forex (or even more simply, the FX market), is the largest financial market in the world. Every day, trillions of dollars of global currencies are traded in what are called "pairs", i.e. the exchange of one currency for another, such as rand for dollars, euros for Japanese yen, etc. These transactions are carried out five days a week, 24 hours a day around the globe and determine the value of every currency on the planet second by second, based on supply and demand. So, if the pound is in demand, its value against, for example, the dollar will rise and vice versa.

Given its scale and breadth, forex trading is easily accessible by individual investors, who can open an account with a few hundred pounds and begin trading immediately. But it is easy to lose money, especially if you are a beginner. Trading successfully requires effort, discipline and a determination to learn as much as you can about the market before you start. You also need to understand the regulations governing the market, the costs of trading and which brokers to use. Most importantly, you should understand the risks and disadvantages before deciding whether forex trading is for you.

Why does the Forex Market Exist?

There are many reasons why people trade currencies. South African companies may need to buy dollars to pay for American imports, or they may need euros to pay for the acquisition of a company based in Europe. Central banks, such as the South African Reserve Bank (SARB), can intervene in FX markets, buying and selling currency to manipulate its value for reasons of economic policy. Speculators also drive a very large part of the market, trading with the aim of generating a profit.

Large financial institutions, multinational corporations and hedge funds dominate the forex market, which reached a value of US$6.6 trillion per day in April 2019, according to the latest statistics. That size means it is a hugely liquid market, i.e. it is very easy to buy and sell currencies because there are so many buyers and sellers in the market for most currencies.

What Drives the Forex Market?

The rand is a free-floating currency. In other words, the value of the rand in the FX markets is determined by supply and demand. This is the case for the currencies of most advanced economies. By contrast, some currencies, such as the Chinese renminbi (RMB), have a fixed exchange rate. The Chinese authorities determine the value of the RMB against the dollar and keep the link until they decide to alter the exchange rate. Clearly, there is no potential for individual traders to profit from trading currencies with a fixed exchange rate.

The value of a floating currency such as the South African rand, however, is constantly moving up and down against other currencies. Often these movements are relatively small, so the rand may begin the trading day at 14.50 rand to the dollar and end a little higher or lower, or even back at its opening level. But dramatic economic or political news can spark much greater volatility. For example, the rand fell by around 30% at the start of the Covid pandemic, back in March 2020. Traders, fearing a prolonged period of economic uncertainty, sold the rand as quickly as they could.

Economic developments are also a key influence. New data suggesting the South African economy is growing slower than anticipated might spark concerns that SARB could lower interest rates to stimulate growth. Lower interest rates reduce the appeal of holding a currency since you are getting less return on your money. That outlook consequently dampens demand for the rand and its value falls. Similarly, if South Africa's economic outlook brightens and traders anticipate SARB will raise interest rates, they will buy the rand, increasing its value against other currencies.

That is why FX traders follow economic, financial and political news so closely, looking for any hint of information that could sway the value of currencies. They are hoping to react before other traders spot the development. Or they may take bets on a likely development, believing they have some insight that other traders lack. So, for example, on the day before South Africa locked down in December 2020, before President Ramaphosa announced the changes, the rand weakened in value because many traders were convinced that the government would introduce new restrictions.

Why is Forex Trading Popular?

Forex trading is the largest and most easily accessible market in the world. The costs involved are relatively low compared with other markets, there are lots of brokers to choose from in South Africa, and it is relatively easy to understand the ways in which you can trade the market. There are many freely floating currencies and since they can all be traded against each other there are a huge number of currency pairs to trade in. A vast amount of information is available to would-be traders, ranging from how to get started to outlining potentially profitable trading strategies.

You can trade from your living room using a fairly basic computer if you download the appropriate trading software, and it is relatively easy to set up an account with a broker. Unlike other financial markets, you can also exploit the concept of "leverage", where you make use of borrowed money to increase your potential profits (and your losses). To explain what this means, currency pairs are traded in specific amounts called lots. They tend to be in 100,000 units of a currency, so, for example, if you are trading in the pound sterling against the US dollar, you would buy or sell £100,000 at a time. Since most people don't have £100,000 available to trade, the broker effectively offers to lend you money. So, they may allow you to trade in a lot of £100,000 by opening an account with £1,000 and lend you the remainder. The initial £1,000 is known as the margin and your leverage, in this case, would amount to 100 to one (100:1).

As we mentioned, as well as increasing potential profits, leverage can dramatically increase risk. There are methods you can use to contain risk, but that is a topic for another article.

The Disadvantages of Forex Trading

Forex trading requires a considerable commitment. It takes time to learn how to trade profitably, and when you start to trade you may have to spend many hours per day on your computer screen following and researching what is happening in the market – and why – in preparation for your trading day. When that day is finished, you will need to analyse what happened and why your trading activities succeeded or failed, so that you can apply the lessons learnt to the next day's trading. There could be days when you lose money and it is easy to become disheartened. There is certainly no guarantee of success. FX trading can be risky and you can lose money or you may find that it is simply not something you like or have the temperament for. You have to be patient, for example, waiting for opportunities to arise, and the market can experience bouts of extreme volatility that you may find highly stressful.

Is Forex Trading Legal in South Africa?

Yes, Forex trading is legal in South Africa and South African brokers are regulated by the Financial Services Conduct Authority (FSCA). South African residents can legally trade with any Forex broker in the world, though many brokers based overseas are not licenced by the FSCA.

Overview of Forex Trading in South Africa

Over the last ten years, mobile phone use in South Africa has exploded. Most South Africans are now connected to the internet everywhere they go and whenever they want. At the same time, employment opportunities for young people have dried up as the economy slowed. Young South Africans looking for new ways to make money are at the forefront of a boom in Forex trading, made all the easier because:

• All Forex brokers now have mobile apps that allow traders to deposit and withdraw funds, check market news and make trades from their phones.
• Many brokers in South Africa have very low deposit requirements, some as low as 1 US dollar.
• Many brokers offer rand trading accounts, so South Africans do not have to convert their money into dollars first

Because it is so easy to get started Forex trading, the number of Forex scams and bad brokers has also increased as criminals attempt to profit from the boom. Recent media scrutiny and better enforcement by the authorities has led to a healthier local trading environment, but Forex scams are still frequent. Most Forex scams in South Africa start on social media and are conducted by unlicensed individuals.

Forex Regulation in South Africa

In South Africa, Forex brokers are regulated by the Financial Services Conduct Authority (FSCA). The FSCA's role is to ensure that all companies offering a financial service in South Africa hold an active FSP (financial service provider) licence and that they comply with the terms of the Financial Advisory and Intermediary Services (FAIS) Act.

The FAIS Act requires that only qualified persons with no criminal background can work for a  Forex broker. It also ensures that Forex brokers are responsible for the conduct and actions of their representatives. Finally, it also requires that Forex brokers are honest about their services and products with their clients and treat them fairly.

If a broker breaks these rules, South African traders can complain to the registrar at the FSCA who will launch an investigation. If the FSCA finds that the broker has intentionally deceived or defrauded their clients it can:

• Freeze the broker's accounts
• Return all funds to the broker's clients
• Shut the broker down, and
• Take the broker's owners to court

In 2020, JP Markets, once one of South Africa's largest brokers, was shut down and its accounts frozen after an FSCA investigation found that it had been cheating its customers. No criminal charges have been filed yet, but the maximum sentence for breaking the terms of the FAIS Act is 10 years imprisonment.

New Regulations in South Africa: ODP Licence

The FSCA is a powerful authority, but Forex trading in South Africa is still troubled by scams and bad Forex brokers deceiving their clients. The FAIS Act and the FSP licencing system have obviously not been working well enough. In response, the FSCA has introduced a separate licencing regime specifically for Forex brokers and other derivative providers. This licence is called the ODP (Over-the-counter Derivative Provider).

From 2020, all Forex brokers with offices in South Africa must apply for an ODP licence. The terms of the ODP licence requires brokers to:

1. Ensure their clients fully understand the risks before they trade Forex or other CFDs
2. Have enough money in the bank to avoid bankruptcy. The FSCA recommends at least R50 million, plus an "appropriate buffer" to cover any potential losses.
3. Provide transaction data to the FSCA so it can monitor all trades that occur in South Africa.
4. Have an independent board of directors to ensure responsible governance.

The goal is that ODP licencing will clear out the bad brokers from the South African Forex industry. Ensuring that their clients understand the risks should prevent brokers from preying on under-educated traders and with the FSCA monitoring all transactions any price manipulation or fraudulent behaviour will be discovered.

Advantages of Trading with an FSCA-regulated Broker

The main advantage of trading with an FSCA-regulated broker in South Africa is the local protection of your trading account. While the FSCA does not require brokers to sign up to a compensation scheme, local protection from the FSCA means:

• Segregated accounts: All trader's funds are kept separate from a broker's own operational funds: If a broker goes bankrupt, they will still be able to return all client funds.
• Financial Audits: Brokers have to submit regular audits to the FSCA, proving that they are following financial laws.
• Local Trading Accounts: Trading accounts are kept at South African banks. If a broker goes bankrupt, South African traders can walk into the bank where their trading account is kept and withdraw their funds.
• Local Offices and Banking: That brokers have a South African office and keep their operational funds in South Africa. If a broker is suspected of wrongdoing, the FSCA can easily freeze its accounts in South African banks. The FSCA has no power to freeze bank accounts overseas.

Other common advantages of trading with an FSCA-regulated broker are:

• Rand (ZAR) Trading Accounts: Most, but not all, FSCA-regulated brokers will offer ZAR trading accounts. This means no conversion fees when depositing or withdrawing to/from South African bank accounts.
• Fast and Free Deposits and Withdrawals: Most, but not all, FSCA-regulated brokers will offer free same-day deposits and withdrawals to/from South African bank accounts. Most will also offer support for South African eWallets such as Ozow or PayFast, allowing instant deposits and withdrawals from South African banks.

Disadvantages of Trading with an FSCA-regulated Broker

Yes, there are disadvantages when trading with an FSCA-regulated broker. The FSCA is a good regulator but does not protect traders as well as regulators in the UK, Europe or Australia. The main disadvantages of trading with FSCA-regulated brokers are:

• No negative balance protection: FSCA-regulated brokers are not required to prevent traders from losing more money than they have in their trading accounts. It's rare, but this does mean that traders in South Africa may end up owing their broker money.
• No financial compensation scheme: FSCA-regulated brokers are not required to provide compensation to traders in the event of bankruptcy or closure.
• Leverage limits: Leverage is an essential part of Forex trading, but high leverage levels are risky. In South Africa, there is no limit to the leverage a broker can offer. Some FSCA-regulated brokers will offer leverage of 1000:1 or higher. A small loss with this amount of leverage can easily wipe out a small trading account.

How do I Know that a Broker is Regulated by the FSCA?

It's easy to say that South African traders should use FSCA-regulated brokers, but how do you verify that a broker has an FSP licence? Fortunately, checking if a South African Forex broker is regulated by the FSCA is easy. The FSCA offers a search tool for all authorised brokers here: https://www.fsca.co.za/Fais/Search_FSP.htm.

This is what the search window looks like:

The best way to use this search function is to input the broker's FSP number, which they are legally required to display on their website.

For instance, here is KhweziTrade's FSP notice and number at the bottom of its webpage:

You will notice that Khwezi Trade is not the name of the Financial Services Provider regulated by the FSCA, but is actually Khwezi Financial Services. This is quite common as Forex brokers are often part of a larger financial company. It does mean that searching by broker name using the FSCA's search tool can be quite tricky, so use the FSP number if you can.

Using this information from Khwezi Trade's website we can then search the FSCA database. Here we can see that Khwezi Financial Services is an authorised FSP:

Forex Scams and Bad Brokers in South Africa and How to Avoid Them

As part of our work at TradeForexSA, we ask traders who have been scammed or defrauded by Forex brokers – or people claiming to be Forex "experts" – to let us know about their experience (you can find the details here).

Forex Scams

According to our latest research, we found that Facebook and Instagram were the sources of more than 50% of Forex scams in South Africa. Both companies have a poor record of stopping criminals, even after official complaints have been made. We also found that many victims paid the people who scammed them in Bitcoin or other cryptocurrencies and that almost half of the complaints people made were against individual scammers, not brokers.

Both social media and cryptocurrency are great tools for criminals who want to disguise themselves. People can use whatever name they want on social media, and cryptocurrency is almost untraceable. Once someone pays a scammer they met on social media with cryptocurrency, it's impossible to get their money back.

Other telltale signs of a Forex scam are promises of guaranteed returns and the use of complex jargon. Forex trading is high-risk speculation and even professional traders cannot guarantee returns. And while there is Forex-specific jargon, trading can be explained in simple terms.

Any individual who offers to perform a financial service without an FSP licence in South Africa is breaking the law. So always ask for an FSP licence number and verify it with the FSCA before handing over money.

Bad Brokers

Avoiding individual scammers is relatively easy compared to avoiding bad brokers. Even JP Markets was FSCA-regulated before it was shut down, and its closure was only after years of complaints. So what can South African traders do to avoid bad brokers? There are a few telltale signs that a broker is not treating its clients fairly:

• Unpublished spreads: The spread is the broker's fee for connecting traders to the Forex market. If a broker doesn't want to say how much this fee is, it's probably charging too much.
• High deposit and withdrawal fees: Deposits should always be free of charge and withdrawals should be low-cost. Be wary of high fees or unexplained charges
• Delayed withdrawals: Withdrawals should take a few days at the most. If a broker ignores withdrawal requests or delays for more than a week it is cheating its customers.
• Missing Deposits: Bad brokers will sometimes claim to have not received a deposit after it has been made. Always request proof of payment when depositing.
• Unresponsive Customer Service: In many cases, the customer service team at bad brokers will ignore complaints or requests for assistance – especially when dealing with any of the problems listed above.
• Paywalled/Limited Demo Accounts: Demo accounts are the best educational tool beginner Forex traders have. Brokers that require new traders to open a live account before they can open a demo account, or close demo accounts after a short time period, are trying to force beginners to start trading before they are ready.

If you have experienced any of the issues listed above and the broker has an FSP licence from the FSCA, you can always submit a complaint via the FSCA's complaints form here.

How to Compare Forex Brokers in South Africa

Though Forex brokers might appear to be similar, they are quite different once you dig a little deeper, and account conditions will vary for South African residents. These are some of the most common questions traders will have when comparing Forex brokers.

Forex Brokers for Beginners

• Do I need a broker to trade Forex?
• Which is the best broker in South Africa?
• Which is the best broker for beginners?
• Which broker has the best demo trading account?
• Are Forex brokers in South Africa reliable?
• How do I choose a Forex broker?
• How do Forex brokers make money?

Forex Broker Fees and Trading Costs:

• Which brokers have the lowest trading costs?
• How do I make a deposit with a broker?
• How do I make a withdrawal from a broker?
• Which broker has the lowest minimum deposit?
• How do I calculate trading costs?

Other Trading Options

• Which broker has the highest leverage?
• Which brokers in South Africa have ZAR accounts?
• Which broker has the most CFDs?
• Which broker has the most currency pairs?
• Which broker is the best for professional traders?
• What are managed Forex trading accounts?

Forex Broker Regulation

• How do I know if a Forex broker is regulated?
• How do I check if a Forex broker is licenced by the FSCA?

Forex Broker Customer Support:

• Which Forex broker has the best customer support?

Forex Trading Platforms:

• Which forex broker has the best platform?
• Which is the best platform for Forex?

Do I Need a Broker to Trade Forex?

Yes, you will need a broker to trade Forex. Connecting traders to the Forex market is an expensive and technically complex business. It's important to choose a regulated Forex broker with low costs and a history of treating its clients fairly.

Which is the Best Broker in South Africa?

The best broker in South Africa is AvaTrade. Avatrade is regulated by the FSCA and has a dedicated South African customer service team. Fees are low, with a 100 USD minimum deposit and tight spreads. AvaTrade clients can trade Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs and have a choice of trading platforms and useful trading tools. Finally, the AvaTradeGo mobile app is one of the best-designed trading apps in the world; it's easy for beginners to learn but with the functionality required by experienced traders.

Which is the Best Broker for Beginners?

IG Markets is the best broker for beginners in South Africa. FSCA-regulated and with no minimum deposit requirement, IG Markets also has very low trading costs and negative balance protection as standard, making it an excellent low-risk option for new traders. Award-winning customer support from IG's South African office is available 24/5 via email, live chat, and telephone.  IG Markets also has a great education section, with articles, video tutorials, frequent webinars, advanced trading strategies, and chart analysis.

If you are looking for a reliable FSCA-regulated broker for beginners, some other good options are:

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Which Broker has the Best Demo Trading Account?

HotForex also has the best demo trading account in South Africa. The HotForex demo account never expires and comes with 100,000 USD preloaded on either the MT4 or MT5 trading platform.

Some other brokers with great demo accounts and FSCA regulation are:

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Are Forex brokers in South Africa reliable?

Yes, most Forex brokers in South Africa are reliable and trustworthy. The most reliable brokers in South Africa are regulated by the FSCA and have a history of treating South African traders fairly. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid.

How do I Choose a Forex Broker?

When choosing a Forex broker there are three things to consider:

1. Regulation: Make sure you choose a broker regulated by the FSCA in South Africa or one of the other major regulators like CySEC (Europe), ASIC (Australia) or the FCA (UK). Regulated brokers have better security and will treat their traders fairly
2. Cost: Look for a broker with a low minimum deposit and low fees. Broker fees will include the spread, commission and deposit and withdrawal fees.
3. Education: If you're a beginner you will want a broker with good educational content. All of the brokers on our Best Brokers for Beginners page have high-quality education for beginners.

How do Forex Brokers Make Money?

Some brokers (called market makers) only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades.

Other brokers (called ECNs) have tight spreads but make money from commissions, which are charged every time a trade is opened or closed. This type of broker makes money whether a client wins or loses.

Which Broker has the Lowest Fees?

Tickmill is the broker with the lowest fees, with the total trading cost on its Pro Account equalling 0.4 pips on the EUR/USD, this includes a 0 pip minimum spread and a round turn commission of 4 USD per 100,000 traded.

Other brokers with low trading costs are:

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Broker fees are split into the trading costs, which is the total of the spread and commission, and non-trading fees such as deposit and withdrawal fees.

The spread is the difference between the buy and sell price of a Forex pair and is measured in pips, the smaller or "tighter" the spread the less money you spend when you make a trade. Commission is charged by some brokers every time a trade is opened or closed.

How do I make a Deposit with a Broker?

Making a deposit with a broker is a simple process. Once you have signed up and opened a  live account you will be given a few options. Most brokers in South Africa will accept local bank transfers, credit cards, online payment solutions like Ozow and Payfast, and eWallets like Neteller and Skrill. Bank transfers usually take 1-2 days to process and may have a fee attached but all other deposit methods are usually instant and free.

How do I make a Withdrawal from a Broker?

To make a withdrawal from a broker you must have enough money in your trading account after deducting the margin needed to keep any trades open. Once you know how much you can withdraw, you can make a withdrawal request via your account dashboard. To prevent money laundering, South African brokers will only let you withdraw the same amount as your initial deposit back to your credit card or eWallet. Anything more than this will have to be withdrawn to a bank account in your name.

Which Broker has the Lowest Minimum Deposit?

Exness is the broker with the lowest minimum deposit. Regulated by the FSCA since 2020, Exness has three standard accounts which are advertised as having no required minimum deposit. This is not entirely true as the minimum deposit Exness accepts from South African credit cards or bank accounts is 3 US dollars. Other FSCA regulated brokers in South Africa with low minimum deposits are:

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With most brokers, larger deposits usually unlock lower trading costs and other perks. What level of minimum deposit you are comfortable with depends on your financial situation.

How do I Calculate Trading Costs?

When trading Forex, the total trading cost is the spread on the currency pair you are trading plus any commission your broker may charge. If you keep a trade open overnight you will also be charged a rollover (or "swap") fee, which will be deducted automatically from your account. Major pairs, such as the EUR/USD or USD/JPY have tighter spreads and are cheaper to trade.

Which Broker has the Highest Leverage?

FBS offers the highest leverage of any Forex broker in South Africa. On three of their five accounts, leverage of 1:3000 is available. Other brokers in South Africa with high levels are leverage are:

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Leverage is money borrowed from your Forex broker to increase the size of a Forex trade. Leverage is essential in Forex trading because the movements of the market are too small to make a decent profit unless you place thousands of dollars on each trade. Leverage can be used to make large profits with a little of your own money, but you can also quickly lose more than your original investment.

Which Brokers in South Africa have ZAR Trading Accounts?

There are a number of international and South African brokers who offer trading from ZAR trading accounts. The top five are:

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The advantages of having ZAR as a base currency in South Africa are:

• Traders will not have to pay any broker conversion fees when sending money from their South African bank account.
• Traders will not have to pay any conversion fees that your bank or credit card may charge when making a fund transfer or withdrawal.
• Brokers with ZAR accounts will most likely use South African bank accounts, so withdrawals and deposits are much faster and often happen instantly.

For a complete list of brokers with ZAR trading accounts check our dedicated page on the best brokers with ZAR trading accounts.

Which Broker Has the Most CFDs?

IG Markets is the broker with the most CFDs to trade. IG Markets offers trading on over 17,000 instruments, including Forex, indices, share CFDs, commodities, cryptocurrencies, digital 100s, options, ETFs, bonds, and interest rates.

Other brokers with a wide range of instruments to trade are:

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Which Broker has the Most Currency Pairs?

Swissquote is the Broker with the most currency pairs, with over 130 currency crosses to trade. As part of a larger banking group, Swissquote is very well regulated and is one of the most secure brokers in the world. Swissquote targets professional traders and minimum deposits are high, starting at 1000 USD on its entry-level account.

Other Forex brokers with a larger than usual selection of currency pairs to trade are:

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Which Broker is the Best for Professional Traders?

Pepperstone is the best broker for professional traders. An ECN broker with extensive liquidity streams, Pepperstone supports all three major trading platforms (MT4, MT5 and cTrader) and has some of the tightest spreads in the industry (0.09 pips EUR/USD spread on its Razor Account).

Commissions are low and there are no minimum deposit requirements. Commissions can be further reduced by becoming a member of Pepperstone's Active Trader Program. The Active Trader Program has a number of other advantages for high-volume traders, including a free VPS service and priority customer support.

What are Managed Forex Accounts?

Some brokers will operate a managed account for you, but this is rare. There are independent money managers who can manage your account while they are trading for themselves. It is vital that you read our article on managed accounts and understand the minimum deposit requirements and additional risks involved when trading CFDs.

If you have any questions after reading through this guide, please get in touch with us in the comments at the bottom of the page.

How do I Know if a Forex Broker is Regulated?

All regulated brokers are required to display their licence number and the authority they received it from on their website. These licence numbers can be easily verified on the regulatory authority's website. Some scam brokers will use similar names to legitimate businesses, so make sure the name of the licence holder on the regulator's website matches the broker's details.

How do I check if a Forex broker is licenced by the FSCA?

All Forex brokers that are regulated by the FSCA are required to publish their Financial Service Provider (FSP) licence number on their website. Once you have the FSP number of a broker you can go use the FSCA's search page to enter the FSP and verify that the broker is indeed licenced.

How Can I Report Scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story. You can contact the FSCA's complaints department here and ask them to investigate. We also have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Which Broker has the Best Customer Support in South Africa?

KhweziTrade is the South African broker with the Best Customer Support. KhweziTrade's client support team is knowledgeable and helpful and all requests are answered quickly and efficiently. South African traders are offered a personalised experience, with all traders receiving a personal account manager. Support, both technical and administrative, is available in English, Afrikaans, Zulu, Sotho, and Xhosa.

Which Forex Broker has the Best Platform?

Marketsx is a trading platform from Markets.com, which has been FSCA-regulated since 2016 and offers ZAR trading accounts for South African traders. Traders can use the Marketsx platform to trade over 2,200 financial instruments. The platform also offers advanced charting, making it easier to spot trends and identify new trading opportunities. Marketsx also allows traders to use five types of indicators once, overlay multiple assets, or compare up to eight instruments side-by-side. Marketsx is available on mobile devices and via the markets.com website.

Which is the Best Platform for Forex?

Currently, MetaTrader 4 (MT4) is the best platform for trading Forex. MT4 has been around since 2005 but is supported by most Forex brokers and used by millions of traders around the world. MT4 is resource-efficient, fast, and can run on older hardware without any issue. It's also fully customisable and can handle multiple trading accounts from different brokers with a single installation.

MT4 is particularly valued for its automated trading facilities. Traders can create or buy algorithmic trading robots and install them on their version of MT4 to automate trading or assist in decision making. It's also possible to copy other traders through the MT4 trading signals facility.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products.

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 300 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and sifting through the fine print. Learn more about how we rank brokers.

Forex Trading Brokers in South Africa

Source: https://tradeforexsa.co.za/forex-brokers-south-africa/

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