Forex brokers are companies that serve as middlemen between traders and financial institutions that make up the main reserve of Forex markets. Finding the right broker can be daunting as there are many that offer different services with each having its own benefits and drawbacks. Special care has to be taken because many brokers turn out to be scam platforms. In South Africa, there are quite a number of credible South African Forex brokers who have gathered momentum and earned a name of repute for themselves. Some of these are
- Alpari International
This organization was re-launched in 2014 and has proven to be quite the market for traders. They offer leverage of up to 1:1000 and trade up to sixty pairs and crosses of currencies. They also offer services in more than two hundred and fifty markets and have an average trading volume of over a trillion dollars per year. Demo accounts and a versatile spread selection of tradable assets also make up their entourage of efficient service. They also have a low minimum deposit for newcomers to the platform, making them great for new traders
- GO Markets
This company has over three hundred and fifty market services, including commodities, Forex, shares, and cryptocurrencies. They support hedging and scalping and are regulated by the ASIC. They are good with customer service, offering light-speed trade executions and excellent day trading and analysis tools
- HotForex
This brokerage company is a very popular one worldwide. They have branches in different countries and, in 2015, made the list of Top 100 companies in the world Finance magazine. They offer over 140 trading services on six main accounts, including Forex, cryptocurrencies, indices, shares, bonds, etc. They are regulated by the FCA, ASIC, and CySEC. They have commission-free accounts available and are known for a low minimum starting deposit. They also offer competitive spreads and a provision for Civil Liability Insurance
- AvaTrade
This is another top-rated brokerage company with its headquarters in Ireland and branches across five continents. They offer about 60 currency pairings and crossings and over 250 financial services. They offer competitive spreads, a range of automated trading platforms with EA compatibility, educational tools, and low trading fees. They also do not collect payments on withdrawal.
- RoboForex
They have their head office in Cyprus and have branches in over a hundred and fifty countries, with customers numbering close to a million. They allow hedging, scalping and offer tight spreads. They have a fast execution order and an affiliate program for customers. They offer 8 asset classes and over twelve thousand financial services
These are just some of the many credible and reputable broker companies in South Africa. Others include
OctaFX
Think Markets
Blackstone Futures
Pepperstone
Trade Nation
Plus500
And many others
Each of these Forex brokers offers fantastic services and is regulated by at least a financial body each. They each have their own benefits, and each of them has a good reputation for helping traders wade through Forex waters.
