South Africa’s population and economy are increasing at a fast rate, thus creating an increasing consumer base for forex traders. South Africa has a young population mostly educated in the internet and technology, with many business and investment opportunities.
The population has an average income and a lot of potential for the investors, with forex a good place to trade because the financial market is quite volatile and changes abruptly.
The economic growth in south Africa is expected to keep on rising and professionals are well equipped and trained to carry out trading transactions and close transactions successfully. Forex brokers help you buy and sell in the financial market and provide information about the different sectors and new trends in the market.
South Africa became a hub for forex trading with local regulation by the Financial Services Conduct Authority. To determine the best FSCA South African forex broker, potential traders can compare fees, platforms and other features that impact on forex trading.
With South African conditions becoming more favourable for Forex traders, companies are shifting their attention towards South African traders and the South African economy.
Three of the fastest growing forex brokers in South Africa are:
Avatrade
Avatrade is a European broker that was founded in 2006 but is also regulated in South Africa with the FSCA since 2015.
Avatrade offers MT and MT5 trading platforms, available for web and mobile, as well as its own proprietary app, with which traders can trade Forex, Cryptocurrencies, Stocks and bonds.
Avatrade offers accounts with fixed spreads, with EUR/USD spread being 0.9 pips on average with the Retail account.
Deposit and withdrawal options include credit cards, wire transfer, and wallets, as well as local bank transfer deposits. The broker does not charge any fees on deposits or withdrawals.They do charge non-trading fees like inactivity fees though, which are quite high.
Open a Free Trading Account here with Avatrade
Exness
Exness is regulated by the FSCA in South Africa, the FCA in the UK and CySEC in Cyprus.
Exness was founded in 2008 and offers the MT4 and MT5 trading platforms on its standard and pro accounts. The minimum deposit requirement is only $1, and the EUR/USD benchmark spread is 1 pip on average with the Exness Standard Account.
Exness offers a wide range of trading instruments, good customer support and instant and convenient deposit and withdrawal methods – including local bank transfers. Exness offers ZAR as a base currency for accounts and charges no extra fees on deposits or withdrawals.
Markets.com
Markets.com was established in 2008 and is an FSCA regulated dealing desk broker. Markets.com offers its clients commission-free trading on CFDs such as forex, commodities and indices on the Marketsx accounts and share dealing with low commissions on its Marketsi account.
A key feature that differentiates Markets.com from its competitors is the range of trading tools on their Marketsx and Marketsi trading platforms.
Some of the key features of Markets.com include no commission trading for CFDs (except when share dealing), a low minimum deposit of only $250 and a choice betweenMarketsx, Marketsi, MetaTrader 4 and MetaTrader 5 as trading platforms.
A large range of unique trading tools are built into the Marketsx and Marketsi trading platforms.
ALSO READ: Tokyo Games 2020: First Covid-19 case detected at Paralympic village
