When looking for best forex brokers, there are several characteristics and factors to consider. You will need to ensure that the broker is regulated and protects its clients from fraud. User experience and the overall cost of trading should also be key considerations. Below, we will discuss the best forex brokers for beginners in South Africa that meet these and other requirements.
FP Markets
FP Markets has one of the highest overall ratings amongst brokers in the country. They offer a great user experience, making them ideally suited towards beginner traders. If you don’t know much about trading, they also offer a beginner’s course so that you can learn the basics before investing. FP Markets has a minimum deposit value of 100 AUD.
AvaTrade
AvaTrade is another highly-rated forex broker in South Africa. It is beginner-friendly and offers a beginner’s course, videos, and an ebook. The minimum deposit is 750 ZAR, which is relatively low compared to a few of the other options mentioned on our list.
HFM
HFM does not include a minimum deposit value, which makes it an excellent option for beginners who are looking to make their first investment. With a brilliant user experience rating, you won’t have any trouble figuring out how the platform works.
Pepperstone
Pepperstone is another highly-rated forex broker on our list. Their user interface is well-suited towards beginners and includes a basic trading course and videos. They also do not include a minimum deposit value. However, unlike a lot of the other brokers mentioned, they do not include an unlimited demo account.
Exness
If you have absolutely no history in forex trading, there may be better options than Exness. While it is still ranked highly among beginners, the platform is better suited to those who have some prior trading experience and knowledge, as the beginner’s course is not very extensive. The minimum deposit value is 3 USD.
XM
XM includes a minimum deposit value of 5 USD and is a great option for beginner traders. They offer clients a detailed beginner course and videos. However, they do not include an unlimited demo account or downloadable ebook.
IC Markets
IC Markets has the highest minimum deposit value (200 USD) on our list. They do offer a beginner’s course, but this does not include videos or a downloadable ebook. They also do not include an unlimited demo account.
FBS
FBS has a low minimum deposit value of just 5 USD, making it suitable for beginners who do not want to start by investing too much money. Their platform includes a beginner’s course, videos and an unlimited demo account.
XTB
XTB does not include a minimum deposit value. Overall, their user experience is very good, especially among beginners. They offer a beginner’s course and downloadable tutorial videos.
Markets.com
Markets.com is the highest-rated broker on our list. With a minimum deposit value of 1500 ZAR and a very detailed beginner’s course, it is an excellent option for first-time traders.
Conclusion
If you are a beginner trader in South Africa, there are plenty of great forex brokers, including Markets.com, Pepperstone, AvaTrade, and FP Markets.
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