Broker in South Africa

Perhaps I’m being too picky, but this is what I want from a broker

[ul][li]Based in South Africa so I can pay in Rands[]Must use MetaTrader (I’m extremely comfortable with it)[]Offers mini/micro accounts[*]Tight Spreads amongst the big 5
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I would much rather be able to do EFT instead of credit card payments, I will be running it from a CC. Tight spreads is an obvious one, and micro or mini accounts is because it’s my first account from demo trading and I want to start small. Well, that and I don’t have a wack of cash just lying around !

MetaTrader must be native, I’m not happy with using API’s. My style of trading makes me lose a lot of pips daily from slippage with the extra delay.

If someone can advise or help, please post it here !

Oh, and lastly, if someone is running managed accounts in South Africa, please respond here as well.

Regards,
ExLurker
@-`-,–

Don’t know if you will find a SA broker, I didn’t. I use Prime4X. And just trade in good old USD. There’s a slight fee on the conversion. But such is life. Prime4x uses MetaTrader. Myself, and friends who use them have had no problems with deposits and withdrawals. So I’m happy :slight_smile:

EDIT: It also allows for Micro accounts. As low as $100. That allows for lot sizes from 0.01 to 1. But starting an account with $100 may not be the best idea. Sure you can use 0.01 sized lots, but the exceedingly slow pace of capital gain will drive you crazy. And most pairs have a 2 pip spread, I think.

Ya boet, I think you are being too picky…

Your comment on your style of trading and slippage implies that you are scalping? In this case you should know that the choice of broker is one of the most important factors that will affect your success.

I don’t know of any MT4 brokers in SA(not saying they not there tho…) so you are severely limiting your choices. You should be looking at quality of price feeds and trade execution…methods of funding or withdrawal should be your last concern.

Also if you are worried about slippage, I think you will find that any broker that is based in SA is going to come up short on fills because of the latency from SA to the major liquidity providers in Europe and USA.

hi Tolklein, how much is the fee/percentage you pay at Prime4x for withdrawls of convertions?

Hi, Prime4X does not charge for the withdrawals themselves, I have a moneybookers account in ZAR, and when I would need to withdraw
moneybookers charges R17 or so depending on exchange rate,
and something would be charged to convert it. Not sure how much that is.

But in short, Prime4X is essentially free

EDIT: Thought I should just add, I’m new to live trading, 1st live trade was on 18th July, so personally I have never withdrawn money from my account. (Need to make some first :slight_smile: )
Prime4X was just the broker that was recommended to me by other SA traders. Some the guys also use a broker from APBG (Asia Pacific Banking Group) called Asia Pacific Bancorp Group. But you need $5000 to go live, and R35000 is a bit much for me.

@Kennyhubbard, from the “Ya Boet” comment, is it safe to assume you are South African? If so what broker are you using, if I may ask?

Another EDIT: I see in your profile you are from Dubai :o

Hi,
I think you won’t find a broker with such advantages located in South Africa, there are several ways to pay for brokers, You can pay by Money Bookers, Credit Card or you can use bank transfer if you don’t have a credit car. I’ve tried the Money Bookers its the fastest & safest way to pay money because you transfer money from an account to another one. And I know a broker which allows paying by money bookers and its called Wall Street Broker I’m trading with that broker, it’s perfect really.

Hi everyone. i have read you comments on having difficulty finding brokers in S.A. Im am myself a sales Broker and we are looking to expand in S.A. im doing a research on what S.A forex companies are offering but not much luck on this. Very few options.
To help myself and to help you too, may i ask what exactly are you looking for in a brokerage company? mini/classic accounts. Leverage? currency? minimum deposit you would be happy with? deposit methods you prefer? etc
I have read that you wish to trade with Rand.
i would appreciate an email or message letting me know what your looking for so i can grasp an understanding of what i will be proposing as our options.

I’m in South Africa, and the spreads are insanely high for trading ZAR so as much as I’d like to, there is no way I will. The average spread is around 250 pips.

I’m trading with Finexo right now, my first account and only a $100 account to play with. While they’re not in SA, they are using Moneybookers and that’s fine with me. I am using their Trading Central information which is a must for me, so any broker I switch to I’m going to have to add that to their list !

finexo is horrendous with their service. I don’t know if it’s due to their takeover or whatever it is.

I don’t want to go into the entire rant of what is happening, but it comes down to them not assigning my payment (done the exact same way as two previous ones) and refusing to refund.

Now my emails are being ignored and even my live chat is being ignored. It is disgusting.

Where can I report this type of behaviour ?

There is one in Sandton, its called acmgold. I haven’t used them before.

can anyone give me details of ibs,brokers in durban,capetown

founds one and visited them too
acmgold.co.za
fsb licensed

Hey wow plenty of saffas on here. I like. I’m from JHB originally but currently living in Scotland. The weather is kak. The law is too strict. People are brainless. The only awesome thing is the scottish single malt…Yum

Anyways. I have a spread betting account with IG index that I use to trade with. Point of the matter is I don’t have to pay tax on my earnings cause its considered gambling. So in SA what do you traders do about Tax? Do you actually pay it so those ****s like Malema can buy themselves lavish lifestyles? I am looking to head back but need to know what I can do about my IGindex account and how to get money back to SA. Eish

Thats crazy, cause i’m in the same boat! From Edenvale originally. Living in Stirling now…I’m assuming your in Glasgow or Edinburgh. Weird how you talking about the malt too…as I work for Diageo and deal with whisky everyday haha.

Hello.

Dunno how come I missed this thread when it was started i.e. “slacking on the job” here. Then again: we (Deltastock AD) were not registered with the South African Financial Services Board at the time that this thread was started.

Anyway: for those “SAFFAS” here there is indeed a reputable and regulated broker here in South Africa (well: there’s a few now only one of which I’d personally trust as I’ve heard some “not so good stories” about most of the others and their reviews and ratings on the likes of Forex Peace Army as dismal and not encouraging to say the least). OBVIOUSLY it’s Deltastock AD. See the “Broker Aid Station” forums for contact details etc. Free on-line training and support is provided and free on-site training is offered too (subject to certain terms and conditions of course e.g. a minimum account funding of $2 000 USD).

One thing though: be VERY careful when looking at South African Brokers that “purport” to be registered with the South African Financial Services Board. Unfortunately: when the South African Financial Services Board was formed every existing financial advisory service etc. was able to be registered as a licensed Financial Services Provider with the proviso that at some point in the future they would fulfill certain regulatory requirements or lose their license. Unfortunately: this has resulted in one or two licenses being granted to what WAS a simple investment advisory service but after receiving their Financial Services Provider Registration Number they then decided to offer on-line trading as an “extra option”. In other words: it’s quite possible to find a “broker” that WAS a licensed Financial Services Provider but NOT licensed to offer on-line trading. These are being “weeded out” slowly but surely (and I stand under correction here but I THINK the compliance deadline was extended to 31 December 2012 but somewhere, I think I heard, that it’s been extended to 30 June 2013 i.e. I’m not sure so don’t quote me on this).

Bottom line: find a broker that has a local presence and has been in business for a GOOD number of years and has generally good reviews and ratings given by other traders.

For the sake of interest: the first South African Forex Expo was held in Cape Town at the beginning of this month (December 2012). We didn’t attend for the simple reason (and this is what is so amusing) that most of the brokers exhibiting were a) NOT registered with our Financial Services Board and b) one or two of them are KNOWN “bucketshops”. I’m not sure why this is legal but apparently it is i.e. to advertise on-line broking services but NOT be registered with our Financial Services Board. But, as I noted, and because I checked, it’s not illegal. Strange.

One other thing to be on the lookout for is these Cyprus “bucketshops” that have the South African flag on their website with a South African toll free number as their contact details. Those calls are automatically routed by Telkom to wherever the “bucketshop” in question is located. I can tell you also that there are brokers here that ARE registered with our Financial Services Board BUT ALL Customer Service and Dealing Desk calls are routed overseas. This situation came about because the South African Financial Services Board was getting a bit “picky” when it came to granting licenses to brokers who had no intention of having a physical presence here and was merely trying to “use” the South African market for their own gain without actually “putting something back” e.g. provide employment (unemployment being a HUGE issue here).

I guess as with anything: you need to do your due diligence before choosing a broker. In stark contrast to what I’ve just noted above: registration with the South African Financial Services Board is no “guarantee” that your funds are safe. There’s been at least two HUGE investment “schemes” here, that were indeed registered with the South African Financial Services Board, and that went under. Yes: in all probability it’s because the required Compliance Officer was either not doing their job properly, or was being misled by the firms, or simply “turned a blind eye”. Alright and fortunately: these were investment “schemes” and not on-line brokers.

I suppose IN SHORT what I’m saying (never possible for me let’s face it i.e. saying something “in SHORT”): there are MANY other factors to consider when choosing a broker (whether it be in South Africa or internationally). Regulation is but ONE factor to look at.

I’ll say this though (and this based on personal experience from completing our application to the South Africa Financial Services Board): OUR South African Financial Services Board doesn’t just hand our registrations because they’re “in a good mood” or “like your face”. They really are thorough and I would say as stringent, if not more so, than the Financial Services Authority in the UK (with which Deltastock AD is registered too this in addition to be being registered with and regulated by just about every other regulatory body on the planet). Unfortunately though: I guess you’ll always find people that will try to “circumvent” the regulations for their own crooked gain. Usually: they eventually get caught. Problem: they leave a lot of pain and suffering behind.

I hope to hear from some “SAFFAS”. But if not: “be careful out there”. There are a mere handful of brokers, not regulated by US regulators, that are “worth their salt” (and, well, let’s be honest and say that even US regulators are no “safety guarantee” i.e. every heard of MF Global or Bernie Madoff???)!!! LOL!!!

Be well and trade well.

There is no excuse to lose money in this business. Always remember that. The market is not out there to get you (contrary to popular belief). It simply “does what it does” day in and day out. The trick is to “go with the flow”. And as I always “bang on” about in most posts: RISK MANAGEMENT / SOUND MONEY MANAGEMENT is “key”. There are other “rules” to be followed that, if NOT followed, may or may not mean “the end”. NO RISK MANAGEMENT / NO SOUND MONEY MANAGEMENT: it’s an absolute GUARANTEE that your trading will “lead to tears” (this being inextricably linked to being under capitalized).

Regards,

Dale.

Well said Dale!

Wouldnt it be nice if RSA had competitive brokers. Spreads here are the worst globally and thats not reassuring. My assumption is the brokerage is playing it safe or too greedy, or the liq providers are charging them an arm and a leg. I tried ACM Gold, spreads on average are shocking, the majors are okay one could trade safely but exotics dont even bother. They use MT4 and offer mirror trader and zulu. I will report back after using live. Demo account seems okay, some delay and as mentioned spread on cross and exotics are frightening.

I will try other brokers namely the one Dale mentioned.

If anyone has complaints report on forexpeacearmy or myfxbook (strart a thread or ask to add broker and then rant once profile is open)

For now im looking to gain local clients and trade with reputable brokers such as Alpari, Vantage, Dukascopy and Saxo (who now have a MT4 affiliate aptly named forextrading)

All the best for 2013, regards… Jaypipin

Insanely high spreads, tried telling them that but they not interested!

Dude, IGindex is now in SA.

Pepperstone has very good spreads and they use NY 5 Day candles.