South African Brokers! Which ones are good... Cape Town based

Hey hey!

I am looking for a South African or Cape Town based broker… I’ve come across JP Markets and they seem great… but I haven’t done really done my broker homework.

Who is your South African or Cape Town based broker? And are you happy and content with them? :slight_smile:

Thank you in advance :slight_smile:

Do yourself a favor. Find the broker’s name and then Google it with the word “scam” or “review” as a part of the search. And if you still want to open an account with a local broker: then you got rocks in your head. This new regulator, so far as I can tell, is powerless to act it would seem. And for sure it looks like they’re just handing out licenses like sweets (unlike the way the FSB used to operate). Best advice: UK FCA REGISTERED and REGULATED broker. At least there the brokers are subject to REAL penalties. And not to mention the fact that a UK FCA REGISTERED and REGULATED broker MUST be registered with the UK FSCS (which guarantees client funds in the case of an issue with the broker). There is no protection of that nature in South Africa. What’s more: a lot of these bucket shop scam brokers are abusing the system by registering here but don’t even have proper offices or businesses here (nothing more than window dressing). And people are being fooled just because they have a FSP number on their website.

1 Like

Then again and in just reading your ONE other post: I’m guessing I just messed up your crass attempt at marketing.

I could be wrong. Doesn’t happen often though. Especially with ■■■■ like this.

But allow me to help anyway:

Thanks for your advice Dpaterso… I do see a lot of bad reviews for JP Markets :frowning:

Can you recommed a good UK FCA registered and regulated broker?

DF Markets

ETX Capital

1 Like

As soon as I know Hotforex has a license of South African financial authority but not sure they have local offices there. But I think they have IB offices in Capetown.

Thanks Ontario… will definitely check them out👍

I use Forexchief broker and I can only recommend it and Oanda. These two I have experience with and they are very good brokers to use.

1 Like

Hi, what ever you do keep away from cyerfx, lets just say me and a few friends lent the hard expensive way