Hi all, I hope this finds you well. I have been doing a lot of research on brokers. And all I have found on reviews is that a lot of people have contradicting opinions about every forex broker. Is there anyone who can recommend a reliable forex broker that has offices located in South Africa?
So have you shortlisted any broker during you research yet…!
Yes, I have shortlisted brokers, this includes Oanda, XM, HotForex and FBS
Hello, I must agree with you. In my case it took me, months before I really trusted the broker that I am into. However, I don’t think the broker that I am into today has a regulating office in South Africa but I checked their site and your country is in there, try checking ITRADER.
Only three brokers I’d recommend but none of them have offices in SA:
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xm.com - if no-strings forex bonuses, high leverage (exercise due care) and nanolot trading is what you’re after then this is the #1 broker in my opinion. Not perhaps suitable for scalpers but totally reliable and trustworthy.
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dukascopy.com - a Swiss ECN broker. Clunky platform, customer service leaves a bit to be desired but top of it’s class in every other respect. No funny business here.
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oanda.com - offers Autochartist free in both demo and live accounts. AC results in demo are however slightly delayed. Also offers nanolot trading. Solid reputation.
I trade live with both 1 & 2, demo with 3.
But, as should always be the case, do your own research/due diligence and this may be a good place to start.
Is really there a broker based in SA or we have to trade with an international broker that was granted permission to operate in SA? I see several international brokers as HotForex, Oanda announce about their SA expansion.
Hotforex has a license from South Africa authority (FSC if I remember) it should be safe for traders from SA to trade there.
FXTM has also recently moved into South Africa.
Hotforex has indeed secured a license from SA’s Financial Services Board (FSB) but whether they are “safe”? I’m not so sure…
[I]While we cannot say definitively that HotForex is a scam broker, Forex Scam Alerts considers these regulatory violations to be very serious, and they potentially had a negative impact on forex trading clients and their trading results. Although the company took steps to correct the problems, these are problems that should not have happened in the first place.
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It should be stressed that HotForex is no longer owned by HF Markets (Europe) Ltd, but a different company in St. Vincent & the Grenadine with less regulatory oversight. One has to wonder whether HotForex moved to this other company to avoid CySEC regulations that are designed to protect forex traders.
Not really an issue if a broker does not have offices in your country of residence or if it’s not regulated in same. What is important is that they have a respectable reputation, are well capitalized and that they are registered with and regulated by established, reputable regulatory bodies (eg. NFA, FCA) that deliver on their mandate of protecting clients against unscrupulous brokers.
Also your broker(s) of choice should of course satisfy your trading requirements. You may for example wish to employ a hedging, news trading or scalping strategy but a number of brokers do not offer these options or outright prohibit them.
I use Khwezi Trade, based in CT and regulated by the relevant South African watchdogs(The FSB). They are an STP broker, using MT4 as their platform. They have very good customer service.
Hello,
As an official representative, I would like to let you know about JustForex.
The broker works in 197 countries and in South Africa.
Please let me know if you have any questions.
JustForexBroker
I just saw your contest offering 100% Deposit bonus for customers from South Africa. It’s described here.
So, if your deposit will be $50 or more, you’ll double it, right?
@hafidfx, read the bonus fine print. Maybe I am blowing this out of proportion… I was “all in” for taking the doubling bonus. Then I read the fine-print. Chances are to secure that amount - you will have to make a large number of trades sometimes totalling upwards of 100 full lots prior to claiming that doubled money.
My sense is it gives a false sense of security encouraging larger amounts to be traded. For example if you deposit $50 and they double it you feel great that you now have $100! Easy. BUT if you start losing - which nobody ever does 
The account will be shut down when the non-bonus money is at 10% - 20% of it’s original amount.
The broker will not let you trade with the bonus money if the original deposit has been lost.
I feel it’s better to skip the bonus, practice and work money management on what I know is mine. I have enough to remember with trading and don’t need all the bonus mumbo jumbo taking up space in my head! 
This is MHO FWIW.
Proceed with caution down the bonus path…
KC
Coinexx and FBS have their presence there. The time zones followed by Coinex are: GMT: +2 South Africa, Jerusalem. And if we talk about trust, it’s easy to count on them. They are very particular about the safety of funds and ensure end to end encryption of all transactions and accounts. I find the cold storage wallets that they provide also very resourceful in terms of giving an extra layer of security to the funds.
You could consider Fxprimus or Turnkey Forex. They have international presence. And offer the best conditions, tools and environment for trading. Low spreads, commissions and fees are some of them. Even the trade size that they offer begins from 0.01 lots.
For South African traders, I would like to suggest TurnkeyForex and hot forex been trading with them around 6 months and enjoying trading them as they have low deposit accounts, low spreads, exciting trading conditions, bonus offers, free deposits, and withdrawals, etc.
I am surprised that noone mentioned Plus500 or AvaTrade, which has been ranked by TradingBeasts as one of the best Forex brokers for South African traders. Both these companies are regulated by the FSCA. Plus500 even allows having a base account currency in ZAR.
Avatrade no doubt is good, trading conditions are pro-trader.
How are the spreads?