Best bank accounts for forex south africa

Best bank accounts for forex south africa

Our Foreign Currency Account (FCA) allows you to invest in eight international currencies namely US dollar (USD), British pound sterling (GBP), euro (EUR), Australian Dollars (AUD), Canadian Dollars (CAD), Hong Kong Dollars (HKD), Japanese Yen (JPY) and Israeli Shekels (ILS) Answered 3 years ago · Author has K answers and K answer views. None of the main banks in SA offer forex trading. Capitec services the low end earners so they do not do foreign transactions. In my view you sent your money to an overseas fx broker via Bidvest perhaps and now you are trying to get it back via Capitec 10/08/ · The term “foreign exchange account” typically refers to an account which is used to trade and hold foreign currencies online and making use of these accounts in South Africa have become easier than ever. Here are our 5 Best Handpicked Banks for Forex Trading in South Africa Revealed: ��FNB; ��Mercantile Bank; ��Nedbank; Absa; Standard Bank

7 Best Forex Brokers with ZAR Accounts (Rand Trading accounts)

We even put in consideration the actual user reviews and ratings of real traders. Tickmill is our 1st rank forex broker for South African traders. Tickmill is a No Dealing Desk NDD broker that is regulated by FSCA FSP no. Since they are regulated by multiple Top Tier Regulators, including in South Africa, so we consider them to be safe. Tickmill was established inand we consider them to be a safe broker as they are regulated with multiple top-tier regulators i.

In terms of fees, Tickmill has an average spread with their Classic Account, starting from 1. But their spread with Pro account is very low from 0. They have recently started to offer the latest Metatrader 5. read our in-depth Tickmill review. Hotforex is our recommended choice for low cost forex broker in South Africa. Hotforex SA is solid for low fees! They offer 12 trading platforms Including the latest MT5, and the MetaTrader for Android, iPhone and desktop.

But Hotforex does not offer crypto CFDs. In terms of support, they have a quick Live chat support, and they also have a local phone number in South Africa for support. read our Hotforex review to see detailed comparison of spread, platforms and features.

But they are not regulated with FSCA in South Africa. BDSwiss was founded in in Zurich, and they are a reputed forex broker. Also, BDSwiss LLC is authorized by NFA. BDSwiss have an average spread of 1. But the spread with Raw Account is very competitive, it is on average 0. They also offer CFD trading on popular indices like NASDAQ, and 20 Crypto CFDs at competitive fees. They offer variety of account types with many features including negative balance protection. But the trading fees is much lower with these account types.

The deposits at BDSwiss are free of any additional charges for all transaction methods. read our in-depth BDSwiss review, best bank accounts for forex south africa. FXTM is our 4 forex broker in South Africa as per our comparison.

We consider them to be safe since they are regulated with multiple top-tier regulators globally. But the spread is high with their spread only accounts on average it is 1, best bank accounts for forex south africa. They have very convenient funding methods including local bank transfer in ZAR with zero fees on deposits. But they charge extra fees on some withdrawal methods, but the withdrawals are quick.

read our in-depth FXTM review. But the support at Exness is not the best. The spread is 0. Overall, we found Exness to be a broker with one of the lowest spread for Standard accounts, while Tickmill has lower overall fees for commission based account types. Exness offers the latest MT5 platform as well as MT4 you can choosewhich we consider to be a positive thing. They even have local bank transfer option, best bank accounts for forex south africa, and some instant withdrawal methods.

They is one of its kind. But some users have complained about issues with withdrawals at Exness. The customer support at Exness is fair, we did not find it to be best bank accounts for forex south africa best. The responses to queries sent to their support email are very slow, and it took a few days to get a response to our questions. read our in-depth Exness review. XM Trading is another good forex broker for South African traders.

We highly recommend XM to new traders. XM Group is a part of Trading Point of Financial Instruments Ltd that was founded in They are now one of the leading forex broker in terms of daily trading volume.

Their fees with their Ultra Low Account is also one of the lowest of all the brokers that we have compared. Plus, they have negative balance protection. Their trading environment is quite good. Their support is also really fast in handling issues, especially their live chat which also available 24 hours during the week.

Avatrade is a European broker that is also regulated with FSCA in South Africa. Avatrade is an European forex broker that was founded in Their deposit and withdrawal options include credit cards, wire transfer, and wallets.

They also accept local bank transfer deposits. But they do have a local phone number. read our in-depth Avatrade review. FXCM is a UK based broker that is also regulated with FSCA in South Africa as FXCM South Africa PTY LTD with FSP number They are one of the oldest regulated broker, so we recommend them. FXCM was founded in best bank accounts for forex south africa We consider them to be safe as they are regulated with FSCA in South Africa sincewith FCA in UK, and with ASIC in Australia.

In terms of fees, FXCM only charges variable spread for every trade, best bank accounts for forex south africa. FXCM offers MetaTrader 4 MT4Ninjatrader, ZuluTrade, and their own propitiatory Trading station platforms.

Credit card withdrawals are free with no fees. But we found their Live chat support to be slow in answering questions. Disclaimer: CFDs are complex trading instruments that come with best bank accounts for forex south africa very high risk of losing money quickly due to leverage.

Before trading with real money, you should make sure that you understand how CFDs work, its risks and whether you can afford to take the high risk of losing your money.

Plus is a popular CFD trading platform, that is also listed on London Stock Exchange. Their platform is easy to use, and very user friendly.

But the downside is that it is not available on desktop. But their education section is quite limited though. read our in-depth Plus review. IC Markets is one of the largest forex broker in terms of daily trading volume. With Raw spread accounts, the spread is as low as 0. With Standard account too, the spread is competitive, around 1. They are a Metatrader broker, but offer cTrader platform also.

Their platforms are available across all devices. Our experience with their support was good. But there was some delay in connecting to their Live Chat support. Read our in-depth IC Markets review. In South Africa, you must check whether the broker is regulated by FSCA or not.

Make sure to verify if the broker is approved for offering derivative instruments. You need to ensure that the broker that you are choosing is approved for offering derivatives trading. So next time before choosing any broker, properly do your research, and check if the broker is regulated or not. If the broker claims that it is regulated, then search the name of the broker on the websites of the Regulatory authorities: fsca. If the broker that you are about to trade with is not regulated or has a valid complaint against it or has been fined in the past for some bad practice, then its best to stay away from that broker.

Also, as another rule, never choose a broker that is not regulated with at-least 1 top regulator i. Best bank accounts for forex south africa, FCA. CySEC or ASIC. If a forex broker is regulated by more than 1 of these major regulators then it is considered to be a low risk brokerage. So these brokers are considered to be best bank accounts for forex south africa risk.

It is also important to note that some brokers may register their clients under Offshore regulators for lesser compliance. Always ask your broker about the regulation under which your account will be opened.

Most good brokers will transparently answer this question. Another important point to note is that some forex brokers have fixed spread accounts, like Avatrade.

But the spread at a Fixed spread broker like Avatrade remains the same as what is listed as the typical spread for every instrument on their website. The average spread is normally calculated over a period by the broker. Also, the commission could vary depending on the CFD instrument.

So you should check the total fees commission for the exact instrument that you want to trade because it is quite possible that the fees for that instrument is lower at another regulated CFD broker. In the table below, we have compared the typical spread in pips of our 4 top rated forex brokers for their standard accounts according to the Contract Specification information on their websites :.

Note: All 4 brokers compared above have variable spread, so the actual spread may be higher than the value listed in the above comparison table.

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Foreign Currency Account

Answered 3 years ago · Author has K answers and K answer views. None of the main banks in SA offer forex trading. Capitec services the low end earners so they do not do foreign transactions. In my view you sent your money to an overseas fx broker via Bidvest perhaps and now you are trying to get it back via Capitec 27/07/ · HotForex is one of the best ZAR account forex broker for traders in South Africa. They are locally regulated with the South Africa Financial Security Conduct Authority – FSCA (FSP No). Plus, they have been regulated by 2 other Tier-1 regulators FCA and CySEC. Thus we consider HF Markets SA safe for traders in Estimated Reading Time: 8 mins 23/06/ · have more competitive fees. Receiving an International SWIFT payment. Mercantile Bank is used to receive all foreign currency payments. Mercantile is the only Bank that can accept foreign currency payments and they will automatically convert the foreign currency and transfer the rand value to your Capitec account