Ever tried to find the best South African broker reviews? We are sure you would end up with a lot of lists and reviews that would take several days if not weeks to read. The fact that there are so many reviews is not bad – on the contrary. Reviews are a great tool that helps you make a decision whether or not you should start trading with a particular broker. It shows you what the Forex brokerage is about if it is worthy of your trust and investments, what are the trading experience like with it and many more important aspects you need to know before making the decision. However, there are several problems with the reviews:
Even though these issues exist, one cannot deny the importance of the reviews, however, if you know how to read the reviews and what you need to pay attention to, you can avoid the hassle.
If you are reading a broker review there is a high chance you are looking for the broker to trade with. Naturally, you would want to make the right decision and without losing too much time on it. Therefore before you start reading the review, it would be good to know how the reviewers are rating the broker, what do they pay attention and according to which features are they giving a good or bad rating. If this information cannot be found anywhere on the website you can take a quick look at the review and see what does the content contain.
AvaTrade
Starting Capital
$100
Financial License
CBI, BVI FSC, ASIC, FSCA, FSA, ADGM, CySEC
Promotion
Financial Leverage
1:400
Established
2006
Trading Software
MT4, MT5, WebTrader, AvaTrade Go
XM
Starting Capital
$5
Financial License
CySEC, FCA, ASIC
Promotion
$30, 50%+20%
Financial Leverage
1:1000
Established
2009
Trading Software
MT4, MT5, WebTrader
TradeATF
Starting Capital
$250
Financial License
IFSC
Promotion
Financial Leverage
1:500
Established
Trading Software
MT4
Plus500
Starting Capital
ZAR 1,500
Financial License
FCA, CySEC, FMA, FSCA, ASIC
Promotion
12-25%
Financial Leverage
1:300
Established
2008
Trading Software
MT4
CM Trading
Starting Capital
$250
Financial License
FSB
Promotion
Financial Leverage
1:200
Established
2012
Trading Software
MT4, SIRIX
Exness
Starting Capital
10 USD
Financial License
FSA
Promotion
N/A
Financial Leverage
1:2000
Established
2008
Trading Software
MT4, MT5
IQ Option
Starting Capital
$10
Financial License
CySEC
Promotion
Not available
Financial Leverage
1:30
Established
2013
Trading Software
WebTrader
Excotrader
Starting Capital
$50
Financial License
Saint Vincent and the Grenadines
Promotion
100%
Financial Leverage
1:1000
Established
2018
Trading Software
MetaTrader 4, EXCO Prime
Tradeeu.Com
Starting Capital
€250
Financial License
CySec
Promotion
N/A
Financial Leverage
1:30
Established
In 2021 acquired CySEC license
Trading Software
MetaTrader 5
TradeMarkets
Starting Capital
€250
Financial License
FSCA
Promotion
N/A
Financial Leverage
1:30
Established
2022
Trading Software
Custom
RoboForex
Starting Capital
€/$ 10
Financial License
FCS Belize
Promotion
30 USD
Financial Leverage
1:2000
Established
2009
Trading Software
MT4, MT5
EagleFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
AMarkets
Starting Capital
$/€ 100
Financial License
FSA
Promotion
25%
Financial Leverage
1:1000
Established
2007
Trading Software
MT4
OspreyFX
Starting Capital
$10
Financial License
N/A
Promotion
N/A
Financial Leverage
1:500
Established
2019
Trading Software
MT4
Axiory
Starting Capital
$100
Financial License
IFSC
Promotion
N/A
Financial Leverage
1:777
Established
2012
Trading Software
MT4/cTrader
HFTrading
Starting Capital
N/A
Financial License
ASIC, FMA, FCA
Promotion
N/A
Financial Leverage
1:500
Established
2010
Trading Software
WebTrader/MT4
Finq
Starting Capital
$100
Financial License
FSA
Promotion
N/A
Financial Leverage
1:300
Established
2017
Trading Software
MT4,WebTrader
HotForex
Starting Capital
5 USD
Financial License
FCA, FSA, DFSA, FSCA
Promotion
100%
Financial Leverage
1:1000
Established
2010
Trading Software
MT4, MT5, WebTrader
ForexMart
Starting Capital
15 USD
Financial License
CySEC
Promotion
30%
Financial Leverage
1:500
Established
2015
Trading Software
MT4, WebTrader
Tickmill
Starting Capital
100 USD
Financial License
FSA, FCA, CySEC, FSCA
Promotion
30% Welcome Bonus
Financial Leverage
1:500
Established
2014
Trading Software
MT4, WebTrader
FXOpen
Starting Capital
1 USD
Financial License
ASIC, FCA
Promotion
Forex Cashback
Financial Leverage
1:500
Established
2005
Trading Software
MT4, MT5, WebTrader, TickTrader
Markets.com
Starting Capital
$100
Financial License
CySEC, FSB
Promotion
Not available
Financial Leverage
1:300
Established
2008
Trading Software
MT4, MT5
FXRoad
Starting Capital
250 EUR
Financial License
FSA, Seychelles
Promotion
None
Financial Leverage
1:200
Established
Unknown
Trading Software
FXRoad web and mobile platform
FXTM
Starting Capital
$50
Financial License
CySEC, FCA UK, FSC Mauritius, FSCA
Promotion
N/A
Financial Leverage
1:2000
Established
2011
Trading Software
MT4, MT5
JP Markets
Starting Capital
R3500
Financial License
FSB
Promotion
up to 100%
Financial Leverage
1:500
Established
2016
Trading Software
MT4
FxPro
Starting Capital
$100
Financial License
FCA, CySEC
Promotion
Not available
Financial Leverage
1:500
Established
2006
Trading Software
MT4
Oinvest
Starting Capital
250
Financial License
FSCA
Promotion
N/A
Financial Leverage
1:400
Established
2016
Trading Software
MT4, Webtrader, Mobile
XGlobalMarkets
Starting Capital
$100
Financial License
CySEC
Promotion
N/A
Financial Leverage
1:200
Established
2012
Trading Software
MT5
Blackstone Futures
Starting Capital
Not Available
Financial License
FSCA
Promotion
Not Available
Financial Leverage
Not Available
Established
2009
Trading Software
MT4, CloudTrade
OctaFX
Starting Capital
50 USD
Financial License
CySEC
Promotion
50%
Financial Leverage
1:500
Established
2011
Trading Software
MT4-5/cTrader
BitCapitals
Starting Capital
$250
Financial License
N/A
Promotion
N/A
Financial Leverage
1:400
Established
2019
Trading Software
MT4
BKFX
Starting Capital
$5
Financial License
FSCA
Promotion
100% welcome bonus
Financial Leverage
1:500
Established
2017
Trading Software
MT4
MTrading
Starting Capital
$100
Financial License
SVGFSA
Promotion
N/A
Financial Leverage
1:1000
Established
2012
Trading Software
MT4
InvestMug
Starting Capital
N/A
Financial License
N/A
Promotion
N/A
Financial Leverage
N/A
Established
2019
Trading Software
N/A
FXCL
Starting Capital
$100
Financial License
SVGFSA
Promotion
100% Smart Bonus
Financial Leverage
1:1000
Established
2006
Trading Software
MT4
ForexChief
Starting Capital
$100
Financial License
FSC Vanuatu
Promotion
100% no deposit bonus
Financial Leverage
1:400
Established
2016
Trading Software
MT4. MT5
AM Broker
Starting Capital
$1000
Financial License
SVGFSA
Promotion
25 % deposit bonus
Financial Leverage
1:500
Established
2018
Trading Software
MT5
TradeToro
Starting Capital
$500
Financial License
N/A
Promotion
N/A
Financial Leverage
1:20
Established
2018
Trading Software
WebTrader
Investous
Starting Capital
$250
Financial License
IFSC Belize
Promotion
N/A
Financial Leverage
1:500
Established
2018
Trading Software
MT4, custom
TradInvestor
Starting Capital
2500 EUR
Financial License
N/A
Promotion
N/A
Financial Leverage
1:100
Established
2018
Trading Software
WebTrader
Sun CFD
Starting Capital
$50
Financial License
N/A
Promotion
N/A
Financial Leverage
N/A
Established
2018
Trading Software
N/A
Khwezi Trade
Starting Capital
Not Available
Financial License
FSB
Promotion
Not Available
Financial Leverage
Not Available
Established
2013
Trading Software
MT4
FXCV
Starting Capital
500
Financial License
CySec
Promotion
N/A
Financial Leverage
N/A
Established
N/A
Trading Software
Browser Based
Alfa Financials
Starting Capital
R14,500
Financial License
Not Available
Promotion
Not Available
Financial Leverage
1:100
Established
2016
Trading Software
AlfaTrade
Velocity Trade
Starting Capital
Not Available
Financial License
Not Available
Promotion
Not Available
Financial Leverage
Not Available
Established
2007
Trading Software
Not Available
As the purpose of the review is to help the individual making the right decision, it should contain all the information that can affect the decision-making process. The review should give you information about the brokerage firm itself. What is the broker like, how long is it operating on the Forex market, which company is behind the brokerage firm, is it regulated broker, how many customers does it have and so on. This part should give you sense about the company and its history.
The company website – What we do when we want to check out the place we want to go, or the product we want to buy? we visit the website to check it out and sometimes it determines whether we buy the service/product or not. The same goes for the Forex brokers. The website is an important part of any business and it talks loudly about the quality business is providing to its customers. Instead of wandering on the broker’s websites you can simply read the short review of it and later you can check it by yourself.
Most importantly, the Forex broker review should contain the terms and conditions a broker is offering and the evaluation of it. What is the minimum deposit, what are the leverages and what kind of spreads the broker offers, which assets you can trade, how can you withdraw money and what are the conditions, deposit bonuses – to say shortly there should be everything you need to know about the broker.
There are a lot of reviews out there, even more, there are a lot of different reviews about single Forex broker with various ratings. If you ever tried to find a review of a particular Forex brokerage you would be amazed at how different these reviews talk about the broker. One review says you should totally start trading with the broker and another is telling you to stay away from it at all cost, simply run and do not look back! It is confusing especially for the traders who are just starting to get involved in the Forex Market. You have almost made up your mind with some review and see the one who makes you go back to the start of the decision-making process again and again, ugh. Why are there so many controversial Forex broker reviews? Simple because these reviews are biased positively or negatively towards the broker. Biased reviews want you to make a decision in favor of the particular broker or the opposite. Hence it is very important to know how to differentiate the biased review from non-biased one. Now as you already got the sense of how to read the reviews let us tell you how to read in between the lines not to find yourself a victim of a scam review.
The coin has two sidesThe coin has two sides and so does any South African Forex broker. It does not necessarily mean that there are no good brokers and all of them has something to be criticized for, it simply means that the broker cannot have conditions that are always good for every kind of trader. Usually, almost all biased reviews are one-sided. If you are reading the Forex broker review and it sounds like a dream come true or a total disaster without any particular reason – it is a first sign that you are reading the biased review. Reviews have one and the only purpose, it should help the reader determine if they should start trading with the broker or not. Biased reviews do not really fulfill this purpose, reading them does not give you the information you need to make the decision, rather it promises you trading heaven or hell.
When you are reading yet another South African Forex broker review pay attention how the review is written, does it make you informed or does it try to sell the broker to you? If the review contains all the information you want to know about the broker – such as the company overview, regulations, trading terms, and conditions an etc. and explains if it is good or bad and why – congratulations – you have the review you were looking for. Otherwise, if the review tries to explain why the broker is the best or the worst in the world without giving any reason to think so – you might consider skipping the review. The other way to find out if the review is biased or not is to check the other reviews that are on the website, for example, you are reading a review which says the broker is bad because they have 1:500 leverage and it contains too high risk, at the same time in another review the website is praising the other broker for having 1:500 as it can be profitable for the traders.
Review which does not make any senseHave you ever met someone who talks a lot but after listening to them for three unfinished hours you cannot really say what the person was talking about? This is how it feels when you are reading the biased review. You cannot say a lot of negative things about the broker that is reliable, has good trading conditions and an army of satisfied customers. On the other hand, when the broker has a really bad service, high commissions and the trading conditions are simply designed in a way that cannot even be understood, there is not much room to talk about the broker positively. Therefore, biased reviews tend to talk about the unnecessary things that simply does not make any sense for you just to fill the content up.
After reading FX brokerage reviews give it several minutes to think and analyze if the information provided really holds any value when it comes to the decision making process. Keep in mind what are your requirements for the broker and what do you need to know about it before you choose the particular one to trade with. If the information provided in the review does not talk about the particular aspect of the broker mentioned above, there is a high chance it is biased and sugarcoated.
There are cases when the review is providing all the necessary information but looks too good to be true. The deposit is low, the leverage is high, the spreads are tight, conditions are just perfect, it is the best broker you were dreaming about and you just cannot wait to open an account and make the best out of your tradings! but wait, maybe it is too good to be true? If you get this question, there is a big probability that it is really too good to be true. The review must tell you what is good about the broker and what is bad. if The Forex broker review you are reading is all about the good there is a chance that the reviewer intentionally missed some of the aspects of the broker that does not seem that good, or simply is sugarcoating things.
The best way to find out is to check it by yourself. No, you do not need to start trading and get personal experience to find out, you need to give a little time and make a research about the broker by yourself.
If you have checked everything and find out that there are a lot more things this review could have included then you are reading a biased review and you should not base your decision on it.
Not yet, once you know what to pay attention when you are reading the review and how to differentiate a subjective review from an objective one, there is one more thing to consider before making the final choice. The review might give a high rating to the FX broker and be totally unbiased but still, it might not be the right broker for you. Some of the brokers are really good, but not relevant for the beginner traders, on the other hand, there might be brokers who are not rated as the best FX brokers due to some features that can be good for the new traders.
Make sure that you make your decision based on the review that unlocks all sides and features of the brokers for you. If you are the beginner it can be
Now as you know how to choose a reliable source for the Forex broker reviews, what to pay attention and how to determine if the review you are reading is biased or gives you objective information you can get down to the business and choose the best broker for your successful trading career!
Explore your options with our top Forex Broker reviews:
