South African Forex broker reviews – find SA brokerage here

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:

  1. There are too many of them to read
  2. Many of them are biased, even more, does not give actual value and only some of them are really helpful
  3. There are contradictory reviews about brokers and it is confusing

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.

Forex broker reviews
How to read Forex broker reviews

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.

XM

XM broker reviews, interface, and trading tools provided

Starting Capital

$5

Financial License

CySEC, FCA, ASIC

Promotion

$30, 50%+20%

Financial Leverage

1:888

Established

2009

Trading Software

MT4, MT5, WebTrader

Oinvest

The comprehensive Oinvest review for the interested trader

Starting Capital

250

Financial License

FSCA

Promotion

N/A

Financial Leverage

1:400

Established

2016

Trading Software

MT4, Webtrader, Mobile

IQ Option

IQ Option detailed review, user feedbacks, and background

Starting Capital

$10

Financial License

CySEC

Promotion

Not available

Financial Leverage

1:30

Established

2013

Trading Software

WebTrader

Finq

Finq.com review – trading conditions and regulation

Starting Capital

$100

Financial License

FSA

Promotion

N/A

Financial Leverage

1:300

Established

2017

Trading Software

MT4,WebTrader

Markets.com

Markets.com scam broker review, why to stay away from it

Starting Capital

$100

Financial License

CySEC, FSB

Promotion

Not available

Financial Leverage

1:300

Established

2008

Trading Software

MT4, MT5

CM Trading

CM Trading full review, reasons why not to trade with them

Starting Capital

$250

Financial License

FSB

Promotion

Not Available

Financial Leverage

1:200

Established

2012

Trading Software

MT4, SIRIX

JP Markets

JP Markets – why do we think that is not the best option?

Starting Capital

R3500

Financial License

FSB

Promotion

up to 100%

Financial Leverage

1:500

Established

2016

Trading Software

MT4

FxPro

FxPro broker in South Africa – weaknesses, shortcomings, and flaws

Starting Capital

$100

Financial License

FCA, CySEC

Promotion

Not available

Financial Leverage

1:500

Established

2006

Trading Software

MT4

AvaTrade

AvaTrade review and honest critique about its performance in SA

Starting Capital

$110

Financial License

ASIC, FSB, FSCA, FSA, CBI

Promotion

Not Available

Financial Leverage

Not Available

Established

2006

Trading Software

MT4, WebTrader, AvaTrade Go

Blackstone Futures

Blackstone Futures broker detailed reviews and user feedback

Starting Capital

Not Available

Financial License

FSCA

Promotion

Not Available

Financial Leverage

Not Available

Established

2009

Trading Software

MT4, CloudTrade

ForexChief

Is ForexChief legit broker or just another sophisticated scam?

Starting Capital

$100

Financial License

FSC Vanuatu

Promotion

100% no deposit bonus

Financial Leverage

1:400

Established

2016

Trading Software

MT4. MT5

AM Broker

AM Broker review discusses the broker’s features in detail

Starting Capital

$1000

Financial License

SVGFSA

Promotion

25 % deposit bonus

Financial Leverage

1:500

Established

2018

Trading Software

MT5

TradeToro

TradeToro review

Starting Capital

$500

Financial License

N/A

Promotion

N/A

Financial Leverage

1:20

Established

2018

Trading Software

WebTrader

Investous

Investous review will give you detailed insight about the brokerage

Starting Capital

$250

Financial License

IFSC Belize

Promotion

N/A

Financial Leverage

1:500

Established

2018

Trading Software

MT4, custom

TradInvestor

TradInvestor review – is there a scam going on?

Starting Capital

2500 EUR

Financial License

N/A

Promotion

N/A

Financial Leverage

1:100

Established

2018

Trading Software

WebTrader

FXCV

A comprehensive fxvc.eu review

Starting Capital

500

Financial License

CySec

Promotion

N/A

Financial Leverage

N/A

Established

N/A

Trading Software

Browser Based

Khwezi Trade

Khwezi Trade brokerage review, avoid or start trading with?

Starting Capital

Not Available

Financial License

FSB

Promotion

Not Available

Financial Leverage

Not Available

Established

2013

Trading Software

MT4

Alfa Financials

Alfa Financials detailed review and analysis of operations in SA

Starting Capital

R14,500

Financial License

Not Available

Promotion

Not Available

Financial Leverage

1:100

Established

2016

Trading Software

AlfaTrade

Velocity Trade

Velocity Trade brokerage operations detailed review and feedback

Starting Capital

Not Available

Financial License

Not Available

Promotion

Not Available

Financial Leverage

Not Available

Established

2007

Trading Software

Not Available

What should the broker reviews contain?

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.

Good review – bad review, read between the lines

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.

 South African Forex broker reviewThe coin has two sides

The 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.

FX brokerage reviewsReview which does not make any sense

Have 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.

Too good to be true

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.

  • Visit the website of the broker – Usually, scam brokers do not invest much in the website, the interface does not look appealing, there are some errors, the content placed on the website is outdated and poor and is not available in many languages, while the broker claims to be the best worldwide.
  • Check the terms & conditions – Many brokers have placed the “nice-looking” information on the first pages of the website, but if you dig deeper you will find out that truly – what is shining is not gold. Check the terms & conditions and see what the broker really has to offer.
  • See the Forex broker reviews and opinions posted by the people who have trading experience with this particular broker and check if they match with what is written in the review

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.

The FX broker review is good and not biased, can I start trading now?!

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

  • The educational content/webinars/videos that the  broker is providing to its customers
  • Demo/practicing accounts you can use before get confident with the trading
  • No deposit bonuses that allow new customers to trade without financial risk
  • Customer support and how fast and professional it is

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!