Forex trading grew out of proportion in South Africa over the past few years. Hence, many new brokers started their businesses. However, choosing the right broker for your needs is not that simple. New brokers offer numerous schemes and bonuses. The schemes can turn out to be scams sometimes. Furthermore, a good broker should cater to all of your trading needs.
When it comes to picking the best forex broker in South Africa, we have to consider multiple things.
This article will let present a review of the best broker in our opinion.
Best broker in South Africa – What did we consider?
We wanted to recommend a broker that could satisfy the trading needs of all kinds of traders. Ranging from new and retail to professional and institutionalized traders.
Let’s jump into our review of the best broker in South Africa.
Tickmill
Tickmill is our pick for the best broker in South Africa. We must mention that the selection wasn’t very easy. The competition among Forex brokers has gotten very close.
So, what makes Tickmill the best broker?
History
The broker was established in 2014. However, the roots of this company lead back to the 1980s. The owners have traded in all major markets of Asia and Europe.
The company was founded in 2014 with a motto of “for traders by traders.” We have to see how well their motto translates into their services.
Regulation
Tickmill is a regulated and licensed broker. Regulation is the first check box for any broker you are considering.
Advantages of regulation;
- Safety of funds
- Scam free schemes
- Bound to provide full disclosure to the traders
- Fund restoration in case of bankruptcy
- Safety of the regulatory authority
All the above-listed benefits are necessary for a trader.
FSA regulates Tickmill. It is a well-recognized agency so that you can trade without any worries.
Leverage
Leverage is an interesting aspect to new traders. High leverage rates give you more exposure on your trades. Hence, you can deposit less money and trade with more. Low leverage rates allow you to trade with lesser risks of getting scammed.
Tickmill offers 1:500 leverage. Leverage rates in the EU are capped at 1:400. So, Tickmill leverage is standard market leverage.
Trading platform
Tickmill works on the MT4 trading platform, which is known to be secure. MT4 offers all the necessary trading tools.
Tickmill is recently upgrading its platform to MT5.
Minimum Deposit
Tickmill’s minimum deposit limit for standard accounts is 100 USD. The market has two levels of deposit limits. The lower-end brokers who favor the entry-level trader offer deposit rates of around 10 dollars. However, premium end brokers usually set their minimum account limit at 100 dollars or above.
Hence, we can say that even though the deposit limit might seem a lot to new traders, it is worth it.
Account types
The Tickmill broker has a few types of accounts to offer,
Standard account
The standard account requires 100 dollars minimum deposit. It is equipped with basic trading tools.
Pro account
The pro account offers many extra and necessary trading tools. The minimum deposit limit is 200 dollars.
Islamic account
It is a standard account with zero interest.
Demo account
This is a learning account for new traders.
Verdict
Tickmill is our pick for best broker in South Africa. Tickmill is a reputed broker, and it offers all the necessary and premium-grade features.
