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57 Fake and Worst Forex Brokers in South Africa – Scam Alert !

Read our latest article to increase your trading knowledge: 57 Fake and Worst Forex Brokers in South Africa – Scam Alert !   The Top 57 Worst and Fake Forex Brokers in South Africa revealed. We have rated and reviewed the worst Forex Brokers in South Africa to be avoided!   var url = “https://tracking.avapartner.com/impression/?affid=113841&bannerid=29678&adTheme=603&campaign=151253&campaignName=Google%20Ads&tag=113841&affclickid=Landingpage&source=SA Shares”; if (typeof window.aSC == “undefined”) window.aSC = 0; window.aSC += 1; var cIX = window.aSC – 1; var ifr = document.createElement(“iframe”); ifr.setAttribute(“src”, url + “&sid=” + Math.random()); ifr.setAttribute(“frameborder”, “0”); ifr.setAttribute(“scrolling”,”no”); ifr.setAttribute(“style”, “width:970px;height:90px;”); var cP = document.getElementsByClassName(“avaJavaCode”)[cIX]; cP.parentNode.insertBefore(ifr, cP); var url = “https://tracking.avapartner.com/impression/?affid=113841&bannerid=32232&adTheme=638&campaign=113675&campaignName=Default%20Campaign&tag=113841&affclickid=Landingpage&source=SA Shares”; if (typeof window.aSC == “undefined”) window.aSC = 0; window.aSC += 1; var cIX = window.aSC – 1; var ifr = document.createElement(“iframe”); ifr.setAttribute(“src”, url + “&sid=” + Math.random()); ifr.setAttribute(“frameborder”, “0”); ifr.setAttribute(“scrolling”,”no”); ifr.setAttribute(“style”, “width:320px;height:50px;”); var cP = document.getElementsByClassName(“avaJavaCode”)[cIX]; cP.parentNode.insertBefore(ifr, cP); 10 Best Forex Brokers in South Africa for 2023 Rank Broker Review Regulators Min Deposit Official Site #1 Read Review $100 Visit Broker #2 Read Review $5 Visit Broker #3 Read Review $1 Visit Broker #4 Read Review $100 Visit Broker #5 Read Review $10 Visit Broker #6 Read Review $100 Visit Broker #7 Read Review $200 Visit Broker #8 Read Review $100 Visit Broker #9 Read Review $0 Visit Broker #10 Read Review $10 Visit Broker #1 4.8/5 User Score #2 4.7/5 User Score #3 4.5/5 User Score #4 4.4/5 User Score #5 4.7/5 User Score #6 4.6/5 User Score #7 4.7/5 User Score #8 4.8/5 User Score #9 4.7/5 User Score #10 4.7/5 User Score   This is a complete listing of The 57 Worst and Fake Forex Brokers in South Africa. In this in-depth list and write-up you will learn:   Who is the Worst Forex Broker in South Africa? Cons of Scam Brokers and Forex Trading. Scam Brokers and how they work. Worst Forex Brokers and Best Forex Broker Alternatives   and much, much more!   Scam Broker – A Definition   A Scam Broker is a Forex Broker with one or many red flags. This includes the lack of regulation, multiple customer complaints, or offers of client compensation that are too good to be true.     57 Worst Forex Brokers in South Africa (2023) – A Comparison   Worst Broker Scam / Fake Trusted Alternative Broker Open an Account UFX Markets Yes ActivTrades Click Here Tradorax Yes ACY Securities Click Here Trade24 Yes Admiral Markets Click Here PanaMoney Yes Alpari Click Here NoaFX Yes AvaTrade Click Here NetoTrade Yes Axi Click Here MaxCFD Yes Axiory Click Here HFX Yes BDSwiss Click Here Option FM Yes Blueberry Markets Click Here PorterFinance Yes Capital.com Click Here BexPlus Yes CharterPrime Click Here ALB Yes CityIndex Click Here TradInvestor Yes CMC Markets Click Here RFXT Yes CM Trading Click Here MRG FX Yes EasyMarkets Click Here MyTeamFX Yes EightCap Click Here AM Broker Yes eToro Click Here EagleFX Yes Exness Click Here CFD Yes Expert Option Click Here HWFX Yes FBS Click Here Discount FX Yes Forex.com Click Here Doo Prime Yes ForexChief Click Here TNFX Yes FP Markets Click Here Vestle Yes FXCM Click Here SinoSoft FX Yes FXPrimus Click Here Coinfinex Yes FXPro Click Here Euro Forex Invest Yes FXTM Click Here Forex Birds Yes GO Markets Click Here Blackstone 500 Yes HFM Click Here Capo Invest Yes HYCM Click Here Royal GTX Yes IC Markets Click Here Trader King Yes IG Click Here FX Fixed Yes InstaForex Click Here Lions FM Yes Interactive Brokers Click Here SmartFX Yes IQ Option Click Here Golden Sky Capital Yes IronFX Click Here Swissquotes Yes JustForex Click Here CobraCFD Yes Khwezi Trade Click Here Prime XBT Yes NordFX Click Here TradersWay Yes Oanda Click Here Binomo Yes OctaFX Click Here Essence FX Yes OlympTrade Click Here Capital Trade FX Yes Plus500 Click Here FX Premium Yes RoboForex Click Here Capital 88 Yes SuperForex Click Here Top Trade Pro Yes Swissquote Click Here Go Capital FX Yes TD Ameritrade Click Here Swiss Investment FX Yes TemplerFX Click Here Smart Option FX Yes ThinkMarkets Click Here Libra Markets Yes Tickmill Click Here Monfex Yes Pepperstone Click Here iFXOption Yes XM Click Here GoldFXTrading Yes XTB Click Here Go Tech FX Yes Veracity Markets Click Here FXIG Trades Yes TriumphFX Click Here TurboForex Yes Saxo Bank Click Here Swiss Inv 24 Yes Trading 212 Click Here   10 Worst Fake Forex Brokers in South Africa (2023)   UFX Markets – Overall, Worst Forex Broker in South Africa Tradorax – Extremely Low Trust Score Trade 24 – Scam Forex Broker PanaMoney – Blacklisted Broker NoaFX – Suspicious Regulatory License NetoTrade – Multiple Customer Complaints MaxCFD – Broker Under Investigation HFX – Flagged for Fraud Option FX – Worst Trading Experience BexPlus – No Trust Score     UFX Markets   UFX Markets has a multitude of negative customer reviews and complaints across multiple platforms. The Company is well-known for posting false-positive reviews and it has been blacklisted by Forex Peace Army. UFX Markets is said to adopt common tactics to cheat its traders and fund withdrawals are not processed. Furthermore, customer support is not available and huge capital loss has been noted.   UFX Markets Alternative: ActivTrades   Overall, ActivTrades is considered a low-risk and can be summarized as trustworthy and reliable. ActivTrades is regulated by the top-tier FCA and SCB. ActivTrades has an overall rating of 4.6/5 with a 95% customer satisfaction rating.   Broker ActivTrades RegulationFCA, SCB Islamic Account Yes Demo Account Yes Institutional Accounts Yes Managed AccountsNo Maximum Leverage1: 400 Minimum Deposit$100 USD Platform TypesMetaTrader 4, MetaTrader 5 and ActivTrader Open a accountClick Here     Pros Cons Low trading feesLimited Product Profile Easy Account Set UpBasic Research Tools Free DepositInactivity Fee   Overall Rating 4.2/5 Rated #221 ofRecommended FX Brokers Minimum Deposit R8500 ZAR / $500 Regulators SCB, FCA, CSSF Trading Desk MetaTrader 4, MetaTrader 5 and ActivTrader ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker ActivTrades Open a Trading Account     Tradorax   Tradorax carries some serious complaints and has received 4 guilty votes in the FPA Traders Court which has led to it being declared a scam. Tradorax is known to freeze accounts and block users from withdrawing their funds.   Tradorax Alternative: ACY Securities   Overall, ACY Securities can be summarised as a trustworthy broker that provides trading facilities on shares, forex, commodities, and more to a global market. ACY Securities has a reputable reputation and offers clients user-friendly trading conditions, quality education materials, and research tools.   Broker ACY Securities Minimum Deposit$50 USD / R800 ZAR Spreads from0.0 pips Leverage 1:500 InstrumentsForex, Crypto, Indices, Commodities Account CurrencyUSD / AUD / EUR Open an Account Click Here     Pros Cons Advanced trade featuresAdditional fees on Islamic Account High leverage MetaTrader suite available Multiple account options   Overall Rating 4.8/5 Rated #9 of Recommended FX Brokers Minimum Deposit USD 50 Regulators ASIC AFSL Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 60+ ECN pairs Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker ACY Securities Open a Real Account     Trade-24   Trade-24 has taken “Scam” to a whole new level when it comes to Forex Brokers. Regular funds freezing, the impossibility of withdrawing funds, and stealing account balances. Trade-24 states on its website that it was operating under a license from IFSC but this is untrue.   Trade-24 Alternative – Admiral Markets   Overall, Admiral Markets can be summarised as a trustworthy broker that provides not only CFDs but also trading facilities on shares, forex, commodities, and more to a global market. Admiral Markets has a reputable reputation and offers user-friendly trading conditions quality education material and research tools.   Account Type Trade.MT5 Zero.MT5 Trade.MT4 Zero.MT4 Min. Deposit$25 USD$25 USD$25 USD$25 USD Min. DepositR390 ZARR390 ZARR390 ZARR390 ZAR Leverage (Forex)1:30 – 1:201:30 – 1:201:30 – 1:201:30 – 1:20 Spreads from0.5 0.00.5 0.0 Commissions from0.02 USD0.05 USD0.02 USD0.05 USD Islamic Option YesNoNoNo Open an Account Click Here Click Here Click Here Click Here     Pros Cons Multiple account choicesDoes not accept cash deposits from banks   Overall Rating 4.1/5 Rated #222 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Admiral Markets Open a Trading Account     Panamoney   High-Yield Investment Programs which promise traders high returns which seem too good to be true – turn out they are. The Financial Industry Regulatory Authority (FINRA) issued a warning back in 2010 against the schemes, calling the operators con artists. Panamoney started by paying out returns but later closed down and just vanished from the scene. Multiple People had huge amounts of funds still in their accounts which could no longer be accessed and the website was also shut down. Panamoney has also been known for deducting amounts from accounts and forfeiting all profits for false ‘early fund withdrawal’ requests which were never actually made by users. Investors have been known to lose as much as $160,000 on the platform.   PanaMoney Alternative – Alpari   Overall, Alpari can be summarised as a credible and trusted broker that is very competitive in terms of its trading fees (against major currency pairs). The spread is also very low and is considered a low-risk trading environment.   Broker Alpari RegulationFinancial Services Commission Islamic Account (Swap Free) Yes Demo Account Yes Institutional AccountsNo Managed Accounts Yes Maximum Leverage1:1000 Minimum Deposit$100 USD Open an account Click Here     Pros Cons Safety – company is a member of NAFDLittle to no research tools TransparentDoes not accept clients from the USA, Japan, Russia, and more   Overall Rating 4.7/5 Rated #70 of Recommended FX Brokers Minimum Deposit USD 100 Regulators FSC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 48 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Alpari Open a Real Account     NoaFX   With NoaFX, traders will start off just fine by trading and accumulating a balance in their account but the problems and red flags start the moment they want to withdraw funds. Traders will have to send hundreds of emails to get a response from the company – if lucky, and even these responses are generic. Users have waited for up to months and have made several communications but all attempts are in vain! Countless Traders have never gotten their investments back.   NoaFX Alternative – AvaTrade   Overall, Avatrade can be summarised as a safe and trustworthy broker with a user-friendly copy trading platform. Avatrade is licensed by the FSCA. Avatrade offers 0% commission on trades and has an overall trust rating score of 94 out of 99.   Broker AvaTrade FSCA regulated Yes Bonus Yes Trust Score94% Live support24/5 MetaTrader 4 (MT4) Yes MetaTrader 5 (MT5) Yes Trading Islamic Account Yes CFDs – Total Offered681 Spreads0,9 pips Withdrawal fee amountZero Trading fees classVery Low Scalping Allowed Yes Open a account Click Here     Pros Cons Wide range of CFDs assets to trade – 1000+You can’t buy stock or cryptocurrency Worldwide regulated (mention the regulation if necessay)Cryptocurrency deposit is not accepted Award winnerQuarterly and annual inactivity fees Multiple platform – MT4, MT5, etcCostumer support is not available 24/7 Negative balance protectionNo bonus for EU based clients 20% welcome bonusNo US clients accepted Education contentSpread is higher then others brokers Beginners, friendly platform (webtrade)Imitated crypto assets– only the popular ones are offer   Overall Rating 4.8/5 Rated #1 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA Trading Desk MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central ₿ Crypto Yes Total Pairs 55+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Avatrade Open a Real Account Open an Affiliate Account     NetoTrade   NetoTrade is at the top of the list when it comes to receiving warnings from various regulatory bodies. The National Securities Market Commission in Spain has issued a warning against the use of this company as it does not carry a valid license. The Forex Peace Army has confirmed that this Broker is indeed a scam and there is 3 Traders Court Guilty Verdicts on FPA.   NetoTrader Aletrnative – Axi   Overall, Axi can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. Axi is regulated by two tier-1 regulators (highest trust) and one tier-2 regulator (medium trust). It has a trust score of 92 out of 100.   Broker Axi RegulationASIC, FCA, DFSA Min Deposit$0 USD Demo Account Yes Islamic Account Yes Spreads from0.0 Pips Commission Yes Deposit FeeNo Inactivity FeeNo Withdrawal FeeThird-Party Open an Account Click Here     Pros Cons Low forex feesOnly forex and CFD trading No withdrawal/deposit feesLimited research tools Easy Account Opening24/5 customer service   Overall Rating 4.6/5 Rated #70 ofRecommended FX Broker Minimum Deposit USD 0 Regulators FSA, FCA, ASIC, DFSA Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 66 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Axi Open a Real Account     MaxCFD   MaxCFD has been given Scam status by the Forex Peace Army following a warning by the Australian regulatory body. Traders are advised to withdraw any money that they may have invested in their website as the company is involved in many fraudulent practices including depositing bonuses in user accounts without permission. Said bonuses will come with terms and conditions which ultimately freeze or counterfeit the whole account balance.   MaxCFD Aletrnative – Axiory   Overall, Axiory can be summarised as a dependable and rewarding broker that is very competitive in terms of its trading fees (against major currency pairs). The spread is also very low and is considered average risk. with an overall trust score of 9/10.   Broker Axiory RegulationFSC, IFSC, MFSC Broker typeNDD Broker StatusIndependent broker Accept US clientsNo Welcome Bonus Yes, seasonally Islamic Account Yes Minimum Deposit$10 USD Maximum Leverage1:777 Account base currencyUSD, EUR, ZAR Open an AccountClick Here     Pros Cons Corporate and management possibilitiesNo multi-currency accounts Demo accountNo product descriptions   Overall Rating 4.7/5 Rated #10 ofRecommended FX Brokers Minimum Deposit 10 USD Regulators IFSC, MFSC and FSC Trading Desk MetaTrader4, MetaTrader5, CopyTrade and cTrader ₿ Crypto No Total Pairs 62 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Axiory Open a Real Account     HFX   HFX is a case of a confirmed scam and has been acknowledged as such by Forex Peace Army. HFX is also listed by Financial Services Authority as an unauthorized firm involved in fraudulent practices and traders are suggested to be extra cautious or prevent any trading with them.   HFX Alternative – BDSwiss   Overall, BDSwiss can be considered low risk as it is a well-regulated market maker/STP broker. BDSwiss has more than 1.5 million registered accounts with 55+ million trades executed per year with a trust score of 91 out of 100. BDSwiss offers low spread trading on multiple instruments including forex, indices, commodities, shares, and 26+ cryptocurrencies pairs.   Broker BDSwiss RegulationFSC, FSA Islamic account (swap-free) Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum LeverageUp to 1:500 Minimum Deposit$10 USD Bonus OptionsNo Open an Account Click Here     Pros Cons Strictly regulatedNot an extensive selection of cryptocurrencies Comprehensive and competitive trading conditions despite lack of bonuses and rewardsWelcome bonus, deposit bonus, no deposit bonus and no other broker bonuses offered with first time sign up Massive variety of tradable optionsNo trading bonus for loyal customers Platforms offer lots of advanced features for technical analysis and decision-makingNo referral bonus offered   Overall Rating 4.7/5 Rated #5 ofRecommended FX Brokers Minimum Deposit USD 100 Sign-up 30% of the Initial Deposit Regulators FSC, FSA Trading Desk MetaTrader 4MetaTrader 5 ₿ Crypto Yes Total Pairs 83 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker BDSwiss Open a Real Account     Option.fm   Option.fm has a long-standing history of stealing investors’ money and blocking their withdrawals. Traders can find numerous cases of scams detailed by victims on Forex Peace Army and the company has also been related to multiple others scams.   Option.fm Alternative – BlueBerry Markets   Overall, Blueberry Markets can be summarised as a trustworthy globally recognized broker that provides full access to facilities on shares, forex, and commodities, all in user-friendly trading conditions. Blueberry Markets has a good reputation and offers quality education material and research tools.   Broker Blueberry Markets Minimum Deposit$100 USD / R1600 ZAR Leverage1:30 PlatformsMT4 / MT5 RegulationASIC, SCB Open an Account Click Here     Pros Cons Both MetaTrader 4 and MetaTrader 5No broker bonus available A broad selection of trading instrumentsNo Islamic Account available VPS available Well-regulated broker   Overall Rating 4.4/5 Rated #14 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators ASIC Trading Desk MetaTrader 4, MetaTrader 5 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Blueberry Markets Open a Real Account     PorterFinance   PorterFinance is a part of the Greymountain Management group which has attracted multiple Court Verdicts from Forex Peace Army and all associated companies of the Greymountain group has been labeled as scams by FPA. The Australian Securities and Exchange Commission has warned investors from dealing with this company.   PorterFinance Alternative – Capital.com   Overall, Capital.com is considered a low-risk, trustworthy broker with a wide range of trading instruments and an economical social trading environment. Capital.com is regulated by the top tiers of FCA and CySEC and has low spreads and competitive trading fees against major currency pairs.   Broker Capital.com RegulationFCA, CySEC Islamic account (swap-free)No Demo Account Yes Institutional Accounts Yes Managed AccountsNo Maximum Leverage1:500 Minimum Deposit$20 USD SpreadsFrom 0.6 pips Commission0% Open an Account Click Here     Pros Cons Low forex CFD feesHigh stock index CFD fees Easy account openingOnly CFD, real stock, and spread betting available Excellent SupportNo Smaller account currencies   Overall Rating 4.5/5 Rated #224 ofRecommended FX Brokers Minimum Deposit $20 Regulators CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon Trading Desk Market maker ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Capital.com Open a Trading Account     Bexplus   Bexplus features competitive market indicators like 1:100 leverage and no spreads, as well as initial bonuses, quick transaction methods, and a simplistic website but Bexplus requires very heavy commitments from its customers in the form of $800 in minimum trading volume. The SVGFSA licensing is completely ineffective and should be discarded right away.   Bexplus Alternative – CharterPrime   Overall, CharterPrime is a global financial and foreign exchange brokerage group that believes in “making business personal”. CharterPrime prides itself on creating custom solutions by investing time, capital, and resources into solidifying business with longevity and value for all.   Broker CharterPrime Min. Deposit$100 USD RegulationFSP PlatformMT4 Spreads from2 Pips Open an Account Click Here     Pros Cons Tight Low SpreadsNo 24/7 support Standard and ECN tradingLacking in Education   Overall Rating 4.5/5 Rated #15 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators FSP Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker CharterPrime Open a Real Account     ALB   Although the broker manages to impress with the transparency of displaying legal documentation, the conditions on offer to its traders are quite lackluster even on the CFD level. The deposits are non-existent and the spreads simply don’t make it worth a trader’s time to trade on this platform. If you’re looking for Forex options, better go for a Forex broker instead. The broker is legit in a legal sense, but not legit in a profit sense.   ALB Alternative – CityIndex   Overall, City Index is considered a low-risk, trustworthy broker with a wide range of trading instruments and an economical social trading environment. City Index is regulated by the top tiers of FCA and ASIC and has low spreads and competitive trading fees against major currency pairs.   Broker City Index Min. Deposit$0 USD Inactivity Fee Yes Base Currency3 Products OfferedForex, CFD, Crypto Open an Account Click Here     Pros Cons Low Forex FeesLimited Products Fast Account OpeningHigh Stock CFD fees Excellent Research toolsNot User Friendly   Overall Rating 4.6/5 Rated #289 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker City Index Open a Trading Account     TradInvestor   TradInvestor is not the best choice for any trader. The scam becomes apparent by the lack of license, but paired up with terrible trading conditions alongside withdrawal and deposit issues, fraudulent activities are apparent.   TradInvestor Alternative – CMC Markets   CMC Markets can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.   Broker CMC Markets Min. Deposit (Rec.)$10 USD Inactivity Fee Yes Demo Account Yes Base Currency10 Open an Account Click Here     Pros Cons Low forex feesHigh stock CFD fees Great web platformOnly CFDs Advanced researchLacking customer support   Overall Rating 4.1/5 Rated #292 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker CMC Markets Open a Trading Account     RFXT   With some impressive and tempting trading conditions, as well as seemingly sound regulation, the RFXT broker might seem a creditworthy company that a trader can trust – but this is only in order to manipulate customers into its platform and then endanger their financial stability. The company is regulated by Australia’s, Cyprus’, and Lebanon’s financial regulating bodies, but these licenses don’t mean much, and the company can effectively conduct its brokerage services and expect no legal oversight from these countries whatsoever.   RFXT Alternative – CMTrading   Overall, CM Trading can be considered a safe and credible broker that offers competitive fees and spreads (against major currency pairs). CM Trading has a trust score of 91% out of 99% and can be considered a low-risk trading option.   Broker CM Trading RegulationFSCA, FSB Islamic account Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:200 Minimum Deposit$100 USD Open an Account Click Here     Pros Cons Regulated by FSCA and FSAInactivity and other fees charged Segregates client funds from own funds   Overall Rating 4.8/5 Rated #7 ofRecommended FX Brokers Minimum Deposit USD 100 / ZAR R1 600 Regulators FSA Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs More than 174 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker CM Trading Open a Trading Account     MRG FX   MRG FX boasts flashy trading conditions but it seems that they use this to lure in as many customers as possible while not really thinking about the implications. The website is unprofessional and amateurish and finding crucial information takes a lot of time and research.   MRG FX Alternative – EasyMarkets   Overall, easyMarkets is considered low-risk, with an overall Trust Score of 89 out of 100. easyMarkets is licensed by zero tier-1 regulators (high trust) and two medium trust tier-2 regulators (ASIC and CySEC). easyMarkets offers 3 trading accounts.   BrokereasyMarkets Bonus Yes RegulationASIC / CySEC MetaTrader 4 (MT4) Yes MetaTrader 5 (MT5)No Trading Islamic Account Yes Spreads0.9 pips Leverage 1:400 Withdrawal fee amountNone Open an Account Click Here   Pros Cons Fixed spreads, no slippage and no commissions.High spreads compared to other brokers. Up to 50% first deposit bonus to welcome new traders.No cent account, VPS and forex calculators. Innovative trading platform with innovative features.No services to clients from USA and over 20 other countries.   Overall Rating 4.9/5 Rated #18 ofRecommended FX Brokers Minimum Deposit $100 Regulators CySEC, ASIC, BVI, FSA Trading Desk MetaTrader 4, TradingView ₿ Crypto Yes Total Pairs 275+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker easyMarkets Open a Real Account     MYteamFX   MYteamFX is definitely not the best broker choice regardless. The broker has clearly been untruthful about both their CySEC and FSC licenses. Traders need to deposit the maximum of $10,000 but even then, it pales in comparison to already existing options. The brokerage is not worth it and definitely not trustworthy.   MYteamFX Alternative – EightCap   Overall, EightCap can be summarised as a trustworthy, award-winning broker with an established and reputable reputation. EightCap provides personalized service, automated trading, exclusive education, popular trading platforms, and unique trading tools to a global market.   Broker EightCap RegulationASIC, SCB Min Deposit$100 USD / R1600 ZAR Max Leverage1:30 (ASIC) / 1:500 (SCB) Trading Desk TypeMarket Maker / Dealing Desk Trading platformsMetaTrader4 / MetaTrader5 Islamic Account No Demo Account Yes Open an Account Click Here     Pros Cons Low Forex FeesSlim Product Selection Quick Account ApplicationLimited Research Free Deposit and WithdrawalLack of Investor Protections   Overall Rating 4.8/5 Rated #326 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators ASIC, FCA Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 40 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Eightcap Open a Trading Account     AM Broker   With flashy numbers and a well-groomed website coupled with some suspicious regulatory claims, it isn’t advised that traders have any financial connection with AM Broker. Traders may be overwhelmed by the lucrative leverages and bonus rates, or lower spreads, but traders should be aware that this is what scammers do.   AM Broker Alternative – eToro   Overall, eToro can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. eToro has an overall trust score of 91 out of 99. eToro offers a world-class social trading platform with immediate order execution.   Broker eToro RegulationFCA, ASIC, CySEC Islamic account Yes Demo Account Yes Institutional AccountsNo Managed Accounts Yes Maximum Leverage20:1 Minimum Deposit$50 USD Open an AccountClick Here     ProsCons Offers free stock and ETF trading in the EUHigh forex fees Seamless account opening possibleWithdrawing money is slow and expensive Offers a social trading experienceOnly one account base currency used Free stock and ETF trading in the EUHigh non-trading fees applicable Low CFD feesThere is a withdrawal fee of $5   Overall Rating 4.8/5 Rated #20 ofRecommended FX Brokers Minimum Deposit $50 in *certain countries Regulators CySec, FCA Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 47 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker eToro * Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland. Open a Real Account     EagleFX   EagleFX is definitely not worth it as it has massive issues with regulatory compliance and its way of offering services to US clients is outright illegal. The overall conclusion is that EagleFX is definitely a scam and trading with them is not recommended.   EagleFX Alternative – Exness   Overall, Exness is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out of 100 and is considered low-risk. Exness offers 4 retail trading accounts.   Broker Exness RegulationMultiple Trading DeskMarket Maker, NDD Sign Up BonusNone Min. Deposit from$10 USD Spreads from0.1 Pips Max Leverage1:2000 CommissionYes Inactivity FeeNo Open an Account Click Here     Pros Cons 24/7 Customer SupportLimited Trading Instruments Instant DepositWithdrawal Fees Huge LeverageETF CFD trading is not available.   Overall Rating 4.9/5 Rated #2 ofRecommended FX Brokers Minimum Deposit $10 Sign-up bonus No Regulators CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA Trading Desk MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader) ₿ Crypto Yes Total Pairs 97 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Exness Open a Trading Account Open an Affiliate Account     CFD   CFD World is not recommended even though they hold a CySEC license. Even if they aren’t 100% fraudulent, their trading conditions don’t make them enticing in any way.   CFD Alternative – ExpertOption   Overall, ExpertOption is considered a low-risk and can be summarised as trustworthy and reliable. ExpertOption is an FMRC-authorized broker that holds a license from one of the world’s reputable regulatory bodies VFSC.ExpertOption is listed #116 of 981 for Forex Broker in South Africa. It is not one of the best-rated South African Forex brokers, with a rating of 7.0/10.   Broker ExpertOption RegulationSVGFSA Islamic account No Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:500 Minimum Deposit$10 USD Open an Account Click Here     Pros Cons Decent PlatformLimited amount of options Demo Account AvailableOnly short-term options Variety of payment methods availableNot the best regulation   Overall Rating 4.1/5 Rated #334 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Expert Option Open a Real Account     HWFX   In terms of trading conditions and overall trader benefits, HFFX fails to rival even the smallest and newest Forex brokerages on the EU market. Simply considering the fees traders have to pay just for registering on the company’s platform makes HWFX one of the least affordable options and with conditions like these, plus wide spreads and low leverage, there is very little chance traders can walk away from the broker in a yearly profit margin. Not recommend.   HWFX Alternative – FBS   Overall, FBS can be summarised as a trustworthy and credible broker that is very competitive in terms of its trading fees, (against major currency pairs). The spread is also very low and is considered low-risk.   Broker FBS Bonus Yes RegulationIFCS Islamic account Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:3000 Minimum Deposit$1 USD Open an Account Click Here     Pros Cons Commissions are covered by FBSLimited options in terms of account opening to EU based traders compared to non-EU offerings Leverage up to 1:3000No service to clients from USA, UK, Japan, Israel, Canada   Over 27 000 000+ Traders Overall Rating 4.7/5 Rated #71 ofRecommended FX Brokers Minimum Deposit USD 1 Regulators IFSC, FSCA (south africa), ASIC, CySEC Trading Desk MetaTrader 4, MetaTrader 5 ₿ Crypto Yes Total Pairs 250 Islamic Account Yes Trading Fees Low Account Activation Time instant Welcome bonus $140 (Find out More) Visit Broker FBS FBS has launched a new type of account specifically for trading cryptocurrencies. The new Crypto account has over 100 instruments with digital currencies. BTC, LTC, and ETH are just some of the instruments that will be available for trading against other cryptocurrencies or against more traditional currencies, commodities, and other instruments. – Currency: USDT (Tether)– Leverage: 1:5– Initial deposit: from $1– Commission on opening positions: 0.05%– Commission on closing positions: 0.05% Open a Real Account     Dicount FX   When it comes to Dicount FX it is very difficult to distinguish it from being a scam or being legit. The CySEC license does provide some kind of lawful background but looking at the issues when it comes to withdrawals and the BaFin license, the Dicount FX scam still manages to emerge one way or another.   Dicount FX Alternative – Forex.com   Overall, Forex.com can be summarised as a trustworthy broker with a reputable, well-established reputation that provides Contracts for Difference (CFDs), trading facilities on forex, user-friendly trading conditions, education materials, and research tools for a global market.   Broker Forex.com Min. Deposit$100 USD / R1600 ZAR Spreads from0.1 Commissions Yes Forex$5 USD per round lot CFDs/DMA$0.18 USD per share (US Stocks) Inactivity Fee$15 monthly after 12 months Deposit FeeThird-Party Withdrawal FeeThird-Party Trading PlatformsMT4 / MT5 / Proprietary Demo AccountYes Islamic AccountNo     Pros Cons Low Forex FeesLimited to Forex and CFDs Variety of Currency PairsHigh Stock CFD fees Diverse technical toolsNot user friendly   Overall Rating 4.1/5 Rated #353 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Forex.com Open a Trading Account     Doo Prime   Doo Prime is indeed a scam regardless of their affiliation with a Holdings Group in Hong Kong as they have blatantly lied about their awards and don’t hold a legitimate license in the country where they are registered in.   Doo Prime Alternative – ForexChief   Overall, ForexChief is a multi-asset online broker that offers 60+ instruments on the MetaTrader 4 and MetaTrader 5 trading platforms. ForexChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities.   Broker ForexChief Min. Deposit$10 USD Bonus Yes MetaTrader 4 Yes MetaTrader 5 Yes Mobile AppsiOS & Android Leverage1:1,000 Open an Account Click Here     Pros Cons MetaTrader platformsOnly regulated offshore Up to 8 account typesNo USA traders allowed Swap-free Islamic accountLimited assets   Overall Rating 4.2/5 Rated #555 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Forex Chief Open a Trading Account     TNFX   TNFX is one of the most obvious scam brokerages and traders must make sure to stay away from the brokerage as far as possible, as they’re so obviously trying to scam specifically beginners.   TNFX Alternative – FP Markets   Overall, FP Markets is considered a low-risk and can be summarized as trustworthy and reliable. FP Markets is fully licensed and regulated by the Securities Commission of the Bahamas (SCB). FP Markets is currently ranked #13 out of 992.   Broker FP Markets RegulationCySEC, ASIC Islamic account Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:400 Minimum Deposit$100 USD Open an Account Click Here     Pros Cons Forex fees are lowStock CFD fees are high Accounts can be opened fast and easyProduct portfolio are somewhat limited Deposit and withdrawal processes are quickly executedWeb and desktop platform is somewhat outdated   Overall Rating 4.7/5 Rated #23 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators ASIC, CySEC Trading Desk MetaTrader 4, MetaTrader 5 ₿ Crypto Yes Total Pairs 70+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker FPMarkets Open a Real Account     Vestle   Traders do not need to go into too deep a dive into the history of this company, or into their services, in order to figure out that the company is a fraud and a lie, created in order to lure innocent traders into depositing their cash and then blocking them from ever getting anything out.   Vestle Alternative – FXCM   Overall, FXCM is considered a low-risk and can be summarised as trustworthy and reliable. In terms of trading conditions, FXCM offers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of 99.   Broker FXCM RegulationFCA Min. Deposit $50 USD / R750 ZAR Spread from1.4 Tradeable Symbols276 Forex Pairs42 Cryptocurrency No Trading PlatformMT4 Open an Account Click Here     Pros Cons Easy Account SetupLimited Product Portfolio Good Technical ToolsHigh Withdrawal Fees High-Quality Education   Overall Rating 4.6/5 Rated #26 ofRecommended FX Brokers Minimum Deposit USD 300 Regulators FCA Trading Desk MetaTrader 4, Trading Station ₿ Crypto Yes Total Pairs 7 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker FXCM Open a Real Account     SinoSoft FX   When it comes to SinoSoft FX not even the information on the website can be trusted, let alone SinoSoft FX itself. The broker’s website is chock and blocked with misleading and false information and traders should keep their funds away from the broker. SinoSoft FX does not carry a license and is operating without any authorization. SinoSoft FX cannot be trusted.   SinoSoft FX Alternative – FXPrimus   Overall, FXPrimus can be summarised as a trustworthy broker that provides tailor-made account types and market-leading trading platforms to a global market. FXPrimus is regulated by two tier-2 regulators (medium trust) and one tier-3 regulator. FXPrimus has a trust score of 70 out of 100.   Broker FXPrimus RegulationCySEC / FSCA / VFSA Min. Deposit$100 USD / R1600 ZAR Spreads from0.5 Pips Trading PlatformsMetaTrader4 Demo Account Yes Islamic Account Yes Segregated Funds Yes Open an Account Click Here     Pros Cons Sign Up BonusHighly-Regulated Affiliate ProgramHigh Min. Deposit on selected accounts   Overall Rating 4.9/5 Rated #31 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators CySEC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker FX Primus Open a Real Account     Coinfinex   Coinfinex is not a broker with which an investor should trade. There are multiple reasons that make this broker a scam and are leading some sort of fraudulent scheme.   Coinfinex alternative – FXPro   Overall, FxPro is considered a low-risk, safe and trustworthy broker with an overall Trust Score of 89 out of 99. With 1:200 maximum leverage, 0.01 micro lot trading, 2100+ instruments, and a minimum deposit of $100 / R 1600 ZAR   Broker FXPro RegulationFCA, CySec, FSCA and SCB Awards 80+ Welcome Bonus No Islamic AccountYes Minimum Deposit $100 USD Demo Account Yes Maximum Leverage 1:30 Minimum Lot Size0.01 Maximum Lot Size 10 000 Open an Account Click Here     Pros Cons Regulated with several different bodiesDoes not offer its services in all countries due to legal jurisdictions   Overall Rating 4.6/5 Rated #378 ofRecommended FX Brokers Minimum Deposit USD 100 (recommended amount USD 1000) Regulators FCA, CySEC, FSCA, SCB Trading Desk MT4 ₿ Crypto Yes Total Pairs 70 Islamic Account Yes Trading Fees High Account Activation Time 24 Hours Visit Broker FxPro Open a Trading Account     Euro Forex Invest   Euro Forex Invest is a broker that continues to deceive unsuspecting traders. No trusted information can be gathered about this broker which is a clear indication that it should be avoided.   Euro Forex Invest Alternative – FXTM   Overall, FXTM can be summarised as a credible and trusted broker that is very competitive in terms of its trading fees (against major currency pairs). The spread is also very low and is considered a low-risk trading environment. FXTM is considered safe because it is regulated by the top FCA.   Broker FXTM RegulationCySEC, FCA, FSC, FSCA Islamic Account Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:2000 Minimum Deposit$10 USD Open an Account Click Here     Pros Cons Thank you bonus for signing upUnclear communication – appears to be a no deposit bonus   Overall Rating 4.6/5 Rated #32 ofRecommended FX Brokers Minimum Deposit USD 10 Regulators CySec, FSCA Trading Desk MetaTrader4, Metatrader 5 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker FXTM Open a Real Account     Forex Birds   Forex Birds claim to be a trusted provider but it is not safe to trade with Forex Birds as it is an offshore unregulated broker. The Spanish regulator CNMV (National Securities Market Commission) has issued a warning against Forex Birds stating that they are not in any way regulated or authorized to provide the investment services.   Forex Birds Alternative – Go Markets   Overall, GO Markets can be seen as a reputable and worthwhile broker that is very competitive in terms of its trading fees (against major currency pairs). The spread is also very low and is considered average risk.   Broker Go Markets Minimum deposit$200 USD Demo Yes Inactivity feeNo Withdrawal FeeNo Base Currency10 Open an Account Click Here     Pros Cons Low forex feesLimited product selection Fast account openingLacking customer support Educational toolsNo investor protection for non-EU clients   Overall Rating 4.9/5 Rated #34 ofRecommended FX Brokers Minimum Deposit $200 Regulators Australian Securities & Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySec), Financial Services Commission (FSC)Financial Services Authority (FSA) & Securities and Commodities Authority (SCA) Trading Desk Hybrid ₿ Crypto Yes Total Pairs 600+ Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Go Markets Open a Real Account     Blackstone 500   Blackstone 500 comes out of the block with a scam report from the FCA. Blackstone 500 is an Unauthorised firm that is flagged as a company that freezes user accounts before clearing out the cash.   Blackstone 500 Alternative – HFM   Overall, HFM formerly known as HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. HFM is regulated by Tier 1 and Tier 2 Trading Bodies. HFM has a high trust score of 90 out of 99.   Broker’s NameHFM CertificatesCySEC, FCA, DFSA, FSCA, FSA Year Founded2010 Minimum deposit$5 USD / R75 ZAR Maximum Leverage1000:1 CountryUK Types of assets tradedForex, Metals, energies, Shares, Indices, Bonds, Commodities, DMA Stocks, ETFs Supported lot0.01 – 500 Demo accountYes Traded currenciesAUD, GBP, USD, EUR, CAD, CHF, JPY, SGD, HUF, PLN, NZD, ZAR Payment methodsSkrill, Neteller, Debit Card, Wire Transfer, Credit Card, fasapay, Vload Is scalping allowed? Yes Are multiple accounts supported Yes Is PAMM supported Yes Is CopyTrader supported? Yes     Pros Cons Great range of marketsOnly Forex and CFDs products Enabled negative balance protectionThree entities in offshore zones   Overall Rating 4.8/5 Rated #6 ofRecommended FX Brokers Minimum Deposit USD 5 Regulators CySEC, FSC, FSCA Trading Desk MT4, MT5, HFM Platform (Android & IOS) ₿ Crypto Yes Total Pairs 50+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker HFM Open a Real Account Open an Affiliate Account     Capoinvest   Capoinvest claims FCA registration but is in fact an unregulated service provider. Capoinvest is flagged as an abusive financial intermediary.   Capoinvest Alternative – HYCM   Overall, HYCM can be summarized as a trustworthy broker that offers excellent customer support, a wide selection of market instruments, and technologically advanced programs to assist traders with maximizing funds and developing trading skills.   Broker HYCM RegulationFCA, CySEC, DIFC, DFSA, CIMA Countries not acceptedUSA or Canada Islamic account Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:30 Minimum Deposit$100 USD Open a accountClick Here     Pros Cons Low forex and CFD feesOnly forex and CFD products Great educational contentOutdated platform design User-friendlyInactivity fee   Overall Rating 4.5/5 Rated #36 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators FCA Trading Desk MetaTrader 4 and MetaTrader 5 ₿ Crypto Yes Total Pairs 69 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker HYCM Open a Real Account     Royal GTX   Royal GTX does not provide any regulatory information, the company behind its name or contact details. According to the terms and conditions from the website, Royal GTX falls under the regulation of Estonian Governing Authorities but there is no information to back this claim.   Royal GTX Alternative – IC Markets   Overall, IC Markets is considered a low-risk and can be summarised as trustworthy and reliable. IC Markets is regulated by the top-tier ASIC and is very competitive in terms of its trading fees, (against major currency pairs), with spreads that are very low.   Broker IC Markets RegulationASIC Islamic account (swap-free) Yes Demo Account Yes BonusNo Sign-up Bonus Institutional Accounts No Managed Accounts No Maximum Leverage1:500 Minimum Deposit$200 USD Open an Account Click Here     Pros Cons Low forex feesLimited product selection Fast account openingSlow live chat support Free depositNo investor protection for non-EU clients   Overall Rating 4.7/5 Rated #37 ofRecommended FX Brokers Minimum Deposit USD 200 Regulators ASIC, CySEC, FSA, SCB Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 65 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker IC Markets Open a Real Account     TraderKing   TraderKing is an offshore broker that provides very poor if no requirements to the company’s operation. Moreover, the UK’s Financial Conduct Authority has warned Traders against TraderKing.   TraderKing Alternative – IG   Overall, IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.   Broker IG Group Trading Fee ClassHigh Inactivity Fee Yes Minimum Deposit$140 USD / R2000 ZAR Base currencies 6 Demo Accounts Yes Products OfferedETF, Forex, Options Open an Account Click Here     Pros Cons Excellent Web-Trading PlatformHigh Forex and Stock CFD Fees Excellent Educational ToolsLimited Product Portfolio Great Deposit and Withdrawal optionsSlow Customer Support Open an Account Click Here   Overall Rating 4.8/5 Rated #38 of Recommended FX Brokers Minimum Deposit R4000 ZAR / $250 Regulators IGRs Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 100 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker IG Open a Real Account     FxFixed   FxFixed is not regulated plus owned and operated by Unigreen Korlatolt Felelossegu Tarsasag located in Budapest, Hungary. However, no mention is found of FxFixed in the register of the Hungarian regulator as well as some other major regulators’ registers. Furthermore, FxFixed has no contact information available.   FxFixed Alternative – InstaForex   Overall, InstaForex is considered a low-risk and can be summarized as trustworthy and reliable. InstaForex is regulated by the top-tier CySEC and FSC.   Broker InstaForex RegulationCySEC, BVI, SVGFSA Countries not accepted for tradeUnited States Islamic account Yes Demo Account Yes Institutional AccountsNo Managed Accounts Yes Maximum Leverage1:1000 Minimum Deposit$1 USD Open an Account Click Here     Pros Cons High LeverageRestricted leverage for EU clients Intuitive trading platformsNo Autochartist Commission free accountsCertain clients not accepted   Overall Rating 4.8/5 Rated #40 ofRecommended FX Brokers Minimum Deposit USD 1 Regulators CySEC, FSC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 4 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Instaforex Open a Real Account     LionsFX   When searching for this broker you are bombarded by several different versions of it, which right off the bat is a major red flag. No trusted information about this so-called provider could be found.   LionsFX Alternative – Interactive Brokers   Overall, Interactive Brokers has a reputable reputation and offers traders user-friendly trading conditions. Interactive Brokers offers quality education material and research tools, Contracts for Difference (CFDs), and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.   Broker Interactive Brokers RegulationCFTC, NFA, IIROC, FCA, CBI, ASIC, SFC, MNB, CSSF Islamic account (swap-free)No Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:5 to 1:400 (ASIC Regulations) Minimum Deposit$0 USD Open an Account Click Here     ProsCons Wide range of productsWithdrawals and funding by bank transfer only Highly regulatedBetter for experienced investors Trades on 80+ exchanges worldwideCommission structure benefits high volume trades   Overall Rating 4.9/5 Rated #41 ofRecommended FX Brokers Minimum Deposit 0 Regulators US SEC, CFTC. Regulated in Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK Trading Desk – ₿ Crypto Yes Total Pairs 22 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker InteractiveBrokers Open a Real Account     SmartFX   SmartFX is not a secure Forex broker and it does not hold a license from any regulatory authority. SmartFX is flagged for fraudulent practices.   SmartFX Alternative – IQ Option   Overall, IQ Option can be summarised as a trustworthy broker with a good reputation that provides user-friendly trading conditions, quality educational materials, and research tools. IQ Option is regulated by top-tier entities and is very competitive in terms of its trading fees, with spreads that are very low.   Broker IQ Option RegulationCySEC Islamic account (swap-free) Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:30 (Retail) Minimum Deposit$10 USD Open an Account Click Here     ProsCons Excellent InterfaceCountry Restrictions Easy and fast account openingInactivity Fee Charged Variety of OptionsDerivates Only Open an Account Click Here   Overall Rating 4.2/5 Rated #402 ofRecommended FX Brokers Minimum Deposit $10 Regulators – Trading Desk Own Platform ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker IQ Option Open a Trading Account General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose     GoldenSkyCapital   GoldenSkyCapital, as it is an offshore company owned by Golden Point LTD, a company incorporated under the laws of the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   GoldenSkyCapital Alternative – IronFX   Overall, IronFX can be summarised as a reliable and credible broker that is very competitive in terms of its trading fees, (against major currency pairs). The spread is also very low and is considered low-risk.   Broker IronFX Bonus Yes RegulationCySEC, FCA, ASIC Islamic account (swap-free) Yes Sign up BonusNo Demo Account Yes Institutional Accounts Yes Managed AccountsYes (PMAM) Maximum Leverage1:1000 (1:30 for EU) Minimum Deposit$50 USD Open an Account Click Here     Pros Cons Deposit offeredNo sign up bonus Trading bonus offeredTerms of bonuses not provided Demo account provided Only two accounts that can be opened as a demo account Award-winning trading platformsLimited trading tools Both variable and fixed spreads offeredRestricted leverage for EU clients (1:30) as per ESMA requirements Eligible clients are provided with free VPS United States, Iran, Cuba, Sudan, Syria, and North Korea not accepted   Overall Rating 4.5/5 Rated #187 of Recommended FX Brokers Minimum Deposit USD 100 Regulators FCA, ASIC, FSCA, CySEC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker IronFX Open a Real Account     Swissquotes   Swissquotes is an unregulated clone firm. Swissquotes has been blacklisted by the UK’s Financial Conduct Authority for being a clone firm of the FCA-regulated entity Swissquote Ltd.   Swissquotes Alternative – JustForex   Overall, JustForex can be summarised as a trustworthy broker that offers 0% deposit and withdrawal fees, low spreads, and a sign-up bonus of $30 / ZAR R460 offered to first-time traders. An account can be opened with a minimum deposit amount of $1 USD / R16 ZAR.   Broker JustMarkets HeadquarteredCyprus Global OfficesCyprus, Seychelles Holding companyJust Global Markets Ltd. RegulationSeychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySec) Financial Sector Conduct Authority (FSCA) in South Africa with FSP number 51114 Account Types 6 Islamic Account Yes Min. Deposit $1 USD / R16 ZAR Trading Indices 11 Trading Stocks 73+ Max. Leverage 1:3000 SpreadsThe minimum spread starts from 0 Min. Lot Size0.01 lot Max. Lot Size 100 lots Deposit Fee None Withdrawal fee None MT4 Yes MT5 Yes Open an Account Click Here     Pros Cons MAM accountsUS clients not accepted Supports social tradingHigh Spreads excellent Education   Overall Rating 4.4/5 Rated #72 ofRecommended FX Brokers Minimum Deposit $1 / ZAR R16 Regulators FSA, Cysec, FSCA Trading Desk MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android) ₿ Crypto Yes Total Pairs 90 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker JustMarkets Open a Real Account     CobraCFD   CobraCFD is an offshore company owned and operated by Cobracfd Ltd and Kings Power Ltd. registered in Trust Company Complex, the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   CobraCFD Alternative – Khwezi Trade   Overall, Khwezi Trade can be summarised as a trustworthy, proudly South African broker with a good reputation that provides user-friendly trading conditions to its clients. A Khwezi Trade Live trading account can be opened with a minimum deposit amount of R500 ZAR.   Broker Khwezi Trade Min. DepositR500 ZAR Max Leverage1:400 Broker TypeMarket Marker RegulatorsFSCA BonusUp to 30% Open an Account Click Here     Pros Cons FSCA RegulatedLimited Deposit Options ZAR AccountsLack of Education Customer Support Broker Verified   Overall Rating 4.7/5 Rated #410 ofRecommended FX Brokers Minimum Deposit ZAR 500 Regulators FSCA Trading Desk MetaTrader 5 (MT5) ₿ Crypto No Total Pairs 40 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Khwezitrade Open a Trading Account     PrimeXBT   PrimeXBT is a Bitcoin-based platform, offering over 30+ assets including Crypto, Forex, Commodities, and Stock Indices. However, PrimeXBT is an unregulated service provider and should therefore not be trusted.   PrimeXBT Alternative – NordFX   Overall, NordFX can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. NordFX has an overall trust score of 91 out of 99. NordFX offers leverage 1:1000 and customer support 24/5.   Broker NordFX Islamic account (swap-free) Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:1000 Sign Up Bonus No Minimum Deposit$10 USD SpreadLow spread from 0.0 pips Fees No Open an Account Click Here     Pros Cons High leverageHigh spreads on the Fix Account Variety of account typesNordFX does not provide a sign-up bonus to new traders Variety of trading assetsThere are no other bonuses given to either new or existing traders Demo account offeredThere are no rewards for loyal customers   Overall Rating 4.7/5 Rated #139 ofRecommended FX Brokers Minimum Deposit USD 10 Regulators VFSC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 33 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Nord FX Open a Real Account     TradersWay   TradersWay is not a secure Forex broker choice and it does not hold a license from any trusted Forex authority.   TradersWay Alternative – Oanda   Overall, Oanda can be summarised as a safe and credible broker. Oanda is considered low-risk with a trust score of 91 out of 99. Oanda offers zero commissions and one-click trading. It offers 24/5 customer support.   Broker Oanda Tier-1 Licenses6 Publicly Traded No Trust Score89% Broker TypeMarket Maker Awards Yes Bonus, Promotions & IncentivesNo CFD Stock Index16 Commodity CFDs31 Bond CFDs6 Metatrader 4 (MT4) Yes Metatrader 5 (MT5) Yes Islamic AccountNo Demo Account Yes Minimum deposit$0 USD Open an Account Click Here     Pros Cons Great trading platformOnly FX and CFD available Outstanding research toolsNo stock exchange listing User-friendly account openingCustomer support is not 24/7   Overall Rating 4.9/5 Rated #190 ofRecommended FX Brokers Minimum Deposit USD 0 Regulators ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA Trading Desk MetaTrader 4 (MT4), MetaTrader 5 (MT5) ₿ Crypto Yes Total Pairs 45 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker OANDA Open a Trading Account     Binomo   Binomo is a service provider that works with clients all over the world. However, Binomo is an offshore broker and the highest consideration should be taken before signing up with this broker.   Binomom Alternative – OctaFX   Overall, OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out of 99. OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings.   Broker OctaFX RegulationSVGFSA Islamic account (swap-free) Yes Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:500 Minimum Deposit$5 USD Open an Account Click Here     Pros Cons Regulated by SVGFSALimited assets Unlimited demo accountLow Crypto coverage Advanced technologyNo VPS Forex and CFDs offeredNo education tools on Forex More than 80 pairs to tradeNo clients from USA, Canada, Belgium, or others outside EU   Overall Rating 4.6/5 Rated #51 ofRecommended FX Brokers Minimum Deposit ZAR 80 / $5 Regulators SVGFSA Trading Desk Metatrader 4 and 5 ₿ Crypto Yes Total Pairs 80 Islamic Account Yes Trading Fees Very Low Account Activation Time 24 Hours Visit Broker OctaFX Open a Real Account     EssenceFX   EssenceFX is an offshore broker owned by Essence Markets Limited regulated by the Vanuatu Financial Services Commission and incorporated in the Republic of Vanuatu. Vanuatu is a hotspot for shady business dealings.   EssenceFX Alternative – OlympTrade   Overall, Olymp Trade is very competitive in terms of its trading fees and spreads. Their spreads are low compared to other regulated brokers, and there are no hidden trading fees. Olymp Trade is headquartered in St. Vincent & the Grenadines.   Broker Olymp Trade RegulationInternational Financial Commission (FinaCom) Islamic Account No Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1:500 Minimum Deposit$10 USD Open an Account Click Here     Pros Cons High leverageFees charged per trade Low minimum depositRegulation lacking   Overall Rating 4.8/5 Rated #439 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Olymp Trade Open a Real Account     CapitalTradeFX   Capital TradeFX is owned by Capital TradeFX Ltd., which is an offshore company licensed in St. Vincent and the Grenadine. St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations.   CapitalTradeFX Alternative – Plus500   Overall, Plus500 is a trusted tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 and can be considered a low-risk and can be summarised as trustworthy and reliable.   Broker Plus500 Minimum Deposit$100 USD / R1600 ZAR Demo AccountYes EUR/USD SpreadVariable Leverage 1:30 Base Currencies14 Withdrawal fee No Deposit FeeNo Open an Account Click Here     Pros Cons User-friendly platformLack of in-depth research tools Listed on the London Stock ExchangeOnly an average educational section Low trading feesLimited product range. Only CFD   Overall Rating 4.9/5 Rated #55 ofRecommended CFD Provider Minimum Deposit USD 100 Regulators CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA Trading Desk WebTrader ₿ Crypto Yes ( Availability subject to regulations ) Total Pairs 70 Trading Fees Low Account Activation Time Varies Visit Broker Plus500 General Risk Warning:CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money Open a Real Account Open an Affiliate Account *CFD Service. Your capital is at risk*     FX Premium   FX Premium is a Forex service provider that is owned by FX PREMIUM Group Ltd., an offshore company registered in Vanuatu. FX Premium claims to be registered with a Vanuatu Financial Services Commission (VFSC) license but no supporting documentation can be found.   FX Premium Alternative – RoboForex   Overall, RoboForex can be summarised as a credible and trustworthy broker with advanced trading tools for pro-traders. Roboforex offers 24/7 support with a trust score of 88 out of 99.   Broker Roboforex Regulating AuthoritiesIFSC Countries not accepted for tradeUS, Canada, Australia, and Japan Islamic account (swap-free) Yes Demo Account Yes Maximum Leverage1:2000 Minimum Deposit$10 USD / R160 ZAR Platform TypesMT4, MT5, cTrader Open an Account Click Here     Pros Cons Tight spreads from 0 pipsNot FCA Regulated Fast order executionNo fixed spread accounts 5 account currencies (EUR, USD, CNY, RUB, GOLD)Don’t accept clients from US, Canada, Australia or Japan Micro accounts with the minimum lot size of 0.01 8 asset classes   Overall Rating 4.7/5 Rated #57 ofRecommended FX Brokers Minimum Deposit USD 10 Regulators IFSC Trading Desk MetaTrader 4 ₿ Crypto Yes Total Pairs 32 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker RoboForex Open a Real Account Open an Affiliate Account     Capital 88   Capital88 is a brokerage firm owned by Capital88 Ltd., which is an offshore company registered in the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   Capital 88 Alternative – SuperForex   Overall, SuperForex can be summarised as a trustworthy broker with a low spread offering and a user-friendly trading app. Superforex has high trust and a trust score of 91 out of 99.   Broker SuperForex RegulationIFSC Minimum deposit from$1 (15 ZAR) Average spread fromVariable Commissions fromNone Deposit/Withdrawal Fees Yes Maximum Leverage1:1000 Bonuses Yes Customer Support24/5 Open an Account Click Here     ProsCons RegulatedOffshore regulation Social trading supportedOnly one trading platform supported MetaTrader 4 supportedSpreads are not the tightest in the industry   Overall Rating 4.5/5 Rated #195 ofRecommended FX Brokers Minimum Deposit USD 1 Regulators IFSC Trading Desk Meta Trader 4 ₿ Crypto Yes Total Pairs 300 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker SuperForex Open a Real Account     TopTradePro   TopTradePro has been suspected as a scam broker. The company is registered in the Marshall Islands, an offshore zone.   TopTradePro Alternative – Swissquote   Overall, Swissquote can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Swissquote has an overall trust score of 70 out of 99. With Swissquote, you can trade over 1.7 million structured investments and leverage products listed on Euwax.   Broker Swissquote RegulationFINMA, CSSF, FCA, DFSA, SFC, MAS and MFSA Islamic account (swap-free) Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1: 100 Minimum Deposit$ 1 000 USD Open an Account Click Here     Pros Cons Strictly authorized and regulated by several entitiesNo technical indicators on mobile charts Large range of financial instrumentsLimited customization on desktop watchlists Three trading platforms to choose fromResearch tools limited Easy set up of mobile and desktop appsNo fixed spread accounts 5Daily reports provided in multiple languagesNo US clients Competitive spreadsMinimum deposit of $1,000   Overall Rating 4.1/5 Rated #468 of Recommended FX Brokers Minimum Deposit USD 1000 Regulators FCA Trading Desk MetaTrader 4, MetaTrader 5 ₿ Crypto Yes Total Pairs 10 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Swissquote Open a Trading Account     Go Capital FX   Go Capital FX is owned by Lancelot Equity Ltd., which is an offshore company registered in Dominica. Dominica is notorious for its practically absent requirements and regulations.   Go Capital FX Alternative – TD Ameritrade   Overall, TD Ameritrade can be summarised as a trustworthy broker with $0 USD, R0 ZAR commissions on trades, enhanced trading platforms, top-line education, and an overall full-service brokerage experience.   Broker TD Ameritrade Minimum Deposit$0 USD, R0 ZAR Commissions$0 USD, R0 ZAR on online stock and ETF trades Options (per contract)$0.65 USD, R10 ZAR Inactivity Fee Charge No Withdrawal Fee No Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, Crypto Demo Account Yes     Pros Cons No CommisionsFractional Shares can not be traded Advanced charting toolsCharges contract fees for options Advanced Research toolsCharges contract fees for futures Paper trading accounts 24/5 trading hours   Overall Rating 4.7/5 Rated #471 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker TD Ameritrade Open a Real Account     Swiss Investment FX   Swiss Investment Fx is a Brokerage firm owned by Swiss Investment Corporation LTD., which is an offshore company registered in the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   Swiss Investment FX Alternative – TemplerFX   Overall, Templer FX can be summarised as an unregulated broker. Templer FX has a trust score of 60 out of 99. Templer FX offers zero commissions and 24/5 customer support. Templer FX offers competitive spreads from 0.1 pips.   Broker Templer FX RegulationFinancial Services Authority of Saint Vincent and the Grenadines Islamic Account Yes Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:200 Minimum DepositNo minimum deposit Open an Account Click Here     ProsCons No deposit feesRisky regulatory environment No withdrawal feesLack of Awards and positive reviews No commissionPayment service provider located elsewhere Excellent customer serviceNo research tools   Overall Rating 4.5/5 Rated #474 of Recommended FX Brokers Minimum Deposit USD 1 Regulators FCA Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Templer Open a Trading Account     SmartOptionFX   Smartoptionfx is a service provider owned by B.O. TradeFinancials Ltd, and it claims to be located in Florida, United States. However, Smartoptionfx is blacklisted and should be avoided.   Smartoptionfx Alternative – ThinkMarkets   Overall, ThinkMarkets can be summarised as a trustworthy and worthwhile broker that is very competitive in terms of its trading fees (against major currency pairs). Their spread is also very low and is considered average risk.   Broker ThinkMarkets RegulationASIC, FCA, FSCA, FSA, CySEC, JFSA Countries not accepted for tradeUS, Russia, Canada Minimum depositNo Minimum deposit Demo account Yes Islamic account (swap-free) Yes Maximum leverage1:500 Open an account Click Here     ProsCons Regulated and authorized by ASIC, FCA, FSCA, FSA, CySEC and JFSACommissions charged on the ThinkZero account Tight spreadsNo US, Russia, Canada clients allowed   Overall Rating 4.8/5 Rated #62 of Recommended FX Brokers Minimum Deposit $0 / ZAR R0 Regulators ASIC, FCA, FSCA, FSA, CySEC, JFSA Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 46 FX Pairs Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker ThinkMarkets Open a Real Account Derivative products are leveraged products and can result in losses that exceed initial deposits.     Libra Markets   Libra Markets is not a secure Forex broker and does not hold a valid license. Libra Markets has been flagged for fraudulence.   Libra Markets Alternative – Tickmill   Overall, Tickmill is competitive in terms of its trading fees and spreads. Tickmill can be summarised as a safe and credible regulated broker with a trust score of 97 out of 99 (High Trust).   BrokerTickmill Minimum DepositUSD 100 RegulatorsCySEC, FCA, FSA, FSCA, Labuan FSA Trading DeskMetaTrader 4, MetaTrader 5 ₿ Crypto Yes Total Pairs62 Islamic Account Yes Trading FeesLow Account Activation Time24 Hours Visit Broker Click Here Open an Account Click Here     Pros Cons Competitive pricingLimited platform options Well regulated High leverage   Overall Rating 4.7/5 Rated #3 ofRecommended FX Brokers Minimum Deposit USD 100 Regulators CySEC, FCA, FSA, FSCA, Labuan FSA Trading Desk MT4, MT5 ₿ Crypto Yes Total Pairs 62 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Tickmill Open a Real Account Open an Affiliate Account     Monfex   Monfex is a service provider owned and operated by TENB Ltd., an offshore International Business Company incorporated under the laws of Saint Vincent and the Grenadines. St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations.   Monfex Alternative – XM   Overall, XM.com is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly traded company but is authorized by two tier-1 regulators (high trust).   Broker XM.com RegulationFCA Countries not accepted for tradeUnited States Bonus Yes Demo Account Yes Feesfrom $ 3.5 Spreads from0.6 to 1.7 pips CommissionNo Institutional AccountsNo Managed AccountsNo Maximum Leverage1:888 Minimum Deposit$5 USD Open an Account Click Here     Pros Cons Licensed and Regulated (ASIC, Cyprus Securities and Exchange Commission & IFSC)No banking licenseNo banking licence Tight spreads availableIncreased spreads on the Micro and Standard accounts 55+ Currency pairs to trade withNo 24/7 Customer support   Overall Rating 4.8/5 Rated #68 ofRecommended FX Brokers Minimum Deposit USD 5 Regulators IFSC, CySec, ASIC Trading Desk Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform ₿ Crypto Yes Total Pairs 57 Islamic Account Yes Trading Fees No (Just spread) Account Activation Time 24 Hours Visit Broker XM Open a Real Account     iFXOption   iFXOption is a clear fraudulent provider as no information about the broker or any regulatory status could be found.   iFXOption Alternative – Pepperstone   Overall, Pepperstone can be summarised as a credible and trustworthy broker. Pepperstone is considered low-risk to medium-risk. Pepperstone offers competitive trading fees and pip spreads which gives it an overall trust score of 92 out of 99.   Broker Pepperstone RegulationFCA, ASIC and AFSL AFSL No414530 FCA no684312 Demo Account Yes Minimum Deposit$10 USD BonusNo Islamic account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:200 Open an Account Click Here     Pros Cons Account opening is fast and fully digitalOnly Forex, CFDs, and crypto Majority clients belong to a top-tier authorityHigh bank withdrawal fee outside EU/Australia Low Forex and equity index CFD feesHigh financing rate for CFDs Low non-trading feesBasic news flow, no fundamental data No deposit feeDoes not hold a banking license Great customer serviceNot listed on the stock exchange Seamless and free deposit and withdrawalFinancial information not publicly available   Overall Rating 4.9/5 Rated #54 ofRecommended FX Brokers Minimum Deposit USD 200 Regulators ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB Trading Desk MetaTrader 4, MetaTrader 5, cTrader and TradingView ₿ Crypto Yes Total Pairs 60+ Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Pepperstone Open a Real Account Open an Affiliate Account     GoldFXTrading   GoldFxTrading is not a secure Forex broker and does not hold a valid license in any form. GoldFxTrading has been flagged as a scam by traders and regulators alike.   GoldFxTrading alternative – XTB   XTB can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.   Broker XTB Min. Deposit RequiredNone Min. Deposit Recommended$100 USD / R1600 ZAR Inactivity Fee$10 USD / R160 ZAR Demo Account Yes Spreads from0.1 CommissionsPro Account Sign Up Bonus Yes Open an Account Click Here     Pros Cons Award winning platformPoor email support Negative balance protectionLimited product portfolio, mostly CFD and FX Easy and fast account openingDoes not hold a banking license Regulated by top-tier FCA Broad range of educational materials   Overall Rating 4.6/5 Rated #69 ofRecommended FX Brokers Minimum Deposit USD 250 Regulators FCA, CySEC, IFSC, KNF Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 48 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker XTB Open a Real Account     GoTechFX   GoTechFx is not a secure Forex broker and has been flagged for fraudulent behavior by multiple regulated entities worldwide.   GoTechFx Alternative – Veracity Markets   Overall, Veracity Markets can be summarised as a regulated and dependable broker with industry-competitive spreads. Veracity markets also offer traders up 55+ currency pairs and 250+ financial instruments. It can be considered a medium-risk CFD trading platform.   Broker Veracity Markets RegulationFSCA Islamic account (swap free) Yes Demo accountNo Institutional accountsNo Managed accountsNo Maximum leverage1: 500 Minimum deposit$250 USD Islamic swap-free Yes Open an Account Click Here     Pros Cons Demo account offeredClients from the united kingdom, australia, belgium, france, iran, japan, north korea, and the usa are not accepted Multiple base currenciesCommission charges in ecn account Multiple languages on offerNo swap-free account No deposit or withdrawal fees chargedSpreads are not tight   Overall Rating 4.6/5 Rated #550 of Recommended FX Brokers Minimum Deposit $250 / ZAR R4 000 Regulators FSCA Trading Desk MT4, MT5 ₿ Crypto Yes Total Pairs 60 Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Visit Website Open a Trading Account     FXIG Trades   FXIG Trades is owned and operated by FXIG Trades Inc. and claims to be located in London, UK. However, FXIG Trades is not regulated or licensed in any shape or form. The FXIG Trades website does not work as intended and it seems that the company is collecting customer information for fraudulent purposes.   FXIG Trades Alternative – Triumph FX   Overall, TriumphFX is considered a low-risk and can be summarised as a trustworthy and reliable STP Forex Broker. Regarding Leverage and Spreads, TriumphFX guarantees standard level ratios. In terms of Fees, TriumphFX offers strategies based on Low Spreads.   Broker Triumph FX Minimum Deposit$100 USD R1600 ZAR RegulationCySEC Trading Platforms MetaTrader4 Instruments Forex Precious Metals Spreads from0.6 Pips Open an Account Click Here     Pros Cons Low Min. DepositMinimal Trading Instruments Negative Balance ProtectionHigh Spreads High-Quality Execution   Overall Rating 4.6/5 Rated #486 ofRecommended FX Brokers Minimum Deposit – Regulators – Trading Desk – ₿ Crypto Yes Total Pairs – Islamic Account No Trading Fees Low Account Activation Time 24 Hours Visit Broker Triumph FX Open a Real Account     TurboForex   TurboForex is owned by TF Trading Ltd., which is an offshore company registered in the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   TurboForex Alternative – Saxo Bank   Overall, Saxo Bank can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. Saxo Bank has an overall trust score of 80 out of 99. Offers traders 60,000+ instruments on selected accounts   Broker Saxo Bank RegulationFCA, Consob, Czech National Bank, Bank of the Netherlands, Monetary Authority of Singapore, FINMA, Bank of France, Central Bank of the UAE, FSA, Securities and Futures Commission of Hong Kong, ASIC Accounts Saxo Account Joint account Corporate account Professional account Portfolio ased Margin account Islamic account (swap-free)No Demo Account Yes Institutional Accounts Yes Managed Accounts Yes Maximum Leverage1:3000 Sign Up Bonus No Minimum Deposit$2000 USD Spread0.0 pips Open an Account Click Here     Pros Cons Impressive trading platformsHigh minimum deposit Wide range of instrumentsNo sign-up bonus Attractive commissions on referralsNo swap-free account is available Well-regulated brokerRelatively high commissions No deposit or withdrawal feesHigh commissions Wide selection of deposit currencies No Islamic Account   Overall Rating 4.5/5 Rated #454 of Recommended FX Brokers Minimum Deposit USD 10 000 Regulators MiFID Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs 170 Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker SaxoBank Open a Trading Account     Swissinv24   TurboForex is owned by TF Trading Ltd., which is an offshore company registered in the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.   TurboForex Alternative – Trading 212   Overall, Trading 212 is considered low-risk, with an overall rating of 7/10. In South Africa, Valbury Capital can be summarised as a reliable and reputable broker that is very competitive in terms of its trading fees.   Broker Trading 212 RegulationFCA, CySEC ad FSC Islamic account (swap-free)No Demo Account Yes Institutional AccountsNo Managed AccountsNo Maximum Leverage1: 300 Minimum Deposit$ 1 USD Open an Account Click Here     Pros Cons Demo accounts availableNot ASIC Regulated Min. deposit from $1Doesn’t allow scalping 40,000 users and tradersDoes not allow EA software Zero commissionInactivity fee Ideal for beginnersShort-selling not allowed Regulated by the FCA and the FSCLimited research selection   Overall Rating 4.3/5 Rated #484 of Recommended FX Brokers Minimum Deposit USD 1 Regulators FCA Trading Desk No Trading Desk ₿ Crypto Yes Total Pairs – Islamic Account Yes Trading Fees Low Account Activation Time 24 Hours Visit Broker Trading 212 Open a Trading Account     Conclusion   Now it is your turn to participate:   Which Alternative Best Broker from this list do you intend to test out? What was the determining factor in your decision to engage with a certain broker? Was it because of the Scam Broker Warning or the Best Brokers’ Pros and Cons?   Regardless, please share your thoughts in the comments below.     You might also like: Pepperstone Review You might also like: XM Review You might also like: Exness Review You might also like: Grand Capital Review You might also like: SuperForex Review     Disclaimer   Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader. Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.     Frequently Asked Questions   What is a Scam or a Fake Broker? A Scam Broker is a Forex Broker with one or many red flags. This includes the lack of regulation, multiple customer complaints, or offers of client compensation that are too good to be true.   Who are the Top 5 Worst Forex Brokers to avoid at all costs? Five of the Worst Brokers in South Africa to avoid include UFX Markets, Tradorax, Trade24, PanaMoney, and HFX.   What is one of the Biggest Red flag when choosing a Forex Broker? The Lack of Regulation by a trusted authority. By law, the activities of legitimate Forex brokers will be fully regulated by an authorized body.   Who are the most trusted Forex regulators across the globe? The main regulatory authorities include CySEC, FCA, and ASIC.   Who are the Top 5 Best Forex Brokers I can put my trust in? Five of the Best Forex Brokers for South African traders include AvaTrade, XM, Axi, HFM, and CMC Markets.     4.1/5 – (53 votes)

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Creator :Louis Schoeman

Published on : 2023-01-16 06:00:25

Source :thenewage

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