BDSwiss The best forex brokers in South Africa
All transaction methods at BDSwiss do not incur any additional fees for deposits. However, BDSwiss levies penalties for inactivity and withdrawals below the threshold that are made through wire transfers and other means other than credit cards. So its best forex brokers in south africa
In South Africa, there is also no local Internet banking (EFT) option for funding or withdrawals.
We discovered BDSwiss’s support to be solid during our investigation. They are reachable by phone, email, and live chat. However, they currently do not have a native phone number in South Africa.
- With Raw Account, the spread starts at 0 pips and is competitive with Classic Account.
- All funding options are free of additional fees.
- There is a ZAR Base Currency Account.
- A large selection of CFD trading instruments, including 120+ CFDs on Shares, Indices, Commodities, and more than 51 currency pairings.
- BDSwiss’ customer service team responds quickly. Additionally, they offer a chatbot that can provide quick responses to the most common queries.
BDSwiss lacks a Tier-1 Regulation license. Fees on Account Inactivity
- Online bank transfers via South African bank accounts are not available for deposits or withdrawals.
- Fixed withdrawal costs of 10 euros, excluding card reimbursements, for withdrawals of up to 20 euros or less. Withdrawals made via wire transfer that are less than or equal to 100 EUR are subject to the same fees. However, if the sum is greater than these limits, there are no withdrawal costs.
- They don’t have a South African phone number, but you can contact them by calling their international number or asking for a callback.
Our suggested option for a cheap forex broker in South Africa is HotForex. We believe they are secure because they have been licensed by the FSCA (FSP No 46632) in South Africa since 2016 and the FCA (HF Markets (UK) Limited with Reference number: 801701) in the UK since 2019. Among the licenced brokers that we have analyzed and published so far, they provide one of the cheapest trading costs.
A 100% STP forex broker in South Africa is HotForex, often known as HF Markets. They were established in 2010 and are currently subject to FSCA regulation as HF MARKETS SA (PTY) LTD.
HotForex boasts the lowest spread among trading platforms with their Zero account, and there are no fees for deposits or withdrawals. With a Premium account, their EUR/USD spread is typically approximately 1.3 (market conditions may change this), and with a Zero account, it is typically under 0.1 pips (plus R80 Roundturn commission per lot). With all account types, the typical spread for CFDs like XAU/USD is 0.29. Low costs are a strength of HotForex SA!
For South African traders, HotForex offers optional ZAR accounts. You can also choose a base currency account in USD or EUR. They provide 12 trading platforms, including the most recent MT5 and MetaTrader for mobile devices and desktop computers.
HotForex offers excellent funding and withdrawal choices with no fees, as well as an online bank transfer option using popular SA bank accounts for deposits and withdrawals. While bank transfer deposits can be made in as little as 10 minutes, withdrawals can take up to 2 business days. With a bank transfer, the minimal withdrawal amount is R70.
In terms of service, they offer rapid live chat assistance as well as a South African local phone number.
HotForex is also a forex broker UK provides ZAR base currency trading accounts and is regulated by the FCA in the UK and the FSCA in South Africa (FSP No: 46632). HotForex SA offers online bank transfer options through well-known banks for deposits and withdrawals.
- For EUR/USD, the average spread with a Zero Account is 0.3 pips (plus commissions). With both accounts, the spreads for Premium & Micro accounts range from 1.2 to 1.4 pips for EURUSD on average.
- Deposit and withdrawal fees are 0.
- New accounts receive a 100% deposit bonus.
- Extremely responsive live chat support with hardly any wait time.
- Local phone number for help is provided, and your account manager can call you back upon request.
- A broad selection of trading instruments, including 200+ CFDs on commodity, metals, indices, shares, and bonds in addition to 53 currency pairs.
Cons of HotForex
- Wire transfers cost a lot of money and take two to seven days to credit. However, SA offers local bank transfers for withdrawals. Withdrawals made through bank transfers may take two days.
Moderate spreads for accounts with Micro and Premium. Additionally, the commission for other currency pairs with a Zero Account is greater at R110