Forex trading is spreading throughout the world. Due to the growth of Forex, many brokers are stepping into the market. Governments keep an eye on the brokers to ensure there is no scam. Additionally, Forex brokers are financial institutions. Hence, the government has to deploy resources for the safety of the public.
In our article, we will review some promising FSB-regulated Forex brokers in South Africa.
FSB regulated Forex brokers in South Africa – Reasons
A new South African trader must wonder about the reasons for FSB regulations.
FSB stands for Financial Security Board of South Africa. The Board looks over the brokers to ensure a lawful process.
Government has to keep an eye to stop corruption. Some brokers can also fraud the traders. That is why the government regulates these brokers through FSB.
Moreover, money laundering and terrorism funding are some other serious concerns. Hence, FSB restricts FSB-regulated Forex brokers in South Africa from instant international funding and third-party deposition and withdrawal. Brokers have to require verification as well.
Top FSB regulated brokers.
To assist our traders, we have compiled a list of the best FSB regulated brokers;
- FP markets
Let’s jump into the reviews of these brokers.
FXTM is an efficient Forex broker in South Africa. The broker was established decades ago. FSB regulates FXTM. Hence, you get all the benefits of trading with a regulated broker.
FXTM offers minimum deposit rates starting from 10 USD. For local traders, FXTM offers deposit rates at 150 ZAR. Most international brokers require high deposit limits, around 100 USD. Hence, FXTM is a good broker for local traders.
MT4 is the industry-leading Forex platform. MT4 offers security and functionality. FXTM runs its trading platform on MT4.
There are no updates about upgrading to MT5.
FXTM has a 24/5 customer support system. You can reach their support team on different social media platforms as well.
The support agents are educated and well educated about the issues.
HotForex is a robust Forex broker. The FSB also regulates this broker. Thus, you can expect the same security features.
The minimum deposit limit of HotForex is 50 USD. Their limitation is higher than average brokers. However, if we consider the quality of their service, 50 USD is justifiable.
HotForex operates on the MT4 trading platform. MT4 is the leading and most trusted forex broker. The HotForex web trading platform is easy to use. There is support for four different languages as well.
HotForex provides a 24/5 support system to its traders. The support system is efficient.
XM is one of the best brokers in South Africa. XM offers instant trading options at good rates.
The XM minimum deposit is 5 USD. For local brokers deposit limit is set at 75 ZAR. Hence, it is a good trading option for local entry-level traders.
XM offers both MT4 and MT5 trading platforms. MT4 is the more prevalent platform in Forex trading. However, MT5 has more trading tools and features. MT5 is still not widely adopted in Forex trading.
XM has a decent support system. It is not the best, but it gets the job done.
If you are trading locally, then FSB-regulated Forex brokers in South Africa should be your top priority to change with.