Best forex broker in South Africa

Do you want to find the Best South African forex brokers? While the FSCA regulation is essential when choosing a Forex broker, it’s not the only factor you should consider. South African citizens are not legally obligated to trade with FSCA-regulated brokers. Only the best Forex brokers in South Africa are included on our list. Our broker reviews are constantly updated to ensure traders have the best brokers available. Each Forex broker listed will have either a demo account or a bonus account to allow you to know more about the trading platform. Many reviews will highlight Forex brokers that offer ZAR account options. This is ideal for trading Forex in South Africa.

plus500 vs. eToro

Plus500 was discovered in 2008. We consider them safe for South African traders because they are regulated by two top-tier regulators and are publicly listed. The spread at Plus500 is variable and depends on the instrument traded. However, we found it very competitive for many CFD instruments. Their minimum deposit is R1500, and withdrawals are free. The platform is straightforward to use and user-friendly. It is only available for desktop users. Their support is excellent compared to other brokers. 

eToro Security vs. Plus500: Security

The security of your funds is crucial when you invest in or trade cryptocurrencies. Scammers, hackers, and fraudsters will pursue your hard-earned cash relentlessly. The security of cryptocurrencies is a precious asset today. Neither eToro nor Plus500 has been subject to a significant security breach. This means you want to know that your funds are safe in brokerage accounts. However, this does not mean you are responsible for protecting your investments.

Plus500 vs eToro both offer 2-factor authentication or 2FA. When you log in to your account from a new device, 2FA will require you to verify your phone number, email address, and Google Authentication app. Even if your password has been compromised, malicious parties may still need your phone number or email address to log into your account.

eToro makes it possible to withdraw funds via bank transfer, credit/debit card, or PayPal. It is highly secure and offers 24/7 customer support in case of any withdrawal issues. These channels are also available to Plus500 for withdrawals.

Also Read: Best UAE Forex Brokers with Local Regulation

The Right Broker for You: Which Country and Where are the Supported Countries?

Online brokers such as eToro or Plus500 have their regulations regarding financial services. A broker’s availability of services depends partly on where the broker is located and partly on the investor’s country. eToro offices are located in the UK, US, and EU. This means you can access their services from any country around the globe. Plus500 has offices in Australia, Cyprus, Seychelles, and Singapore.

Regulation

eToro, a fully regulated broker licensed by the FCA (UK), CySEC (EU), FinCEN (US) and ASIC in Australia, is approved by eToro. The platform can be considered an authorized financial service provider because it has been subject to scrutiny by the most stringent regulatory agencies in the world. This is one of its key features, which has made it a market leader for 14 years. The United States authorities are known for being resistant to any financial service, particularly regarding cryptocurrencies. eToro’s compliance with these regulations is a testimony to its legitimacy.

Plus500 is not licensed in America but is fully regulated in the UK, Australia, Singapore, and Israel. Plus500 is an excellent choice for Asian traders. 

Plus500 and eToro are covered by the UK’s Financial Services Compensation Scheme. The platforms offer additional security and confidence for trading.

Who offers the best customer support?

Plus500 and eToro offer exceptional customer support, which is why they have been so successful over the past decade. If you’re a member of eToro Club, you have access to a live chat service where you can chat with an operator online using a text chat. You must have at least $5,000 in your account across investments and cash. 

Plus500 has a traditional ticketed support service, as well as a live chat option that is available to all users. This feature allows traders to get reliable support 24 hours a day, which is a great asset to the platform.