Local Forex Trading Platform to choose?

carstensdj

carstensdj

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Hey Forumites.

I'll keep it short and simple... I'm looking at getting back into Forex and Commodity trading again. Please can you guys recommend a decent platform/broker to use, here in South Africa? Something that can work via MT4 would be nice. I'd also prefer to use a platform that supports Rand Currency.

TIA
 
carstensdj said:
Hey Forumites.

I'll keep it short and simple... I'm looking at getting back into Forex and Commodity trading again. Please can you guys recommend a decent platform/broker to use, here in South Africa? Something that can work via MT4 would be nice. I'd also prefer to use a platform that supports Rand Currency.

TIA
Click to expand...
Hi,

I can give you a rand account but you will have to use Protrader as we do not use Metatrader. We are a fully licensed, fully regulated brokerage firm. We do not run a risk book like most other firms. What I mean with we do not run a risk book is that when you place a trade, we do not take the other side of your trade. We do not profit when you lose, and we do not lose when you profit. Send me a DM is you have any other questions.
 
bchip said:
The ones I know off in SA with MT4 are

https://www.fxcm.com/za/ and
https://www.cmtrading.com/

Cant say how good they are, never used them.
I prefer going with the Australian guys, heavy enforced regulations on their side.

Dont go IG....word of caution ;)
Click to expand...
Thanks for your advice bud.

I've ended up going with GT247 and am using a demo account for now, to see if I'm happy with the service. So far, so good...
 
MT4 and Zar - you have limited options. Of those not mentioned above, you have Khwezi Trade and Markets.com. Markets is an international market maker that has now started ZAR accounts, and Khwezi Trade is a local Cape Town-based STP with walk-in appointments. Try https://tradeforexsa.co.za/forex-brokers-south-africa/fsb/ for FSCA regulated brokers.
 
RARCA said:
MT4 and Zar - you have limited options. Of those not mentioned above, you have Khwezi Trade and Markets.com. Markets is an international market maker that has now started ZAR accounts, and Khwezi Trade is a local Cape Town-based STP with walk-in appointments. Try https://tradeforexsa.co.za/forex-brokers-south-africa/fsb/ for FSCA regulated brokers.
Click to expand...
Thanks for the info bud. I opted for GT247 over the MT5 platform... So far so good.
 
bchip said:
The ones I know off in SA with MT4 are

https://www.fxcm.com/za/ and
https://www.cmtrading.com/

Cant say how good they are, never used them.
I prefer going with the Australian guys, heavy enforced regulations on their side.

Dont go IG....word of caution ;)
Click to expand...

Hey Bchip,
I like what you say about the Australian platforms being highly regulated. Can I ask the reason you advised against IG? They seem well respected in the industry. Also it's very attractive having a company that has a South African presence and supports Rand currency.
Otherwise, which Australian platform would you rather advise? I'm interested in both Forex and CFD.
Thanks!
 
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Troy2 said:
Hey Bchip,
I like what you say about the Australian platforms being highly regulated. Can I ask the reason you advised against IG? They seem well respected in the industry.
Click to expand...


Most brokers enter your transaction into the market, they dont take part in the transaction at all.
They simply put your order there and take a fee for it.

With IG Markets you trade against them, which is the same as the way a casino works.
So the profits that IG shows on their books every year is how much money they've taken from their clients.

Would they really be incentivized to help you do as well as you can?
And just like casino's I've seen, whenever you start winning they start closing your account...

This is why their tools arent good and they dont intend on changing it.
 
Troy2 said:
Otherwise, which Australian platform would you rather advise? I'm interested in both Forex and CFD.
Thanks!
Click to expand...

You can use forexpeacearmy to check what others are saying about the company
Pepperstone have been around for some time and are quite well known.
I prefer TradeStation and NinjaTrader because of the software (pepperstone is only MT4/MT5)

Also Most companies dont really have CFD's - with the US its illegal to offer them.
Most proper brokers offer futures, FX and options only.
 
Last edited:
bchip said:
You can use forexpeacearmy to check what others are saying about the company
Pepperstone have been around for some time and are quite well known.
I prefer TradeStation and NinjaTrader because of the software (pepperstone is only MT4/MT5)

Also Most companies dont really have CFD's - with the US its illegal to offer them.
Most proper brokers offer futures, FX and options only.
Click to expand...
Thanks for your response, I really appreciate it when someone who obviously knows what they're doing isn't afraid to help someone else.
 
I tried GT247 recently - their spreads seem quite high. What do people use here?
 
eshwar said:
I tried GT247 recently - their spreads seem quite high. What do people use here?
Click to expand...

which instruments are you referring to which you consider to have high spreads, and have you got something to compare it to?
 
saturnz said:
which instruments are you referring to which you consider to have high spreads, and have you got something to compare it to?
Click to expand...
Sorry I should have been specific. I was looking at USD/ZAR. Saw spreads of 500 pips. Seemed quite high to me. Of course it wouldn't be near anywhere like EURUSD spreads.

I looked at xtb.com their stated spread is 140 although the actual one was sitting at 400 or so.
 
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