Are you searching for the best ECN brokers in South Africa but never found a genuine ECN broker? If yes, then this article is undoubtedly for you.
The foreign exchange, also known as forex, is a global marketplace for buying and selling currency pairs. The forex market is one of the largest and most liquid financial markets in the world, allowing traders to exchange global currencies 24 hours a day, 5 days a week.
However, with so many forex brokers to choose from, picking the best forex trading platform for your needs is not easy. To help you decide, we’ve reviewed dozens of forex brokers on a variety of factors including assets, regulation, trading platform, user reviews, and fees.
We all know that ECN brokers are different from forex traders due to the difference in how they cater to your orders. So, without further delay, let’s delve into the article to further learn about the best ECN brokers in South Africa.
Best ECN brokers List
If you want to get the services of an ECN broker in South Africa, then it is highly crucial to hunt the market and find out the best one. It will surely save a lot of your time and energy. So, here we will enlist the best ECN brokers.
AvaTrade
The first trader that we think is worth enough to be added in the list is Ava Trade. It is one of the most extensive networks as more than 2,000,0000 transactions are made through this network every month. Furthermore, 200,000 active traders are part of this system globally. They have offices in almost 11 countries.The main headquarter of AvaTrade is situated in Ireland.
Pros
- Quick Registration
- Free deposits and withdrawals
- Multiple trading instruments
Cons
- High Inactivity fees
Tickmill
TickMill is another excellent ECN broker. They provide competitive fees if you are using their pro account. It is essential to learn that the minimum deposit for a pro account is $100. Now let’s discuss some of the pros and cons.
Pros
- This platform is regulated with FSCA and FCA.
- Pretty competitive fees in the case of a pro account.
- The execution of the order is quick, even without re-quotes.
- Multiple currency pairs for trading
- Provide negative balance protection
Cons
- CFD trading instruments are less except forex
- Only offer MT4 does not have the latest MT5.
IC Markets
IC Markets is an ECN broker regulated by the prestigious regulator ASIC. Furthermore, it is pertinent to mention here that they have also applied for FSCA regulation. When it comes to trading fees, then it is worth mentioning here that it is low.
Pros
- Regulated with ASIC
- True ECN broker
- No deposit, withdrawal, or inactivity fees.
Cons
- They are not regulated by FSCA yet.
- No negative balance protection.
HotForex
HotForex claims that it gives an STP model for all the orders placed directly in the live market or by their clients. In this way, there is no issue of interest if you take their services. It is a better option to go if the interest is not allowed in your religion, such as Islam.
Additionally, HotForex is the platform having one of the lowest spreads with accounts compared to various other brokers. Let’s have a look at the pros and cons of the Hotforex.
Pros
- FSCA regulates HotForex, so it is safe to use.
- Their charges are extremely low in the case of Zero Account.
- Quick order execution
- Deposit Bonus
- No withdrawal or deposit fees
Cons
- The commission per trade is slightly higher as compared to other ECN brokers.
Final Thoughts
To sum up the discussion, I would like to say if you are trying to find the best ECN broker, then our list of best ECN brokers in South Africa can surely help you if you know any ECN broker that we have missed add in the comments section.
