African Forex Brokers

Here’s our complete list of 10 best performing forex brokers in Africa. We have compared their Tier-1 & Tier-2 regulations, fees (spread & non-trading fees), time taken during deposits & withdrawals, trading execution time & support offered. We tested 40+ brokers & then selected the 10 best Forex brokers for Africans that are regulated with FSCA, FCA or CySEC.

Most South African traders choose trading platforms certified by other licensing authorities, the most outstanding being the European regulatory agencies. The most trusted, and most popular, agencies are the CySec (The Cyprus Securities and Exchange Commission), FCA (UK’s Financial Conduct Authority) and ASIC (the Australian Securities and Investments Commission).

History of Forex in Africa

Although some of the traders might know about Forex’s existence since the first beginning of the Internet, it was around for a much longer time. However, the presence of Forex’s can be slightly seen back to the time when the gold was, and it was the standard in the money system of the world, which started in the years of 1875.

However, at that time, not every country has joined this type of trade. It has not passed more than 16 years ago since South Africa started it’s the trading activities of currency. This is near the same time when their local organizations began to give away the money exchange to the offshore brokers through the ways of the self-directed traders.

Moreover, it also happened during the same period that there didn’t exist any regulations that impeded organizations or individuals from starting up their online businesses. Unfortunately, the starting of these activities were not successful since it led to a lot of millions of Rands being lost due to fraud. As a result, the appropriate regulations have been established since then to prevent scams and other unfair things related to money to happen again.

Why is Forex training necessary? In this field, people need time to become professionals. Everyone has to do some exercise, by it as little as it can be. Some of the benefits of undergoing these training include acquiring basic skills where the people can be able to make the right decisions based on the fluctuations in the market and the end, minimizing the possibility of losing money.  Understanding the terminologies that are difficult for the average person and getting the knowledge to make proper judgments is another thing the training offer to people.

With the right skills, a person will tell whether a broker is legitimate or not. The knowledge will also allow a person to work by not having problems with the law.