Also review how many currencies the broker supports so you can easily diversify, and hedge risk with other currency pair combinations. The Pro Account has no extra commission charges, and the spreads are also quite low. For example, as you can see from the above screenshot, the spreads for EUR/USD is 0.6 pips & 0.5 pips for GBP/USD. You should go online to places like the app store and read what others have to say about the broker.

1. ECN Brokers are characterized by lower spreads and high commissions, since their revenue mainly comes from commissions.
2. ODP licensed brokers meet higher minimum capital requirement standards and are more trusted locally.
3. Beginner traders will find it easy to deposit and withdraw from Lime Fx and be able to trade with tiny amounts of capital.
4. Theplatforms come equipped with all the necessary tools and features aprofessional trader needs to trade successfully.

Which are the Best Forex Brokers in South Africa?

Lime Fx has done a great job of publishing research &education, and it is visible that plenty of effort and resources are dedicated,especially in the research section. During events of high volatility, sudden price movementsmay occur, and margin calls or stop loss may not function correctly, whichcould lead to a negative balance in the account. Under Lime Fx policies, the clientis not liable to pay back a negative balance. Withdrawal methods are the same as the deposit methodsexcept that the e-wallets available for withdrawals are limited to Skrill &Neteller. This account type is the same as the Premium or Zero SpreadAccount but follows Islamic law and therefore is a swap-free account. Get the competitive edge you need to place trades and manage your positions.

Compare Trading Accounts

However, expert traders would have preferred Raw Spread Accounts & more trading platforms like cTrader, TradingView, & a Web Trader. To compare the trading platforms of both Lime Fx Group and Lime Fx, we tested each broker’s trading tools, research capabilities, and mobile apps. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker’s commissions and fees, we found that Lime Fx offers better pricing overall for traders. Lime Fx offers an extensive range of over 150 tradeable assetsto its clients.

METATRADER 5 (MT

Beware of brokers who try to manipulate spreads by widening them even when there is no volatility in the market. Always compare spreads offered by other brokers to the acceptable industry average. Exness is in South Africa as a licensed Financial Service Provider (FSP) offering low-cost trading to beginners using their Standard Account lineups. They also offer great trading conditions for professional traders with Raw Spread Accounts.

Forex Risk Disclaimer

Below is an example of the live spreads at Exness broker with their Pro Account on their MetaTrader 4 platform. Spread is the difference between the bid/ask (or buy/sell) price quoted on the brokers website or trading platform. When most brokers don’t charge commissions, the spread is always wider and vice versa. If a broker claims to charge zero commission and zero spread, be careful as it could be a scam. The spreads with Ultra Low account are quite low, and their customer support is also okay.

MetaTrader 4 Trading Platform

Lime Fx is a forex and commoditiesbroker and is the brand name of HF Markets Group. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified limefx forex broker opinions of our expert researchers. Each year we publish tens of thousands of words of research on the top forex brokers and monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

AWARDED BEST TRADING ACCOUNTS

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Recent Canadian inflation data for April indicated a cooling of price pressures, aligning with analysts’ expectations.

Lime Fx is an online trading brand with high prestige in thefinance world, with certifications and awards to substantiate theirreliability. They are a well-regulated STP broker with awards for its clientprotection and product offerings. MetaTrader 4 (MT4) is the most popular platform for online trading in the forex, CFD and futures markets. It offers advanced charting, customizable indicators and automated trading strategies, as well as a wide range of trading instruments and a large online community for support and education.

The website is operated and provides content by HF Markets (Europe) Ltd. No HE with registered and office address at Spyrou Kyprianou 50, Irida 3 Tower 10th Floor, Larnaca 6057, Cyprus. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.

Similarly, Exness have very low fees with their Pro account, with a typical spread of EUR/USD on 0.7 pips. Major currencies like the EUR/USD should have tight spreads so do a comparison to see what other brokers offer the lowest spreads. If a broker offers lower than 1 pip spread for EURUSD, then it is considered low. But if the spread is higher than 2 pips for major like EURUSD, then it is high.

MT5 provides advanced charting features, including multiple timeframes, technical analysis tools, and custom indicators and supports automated trading through the use of Expert Advisors (EAs). MT5 also supports a wide range of order types, including market orders, pending orders, stop-loss, and take-profit orders, providing greater flexibility in executing trades. Traders have access to a more diverse range of trading instruments including forex, other CFDs and futures markets. The platform has a large user community and an active marketplace for custom indicators and EAs, making it easier for traders to find the tools and resources they need to succeed.

However, if you are not trading up to a standard lot of 100,000 units, you pay lesser commission. Example you pay $0.3 per side for a mini lot (meaning 10,000 units). If your broker says $3 per side per standard lot, you pay $6 (double that) to open and close a trade involving a standard lot (meaning 100,000 units of CFDs). MetaTraders on Lime Fx can download free technical indicator tools that are exclusive to Tickmill only. Tickmill offers MT4/5 trading toolkit which you can download and plugin to Mt4/5 for better functionality. Domestic Regulation – AvaTrade is in South Africa & is licensed by the FSCA to offer financial services in South Africa.

Exness downside is that their customer support is not as beginner oriented as we would have expected. Based on our research on the regulatory status of over 60 brokers, we’ve found that Lime Fx Group holds 4 global Tier-1 licenses, while Lime Fx holds 2. We’ve made it easy to compare the best forex brokers, side-by-side. Our editorial team has collected thousands of data points, https://limefx.group/ written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Our research is unbiased and independent; learn more about how we test. In our analysis of 23 international regulators across 62 of the best forex brokers, Lime Fx Group is considered low-risk, with an overall Trust Score of 88 out of 99.

The AUD/JPY pair sees a spread of 2.8 for Lime Fx, while the industry average is 2.31. We collected data from the websites of 50 different brokers so we think this sample size provides a fair base to calculate industry averages. Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site. Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry.

If you want a program that has the fundamental features you need to trade without superfluous features that some competing platforms tend to have, then MT4 is an excellent choice. Just know that it is not the best option for stock trading, for this, you are better off using its more powerful successor MetaTrader 5. Three are aimed at beginner to intermediate traders, with a separate pro account designed for more experienced traders.

No commission involved, but you have to account for thevariable spread (a benchmark figure of 1.3 pips). You can trade a maximum of 7Lots per trade up to a maximum number of 150 orders. MetaTrader 4 is also available on mobile devices through its mobile trading app. The mobile app offers many of the same features as the desktop version, including real-time quotes, advanced charting, and automated trading using EAs. The mobile app also offers the ability to receive push notifications for price alerts and other events, enabling traders to stay connected to the markets even when away from their desks. Lime Fxarketsis a good forex broker for beginner to mid-level forex trading in South Africa.