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9 Most Successful Forex Traders in South Africa

When it comes to countries who produce the most Successful Forex Traders in the world, South Africa is without a doubt the front runner.   The popularity of Forex Trading in South Africa has seen a steady increase over the past decade and the country has become a Financial Investment Hub of note.

  

Choose your quick section of our Forex Traders  in Malaysia below.

9 Best Handpicked Forex Traders in South Africa Revealed:

 

When looking at the Most Successful Forex traders in the world, the list is mainly male dominated, but South Africa is changing the stereotype by offering up not one, but three extremely successful female forex traders.

 

Sandile Shezi

 

Sandile Shezi is a Forex trader who has  a controversial success story. The story may not be unique but is still worth a mention. Shezi decided to start off his Forex Trading career by putting a full years tuition money into the Foreign exchange market.  After his first investment, he was able to make a noteworthy profit which eventually put him at the top of the list of the best forex traders in South Africa. Currently, Sandile owns the Global Forex Institute where he acts as a teacher to young African entrepreneurs. He teaches his students about Forex trading, how to understand the tools and markets, steps to creating a powerful trading strategy and how to become successful in the trade.  Whilst his story has a happy and profitable ending, he advises young traders not to risk any amount of money which is supposed to cover any living costs.

 

George Van Der Riet

 

George Van Der Riet started off his trading career by steadily learning about the Forex Market before making his first investment. George was born and raised in Cape Town, and furthered his studies in Manchester. During his time in the United Kingdom, he worked in financial institutes such as banks and the Forex industry. The experience gained helped Van der Riet to become professional and one of the most successful forex traders in South Africa.  Since this time George has built up an excellent reputation and was offered various job positions by the different South African companies. However, he decided to go at the Forex Market on his own. In 2010 Van Der Riet met Sandile Shezi, who he personally mentored for several years. Currently, George Van Der Riet leads the Global Forex Institute side by side with Sandile Shezi.

 

Ref Wayne

 

Ref Wayne is a South African who is making waves in the Forex Industry. Ref Wayne turned to developing his trading skills due to a lack of career development opportunities. This became his main driving force and he became a multimillionaire at only 22.  Not only is Ref Wayne a leader in the Forex Market but he also created the first South African cryptocurrency named Pip Coin. He puts a lot of time and effort into providing proper financial education to South African entrepreneurs, even going as far as to create the African Forex Institute.

 

Nelisiwe Masango

 

Nelisiwe Masango is the director of a Forex trading company called Bear Run Investments. Following her school career, Masango started learning entrepreneurial management, but soon decided to focus on Forex instead. After Masango became successful in the trade, she established two business enterprises, namely “Female and Finances” which aims to promote financial awareness and security amongst South African woman, and the other “Gentle Hands Agency” – a recruitment agency.

 

Paballo Nkwe and Danielle Lester

 

Paballo Nkwe and Danielle Lester is a extremely powerful female duo in the Forex industry. The due owns  a company together – iSelect Wealth, where they mentor not only individuals but also start-ups, South African forex traders and companies alike. Together they have created models and platforms through the use of technology and financial intelligence. In addition, they have an incubation program, where they visit women in South African Universities, teaching them about the finances.

 

Jabulani ‘Cashflow’ Ngcobo

 

Jabulani Ngcobo acquired his alias – “Cashflow” with very good reason. He leads a very public, flashy lifestyle filled with sleek cars and more. Jabulani Ngcobo is a self-made man with his worth estimated at $2.4 billion.  Aside from being a Forex legend and has also published a biography called “Cash Flow Naked”.

 

 

Simz D’ Mandla

 

Simz is a famous forex trader who made his very first million at the age of 19. At present, Simz D’ Mandla is a sought-after motivational speaker, wealth coach, strategist, serial entrepreneur, philanthropist, forex analyst and active trader.

 

 

Louis Tshakoane Junior

 

Louis Tshakoane Junior reached the heights of success at the age of 30. He is best known as a famous rich kid, who started his business in his teens, working with many high-profile firms such as USB and Lamborghini. His latest venture is known as “Undercover Millionaires”, a platform for the South African youth for showcasing their ideas.

 

 

Shaun Benjamin

 

Shaun Benjamin is a very well-known, 23-year-old forex trader in South Africa who earned his first-ever million at the age of 21. After making a huge profit in the Forex Exchange Market, he left his job and opened the Benjamin Forex Academy.

 

One thing all Successful South African Forex Traders have in common is the use of a Reputable, Regulated Forex Broker.  Forex  is a highly emerging market with vast potential but needs to be approached with caution.  Choosing the wrong broker can lead to a massive loss, and Traders need to do their due diligence when choosing a firm with which to invest.

 

Here is an overview of the 10 Best Forex Brokers and Trading Platforms which accept South African investors.

 

Alpari

 

Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms.  Alpari is regulated by the FSC.

 

Pros and Cons

 

Pros Cons
Transparent Limited Research Tools
Suitable to all trader types
No Deposit Fees

 

Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker.  The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
250 tradable assets Micro Wire Transfer
PAMM Accounts Standard Credit/Debit
ECN E-Wallets
Pro MT4 Cryptocurrency

 

Customer Service is available via live chat, email and phone service.

 

Forex Time (FXTM)

 

FXTM or ForexTime was founded in 2011 and  is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.  FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.  Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2011 Not ASIC Regulated
Regulated by CySEC
Min. deposit from $10

 

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account Payoneer
Low min deposit Standard account Neteller
Offers Negative Balance Protection Zero spread account
ECN account
Islamic account

 

Customer Service is available phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.

 

FP Markets

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Pros and Cons

 

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading benefits

 

Trading Benefits Accounts Offered Funding Methods
Allows scalping Mini Bank Transfer
Allows hedging Standard Credit/Debit
Offers STP ECN Electronic Wallets
Low min deposit STP
Offers Negative Balance Protection Managed

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone and live chat.

 

XM Group

 

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

 

Pros Cons
• Low stock CFD and withdrawal fees • Limited product portfolio
• Easy and fast account opening • Average forex and stock index CFD fees
• Great educational tools • No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed UnionPay
Scalping Allowed WebMoney
Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

Pepperstone

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010
Min. deposit from $200

 

Trading platforms on offer include MetaTrader 4MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit MAM/PAMM account Skrill
Offers Negative Balance Protection Islamic account Payoneer
Neteller

 

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.

 

Pros and Cons

 

Pros Cons
Used by 200,000+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
Min. deposit from $100

 

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

Exness

 

Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

 

Pros and Cons

 

Pros Cons
107 currency pairs. Licensing in the Seychelles –low level of protection
Low commissions Narrow choice of markets.
Zero spread accounts. No instruments for passive investment.
Wide choice of trading accounts Superficial learning and analytical content.
Over 60 base currencies of the account

 

Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.

 

Trading benefits

 

Trading Features Accounts Offered Funding Methods
Low Trading Fees Cent Visa
Allows Hedging Classic MasterCard
Allows Scalping Mini E-wallets
Mobile Trading ECN Perfect Money
One Click Execution FasaPay
Web Based Trading Wire Transfer

 

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC
Min. deposit from $1

 

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.  The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
Offers Negative Balance Protection Islamic account

 

Customer support is available via phone and email.

 

IG

 

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.

 

Pros and Cons

 

Pros Cons
Used by 178,000+ traders Inactivity Fee
Established in 1974 Limited range of instruments
Regulated by Financial Conduct Authority and ASIC
Min. deposit from $250

 

The country of a traders residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs and options.  Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader4.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Payoneer
Guaranteed stop loss

 

Customer Service is available 24/7 via Phone, Live Chat and Email.

 

FXCM

 

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader4, NinjaTrader and ZuluTrade.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 1999
Regulated by Financial Conduct Authority
Min. deposit from $1

 

FXCM offers traders 4 main types of trading accounts to choose from, including  Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

 

Trading benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Payoneer
Low min deposit Islamic account

 

Customer Support is available via Live Chat, Phone, Email and SMS.

 

  

 

Conclusion

 

Forex trading offers a wide range of unique opportunities and these successful South African Forex Traders clearly answer the age-old question – “Can I Make Money from  Forex Trading?”.  As long as Beginner Traders keep in mind that Forex is not a get rich quick scheme, and puts in their time to learn, anything is indeed possible!

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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