Khwezi Trade Review: Best forex brokers in south Africa
With some of the lowest spreads in South Africa, negative balance protection for accounts, and competitive minimum deposits, Khwezi Trade is a truly South African forex broker that is renowned for its thorough trading solutions. In the list of best forex brokers in south Africa country the Exness and XM both are in top.
South African traders can open ZAR accounts with Khwezi Trade and benefit from the ability to make deposits using EFT and other methods through a number of reputable South African banks. Despite their trading background or the various trading tactics they employ when trading forex academy, traders can take advantage of Khwezi Trade’s competitive spread and its solutions.
Khwezi Trade provides customer service in English, Afrikaans, Zulu, Sotho, and Khoza in addition to a variety of assets.
Khwezi Trade provides customer service in English, Afrikaans, Zulu, Sotho, and Khoza in addition to a variety of assets. South Africa’s Financial Conduct Sector Authority (FSCA) has strict regulations in place for Khwezi Trade as well.
Khwezi Trade Account Opening: A Step-by-Step Guide
The applicant will begin the procedure by visiting the Khwezi Trade Website. They can do this by clicking the Open Account button on the landing page, which is in the top right corner.
The applicant will be taken to the Open Account Page after clicking the Open Account button.
1. The first step is general data.
The applicant will be needed to complete a form with their general information on this page.
Name, last name, a working email address, and the acceptance of terms and conditions are required before proceeding.
2. Contact details in the second step.
The provision of current and accurate contact information to the broker is the second stage in the application procedure. All the forex trading platforms uk consider all account validations on their platform.
Step 3: Decide on Citizenship
The applicant might indicate whether they are a citizen of South Africa or another country here. Depending on the choice made, this step’s information requirements may change.
Step 4. Employment and financial information
The applicant will need to provide information regarding their employment status and financial situation in the fourth phase.
Step 5: Declaratory Step 5
The applicant must confirm that all the information provided is true once all the required fields have been filled in. The following email will be sent to the applicant after they have signed the Declaration.
Khwezi Trade’s sign-up bonuses and special offers change from month to month, and customers can check the website for the most current deals. Khwezi Trade is rumored to provide a $30 USD / R500 ZAR credit incentive for opening a new, live trading account as of the time of publishing (2022).
The Sign-Up Bonus requires a minimum deposit of R1000, and R2000 for first-time depositors. A maximum of R 5000 in bonuses will be given for deposits over R 50 000.
Khwezi Trade Is It Safe?
Khwezi Trade, a reputable South African broker situated in Cape Town, was established in 2013.South Africa’s Financial Services Conduct Authority oversees its parent business, Khwezi Financial Services. It also just obtained its ODP license, becoming the second broker in South Africa to do so. Details regarding its authorization can be found below:
Khwezi Financial Services, a licensed provider of financial services, has a division called Khwezi Trade.
An FSCA-authorized OTC derivatives provider is KhweziTrade. In December 2021, it became the second broker in South Africa to get an ODP license. Considering the regulatory changes and complexity of the local legislation, this is a great accomplishment. Although the FSCA is generally regarded favorably, its regulations are not as stringent as those of the authorities in the UK and the EU. According to the 2022 review only a few forex trading platforms uk considered as a scam.
For instance, the FSCA mandates that brokers retain client funds in segregated accounts but does not require them to offer negative balance protection, abide by leverage rules, or cover client funds through compensation plans. Trading Fees When compared to other brokers, Khwezi Trade’s CFD trading fees are standard.
Khwezi Trade has a variety of account kinds, like the majority of other forex brokers, with higher minimum deposits associated with tighter spreads and greater bonuses. Although MT4 Spreads is the tab where Khwezi Trade posts its spreads, it is not clear to which account these spreads apply. The average spreads for the EUR/USD for each of its account types are, however, published.
The accounts of Khwezi Trade were evaluated in order to contrast the prices with those of other brokers. Based on trading fees for one lot (100 000 USD) on the EUR/USD, including spread and commission, the costs were assessed.