Choosing the right forex broker can have a significant impact on the success of your trading career.
In this article, we will review and compare the 5 best forex brokers that offer synthetic indices and other instruments
Why is it important to choose the right broker
Trading currencies or synthetic indices can be very profitable if you do it the right way.
The industry is extremely huge with about 6 trillion dollars estimated to be traded every single day
But since trading deals with direct deposits and withdrawals of money, there are always chances that some people in the world are trying to find ways to get their hands on your hard earned money
It is very important to choose the right broker so that you will never get into any problems with your money in the future.
What to look for in a good broker
A good broker should offer at least these things.
The first one is the payment methods which is very important especially considering that most banks in this region do not allow online payments.
The next thing is their customer support. You know how easy is it to have problems with your money and you will need customer supported.
The next thing you need to look for is their experience. You don’t want to join a broker that’s new to the market
You also need to kook for social proof that people really use this broker that your are choosing
The best overall
Let’s use the best for the first here…
Deriv is one of the best brokers in this region and its the only one offering synthetic indices. It have the most user-friendly trading platforms that include DTrader, SmartTrader, Dbot and DMT5
All these platforms work in different ways but they are kind of the same in UserInterface and the way they work. This makes it easier for traders to understand them really easier
Deriv also offers different account types.
These accounts include the Demo Account, Deriv Fiat Account and the DMT5 accounts.
These accounts are for different types of traders. If you want to trade options then you will go with the Dtrader platform.
If you want to trade CFDs/Forex and Synthetic indices then you can check out the DMT5 account.
Deriv offers different payments methods
Payment methods is one of the biggest thing that breaks or makes a traders career in this region. We all know how difficult it is to make online transfers in Africa or Asia.
The main reason why most people choose Deriv is because they have problaby the best payments methods in Africa.
Their payments methods to deposit and withdraw from your accounts ranges from MasterCards and Visa, Ewallets like Skrill or Stripe and also bank transfer
But the most noticed payment methods are the Dp2p and Payment agents.
These 2 methods allows you to pay using your local payment methods like Ecocash,Mpesa or any other methods. This happens when you make transfers by exchanging money with fellow Deriv traders
So by exchanging money with fellow traders, it simply means that if you want to deposit to your Deriv Account, you only have to find a trader who want to withdraw so that you can send your money to him and he transfer money from his account to yours.
If you want to learn more about Dp2p and how it works then click here
In term of experience, they have been around since 2000 and they rebranded from Binary.com to Deriv.
And when talking about social proof, Deriv have a rating of 4.4 out of 5 in the trust pilot review app. This means that most people in the world trust Deriv and they rate them pretty high
Deriv also have the ability to use robots in your trading. Their Dbot trading platform allows you to build a trading robots from scratch even if you don’t have experience in coding
When it comes to experience and regulations, Deriv is well regulated and have been on the market since 2000. They recently rebranded from Binary.com to Deriv
You can check their regulations on the footer of their website here
Just go into the footer of the website and click on regulations
Deriv is one the best brokers you can join now. Click here to create free account with Deriv
2. IQ OPTION
The second good broker that you can join is called IQ OPTION.
This one offers a wide range of instruments you can trade. This include options trading which is basically when you buy or sell a contract with predertemined risk and reward.
The instruments you can trade on IQ OPTION include Forex, Stocks, Crypto andBinary Option. If you like trading commodities like Rice, you can too.
The IQ OPTION offers different trading platforms like the WebTrader Terminal and MT5. Just like Deriv, you can link up your IQ OPTION account to Metatrader 5 so that you can trade with MT5 since its traders favorite.
When it come to payment methods, IQ OPTION is not easy as DERIV but there are some options that you can play around
These include Debit and Credit cards, Ewallets like Netteler, Skrill, Perfect money and even Crypto Currencies can be used to deposit and withdraw from IQ OPTION.
You can also use bank transfers but in specific countries.
IQ OPTIONs is also regulated and a very popular broker.
They have been on the market since 2003 and have earned a trust on over a million people who now use them.
Just like Deriv, IQ OPTION is another good broker that you can choose.
3. Expert Option
Expert Option is one of the most popular broker in this region. You have probably seen tbeir adverts in popular websites like youtube.com
They offer different trading instruments like forex, metals, crypto currencies and forex indices. They don’t offer synthetic indices though
Expert Option is offers you option trading. This simply means when you buy or sell contracts you will have a limited time to hold them.
You can learn more abouth how to trade options here
Expert Option offers a few trading platforms that you can use
The first one and the most popular is the expert optiom webtrader platform.
This platform is a very clean and user friendly platform that you can use to trade options
You can also trade through their MT5 platform. This means means you will have have to connect your account to the Metatrader 5 platform.
Expert Option offers different types of payment methods. These methods ranges Credit Cards, Debit Cards, Bank Transfers and Ewallets
Their ewallets includes Netteler, Skrill, Stripe among the most used methods
You can check out different payment methods from Expert Option here
According to their website, Expert Option is regulated under the license code
A regulated broker is always safe tp go with compared to non regulated brokers.
The also have been in tbe market since 2014 and they have a lot of testimonials of Youtube and Trust pilot.
The next broker that you can look at is Exness. Exness is a very popular broker and most of their customers are in South Africa.
Exness offers different instruments that you can trade. This ranges form Indices, to stocks to currencies and even crypto currencies. They also fo not synthetic indices trading which on unique to Deriv.
In Exness, you have the opportunity to trade through their trading platform called
This is a user friendly platform that you can useto buy and sell contracts.
You can also trade using Metatrader 5 or Metatrader 4 once you connect your Exness Account to any of these MT platforms
Exness also have been in the market since 2014 and they are rising in popularity in recent years
Payment methods is one of the biggedt thing yoy need to look at when choosing a broker
Their methods include Cards, Bank transfers, Ewallets or Crypto Currencies
Their Ewallets include Skrill, Netteler among the best of Ewallets on the Internet
These are the top brokers in South Africa. If you have any questions about this topic, please comment below