Brokers often use first deposit bonus and non deposit bonus to entice traders as to register and deposit with them. Often it becomes difficult to withdraw after the initial deposit and making profits too. South Africa traders and other traders are therefore advised not to be blinded by these bonuses in choosing a broker. And to always follow Wikifx ratings and approval while choosing a broker.
Some Forex brokers offering bonuses to South Africans and Wikifx review on them.
Tickmill
This broker was founded in 2015. According to Wikifx findings, Tickmill South Africa (Pty) Ltd, FSP 49464, is regulated by the Financial Sector Conduct Authority (FSCA) (Registered Office: The Colosseum, 1st floor, Century Way, Office 10, Century City, 7441, Cape Town).
Tickmill in UK is regulated by the Financial Conduct Authority (Registered Office: 3rd Floor, 27 – 32 Old Jewry, London EC2R 8DQ, England), Tickmill Europe Ltd, regulated by the Cyprus Securities and Exchange Commission (Registered Office: Kedron 9, Mesa Geitonia, 4004 Limassol, Cyprus). In Malaysia Tickmill is regulated by Lauan Financial Services Authority (LFSA),
Presently this broker is offering a 10% deposit bonus to all South Africans to deposit with them for this season of Christmas.
This broker had scored 7.66/10 according to Wikifx ratings. However, there is still a lot of withdrawal complaints and extra charges placed on withdrawal coming from different investors with them. Wikifx has not strongly recommended this broker based on these complaints.
FBS
FBS broker is a partner with Barca FC. This broker is presently offering up to $40 as a non deposit bonus for new traders in South Africa to begin their trading journey and to withdraw only the bonus earned from this money.. This broker however according to Wikifx findings is regulated by CYSEC as a Market Making broker. And also regulated offshore by International Financial services commission (IFSC).
FBS according to Wikifxratings had scored only 2.32/10 (2.32 out of 10). Following a lot of negative complaints about this broker especially from clients who deposited with them in the past. Traders have confessed their inability to withdraw the profits earned from these bonuses including the ones they deposited themselves. Wikifx has not in any way recommended this broker for South African traders. Traders are therefore warned to stay away from them.
XM
XM according to Wikifx findings is a fully regulated broker operating in South Africa, regulated by CYSEC, ASIC, FSA, DFSA, IFSC.
This broker is one of the strongly recommended according to Wikifx ratings scoring a total of 8.99/10 from the survey.
At present XM is offering a $30 bonus to South Africa traders this season subject to some terms and conditions.
South Africans traders are advised to choose this broker out of the very many available as their services has been confirmed by Wikifx.
NAGA Trader
This broker is currently offering up to 30% sign up bonus to South Africans. With a lot of conditions for withdrawal attached to it.
Wikifx has found this broker to be unregulated with many suspicious claims to regulation. This broker had scored only 1.38/10 according to Wikifx ratings. This is really a very low score.
Wikifx has not in any way recommended this broker as a lot of fraudulent practices has been found about them including inability to withdraw after depositing.
South Africans traders are hereby warned to stay away from this broker.
Above all, a lot of different brokers seem to be going by the name Naga. Traders must remain cautious to always distinguish them.
InstaForex
This broker is presently offering to South Africans a 30% deposit bonus and up to $500 non deposit bonus with a lot of terms and conditions attached to it for withdrawal.
This broker has been found to be unregulated with mere suspicious claims from Wikifx surveys.
InstaForex has scored a very low mark of 1.05/10 according to Wikifx ratings.
Similarly, a lot of scams, complaints, difficulty in withdrawals and manipulations have been traced to them.
Wikifx therefore does not in any way recommend this broker for South Africans.