10 Best Forex Brokers in South Africa
Last Update: March 20th, 2024
This is a complete guide to the Ten Best Forex Brokers in South Africa.
In this in-depth guide you’ll learn:
- Review of the Best South African Forex Brokers
- How to Choose a Forex Broker
- Can I trade with international brokers from SA
- Is Forex legal in South Africa
- What is the Best Forex Trading Platform
And lots more…
Let’s dive right in…
🏆 10 Best Forex Brokers
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
10 Best Forex Brokers in the South Africa (2024*)
- ☑️ Exness – Overall, the Best Forex Broker in SA.
- ☑️ CMTrading – Best Customer Service in South Africa.
- ☑️ HFM – Low Minimum Deposit.
- ☑️AvaTrade – Best Trading App with MT4.
- ☑️FXCM – User-friendly platform in SA.
- ☑️Tickmill – Best Education for Beginners.
- ☑️IG – Award-winning Broker in 2024.
- ☑️Saxo – Best Leading Marker for Professionals.
- ☑️Plus500 – The world’s most popular markets.
- ☑️FXTM – Spread betting opportunities for SA.
Best Forex Brokers in South Africa
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulation | ✔️ Accepts South African Traders |
| Exness | 👉 Open Account | 190 ZAR | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA | ✔️ |
| CMTrading | 👉 Open Account | 1,900 ZAR | FSA, FSCA | ✔️ |
| HFM | 👉 Open Account | 0 ZAR | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | ✔️ |
| AvaTrade | 👉 Open Account | 1,900 ZAR | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC | ✔️ |
| FXCM | 👉 Open Account | 940 ZAR | FCA, ASIC, CySEC, FSCA | ✔️ |
| Tickmill | 👉 Open Account | 1,900 ZAR | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA, DFSA | ✔️ |
| IG | 👉 Open Account | 4,700 ZAR | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA | ✔️ |
| Saxo | 👉 Open Account | 188,000 ZAR | FCA, CONSOB, MAS, FINMA, FSA, FSCA, JFSA, SFC, ASIC | ✔️ |
| Plus500 | 👉 Open Account | 1,900 ZAR | ASIC, FSCA, FCA, CySEC, FSA Seychelles, MAS | ✔️ |
| FXTM | 👉 Open Account | 190 ZAR | FSA, FCA, MAS, FCA, ASIC, CySEC, FSCA | ✔️ |
10 Best South African Forex Brokers
Exness
Who should use Exness?
Exness is ideal for South African traders seeking transparency and competitive trading circumstances. They provide low-minimum deposit accounts for beginners and experienced traders.
What does Exness do best?
South African traders seeking cost efficiency could profit from Exness’ tight spreads and no hidden commissions. They also offer immediate withdrawals, which is convenient. Furthermore, Exness offers ZAR-denominated accounts and local payment methods for deposits and withdrawals.
Where can Exness improve?
Exness could expand its educational offerings to include more South African-specific topics. Increasing their ZAR trading pairs would also benefit South African traders trading directly with their local currency
Exness Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness offers ZAR accounts, saving traders on currency conversion fees | Exness has limited educational material |
| There are flexible account types available | Unlimited leverage can result in the loss of invested funds |
| South Africans can deposit and withdraw in ZAR | The Cent Account is not denominated in ZAC |
| Exness is a reputable and well-regulated broker | |
| South Africans can trade ZAR against major currencies, with spreads from 121.5 pips USD/ZAR |
CMTrading
Who should use CMTrading?
CMTrading is ideal for South African traders looking for a locally knowledgeable broker with customer service tailored to the local market’s requirements.
They provide a variety of account kinds to suit different trading styles and experience levels, making it an excellent alternative for both beginners and advanced traders in South Africa.
What does CMTrading do best?
CMTrading prides itself on giving South African traders convenient local deposit and withdrawal alternatives, such as local bank transfers.
They also provide a copy trading service, which can be very useful for people new to trading or who want to harness the knowledge of more experienced traders.
Where can CMTrading improve?
CMTrading can improve its educational offerings by delivering more in-depth and advanced training resources tailored to the unique needs of South African traders. There is also space to broaden their asset offerings by including more local stocks and indices.
CMTrading Pros and Cons
| ✔️ Pros | ❌ Cons |
| CMTrading is well-regulated in South Africa by the FSCA | Spreads on ZAR-based forex pairs can be wide during volatile periods |
| There are flexible leverage options available | CMTrading does not offer South African CFDs |
| There is a range of markets available to South African traders | There are limited crypto pairs available to South Africans |
| Spreads on USD/ZAR start from 0.0001 pips | |
| CMTrading offers instant withdrawals |
HFM
Who should use HFM?
HFM is intended for a wide spectrum of South African traders, from those just getting started and looking for educational resources to experienced traders who demand various tools and complex account features.
What does HFM do best?
HFM excels at offering a wide range of account types, including those with narrow spreads and high leverage, making it an adaptable option for various trading methods.
They excel at customer service, providing local phone assistance and service in multiple languages, which benefits the South African market.
Where can HFM improve?
There is still space for HFM to improve in proprietary trading platforms, as some traders prefer unique platform features over the standard MetaTrader offers.
They can also improve their market analysis features to provide more detailed, specific insights on South African marketplaces.
HFM Pros and Cons
| ✔️ Pros | ❌ Cons |
| South Africans can open ZAR-denominated trading accounts | HFM offers high leverage, which can be risky for South Africans |
| HFM supports local payment methods for ZAR deposits and withdrawals | HFM’s customer support could be slow during busy market hours |
| Spreads on USD/ZAR are competitive, starting from 79.7 pips | There are limited platform options beyond MetaTrader |
| Spreads on USD/ZAR start from 0.0001 pips | |
| South Africans can expect multilingual support |
AvaTrade
Who should use AvaTrade?
AvaTrade is ideal for South African traders who value a regulated environment and diverse trading instruments. It is ideal for people who want a combination of automated trading platforms and manual trading conditions.
What does AvaTrade do best?
AvaTrade stands out for its extensive platform offerings, which include MetaTrader and AvaTradeGO, as well as its automated trading solutions, such as DupliTrade and ZuluTrade. They are also noted for their extensive teaching tools, which benefit both new and seasoned traders.
Where can AvaTrade improve?
AvaTrade can improve by expanding its local currency (ZAR) account options by adding more retail accounts. Furthermore, offering more regional customer support and market knowledge could benefit South African clients.
AvaTrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade offers exotic forex pairs with ZAR | The educational materials are limited for more experienced traders |
| South Africans can register a ZAR-denominated account | AvaTrade’s full list of instruments is only available on MetaTrader 5 |
| AvaTrade is well-regulated and has a good reputation in South Africa | |
| Multilingual customer support is available |
FXCM
Who should use FXCM?
FXCM is designed specifically for South African traders seeking a broker with decent educational support and a reliable trading platform.
It is especially advantageous for traders who utilize algorithmic techniques because FXCM offers programming services to develop bespoke indicators and strategies.
What does FXCM do best?
FXCM’s platform variety, which includes Trading Station, MT4, NinjaTrader, and algorithmic trading support, are its main features. They also offer thorough research tools and market data, which can be useful to traders of all skill levels.
Where can FXCM improve?
FXCM might provide more local currency pairs to serve domestic traders further, particularly those involving the South African Rand. Improving their customer service by providing more tailored support to South African clients could also be advantageous.
FXCM Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXCM’s spreads on USD/ZAR start from 18.9 pips | FXCM does not offer a ZAR-denominated account |
| South Africans can access a range of trading options with FXCM | There are high fees for withdrawals via bank transfer |
| FXCM is locally regulated in South Africa | The available instruments are limited |
| FXCM segregates all client funds in accounts with top-tier banks |
Tickmill
Who should use Tickmill?
Tickmill is an excellent choice for South African traders seeking reasonable pricing and access to diverse markets. It is ideal for scalpers and day traders because of its low spreads and fast execution.
What does Tickmill do best?
Tickmill offers a straightforward pricing mechanism with minimal spreads and charges, making it an affordable solution for active traders. They also provide various instructional resources and trading tools that benefit new and seasoned traders.
Where can Tickmill improve?
Tickmill could enhance its offer by providing more local payment choices for South African traders, allowing for easier deposits and withdrawals. They might also increase their local customer support to deliver more personalized service to South African customers.
Tickmill Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tickmill’s USD/ZAR spreads start from 0.0 pips, depending on market conditions | Tickmill does not offer a range of local payment methods for South Africans |
| Tickmill offers a ZAR Account | There are fewer localized educational resources and tools |
| South Africans can use several reliable deposit and withdrawal methods | There are limited local South African CFD markets |
| There are several advanced trading tools offered to South Africans | |
| Traders can register a free demo account |
IG
Who should use IG?
IG is suitable for South African traders who value a diverse selection of tradable instruments and global market access and skilled traders who require powerful charting and analysis tools.
What does IG do best?
IG excels at delivering a strong trading platform with a complete collection of tools and resources, making it an excellent alternative for traders seeking a complex trading environment. Their comprehensive market coverage offers chances for trading in asset types other than Forex.
Where can IG improve?
A potential area for IG development is simplifying its fee structure, making it more visible and understandable to all traders. Improving their educational offerings to include more localized information for the South African market may also be advantageous.
IG Pros and Cons
| ✔️ Pros | ❌ Cons |
| IG offers 24/7 customer support to South Africans | IG’s trading and non-trading fees are higher than those of other brokers |
| IG offers some of the best education to beginners | There is a high minimum deposit requirement |
| South Africans can use several reliable deposit and withdrawal methods | |
| South Africans can expect negative balance protection | |
| IG is multi-regulated globally |
Saxo
Who should use Saxo?
Saxo is ideal for expert traders in South Africa who demand diverse investment options and professional-grade trading equipment. It is ideal for individuals searching for detailed market analysis and study.
What does Saxo do best?
Saxo offers a quality trading platform with various tools and research capabilities. They provide a wide range of global financial products and professional-grade trading technology.
Where can Saxo improve?
Saxo can improve by lowering the entry hurdle for new traders, as their minimum deposit is currently substantial. They might also improve their instructional resources to target the South African audience more precisely.
Saxo Pros and Cons
| ✔️ Pros | ❌ Cons |
| Saxo is a well-regulated CFD and Forex broker and licensed bank | There is a large minimum investment amount to access more premium accounts with better conditions |
| Saxo offers a range of markets to South Africans | Saxo’s website could be confusing for beginners |
| Saxo caters to beginners and professionals | |
| Saxo is a transparent and safe broker for South Africans | |
| There are flexible account types to choose from | |
| South Africans can trade over 71,000 instruments |
Plus500
Who should use Plus500?
Plus500 is ideal for South African traders seeking a simple, user-friendly, and intuitive interface for trading various financial assets, such as Forex, CFDs, and cryptocurrencies.
What does Plus500 do best?
Plus500 excels in providing a streamlined trading experience through its unique platform, which is simple to navigate for new customers. They also provide low spreads and transactions with no commissions.
Where can Plus500 improve?
Plus500 might improve by expanding its instructional resources to include more thorough learning materials for novices. Furthermore, the platform might benefit from providing more complex analytical tools to experienced traders.
Plus500Pros and Cons
| ✔️ Pros | ❌ Cons |
| Plus500 does not charge any deposit or withdrawal fees | Guaranteed Stop-Loss Orders come at an additional cost |
| South Africans can trade ZAR against other major and minor currencies | Plus500 charges inactivity fees |
| Plus500 offers powerful proprietary trading software | There are no third-party platforms supported |
| Plus500 offers multilingual customer support 247 |
FXTM
Who should use FXTM?
FXTM is an excellent choice for South African traders looking for easy trading conditions and comprehensive instructional tools catering to beginner and intermediate traders.
What does FXTM do best?
FXTM is well-known for its robust instructional support and detailed market research, useful for traders wishing to improve their trading skills. They also provide variable leverage and several account types to accommodate different trading techniques.
Where can FXTM improve?
FXTM could improve by broadening its product portfolio to cover more diversified asset classes, such as local South African stocks and indices. They could also try to reduce withdrawal fees and processing delays.
FXTM Pros and Cons
| ✔️ Pros | ❌ Cons |
| South Africans can deposit and withdraw in ZAR | FXTM has limited retail account choices |
| FXTM offers instant withdrawals | South Africans cannot register a ZAR-denominated account |
| FXTM has multi-currency accounts | |
| South Africans can choose from powerful desktop, mobile, and web-based platforms | |
| FXTM has a low minimum deposit of 190 ZAR |
How to Choose a Forex Broker in South Africa
When selecting a Forex broker in South Africa, it is critical to evaluate variables relevant to your trading needs and the country’s distinct financial environment.
- FSCA Regulation: Ensure the broker is regulated by South Africa’s Financial Sector Conduct Authority (FSCA) to ensure local responsibility and security.
- ZAR Account Availability: To minimize costly currency conversion expenses, choose brokers who provide South African Rand (ZAR) accounts.
- Local Deposit and Withdrawal Options: Look for convenient local deposit and withdrawal alternatives, such as EFTs, and understand any costs.
- Customer Support: Prioritize brokers who provide accessible customer assistance, including local phone numbers and hours corresponding to South African time zones.
- Reputation and Reviews: Look into local trader reviews and testimonials to determine the broker’s reputation in the South African trading community.
- Risk Management Tools: Ensure the broker provides the essential risk management tools, such as stop-loss orders, to protect your capital.
- Trading Platform: The platform should be user-friendly and include capabilities specific to South African markets. Consider platforms such as MT4/5, which are popular and widely supported.
- Market Variation: Look for a broker that provides a diverse range of products, such as major, minor, and exotic currency pairs, particularly those involving ZAR.
- Educational Resources: Select brokers who offer comprehensive learning materials customized to South African traders.
- Trading Costs: To choose the most cost-effective broker, compare spreads, costs, and swap rates, especially for ZAR pairs.
- Leverage: Understand the leverage alternatives available, as they may be more constrained by local regulations than in other regions.
Conclusion
The compilation of Forex Brokers in South Africa offers a diverse range of features tailored to meet the needs of South African traders, including competitive spreads, advanced trading platforms, regulatory compliance with bodies like the Financial Sector Conduct Authority (FSCA), and robust customer support.
Frequently Asked Questions
Who is the Best Forex Broker in South Africa?
The best Forex broker in South Africa is subjective and depends on the trader’s unique requirements. However, brokers such as CMTrading, Exness, IG, AvaTrade, HFM, and others are well known for their FSCA compliance and personalized services for South Africans.
What is the Best Forex Trading Platform in South Africa?
MetaTrader 4 and MetaTrader 5 are widely regarded as the greatest trading platforms in South Africa, with extensive tools, indicators, and automated trading features appropriate for traders of all skill levels.
Is Forex legal in South Africa?
Yes, forex trading is permitted in South Africa and is overseen by the Financial Sector Conduct Authority.
Who is the Best Forex Broker for Beginners in South Africa?
Brokers like AvaTrade and Plus500 are frequently suggested for beginners in South Africa due to their user-friendly platforms and extensive training resources.
Who is the Best Forex Broker for Professional Traders in South Africa?
Professional South African traders can choose brokers like Saxo and IG, which provide advanced tools, vast market access, and reliable trading platforms.
How is Forex Trading Regulated in South Africa?
Forex trading in South Africa is governed by the Financial Sector Conduct Authority (FSCA), which regulates the non-banking financial services market and ensures that Forex brokers act with openness and integrity.
Can I trade with international brokers from South Africa?
Yes, South African traders can trade with international brokers. However, they are suggested to use brokers licensed by recognized bodies such as the FSCA for enhanced security.
What should I consider when trading Forex in South Africa?
When trading Forex in South Africa, examine the broker’s FSCA regulatory status, the availability of ZAR trading accounts, local customer assistance, and instructional resources suited to the South African market.
Are there tax implications for Forex trading in South Africa?
Forex trading earnings are taxable in South Africa, and traders must report them to the South African Revenue Service (SARS) as part of their income tax reports.
How can I ensure my funds are safe with a South African Forex broker?
To ensure fund safety, select a Forex broker that is FSCA-regulated, provides segregated customer accounts, and has a clear policy regarding client fund protection.
Top 4 Brokers