Forex Brokers In South Africa

How should you compare forex brokers in South Africa, and find the best one for you? In our South Africa forex brokers list, we have taken into account a range of ranking factors, from FSCA oversight to fees and spreads, trading platforms, plus charting and analysis options.

Ultimately though, the top forex broker in South Africa will often be a matter of individual preference. It may come down to access to FX pairs with the ZAR, the platform and app, currency trading using spot markets or per point, or simply ease of use requirements. Follow our comparison guide to find the right South African forex broker for your needs.

Forex Brokers in South Africa

#1 - AvaTrade

AvaTrade offers 50+ currency pairs and their spreads are some of the best among any broker. You can trade majors, minors and exotics around the clock with zero commissions.

"AvaTrade is an excellent broker for traders of all experience levels. Beginners benefit from high-quality education, social trading and a low minimum deposit. 1000+ tradable instruments and powerful proprietary software also make AvaTrade suitable for seasoned traders."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

CFD Trading

AvaTrade offers leveraged CFD trading on a range of asset classes spanning stocks, indices, commodities, bonds, crypto, and ETFs. Traders can speculate on rising and falling prices with low fees and stable platforms in a highly regulated trading environment.

Stocks Trading

AvaTrade is a top-rated broker with access to leading exchanges including NYSE & FTSE. Take positions on leading tech firms like Tesla, Apple and Microsoft with no restrictions and reliable support.

Crypto Trading

Regulated in five continents, AvaTrade offers a secure way to access crypto markets. They offer a great range of digital currencies, very tight spreads, and 1:2 leverage. [Not available in Canada]

About AvaTrade

Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4, MT5, Web Trader, Mobile App, Vanilla Options and Social Trading. 1250+ financial instruments, educational content and multi-language customer support active 24/7. 20% welcome bonus available in allowed countries.

Pros

  • Easy and fast to get started
  • Regulated, award-winning, established and safe
  • AvaSocial app for copy trading

Cons

  • Some withdrawal methods are slow
  • Inactivity fee after three months

#2 - FXCC

FXCC offers leading fees compared to alternatives with spreads as low as 0.0 pips and $0 commission. Over 70 currency pairs are also available, providing more opportunities than most competitors.

"FXCC is a good option for traders looking for wide market access with high leverage up to 1:500 and access to the reliable MetaTrader 4 platform."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 0.2
  • EURGBP Spread: 0.5
  • Total Assets: 70+
  • Leverage: 1:500
  • Platforms: MT4

CFD Trading

Trade currencies, metals, energies, indices and cryptos with flexible leverage. 24/5 customer support is available to assist new clients while the MT4 platform comes with free tutorials and user guides.

Stocks Trading

Trade a dozen major indices, including the Dow Jones, NASDAQ, S&P and DAX. Prices are competitive with zero commissions and a minimum price fluctuation of 0.01.

Crypto Trading

Trade eight of the most popular cryptocurrencies, including Bitcoin, Ethereum and Litecoin. High leverage up to 1:10 is available on BTC and 1:5 on other cryptos.

About FXCC

FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trading executions, spreads from zero pips and no commissions. The brand is also well-known for its welcome bonuses and trading deals, including a free VPS.

Pros

  • Traders Corner Blog and other free educational resources for newer traders
  • No deposit fees except industry-standard mining charges on cryptos
  • Islamic account for Muslim traders

Cons

  • US traders not accepted
  • Copy trading not offered
  • No MetaTrader 5 download

#3 - XM

XM offers ultra low spreads across a range of forex markets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.

"XM will suit traders looking for a trustworthy broker with low fees, access to the reliable MetaTrader platforms, plus excellent market research and education."

- DayTrading Review Team
  • GBPUSD Spread: 1.9
  • EURUSD Spread: 1.6
  • EURGBP Spread: 1.8
  • Total Assets: 55+
  • Leverage: 1:1000
  • Platforms: MT4, MT5

CFD Trading

Speculate on rising and falling prices with leveraged CFDs spanning popular financial markets. Users get low spreads and high-quality market insights to support CFD trading.

Stocks Trading

Trade hundreds of shares in major markets, including the US, UK, Europe and Asia. Traders can go long or short on stocks with commissions as low as $1 per transaction.

Crypto Trading

XM offers crypto trading through CFDs. This means you can speculate on rising and falling prices with leverage. XM offers a good range of cryptocurrencies, including major tokens like Bitcoin.

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted FSC-regulated broker has been well-known for its low spreads and competitive fees on 1000+ instruments. XM offers both the MT4 and MT5 platforms.

Pros

  • Premium research including market sentiment, fundamental insights and strategy builders
  • Accessible trading accounts with a $5 minimum deposit and easy account opening
  • 1000+ instruments including 50+ forex pairs

Cons

  • Traders from the US not accepted
  • $5 inactivity fee

#4 - Vantage

Trade 40+ forex pairs with some of the tightest spreads, including majors and minors. Vantage's deep liquidity pool provides spreads from 0.0 pips. There are also no commissions, deposit fees or hidden charges.

"Vantage is a great option for CFD traders seeking a regulated broker with high leverage and access to the powerful MetaTrader platforms."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 40+
  • Leverage: 1:500
  • Platforms: MT4, MT5, TradingView, DupliTrade

CFD Trading

Traders can speculate on a breadth of financial markets with high leverage up to 1:500. Bet on rising and falling prices in currencies, commodities, indices, shares, and more without owning the underlying asset.

Stocks Trading

Speculate on leading companies in the US, EU, UK and Australia including large brands like Tesla and Apple. Short, medium and long-term trading strategies are catered for, including the use of Expert Advisors (EAs).

Crypto Trading

Trade cryptos including Bitcoin 24/7 with up to 1:200 leverage and zero overnight fees. Various risk management tools are also available, including price alerts and stop losses.

About Vantage

Reliable and affordable trading since 2009. Join over 900,000 others trading on 1000+ CFD products. Trade Forex CFDs from 0.0 spreads on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Crypto supporters will also rate the BTC/ETH account with no deposit fees. Open an account in less than 2 minutes.

Pros

  • Strong reputation with global client base and ASIC license
  • Low minimum deposit of $50 and no funding fees
  • Hedging and scalping strategies permitted

Cons

  • A $10,000 deposit is needed for the best account conditions
  • Cryptos only available for Australian clients
  • Some clients will need to trade with the offshore entity

#5 - IC Markets

Trade currencies with 0.0 pip spreads at one of the world's leading forex brokers. IC Markets is a great choice for serious traders with superior execution and low fees.

"IC Markets offers a top-class environment for traders of all experience levels and strategies. Industry-leading platforms, superior pricing and flexible accounts will meet the needs of both beginners and active day traders."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.1
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
  • Platforms: MT4, MT5, cTrader, DupliTrade

CFD Trading

Trade CFDs 24/5 on popular markets including forex, commodities, indices, stocks and bonds. IC Markets offers deep liquidity, raw spreads and high leverage.

Crypto Trading

IC Markets offer a diverse range of cryptos, with super small spreads. They also offer many cryptocurrencies not available elsewhere, without the need of a virtual wallet.

About IC Markets

IC Markets is a respected multi-asset broker offering premium trading technology, highly competitive pricing and 24/7 customer support. The broker provides various social trading features for beginners whilst experienced traders can enjoy advanced charting and analysis tools. Over 180,000 clients from more than 200 countries have signed up with the heavily regulated and trustworthy brand.

Pros

  • Responsive 24/7 customer support plus an extensive help centre
  • Premium educational resources and trading tools including podcasts, forex calculators and tick charts
  • Low fees with spreads from 0.0 pips and zero commissions

Cons

  • No bonus deals for new traders
  • Two-factor authentication not available for extra account security
  • Traders from the US not accepted

#6 - Forex.com

Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 80+
  • Leverage: 1:200 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

CFD Trading

Go long and short on a range of popular financial markets with intuitive platforms and reliable execution. 99.76% of trades are executed in less than a second with an average speed of 0.02 seconds.

Stocks Trading

Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.

Crypto Trading

Trade major cryptos against USD, EUR, GBP and AUD. All traded with tight spreads. No virtual wallet is required, just a trading account. Cryptos are not available in the US, UK or Canada.

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Pros

  • Low minimum deposit of $100
  • VPS hosting for automated strategies
  • Up to 15% cashback rebates for active traders

Cons

  • Investment offering varies between countries
  • $15 monthly inactivity fee
  • No copy trading platform

#7 - Pepperstone

Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 60+ pairs. The broker boasts an impressive 99.94% fill rate with no requotes or dealing desk intervention. Forex lots start at 0.01.

"Pepperstone is a best-in-class broker. Experienced traders benefit from razor sharp spreads with sophisticated automation tools and over 1000 instruments. Newer traders get user-friendly platforms, rich education materials and 24/7 support."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.2
  • Total Assets: 60+
  • Leverage: 1:30 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

CFD Trading

Pepperstone is a fast and reliable CFD broker with 1200+ assets covering forex, commodities, shares, indices, and ETFs. You can also trade currency indices, which aren't available at many alternatives. CFDs can be traded on four leading platforms with a choice of accounts and base currencies. Expert Advisors (EAs) are also supported for automated trading strategies.

Stocks Trading

Pepperstone offers hundreds of shares covering US, UK, Australian and German stock markets. Traders can go long or short on big names like Tesla with deep liquidity and competitive commissions.

Crypto Trading

Take positions on cryptos like Bitcoin with up to 1:10 leverage. Pepperstone also offers popular altcoins, as well as crypto indices, which offer a holistic view on the digital currency market.

About Pepperstone

Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated firm offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.

Pros

  • Excellent suite of automated trading tools including Capitalise.ai, Smart Trader and API trading
  • Award-winning customer support via telephone, email or live chat
  • Competitive Razor account with tight spreads averaging 0.12 pips for EUR/USD

Cons

  • Cryptos only available for professional clients in some jurisdictions
  • Traders from the US not accepted
  • Limited payment methods for UK clients

#8 - Eightcap

Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and no commissions. The VPS will also serve high-volume, active day traders.

"Eightcap is good for traders familiar with MT4 and MT5 looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits."

- DayTrading Review Team
  • GBPUSD Spread: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 50+
  • Leverage: 1:30 (EU), 1:500 (Global)
  • Platforms: MT4, MT5, TradingView

CFD Trading

Trade over 800 CFDs on popular indices, shares, forex, cryptos and commodities. Clients get premium liquidity and superior execution with servers in leading data centres. Eightcap also offers more choice than most competitors in terms of platforms with MT4, MT5 and TradingView.

Stocks Trading

Trade 500+ US, Australian, and European shares on MT5 or TradingView. Bet on rising and falling share prices while using leverage to bolster potential profits. On the downside, fractional shares aren't offered.

Crypto Trading

Eightcap offers over 100 crypto-backed derivatives, more than many rivals. Bitcoin spreads are also lower than most brokers coming in at 12, while the market scanner is a unique and powerful trading aid.

About Eightcap

Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.

Pros

  • Good for day trading with ECN pricing, a forex VPS and automated trading software
  • AI-powered economic calendar with top-level insights, in partnership with Acuity
  • Raw spreads from 0.0 pips and a competitive $3.5 per lot commission

Cons

  • Demo account can only be extended upon request
  • Only four commodities available
  • Cryptocrusher platform not available for Australian clients

#9 - PrimeXBT

Go long or short on 50 forex pairs including the EUR/USD and GBP/USD with zero commissions. There are plenty of opportunities to buy and sell currencies via margin or copy trading.

"PrimeXBT is great for investors looking to buy and trade derivatives on a wide range of cryptocurrencies. The brand is also a good pick for newer investors looking for copy trading."

- DayTrading Review Team
  • GBPUSD Spread: Variable
  • EURUSD Spread: Variable
  • EURGBP Spread: Variable
  • Total Assets: 45+
  • Leverage: 1:1000
  • Platforms: Own

CFD Trading

Trade CFDs across four asset classes with leverage up to 1:1000. Beginners can also take advantage of the broker's useful technical analysis guides and CFD education, plus 24/7 in-platform support via live chat.

Stocks Trading

Trade major indices, including the Nasdaq, S&P and Nikkei. PrimeXBT offers a powerful platform for technical and fundamental analysis while commissions are amongst the lowest around.

Crypto Trading

Trade popular cryptos with commissions as low as 0.05% and high leverage up to 1:200. Another bonus is that you can join 10,000+ traders in crypto trading contests with real prizes.

About PrimeXBT

PrimeXBT is a multi-asset platform offering highly leveraged trading in forex, indices, commodities and cryptocurrencies. The company launched in 2018 and now has over 1 million users from more than 150 countries. With no minimum deposit, copy trading features and low commissions, the broker has become popular among new and experienced traders.

Pros

  • Easy-to-use copy trading tool
  • The long list of cryptos available provides plenty of trading opportunities
  • High trust score with a secure track record and no client funds stolen

Cons

  • BTC withdrawal fee
  • No regulatory oversight
  • No MetaTrader 4 integration

#10 - OANDA

OANDA offers 68 currency pairs, more than most forex brokers, covering majors, minors and exotics. The OANDA Trade platform also offers powerful technical analysis tools while average execution speeds are fast at 12 ms.

"OANDA will serve traders looking for a trustworthy broker with a beginner-friendly platform, best in class research and straightforward account opening. The $0 minimum deposit makes it especially attractive to newer traders and those on a budget."

- DayTrading Review Team
  • GBPUSD Spread: 1.4
  • EURUSD Spread: 0.8
  • EURGBP Spread: 0.9
  • Total Assets: 68
  • Leverage: 1:30
  • Platforms: MT4, MT5, TradingView, AutoChartist

CFD Trading

Speculate on popular financial assets covering forex, commodities, indices, metals and bonds. Clients can trade CFDs on the award-winning MT4 platform or the firm's beginner-friendly web trader.

Stocks Trading

Over 1600 shares are available from leading stock exchanges, including blue chip firms like Apple and Meta. There are also no commissions on US stocks and traders benefit from free expert insights and market reports.

Crypto Trading

OANDA offers trading on leading cryptocurrencies, including Bitcoin. We rate the low fees which start at 0.25% and that you can place trades in the app hassle-free.

About OANDA

OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It has proven a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

Pros

  • The $0 minimum deposit will appeal to newer traders
  • With 68 forex pairs the broker will serve active forex traders
  • No restrictions on trading strategies with scalping, hedging and netting permitted

Cons

  • High-volume traders get limited fee rebates or perks
  • Weekend customer support isn't available
  • There is a narrow range of payment methods with no PayPal

How South African Forex Brokers Work

Forex brokers in South Africa facilitate the exchange of one currency for another. For example, you have ZAR but want to speculate on the comparative value of the USD. As a result, you can turn to an online forex broker to trade the USD/ZAR. In doing so, you are essentially buying one currency and selling the other.

Forex is the most liquid market in the world with a daily trading volume of around 100 trillion Rand. However, the ZAR’s status as an emerging market currency means it comes with less liquidity than developed market currencies, such as the USD, EUR, GBP, or AUD. As a result, forex pairs with a ZAR component are known as ‘exotics’, and usually come with wider spreads, meaning higher costs. The flip side is that lower liquidity often leads to higher volatility, and in turn, greater potential profits.

As we explain in more detail below, the best forex brokers in South Africa will offer access to a wide range of forex instruments, from currency pairs that contain the ZAR to other popular assets, such as the USD/EUR, USD/GBP, EUR/GBP, USD/JPY, and EUR/JPY.

FSCA Oversight

South Africa’s Financial Sector Conduct Authority (FSCA) was established in 2018 as the successor to the Financial Services Board (FSB). The FSCA supports the efficient and stable running of the country’s financial markets while ensuring customers, including retail forex traders, are treated fairly.

Whilst is it not mandatory that forex brokers in South Africa are regulated by the FSCA, a license from the country’s financial watchdog does offer advantages to retail traders. As well as demonstrating a firm’s legitimacy, FSCA-regulated forex brokers must segregate client capital from their operational accounts, protecting customers in the event of broker insolvency.

Licensed firms also have to maintain an office in the country, meaning South African forex traders can access localized support. In addition, FSCA-regulated brokers are more likely to offer forex accounts with ZAR as the base currency, plus local payment methods, reducing deposit and withdrawal fees and facilitating near-instant account funding.

It is worth pointing out, however, that many leading overseas forex brokers accept South African traders. And whilst they may not always hold a license with the FSCA, they are often overseen by tier-one regulators, including the UK’s Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), and the Australian Securities & Investments Commission (ASIC).

These agencies often go above and beyond the FSCA’s requirements, with restrictions on misleading bonuses and caps on the maximum forex leverage available to retail traders. These watchdogs also insist that licensed forex brokers offer negative balance protection, ensuring client accounts do not fall below zero, which is not a requirement under the FSCA.

How To Find The Best South African Forex Broker

Key components to compare when choosing between forex brokers in South Africa include:

Fees

The services that South African forex brokers provide are not free. Costs will be applied through spreads, commissions and rollover fees. Low trading fees are a huge draw, though we wouldn’t recommend choosing these at the detriment of access to stable trading conditions.

Fee structures will differ between South African forex brokers, and even from one account type to another. There are two widely used basic setups:

Of these two fee arrangements, the second is arguably the more transparent. That said, the commission/spread combination may not be the cheapest choice in every instance.

Importantly, spreads can be fixed or variable. Fixed spreads are always constant. ECN brokers may even deliver zero spreads. Variable spreads change, depending on the forex asset, volatility and available liquidity.

Let’s say the ZAR/USD currency pair has a sell price of 17.2324 and a buy price of 17.2409. This means the spread is 0.0085 (17.2409 – 17.2324). On top of that, your forex broker may charge a fixed round-turn commission of 80 Rand.

Daily spreads may only differ slightly among South African forex brokers, but active traders (or even hyperactive traders) are trading so frequently that small differences can mount up and need to be calculated to compare costs.

It is also worth checking for any deposit and withdrawal fees, plus inactivity penalties. In addition, forex positions kept open overnight incur a rollover fee. This fee results from the extension of the open position at the end of the day, without settling. The rollover rate results from the difference between the interest rates of the two currencies. The first of the pair is the base currency, while the second is the quote currency.

Market Coverage

The top forex brokers in South Africa will offer a range of major, minor and exotic currencies. This means you can trade the ZAR, an emerging market currency, with more liquid, established currencies like the USD, EUR, GBP, AUD, JPY, or CHF.

It is also worth reviewing the other instruments offered. Does the forex brokerage offer access to the Johannesburg Stock Exchange (JSE), for example? A diverse portfolio will help you manage risk and generate returns in the long term.

Deposits & Withdrawals

The payment methods offered by South African forex brokers are an important consideration. The top forex brokers that accept South African traders will offer local deposit options and e-wallets, helping to reduce transfer fees while enabling instant account funding.

It could also be worth looking for forex brokers with ZAR accounts. These can save sometimes costly conversion fees if you have to transfer ZAR into a USD-denominated account, for example.

Finally, what is the minimum deposit requirement? Beginners may want an online forex broker with a low requirement of around 200 Rand. High-volume traders, on the other hand, may prefer to pay more upfront in return for lower fees, market insights, and premium analysis tools.

Minimum deposits typically range from 0 Rand to 10,000 Rand.

Account Types

From cash, margin or PAMM accounts, to Bronze, Silver, Gold and VIP levels, South African forex account types can vary. The differences can be reflected in costs, reduced spreads, access to Level II data, settlement or different leverage. Micro accounts might provide lower trade size limits for example.

The key is finding a forex account that compliments your strategy and is compatible with your budget. It is also worth noting that the best forex brokers in South Africa offer free demo accounts so you try before you buy.

Account Opening & Registration

Is it a simple process to open a forex account? Do clients need to be verified? FSCA-regulated brokers, plus firms that hold licenses with other financial agencies, typically have to perform know your customer (KYC) checks in line with anti-money laundering (AML) requirements.

As a result, South African forex traders may need to submit a copy of their Smart ID Card, plus copies of bank statements and utility bills to verify their name, date of birth, and address, among others. Forex brokers that accept South African traders often will not permit real-money investing or approve withdrawals until KYC checks are complete.

Note, the top FX brokers in South Africa will perform these checks within a few working days. An increasing number of firms are also using AI-powered technology to automatically process and review documentation, speeding up the account activation process.

Regulation

As we outlined above, forex brokers that accept South African traders don’t need to be registered with the Financial Sector Conduct Authority (FSCA). With that said, it is best to look for oversight from a top-tier overseas regulator if you don’t sign up with FSCA-regulated forex brokers.

Organizations such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities & Exchange Commission (CySEC), and the Australian Securities & Investments Commission (ASIC) are highly rated. These watchdogs provide access to compensation schemes, negative balance protection and segregated client accounts, among other safeguards.

Note, some of the top forex brokers that accept South African traders hold a legal license with the FSCA and other trusted regulators. AvaTrade for example operates under the name Ava Capital Markets Pty Ltd, regulated by the FSCA. The firm also operates several other entities which hold licenses in the respective jurisdictions they are active, including the ASIC.

Note, offshore regulation – such as licensing provided by Vanuatu, Belize and other island nations – is not trust-inspiring. Beyond a nominally available dispute-resolution system, such regulatory coverage offers zero protections.

Leverage

The FSCA does not limit the amount of leverage available to retail forex traders. Therefore, you may be able to access leverage up to 1:1000 or more. The benefit of high leverage is increased purchasing power and potential profits. However, leveraged trading can also magnify losses.

Note, forex brokers that accept South African traders but that are regulated by European agencies, for example, may impose lower leverage caps of around 1:30.

Bonuses

Again, the FSCA does not impose restrictions on the financial incentives and promotions that forex brokers in South Africa can offer to prospective traders. This means new users can often benefit from no-deposit bonuses or welcome rewards. HF Markets, for instance, offers a range of bonuses, including a 20% bonus program if an initial deposit of ZAR 800 is made.

Note, always review withdrawal terms and conditions before opting into a forex bonus.

Trading Platforms

Many of the best forex brokers in South Africa offer the MetaTrader 4 (MT4) platform. MT4 offers in-built technical indicators, one-click trading, customizable charts, expert advisors, and an economic calendar. MT4 is available through desktop software and internet browsers.

It is also common for forex brokers accepting South African clients to offer MetaTrader 5 (MT5) and TradingView. MT5 is the latest evolution of MT4, with more analysis tools and order types, suiting more experienced traders. TradingView offers powerful charting features and a beginner-friendly interface.

The best forex brokers in South Africa will also offer a mobile application so you can trade on the go. Look out for the full functionality of desktop devices but with mobile-optimized features.

Tools & Features

From charting to futures pricing or bespoke robots, forex brokers in South Africa offer a range of additional tools to enhance the investing experience. Again, the availability of these as a deciding factor on opening account will be down to the individual.

Level 2 (or Level II) data is one such tool, where preference might be given to a brand delivering it. For beginners, copy trading can be an effective way to learn from experienced FX investors.

Customer Support

You need someone to talk to when you run into problems with your deposits, actual investing, or withdrawals. Competent support is a must. From opening an account to helping with the platform, customer support can be important.

The top forex brokers in South Africa will provide responsive customer support options. Live chat is often the most reliable and typically integrated within trading platforms. The best forex brokers in South Africa will offer 24-hour customer service.

Education

Some forex traders benefit from access to education. From guides to classes and webinars, educational resources vary between brands. The best forex brokers in South Africa will organize resources into experience levels; beginner, intermediate and advanced.

Topics can include understanding spreads and fees, or interpreting announcements from the Reserve Bank of South Africa, and their respective impacts on the strength of the ZAR.

South African forex brokers with rich educational materials are a particularly good choice for beginners.

Final Word On Forex Brokers In South Africa

The top forex brokers that accept South African traders offer low fees on currency pairs with the ZAR, alongside reliable tools and fast trade executions. The best brokerages also hold a license with the FSCA or another trusted overseas regulator.

Use our guide to compare forex brokers that accept South African traders. Alternatively, head to our list of the best South African forex brokers based on our experts’ in-depth testing and detailed reviews.

FAQs

How Do Forex Brokers In South Africa Make Money?

South African forex brokers typically make money through a combination of spreads and commissions, plus rollover fees. Spreads can be fixed or variable while a commission is a flat charge per trade. Rollover fees are applied to positions held overnight. Importantly, because the South African Rand is an exotic emerging market currency, FX pairs with a Rand component typically come with wider spreads, meaning higher costs.

Note, the cheapest forex brokers do not always make the top 5 or 10 lists because they fall short in other areas, such as execution speeds and access to tools and markets.

Do Forex Brokers That Accept South African Traders Have To Be Regulated By The FSCA?

The top forex brokers based in South Africa typically hold a license with the Financial Sector Conduct Authority (FSCA). However, there are many leading firms based overseas that are allowed to accept South African traders and hold licenses with other trusted financial agencies, such as the FCA and CySEC. Some forex brokers also do both. AvaTrade for example operates through Ava Capital Markets Pty Ltd, regulated by the FSCA while also holding licenses in other jurisdictions in which they operate, including with the ASIC in Australia.

What Is The Best Forex Broker In South Africa?

This is subjective and depends on the trader’s needs. With that said, key elements to consider are access to suitable forex pairs such as those with a Rand component, low spreads and commissions, access to industry-leading platforms and tools like MetaTrader 4, plus useful extras like copy trading if you’re a beginner. Use our list of the best forex brokers in South Africa to find a suitable provider.

How Much Leverage Do South African Forex Brokers Offer?

The FSCA does not limit the amount of leverage available to South African forex traders. This means high leverage is often available. IC Markets for example offers 1:500 leverage, while AvaTrade offers 1:400.

Note, overseas forex brokers that accept South African traders may offer lower leverage levels depending on their local licensing requirements.

Do South African Forex Brokers Offer Negative Balance Protection?

The FSCA does not require forex brokers in South Africa to offer negative balance protection. However, several good forex brokerages that accept South African traders do offer negative balance protection, including IG, ThinkMarkets and FxPro.

Further Reading