Best Forex Brokers In South Africa
Discover our selection of the best forex brokers in South Africa. Many of our recommended forex trading platforms cater specifically to South African day traders with regulation from the Financial Sector Conduct Authority (FSCA) and ZAR accounts.
Top 10 Forex Brokers In South Africa
These 5 forex brokers accepting traders from South Africa achieved the highest ratings during our firsthand tests and evaluations:
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1
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
2
XM$30 No Deposit Bonus When You Register A Real Account
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
3
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
4
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
5
FOREX.com20% Welcome Bonus Up To $5000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
6
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
7
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
8
PrimeXBT$100 Deposit Bonus
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
9
IQ OptionRISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
$100.001 Lots1:500CFD, Forex, Crypto, Stocks, Digital OptionsOwnSkrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, BoletoUSD, EUR, GBP, ZAR -
10
IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
Here is a summary of why we recommend these brokers:
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
- Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- PrimeXBT - PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.
- IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
Best Forex Brokers In South Africa Comparison
| Broker | FSCA Regulated | ZAR Account | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit |
|---|---|---|---|---|---|---|
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✔ | - | 50+ | 0.9 | / 5 | $100 |
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✔ | ✔ | 55+ | 1.6 | / 5 | $5 |
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✔ | - | 55+ | 0.0 | / 5 | $50 |
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- | - | 75 | 0.02 | / 5 | $200 |
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- | - | 80+ | 1.2 | / 5 | $100 |
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- | - | 100+ | 0.1 | / 5 | $0 |
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- | - | 50+ | 0.0 | / 5 | $100 |
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- | - | 45+ | Variable | / 5 | $0 |
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- | ✔ | 60+ | 14 pips | / 5 | $10 |
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✔ | ✔ | 80+ | 0.8 | / 5 | $0 |
AvaTrade
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| GBPUSD Spread | 1.5 |
| EURUSD Spread | 0.9 |
| EURGBP Spread | 1.5 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Cons
- There is no ECN account with raw spreads
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- Traders from the US are not accepted
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| GBPUSD Spread | 1.9 |
| EURUSD Spread | 1.6 |
| EURGBP Spread | 1.8 |
| Total Assets | 55+ |
| Leverage | 1:1000 |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
- XM is a hugely respected broker authorized by tier-one regulators
Cons
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme, Demo contests with prizes up to $2000 |
|---|---|
| GBPUSD Spread | 0.5 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
Cons
- Unfortunately, cryptos are only available for Australian clients
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
| GBPUSD Spread | 0.23 |
|---|---|
| EURUSD Spread | 0.02 |
| EURGBP Spread | 0.27 |
| Total Assets | 75 |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Bonus Offer | 20% Welcome Bonus Up To $5000 |
|---|---|
| GBPUSD Spread | 1.3 |
| EURUSD Spread | 1.2 |
| EURGBP Spread | 1.4 |
| Total Assets | 80+ |
| Leverage | 1:400 |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
Cons
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Pepperstone Quick Facts
| GBPUSD Spread | 0.4 |
|---|---|
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.4 |
| Total Assets | 100+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| GBPUSD Spread | 0.1 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 50+ |
| Leverage | 1:500 |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
PrimeXBT
"PrimeXBT is good for beginners looking to trade crypto derivatives among traditional assets like forex and indices. There's also a proprietary copy trading solution for novices looking to learn from more experienced investors. With that said, the lack of regulation means traders will receive limited safeguards."
PrimeXBT Quick Facts
| Bonus Offer | $100 Deposit Bonus |
|---|---|
| GBPUSD Spread | Variable |
| EURUSD Spread | Variable |
| EURGBP Spread | Variable |
| Total Assets | 45+ |
| Leverage | 1:1000 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP |
Pros
- PrimeXBT offers low maker and taker fees coming in at 0.01% and 0.02%, respectively, for crypto futures contracts
- Beginners can access a crypto trading Academy with bite-size resources and YouTube videos
- There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution
Cons
- The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
- The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
- It’s a shame that there are no popular third-party platforms on offer such as MT4
IQ Option
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
IQ Option Quick Facts
| GBPUSD Spread | 5 pips |
|---|---|
| EURUSD Spread | 14 pips |
| EURGBP Spread | 15 pips |
| Total Assets | 60+ |
| Leverage | 1:500 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP, ZAR |
Pros
- iOS & Android compatible app
- Access to IQ Option community
- User-friendly platform for beginners
Cons
- No MetaTrader 4 integration
- €10 inactivity fee after 90 days
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
Cons
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
How We Rate Forex Brokers In South Africa
Trusted Forex Brokers
Opening an account with a trusted broker is key to safeguarding your funds against forex scams. This is especially important as we’ve witnessed an increase in fraudulent platforms targeting retail investors in recent years.
Our observations are also supported by ITWeb, which reported that MyChargeBack, a fund recovery company, is receiving around 1,000 scam complaints a month from South Africans.
The best sign of a legitimate forex broker is authorization from a trusted regulator. In South Africa, this is the Financial Sector Conduct Authority (FSCA), which houses a register of all licensed firms (you can search by company name or license number).
The most proactive regulator on the African continent, the FSCA has several requirements for brokers providing forex trading services to South African residents, from segregating client funds to adequate risk warnings.
However, unlike other heavily regulated jurisdictions, such as the UK and Australia, the FSCA does not limit leverage available to forex traders, with rates of 1:1000+ available.While this will appeal to skilled traders, I recommend new investors take a strict approach to risk management to curb large losses.
- AvaTrade is a great example of a trusted forex trading platform. As one of South Africa’s largest brokers, it is regulated by the FSCA and other globally recognized authorities and boasts a long history since 2006. It’s also proven to be a secure, dependable forex broker following our years of firsthand tests.
Selection Of Currency Pairs
Most of the best forex brokers in South Africa provide opportunities to speculate on the South African Rand (ZAR), normally through the USD/ZAR.
In general, the ZAR is a fairly volatile currency. This is because South Africa is still an emerging economy that is heavily reliant on the prices of its key commodity exports, such as gold and coal, and still suffers from relative political instability.
- IG offers one of the best selections of currency pairs in the market today, including the USD/ZAR, EUR/ZAR, GBP/ZAR and JPY/ZAR, providing opportunities for South Africans to speculate on the relative strength of the Rand.
Attractive Pricing For Active Forex Traders
Low trading fees are a huge draw. However, we don’t recommend choosing these at the detriment of access to stable trading conditions. For example, fast execution speeds and reliable charting platforms are both essentials for serious forex day traders.
Fee structures will differ between South African forex trading platforms and from one account type to another. There are two widely used basic setups:
- The broker charges a spread only. All other fees – except the rollover rate – are included in the spread. This model is popular with newer traders looking for simple pricing.
- Besides a tight/low spread, a commission is charged, which is based on the amount you trade. This model is popular with experienced day traders.
The ZAR’s status as an emerging market currency means it has less liquidity than developed currencies, notably the USD and EUR.As a result, forex pairs with a ZAR component are known as ‘exotics’, and usually come with wider spreads, meaning higher costs.
- Pepperstone continues to stand out as a low-cost forex broker following tests, with minimum spreads on the USD/ZAR of 5 pips and EUR/ZAR of 14 pips. Rebates are also available through its Active Trader program, while there is no inactivity fee catching out casual traders.
Charting And Research Tools
Forex trading often requires technical analysis and fundamental analysis. The best forex brokers in South Africa offer a wide range of functionality on their platforms, including different chart types, indicators, customizable graphs and the ability to set price alerts.
Many forex brokers utilize third-party software, which we’ve been using for years. The likes of MetaTrader 4, MetaTrader 5, cTrader and TradingView excel for their extensive suite of charting tools.
In addition, proprietary software is increasingly being offered by larger forex brokers. This often comes with all the tools and features, but with a more user-friendly design, or functionality to suit the broker’s niche.
Ease of use is especially key when forex trading, particularly for beginners who may find some technical aspects overwhelming initially. We’ve spent hundreds of hours testing forex trading platforms to find those that cater to forex traders at all levels.
- AvaTrade is a stand-out option here. It offers the MetaTrader suite for experienced forex traders but has also clearly invested in developing its own software in recent years, sporting a WebTrader and AvaTrdeGO app that delivers a terrific user experience.
Convenient Account Funding
Smooth account funding should be a given, but our years in the industry have taught us some forex brokers do it better than others.
According to Statista, credit/debit cards and bank transfers are still the top payment methods for South African forex traders, accounting for more than 60% of all online transactions.
However, digital wallets are becoming increasingly popular, notably FNB and PayPal, so forex trading platforms offering accessible e-wallets are worth considering.
- XM is one of the most affordable forex brokers in South Africa with a 5 USD minimum deposit, a ZAR account, and convenient deposit methods like bank cards, wire transfers and e-wallets such as M-Pesa, though this has struggled to take off in South Africa.
Methodology
To identify the best forex trading platforms in South Africa, we located all those that offer forex assets and accept South African traders, then ranked them by their overall rating.
Our ratings are based on rigorous hands-on testing using over 100 data points, with a particular focus on key areas, including:
- Licensing by a reputable authority, such as the FSCA.
- A wide selection of currency pairs for South African traders, especially those including the ZAR.
- Competitive pricing on currency pairs, including low spreads and commissions.
- A choice of third-party and proprietary tools for forex trading and analysis.
- Support for convenient and affordable payment methods.
FAQ
What Is The Best Forex Broker In South Africa?
This depends on your needs. That said, key elements to consider are access to suitable currency pairs such as those with a Rand component, low spreads and commissions, access to user-friendly tools, plus extras like education and demo trading if you’re a beginner.
Use our rankings of the best forex brokers in South Africa to find the right trading platform for you.
How Much Money Do I Need To Start Trading Forex In South Africa?
Our analysis of hundreds of forex brokers accepting traders from South Africa shows you normally need between 0 and 250 USD, around 0 to 4,600 ZAR, to open an account.
However, budget traders can also find forex brokers regulated by the FSCA with no minimum deposit. IG is one of the highest-rated following our real-money tests.
Who Regulates Forex Brokers In South Africa?
The Financial Sector Conduct Authority (FSCA) is the South African authority responsible for regulating financial services, including brokers offering online forex trading services.
Many overseas forex brokers also accept South African traders, but not all will be regulated by the FSCA. Some may be authorized by other trusted bodies like the FCA in the UK or ASIC in Australia, although it’s important to comply with tax rules in South Africa.
Recommended Reading
Article Sources
- Financial Sector Conduct Authority (FSCA)
- Authorized Forex Broker Database - FSCA
- History of the South African Rand - South African Reserve Bank
- South African Rand Forex History - Corporate Finance Institute
- Preferred Payment Methods in South Africa - Statista
- More Consumers Falling Prey to Forex Scams in South Africa - ITWeb
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