Forex Brokers Regulated By FSCA 2022

FxPro – cTrader Trading Platform For Scalping

FxPro is an FSCA regulated forex broker that offers cTrader as a trading platform option. If you want to execute scalping strategies, cTrader provides a great trading experience with full market depth, tight spreads and fast execution.

What Is Scalping?

When scalping, you are looking to make profits from small price movements. As you are performing many trades within a small time period, trading is fast-paced and you are never holding positions for longer than one day.

Scalping On cTrader

cTrader is a popular platform among scalpers due to the platform’s excellent trading environment with a depth of market pricing. To achieve ultra-tight forex spreads on cTrader, FxPro sources its liquidity from several liquidity providers such as top financial institutions and banks.

As well as full market depth, you can enjoy the following features when executing scalping strategies cTrader:

• Strong charting tools vital for successful scalping strategies with 26 different timeframes and advanced technical analysis tools powered by Trading Central.
• Risk management tools such as take profit and stop-loss order types, along with time settings like Good till Cancel (GTC) and Good till Date (GTD).
• Unlike most brokers, FxPro enforces no restrictions on limit orders. This means you can place stop loss and take profit orders as close to the current market price as you like.
• An economic calendar and online calculators.
• As long as there is depth on the financial market you are trading, FxPro promotes no requotes with guaranteed execution.
• Fast order execution that averages less than 11.06 ms.
• Minimal slippage with 91% of orders filled with positive or no slippage.

Although predominately a forex trading platform, you can access CFDs derived from three major asset classes on cTrader – foreign exchange, commodities and indices. When trading indices and energies on the platform, you pay no commission fees, while forex and metal CFDs incur a $4.5 commission fee per side, per 100k traded.

When using cTrader you can trade across devices from one trading account. As well as a web trader platform, trading apps are available for Android and iOS mobiles and tablets. To get started, you can easily sign up for a live or demo account online. FxPro recommends making an initial minimum deposit of $1000, yet you can fund your account with as little as $100.

FxPro Overall

FxPro provides an excellent trading environment for scalping on cTrader with fast execution speeds, no requotes, minimal slippage and advanced technical analysis tools.

View FxPro Review >>Visit FxPro >>

*Your capital is at risk ‘84.67% of retail CFD accounts lose money’

FXTM – Good Social Trading Platforms Available

FXTM, also known as ForexTime, is an FSCA regulated broker that accepts South African traders. As an FXTM customer, you can trade a range of fx and CFDs on either MetaTrader 4 or MetaTrader 5.

The broker offers an array of account types for CFD and forex trading with varying minimum deposits, spreads and trading platforms. Both ECN and commission-free pricing structures are available.

Social Trading – FXTM Invest

If you want to automate trading using social trading tools, you will need to use MetaTrader 4 and sign up for an ECN or ECN Zero account type. After making a $100 minimum deposit, you will gain access to FXTM Invest, the broker’s social trading and account mirroring service.

As with other copy trading platforms, FXTM Invest allows you to copy the strategies of experienced traders (known as Strategy Managers). You can easily filter through different Strategy Managers, finding traders that match your risk tolerance, trading style and objectives.

A major benefit to the social trading platform is that you only pay your Strategy Manager a fee when they make profitable trades, with no fees for unsuccessful strategies.

FXTM Overall

The broker offers copy trading via their FXTM Invest social software. The account mirroring service lets you copy the trades of experienced traders (Strategy Managers), allowing you to fully automate trading on the MetaTrader 4 platform.

View FXTM Review >>Visit FXTM >>

IG – Largest Forex Broker For Retail Traders

Established in 1974, IG is one of the oldest and largest fx brokers. In South Africa, IG holds an FSCA financial services license as well as operating subsidiaries in the United States, the United Kingdom, Switzerland, Dubai, Singapore, Japan, Australia, New Zealand, Bermuda and Germany, which caters to European traders.

On top of a strong global presence, IG offers impressive market access to over 17,000 different financial products:

• Forex – Major, minor and exotic currency pairs starting from 0.6 pips.
• Cryptocurrencies – 8 major cryptos such as Bitcoin, Ripple and Ether
• Indices – Includes major Australian, US and UK stocks as well as technology and cannabis stocks.
• Commodities – Precious metals, oil and gas commodity CFDs.
• Stocks – Over 12,000 share CFDs.
• ETFs – Stock index, currency and industry exchange-traded funds (ETFs)
• Options, Interest Rates, Bonds, Sectors, Digital 100s and Knock-Out Options.

Trading Platforms And Tools

As an IG customer, you can use the broker’s proprietary trading platform or third-party software like MetaTrader 4 (MT4) or L2 Dealer.

Beginner Traders:

• IG’s Trading Platform: The broker’s proprietary platform is great for beginners with easy-to-use trading and account management tools. You can stay up to date with financial markets via the platform’s economic calendar and newsfeed while depositing or withdrawing funds without leaving the platform. Available as a desktop or web trader platform as well as mobile trading apps.
• MetaTrader 4: MT4 is great for all levels of experience, yet the large trading community and marketplace make it ideal if you are new to forex trading. Benefits include automated trading with Expert Advisors, comprehensive analysis tools plus add-on features such as AutoChartist plus additional EAs and indicators. Offered as a desktop or web trader platform and mobile apps.

Experienced Traders:

• L2 Dealer: Offers direct market access (DMA) to forex and stock markets in addition to OTC trading. Compared to other platforms, L2 provides improved pricing and liquidity with full market depth. You can develop complex trading strategies on par with professionals using advanced orders types such as pegged and good for auction orders.
• ProReal Time: An advanced technical analysis package that can be integrated into the broker’s proprietary platform. The online charting software provides tools to conduct sophisticated analysis with 100+ indicators, as well as automate trading using algorithms.

IG Overall

Established back in 1974, IG is known for its large trading community and impressive market access. You can trade over 17,000 different financial products, ranging from forex and cryptocurrencies to interest rates and knock-out options. The broker offers a range of trading platforms, with an option for each level of trading experienced.

View IG Markets Review >>Visit IG Markets >>

Plus500 – Best Broker With Risk Management

Plus500 is a multi-regulated broker that highly regarded for its risk management tools and features. As a Plus500 trader, you are limited to its proprietary platform, yet you gain access to premium order types offered by few brokers along with negative balance protection. Key features of Plus500 include:

• Commission-free forex trading (Plus500 is a market maker broker).
• A user-friendly proprietary trading platform available as a desktop or web trader platform, along with mobile trading apps.
• Strong risk management features with premium order types, negative protection and tier-1 regulation.

The broker operates multiple subsidiaries around the world that are overseen by local financial authorities. In South Africa, the broker operates under FSCA regulation (license number 45746) and offers investor protections like segregated client funds and negative balance protection. To supplement the broker’s global tier-1 regulation, Plus500 is listed on the London Stock Exchange.

Risk Management Tools

Plus500 recognises the high risk that comes with CFD and forex trading and provides a good selection of trading tools to assist with risk management. Plus500 allows you to place both basic and premium orders on its proprietary platform. Basic orders like stop losses, stop limits and trailing stop losses are free, while guaranteed stop-loss orders (GSLOs) entail a small fee. The difference between basic stop-loss orders and GSLOs is explained below.

• Stop loss: helps you cap potential losses by specifying a market price that the order should be closed, if markets move in an unfavourable direction. If markets are volatile or gapping occurs, slippage may occur.
• Guaranteed stop loss (GSLO): The small premium paid eliminates the risk of slippage that may happen with basic stop-loss orders.

In addition to premium and pending orders, you can minimise the high risk of trading with the following Plus500 features:

• Negative Balance Protection (NBP): ensures you do not end up in debt to Plus500 by closing all positions when your trading balance hits zero. While a requirement by financial authorities like the FCA in the United Kingdom, the FSCA in South Africa does not require brokers to provide NBP. Plus500 offers NBP to all traders, including in South Africa.
• Alerts and notifications to help you keep up to date with changing market prices.
• Traders’ sentiment data shows you the percentage of market participants that are buying or selling a specific financial instrument.

Plus500 Overall

The market maker broker offers commission-free trading on its proprietary trading platform. A greater selection of risk management features is available with Plus500 compared to competing top brokers, such as guaranteed stop-loss orders and negative balance protection for all clients.

View Plus500 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

FXCM – Good Fundamental Analysis Tools

FXCM is a subsidiary of Forex Capital Markets Ltd that operates in South Africa under FSCA regulation. Key features promoted by the broker include:

• Minimal slippage with 88% of orders executed with positive or no slippage.
• Average execution speeds of 27 ms.
• No requotes and no restrictions on stop-loss or limit orders.
• Quality liquidity providers including financial institutions, global banks and other market makers.
• Discounts for active traders trading high volumes, offering reduced spreads as low as 0.2 pips for the EUR/USD.

Fundamental Analysis Tools And Trading Platforms

A range of fundamental analysis tools is offered by FXCM through their trading platforms and online. The broker’s website provides knowledge and insight sections, where you can find an economic calendar, markets news, live charts and articles explaining significant economic events.

Three third-party trading platforms provide access to the broker’s excellent trading conditions and fundamental analysis tools. Both Trading Station and MetaTrader 4 provide advanced trading and analysis tools, while ZuluTrade offers social-copy trading services.

• Trading Station: Offers advanced technical and fundamental analysis tools for CFD and forex trading. The HTML5 platform provides automated trading features, a comprehensive charting package and tools for fundamental analysis like an inbuilt economic calendar and sentiment data.
• MetaTrader 4 (MT4): The trading platform is popular for its algorithmic trading capabilities, known as Expert Advisors (EAs). To help you develop robust automated trading strategies, MT4 has an inbuilt charting package with numerous indicators, objects and timeframes.
• ZuluTrade: The account mirroring service allows you to copy and follow the trading strategies of experienced traders. The social-copy trading platform offers access to a wide trading community that includes a diverse group of traders, meaning you can learn from the best and save time by fully automating trading.

FXCM Overall

If you are looking to develop trading strategies using fundamental analysis, FXCM useful tools on both its trading platforms and online. The broker’s website provides an economic calendar, markets news and economic news articles to help you keep up to date with changing markets.

View FXCM Review >>Visit FXCM >>

*Your capital is at risk ‘67% of retail CFD accounts lose money’

HotForex – Broker With High Leverage

HotForex is an FSCA regulated broker that provides access to a range of financial markets. To trade forex and CFDs, MetaTrader 4 or MetaTrader 5 is available.

The broker offers various account types suited to different styles of trading, including accounts specifically designed for micro and automated copy trading. HotForex’s most popular account types are:

• Micro Account – Designed for micro trading with a low minimum deposit of $5, no commission fees on spreads from 1.0 pip and minimum trade sizes of 0.01 lots.
• Premium Account – Commission-free trading with forex spreads from 1 pip.
• Zero Spread Account – An ECN-style account with forex spreads as low as 0.0 pips.

Each of the above HotForex account types is available on MetaTrader 4 or MetaTrader 5, with access granted to the broker’s full product range. You can trade a diverse range of CFDs with HotForex, including:

• Forex
• Energies
• Precious Metals
• Soft Commodities
• Indicies
• Stocks
• ETFs
• Bonds
• Cryptocurrencies

As well as Micro, Premium and Zero  Spread Accounts, HotForex offers Auto, PAMM (Premium) and HF Copy Accounts, all of which offer no commission spreads from 1 pip.

Leverage And Risk Management

If you want to trade CFDs and forex with high leverage, HotForex is a good option, although it is important to note that high leverage comes with high risks.

Under FSCA regulation, HotForex offers South African traders maximum leverage of 200:1. If you prefer even higher leverage, you can sign up to an offshore HotForex subsidiary that offers leverage up to 1000:1, much higher than any competing brokers.

Although high leverage can help magnify your profits, it also magnifies your losses. Leverage should be used wisely, as it further increases the high risk of CFD and forex trading. Another high leverage broker to consider is Tickmill.

HotForex Overall

HotForex is an FSCA regulated broker that offers high maximum leverage of 200:1 when trading forex. If you want even higher leverage, the broker’s offshore branches provide leverage up to 1000:1.

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AvaTrade – Best Forex Trading Education Academy

AvaTrade is a CFD and forex broker that is overseen by six different regulatory bodies, including the FSCA in South Africa.

As a market maker, AvaTrade sets its own fixed bid-ask prices, meaning you pay no additional commission fees on top of the spread. Commission-free spreads start from 0.9 pips for major fx pairs like the EUR/USD.

The broker offers a selection of proprietary and third-party trading platforms for forex and CFD trading. The broker’s proprietary software, AvaTradeGO, is available as a  web trader platform and mobile trading app. MetaTrader 4 and MetaTrader 5 can be accessed through desktop and web trader platforms as well as mobile apps.

To help you learn about forex markets and trading, the broker offers a comprehensive education centre with resources for all levels of trading experience.

Educational materials cover four key topics:

1. Beginner Traders
2. Advanced analysis and trading techniques
3. Economic indicators and fundamental analysis
4. Risk management and order types

AvaTrade offers a free ebook that discusses trading strategies, along with trading platform tutorials for both beginner and experienced traders using MetaTrader 4.

If you require even more educational resources, AvaTrade provides free access to Sharp Trader, a third-party forex education provider. Sharp Trader offers features to boost your trading knowledge, such as:

• Educational materials exclusive to AvaTrade clients
• Webinars and video tutorials
• Technical and fundamental analysis provided daily from the broker’s in-house experts
• Analytical videos
• Trading and analysis tools like calculators and an economic calendar.

AvaTrade Overall

AvaTrade provides you with various educational resources to enhance your trading knowledge. Whether you are a beginner trader with little forex trading experience, or a seasoned pro wanting information about complex strategies, AvaTrade offers suitable educational courses and materials online.

View AvaTrade Review >>Visit AvaTrade >>

ThinkMarkets – Best Mobile Trading App

ThinkMarkets is an FSCA regulated broker with good mobile apps for online trading. The broker offers three top trading platforms  – MetaTrader 4, MetaTrader 5 and cTrader, all of which have trading apps for mobile and tablet devices.

ThinkTrader Mobile App

The proprietary ThinkMarkets trading app is incredibly popular among the forex trading community, receiving over 15,000 five-star reviews.

• Mobile charting tools with 80+ technical indicators, 50+ drawing tools, and multiple chart types to perform advanced technical analysis.
• You can close multiple orders on the same currency pair, or all your open positions with one-click.
• Cloud-based notifications and alerts, even when you are offline.
• TrendRisk Scanner, an in-built automated market scanner.
• Fundamental analysis tools with real-time news powered by FX Wire Pro.
• You can use the mobile alongside the desktop trading platform to trade anytime with a single login.

MT4 & MT5 Mobile Apps

As well as ThinkTrader, if you want to trade on the go, both MT4 and MT5 offer quality trading apps. Both versions provide an excellent range of technical and fundamental analysis tools, along with risk management tools.

MT4, MT5 and ThinkTrader trading apps are compatible with Android and Apple (iOS) mobiles and tablets.

Trading With ThinkMarkets

To access the broker’s proprietary trading software (ThinkTrader), you are required to sign up to a Standard Account type. The no-commission account offers forex spreads as low as 0.4 pips and averaging 1.2 pips.

ThinkZero, ThinkMarkets other account types, is available on MT4, MT5 and ThinkTrader platforms. The ECN-style account provides minimum spreads of 0.0 pips and average forex spreads of 0.1 pips. As spreads are ultra-tight, you pay a flat-rate $3.50 commission fee per side per 100k traded.

You can test the broker’s different account types and trading platforms via demo accounts. ThinkMarkets provides you with a virtual balance of $50,000 to practice different trading strategies and see which platform suits your trading needs.

View ThinkMarkets Review >>Visit ThinkMarkets >>

*Your capital is at risk ‘71.89% of retail CFD accounts lose money’

Markets.com – Best Forex Broker Overall For South African Traders

Markets.com is a top choice for South African traders’ due to its tight commission-free spreads, excellent trading conditions and tools plus oversight from tier-1 financial regulators.

• FSCA regulated in South Africa
• No commission fx spreads from 0.4 pips
• Fast execution with minimal slippage
• Access to over 2,000 financial markets
• Four trading platform options
• Advanced CFD trading tools

Forex Spreads And Trading Conditions

Markets.com follows a market maker brokerage model that executes orders with a dealing desk. As market makers fill orders using their own internal liquidity, Markets.com set their own bid-ask prices and charge no commission fees on top of the spread.

As shown below, commission-free spreads offered by the broker are tight when compared to other top fx brokers. For major currency pairs such as the EUR/USD, Markets.com offers minimum spreads as low as 0.4 pips, while brokers like IC Markets promote spreads from 1 pip.

As well as competitive spreads, the broker provides access to some of the best trading conditions available to retail traders. Orders are executed ultra-fast, in as little as 0.1 ms and a maximum latency of 2.0 ms. As orders are processed quickly and efficiently, slippage stats are impressive. Overall, 86% of Markets.com traders experienced zero or positive slippage when placing orders with the broker.

Trading Platforms

When signing up to the financial services provider you can choose between three trading platforms.

Marketsx For CFD Trading

One of the major reasons Markets.com is one of the best brokers globally is the unique trading tools available on the Marketsx trading platform. Along with the standard technical and fundamental analysis tools offered by most fx brokers, Marketsx provides a selection of exclusive sentiment tools.

• Sentiment Tools: allows you to view and analyse current market sentiment and whether most CFD and forex traders are buying or selling. 8 different tools are available, i.e. Trading Analyst Recommendations, Real-Time Signals and News Trading Sentiment.
• Technical Analysis: inbuilt charting tools with various technical indicators and oscillators to assist with analysis, along with a Related Instruments feature that shows the correlation between different financial products.
• Fundamental Analysis: Dow Jones real-time news, Thomas Reuters Stock reports, financial commentary and advanced alerts. 

You can use the above trading tools when developing strategies that cover a diverse range of financial markets. As a Marketsx user, you can trade over 2,000 CFD instruments derived from eight different asset classes (foreign exchange, commodities, indices, shares, bonds, ETFs, cryptocurrencies and blends).

MT4 And MT5 For Automated Trading

As well as the broker’s proprietary software, both MetaTrader 4 (MT4) and MetaTrader 5 (MT4) are available if you want to focus on algorithmic trading. MT4 and MT5 have a large following and the preferred platform for many traders thanks to:

• A comprehensive inbuilt charting package with advanced charts, technical indicators and graphical objects, along with multiple timeframes.
• Access to a forex large trading community and the MetaTrader MarketPlace.
• Automated trading features meaning you can develop algorithmic trading strategies known as Expert Advisors, using the software’s programming languages, MQL4 and MQL5.
• Hedging tools and flexible trade sizes as small as 0.01 lots.

An FSCA Regulated Broker (Formally FSB)

In South Africa, the Financial Sector Conduct Authority (FSCA) oversees and regulates Markets.com operations. Formally known as The Financial Services Board (FSB), the regulatory agency issues licenses to South African brokers, enforces policies that aim to protect traders (such as segregated client funds) and is the main watchdog for scams and fraudulent fx brokers.

Outside of South Africa, Markets.com adheres requirements set by regulatory bodies in the following jurisdictions:

• Europe: Cyprus Securities and Exchange Commission (CySEC)
• The United Kingdom: Financial Conduct Authority (FCA)
• Australia: Australian Securities and Investments Commission (ASIC)
• Global: British Virgin Islands Financial Services Commission (FSC)

The broker’s parent company, Playtech, is also listed on the London Stock Exchange and a component of the FTSE 250 index, adding another level of transparency and safety.

Markets.com – Overall The Best South African Forex Broker

When compared to other South African financial services providers, Markets.com is the clear winner thanks to the broker’s ultra-tight spreads, excellent trading conditions and selection of trading platforms. Regardless of whether you want to execute algorithmic trading strategies, casually trade forex or develop a diversified share portfolio, Markets.com offers a top trading platform to suit your needs.

View Markets.com Review >>Visit Markets.com >>

*Your capital is at risk ‘70% of retail CFD accounts lose money’