Regulated By The Financial Services Board of South Africa (FSB), SA forex traders have a choice of local forex brokers in South Africa including Forex Time (FXTM) and Khwezi or globally regulated brokers such as IG, AvaTrade, FXCM and Saxobank.
View The Top brokers in South Africa below.
Updated: 02/08/2021
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The best forex brokers for South Africa forex trading are either locally FSCA or ASIC regulated:
Markets.com is an FSCA regulated broker that provides a great range of trading tools on its proprietary trading platforms – Marketsx and Marketsi. As well as the broker’s proprietary software, MetaTrader 4 and MetaTrader 5 are accessible to Markets.com traders. But, if you want access to the broker’s full CFD product range and unique trading tools, you will need to use Marketsx or Marketsi.
Regardless of the trading platform you choose, as a Markets.com trader, you will gain access to the following benefits and features:
The brokers CFD trading platform, Marketsx, offers an excellent selection of trading tools that fall into three key categories:
As well as trading tools exclusive to Marketsx, the platform also allows you to access over 2,200 financial markets covering a diverse range of asset classes:
While also a CFD trading platform with access to the broker’s full CFD range, Marketsi comes with inbuilt trading tools designed for share CFD and investment trading. You can take a short, medium or long-term approach to share trading with thousands of stock CFDs to choose from with low commission fees.
Marketsi key trading tool is the Investment Strategy Builder, where you can easily create diversified share portfolios that suit your risk tolerance and investment goals. To build a portfolio, you can filter shares by industry, region, sector, index, average daily volume and market cap.
As a public, multi-regulated company, the forex community views Markets.com as a trusted broker with a strong reputation. The broker’s parent company, Playtech, is listed on the London Stock Exchange and listed on the FTSE 250 Index, increasing its disclosure requirements and transparency.
Outside of South Africa and the country’s Financial Sector Conduct Authority (FSCA) jurisdiction, Markets.com operates four subsidiaries regulated by ASIC in Australia, the FCA in the UK, CySEC in Europe and the FSC elsewhere.
With unique trading tools you won’t find with competing brokers, and oversight from the world’s strictest financial regulators, Markets.com is one of the best broker’s for South African traders. Various sentiment, technical analysis and fundamental analysis tools are available, providing excellent trading conditions for CFD traders.
View Markets.com Review >>Visit Markets.com >>
The overall rating is based on review by our experts
Pepperstone has been awarded the prize of having the best forex trading platforms by our team of experts at Compare Forex Brokers. South African residents can enjoy trading with a broker that has international recognition and offers its clients the world’s most popular trading platforms:
Forex traders have a plethora of options when it comes to choosing the right forex trading platform. But, if you want to scale into being a profitable trader, it’s really important to pick an FX broker that is conducive to that scale.
The online trading platforms offered by retail forex brokers can be classified into two types:
The most popular white label trading solution is the MetaTrader 4 platform. MetaQuotes Software is the development company behind the most popular Forex trading platform MetaTrader 4. Around the world, more than 750 brokers and banks offer the MT4 forex trading platform to millions of clients.
Pepperstone uses its dedicated MT4 servers on its own branded MT4 trading terminal. The MT4 white label solution is time-tested, so it’s safe to trade with Pepperstone.
The second type of trading platform is a proprietary trading platform that is built in house and only accessible to the clients that sign up with the forex brokers in South Africa that offer proprietary trading platforms. In-house developed trading platforms offer the latest trading technologies and more advanced tools that are suitable for professional forex traders and more sophisticated investors.
“After reviewing the whole Forex industry, our team of experts concluded that the global award-winning forex broker Pepperstone offers the best forex trading platforms being the leader when it comes to execution speeds, stability, and range of technical tools offered to its clients.”
The legacy MetaTrader 4 platform is the most popular forex trading platform that you can trust. MT4 trading platform empowered the FX industry for more than 15 years. While other South African forex brokers offer the popular MT4 platform, South African traders can enjoy a safer and more stable trading environment through the Pepperstone MT4 trading platform.
South African retail investors can trade with confidence in one of the best forex trading platforms in the market.
Our team at Compare Forex Brokers reviewed all the brokers in South Africa offering free online trading platforms, but none came close to the key features and benefits offered by Pepperstone MetaTrader 4 platform.
Pepperstone forex broker understands that ensuring ultra-fast order execution can help you never miss out on the currency price you want. Pepperstone MT4 is engineered to deliver execution speeds that can be 12x times faster than other forex brokers in South Africa. Pepperstone can guarantee orders to be executed in less than 30 milliseconds.
MetaTrader 4 offers the possibility to have sub-accounts. This allows forex traders to build different portfolios and focus on different types of trading strategies on each of these sub-accounts.
The MetaTrader client terminal offers access to a wide range of customizable technical tools including:
Additionally, Pepperstone offers the MetaTrader 5 platform, which is an improved version of the most popular MT4 platform. In addition to the basic MT4 trading feature, the Pepperstone MetaTrader 5 is designed for superior analysis of the foreign exchange market.
The key MetaTrader 5 features favoured by our team of experts are listed below:
View Pepperstone Review >>Visit Pepperstone >>
cTrader is a very high-tech trading platform designed for experienced forex traders. Professional traders use this terminal software because of the wide range of markets available for trading, which includes the most popular instruments: forex and CFDs.
cTrader interface professionalism adds a pro trader feeling to the overall vibe.
South African’s can trade with the new cutting-edge platform cTrader by opening an account with Pepperstone. Pepperstone is in the process of obtaining its license from the Financial Sector Conduct Authority (FSCA) which will allow South African traders to open a ZAR account. Until then, the Pepperstone base currencies available are AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
Our team of experts believes that cTrader users can enjoy the latest trading technologies. Pepperstone cTrader platform is equipped with advanced trading capabilities such as:
Our Pepperstone cTrader platform review detected that this advanced FX trading platform never crashed or even freeze during important economic news releases. The multi-asset platform cTrader empowers technical traders due to its more powerful advanced charting package. It’s easy to navigate through all the cTrader windows, which keeps you focused on the currency market. On top of that, algo forex traders have access to the widespread programming language c-sharp.
South African traders seeking to take advantage of the ZAR currency pairs can enjoy transparent pricing through Pepperstone cTrader. Pepperstone cTrader aggregates the FX prices from tire-one banks and liquidity providers and gives traders’ direct market access through its Electronic Communication Network (ECN).
With headquarters in Melbourne, Pepperstone has a global presence with offices around the world. There is no legal requirement for international brokers operating in South Africa to be regulated by the Financial Sector Conduct Authority FSCA if they are licensed by other global financial regulatory bodies. Pepperstone has the advantage of being regulated by top tier financial authorities like ASIC Australia and the FCA in the United Kingdom, making it a safe broker. Additionally, the broker is regulated in Kenya (CMA), Dubai (DFSA), Germany (BaFin) and the Bahamas (SCB)
On top of that, Pepperstone is in the process of obtaining its FSCA regulation, adding an extra level of protection from the South African government.
The status of Pepperstone’s FSP Application is still pending. However, once Pepperstone is granted an FSCA regulation, it can establish a physical presence in South Africa. You can check which brokers are regulated by the Financial Sector Conduct Authority FSCA directly on the FSCA website.
Pepperstone understands that nowadays people live on the go, which is why Pepperstone’s trading platforms are also available on iOS and Android mobile devices, including the proprietary trading platform WebTrader which is accessible from your web browser. The good news is that you can mix and match Pepperstone trading platforms to fit your trading needs.
The forex market has the unique advantage of offering extremely low transaction costs when trading currency pairs. South African traders can buy the South African Rand or other major currency pairs through an FX broker. Online brokers will normally charge a fee for executing buy and sell orders, which is the cost associated with doing business in the currency market.
Forex brokers in South Africa can offer four types of fee structures:
This is how forex brokers in South Africa make money by facilitating forex trades in the foreign exchange market. Leading forex brokers will offer their clients different trading account types based on their initial deposit. Usually, the bigger the minimum deposit is, the lower the forex fee structure can be.
The market maker brokers tend to charge spread with all their costs bundled into a wider spread. On the other hand, ECN brokers (Electronic Communication Networks) or STP brokers (Straight Through Processing) give forex traders direct access to their liquidity providers and charge FX traders a commission for that privilege. A commission is a dealing fee charged each time you place a trade on the foreign exchange market.
Not all FX brokers are created equal, and retail investor accounts can be charged different types of spreads and commissions. IC Markets are among the best forex brokers offering competitive spreads for South African residents.
Our team of experts reviewed the top forex brokers in South Africa and concluded that IC Markets offer the lowest spreads on major currency pairs and CFDs financial instruments. The IC Markets execution model offers South African traders the advantage to scalp the FX market with raw spreads and no mark-ups.
IC Market offers three different types of forex trading accounts:
Retail investors can enjoy on the IC Market ECN trading accounts low spreads due to its diverse pool of liquidity providers. On the Raw Spread account, you can benefit from the tightest spreads in the FX industry that are close to zero.
In the table below you can examine the typical IC Markets spreads for the major currency pairs including the USD/ZAR exchange rate.
The average spread on the most popular currency pair EUR/USD was 0.1 as measured for their ECN Raw Spread account, while the South African Rand average spread was 23.8 and it can go as low as zero spread. The commission amount is charged per each $100,000 traded (1 standard lot) and you can be charged either $3 or $3.5 per one side depending on your account type.
The table below compares the spreads of the most popular currency pairs traded by South African forex traders.
IC Markets single stock CFD products that are exclusively available through the MetaTrader 5 platform can earn you dividends. South African residents need to be aware that non-US residents are required to be taxed on dividend earnings. The applicable withholding taxes are automatically deducted by IC Markets so you don’t need to handle them by yourself.
The ECN market environment allows SA Forex traders to save on the extra cost that comes with the market maker brokers, as no dealing desk is involved in the trading process.
Additionally, the deep pool of over 25 different liquidity providers guarantees no slippage on your buy and sells order fills. This can be another major trading cost in forex that can be avoided if you trade with IC Markets forex broker.
The spread and commissions you will be charged will be determined by the account types and trading platforms you’re using. Our team at Compare Forex Brokers was impressed by the extensive range of trading CFDs instruments available for South African residents. It’s safe to say that South African traders (or surrounding regions like Nigerian traders) can trade with the tightest spreads in the world by choosing IC Markets.
For more details please read our complete review here: IC Markets Spreads and Fees Review.
You can test the IC Market spreads by opening a demo account. To enjoy the full benefits of the IC Markets demo account, make sure you register with them by clicking the button below.
FxPro puts a lot of awareness on the high-risk factors involved with the use of high leverage. Our team of experts considered this to be critical for high leverage FX brokers operating in South Africa. FxPro offers the standard leverage of 200:1.
There are three key reasons why FxPro is the best high leverage South African forex broker.
Inappropriate use of leverage can lead to your losses exceeding your account balance. When evaluating forex brokers in South Africa, it’s important to consider a broker that offers a negative balance protection account. All FxPro forex account types come with negative balance protection, ensuring SA traders won’t lose more than the total deposits.
Over leveraging is a big issue amongst retail traders, which is why it’s important to have flexible leverage, which allows SA forex traders to adjust the level of leveraged being used. Trading complex instruments such as leveraged CFD products carries a high level of risk. The FxPro live account comes with flexible leverage, starting from 1:1 up to 1:200.
CFD trading comes with a high risk of losing money rapidly due to leverage. FxPro additional risk minimization features to combat losing your money comes in the form of reduced leverage for exotic pairs like ZAR and only offers maximum leverage of 100:1 for the South African Rand.
FxPro Financial Services Limited is licensed and regulated by the South Africa Financial Sector Conduct Authority FSCA formerly known as the FSB (Financial Services Board). Financial regulation was the focal point in our review process, as leveraged instruments such as Forex and CFDs carry a high risk to lose money when trading.
While local regulation is not necessary, it’s far more important that FxPro enjoys global recognition from top-tier financial institutions:
South African forex traders have their rights protected when trading with a regulated broker. Regulated forex brokers have an extra layer of trustworthiness because you can have access to independent dispute resolution systems to solve any conflict between SA traders and the FX broker.
View FxPro Review >>Visit FxPro >>
Forex trading is a lucrative business that offers SA forex traders a great opportunity to make quick money due to the high level of leverage offered by FX brokers. Trading leverage CFD instruments also carries an inherent risk because any small change in the foreign exchange rate may translate into big loss or damage resulting in your account balance.
Leverage can differ in size and can be controlled by three main factors:
Trading forex in South Africa doesn’t have the same strict regulations that can be found in the USA or Europe when it comes to imposing a limitation on the leverage used by South African traders. Different South African forex brokers offer a different level of leverage.
The standard leverage in the Forex markets available for South African residents is 500:1. Forex brokers in South Africa offering astronomical leverage as high as 3000:1 can be portrayed as scams.
Forex accounts are not suitable for all investors due to the increased risk to lose money when trading CFDs. The best South African Forex brokers additionally to the standard leverage offered, should also provide forex traders with the right risk management tools to cope with the high degree associated with trading CFDs. Before opting for a high leverage FX broker, SA residents should consider if they can afford to take the high risk of losing money rapidly due to leverage.
IG one of the oldest forex brokers and the world’s top CFD providers with over 16,000 markets is another option for SA forex traders that our team of experts endorses. IG range of markets can give you access to:
While IG markets in South Africa only offer a maximum leverage of 200:1, it should be noted that SA traders can have access to a wide range of trading markets that can’t be found anywhere else. Additionally, IG share trading comes with its stockbroking services.
View IG Markets Review >>Visit IG Markets >>
The anatomy of a retail Forex broker that accommodates beginner traders need to come with several key features and benefits. We evaluated all forex brokers in South Africa for their regulation, educational section, and trustworthiness. Our winner, Plus500 offers unlimited access to educational resources. Furthermore, FX broker Plus500 offers easy access to training guides that provide a trading course to understand how CFDs work.
Plus500 also has a rich library of trading webinars that will keep you up to date with the latest developments in the forex markets so you won’t lose money when trading. Additionally, Plus500 offers one of the best video forex trading guides library that will equip the novice trader with the right knowledge to navigate the forex markets.
Key points about Plus500 include the fact that it has an easy-to-use proprietary trading platform designed for beginner traders. Plus500 trading platform offers a portfolio of over 2,000 instruments, which are also accessible through one of the highest-rated CFDs trading Apps.
HotForex was our second pick for the best forex broker, offering robust educational content for South African novice traders. The Forex educational resources offered by HotForex can be broken down into three sections:
HotForex is a safe broker for South African traders being regulated by major regulatory bodies, including CySEC, FCA, DFSA, FSA and has a licence from the Financial Sector Conduct Authority (FSCA) in South Africa. On top of that, HF Markets (Europe) Ltd has registered in other jurisdictions all across Europe.
With offices around the world, Plus500 is regulated in South Africa and registered as an Authorised Financial Service provider #47546 with the Financial Sector Conduct Authority (FSCA). The FSCA regulation adds an extra layer of trustworthiness, which was included in our evaluating process of the best forex training broker for beginner traders operating in South Africa.
You can read the full Plus500 Review to learn more about the other key features and advantages for beginner traders.
View Plus500 Review >>Visit Plus500 >>
*Your capital is at risk ‘72% of retail CFD accounts lose money’
FXCM is one of a handful of brokers offering social trading. Their social trading platform is ZuluTrade and designed for forex traders who are time-poor. There are three main features of this social trading platform:
A trader can subscribe to other traders’ signals to automate their trades.
The platform helps sort between prospective traders to copy to find the one most suited to a traders requirements.
ZuluTrade has a Call-o-meter for margin and other settings so traders can manage their exposure to the market.
Once an individual uses the social trading broker platform, the signals provider chosen trades will be executed for the trader. The exception will be if margin requirements can not be set or if the trader’s settings don’t allow it. With a minimum deposit requirement of $50, decent spreads and leverage, FXCM is one of the best social trading brokers in the market.
View FXCM Review >>Visit FXCM >>
The forex customer support service is the cornerstone of a respected FX broker. All forex brokers offer customer service for their clients, but not all forex brokers in South Africa can be proud to offer high standards for client satisfaction and customer service. Our team of experts has chosen the award-winning broker ForexTime FXTM as the best foreign exchange broker because it’s offering superior customer support.
Three key features make ForexTime FXTM customer support service an excellent experience:
Your Forex account will get approved very quickly after a successful verification process that complies with the domestic financial regulatory body. FXTM prides itself on processing all forex accounts in less than 12 minutes. ForexTime (FXTM) follows the standard registration process that required some basic IDs for identification purposes.
Funding an account with ForexTime is fast and can be done through different deposit methods. FXTM prides itself on processing more than 84% of the funds within 5 minutes.
If you have any questions in regards to the deposits and withdrawals, FXTM client support team will answer all your queries.
FXTM’s award-winning customer service enjoys recognition from its customers receiving more than 90% positive feedback. Help desk and live chat FXTM representatives offer exemplary customer service. FXTM team provides unmatched technical support, which helps ForexTime clients better understand the products and services offered by FXTM.
As an international broker, FXTM has a dedicated customer support service that comes in over 30 languages. There is no language barrier, which enables FXTM to answer effectively to your needs. The ability to communicate in your native language may lead to fast response times and your need to be resolved more efficiently.
There is a range of methods you can contact the FXTM customer support including:
On the other side of the spectrum, eToro offers a poor customer support service. If you’re a self-reliant trader with no need for outside help, then this won’t be a negative factor. However, if you are a beginner trader that needs additional help in understanding all the products and services that come with online trading, FXTM is a better fit for your needs.
Our team of experts at Compare Forex Brokers concluded that FXTM is the best FSCA regulated broker in terms of customer service responsiveness and client satisfaction. Overall, FXTM is the winning broker of the best customer service category due to the outstanding service that is supervised by the local South African regulation. ForexTime (FXTM) is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.
The FXTM statistics are transparent and verified by PwC, one of the world’s biggest auditors.
View FXTM Review >>Visit FXTM>>
The Financial Sector Conduct Authority or FSCA is formerly known as the Financial Services Board (FSB) is the local regulatory agency for Forex and CFD providers in South Africa. FSCA’s main duty is to maintain a fair and safe trading environment for South African residents. While international broker firms offering their service to South African residents are not obligated to be licensed by South African institutions, SA traders can enjoy an extra layer of protection if their funds are held by local banks. You can FSCA only firms on our SA best forex broker page. If you want to have ZAR as your base currency when trading, then we also recommend you view our ZAR brokers comparison page.
Global recognition from top tier regulation (FCA, ASIC, CFTC, CySEC, or FSB) is far more important than domestic FSCA regulation.
All FSCA regulated Forex brokers South Africa come with a list of benefits including:
South African traders should factor in all the high risks associated with trading leveraged products before investing real money. The potential and unnecessary risks can be eliminated by gaining the right knowledge and by opening a demo account to sharpen your trading skills.
Our review process focused on financial regulation reliability to establish what are the best Forex brokers for South African residents. Our team of industry experts at Compare Forex Brokers are dedicated to providing our readers with objective and all-inclusive online forex trading reviews. You can view international good forex brokers that are updated monthly.
Disclaimer: Forex and CFDs are derivative instruments that come with a high risk of losing money.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
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