Forex Brokers In South Africa

Regulated By The Financial Service Board of South Africa (FSB), SA forex traders have a choice of local forex brokers South Africa including Forex Time (FXTM) and Khwezi or global brokers such as IG, AvaTrader, FXCM and Saxobank which may also have FCA, CySEC and ASIC regulation.

View The Top 8 brokers in South Africa below.

By Justin Grossbard / Updated: Monday, January 27th, 2020

Forex Trading Platforms In South Africa

Top 8 South Africa Forex BrokersTop South Africa Forex Brokers

The best forex brokers for South Africa forex trading are either locally FSCA or ASIC regulated:

  • Pepperstone – Best Forex Trading Platforms
  • IC Markets – Broker With The Most Competitive Spreads
  • FX Pro – Best FSCA Regulated Forex Broker
  • IG – Best Range Of Financial Instrument Broker
  • Plus500 – Best Forex Broker For Beginner Forex Traders
  • FXCM – Best Social Trading CFD Broker
  • FXTM – Best Foreign Exchange Broker Customer Service
  • Hot Forex – Highest Leverage South African FX Broker

South Africa Forex Broker FAQS

The best forex broker in South Africa is IG Markets, the world’s biggest CFDs provider.

Our team of experts used three review criteria to classify which is the best forex broker in South Africa:

  1. Safety, which comes in the form of FSCA regulation and global regulatory body
  2. Ease-of-use trading platform and fast order execution
  3. Access to a wide range of financial instruments
  4. Low transaction costs: low spreads and low commissions

View the full IG Markets review including the top three strengths, which makes IG Markets the number one choice for South African traders.

HotForex accounts allow South African residents to open an account denominated in the domestic currency ZAR (South African Rand). Deposits and withdrawals in ZAR (Rand) are available across all 8 different account types offered by HotForex. Unlike international bank transfers, the wire bank transfers between South African residents and FX brokers are fast and cheaper if they come from local bank accounts.

HotForex is a highly-regulated forex broker being licensed by major global regulatory bodies, including FCA, CySEC and the FSCA. The robust regulation guarantees client funds protection and a secure and transparent trading environment for SA traders.

View our full article and comparison table of brokers with ZAR accounts.

According to the South African Revenue Service (SARS), the Forex trading profits are treated as gross income and thus SA traders are liable to pay income tax. South African residents are required to declare their worldwide Forex profits in their tax returns, including profits made through offshore Forex trading accounts. The legal tax obligation for South African traders can range between 18% and 45%. The tax rates are determined based on a taxable income threshold and individual age.

Forex profits income tax in South Africa

The best ECN forex broker in South Africa is ForexTime (FXTM). The FXTM ECN account gives you access to the best Bid and Ask prices aggregated from top-tier banks and major financial institutions. ForexTime Electronic and Communication Network (ECN) environment comes with several advantages, including anonymity, price transparency, award-winning ultra-fast order execution, low variable spreads, and no-requotes.

FXTM best ECN broker in South Africa

Compare Forex Brokers’ top pick for the best SA forex broker based on the low spreads is IC Markets. IC Markets can offer SA traders leading spreads due to a combination of factors, including its high performing platform that employs advanced technology and deep liquidity providers including 25 top-tier banks and global financial institutions.

On the IC Markets cTrader Raw Spread account, SA trades can enjoy the tightest spreads in the Forex industry. The spreads are as low as 0.0 pips for most major currency pairs like EUR/USD including the USD/ZAR currency pair that can have a low spread of 0 pips.

To find out more why IC Markets has the lowest spreads in the Forex industry, please read our full IC Markets review, which includes the top 3 strengths and weaknesses.

More about the Financial Service Board of South Africa (FSB)

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:FSCA Regulated Forex Brokers

  • Fund protection
  • Compensation
  • Fund segregation
  • Audits ensure transparency
  • Risk warnings and other precautionary measures
  • Anti-money laundering protection

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.

Final Words

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 is dedicated to providing our readers with objective and all-inclusive online FX brokers reviews. While forex trading is a very lucrative business endeavour, trading on the currency market involves substantial risk of loss and it’s not suitable for all investors.

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