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View a list of the best Forex brokers regulated by the Financial Sector Conduct Authority of South Africa (FSCA) formerly known as the Financial Services Board (FSB). African traders can stay on top of the global foreign exchange market through trusted forex brokers like Pepperstone, IG or FxPro which may come with additional regulation from ASIC, FCA or CySEC.
By Justin Grossbard / Updated: Monday, January 27th, 2020
Below shows the South African broker who are FSB licenced or pending offering superior value:
The FSCA (Financial Services Conduct Authority of South Africa) regulates South African Forex brokers providing services to retail traders and ensures the integrity of the financial markets in South Africa. South African residents can benefit from extra protection, quick access to funds and a fair trading environment.
View the top forex brokers in South Africa that operate in South Africa below.
Pepperstone is an award-winning forex broker founded and based in Melbourne, Australia, but offering its financial services around the world including to South African traders. Pepperstone is well-regulated forex broker being governed by strict regulatory agencies including:
Pepperstone Group Limited is regulated by the Australian Securities and Investments Commission (ASIC) (AFSL No.414530). And, Pepperstone Limited has FCA registration number FRN 684312. In South Africa, Pepperstone Group Limited has FSP Nr. 49497.
Regulated brokers have the advantage of giving African traders a higher level of protection. Additionally, international forex brokers like Pepperstone play by the rules imposed by some of the most prestigious regulatory bodies.
Our team of experts at Compare Forex Brokers always puts a higher value on the regulation factor. The domestic regulatory body in South Africa, FSCA allows South African traders to trade with non-FSCA regulated brokers. Actually, it’s safe to say that that the regulatory authorities from the developed countries like the UK, EU, US, and Australia offer higher industry standards and overall better protection against:
All forex brokers regulated by the formerly known as the Financial Services Board (FSB) agency are publicly listed on the FSCA website. To check the Pepperstone FSP Application status with the FSCA, simply go to their website. You can also view our best South Africa broker section for more details.
Our team of industry experts considers the financial services offered by Pepperstone to be unmatched in the South African financial sector. In our Pepperstone review process, we investigated all the key elements that ensure an environment that is suitable for making a profit in the foreign exchange market, including:
Range of trading platformsOver 57,000 traders worldwide are trusting Pepperstone with their money. Pepperstone customers can enjoy the following advantages: 
If you want to enjoy this extraordinary all-around experience that comes with a Pepperstone live account, make sure you use the button below to sign up with Pepperstone and unlock other bonuses.
Open a demo account >>Visit Pepperstone >>
FxPro is a global broker that is governed by a large number (33 entities) of tier-one regulatory agencies worldwide. The regulation that comes with a FxPro account is beneficial to all South African traders, which can enjoy protection from the local regulatory body FSCA, as well as from more prestigious regulatory entities, including:
FxPro is our second choice for the best South Africa forex brokers’ awards due to its cutting-edge solution for automated trading. Our team of industry experts has compared multiple FX brokers to see which one offers the most advanced technological solution. Only Pepperstone came closer to the same integrated algorithmic trading solution offered by FxPro.
South African forex brokers that offer a solution for algorithmic traders need to come with the right platforms that are suitable for automated trading. FxPro customers can enjoy coding their automated trading system through award-winning platforms, including:
FxPro automated forex platforms have industry recognition and awards from the International Finance Magazine Award, and other prestigious financial entities. FxPro trading platforms allow African traders to program their trading strategies using:
FxPro customers are offered a multi-currency deposit solution including Rand deposits. The ZAR forex accounts need to be funded with a minimum deposit of Rand 7,000.
Our team of industry experts concluded that the automation features offered by FxPro allow SA traders to build sophisticated automated trading strategies. FxPro is equipped with all the right automated tools supporting a wide-range of algo capabilities, including:
Nearly every forex broker has a free demo account and FxPro is no different. However, if you want to try their demo features you must first go through the standard procedures to open a live account before you gain access to your free demo trading account.
In this section, our team of experts will show you why FXTM ingenious social trading network allows forex traders to follow the world’s leading traders. FXTM’s social trading platform is governed by strict regulations when it comes to forex trading. ForexTime FXTM has acquired a local regulatory license and complies with the Financial Sector Conduct Authority norms as well as other reputable international regulatory agencies:
FXTM’s disruptive forex copy trading platform allows African traders the opportunity to earn extra profits by copying FXTM traders referred to as Strategy Managers. If you’re still trying to learn the ropes of forex trading, you can open an investment account with ForexTime and automatically copy the strategies of your favorite forex managers.
The main advantage that comes with FXTM’s copy trading is that there are no additional charges or copy trading fees. With FXTM’s copy system, SA traders will pay a fee:
The best forex brokers in the capital markets are the one which provides easy access to open a trading account and start trading forex. FXTM has a low minimum deposit of $100 allowing South African residents with low capital to benefit from their auto-trading platform.
To start copy trading on the FXTM social network, you only need to follow 5 easy steps:
Additionally, FXTM social platform allows forex traders the ability to retain full control of your trading account. FXTM customers have a wide range of copy trading tools that offers greater flexibility and enhanced experience. The copy trading service comes with the following features:
SA traders looking to generate a passive income in the forex market can follow the leading trading signals providers found on FXTM’s social platform. Our review process concluded that FXTM provides the best copy trading service among South African forex brokers. Professional traders have also the option to boost their profits by becoming an FXTM Invest Strategy Manager. If you believe in your trading skills you can register with FXTM and open an ECN account.
IG is the largest retail foreign exchange broker that is FSCA (FSB) approved and regulated worldwide by tier-one regulatory agencies and trusted by more than 178,000 forex traders. IG clients can gain access to a wide range of financial markets, including currency pairs, CFDs and share trading that come with low spreads and stockbroking services. Trading CFDs with one of the oldest financial services providers comes with a lot of advantages, including:
Our team of experts at Compare Forex Brokers believes IG Market has extensive knowledge and expertise in the financial sector as they have been around since 1974. The range of markets available through IG Markets is mind-blowing as no other top forex brokers can boost to offer such a massive market choice. IG Markets offer the following financial instruments:
To gain access to all the trading features and tools that come with the IG retail investor accounts, you need to be ready to make an initial minimum deposit of Rand 4,000. Our team of experts recommends trading with IG Markets especially if trading CFDs on stocks is your main specialty.
The second largest retail forex broker in terms of the number of assets available for trading is Markets.com, which offers over 2,200 CFDs instruments.
Our team of experts is dedicated to finding a solution for professional traders as well as for novice traders. We evaluated all the top forex brokers that operate in South Africa and discovered that Plus500 has several key features that cater to beginner traders, including:
Plus500 has established a worldwide presence with Plus500 Ltd being listed and traded on the London Stock Exchange LSE. Regulation is part of our assessment and Plus 500 operates under the norms and strict rules of financial regulatory bodies, including:
The first characteristic when looking for the best forex brokers for beginners is the available educational resources. Plus500 took extra points in our star scoring system for its high-quality educational material and interactive webinars. The FAQ section is also dedicated to helping beginner traders learn more about the financial service provided by Plus500 as well as learning how trading CFDs work.
Providing an easy-to-use proprietary trading platform is another major bonus for novice traders. South African traders can trade CFDs on currency pairs, shares, indices and cryptocurrencies with a minimum deposit:
Plus500 offers a great experience for beginner traders that are looking to just start trading. Click the button below to take advantage of the Plus500 demo account. To find out the three main strengths that come with a Plus500 account, check out our full Plus500 Review.
In terms of the best forex trading tools, FXCM offers the best choice of fundamental and technical analytical tools. The powerful analytical tools offered by FXCM are either built-in or they come as an external tool. Our team of experts will outline a brief overview of the best forex trading tools available with one of the two FXCM trading account types.
The exclusive trading tools that are designed to keep you updated with the latest economic trends or risk management tools that can be found with FXCM include:
FXCM offers many exclusive technical tools that are designed to enhance your trading experience. The proprietary trading platform TradeStation has built-in the ultimate trading toolkit, including:
Additionally, you can find countless free and paid FXCM Apps that are supported across all 3 main trading platforms, including standalone Apps. SA traders can test these analytical tools with a minimum deposit of approx. Rand 749. The good news is that South African traders can receive an FXCM deposit bonus of Rand 300. Make sure you visit their website if you want to explore the full range of technical and fundamental tools by clicking the button below.
Headquartered in Mauritius, HotForex strives to offer its customers a trading environment that complies with the strictest regulatory norms. Authorized and regulated in several jurisdictions, SA traders can trade with the peace of mind that the funds held in segregated accounts are secured and well-protected.
As one of the most reputable forex service providers, HotForex has to abide by the standards imposed by the following regulatory bodies:
Forex trading involves buying and selling high risk leveraged products and HF Markets is proud to be one of the major forex brokers with high leverage in South Africa. The advantages of trading with HotForex include:
Additionally, HF Markets offer negative balance protection which ensures that African traders will not lose more than the initial deposit. The only downside that comes with a HotForex account is that Bitcoin leverage is up to 1:2. Most South African forex brokers are able to offer higher cryptocurrency leverage. For example, Pepperstone offers 5:1 crypto leverage, Avatrade 25:1 and SuperForex with leverage of 10:1.
| Forex Broker | Cryptocurrency Leverage |
|---|---|
| HotForex | 2:1 |
| FxPro | 20:1 |
| IC Markets | 5:1 |
| Pepperstone | 5:1 |
| IG Markets | 10:1 |
| Plus500 | 20:1 |
| Avatrade | 25:1 |
| SuperForex | 10:1 |
Our industry experts introduced a star scoring system to rank South African forex brokers in terms of their Forex Training Academy, and international forex broker AvaTrade came in first. AvaTrade is a truly global online broker with offices located across 5 continents. South African residents can get in touch with AvaTrade representatives at the following address: 70 Grayston Dr, Sandown, Sandton, 2031, South Africa.
The biggest financial watchdog that supervises AvaTrade online trading activities includes top-tier regulatory agencies like:
The educational resources found on AvaTrade are subject to strict compliance requirements. AvaTrade provides online forex educational courses for over 200,000 forex traders worldwide. What differentiates AvaTrade from other forex brokers that operate in South Africa is the fact that they are truly a multi-lingual forex broker with more than 20 languages supported.
The AvaTrade Forex Trading Academy can be divided into five main sections, including:
Sharp Trader is the premium online trading educational academy developed by AvaTrade in-house experts. The Sharp Trader Academy is dedicated to offering superior training content of forex and crypto trading. African trader can learn how to trade with the help of:
The Sharp Trader Academy has exclusive forex trading material that is geared for all types of traders no matter of their level of experience you can find something to fit your own trading needs. The online trading courses are ranked accordingly to the level of experience of each individual forex trader. AvaTrade Forex Academy provides online trading courses for:
Additionally, the online trading academy includes some valuable tools like:
AvaTrade offers top forex educational resources that are constantly updated and improved so that they equip SA residents with the right financial knowledge and trading skills. South Africa is the second-largest economy on the African continent, so it’s no surprise that local traders can have access to everything a forex trader needs to succeed in this business.
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