The Financial Sector Conduct Authority of South Africa (FSCA) formerly the Financial Services Board (FSB) offers South African traders assurance forex brokers are reliable. See the best forex brokers with Tier-1 regulation for South Africa traders.
Updated: 08/06/2021
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Below shows the South African brokers who are FSB licenced (or pending) and offer 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.
Markets.com is a leading global broker that is licensed and regulated in South Africa. The broker follows local financial regulation set by the country’s Financial Sector Conduct Authority (FSCA), ensuring CFD and forex traders are provided with a fair and transparent trading environment.
Key features that make Markets.com the best South African broker overall include:
While Markets.com operations in South Africa are overseen by the FSCA, the broker operates globally via the following subsidiaries:
Markets.com offers an additional level of transparency as its parent company, Playtech PLC is listed on the London Stock Exchange and part of the FTSE 250 index.
One account type is offered by the broker for forex and CFD trading. Markets.com follows a market maker business model and uses a dealing desk, meaning all forex spreads are commission-free.
Compared to other top forex brokers, Markets.com no commission spreads are ultra-tight, starting from 0.6 pips on the EURUSD currency pair.
In total, the broker offers access to over 2,200 different financial markets. Depending on the trading platform you choose, CFDs derived from eight different asset classes can be traded:
Four trading platforms are available – MetaTrader 4, MetaTrader 5 and the brokers proprietary platforms, Marketsx and Marketsi.
Each platform provides an excellent trading environment with fast execution speeds, risk management features, and sophisticated analysis tools.
To gain access to the broker’s full CFD product range, you will want to open a Marketsx trading account. To help you develop trading strategies, the platform provides a selection of sentiment, fundamental and technical analysis features that are unique to Markets.com.
Similar to Marketsx, Marketsi users can access the broker’s full product range of over 2,200 different CFDs. The key difference between the two proprietary platforms is the trading tools available. While Marketsx offers analysis tools designed for all types of CFDs, Marketsi focuses on stock markets. To help you develop share portfolios, an Investment Strategy Builder is available that includes tools to assist with portfolio diversification management.
MT4 and MT5 are the most popular platforms for forex and CFD trading. The key difference between the two platforms is MT4 was predominately designed for forex trading, while MT5 was created as a multi-asset platform.
Both versions of the software are suited to all levels of trading experience, with advanced charting and analysis tools built into the platforms. Although you do not gain access to the broker’s full range of CFDs, many traders prefer to use MT4 and MT5 for the advanced algorithmic trading capabilities.
Trading robots, known as Expert Advisors (EAs) can be written using the MQL4 and MQL5 programming languages. Backtesting features are available on both platforms to help you develop and optimise automated trading strategies.
With tier-1 regulation, tight commission-free spreads and top trading platforms and tools, Markets.com offers all the features you need to become a successful trader.
Whether you use MT4, MT5 or the broker’s proprietary trading platform, Marketsx, you are provided various trading tools that can be used to develop sophisticated forex and CFD strategies, ranging from sentiment data to advanced technical indicators.
View Markets.com Review >>Visit Markets.com
Pepperstone is a top forex broker founded and based in Melbourne, Australia, but offering its financial services around the world, including to South African traders. Pepperstone is a 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.
In our 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:
Over 57,000 traders worldwide are trusting Pepperstone with their money. Pepperstone customers can enjoy the following advantages:
Pepperstone is a multi-regulated forex broker with MetaTrader 4, MetaTrader 5 and cTrader available. Spreads are tight and you gain access to a great range of trading tools.
View Pepperstone Review >>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.
View FxPro Review >>Visit FxPro >>
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 favourite 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 offer 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.
View FXTM Review >>Visit FXTM>>
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.
View IG Markets Review >>Visit IG Markets >>
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.
View Plus500 Review >>Visit Plus500 >>
*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
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 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.
View FXCM Review >>Visit FXCM >>
Headquartered in Mauritius, HotForex strives to offer its customers a trading environment that complies with the strictest regulatory norms. Authorised 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.
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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