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: Wednesday, January 01st, 2020
Top Forex Brokers For South African Traders
Below shows the South African broker who are FSB licenced or pending offering superior value:
Pepperstone – Best Forex Broker For South African Traders
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 that operate in South Africa below.
The Best South Africa Forex Broker Is Pepperstone – FSB Pending
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:
Australian Securities and Investments Commission (ASIC)
The Financial Conduct Authority (FCA)
The Financial Sector Conduct Authority (FSCA) – pending mode
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:
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 platforms
Order execution speed
Level of security
Spread and commissions
Range of markets
Deposit and withdrawal methods
Over 57,000 traders worldwide are trusting Pepperstone with their money. Pepperstone customers can enjoy the following advantages:
Access to 3 powerful platforms (MT4, M5, and cTrader)
Lightning-fast execution in less than 30ms
Powerful technical analysis tools (Smart Trader Tools and Autochartist)
Low commissions ($3.5 per side)
CFD Range of Markets (+150 financial instruments)
Award-winning customer service
Active Trader Account
Variety of deposit and withdrawal methods (total of 9 methods)
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.
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.
FxPro Automated Trading Platforms Solution
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 MetaTrader 4
FxPro MetaTrader 5
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:
Expert Advisors (EAs) developed in MetaQuotes Language 4 (MQL4) language
cAlgos integrated with cTrader. The base language to create cBots is C#
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:
Executing multi-asset trading strategies
Popular programming languages
Historical price data
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:
FSCA with FSP No. 46614
CySec with CIF license number 185/12
Registered with FCA with number 600475
And Registered with 18 EU countries
South African Forex Brokers with Copy Trading
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:
Only when the Strategy Manager generates a profitable transaction
The fee is based on the Strategy Manager’s Profit Share level (E.g. 10%, 20%, etc.)
FXTM Easy Access to Copy Trading
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:
Make a minimum deposit of $100
Pick the trading signals that fall within your risk tolerance level
Automatically copy the trade signals
Earn when the trade signals are profitable
Share a percentage of the profits with the Strategy Manager
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:
Ability to pause your investment account (stop copy trading)
Ranking of Strategy Managers
The popularity of a Strategy Manager
Risk level assessment for each strategy
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 – Largest Retail Foreign Exchange Brokers
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:
16,000 financial instruments
Direct Market Access DMA
Choice of leading trading platforms
Extended trading hours on US stocks
Weekend trading (global indices and cryptocurrencies)
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:
80 Forex currency pairs
World’s major stock indices (over 30 indices, including South Africa 40)
Cryptocurrencies (8 digital currencies and 1 crypto index)
CFDs share (over 12,000 stocks like Apple, Facebook, etc.)
Interest Rates (7 CFDs products)
Bonds (16 CFDs products)
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:
Easy-to-use CFD trading platform
Unlimited educational resources
Deposits in South African Rand
Free demo accounts
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:
Local FSCA (formerly known as the FSB) with FSP #47546
CySEC with license No. 250/14
Financial Conduct Authority FCA with FRN #509909
ASIC from Australia with AFSL #417727
FMA in New Zealand with FSP No. 486026
Plus500 Forex Trading Resources
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:
For debit/credit card Rand 1,500
Electronic wallet like PayPal Rand 1,500
And bank transfers with minimum 3,000 ZAR
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.
FXCM External Tools
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:
Forex Economic Calendar – lets you track high risk events that can impact the currency pairs
Live FX News – keeps forex traders updated with the latest fundamental developments
Market Scanner – helps you scan FX currencies and CFDs using your favorite technical parameters
Support and resistance levels with alternative scenarios
Propriety Speculative Sentiment Index (SSI)
FXCM Daily Trading Signals on 39 currency pairs
FXCM Technical Analysis Tools
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:
Technical Analyzer – gives automated signals for chart pattern, indicator signals, and support/resistance levels
Trading Analytics – an efficient risk management tool that helps you optimize your trading strategy
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:
Financial Sector Conduct Authority (FSCA) with FSP number 46632
Cyprus Securities and Exchange Commission CySEC with license number 183/12
HF is also part of the Investor Compensation Fund (ICF) in Cyprus
Financial Conduct Authority (FCA) with license number 801701
Dubai Financial Services Authority (DFSA) with license number F004885
Financial Services Authority (Seychelles) FSA with license number 8419176-1
And registered in 13 EU countries
HotForex Offers Forex Trading with High Leverage
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:
High leverage of 1000:1
Low spreads (0.1 spread on EUR/USD)
Online account management through the myHF portal
Convenient trading platforms options (MT4 + MT5)
Scalping and hedging allowed
6 different trading account types
A low minimum deposit of $50 equivalent in South African Rand
8 Funding and withdrawal methods
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.
AvaTrade – Best Forex Trading Academy
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:
Central Bank of Ireland reference number C53877
Australian Securities and Investments Commission (ASIC) with license number 406684
British Virgin Islands Financial Services Commission (BVI)
Financial Services Agency (FSA) in Japan with license number 1662
Financial Sector Conduct Authority (FSCA) with FSP number 45984
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:
Trading for beginners guide
Professional trading strategies
Economic indicators guide
Trading video tutorials
FREE Forex eBook
AvaTrade’s Exclusive Trading Academy
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:
40 Educational units
More than 200 forex video tutorials
Forex educational articles
Latest market news and analysis
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.