Best Forex Brokers in South Africa 2022:Top SA Forex Brokers!

A retail forex broker, also known as a forex dealer, buys and sells currencies on the trader’s behalf. The best forex broker provides 24-hour market access and the opportunity to speculate on currency pairings worldwide. The best forex brokers strive to keep their expenses as low as possible to remain competitive in the market, but traders must still pay some fees when trading with them, including a spread. Transactions in the forex market are done in currency pairs, so one would either buy or sell the currency pair (such as GBP/USD) they wish to trade.

The foreign currency market spans worldwide and is open 24 hours a day, seven days a week. Retail currency traders who use these platforms to speculate on the direction of currencies are among the clients of a forex broker. Large financial services businesses that trade on behalf of investment banks and other customers also form their clientele. The best global forex broker business will only handle a small part of the total volume of the foreign exchange market.

About South African Forex Brokers

The FSCA (formerly known as the FSB) is South Africa’s regulating authority for financial services such as Forex brokers. This offers South African forex traders an additional degree of security, trust, and peace of mind when dealing with top Forex brokers in South Africa. Do you want to find the Best Forex Brokers in South Africa? FSCA regulation is an essential consideration when choosing a Forex broker, but it is not the only one. You are not required by law to trade with an FCA-regulated broker if you are a South African citizen.

Our list only includes the finest FSB regulated Forex Brokers in South Africa. We constantly monitor and update our South African broker reviews to ensure that traders access the best forex brokers available. Every listed and the best forex broker in South Africa features a demo account or a no deposit bonus account where one may practice using their trading software. Most evaluations will highlight that the best Forex brokers provide ZAR account choices, perfect for trading Forex in South Africa.

Best Forex Brokers in South Africa

  1. Tickmill:- Best For Active & VIP Traders
  2. Markets.com:- Best For Trading Options
  3. IG Group:- Best For Trading Platforms Offerings
  4. Khwezi Trade:- Best For Forex Trading & Financial Services
  5. FBS:- Best For Retail Clients With Negative Balance Protection
  6. Plus500:- Best Broker for Beginners
  7. HotForex:- Best For MetaTrader Platform
  8. FXPro:- Best For MetaTrader & cTrader Platform Offering
  9. Exness:- Best For Secure Streamlined Trading Environment
  10. FXTM:- Best For Fast Execution & Simple User Interface

Top Forex Brokers South Africa List

The list below is consistent with the Best reviewed brokers based in South Africa. CryptoNewsZ.com has done all the hard work for you,to present the top SA Forex Brokers from which you can choose the best on your own.

Tickmill

Tickmill was founded in 2014 as a global FX and CFD broker. The firm is licenced by various financial regulators worldwide, including the top-tier Financial Conduct Authority (FCA) in the United Kingdom. It is thus regarded as a safe broker.

Tickmill Features

Regulated By FSCA
Best For Best For Active & VIP Traders
Year Founded 2014
Minimum Deposit For Pro & Classic Accounts – $100
For VIP Accounts – $5000
Maximum Leverage 500:1 (Stock Indices, Bonds, Oil); 100:1 (Forex, Metals)
Tradable Assets Forex, Stock Indices, Commodities, Bonds, Cryptos

FSCA, a financial regulatory body, governs Tickmill. South Africa’s individuals can start a trading brokerage account with Tickmill for as little as $100. Because Tickmill is a non-dealing-day broker, there is no conflict of interest with their customers.

Tickmill - Best FSCA Regulated Forex Brokers

Tickmill is ideal for active and VIP traders, who have direct market access to pricing that rivals the industry’s lowest & best brokers for forex in South Africa. The retail investor accounts from the past: Traders simply pay the bid/ask average spread on the Classic account, which is commission-free.

Mr. Agarwal has served as the CEO of Tickmill Ltd from its inception in 2014, and he is currently an Executive Director with the management of all group businesses. Tickmill’s Classic and Pro accounts have a $ 100 minimum deposit requirement. This minimum deposit amount was comparable to ZAR 1500 at the time of writing, based on the average currency conversion rate between South Africa’s Rand and the US Dollar.

Maximum leverage is the biggest position size authorized in a leveraged account depending on the margin requirements of the customer’s broker. Regulation T allows stock investors to borrow up to 50% of the value of a stake, although certain brokerage companies may apply more rigorous limits. Tickmill provides cryptocurrency CFDs through multiple Crypto FX pairings (BTC/USD, ETH/USD, and LTC/USD) that may be exchanged on its award-winning MT4 trading platform.

Pros and Cons of Tickmill

Pros Cons
Low Forex Fees. Only forex and CFDs.
Fast and easy account opening. Outdated platform design and functions.
Free deposit and withdrawal. Basic news feed.

Tickmill Tradable Assets

Fee Structure

Tickmill charges cheap forex commissions and average CFD commissions. There are no fees associated with deposits, withdrawals, or inactivity. Pricing for Pro retail investor accounts is as follows: €2 fee per forex trade per lot plus average spread cost. During peak trading hours, the average spread cost is 0 pips.

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Markets.com

Markets.com provides retail investor zar accounts for the MT4 and MT5 platforms, but it has maintained its own unique CFD trading platform since 2015 and has always focused on technologies to create trading easier. There have been several major system improvements since 2018, affecting both web trading and mobile trading apps across the Financial Markets and Markets sub-brands.

The company’s award-winning multi-asset trading platform is referred to as Markets. Millions of traders worldwide now have access to global financial markets via CFDs and Spread Betting on thousands of financial instruments, including FX, Indices, Equities, Commodities, Bonds, ETFs, Cryptos, and unique Blends products.

Markets.com Features

Regulated By FCA, CySEC, ASIC, FSCA, FSC
Best For Best For Trading Options
Year Founded 2008
Minimum Deposit $100
Maximum Leverage 300:1
Tradable Assets Currencies, Stocks, Index, Commodities, Bonds, ETF, Blends, Crypto Assets

Markets.com is a highly regulated and secure Forex and CFD brokerage, with authorization and approval in five different jurisdictions, which include two “tier-1” regulatory regimes (the United Kingdom through the FCA and the European Union through CySEC, as well as Australia’s ASIC, South Africa’s FSCA, and the British Virgin Islands’ FSC).

Markets.com - Comes in List of Forex Brokers in South Africa

Overall, Markets.com is an excellent option for most best South African forex brokers and investors of all levels of expertise. It also accepts South Africa’s customers. The average spread EUR/USD is 0.70 pips on trading zar accounts with the lowest minimum deposit.

Founded in 2008, Markets.com is a subsidiary of a publicly-traded corporation in the United Kingdom (LSE: PTEC). Markets.com is licensed in two tier-1 jurisdictions, making it a risk-free broker in South Africa for FX and CFD trading.

The account of Markets.com has a fair minimum deposit requirement of $100 USD, making it accessible to new traders, and it provides trading on its own platform, which is easier to use than third-party forex trading platforms like MT4 and MT5. The maximum leverage is 300:1. Bonds: Markets.com provides four different ties for investing. Leverage on all bonds is up to 100:1.

Starting from CFDs to other derivatives, you can now start trading in tradable assets. There are over 8,000 assets that this trading platform can cater to. Over 67 currencies, 1992 stocks, 40 Index, 28 Commodities, 4 Bonds, 66 ETF, 13 Blends, and 25 Crypto assets are available for trading. However, you can also click here to know more about the trading platform.

Pros and Cons of Markets.com

Pros Cons
Free and quick deposits and withdrawals. Limited product selection.
Simple and quick account setup. The trading platforms lack crucial characteristics.
Excellent learning and research tools. High forex costs.

Benefits of Markets.com

Fee Structure

Markets.com provides a premium account called MarketsX for traders who deposit at least $250. It has spreads comparable to its regular account offering and additional trading platform perks.

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IG Group

IG Group is amongst the biggest and most renowned brands in FX trading, with various bodies regulating and authorizing it, including the FSCA, CFTC, BaFin, and a lot more. IG Group Markets SA Limited provides South African traders and stockbrokers with over 17,000 trading products across many asset classes.

Stockbrokers and South African traders are given solutions tailored to their trading styles, techniques, and degrees of expertise. IG is well-recognized for its narrow spreads, affordable fees, diverse, and active trading accounts.

IG Group Features

Regulated By FSCA, FAIS
Best For Best For Trading Platforms Offerings
Year Founded 1974
Minimum Deposit R4000
Maximum Leverage 200:1
Tradable Assets Forex, CFDs, Shares, Indices, Cryptocurrencies 

Since its inception in 2010, IG Markets South Africa Limited (IGMSA) has indeed been supervised by the FSCA (previously the FSB), and it operates as an over-the-counter derivative provider under an FAIS license, FSP No 41393.

IG Group - One of the Best SA Forex Brokers

It provides trading and investing options to individuals worldwide, and has offices in 20 countries spanning Europe, Africa, Asia-Pacific, the Middle East, and North America. The headquarters are in London.

It has a long history of support for South Africa. Since its inception in 2010, IG Markets South Africa Limited (IGMSA) has been regulated by the FSCA (previously the FSB). It operates as an over-the-counter derivative provider under a FAIS license, FSP No 41393.

If you want to fund an international account, you must deposit a minimum of R4000 or the equivalent in other currencies. When you attempt to submit a payment, the minimum deposit is shown on the payments screen. The highest leverage available from IG GROUP is 200:1.

IG Group delivers extensive research and education through the IG Analysis and Education connections. IG Analysis features well-organized news, analysis, a financial calendar, market data, a screener, and a look ahead for the week. Although, read our honest IG review to know more about the platform’s services & offers.

Pros and Cons of IG Group

Pros Cons
Regulated by various entities. A comparatively higher deposit requirement.
Has more than 17,000 tradable financial instruments.
A choice between various trading accounts.
Competitive commissions and tight spreads.

IG Group Services

Fee Structure

Opening an account is free, and IG’s additional withdrawal fees are reasonable. When trading with leverage, there is just one direct fee to consider: the spread or commission in the case of share CFDs. Direct expenses, other possible charges, variables important to the cost of your trading, and the spread or commission are some of the charges or factors that may impact the cost of trading.

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Khwezi Trade

Khwezi Trade, according to research in South Africa, is a well-respected South Africa’s brokerage firm run by its parent company, Khwezi Financial Services. This award-winning firm was created in 2013 and is located in Cape Town, South Africa. Khwezi Trade provides ZAR trading. As an STP broker, the firm offers traders exceptional trading conditions, devoted customer service, and a range of deposit and withdrawal alternatives at no cost.

Khwezi Trade Features

Regulated By FICA, FSCA
Best For Best For Forex Trading & Financial Services
Year Founded 2013
Minimum Deposit 500 ZAR
Maximum Leverage 200:1
Tradable Assets It provides many execution techniques, trading tactics, inexpensive pricing, and is completely configurable.

The Khwezi Trade is governed by the Financial Intelligence Centre Act (FICA), which the South Africa’s government enacted to prevent unlawful financial transactions. Since 2013, Khwezi Financial Services, the broker’s parent firm, has been regulated by the FSCA (FSP: 44816).

Khwezi Trade - Best Forex Brokers for South African Traders

The proprietary trading platform is best for forex trading and other financial services that it offers. Founded in 2013, the Khwezi Transaction is an FSCA-regulated local broker in South Africa offering minimal deposit ZAR accounts, quick trade execution, and a customer-focused approach to traders. KwheziTrade will be especially appealing to South African forex traders searching for an MT4 global & best forex broker in South Africa with personalized customer service.

Khwezi Trade’s entry-level account is designed for new traders, with a minimum deposit of 500 ZAR and spreads averaging 1.4 pips on the EUR/USD, which is somewhat wider than other regulated South African brokers but without fees.

The withdrawal procedure is monitored at 3 p.m. every day. Khwezi Trade provides reliable trading conditions as well as quick market access. Furthermore, it provides multiple trading account kinds for South African traders based on the size of your trading account and the amount exchanged. The usual leverage is 100:1, with a maximum leverage of 200:1 across all trading accounts.

The firm provides the well-known MetaTrader4 (MT4) Trading Platform. The MetaTrader4 platform is the world’s most popular trading platform. This platform includes all of the features and perks required to produce a great trading experience using the company’s market instruments.

Pros and Cons of Khwezi Trade

Pros Cons
In 2019, it was named as the best broker in South Africa. Only a 14-day demo account is offered.
The FSCA governs the forex industry.
The MetaTrader4 platform is provided with a large array of market instruments.

Khwezi Trade Features

Fee Structure

Khwezi Trade has a fair and honest business practice. There are no hidden costs, and the firm operates transparently. CFDs are subject to commissions. A ZAR commission is levied for each trade on commodities CFDs and indices. Charges may vary depending on the kind of trading account and market instrument. Spreads are narrow and are determined by the trader’s deposit.

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FBS

Founded in 2009, FBS is a well-regulated ECN broker. It is governed by several top-tier industry authorities, including CySEC, IFSC, and ASIC. Since its foundation, FBS has been the recipient of 68 honors. It is also known for offering very low spreads on trading across a wide number of marketplaces. FBS is a popular trading option among Asian and African traders in particular.

FBS Features

Regulated By IFSC, CySEC
Best For Best For Retail Clients With Negative Balance Protection
Year Founded 2009
Minimum Deposit $1 (Cent Account)
$1000 (ECN Account)
Maximum Leverage 3000:1
Tradable Assets Currencies, Commodities, Trading Stocks

South African traders and investors can trust FBS since it is well-regulated by the International Financial Services Commission (IFSC), ensuring that consumers have a secure and safe trading environment. The IFSC also adds to the market’s rapid expansion and healthy growth.

FBS - Top South African Forex Brokers

FBS is a professional and FSCA regulated South African broker with regulations issued by reputable organizations. The Cyprus Securities and Exchange Commission regulates the business that owns FBS’s EU division (CySEC). In the EU, the broker also provides retail clients with negative balance protection. Overall, it can be said that FBS is not a hoax.

FBS, a Russian Forex and CFD broker, was founded in 2009 and is regulated by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa.

The minimum deposit at FBS varies based on the trading account you select. The cent account requires the least initial investment of $1, whilst the ECN account requires a minimum deposit of $1000.

FBS allows you to choose your own leverage, ranging from 50:1 to 3000:1. Leverage will also be affected by the sort of trading account you have. Only at FBS will you discover such a one-of-a-kind Forex service with the leverage of 3000:1. FBS lets you benefit from currencies and commodities and trading stocks of major US corporations.

Pros and Cons of FBS

Pros Cons
A modest minimum deposit is ideal for beginning traders in South Africa. There is a limited variety of materials accessible.
The risk in this trading account is significantly lower than in other types of accounts. Only a few base currencies are accepted by the broker.
They offer their own copy swapping service.
VPS usage is encouraged, and one is given.

Tradable Assets of FBS

Fee Structure

The customer may be charged a commission of up to $80 per lot exchanged. The more engaged you are in targeting consumers, the more you make.

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Plus500

Plus500 is completely built on CFD trading. Therefore, Plus500 is the way to go if you want to deploy your trading strategy on CFDs with a genuinely great and extremely large assortment of instruments. Its trading software is so incredibly user-friendly and straightforward that any trader will be able to get started quickly. Furthermore, Plus500 offers some of the best prices, with the sole drawback being a lack of educational resources.

Plus500 Features

Regulated By FCA, CySEC, ASIC
Best For Best Broker for Beginners
Year Founded 2008
Minimum Deposit $100
Maximum Leverage 30:1 (Forex); 20:1 (Stock Index), 5:1 (Stocks); 2:1 (Cryptos)
Tradable Assets Forex, CFD, Stocks, Options, Cryptos

The CSEC has authorized and regulated Plus500CY Ltd. It allows you to trade stocks, cryptocurrencies, Forex, commodities, and more through CFDs. You must have a solid grasp of the financial markets to make money on Plus500. For more information, please see our comprehensive evaluation or our guide on how to trade on Plus500. It is also known for providing negative balance protection to its customer regulated forex brokers.

Plus500 - Best Broker for Forex Trading in South Africa

The firm was created in 2008 by six Technion – Israel Institute of Technology alumni: Gal Haber, Elad Ben-Izhak, Alon Gonen, Omer Elazari, Shlomi Weizmann, and Shimon Sofer, with a $400,000 initial investment from Gonen. The first platform was based on a Windows operating system.

Plus500’s minimum deposit requirement is 1500 ZAR (100 USD), which is average compared to other market makers. Plus500 has a maximum leverage of 30:1, which is an industry-standard but not as extreme as some other regulated South Africa’s brokers inside the sector. The regular account has a leverage maximum of 30:1.

Plus500 excels many retail brokerages in terms of cryptocurrency selection, which exceeds crucial names. Commodities are efficiently displayed and provide traders with appropriate hedging possibilities. Index CFDs are a helpful diversification tool that complements the selection of equities CFDs. ETF CFDs enable passive trading, which is becoming more popular in portfolios. Plus500’s cross-asset trading environment is completed with options. Apart from this, you must check Plus500 reviews to know about the platform in detail.

Pros and Cons of Plus500

Pros Cons
Competitive pricing for all South African regulated brokers. A scarcity of educational resources.
CFDs on a diverse variety of market instruments. A scarcity of research resources.
It Is regulated by one of the main authorities.

Plus500 Services

Fee Structure

Plus500 will incur a base Currency Conversion Fee for any transactions on securities denominated in a base currency other than the base currency of your account. The base Currency Conversion Fee will be recorded in real-time on an open position’s unrealized profit and loss.

Traders are informed of corporate moves such as dividends, splits, and mergers. An inactivity cost of $10 per month is imposed if the account has been idle for three months. This his a reasonable amount considering that some regulated & best brokers for forex in South Africa charge up to $50 per month as an inactivity fee.

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HotForex

HotForex also provides a robust solution for trading CFDs and Forex, with fees included in the narrow spread. HotForex, being a fully registered South Africa’s broker in many countries, maintains safe trading capabilities, and offers a variety of alternatives, including Zero Spread trading and Islamic Accounts. South Africans may profit from price changes in a variety of assets, including cryptocurrency. It also helps in identifying the best trading strategy for its loyal customers.

HotForex Features

Regulated By DFSA, FCA, FSCA, FSA
Best For Best For MetaTrader Platform
Year Founded 2010
Minimum Deposit $5 or ZAR 70
Maximum Leverage 1000:1
Tradable Assets Forex, Metals, Shares, Stock Indices, Bonds, Commodities, Energies, DMA Stocks, ETFs

HotForex is licensed and regulated in several jurisdictions: South Africa’s Financial Sector Conduct Authority (FSCA): Since 2016, Hotforex SA has been licenced by the FSCA under FSP number 46632. HotForex’s platform allows you to trade a wide variety of trading products, consisting of 49 Forex currency pairs and 100+ CFDs, and offers a consistently fast execution rate. The regulated forex brokers also get to enjoy negative balance protection if they need it.

HotForex - Best Forex Broker in South Africa

HotForex is a well-known forex and CFD broker that was founded in 2010. It is the brand name of “HF Markets Group,” which serves prospective buyers from over 200 different countries. It is a well-known broker, with over 2.5 million active accounts. However, tap to our honest HotForex review and learn more about the platform.

Hotforex South Africa requires a minimum deposit of $5 or ZAR 70 with the Micro Account. The actual minimum deposit is determined by the account type you select. Its trading costs about $100 (R1400) for a Premium account and $200 (R2800) for a Zero account.

As a beginning trader, you should restrict your leverage to no more than 10:1. To be extra safe, use 1:1. Trading with an excessively high leverage ratio is one of the most typical mistakes committed by beginning forex traders. The maximum leverage ratio with a micro account is 1000:1, whereas it is 500:1 in a premium account.

Starting from forex trading, you can also buy numerous other products like metal, energies, indices, and shares using this platform. The platform supports 50+ currencies with over 15 trading payment methods. You can check the official site to understand the trading assets that you can choose from and start trading in the same.

Pros and Cons of HotForex

Pros Cons
HotForex South Africa is an FCA-regulated broker with the FSP number 46632. There is a limited selection of Forex and CFD instruments in comparison to other similar forex brokers. Most regulated brokers provide a greater variety of trading instruments.
Its overall trading expenses, including spreads and other charges, are modest for the majority of trading products.
Accounts in ZAR are supported. HotForex has a $5 minimum deposit (ZAR 70).
It provides trading platforms MT4 and MT5 for all smartphones.
Local phone help is provided in South Africa.

Services of HotForex

Fee Structure

HotForex charges commission on their Zero accounts based on the instrument and amount of lots traded. The commission-based structure is quite transparent. The commission price for main pairings is $6 per standard Lot, which includes $3 to initiate the transaction and $3 to close it. The commission cost for other currency pairs is $7 per regular lot.

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FXPro

According to SA research, FxPro is a multi-award-winning brokerage business created in 2006. It is a division of the FxPro Group Limited. The firm specializes in online trading and provides Contracts for Difference (CFDs) on six asset classes: shares, spot indices, currency, futures, spot energy, and spot metals.

FXPro Features

Regulated By CySEC, FSCA, FCA, SCB
Best For Best For MetaTrader & cTrader Platform Offering
Year Founded 2006
Minimum Deposit $500 or ZAR 7000
Maximum Leverage 200:1
Tradable Assets Forex, Spot Indices, Spot Metals, Futures, Shares

South Africa’s FSCA has authorized and regulated FxPro Financial Services Limited (authorization number 45052). The FSCA (Financial Services Conduct Authority) is South Africa’s independent supervisory and regulatory authority for the non-banking financial services industry. It is best known for providing forex trading services at lower commission charges and negative balance protection. Although, check FxPro review and know the insights of the platform in detail.

FXPro - One of the Best Forex Brokers South Africa

According to African research, FxPro is a multi-award-winning brokerage business that was created in 2006. It is a division of the FxPro Group Limited. All South Africa’s traders at FxPro must make a minimum deposit of $500 to open an MT4 account. However, in the event of ZAR as the base currency, the minimum deposit is ZAR 7000.

FxPro UK Limited’s maximum leverage ratios range between 30:1 and 200:1. Leverage ratios vary depending on the kind of account, jurisdiction, and amount of expertise of the trader. When employed appropriately, high leverage levels can produce huge returns, but South Africa’s traders should be aware that the dangers are higher and can result in large losses.

Customers can trade in more than 70+ FX currency pairs and can execute up to 7,000 orders in a day using the platform. You can check the official website to know more about the Forex majors and minors that you can trade in and create your tradable assets accordingly.

Pros and Cons of FXPro

Pros Cons
It is governed by a number of different entities. It does not provide its services in all countries due to legal jurisdictions.
A diverse range of market instruments is available.
Separated accounts.
Various account types.
There are little to no commissions charged.
Trustworthy trading platforms.

Tradable Assets by FXPro

Fee Structure

Commissions and spreads are charged by FxPro UK Limited based on the type of account and products. The company operates ethically and transparently, with no hidden costs.

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Exness

Exness offers South Africa’s traders financial services and investment options suited to their specific needs. Exness solely welcomes retail merchants (Seychelles) in Nymstar Ltd,. Exness is governed by the reputable FCA, CySEC, and SFSA, as well as CBCS, FSC (BVI), and FSC (US) (Mauritius). It presently runs brokerage offices in three separate places, with the brand represented by three different corporate entities (Cyprus (HQ), the United Kingdom, and the Seychelles).

Exness Features

Regulated By CySEC
Best For Best For Secure Streamlined Trading Environment
Year Founded 2008
Minimum Deposit $1 (Standard Account)
$10 (Bank Transfer)
Maximum Leverage 200:1
Tradable Assets Currency Pairs, Stocks & Indices, Cryptocurrencies

Exness (Cy) Ltd is a Cyprus Investment Firm licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 178/12. They have a very low usual spread with their Standard accounts, which is even smaller with the Pro and Raw Spread accounts. Furthermore, the account types they provide are highly diversified to accommodate all traders.

Exness - Comes in Regulated Forex Brokers in South Africa

Exness is an FSCA registered FSP selling derivative products under the FSP number 51024 and the FSP name Vlerizo (Pty) Ltd. They were authorized on November 12, 2020. The minimal initial deposit is determined by the type of Exness account you have. The Exness Standard account requires a minimum deposit of 1 USD. In South Africa, you may also deposit in Rand via Internet Banking. Bank transfer demands a minimum deposit of $10. No currency conversion rates will be applied if your account is in ZAR Base currency.

During this time, all instruments are subjected to high leverage of 200:1. (except for cryptocurrencies, exotic currency pairs, stocks, indices, energies, as well as platinum and palladium, where the margin requirements are fixed).

The platform allows you to trade in multiple currencies at the same time. You will have to create a standard or professional account, depending on your requirement. With over 107 currency pairs, 81 stocks and indices, 13 cryptocurrencies, and many other stocks to invest in, there are many tradable assets that you can trade in.

Pros and Cons of Exness

Pros Cons
CySEC, FCA, FSCA, FSA, CBCS, FSC (BVI), FSC (Mauritius) are all in charge. There are no multi-currency accounts available.
Client monies are maintained in separate accounts. 
Dealing-Desk Broker. 
Tight spreads.
130+ Currency Pairs Available on Multiple Trading Platforms.

Why Is Exness Loved by Clients?

Fee Structure

Exness charges a cost of $3.5 (per order) for initiating and closing positions for Raw Spread & Zero accounts with $100,000 USD trading volume (1 standard lot). That works out to $7 for both teams. This is somewhat more than the charges charged by Hotforex and FXTM for ECN accounts. It also depends on the various currency pairs that you are going to perform trading CFDs in.

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FXTM

FXTM broker is a corporation that has been in operation since 2011, with headquarters in Cyprus and as a licensed entity in South Africa. FXTM is a well-known broker, and is also becoming fairly valuable in South Africa in terms of trading quality and client satisfaction ratings. Whether you are a novice or a seasoned trader, FXTM has created trading settings ideal for all levels of experience. Beginners and professionals will discover essential conditions, as well as professional training and support resources, in addition to the normal contests South African brokers take.

FXTM Features

Regulated By FCA, FSCA
Best For Best For Fast Execution & Simple User Interface
Year Founded 2011
Minimum Deposit $500 (ECN Account)
$50 (Micro Account)
Maximum Leverage 30:1
Tradable Assets Forex, Cryptos, Stocks

FXTM is an FCA-regulated FX broker based in South Africa. It is heavily regulated internationally by top-tier financial regulators in the United Kingdom and Cyprus. In South Africa, it is also licensed by the Financial Sector Conduct Entity, which is a local regulatory authority (FSCA). The platform is best known for the trading activities and minimum commission charges that are offered by best & regulated brokers for forex trading. It is also known for its fast execution and simple user interface.

FXTM - Best Forex Broker South Africa

FXTM is a South African-based FSCA-regulated FX broker. It was established in 2011 and today, it claims to have over 1 million registered members. The minimum deposit varies depending on the kind of account. The minimum deposit for an ECN account is $500 for the Advantage and $500 for the Advantage Plus. The minimum deposit for the Micro account is $50 if you pick one of the basic accounts.

FXTM provides the maximum leverage of 30:1. However, if you are risk-averse or are still learning how to trade currencies in general, a lower level, such as 5:1 or 10:1, may be preferable for you. With competitive pricing to educate the South African forex traders, this platform is popular for many reasons. The platform is used across 150 countries, with more than 2 million South African residents using the platform to trade in different cryptocurrencies and stocks. You can also use this platform to create your portfolio and start investing in other stocks.

Pros and Cons of FXTM

Pros Cons
Excellent client service. Expensive CFD costs.
Excellent instructional resources. Inactivity and withdrawal penalties. 
Account opening is done digitally and quickly. Limited product portfolio.

Features of FXTM

Fee Structure

FXTM provides many account options with varying fees. We tried using the ECN account, which offers minimal spreads but a fee. If you have a larger account balance and/or trade more, the commission for ECN accounts is cheaper. The fee was computed assuming an account balance of $0 to $2,999 and a trading volume of less than $100 million.

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Is Forex Trading Legal in South Africa?

While the FX market in this region is not as active as the four major trading periods, it is the most active in Africa. Forex trading is permitted in South Africa if it does not violate money laundering rules, and traders must report any earnings to SARS (South African Revenue Service). While one is not required to use a licensed broker while dealing in South Africa, it is a good idea to check that the broker is authorized by the FSCA or at least one tier-1 regulatory state. In South Africa, funding an account is rather simple, provided you have a credit card linked to a major bank.

However, whether we try to finance overseas ZAR trading accounts from South African bank accounts or local lesser-known credit cards, South African financial restrictions might occasionally get in the way. This is happening rarely these days, yet the problem exists. In 2010, it became simpler for South Africans to lawfully bank transfer more money to foreign bank accounts, making it simpler to fund a Forex account. While there is still a limit on how much a South African individual may move overseas, a 10 million Rand allowance is feasible.

How Do I Trade Forex in South Africa?

Anybody who understands how to trade forex will know that 90 percent of the game is based on preparation. Even the best-laid ideas will fail if the infrastructure isn’t robust. Forex, the world’s largest financial market, is a worldwide rivalry that takes no prisoners. Further, we guide you on how to get started with it:-

  1. Connect Using the Internet:- You may connect to the FX market and trade currencies all around the world from anywhere in South Africa. Ascertain that you have a stable network connection with no built-in latency. Forex trading is all about time, and you don’t want a delaying system reaction to derail a perfectly solid approach.
  2. Find the Finest Online Forex Broker:- You may communicate with a trading list of South African forex brokers all around the world. Take notice of the regulatory authorities that oversee the trading forex brokers you’ve picked. South Africa has reasonably robust safeguards. However, those protections may not apply if you use an offshore broker.
  3. Create the Account:- To open an account, you will need to follow the steps outlined by your broker. Make certain that you strictly adhere to the instructions. You must authenticate yourself and link your bank account.
  4. You Must Fund Your Account:- You may start trading forex with virtual (rather than real) money. You must fund your zar trading account before you can begin earning money. If you’ve linked your bank account, this should be a reasonably straightforward process. Certain South African based forex brokers also accept local bank transfers or payment by cheque, debit card, and credit card.
  5. Install Your Trading Platform:- The majority of reliable forex brokers have their own trading platforms. This is the user interface you will use to make your FX investments and also perform a bank transfer.
  6. Trade:- You may start trading in the FX market now that your infrastructure is in place.

The South African Rand (ZAR) is the country’s official currency, and it is divisible into 100 smaller denominations known as cents. Even though the International Monetary Fund (IMF) somehow doesn’t consider the South African currency to be a common Central Bank reserve currency, according to data compiled by the Bank for International Settlements (BIS), the South African currency was the 20th most-traded in 2016, properly accounting for one percent of total forex market activity that year.

Since 2017, South Africa has used a so-called “Twin Peaks” regulatory framework to regulate the country’s financial industry. Since then, online forex and Contract for Difference (CFD) forex brokers have been regulated by the Financial Sector Conduct Authority (FSCA), an organization established to replace the Financial Services Board (FSB). Before beginning operations in South Africa, financial institutions must be approved by the FSCA.

The FSCA has the authority to supervise that regulated firms follow applicable laws and meet capital adequacy standards to support their financial soundness and safeguard traders and investors. The best forex brokers with local licenses must keep all customer monies separate and in a South African bank.

Choosing The Top Forex Broker in South Africa

Broker Regulation

When it comes down to it, legal action is your first, final, and only option for resolving any issues you may be having with your forex broker. A proper regulatory framework serves as a preventative measure. It seeks to prevent such issues from arising in the first place.

Safety

Knowing your forex broker’s previous escapades might offer you a clearer picture of what it is up to today. A publicly traded firm is required to publish various financial information, such as its balance sheet. You want to know that your trading money is separated and kept safe and secure.

Trading Fees

This is the most crucial aspect of your worldwide best forex broker South Africa evaluation. There is no getting around that. For the identical deal, one best forex broker in South Africa may charge you ten times less than another. Keep an eye out for “hidden” expenses, such as withdrawal fees or inactivity fees.

Trading Platform

The forex trading platform and the trading tools it offers are your principal weapons in your fight for profit. Choose the one that best fits your needs. Remember that many trading platforms are flexible, which means they may be adjusted to your specific needs. Personal choice will play a big role here since many trading platforms provide identical services but have quite distinct looks and feel. 

Good Customer Support

You need someone to talk to when you run into issues with your deposits, real trading, or withdrawals. Competent assistance is required. Customer support may be useful for everything from establishing a ZAR forex account to getting help with the platform.

The Advantages and Disadvantages of Forex Trading

Advantages

The world’s largest financial market is the world’s largest market because it offers various advantages to its brokers. Some of the key benefits are listed below:-

  1. Flexibility:- Forex exchange markets or the London Stock Exchange give traders a great deal of freedom. This happens because there are no restrictions on the money that may be utilized for trading. Furthermore, there is essentially little market regulation. It also happens because the market is open 24 hours a day, 7 days a week and presents an extremely flexible setting for traders. 

    South African residents who work normal jobs can also trade Forex on weekends or at night. They cannot, however, do the same whether they are dealing in the bond markets or stock in their own nations! As a result, South African Forex trading is the trading of choice for part-time traders since it allows for a flexible schedule with less interruption in their full-time jobs

  2. Transparency:- The FX market is massive in scope and spans many time zones. Information about FX markets is widely available. Furthermore, no country or central bank can corner the market or rig prices for a lengthy period of time. Some companies may benefit in the short term because of the time lag in transmitting information. This advantage, however, cannot be sustained over time. The South Africa Forex market’s scale also ensures that it is fair and efficient.
  3. Option Trading:- Forex markets provide traders with a wide range of trading choices. Traders have access to hundreds of currency pairings. They also have the option of engaging in spot trading or entering into a future arrangement. Futures contracts are also available in a variety of sizes and maturities to fit the demands of Forex traders. 

    As a result, the FX market offers an alternative for every budget and every investor with a varied risk tolerance. Furthermore, one must consider the fact that the Forex markets have a tremendous trading volume. The FX market has the most trading activity of any market in the world. As a result, Forex offers unrivaled liquidity to its traders, allowing them to join and exit the market in a matter of seconds at any moment!

  4. Transaction Fees:- In comparison to other marketplaces, the FX market offers a low-cost transaction environment. Trading in Forex has exceptionally low transaction trading costs when compared to trading in other markets on a percentage point basis. This is mostly because the FX market is largely dominated by dealers who issue a two-way quote after reserving a spread to cover their own risks. In the Forex market, pure-play brokerage is extremely low.
  5. Leverage:- Within all financial asset markets, forex markets offer zar trading accounts with the largest leverage. The structures in the Forex markets allow investors to leverage their initial investment up to 30 times and trade in the market. Profits and earnings are amplified as a result. As a result, even though FX market moves are often minor, traders can wind up winning or losing a considerable amount of money due to leverage!

Disadvantages

It would be a skewed assessment of the Forex markets to focus solely on the benefits while neglecting the drawbacks. As a result, in the interest of complete transparency, the following drawbacks have been listed:-

  1. Counterparty Dangers:- The FX market is a global market. As a result, regulating the FX market is a tough subject since it involves the sovereignty of many countries’ currencies. This results in a situation in which the FX market is mostly uncontrolled. As a result, there is no centralized exchange that assures risk-free trade execution. 

    As a result, when investors or traders enter into deals, they must also be aware of default risk, which is the risk that the counterparty will not have the intention or capacity to respect the contracts. Forex trading thus necessitates a detailed assessment of counterparty risks as well as the development of trading strategies.

  2. Risks of Leverage:- Forex markets offer the most leverage. Leverage implies danger by definition, and a gearing ratio of 20 to 30 times suggests a lot of risk. Considering that there are no boundaries to the amount of flexibility that may occur in the FX market in a single day, a person could lose all of their money in a matter of minutes if they place highly leveraged bets. Novice investors are more likely to make such errors since they are unaware of the level of danger that leverage entails.
  3. Operational Dangers:- Operationally, forex trading activities are complex to manage. This is because the FX market operates continuously, whereas humans do not. As a result, traders must rely on computers to maintain the value of their investments while they are abroad. On the other hand, multinational corporations have trading desks all over the world. However, this is only possible if trading is done on a huge scale.

Conclusion

This article is the product of a thorough investigation of over 300 best Forex brokers. The specific objective of these trading tools is to assist traders in finding the best South Africa Forex brokers – and avoiding the worst ones – by providing reliable and up-to-date trading knowledge. We feel we have achieved our aim with over 150 data points on each low-cost best forex broker in South Africa and over 3000 hours of research writing. 

In a world where trading conditions and customer service might differ depending on where you reside, our Trusted forex broker in South Africa evaluations focus on the local trader and provide you with information about these best South African forex brokers from your point of view. Our in-house team of researchers and writers completed the research, acquiring information from numerous corporate reps, websites, and sorting through the tiny print.

FAQs

Which Forex Broker Is Legal in South Africa?

HotForex is our top pick for a low-cost brokerage firm in South Africa. We believe they are secure since they have been regulated by the FSCA (FSP No 46632) in South Africa since 2016 and the FCA in the UK (HF Markets (UK) Limited with Reference number: 801701) since 2019.

Can I Trade Forex in South Africa?

South Africans can lawfully trade in the foreign exchange market through any FSCA regulated forex broker in South Africa permitted to provide derivative products to South African customers. In 2017, the daily volume of FX trading in South Africa was expected to be over $19.1 billion USD.

Is Forex Trading Allowed in South Africa?

Forex trading is permitted in South Africa as long as it does not violate money laundering rules, and traders must report any earnings to SARS (South African Revenue Service).

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