Top 10 Forex Brokers in South Africa For 2024

Trading in the foreign exchange market, which is also known as FX trading, involves swapping one currency for another. The forex market sees a lot of movement in the market with $6.6 trillion in transactions taking place. People, companies and financial organizations are all involved in this market. A forex pair involves trading two currencies against each other. Various currency combinations are used for trading with pairs in the South African market, including the euro against the US dollar (EUR/USD) and the US dollar against the dollar (USD/CAD). According to a BIS survey, GBP/USD accounts for 9.6% of all transactions in South Africa. Therefore individuals should seek out regulated and best forex brokers in South Africa with authentic trading platforms and user friendly trading apps to simplify their trading endeavors.

Key Takeaways:

This article aims to break down Forex broking for traders of all levels and provide insights into the brokers in South Africa that meet traders’ specific requirements. We will evaluate aspects such as adherence to laws, customer service quality, trading terms, reputation and available resources of the 10 best South African forex brokers to assist traders in making well informed choices.

List of 10 Best Forex Brokers in South Africa

Choosing the right forex trading brokers according to your needs and experience can be difficult. We have curated the list of 10 best forex brokers in South Africa for you so that you can choose the best among them by comparing their fees, platforms, and features before making your choice. Remember, doing your own research is key to finding the best fit for your trading style and goals.

Detailed List of Best Forex Brokers South Africa

1. Tickmill – Best For Active & VIP Traders

tickmill broker
Source: tickmill.com

Tickmill was founded in 2017 and has made a name for itself in the FX market by sticking to its principles of low spreads and Electronic Communication Network (ECN) execution. More transparency and tighter spreads result from this, which makes Tickmill the best forex broker in South Africa and a safe shelter for traders on a low budget. Significantly, Tickmill is governed by the Financial Sector Conduct Authority (FSCA), which ensures that South African citizens may trade in a safe environment. Opening an account online takes only a few minutes, and there are several free ways to deposit and withdraw money.

To find more information on the advanced features, accounts, tools, and functions on the tickmill platform, check out the Tickmill review.

Why We Choose It?

Tickmill is distinguished by its constant commitment to maintaining minimal trading expenses. As the best forex trading app in South Africa, they regularly provide competitive commissions along with some of the narrowest spreads available. Moreover, traders may take advantage of actual market liquidity with the ECN execution methodology, guaranteeing that deals are carried out at the best pricing.

Key Features

  • Order management tools that are highly sophisticated.
  • There are skilled advisors available.
  • Methods of charting and analytical tools that are more advanced.
  • Do business from desktop or mobile devices.

Pros

  • Minimal forex commissions.
  • No exit costs.
  • No cost for inactivity.
  • The vast majority of the clients are top-tier financial authority, thereby promoting credibility.
  • Protection against negative balance.
  • No deposit fee needed.

Cons

  • Few account-based currencies.
  • Less competitive fees on Classic account.
  • No 24/7 customer support.

Sign Up Now Tickmill Linkedin

2. FxPro

FxPro
Source: fxpro.com

A globally recognized and reputable broker, FxPro has been a leading player in the forex market since 2006. They provide a robust and secure trading experience, prioritizing regulatory compliance and client security. FxPro is authorized by top-tier authorities, including the FSCA, offering South African traders an additional layer of peace of mind. FxPro continues to be one of the best trading platforms in South Africa. With its lowest spreads offered through its cTrader platform offering, the pricing is often more expensive than usual.

Our FxPro Review extensively discusses the numerous key features, functions, and the underlying pros and cons of using FxPro.

Why We Choose It?

Being one of the regulated forex brokers in South Africa, FxPro caters to diverse trading preferences by offering many trading platforms, including the widely popular MetaTrader 4 and 5. They also boast competitive fees and a comprehensive selection of tradable instruments, encompassing major, minor, and exotic forex pairs. Additionally, FxPro provides advanced charting tools and in-depth market analysis to empower informed trading decisions.

Key Features

  • Offers various trade execution methods based on account type.
  • Requoted less than 1% of client orders in 2020.
  • cTrader account with lower spreads won Best in Class for Algo Trading in 2024.
  • Offers FxPro Edge app for web and mobile, BnkPro app, and Invest Web platform.
  • The BnkPro app offers trading of thousands of global stocks, separate from the FxPro client experience.

Pros

  • FxPro offers over 400 CFDs for MetaTrader users, including forex, shares, indices, metals, and cryptocurrencies.
  • FxPro’s BnkPro app offers thousands of shares.
  • Cryptocurrency trading is available through CFDs, but not through trading the underlying asset.
  • South African investors can also trade crypto CFDs on the app.

Cons

  • Limited symbols for forex and CFD traders compared to other brokers.
  • High trading fees for some stock CFDs.
  • Offers only CFDs and forex.

Sign Up Now FxPro Linkedin

3. Plus500 – Best Platform to Trade CFDs

Plus500
Source: plus500.com/en-in/

Plus500 is a user trading platform that allows users to trade assets through Contracts for Difference (CFD) on both mobile and desktop devices. The platform features spreads and transparent fee structures enabling traders to capitalize on market trends. It’s important to be aware that a significant percentage of investors experience losses when trading CFDs with Plus500. Nevertheless Plus500 stands out as the best broker in South Africa offering account options and instruments including a demo account tailored for novice traders looking to minimize risks as they embark on their trading journey.

As per our review of Plus500, though it is suitable for experienced traders, it is advised for beginners to start with a demo account and utilize our E-books, educational videos, Trading Academy, webinars, and insights for learning.

Why We Choose It?

Being one of the best South African forex traders, Plus500 prioritizes the protection of client funds by storing them in separate bank accounts to mitigate the risk of misappropriation. Listed on the London Stock Exchange (LSE) Plus500 transparency and accountability in its operations. Additionally the platform equips traders with risk management tools such as stop loss orders and take profit points to manage losses and secure profits.

Key Features

  • Uses advanced security protocols, anti-money laundering procedures, and KYC verification to prevent fraud.
  • Through push notifications, the clients are alerted about market events, price changes, and trader sentiment.
  • Discover trends and popular trading positions with Insights to help you make well-informed decisions.
  • Insights specific to different instruments encompass popularity, views, and sentiment analysis.

Pros

  • Offers traders with a free and unlimited demo account.
  • Easy-to-use and user-friendly trading platform.
  • Regulated by Reputable Authorities.
  • Provides access to over 2800 tradable instruments.

Cons

  • CFD trading is not allowed for US clients.
  • High leverage can be risky.

Sign Up Now Plus500 Linkedin

82% of Retail CFD Accounts Lose Money

4. IG Group – Best For Trading Platforms Offerings

IG Group
Source: ig.com

With a long history spanning back to 1974, IG Group is a well-known brand in the forex trading industry worldwide. For seasoned traders, they provide an extensive trading platform with a wide range of features and functions. Because IG Group has FSCA authorization, South African clients may trade in a safe and secure atmosphere. With its attractive UI, IG rises to the top of the list as a best trading app in South Africa.

Read our detailed IG review to know about this online broker, their services, withdrawal fees, lowest trading fees, trading tools & more.

Why We Choose It?

IG Group shines as a legit trading platforms in South Africa, offering advanced charting tools, in-depth market analysis, and a plethora of research resources. Additionally, they provide a comprehensive selection of tradable instruments, encompassing not only forex but also indices, commodities, and shares. This diversification caters to traders seeking a well-rounded portfolio.

Key Features

  • FSCAs oversight is not as stringent compared to that of regulators, in the UK and Europe.
  • IG makes sure that customer funds are securely held in accounts.
  • There are no rules mandating balance protection or limits on leverage.
  • IG protects clients funds by placing them in accounts and safeguarding their money.
  • IG Group, which is publicly traded on the London Stock Exchange and included in the FTSE 250 Index is under examination.
  • All licenses and adherence to regulations can be confirmed through the regulators registry.

Pros

  • Offering trading in over 17,000 investment markets.
  • Offers over 13,000 share CFDs and various instruments.
  • No account maintenance, deposit, or withdrawal fees.
  • Deposits can be via debit/credit cards, bank wire transfers, or PayPal.
  • No minimum deposit is required to initiate a CFD trading account.
  • Traders can trade on MT4 or IG platforms.

Cons

  • High stock CFD fees.
  • No stop loss guarantees for US clients.
  • Backtesting and copy trading are not included into the IG platform.

Sign Up Now IG Group Linkedin

5. FBS – Best For Retail Clients With Negative Balance Protection

fbs broker
Source: fbs.com

FBS is a reputable broker that complies with legislation and works all over the world. It offers traders a variety of account choices, such as cryptocurrency accounts, affordable entry-level accounts, and more than 100 cryptocurrency pairings to choose from. Though FSCA regulates, traders should use caution as the onboarding process passes via FBS’s Belize-based branch, which is subject to different rules than FBS. Features like spreads and extensive educational materials are what make FBS unique.

Explore our unbiased fbs review to gain insight into these online brokers, including their services, withdrawal fees, competitive trading fees, trading tools, and more.

Why We Choose It?

For beginners seeking a user-friendly platform and educational resources, FBS presents a compelling option. Because of its user-friendly FBS Trader app and round the clock customer support, traders frequently select it. The software stands out because of its accessibility and ease of use, which appeal to a variety of traders.

Key Features

  • Simple and user-friendly interface for easy navigation
  • Fast order execution for swift trade placement
  • Basic technical analysis tools for informed decisions
  • News and alerts to stay informed about the market

Pros

  • Tight spreads are available.
  • Low minimum deposit of 1 dollar with access to multiple accounts.
  • It provides its users with in-depth educational content resources.
  • Provides nuanced market analysis with the implementation of various trading tools.

Cons

  • There is a limited range of assets provided to traders.
  • It does not have two-factor authentication for login.
  • Does not provide ETF trading.

Sign Up Now FBS Linkedin

6. Khwezi Trade – Best For Forex Broker Trading & Financial Services

Top 10 Forex Brokers in South Africa For 2024
Source: khwezitrade.co.za

Based out of Cape Town, Khwezi Trade is a renowned licensed broker among South African forex brokers. This local broker is designated as an ODP and has been awarded one of the initial Over-the-Counter (OTC) licenses. Khwezi Trade provides FX and CFD trading services to accounts denominated in Rand currency and supplied to their local clients. All the funds gathered from clients are kept in separate South African Bank accounts. The licensed broker also gives customers access to features like competitive spreads, no commission charges, and live trading accounts tailored for traders of all skill levels, from beginners to experienced professionals. These accounts are adaptable and support hedging, scalping, day trading, and EAs on the trading platform.

Why We Choose It?

Khwezi Trade, one of the top South African forex brokers, helps traders by providing them with local customer service and market-specific instructional materials. Those looking for a familiar trading experience could find this localized approach intriguing.

Key Features

  • FSB-Regulated Trading Platform
  • It offers a variety of trading instruments, including Forex, global equity indices, gold, silver, crude oil, and soft commodities.
  • Accounts may be denominated in South African Rand.
  • Spreads can be negotiated based on deposit size and trading volume.
  • Offers trading of various instruments as CFDs.
  • Offers trading in 60 forex pairs.
  • Provides a selection of soft commodities.
  • Trades major global equity indices.

Pros

  • Instantaneous Withdrawals.
  • Trader support is available.
  • Offers 500 ZAR minimum deposit for ZAR account.
  • Offers 50 USD minimum deposit for USD account.
  • It provides faster and cheaper bank transfers between clients and brokers as a local broker.

Cons

  • CFD assets are limited to 11 indices and seven commodities.
  • Restricts diversification for traders.

Sign Up Now Khwezi Trade LinkedIn

7. Markets.com – Best For Trading Options

Top 10 Forex Brokers in South Africa For 2024
Source: markets.com

Market.com is a FSCA regulated brokers, with risk levels that caters to traders who have capital to invest. It can be accessed through the Web application or App and MetaTrader 4 and MetaTrader 5 platforms. The platform allows traders to kickstart their trading journey with spreads starting from 0.6 pips and offers a selection of Forex and CFD trading options including fiat currencies, cryptocurrencies, stocks, ETFs, precious metals, indices, bonds, commodities and custom blends. Notably when it comes to cryptocurrencies like Bitcoin the spreads begin at 51.13 pips. Despite this difference compared to competitors in the market, Market.com provides greater exposure to various other markets.

However, you can read our detailed Markets.com review to know more about this trading platform!

Why We Choose It?

South African citizens can engage in spread betting through this platform as Market.com ensures that client funds are kept separate from broker funds for added security. Market.com is one of the celebrated FSCA regulated brokers in South Africa named Finalto (South Africa) Pty Limited. The brokerage firm also offers access to asset classes, with just a $100 deposit requirement.

Key Features

  • Offers a huge range of CFDs, including major, minor, and exotic currency pairs, stocks, indices, metals, energies, bonds, ETFs, and crypto.
  • Offers competitive trading fees, with spreads of 0.7 pips on EUR/USD and 1.3 pips on GBP/USD.
  • It does not charge any account, deposit or withdrawal fees.

Pros

  • Markets.com is a commission-free platform.
  • New traders find spread-only pricing clearer.
  • There is upkeeping of the negative balance.
  • Credit and Debit card options are available.

Cons

  • Charges high forex fees
  • Charges inactivity fee after a year of no trading activity, with a $10 monthly charge.

Sign Up Now Markets.com Linkedin

8. HFM – Best For MetaTrader Trading platforms

HotForex - Best Forex Broker in Indonesia
Source – hfm.com

Founded in 2010, HFM boasts a reputation for tight spreads and a focus on exceptional customer service. They offer various trading platforms and cater to a range of trader experience levels. HF Markets is a well established CFD trading broker with a reputation for being reliable and providing in-depth services. With a clientele of over 2 million and receiving more than 60 industry accolades, it is a trusted broker for traders worldwide. Regulated by authorities such as CySEC and FCA, HFM is a safe trading platform for all.

Read more about it, so tap into our honest HFM review and learn more about the platform HF markets and what else HFM offers.

Why We Choose It?

One of its aspects is the flexibility it gives traders, is custom-built to different trading strategies and experience levels. Moreover, traders can use various trading tools, including platforms like MetaTrader, market analysis tools like Autochartist, and the innovative copy trading application HFCopy. Furthermore, South African traders can access various instruments spanning CFDs, forex pairs, stocks, commodities, and bonds.

Key Features

  • Choose from a range of account options tailored to suit different trading styles and experience levels. Access top-notch trading tools like MetaTrader, Autochartist, and HFCopy.
  • It accepts a varied range of payment options which include wire transfers, Visa card, Mastercard, Skrill, and Neteller, to name a few.
  • The instruments provided by the platform include CFDs, FX pairings, equities, commodities, and bonds.

Pros

  • Multi-asset regulated broker.
  • Licensed from CySEC, FCA, DFSA, FSCA, FSA, and CMA.
  • 500+ trading instruments.
  • A demo account is available with no expiration date.
  • Deposits and withdrawals are free of charge.

Cons

  • No educational videos on their mobile app.
  • Analysis tools in the HFM app are less extensive than those in MetaTrader.

Sign Up Now HFM Linkedin

9. Exness – Best For a Secure Streamlined Trading Environment

Exness - World’s Largest Online Forex Trading Platform
Source: exness.com

Established in 2008, Exness stands out as a viable option for traders based in South Africa due its strong reputation, competitive trading terms and ease of use platform which caters to traders of all skill levels. Being one of the best forex traders in South Africa, Exness offers specialized services designed to support the requirements of traders. It is a reputable forex brokerage that is recognized for its UI, competitive spreads, and efficient trade executions. With a focus on openness and trustworthiness, Exness caters to both newcomers and old traders by providing them with trading instruments across their platforms.

Check & read more about excess review and know the platform’s insights in detail.

Why We Choose It?

Traders choose Exness for a reason. They offer tight spreads, low fees, and super fast trade execution to maximize your profits. Whether you prefer the user-friendly Exness Terminal or the industry-standard MetaTrader platforms, they have you covered. Plus, their secure transactions and easy deposit/withdrawal options with no hidden fees make them a reliable partner for your trading journey.

Key Features

  • It offers a variety of trading options including currency pairs, cryptocurrencies, precious metals and indices, among others.
  • The trading platforms like MetaTrader 4 and MetaTrader 5 are easy to use and navigate.
  • You can find spreads on offer.
  • Trading costs are kept low making it accessible for traders.
  • With fast execution speeds and ample liquidity the trading experience is smooth.
  • Additionally there are tools for analysis and trading assistance to support traders in their decision making process.

Pros

  • Multiple account types available.
  • $10 Minimum Deposit.
  • Free VPS hosting.
  • Low and Stable Spreads.
  • Offers ample liquidity to minimize slippage and guarantee order processing.

Cons

  • Offers fewer options for funding accounts..
  • Not available in Europe for retail clients.

Sign Up Now Exness Linkedin

10. FXTM – Best For Fast Execution Speed & Simple User Interface

FXTM - Best Platform for Forex Trading in Indonesia
Source: forextime.com

FXTM, also referred to as ForexTime, has been widely acknowledged on scale as a SA forex broker that provides a range of trading services to South African traders. More renowned for its commitment to providing trading opportunities and exceptional customer service, the brokerage firm places high emphasis on education and research which further enables FXTM to cater to both new and skilled traders.

Get more insight about the platform in our fxtm reviews where we have covered everything.

Why We Choose It?

FXTM is notable for offering a large selection of trading option. You might possibly mitigate risks and diversify your portfolio by investing in equities, FX, commodities, and even cryptocurrencies. By providing account types with narrow spreads or commission-based arrangements, they accommodate a variety of traders. Furthermore, advanced tools for analysis, automation, and customization are available on the well-liked MT4 and MT5 platforms.

Key Features

  • FXTM provides a range of account options, including Standard, Cent and ECN accounts to suit trading preferences and styles.
  • They offer spreads and reasonable commissions making trading cost effective.
  • The available trading platforms include MetaTrader 4 and MetaTrader 5 as their unique platform called FXTM Trader.
  • Traders have access to trading instruments across forex, commodities, indices and cryptocurrencies.
  • The trading environment is deemed secure and reliable with regulatory oversight from bodies like CySEC and FCA.
  • Traders are supported with a variety of resources such as webinars, seminars and tutorials to enhance their knowledge and skills in the field.

Pros

  • FCA, CySEC regulated.
  • Choice of multiple account types.
  • Dedicated account representative.
  • Good customer service.

Cons

  • Inactivity and withdrawal fees.
  • Limited product range.

Sign Up Now FXTM LinkedIn

South African Forex Brokers Comparison

Forex Brokers Minimum Deposit Maximum Leverage Regulated by the FSCA Authorities Accepts SA Citizens
Tickmill $100 1:500 right right
FxPro $100 1:500 right right
Plus500 $100 1:2 Crypto right right
IG R4000 1:200 right right
FBS $1 3000:1 cancel right
Markets.com $100 1:300 right right
Khwezi Trade 500 ZAR 1:400 (Retail) cancel right
HFM $5 1:1000 right right
Exness $500 1:Unlimited right right
FXTM $10 1:2000 right right

Forex Broker Laws and Regulations in South Africa

The foreign currency market in South Africa has a very integrated trading system. This industry is governed by the Financial Sector Conduct Authority (FSCA), which makes sure forex brokers follow rules to safeguard investors and uphold the system’s integrity. Forex brokers need to be approved by the FSCA in order to lawfully operate in South Africa. This licensing process entails an assessment of the broker’s operations, stability, and adherence to standards. Brokers who have been approved must separate client funds from their own and fulfill capital requirements. Put risk management strategies into action. In order to protect their interests and uphold trading practices, traders have to work in conjunction with registered brokers. A trading platform provided by regulated brokers allows traders peace of mind when carrying out transactions under observation.

By selecting brokers, traders may take advantage of a safe and open trading environment that is reinforced by the FSCA’s regulatory framework.

Our Methodology

The best brokers in South Africa are selected based on criterias that have helped traders in the past. Compliance with regulations is very important as it guarantees that brokers operate within boundaries safeguarding the interests of investors. Trading conditions, including spreads and leverage, influence profitability and risk management. Dependable trading platforms offer various tools for executing trades. High quality customer support ensures that traders receive assistance when needed. Lastly, a broker’s reputation in the industry reflects their reliability, trustworthiness and track record. These specific factors were chosen by CryptoNewZ to ensure that traders have access to user-friendly trading environments and can make well-informed decisions.

Conclusion

You may trade with confidence knowing your money is secure when you choose one of the best forex brokers in South Africa that abides by regulations. There is a list of best brokers in South Africa to suit varying levels of experience and trading preferences. To select the broker that best meets your unique requirements, take into account the aspects covered in this guide, including regulations, fees, platform features, and educational resources. We have highlighted a few of reputable brokers who are subject to FSCA regulation. Before making any deposits, check the regulatory standing of a broker on your own.

Research the brokers included in this guide and go to their official websites to find out more about their services before you begin trading forex. Before investing real money, think about creating a demo account to practice trading with virtual money.

FAQs

Can I start Forex Trading in South Africa?

Yes, trading forex is available in South Africa. However, it is recommended that you do your own research according to the parameters provided above before you start your trading journey.

Is it safe to trade forex in South Africa?

Yes, it is safe to trade forex in South Africa, given that you are doing your research. It is advised to go for notable forex traders like IG. In the above list, you can gain a more detailed understanding of which forex trader suits you the best.

How Much Money Do You Need To Start Forex Trading In South Africa?

For forex trading in South Africa, traders must have a minimum of 100 dollars. The cheapest option would be Tickmill, which FSCA regulates, CySEC, and can be traded on MetaTrader 4.

Which Forex Broker Is Legal in South Africa?

Yes, Forex broking is legal in South Africa and is regulated by FSCA.

Which South African forex broker is best for beginners?

Many forex brokers in South Africa are highly trusted. Among them all, IG is the most trusted forex brokerage firm, and you can start your forex journey with just $250.

Which Platform Are Low-Spread Brokers In South Africa?

In South Africa, if you’re looking for brokers with rates, Market.com stands out as a top choice, with starting spreads as low as 0.6 pips.

How to verify if a forex broker is regulated in South Africa?

To confirm the regulation of a broker in South Africa, you can follow these steps;
1. South African Financial Services Conduct Authority (FSCA).
2. The FSCA oversees the regulation of institutions in South Africa, including brokers.
Visit the website of the FSCA.
3. Use the search function to verify if the broker is listed as an approved Financial Service Provider (FSP).
4. Enter the broker’s FSP number, which should be visible on their website as the law requires.
5. For instance, if you spot a broker’s FSP number on their site, look it up in the FSCA database.
6. Make sure that the broker is authorized and licensed to provide instruments (for forex CFD trading).

Which Is The Best Forex Trading App in South Africa?

HFM MetaTrader is the best forex trading app in South Africa. The app can be downloaded for free. The spread per trade is for the EUR/USD benchmark. If you have a Premium account, the spread starts from 1.2 pips.

Do forex traders pay taxes in South Africa?

Yes, forex traders in South Africa are required to pay taxes on their trading activities.



Disclaimer: This page does not solicit or recommend investments, nor does it provide trading or financial advice. Before investing in cryptocurrencies or engaging in securities trading, you should conduct thorough due diligence, including consultation with a certified financial advisor. We accept no liability for any financial losses incurred.

Back to top button