Forex trading is risky so if you’re thinking of trading currencies to make a profit, you need to sign up with one of the best global brokers that serves the South African forex trading market. All forex trading is done over-the-counter via a network of brokers and banks.
The forex industry in South Africa isn’t regulated like traditional banks are but it is well monitored by the FSCA. There are always those few dodgy brokers who try to pull scams on unsuspecting beginner forex traders but if you’re trading through a broker that’s regulated by a top-tier authority, there should be no problems.
In this in-depth guide you’ll learn:
- Why you need a broker to trade forex in South Africa
- How to pick the best broker to trade forex in South Africa
- The top 20 brokers for South African traders
- Picking the best forex broker
And lots more…
Let’s dive right in…
10 Best Forex Brokers for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Why you need a broker to trade forex in South Africa
To access the global forex market, you need a forex broker. These companies operate predominantly online and offer traders and investors access to the global forex and CFDs market via an electronic platform like MT4. They’re also known as retail forex brokers or currency trading brokers.
The big difference between trading forex and traditional stocks and shares is that retail forex trading is done over-the-counter (OTC). This means currency pairs are bought and sold via a network of brokers and banks, rather through a stock exchange.
The forex market is the largest and most active market in the world. It’s open 24 hours a day/5 days a week. In 2010, forex accounted for approximately US$ 3 trillion of daily trading. This has surged to a daily volume of US$6.6 trillion, according to the 2019 Triennial Central Bank Survey of FX and OTC derivatives markets.
How to pick the best broker to trade forex in South Africa
Good question.
The forex market in South Africa is not heavily regulated and forex brokers are not subject to the strict licensing regulations of banks and other financial institutions. However, a reputable forex broker will be a member of a local regulation authority. In South Africa, this is the Financial Sector Conduct Authority (FSCA).
Three top tips for choosing the right forex broker
- Always choose a forex broker that’s regulated in South Africa by FSCA or one of the top-tier global authorities. Check out online forex broker reviews and choose one that’s a member of a regulatory authority, has a proven track record and preferably has a presence in South Africa in the form of an office.
- Check out the products and platforms offered by the broker before signing up and opening a forex trading account. As a beginner trader, choose a MetaTrader broker. MT4 is the most popular and widely-used trading platform in the world and a good place to hone your trading skills.
- Compare commissions and financial fees charged by forex brokers in South Africa. Forex brokers make money on the bid-ask spread. Most brokers also charge other types of commissions or fees for their services and these can become quite costly, particularly if you’re a part-time forex trader.
TOP 20 BEST BROKERS FOR SOUTH AFRICAN TRADERS
There are more than 50 forex and CFDs brokers that offer their services to forex traders in South Africa. Here is our list of the Top 20 forex brokers who accept clients from South Africa, are regulated by a local authority and are considered safe to use.
ADMIRAL MARKETS
Overall Rating
4.1/5
Rated #222 of
Recommended FX Brokers
Minimum Deposit
–
Regulators
–
📱 Trading Desk
–
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
Admiral Markets offers forex and CFD traders advanced trading tools via the MetaTrader platforms as well as excellent investor education and trading resources. With Premium Analytics, customers can access Trading Central, Dow Jones News and Acuity Trading.
Admiral Markets is recommended for forex traders with any level of experience but it’s particularly suited for beginners because of its educational content.
Founded | 2001 |
Based in | Wales, United Kingdom |
Regulated | FCA – United Kingdom
ASIC – Australia CySEC – Cyprus EFSA – Estonia |
Markets | Forex
Commodities Indices Shares ETFs Bonds Cryptocurrency CFDs |
Trading platforms | MetaTrader 4
MetaTrader 5 MetaTrader Supreme Edition MetaTrader WebTrader |
Commissions & fees | One commission-free account with higher spreads for currency pairs.
One account with a significantly lower spread for a fee. Equity CFDs and ETFs carry a commission. |
Maximum leverage | 30:1 Retail
500:1 Professional |
Spreads | Advertised spreads from 0.5 pips (EUR/USD)
Spreads are listed as low as 0.1 pips in the Zero MT4 account |
Analytics | Premium analytics
Technical analysis Economic Calendar Trading Central Trader’s Blog Market Heat Map Market Sentiment Weekly trading podcast |
How to open an account with Admiral Markets | Create a Trader’s Room account
Your personal account management system allows you to create demo and live trading accounts, deposit and withdraw funds and access customer support, news and educational resources. Choose your trading platform Download MT4 or 5 trading platform or trade directly in your browser via MT WebTrader Start trading forex Log in with your account details and start practicing on a demo account or deposit funds for live trading. |
AVATRADE
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, ISA
Trading Desk
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
AvaTrade is a well-known global broker that accepts South African clients who want to trade forex and CFDs. It’s quick and easy to open an account with AvaTrade and you’re offered the choice of the MetaTrader platforms as well a proprietary platform to access to the retail forex market.
AvaTrade offers a diverse range of accounts and various deposit and withdrawal options which are free of charge. The company has an excellent selection of analytics and research tools as well as publishes a host of educational videos and regularly conducts webinars with forex and CFDs experts.
Founded | 2006 |
Based in | Ireland |
Regulated | Central Bank of Ireland
FSCA – South Africa ASIC – Australia FSC – British Virgin Islands FRSA – Middle East FSA – Japan and Poland |
Markets | Forex
CFDs; index, shares and commodity contracts Cryptocurrency CFDs |
Trading platforms | MetaTrader 4
MetaTrader 5 MetaTrader Web Trader Mobile Trading AvaOptions AvaTrade Go Mac Trading |
Commissions & fees | Low CFDs and average forex fees
Withdrawals are free of charge but high fee charged for inactivity Fees are built into the spread; 0.5 to 2 points is the average spread cost during peak trading hours |
Maximum leverage | Leverage up 400:1 |
Spreads | Spreads as low as 0.9 pip on EUR/USD with lowest minimum deposit |
Analytics and tools | Fundamental analysis
Technical analysis Sentimental analysis CFD Rollover Dates Trading Calculator Economic Calendar Earnings Releases |
How to open an account with AvaTrade | Visit the AvaTrade website and register to open an account
Fill in a short electronic registration form and create a unique password Deposit funds if trading with a live account Practice trading with a demo account if you are new to forex trading |
AXI
Minimum Deposit
USD 0
Regulators
FSA, FCA, ASIC, DFSA
📱 Trading Desk
MetaTrader 4
₿ Crypto
Yes
📈 Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Founded in 2007 and previously known as AxiTrader, Axi was launched as a new brand in 2020. The broker company is based in Australia but is represented in offices around the globe. Axi is regulated by several top-tier authorities and is considered safe to use by forex traders in South Africa.
Axi offers clients a fully-digital trading experience with low forex fees. The company doesn’t charge an inactivity fee and deposits and withdrawals are free of charge. The Axi product range is limited to forex and CFDs.
Founded | 2007 |
Based in | Australia |
Regulated | ASIC – Australia
FCA – United Kingdom DFSA – UAE |
Markets | Forex
Indices Commodities Precious metals Oil Cryptocurrency CFDs Live spreads |
Trading platforms | MetaTrader 4
MetaTrader 4 Web Trader |
Commissions & fees | Low forex and average CFD fees
No withdrawal or inactivity fees are charged Pro account pricing: $3.5 per lot per trade plus spread cost 0.4 pips is the average spread cost during peak trading hours |
Maximum leverage | Flexible leverage up to 500:1 |
Spreads | Raw spreads from 0.0
Average spread of 1.20 pips on EUR/USD with lowest minimum deposit |
Analytics and tools | CFD Trading Basics
Video tutorials Seminars and webinars Free eBooks Market Blog PsyQuation Axi Academy |
How to open an account with Axi | Visit the Axi website and register to open an account
Install the MT4 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
CM TRADING
Min Deposit
USD 100
Regulators
FSA
Trading Desk
MT4
Crypto
Yes
Total Pairs
51+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
EASYMARKETS
Minimum Deposit
$100
Regulators
CySEC, ASIC, BVI, FSA
📱 Trading Desk
MetaTrader 4, TradingView
₿ Crypto
Yes
📈 Total Pairs
275+
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
🏛️ Visit Broker
Founded | 2001 |
Based in | Marshall Islands, Pacific Ocean |
Regulated | CySEC – Cyprus
ASIC – Australia |
Markets | Forex
Shares Cryptocurrencies Metals Commodities Indices |
Trading platforms | easyMarkets Platform
MetaTrader 4 Mobile app |
Commissions & fees | Fixed spreads
No commission on withdrawals and deposits |
Maximum leverage | Leverage up to 400:1 |
Spreads | Minimum spreads of 0.90 pips
Fixed spreads from 1.0 pips on EUR/USD with lowest minimum deposit |
Analytics and tools | Fundamental analysis
Technical analysis Trading Central Indicator Trading Charts Market News Live Currency Rate Economic Calendar Trading Hours Freeze Rate Negative Balance Protection Guaranteed Stop Loss available on proprietary platform and mobile app |
How to open an account with easyMarkets | Visit the easyMarkets website and register to open an account
Install the MT4 trading platform or proprietary platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
ETOR0
Min Deposit
USD 1000
Regulators
CySec, FCA
Trading Desk
Proprietary WebTrader
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Founded in 2007, eToro is a well-known Israeli fintech company best known as a social trading broker. It’s recommended for forex traders interested in copycat trading and zero commission stock trading. eToro is consistently ranked as top choose for social copy trading and cryptocurrency trading.
The brokerage is regulated by several top-tier authorities and is considered safe to use by forex traders in South Africa.
eToro offers commission-free stock trading, although the non-trading fees are high. There are withdrawal and inactivity fees. USD is the only currency you can hold your funds in your account.
eToro offers clients a user-friendly proprietory web platform designed for copycat trading as well as an innovative mobile app. The eToro trading platform is perfect for casual traders and investors, particularly beginner forex traders. All trading on eToro is done manually and automated platforms like MetaTrader 4 are not available.
Founded | 2007 |
Based in | Cyprus and London |
Regulated | CySEC – Cyprus
FCA – United Kingdom |
Markets | Forex
Cryptocurrencies Stocks Commodities CFDs |
Trading platforms | eToro proprietory platform
All traders on eToro trade manually. Fully automated trading systems, such as those supported on MetaTrader, are not permitted at eToro. Therefore, when you copy another trader on eToro, you can be sure they are placing each trade manually. |
Commissions & fees | When you open a long, non-leveraged position on a stock or ETF on eToro, you pay 0% commission. There are no spreads, no fees and no hidden charges, and you actually gain rights in the underlying asset. eToro offers competitive spreads on other asset classes, including spreads as low as 1 pip for leading forex pairs.
Withdrawals incur a low fee of $5 and there are no clearance fees. |
Maximum leverage | Leverage of up to 400:1
eToro does not offer the option to trade with leverage in the USA |
Spreads | Variable spread of 1 pip on the EUR/USD |
Analytics and tools | CopyPortfolios
Cryptocurrency tools and wallet Copy trading structures Economic Calendar Fundamental analysis Technical analysis Sentimental analysis Wall newsfeed eToro Trading School eToro Club |
How to open an account with eToro | Visit the eToro website and register to open an account
Install the eToro trading platform and mobile app Deposit funds if trading on a live account and start when details verified Practice trading on a demo account if new to forex trading |
EXNESS
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Launched in 2008, Exness has grown at a remarkable rate and is today considered one of the market leaders in global trading. In December 2019, the company recorded monthly trading volume of over 325 billion USD.
Exness offers a wide range of financial instruments, with a focus on forex, metals, cryptocurrencies, energy, indices and stocks. It truly is a global company with its official website localised in 15 languages and customer support offered in 11 languages.
Exness is regulated by three top-tier authorities, including FCA in the United Kingdom. The brokerage employs the highest standards for protecting its clients’ funds and personal information and is regarded as safe to use by forex traders in South Africa.
Founded | 2008 |
Based in | Netherlands |
Regulated | Financial Services Authority (FSA)
Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA) |
Markets | Forex
USA and UK oil Gold and other precious metals Top 30 stocks |
Trading platforms | MetaTrader 4
MetaTrader 5 WebTerminal |
Commissions & fees | Standard account is commission free |
Maximum leverage | Leverage up to 2000:1 |
Spreads | Minimum spreads of 0.10 pips
Average spread of 0.70 pips on EUR/USD with lowest minimum deposit |
Analytics and tools | Technical analysis
Currency Calculator Economic Calendar VPS Hosting WebTV |
How to open an account with Exness | Visit the Exness website and register to open an account
Install the MT4 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
FBS
Founded in 2009, FBS Markets Inc has established itself as a trusted fintech company that offers its services across the globe. The brokerage offers clients access to a wide range of financial assets via its modern trading platforms. The FBS website is available in 18 languages.
FBS uses the hybrid broker model of Straight-Through Processing (STP) and Electronic Communications Network (ECN). FBS also has a non-dealing desk.
Today, FBS has over 14 million clients globally and is an award-winning brokerage. In 2020, FBS received a number of awards, including Most Progressive Forex Broker Europe, Best Forex Broker Europe/Vietnam/Middle East and Best Copy Trading Platform.
Founded | 2009 |
Based in | Belize, Central America |
Regulated | CySEC – Cyprus
IFSC – Belize |
Markets | Forex
Metals CFDs Stocks |
Trading platforms | FBS Trader
MetaTrader 4 MetaTrader 5 MetaTrader WebTrader |
Commissions & fees | If the trader deposits money via credit card, FBS doesn’t charge any fee.
FBS fee for credit card deposit is zero dollars. For each withdrawal, the FBS fee is $1; FBS charges $1 for 1 withdrawal attempt using a credit card. |
Maximum leverage | Leverage up to 1:3000 |
Spreads | Floating, starting from 0.2 pip
Fixed, starting from 3 pip Trading without spread (fixed spread of 0 pip) |
Analytics and tools | Forex News
Daily Market Analysis Forex TV Economic Calendar Currency calculator and converter |
How to open an account with FBS | If you are 18+ years old, you can open an account with FBS and begin trading forex almost immediately.
Visit the FBS website, click the ‘Open account’ button and proceed to the Personal Area. Before you can start trading, your personal details need to be verified. Select your preferred trading account and start trading via a live or demo account; deposit funds to trade on a live account. Study the basics using the free educational materials on the FBS website and practice trading with a demo account. Once you are ready to start trading with real money, you can switch to a live account. |
FXCM [Forex Capital Markets]
Min Deposit
USD 100
Regulators
FCA, CySEC
Trading Desk
MT4, TradingView Pro, Trading Station
Crypto
Yes
Total Pairs
10+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Forex Capital Markets (FXCM) was founded in 1999 and is 100 percent owned by the Jeffries Financial Group which is listed on the New York Stock Exchange. The brokerage has a long track record, a strong parent company and is regulated by top-tier authorities. This includes FCA in the UK and ASIC in Australia.
Over-and-above its advanced proprietary platform and the popular MetaTrader platforms, FXCM provides clients with an excellent source of technical research tools and high-quality educational content.
FXCM’s product offering is limited to forex CFDs and cryptocurrency trading. Its withdrawal fees are high but its bid-ask spread is competitive.
Founded | 1999 |
Based in | London, England |
Regulated | FSCA – South Africa
ACPR – France FCA – United Kingdom ASIC – Australia |
Markets | Forex
Shares Indices Commodities Cryptocurrencies |
Trading platforms | Trading Station
MetaTrader 4 Ninja Trader ZuluTrade Trading View |
Commissions & fees | FXCM can be compensated in several ways, which include but are not limited to: spreads, charging fixed lot-based commissions at the open and close of a trade, adding a markup to the spreads it receives from its liquidity providers for certain account types and adding a markup to rollover. |
Maximum leverage | Leverage up to 1:400 on forex
Leverage up to 1:200 on CFDs |
Spreads | Spreads from 1.4 pips on EUR/USD on lowest deposit required |
Analytics and tools | Daily analysis reports
Technical analysis Sentimental analysis Seminars and webinars Trading strategy guides |
How to open an account with FXCM | Visit the FXCM website and register to open an account
Install the MT4 trading platform or other electronic platforms offered Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
FXPRO
Minimum Deposit
–
Regulators
–
📱 Trading Desk
–
₿ Crypto
Yes
📈 Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
Founded in 2006, FxPro is a well-known global forex and CFDs broker. The brokerage is regulated by several top-tier authorities, including the FCA in the United Kingdom. FxPro has a long track record in the global forex market and is considered safe to use by forex traders in South Africa.
Opening an account with FBS is fast and fully digital, customer service is strong and deposits and withdrawals are free of charge. Trading fees for certain stock CFDs are higher than the industry average and FBS charges an inactivity fee after 6 months of no trading.
FxPro’s development has been impressive. It’s expanded to serve retail and institutional clients in more than 170 countries. It has consistently been voted ‘Best Broker’ by the Financial Times from 2015 to 2020.
FxPro is recommended for all levels of experience for forex and CFDs trading who are interested in trading via the MetaTrader platforms. All client trades are executed with No Dealing Desk1 intervention. Most trades are filled in under 10 milliseconds, with up to 2 000 trades executed per second.
FXTM [ForexTime Limited]
Min Deposit
USD 10
Regulators
FCA, CySEC
Trading Desk
MT4, MT5
Crypto
No
Total Pairs
63+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Forex Time Limited (FXTM) was founded in 2011 and developed quickly to become a widely-popular global forex and CFDs broker. It’s regulated by several top-tier authorities, including the FCA in the United Kingdom. FXTM is considered safe to use by forex traders in South Africa.
FXTM is recommended for forex traders of different levels of expertise who are interested in trading via the MetaTrader platforms. The brokerage is renowned for its excellent customer service and outstanding analytical and educational tools.
FXTM has high CFD fees and charges an inactivity fee and a withdrawal fee. It’s product portfolio is limited with a focus on forex and CFDs. It doesn’t offer some asset classes such as bonds, mutual funds and ETFs.
Founded | 2011 |
Based in | Cyprus |
Regulated | CySEC – Cyprus
FSC – Mauritius |
Markets | Forex
Indices Commodities Shares Cryptocurrencies |
Trading platforms | MetaTrader 4
MetaTrader 5 FXTM Trader |
Commissions & fees | No commission charged on Standard account |
Maximum leverage | Floating leverage up to 1:1000 |
Spreads | Minimum spread of 0.10 pips
Average spread of 1.90 pips on EUR/USD with lowest minimum deposit |
Analytics and tools | Pivot Points Strategy
Trading Signals Currency converter Indicators Forex VPS Trading Invest Profit Calculator Economic Calendar Market Outlook Forex News Timeline |
How to open an account with FXTM | Visit the FXTM website and register to open an account
Install the MT4 trading platform or proprietary platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
HOTFOREX
Min Deposit
USD 0
Regulators
CySEC, FCA, FSA, DFSA, FSCA, CMA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Founded in 2020, HotForex is an award-winning forex and commodities broker that provides trading services and facilities to both retail and institutional clients around the world. HotForex is the winner of 45 global industry awards.
HotForex is a MetaTrader broker and offers various accounts types, trading software and analytic tools with access to various spreads and liquidity via state-of-the-art automated trading platforms. The brokerage also offers an optional tools package called Premium Trader Tools to enhance the default experience.
HotForex’s pricing is slightly better than the industry average. The broker company is regulated by several top-tier authorities and is considered safe to use by forex brokers in South Africa.
Founded | 2010 |
Country | Mauritius |
Regulated | FCA – United Kingdom
FSCA – South Africa CySEC – Cyprus FSC – Mauritius FSA – Seychelles DFSA – UAE |
Markets | Forex
Metals Energies Indices Shares Commodities Cryptocurrencies ETFs |
Trading platforms | MetaTrader 4
MetaTrader 5 |
Commissions & fees | ZERO Spread account offers a highly transparent commission-based structure and commissions start at a low USD 0.03 per 1K lot |
Maximum leverage | Flexible leverage up to 1000:1 |
Spreads | Minimum spreads of 0.0 pips
Average spread of 1.20 pips on EUR/USD with lowest minimum deposit |
Analytics and tools | Advanced Insights
Economic Calendar Traders’ Board Forex News HF app VPS hosting service Autochartist Tool Trading Calculator |
How to open an account with HotForex | Visit the HotForex website and register to open an account
Install the MT4 or MT5 trading platform Deposit funds if trading on a live account and start trading immediately Practice trading on a demo account if new to forex trading |
IG
Min Deposit
USD 0
Regulators
FSCA
Trading Desk
MT4
Crypto
Yes
Total Pairs
80+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
IG was founded in 1974 and was a first-of-its-kind fintech company. Today, IG is one of the biggest CFDs and financial spread betting brokers in the world and serves clients all over the globe from over 17 sales offices based across 5 continents.
IG is recommended for traders of all levels of experience. IG has developed its own high-speed, user-friendly web-based trading platform and an award-winning app. The company also offers a wide selection of analytical and educational tools that makes it perfect for beginner forex traders.
IG’s trading fees for forex and stock CFDs are high. It’s product portfolio is limited to forex, CFDs and options trading. The company is regulated by a top-tier authority in the UK and South Africa and is considered safe to use.
Founded | 1974 |
Based in | United Kingdom |
Regulated | FCA – United Kingdom
FSCA – South Africa |
Markets | Forex
Indices Commodities Shares Cryptocurrencies |
Trading platforms | IG trading app
MetaTrader 4 ProRealTime |
Commissions & fees | IG has low non-trading fees. There is no fee for withdrawals and an inactivity fee is charged only after 2 years.
IG fees for forex and stock CFDs are regarded as high. The fees are built into the spread; 0.6 pips is the average spread cost during peak trading hours on EUR/USD. |
Maximum leverage | Low maximum leverage of 1:50 |
Spreads | Spreads from 1 point on the FTSE 100 and Germany 30 and US Crude spreads from just 2.8 points |
Analytics and tools | Trading alerts
Algorithmic trading APIs IG Academy IG Community |
How to open an account with Admiral Markets | Visit the IG website and register to open an account
Install the IG proprietary platform or MT4 trading platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading IG offers both a domestic and international account and it’s up to you whether you fund one or both accounts |
MARKETS.COM
Min Deposit
USD 100
Regulators
FSC, FSCA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
57
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Markets.com was founded in 2008 and offers its clients seamless trading and investments in financial markets across the globe. As part of the TradeTech Group, Markets.com is a constituent of Playtech which is a FTSE 250-listed company.
From leveraged products to share dealing, you can control everything from one account with Markets.com’s intuitive, cutting-edge proprietary platform. Markets.com offers exceptionally low spreads.
Markets.com is recommended for traders interested in forex and CFDs trading. The broker company offers excellent analytical tools and educational resources.
Markets.com trading fees are relatively high and it’s product portfolio is limited. Otherwise, deposits and withdrawals are fast and free and added trading features are a benefit.
Founded | 2008 |
Based in | Cyprus |
Regulated | CySEC – Cyprus
FSCA – South Africa ASIC – Australia FMA – New Zealand |
Markets | Rorex
Commodities CFDs Shares Cryptocurrencies |
Trading platforms | Marketsx
Marketsi MetaTrader 4 MetaTrader 5 |
Commissions & fees | The trading fees are regarded as high and there is an inactivity fee.
No fees charged on accounts, deposits or withdrawals |
Maximum leverage | Leverage up to 300:1 |
Spreads | Average spread on EUR/USD during peak trading hours is 0.4 pips |
Analytics and tools | Fundamental analysis
Technical analysis Sentimental analysis Bloggers’ Opinions Financial commentary Advanced alerts |
How to open an account with Markets.com | Visit the Markets.com website and register to open an account
Install the proprietary platform or MT4/MT5 trading platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading |
PEPPERSTONE
Min Deposit
USD 10
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MT4, MT5, cTrader, TradingView
Crypto
Yes
Total Pairs
1000+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Founded in 2010, the Australian-based forex trading company has a long record and a reputation for excellent service. It’s regulated by several top-tier authorities including the FCA in the UK, ASIC in Australia and BaFin in Germany. Pepperstone is considered a safe forex broker to use in South Africa.
Pepperstone’s product portfolio is limited to forex and CFDs. Deposits and withdrawals are mostly free of charge. The brokerage provides clients with basic analysis tools and limited educational resources.
Pepperstone is a MetaTrader broker and also offers cTrader. It’s recommended for algorithmic traders and copy traders. Pepperstone finished ‘Best in Class’ in the Social Copy Trading category for the third consecutive year in 2020.
Pepperstone offers premium platform add-ons for forex and CFDs trading to enhance the MetaTrader experience. Pepperstone offers the full MetaTrader and cTrader suites, including MT4 and MT5 (desktop and web), cTrader (desktop and web), and cAlgo.
Founded | 2010 |
Based in | Australia |
Regulated | ASIC – Australia
FCA – United Kingdom DFSA – UAE |
Markets | Forex
Indices Commodity CFDs Share CFDs Cryptocurrencies Currency indices |
Trading platforms | MetaTrader 4
MetaTrader 5 cTrader cAlgo Mirror Trader RoboX myFxbook |
Commissions & fees | Commission per 0.01 lots (1000 base currency)
USD 0.04 (USD 0.08 round turn) EUR 0.03 (EUR 0.06 round turn) GBP 0.02 (GBP 0.05 round turn) |
Maximum leverage | Leverage up to 500:1 in ASIC jurisdiction
Leverage up to 50:1 in UAE jurisdiction Leverage up to 30:1 in FCA jurisdiction |
Spreads | Average spreads of 0.16 pips on the EUR/USD in the Razor account
average spreads on the EUR/USD are 1.16 pips on the Standard account |
Analytics and tools | Economic Calendar
AutoChartist Smart Trader Delkos risk management tools Daily Fix Chart of the Day Educational videos Webinars |
How to open an account with Pepperstone | Visit the Pepperstone website and register to open an account
Install the MT4/MT5 trading platform or copycat platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading |
PLUS500
Min Deposit
USD 100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Crypto
Yes
Total Pairs
71
Islamic Account
On Request
Trading Fees
Low
Account Activation
24 Hours
Founded in 2008 in Israel, Plus500 a global leader in providing online trading services for CFDs across more than 2 000 securities and multiple asset classes. The fintech company is listed on the London Stock Exchange (LSE) and is regulated by several top-tier authorities, including FCA in the UK and ASIC in Australia. Plus500 is considered safe to use by forex traders in South Africa.
Plus500’s product portfolio is limited to contract-for-difference (CFDs) products. Unlike brokers who offer underlying forex pairs, all forex trading at Plus500 is done via CFDs.
Plus500 has a good reputation for quick and helpful customer service, it’s easy and quick to open a Plus500 account and its proprietary trading platforms is comprehensive yet easy to use.
Plus500 only offers a proprietary trading platform and MetaTrader is not available. Algorithmic trading and social copy-trading are not supported by Plus500.
Plus500 provides standard research tools and extremely limited educational resources. Plus500 is recommended for experienced CFDs traders who are interested in the broker’s award-winning Plus500 WebTrader platform.
SAXO BANK
USD 10 000
MiFID
No Trading Desk
Yes
📈 Total Pairs
170
No
Low
24 Hours
Founded in 1992, Saxo Bank is a Danish investment bank that provides online trading and investment services. It’s a leading fintech company in Europe that connects traders, investors and partners to over 40 000 financial instruments across all asset classes from a single cross-collateralised account
The global bank is regulated by several top-tier authorities, including the FCA in the United Kingdom and FSA in Denmark. It’s considered safe to use by forex traders in South Africa.
Saxo Bank obtained its banking license in 2001. It offers its clients an advanced proprietary trading platform and a wide range of products. Saxo Bank is recommended for experienced traders who trade in heavy volumes and can afford the USD 10 000 minimum deposit (GBP 500).
Note: Classic account minimums
The entry-level Classic account requires a USD 10 000 minimum deposit in most cases, with the exception being if you reside in the UK (GBP 500), Singapore (SGD 3,000) or Australia (AUD 3,000).
Saxo Bank builds digital trading platforms to facilitate multi-asset market access. In 1998, Saxo Bank launched one of the first online retail trading platforms with professional-grade trading tools.
Pricing on bonds, options and futures are high and the minimum deposit is very high. Saxo Bank excels in providing an excellent research service which is supplied by Saxo’s inhouse research team. Clients are constantly fed trading ideas and have unrestricted access to trading specialists.
Founded | 1992 |
Based in | Denmark |
Regulated | FCA – United Kingdom
ASIC – Australia JFC – Japan MAS – Singapore FINMA – Switzerland SFC – Securities Futures Commission |
Markets | Spot forex
Forex options CFDs Futures Commodities Listed options |
Trading platforms | SaxoTraderGO
SaxoTraderPRO |
Commissions & fees | Saxo Bank is commission-free which means it makes money off the spread. The only exception is traders who trade less than 50 000 units (half of one standard lot) per month. These customers are charged a ticket-fee of $3 per side. |
Maximum leverage | Maximum leverage ratio allowed is 200:1 |
Spreads | Spreads as low as 0.4 pips on forex and 3 pips on forex options
Average EUR/USD spreads were 0.8, 0.7, and 0.6 pips for the Classic, Platinum, and VIP accounts, respectively (2020) |
Analytics and tools | Daily Market Commentary
Forex News Weekly webinars AutoChartist Trading Central Delkos Research Social Sentiment Economics Calendar |
How to open an account with Saxo Bank | Visit the Saxo Bank website and register to open an account.
To complete the registration, you need to provide personal information and documents. Prepare proof of identity and proof of residence in advance. Minimum account funding requirement applies and the amount depends on where you reside. When you open an account, you are placed into a tier based on your initial funding within 30 days. After your first three months trading, you will automatically be moved to the tier that best reflects your volume with no additional funding required. |
THINKMARKETS
Min Deposit
USD 0
Regulators
ASIC, FCA, FSCA, FSA-Seychelles, CySEC, JFSA
Trading Desk
MT4, MT5, ThinkTrader
Crypto
Yes
Total Pairs
49
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Established in 2010, ThinkMarkets is a premium multi-asset online brokerage with headquarters in Melbourne and London and hubs in the Europe, Asia-Pacific, UAE, Africa and South America.
ThinkMarkets offers clients access to a wide range of markets via MetaTrader or its inhouse-developed trading platform called ThinkTrader. This platform received the award for Best Mobile Platform as voted by the forex community.
ThinkMarkets is regulated by several top-tier authorities, including ASIC in Australia and FCA in the UK. It’s also regulated by the FSCA in South Africa and is regarded as safe to use by forex traders in South Africa.
ThinkMarkets is an award-winning institution. This includes the award for ‘Best Value Broker in Asia’ at the 2020 Global Forex Awards.
Founded | 2010 |
Based in | Australia |
Regulated | FCA – United Kingdom
ASIC – Australia FSCA – South Africa |
Markets | Forex
CFDs Commodities Indices Precious metals Cryptocurrencies Shares CFDs |
Trading platforms | ThinkTrader
MetaTrader 4 MetaTrader 5 |
Commissions & fees | From 0.4 pips for forex spreads on Standard account
Average FX spreads is 1.20 pips on Standard account and 0.1 pips on ThinkZero |
Maximum leverage | Leverage up to 500:1 |
Spreads | Spreads start from as low as 0.1 pips on EUR/USD, even under volatile market conditions |
Analytics and tools | AutoChartist
Trading Central VPS hosting ZuluTrade Social Trading Guide Economic Calendar Technical analysis Live webinars |
How to open an account with ThinkMarkets | Visit the ThinkMarkets website and register to open an account
Install the MetaTrader 4 platform or ThinkTrader proprietary platform Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading |
TICKMILL
Min Deposit
USD 100
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Founded in 2014, Tickmill is a member of Tickmill Group. It was established after Armada Markets moved its retail clients to Tickmill’s entity in Seychelles. The brokerage is regulated by several top-tier authorities, including the FCA in the UK. It’s regarded as safe to use for forex traders in South Africa.
Tickmill’s product portfolio is limited to forex and CFDs. Clients access the global markets via the MetaTrader 4 platform. Tickmill recommended for high volume, high balance forex and CFD traders who only trade the most popular currency pairs and CFDs.
Founded | 2014 |
Based in | Seychelles |
Regulated | FCA – United Kingdom
FSA – Seychelles CySEC – Cyprus FSCA – South Africa Labuan FSA – Asia |
Markets | Forex
Stock indices and oil Precious metals Bonds |
Trading platforms | MetaTrader 4
WebTrader |
Commissions & fees | All deposits starting from 5 000 USD or equivalent are included in Tickmill’s Zero Fees Policy.
Commission-free trading and swap-free accounts available |
Maximum leverage | Leverage up to 500:1 |
Spreads | Average spread of 101 pips on EUR/USD |
Analytics and tools | Fundamental analysis
Technical analysis Market Insights Seminars and webinars AutoChartist MyFxbook Copy Trading Economic Calendar Forex Calculator Pelican Trading |
How to open an account with Tickmill | Visit the Tickmill website and register to open an account
Install the MetaTrader 4 platform or WebTrader Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading |
XM TRADING
Founded in 2009, XM Trading is a widely-known and award-winning broker that offers clients access to the global forex and CFDs market. Its parent company is Trading Point Holding which also owns Trading.com.
XM is regulated by several top-tier authorities, including the CySEC in Cyprus, ASIC in Australia and IFSC in Belize. The broker company is considered safe to use by forex brokers in South Africa.
XM’s product offering is limited to forex and CFDs. It’s forex and stock index CFD fees are low to average. Opening an account with XM is quick and easy. XM is a MetaTrader broker and offers 16 full-feature trading platforms covering web-based, desktop and mobile applications.
XM is renowned for its strong customer service supported in 30 different languages. It also provides a wealth of wealth of excellent research and educational tools. XM has a solid reputation in the forex trading market and boasts over 3.5 million clients spread across 196 countries.
In 2020, XM was awarded ‘Global Forex Broker of the Year’ by Global Forex Awards and ‘Best Forex Affiliate Broker Programme in Europe’ by Global Forex Awards.
Founded | 2009 |
Based in | United Kingdom |
Regulated | ASIC- Australia
CySEC – Cyprus DFSA – UAE IFSC – Belize |
Markets | Forex
Stock CFDs Commodities CFDs Equity indices CFDs Precious metals CFDs Energies CFDs Shares |
Trading platforms | MetaTrader 4
MetaTrader 5 XM WebTrader |
Commissions & fees | The commission for the XM Zero Account is $3.5 per $100 000 traded. The commission fee for the MT4 platform is deducted from the account during the opening of the transaction for both operations at once (opening and closing) |
Maximum leverage | Flexible Leverage from 1:1 up to 888:1 |
Spreads | Minimum spread of 0.10
Average spread of 1.60 on EUR/USD with lowest minimum deposit |
Analytics and tools | Markets Overview
XM Research Trade Ideas Technical summaries Economic Calendar XM TV Podcasts Platform tutorials Forex webinars |
How to open an account with XM | Visit the XM website and register to open an account
Install the MetaTrader 4 platform or XM WebTrader Deposit funds to trade on a live account Practice trading on a demo account if new to forex trading |
FOREX TRADING AFRICA DISCLAIMER
Trading foreign currencies on margin carries a high level of risk and it may not be suitable for all traders and investors. Forex is a highly leveraged financial instrument and these high risk stakes can result in you losing money. Consider your appetite for risk before trading forex using a real live account.