20 Best Forex Brokers in South Africa

Best Brokers South Africa

 

The types of forex brokers in South Africa revealed. We have carried out extensive research into compiling a list of the types of forex brokers in South Africa.

 

In this guide, you’ll learn:

  • What is a forex broker?
  • 20 Best Forex Brokers in South Africa (2022)
  • How to choose the right Forex Broker
  • The Best Forex and CFD Brokers

 

And lots more…

 

So if you’re ready to go “all-in” on the 20 Best Forex Brokers in South Africa

 

Let’s dive right in…

 

🔎 Broker📝 Regulation🤝 Accepts SA Traders💰 Minimum Deposit ($)💰 Minimum Deposit (R)🚀 Open an Account
🥇 AvaTradeFSCA / FSA✅ Yes$100 USDR1600 ZAR👉 Click Here
🥈 ExnessCySEC, FSA, FCA, FSC, FSCA✅ Yes$10R160 ZAR👉 Click Here
🥉 FP MarketsCySEC, ASIC✅ Yes$100 USDR1600 ZAR👉 Click Here
🏅 HF Markets (Hotforex)FSC / CySEC✅ Yes$5 USDR80 ZAR👉 Click Here
📌FBSIFCS✅ Yes$1 USDR16 ZAR👉 Click Here
📌 FXTMFSC / CySEC☑️ Yes$10 USDR160 ZAR👉 Click Here
📌 XMFCA✅ Yes$5 USDR80 ZAR👉 Click Here
📌 PepperstoneFCA and ASIC and AFSL✅ Yes$10 USDR160 ZAR👉 Click Here
📌 AxioryFSC, IFSC, MFSC✅ Yes$10 USDR160 ZAR👉 Click Here
📌 BDSwissFSC, FSA✅ Yes$100 USDR1600 ZAR👉 Click Here

 

Top 10 Best Forex Brokers in South Africa (2022)

  1. ✔️Avatrade – Best Overall Forex Broker  in South Africa
  2. ✔️Exness – #1 FSCA Regulated broker in South Africa
  3. ✔️FP Markets – SA’s fastest-growing forex trading broker
  4. HFM (Previously known as Hotforex) – Top ZAR Trading Account for South Africans
  5. FBS – Best ECN forex broker for intermediate traders in SA
  6. FXTM – Excellent technical tools for SA traders
  7. XM – One of the lowest minimum deposit brokers for SA traders
  8. Pepperstone – Offers more than 1000 financial instruments
  9. AXIORY – Best Education Broker in South Africa
  10. BDSWISS – Top Forex Broker for Beginner Traders in SA

 

What is a forex broker?

👉 A forex broker is a firm that is authorized (or exempt) by a national regulator to provide retail and professional clients with the capacity to purchase and sell foreign currencies through an online trading platform.

 

👉 Your forex broker may offer you the base currency, a non-deliverable spot contract, or a derivative such as a contract for difference (CFD).

 

10 Best Forex Brokers in South Africa for 2022

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

20 Best Forex Brokers in South Africa (2022)

 

AvaTrade

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 With innovative tools like AvaProtect, AvaTrade has established itself as a leading worldwide brand via its own trading platforms, AvaTrade WebTrader and AvaTradeGO.

 

👉 Trading forex options on the go has never been easier than with the AvaOptions app, brought to you by Sentry Derivatives and available exclusively to AvaTrade customers.

 

👉 As well as more than 1,200 CFDs, AvaTrade provides access to 44 currency options. With AvaSocial, ZuluTrade, and DupliTrade, AvaTrade is the Best in Class for 2022 in social copy trading.

 

Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💰 Minimum Deposit1,700 ZAR
🔎 Trading AssetsForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spreadFrom 0.9 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
AvaTrade is well-regulated in several global regions, including South AfricaAvaTrade’s pricing is far more expensive than other industry leaders
There is a full selection of instruments and trading platformsThe AvaOptions platform is extremely sluggish
AvaOptions is powered by Sentry DerivativesSome financial instruments are on hold
There is a choice between 1,260 instruments that can be tradedThere is a limited selection of research materials and resources
AvaTrade is suited to beginners and professionals alike

 

Exness

 

Overall Rating

4.9/5

Rated #2 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10.00

🌐 Regulators

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

107

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 To those who open an ECN account with Exness, the spread is almost 0 pips. In South Africa, the Financial Sector Conduct Authority (FSCA) govern Exness, among other recognized bodies.

 

👉 Traders in South Africa may open an Exness trading account with a South African Rand base currency and make deposits and withdrawals using local Internet banking. When compared to other brokers, Exness’ spread is very minimal.

 

👉 The broker does not assess the usual fees associated with inactive accounts. In addition to its free demo account, Exness also provides real money trading. If you establish an account in South African Rand (ZAR), you will not be able to switch to US Dollars (USD) at a later stage.

 

👉 However, if you want to trade in a currency other than the one associated with your Exness account, you may do so through the Exness client panel.

 

Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💰 Minimum Deposit170 ZAR
🔎 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
✴️ ZAR-based Account?Yes
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Exness offers a broad range of forex pairsThere is a limited range of research and education
There are low commissions charged on forex tradesThere are limited markets offered
Exness offers zero-spread ZAR-denominated accounts
There are various trading strategies supported by Exness
There are instant withdrawals supported

 

FP Markets

 

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 FP Markets stands itself as an excellent broker for trading FX and CFDs at a moderate cost. FP Markets provides the MetaTrader platform and commission-based Raw ECN accounts with extremely low spreads.

 

👉 Over 12,000 different symbols are available for trading using the Iress platform package, which is made available by FP Markets.

 

👉 When compared to other brokers, FP Markets is one of the most affordable options for traders throughout the world because of the commission-free ECN account it provides via the MetaTrader platform.

 

👉 Spreads on the Raw ECN account at FP Markets average under 0.1 pips, making it a competitive alternative among brokers, while the Standard account’s spreads average 1.2 pips, making it a more expensive choice.

 

Features

FeatureInformation
⚖️ RegulationASIC, CySEC
⚖️ FSCA Regulation?No
📊 Trading AccountsMT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Myfxbook AutoTrade, FP Markets App
💰 Minimum Deposit1,100 ZAR
🔎 Trading AssetsForex, Shares, Metals, Commodities, Indices, Bonds, Crypto
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
FP Markets is a trusted broker with several licenses globallyThe mobile app still lacks a few features to put it in the same league as the apps of competitors
FP Markets is a proud MetaTrader broker that also offers a mobile appFP Markets is slightly limited in its educational offering
South Africans can expect competitive trading conditions from FP MarketsWhile social trading is available through MT4, it lacks more advanced performance metrics
There is an exceptionally vast selection of markets that can be traded
FP Markets offers ECN execution

 

HF Markets

 

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, FSCA

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 The material mix at HFM is well-rounded, with an appropriate amount of original market research, commentary, and news articles from other sources.

 

👉 HF Markets is a best-in-class, low-cost trading platform and ECN/STP broker. Aside from its own mobile HF App, HF Markets is compatible with MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

 

👉 As a broker, HFM has a solid reputation and follows all applicable rules and regulations. The offering is straightforward and has a wide variety of currency pairs and CFDs to choose from. The prices are reasonable, and there is a helpful teaching centre for novice traders.

 

👉 More than 500,000 active trading accounts have been established with HFM so far, and the company has received several accolades from the industry and the support of influential sponsors, including the titles of Best Clients Funds Security Broker, Best Forex Provider, Top 100 Companies, etc.

 

Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📱 Trading PlatformMetaTrader 4 and MetaTrader 5
💰 Minimum Deposit70 ZAR
🔎 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
✴️ ZAR-based Account?Yes, along with USD and NGN
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
HF Markets requires a low minimum deposit of 70 ZARHF Markets supports a limited number of deposit and withdrawal options
There is a choice between MT4, MT5, and the comprehensive HF App
The trading costs are extremely low
South Africans can register a ZAR-denominated account
HF Markets is well-regulated in several regions, including South Africa

 

FBS

 

Over 16 000 000+ Traders

Overall Rating

4.7/5

Rated #71 of
Recommended FX Brokers

💰Minimum Deposit

USD 1

🌐 Regulators

IFSC, FSCA (south africa), ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

📈 Total Pairs

250

☪️ Islamic Account

No

📊 Trading Fees

Low

Welcome bonus

$140 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

FBS

 

Overview

👉 The FBS name may be found in more than a hundred different nations throughout the world. Margin foreign exchange (FX) and contracts for difference (CFDs) are offered by a group of separate businesses under the FBS brand name, which is dedicated to its customers.

 

👉 With a long history of service, competitive spreads, and a comprehensive education centre, FBS is a solid option for traders.

 

👉 FBS is a reputable worldwide broker that offers a broad variety of trading options, including a crypto-only account, a standard account with no commissions, trading on over a hundred different cryptocurrency pairings, and a straightforward mobile trading platform.

 

👉 Despite having a valid FSCA license, South African citizens who engage in commerce with FBS’s Belizean subsidiary are not afforded the same level of legal protection as those who deal directly with FBS in South Africa.

 

Features

FeatureInformation
⚖️ RegulationIFSC, CySEC, ASIC, FSCA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsFBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account
📱 Trading PlatformFBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform
💰 Minimum Deposit17 ZAR
🔎 Trading AssetsForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
FBS offers a decent selection of trading accountsSouth Africans are not given any negative balance protection
FBS is known for its education and market analysisThere is an extremely limited range of assets offered
FBS offers the perfect integration with MT4 and MT5
There is a dedicated crypto trading account offered on the FBS app
There is a range of promotions and bonuses offered to traders

 

FXTM

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 FXTM is a forex and CFD trading platform that can be accessed online. FXTM is a well-regarded trading platform that also includes social trading capabilities.

 

👉 FXTM provides an exceptionally regulated platform and high-quality services overall. Since its inception in 2011, FXTM has been in a prime position to observe and learn from Alpari’s blunders. FXTM is backed by a reputable name, extensive asset options, and stringent regulations.

 

Features

FeatureInformation
⚖️ RegulationICySEC, FSCA, FCA, FSC Mauritius
⚖️ FSCA Regulation?Yes
📊 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💰 Minimum Deposit170 ZAR
🔎 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
FXTM is a beginner-friendly brokerThere are some concerns about whether FXTM’s copy trading system can compare to the comprehensive offering of other brokers
There is a range of market research tools offered
FXTM offers a range of accounts to South Africans
FXTM has a long-standing reputation in the industry
South Africans can choose between powerful trading software

 

XM

 

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

Overview

👉 Since its inception in 2009, XM has amassed a clientele from more than 196 different countries and a support team fluent in 30 different tongues. XM Group is a MetaTrader-exclusive broker with a wealth of informative videos, podcasts, and articles available frequently.

 

👉 As an added educational resource, XM provides a wide variety of webinars, publications, and Tradepedia courses. XM is a highly regulated broker with a stellar reputation.

 

👉 XM boasts one of the industry’s lowest deposit requirements, minimal CFD expenses, and platforms that are welcoming to traders of all experience levels.

 

Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💰 Minimum Deposit85 ZAR
🔎 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares,
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
XM has a large customer base, further proving its popularityThere are inactivity fees applied
XM guarantees client fund safetyXM does not offer Fixed spreads
There are several industry awards that XM has won
XM offers commission-free deposits and withdrawals
XM is one of the best low-cost brokers for South Africans

 

Pepperstone

 

Overall Rating

4.9/5

Rated #54 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

FCA, SCB, CMA, ASIC, DFSA, CySEC, BaFIN

📱 Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes – CFDs

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 One of the most well-known CFD and FX brokers in the world, Pepperstone offers outstanding customer support, aggressive trading terms, and a transparent trading environment with guaranteed client money security.

 

👉 In addition to having strong liquidity, quick trade execution, and exceptionally low spreads starting at 0.0 pips EUR/USD, Pepperstone Markets is also well-regulated.

 

👉 Additionally, Pepperstone makes use of some of the most innovative trading technologies to meet the demands and goals of all its customers.

 

Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
⚖️ FSCA Regulation?No
📊 Trading AccountsStandard Account, Razor Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💰 Minimum Deposit2,300 ZAR
🔎 Trading AssetsForex, Cryptocurrencies, Shares, ETFs, Indices, Commodities, Currency Indices,
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Pepperstone welcomes traders despite their trading skills or experienceLeverage restrictions may apply to some regions
There are several educational materials offered by ExnessIslamic accounts attract additional fees
South African traders can expect safety of funds and competitive trading conditionsThere is no ZAR-denominated account for South African traders
There is a choice between MetaTrader and cTrader
Pepperstone does not charge any deposit or withdrawal fees

 

Axiory

 

Overall Rating

4.7/5

Rated #184 of
Recommended FX Brokers

💰Minimum Deposit

$10

🌐 Regulators

MFSC, IFSC, FCA

📱 Trading Desk

MetaTrader4, MetaTrader5,  cTrader, CopyTrade

Crypto

No

📈 Total Pairs

62

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 Axiory is a global foreign exchange (FX) and CFD broker that supports both the MetaTrader 4 and cTrader trading platforms. 2021 saw the debut of Axiory’s new social trading platform.

 

👉 Users with a Max account may use the free mobile app to mirror the trades of Master Traders. Axiory’s floating forex spreads are among the lowest of any major broker.

 

👉 Leverage on Axiory can go as high as 1:777 on the MAX account, 1:400 on the Nano account, and 1:1 on the Standard account. Axi’s website has a user-friendly margin calculator to help traders with leverage.

 

Features

FeatureInformation
⚖️ RegulationIFSC Belize, FSC Mauritius, FCA
⚖️ FSCA Regulation?No
📊 Trading AccountsNano Account, Standard Account, Max Account, Tera Account, Alpha Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, Axiory CopyTrade
💰 Minimum Deposit170 ZAR
🔎 Trading AssetsForex, Gold and Precious Metals, Oil and Energies, CFD Indices, CFD Stocks, Exchange Stocks. Exchange ETFs
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.13 pips
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Axiory has Tier-1 regulation, among othersThere is no ZAR account
There is a proprietary CopyTrade service and platformThere is no crypto trading
There are demo accounts offeredThere are holding commissions that apply to the Islamic Account option
Axiory has a low barrier of entry
There are several trading tools included in Axiory’s offer

 

BDSwiss

 

Overall Rating

4.7/5

Rated #5 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySec, FSC, FSA, BaFin, NFA

📱 Trading Desk

MT4, MT5

Crypto

Yes

📈 Total Pairs

83

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 BDSwiss accepts South African customers and offers an average spread of 0.3 pips and commission rates beginning at 0.15 percent. BDSwiss offers a maximum leverage ratio of 1:1000, along with a demo and Islamic accounts.

 

👉 The platforms MT4, MT5, and BDSwiss are supported. BDSwiss is based in Seychelles and is governed by CySEC, FSC, BaFIN, and FSA. BDSwiss is a global online trading broker with millions of clients.

 

👉 They were established in 2012 in Zurich, Switzerland, and have grown to become one of Europe’s largest online trading-focused financial institutions, offering 250+ Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, and CFDs.

 

👉 BDSwiss takes considerable pride in offering the most advantageous trading conditions, including innovative trading platforms and exceptional customer support.

 

Features

FeatureInformation
⚖️ RegulationCySEC, FSC, BaFIN, FSA
⚖️ FSCA Regulation?No
📊 Trading AccountsClassic Account, Premium Account, VIP Account, RAW Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, BDSwiss mobile and web
💰 Minimum Deposit1,700 ZAR
🔎 Trading AssetsForex, Crypto, Indices, Shares, Commodities
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.3 pips
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
BDSwiss has over 250 instruments that can be tradedInactivity fees apply to all dormant accounts
BDSwiss offers free VPS to eligible clientsSouth Africans are subject to currency conversion fees if they deposit/withdraw in ZAR
South Africans can expect commission-free trading
BDSwiss offers tailormade accounts
There is a transparent fee schedule that is updated frequently

 

OctaFX

 

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

Metatrader 4 , Metatrader 5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

Overview

👉 OctaFX is a reputable supplier of CFD and forex trading that has been in business since 2011. OctaFX is renowned for its trustworthy transaction execution in addition to its STP and ECN execution methodologies.

 

👉 Offering a variety of retail investor accounts, OctaFX caters significantly to both novice and experienced traders in South Africa.

 

👉 OctaFX has two accounts for regular investors, both of which permit trading positions as little as 0.01 lots. In addition, OctaFX provides low spreads and a variety of trading techniques for South African traders.

 

Features

FeatureInformation
⚖️ RegulationCySEC, SVG FSA
⚖️ FSCA Regulation?No
📊 Trading AccountsMetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, OctaFX App
💰 Minimum Deposit1,700 ZAR
🔎 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?yes
📈 Minimum spread0.6 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
South Africans can expect some of the most innovative trading technologyThere is a limited choice between tradable instruments
There are a few funding options to choose fromOctaFX only offers two accounts, and neither is ZAR-denominated
There are commission-free accounts offered
OctaFX offers negative balance protection on retail accounts
South Africans can use any given trading strategies

 

OANDA

 

Overall Rating

4.9/5

Rated #194 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

📱 Trading Desk

MetaTrader 4 (MT4); 

MetaTrader 5 (MT5)

Crypto

Yes

📈 Total Pairs

45

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 OANDA is a well-known broker and trading platform that was founded in 1996 by a group of expert traders.

 

👉 The fact that OANDA is well-regulated by organizations like IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, and BVI FSC gives South Africans comfort that they are working with a respectable organization.

 

👉 One of the finest advantages of OANDA is the availability of an Islamic Swap-Free account, which provides Muslim South African traders with exceptional trading conditions and benefits.

 

Features

FeatureInformation
⚖️ RegulationIIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC
⚖️ FSCA Regulation?No
📊 Trading AccountsStandard Account, Core Account, Swap-Free Account
📱 Trading PlatformMetaTrader 4, OANDA Platform, TradingView
💰 Minimum Deposit0 ZAR
🔎 Trading AssetsIndex CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?yes
📈 Minimum spread0.1 pips
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
OANDA’s platform has won several awardsInactivity fees apply
Muslim traders have a dedicated trading account
OANDA offers negative balance protection
South Africans are not subject to deposit fees
OANDA offers a decent range of educational materials

 

Tickmill

 

Overall Rating

4.7/5

Rated #3 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

62

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 Tickmill is widely recognized as one of the top CFD brokers for South African traders, offering a secure and transparent trading environment. To provide its services in the area, Tickmill is governed by FSCA and other respected market regulators.

 

👉 Tickmill provides South African traders with a variety of financial markets and trading options by offering CFDs on currency, equities, commodities, and indices.

 

Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsPro Account, Classic Account, VIP Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💰 Minimum Deposit1,700 ZAR
🔎 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spread0.0 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Tickmill is one of the most trusted brokers in South AfricaThere is no ZAR-denominated account
There is an Islamic account offered to Muslim traders
FIX API is given to eligible traders
There are several commission-free options offered
Tickmill offers MetaTrader 4 and MetaTrader 5

 

CM Trading

 

Overall Rating

4.8/5

Rated #7 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

154

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 CM Trading is the brand name of Blackstone Marketing SA(PTY)LTD, one of the most creative Forex brokers in the world and the biggest broker in South Africa.

 

👉 In addition to its primary focus on the African continent, the firm provides a vast array of innovative trade solutions to an international and worldwide clientele.

 

👉 With CM Trading you can access the market quickly and easily from your PC, online browser, and mobile device. If you are a beginner and new to online trading, you will discover a variety of helpful instructional resources.

 

Features

✔️ Pros❌ Cons
CM Trading has a decent range of tradable instruments in several marketsThere are no fixed spreads offered
The platform is user-friendlyAutoChartist and Trading Central are not offered
There is an excellent choice between account types
CM Trading offers CopyKat trading
There is no restriction on strategies used in trading activities

 

Pros and Cons

✔️ Pros❌ Cons
CM Trading has a decent range of tradable instruments in several marketsThere are no fixed spreads offered
The platform is user-friendlyAutoChartist and Trading Central are not offered
There is an excellent choice between account types
CM Trading offers CopyKat trading
There is no restriction on strategies used in trading activities

 

CMC Markets

 

Overall Rating

4.7/5

Rated #227 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA, ASIC

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

300

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 CMC Markets is a broker that provides access to over 10,000 financial products on advanced, flexible, and user-friendly trading platforms. CMC Markets was founded in 1989 and is a publicly-traded company with a ticker symbol of “CMCX” on the London Stock Exchange (LSE).

 

👉 CMC Markets says that it is the exclusive venue for the execution of all customer orders. Additionally, CMC Markets certifies that it does not manage an order book in which customer orders might supply or absorb liquidity.

 

👉 CMC Markets confirms that all client orders are completed at the best prices and fastest times possible.

 

Features

FeatureInformation
⚖️ RegulationBaFin, FCA, IIROC, ASIC, MAS, FMA, CNMV
⚖️ FSCA Regulation?No
📊 Trading AccountsMetaTrader 4 Account, CFD Account, Spread Betting Account
📱 Trading PlatformMetaTrader 4, Next Generation, CMC Trading App
💰 Minimum Deposit0 ZAR
🔎 Trading AssetsForex, Indices, Crypto, Treasuries, Share Baskets, Individual Shares, Commodities
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.7 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
CMC Markets is a well-regulated broker with oversight from a few Tier-1 regulatory entitiesThe spreads are marked-up
CMC Markets is an FSCS memberThere is no FIX API
South Africans can gain access to Next Gen and MetaTrader 4
There are several innovative tools such as Module Linking and Pattern Recognition
The trading conditions offered are extremely competitive

 

Plus500

 

Overall Rating

4.9/5

Rated #55 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC, FCA, ASIC, FMA, FSB, MAS

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 Plus500 is an online trading broker that is authorized in many jurisdictions and provides access to over 2,000 CFD products through proprietary trading platforms.

 

👉 Plus500 places a premium on innovation, being among the first to introduce new trading products to satisfy consumer needs.

 

👉 Plus500 utilizes the newest innovative trading technology to give customers free real-time quotations, narrow spreads, and commission-free trading.

 

👉 Plus500 imposes maximum leverage of 1:30 for EU/UK traders and ensures quick and reliable order execution along with customizable platforms, and worldwide customer service available 24 hours a day, seven days a week.

 

Features

FeatureInformation
⚖️ RegulationASIC, FSCA, FCA, CySEC, FSA Seychelles, MAS
⚖️ FSCA Regulation?Yes
📊 Trading AccountsStandard Account
📱 Trading PlatformPlus500 desktop platform and mobile app
💰 Minimum Deposit1,700 ZAR
🔎 Trading AssetsCryptocurrencies, ETFs, Indices, Forex, Options, Shares, Commodities
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.8 pips EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
Plus500 is known for its competitive commission-free tradingPlus500 charges inactivity fees
There are zero fees on deposits or withdrawalsMetaTrader is not supported
South Africans have access to trading guides to help them on their trading journeyThere are no fixed spread accounts and the mark-up on spreads is high
There is a comprehensive market analysis offered
South Africans can contact Plus500 24/7

 

Trade Nation

 

Overall Rating

4.7/5

Rated #193 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSCA, SCB

📱 Trading Desk

Meta Trader 4

Crypto

Yes

📈 Total Pairs

33

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 Trade Nation, a broker subject to many regulatory bodies, provides a novel method for trading online. Trade Nation, based in the United Kingdom, is an online retail broker that offers trading on both its own proprietary platform and the widely used MetaTrader 4 platform.

 

👉 Trade Nation does not need a minimum deposit, so long as you have enough money to pay the margin on your trades. As one of the few companies in the world that allows its clients to trade with fixed spreads, they take this distinction extremely seriously.

 

👉 With this broker, you could take advantage of many payment options, round-the-clock assistance from knowledgeable agents, and spread rebates if you make enough trades.

 

Features

FeatureInformation
⚖️ RegulationFCA, ASIC, FSCA, SCB
⚖️ FSCA Regulation?Yes
📊 Trading AccountsHigh Leverage Account (1:200) and Low Leverage Account (1:30)
📱 Trading PlatformTrade Nation, MetaTrader 4
💰 Minimum Deposit0 ZAR
🔎 Trading AssetsForex, Indices, Differentials, Energies, Precious Metals, Bonds, Share CFDs, Futures
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.4 pips on US Futures
🔎 Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
Trade Nation is well-regulated and offers a safe trading environment for beginners and professional tradersCrypto trading is currently not offered
There are zero deposit or withdrawal feesThere is no option to convert a trading account to an Islamic account
Trade Nation does not have a set minimum deposit requirementThere are no managed accounts offered
South Africans can expect tight fixed spreads and no hidden feesThere are limited market analysis tools
South Africans can get a 25% spread rebate according to their trading volume

 

eToro

 

Overall Rating

4.8/5

Rated #20 of
Recommended FX Brokers

💰Minimum Deposit

USD 1000

🌐 Regulators

CySec, FCA 

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

47

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 It is safe to say that eToro is among the most well-known social trading platforms out there. If you are a trader in South Africa interested in trying out social trading with a reputable, industry-leading platform, eToro is your best bet.

 

👉 More than 2,400 stocks and 250 ETFs (exchange-traded funds) from 17 global marketplaces are available with eToro.

 

👉 The platform offers these features in addition to digital currencies, commodities, fiat money, and other financial products. eToro claims that all its markets include a social element.

 

👉 The Copy Trading tool is eToro’s most talked about and distinctive social feature. You may now copy the trades of a successful eToro trader exactly.

 

Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
⚖️ FSCA Regulation?No
📊 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformeToro proprietary trading app and web platform
💰 Minimum Deposit3,400 ZAR
🔎 Trading AssetsForex Pairs, Commodities, Exchange-traded funds (ETFs), Indices, Crypto Assets, Stocks
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spread1 pip EUR/USD
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
eToro is a user-friendly solution even for beginnerseToro is not suitable for advanced traders who want to perform their own technical analysis
There are no commission charges on any trades through eToroLimited trading platforms offered
There is a range of markets offered by eToro
South Africans can gain access to the best social trading opportunities
There are competitive spreads offered

 

IG

 

Overall Rating

4.8/5

Rated #38 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

IGRs

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 IG, which opened for business in 1974 and was one of the earliest trading brokerages, has since become a global leader in the sector.

 

👉 IG is a multi-award winning, industry-leading online broker and investment provider that connects traders with possibilities in hundreds of different financial markets via user-friendly trading platforms and mobile applications.

 

👉 If security is your priority, and you want access to the widest range of trading tools and resources, go no further than IG.

 

👉 Both the quality of their customer service and the innovative nature of the trading tools they make available have earned them several accolades from the brokerage sector.

 

Features

FeatureInformation
⚖️ RegulationFCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsCFD/DMA Trading Account, Limited Risk Trading Account,

Options Trading Account, Turbo24 Trading Account, Share Dealing Account, Spread Betting Account, Swap-Free Trading Accoun
📱 Trading PlatformMetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💰 Minimum Deposit4,200 ZAR
🔎 Trading AssetsForex, Indices, Shares, Commodities, Cryptocurrencies, Futures, Options
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?No
📈 Minimum spread0.1 pips DMA
🔎 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
IG offers over 19,000 tradable instruments across several platformsThe minimum deposit is extremely high
There are a plethora of trading tools and educational materials offered through IGThere are inactivity fees charged
South Africans can choose between several convenient deposit and withdrawal optionsThere could be some restrictions on leverage
South Africans get free trading signals
There are competitive trading conditions offered through tailormade trading accounts according to country and region

 

Global GT

 

Overall Rating

4.5/5

Rated #319 of
Recommended FX Brokers

💰Minimum Deposit

ZAR 75 / $5

🌐 Regulators

FSCA , FSA

📱 Trading Desk

Meta Trader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Overview

👉 Global GT is a broker that opens you access to a wide variety of global financial markets. MetaTrader 5, a robust trading platform with several features for in-depth market research to aid in decision-making, is used to execute trades.

 

👉 The broker uses either a straight-through-processing (STP) or a no-dealing-desk (NDD) approach to execute trades in the market. This ensures that your orders are sent to the finest liquidity providers and are executed at the best possible bid and ask prices.

 

Features

FeatureInformation
⚖️ RegulationFSCA, FSA
⚖️ FSCA Regulation?Yes
📊 Trading AccountsCent Account, Mini Account, Standard Account, Standard FX Account, ECN Account
📱 Trading PlatformMetaTrader 5
💰 Minimum Deposit85 ZAR
🔎 Trading AssetsForex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs
✴️ ZAR-based Account?No
👍 Bonuses for South African traders?Yes
📈 Minimum spreadFrom 0.0 pips
🔎 Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
South Africans have a decent choice between different deposit and withdrawal optionsThere are inactivity fees applied when a trading account becomes dormant
There is a low minimum deposit of 85 ZAR to register an accountMetaTrader 4 is not offered
Global GT is an advanced hybrid brokerThere is a limited selection of research and education offered
There is a decent selection of educational materials offered
There are low transaction fees charged

 

How to choose the right Forex Broker

👉 Those interested in trading in the forex market may choose from a wide variety of online forex brokers. There are several factors to consider when choosing a broker; we will go through them here.

 

The Best Forex and CFD Brokers

👉 In this article, we have listed the best Forex brokers which offer forex trading to traders. We have also pinpointed the forex brokers who go beyond what is required to meet the needs of their clients.

 

Best MetaTrader 4 / MT4 Forex Broker in South Africa

fxpro broker

 

👉 Overall, FxPro is the best MT4 forex broker in South Africa. In addition to being a premier MetaTrader broker, FxPro provides a variety of account types and trading execution options.

 

👉 FxPro offers access to over 400 CFDs as well as a collection of instructional materials and analysis tools.

 

Best MetaTrader 5 / MT5 Forex Broker in South Africa

bdswiss broker

 

👉 Overall, BDSwiss is the best MetaTrader 5 forex broker in South Africa. When trading several asset classes on the MT5 platform supplied by BDSwiss, trading techniques are not confined.

 

👉 BDSwiss’ broad collection of MT5 trading tools, as well as its industry-leading research and education programs, may assist traders of all skill levels.

 

Best Forex Broker for beginners in South Africa

avatrade broker

 

👉 Overall, AvaTrade is the best forex broker for beginners in South Africa. AvaTrade provides over 1,260 financial products and the prestigious AvaTradeGO mobile application.

 

👉 AvaTradeGO provides traders with some of the most effective teaching resources and research tools for navigating competitive markets.

 

Best Low Minimum Deposit Forex Broker in South Africa

fbs broker

 

👉 Overall, FBS is the best Low Minimum Deposit Forex Broker in South Africa. FBS has modest minimum deposit requirements for most of its accounts, beginning at 17 ZAR. FBS provides traders with accounts tailored to their own trading styles and goals.

 

Best ECN Forex Broker in South Africa

roboforex broker

 

👉 Overall, RoboForex is the best ECN forex broker in South Africa. RoboForex accepts ECN traders and South Africans can start trading with a low deposit of 170 ZAR / 10 USD.

 

👉 ECN Accounts feature zero-pip spreads and there is high liquidity along with reliable trade execution speeds.

 

Best Islamic / Swap-Free Forex Broker in South Africa

etoro broker

 

👉 Overall, eToro is the best Islamic / Swap-Free forex broker in South Africa. eToro allows Muslim traders to convert their normal accounts to Islamic accounts. There are no administration or swap costs associated with this account, and spreads start at 1 pip.

 

Best Forex Trading App in South Africa

ig broker

 

👉 Overall, IG is the best forex trading app in South Africa. The IG Trading app is the crowning achievement of IG’s proprietary mobile apps.

 

👉 The IG app offers a slick appearance and is loaded with essential functions, such as alerts, sentiment analysis, and advanced graphing.

 

Best ZAR Trading Account Forex Broker in South Africa

exness broker

 

👉 Overall, Exness is the best ZAR Trading Account Forex Broker in South Africa. Exness is an FSCA-regulated CFD and Forex broker that offers a ZAR-denominated account to South Africans.

 

👉 Exness also offers high liquidity and some of the fastest trade execution speeds in the industry.

 

Best Lowest Spread Forex Broker in South Africa

octafx broker

 

👉 Overall, OctaFX is the best lowest spread forex broker in South Africa. OctaFX offers zero-pip spreads on several account types.

 

👉 South African traders can expect a choice between accounts and trading platforms when they deal with OctaFX.

 

Best Nasdaq 100 Forex Broker in South Africa

plus 500 broker

 

👉 Overall, Plus500 is the best Nasdaq 100 forex broker in South Africa. Plus500 is considered one of the finest index CFDs providers in the business.

 

👉 Plus500 traders have access to 2,000 CFDs on stocks, 26 CFDs on stock indexes (including the Nasdaq 100), and several others.

 

Best Volatility 75 / VIX 75 Forex Broker in South Africa

hfm broker

 

👉 Overall, HF Markets is the best Volatility 75 / VIX 75 forex broker in South Africa. HF Markets is a well-regulated and reputable broker with global rules.

 

👉 When trading indices, traders have access to VIX.F or Volatility 75 futures contracts.

 

Best NDD Forex Broker in South Africa

pepperstone broker

 

👉 Overall, Pepperstone is the best NDD forex broker in South Africa. Pepperstone is an industry-leading NDD Forex broker that provides traders with an array of favorable features and tools.

 

👉 Traders use this broker because it offers a variety of different trading strategies. Included are both MetaTrader and cTrader. Numerous trading instruments are offered to traders.

 

Best STP Forex Broker in South Africa

xtb broker

 

👉 Overall, XTB is the best STP forex broker in South Africa. XTB is one of the world’s biggest brokers and a multiple-award winner for its superior trading solutions and conditions.

 

👉 XTB is a Straight-Through-Processing (STP) broker that provides competitive pricing and robust proprietary trading technologies.

 

Best Sign-up Bonus Broker in South Africa in South Africa

tickmill broker

 

👉 Overall, Tickmill is the best sign-up bonus broker in South Africa. Tickmill provides new users with a $30 incentive upon registration that may be used to trade in a variety of financial markets.

 

👉 To withdraw, traders need to have a Live MT4 account and deposit at least 1,700 ZAR / 100 USD into it.

 

Conclusion

Overall, Forex trading in South Africa is a popular activity and more international brokers are opening offices in the country, providing South African forex traders with a larger selection of forex trading partners.

 

While traders must choose a broker according to their needs, it is important to choose one that is well-regulated by the FSCA and that has a good reputation.

 

FAQ’s

Which brokers are legal in South Africa?

There are several brokers licensed by the FSCA in South Africa including Plus500, HF Markets, Tickmill, Exness, AvaTrade, IG, and more.

 

Can I trade forex with 100 ZAR?

While you could register a live trading account with 100 ZAR and less, most brokers recommend that you deposit 2,000 ZAR and more to cover margin requirements at the start of your trade.

 

How do I join forex in South Africa?

You can start trading forex by consulting the range of educational material there is to gain more understanding of the subject. Next, you can research brokers in South Africa to find one that fits your trading needs and objectives.

Lastly, when you have selected a broker, you can register an account, deposit funds, download the trading platform, and start trading.

 

How much do forex traders make a month in South Africa?

According to statistics, the median income for a professional forex trader can be 45,000 ZAR and more.

 

Do forex traders pay tax in SA?

Yes, there is a 28% taxable income rate that applies to forex trading.

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