Best Forex Brokers in South Africa

Forex Trading in South Africa

Forex trading is an effective method to generate passive income in South Africa. However, the high volatility of the forex market makes it a riskier form of investment. Despite carrying increased risk exposure, it still inspires millions of traders across the globe. As an average estimate, there are more than 9.6 Million forex traders around the world. As far as forex trading in South Africa is concerned, the country undergoes a daily trading turnover of nearly 20 Billion U.S. Dollars. Being such a liquid market, brokers considered the country an ideal place to seek potential customers. However, not all forex brokers are worth your investment. In this piece, we discuss how to select the best forex brokers in South Africa.

logo200x200
TradingDominance Score™: 98 / 100
Exness Features
Exness Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Indices
Precious Metals
Other Features
Cent Accounts
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
ECN Account
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
Standard
  • Commision: No trading commission
  • Maximum Leverage: 2000:1
  • Typical Spread: 0.2-1.2
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Standard Cent
  • Commision: No trading commission
  • Maximum Leverage: Unlimited
  • Typical Spread: 0.2-1.2
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Raw Spread
  • Commision: Up to 3.5 USD
  • Maximum Leverage: 1:2000
  • Typical Spread: 0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Zero
  • Commision: From 3.5 USD
  • Maximum Leverage: 1:Unlimited
  • Typical Spread: 0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Pro
  • Commision: No trading commission
  • Maximum Leverage: 1:2000
  • Typical Spread: From 0.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTerminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
United Kingdom - UK FCA
Cyprus - CY CYSEC
South Africa - ZA FSCA
The Seychelles FSA
Information:
naga
TradingDominance Score™: 96 / 100
NAGA Features
NAGA Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
Iron Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.5)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Bronze Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EUR/USD 2.3)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 2500
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Silver Trader
  • Commision: Stock CFDs (0,20%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.9)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Gold Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Standard Spreads (EURUSD 1.7)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Diamond Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: Platinum Spreads (0.9 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lot
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Crystal Trader
  • Commision: Stock CFDs (0,10%)
  • Maximum Leverage: 1:1000
  • Typical Spread: VIP Spreads (0.7 on EURUSD)
  • Mobile Platform: MT4 Mobile, MT5 Mobile, NAGA iOS / Android
  • Trading Platform: MT4, MT5, NAGA Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
Cyprus - CY CYSEC
Information:
xm-broker
TradingDominance Score™: 95 / 100
XM Features
XM Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Variable Spread
Allows hedging
Offers STP
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
Micro Account
  • Commision: No Commision
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots (MT4)* - 0.1 Lots (MT5)
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Standard Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 1.8-2.1
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 5
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Ultra Low Account
  • Commision: No Commission
  • Maximum Leverage: 1:888
  • Typical Spread: 0.06
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 50
  • Minimum Trade Size: Standard Ultra: 0.01 Lots - Micro Ultra: 0.1 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
XM Zero
  • Commision: $3.5 Per Lot Per 100K USD Traded
  • Maximum Leverage: 1:888
  • Typical Spread: 0-0.1
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Shares Account
  • Commision: Yes
  • Maximum Leverage: NO Leverage
  • Typical Spread: As per the underlying exchange
  • Mobile Platform: MT4, MT5
  • Trading Platform: MT4, MT5, WebTrader
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 1 Lot
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: Yes
Broker Information
Regulators
Australia - AU ASIC
Cyprus - CY CYSEC
Belize (IFSC)
Dubai (DFSA)
Information:
IG review
TradingDominance Score™: 95 / 100
IG Features
IG Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
ECN or STP Execution
VPS Trading
Offers MT4
Accounts & Spreads Information
Account Type
Information
CFD Trading Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Professional Account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.8 pips
  • Mobile Platform: IG Trading Platform, MT4 Mobile, IG PWA
  • Trading Platform: IG Trading Platform, MT4, ProRealTime (PRT), L2 Dealer
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Dubai (DFSA)
USA - (CFTC)
Singapore - MAS
Bahamas - (SCB)
Germany – (BaFin)
Switzerland – (FINMA)
USA – (NFA)
New Zealand – (FMA)
Japan – (FSA)
Information:
nsbroker-logo
TradingDominance Score™: 95 / 100
NSBroker Features
NSBroker Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Oil and Energies
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers MT5
Accounts & Spreads Information
Account Type
Information
Real Account
  • Commision: 0.05
  • Maximum Leverage: 1:100
  • Typical Spread: Floating from 0.02
  • Mobile Platform: MT5 Mobile
  • Trading Platform: MT5 Desktop, MT5 Webtrader
  • Spread Type: Floating Spread
  • Minimum Deposit: 250
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
Malta - MFSA
Germany - Bafin
France - ACP
Spain - CNMV
Denmark - FINANSTILSYNET
Italy - Consob
Information:
pepperstone-review
TradingDominance Score™: 94 / 100
Pepperstone Features
Pepperstone Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Social Trading
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Copy Trading
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
The Edge Standard Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 Pip
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Razor Account
  • Commision: $3.50 per $100,000 Trading Volume.
  • Maximum Leverage: 1:500
  • Typical Spread: 0.0
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Swap-Free Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 1 to 1.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01 Lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Edge Active Traders Account
  • Commision: $0
  • Maximum Leverage: 1:500
  • Typical Spread: 0 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile
  • Trading Platform: Web Trader, MetaTrader 4, Meta Trader 5, cTrader, cAlgo and cMirror
  • Spread Type: Variable Spread
  • Minimum Deposit: 200
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
Dubai (DFSA)
Bahamas - (SCB)
Germany - (BaFin)
Kenya - (CMA)
Information:
IBKR Review
Interactive Brokers Features
Interactive Brokers Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Futures
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Accepts Canadian Clients
Trading API
Trailing Stops
Interest on Margin
Variable Spread
ECN Account
Allows hedging
Offers STP
ECN or STP Execution
Accounts & Spreads Information
Account Type
Information
IBKR Lite
  • Commision: Free
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS), IBKR Web Trader
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
IBKR PRO
  • Commision: Fixed or Tiered Pricing
  • Maximum Leverage: 1:40
  • Typical Spread: 0.1 pips
  • Mobile Platform: IBKR Mobile
  • Trading Platform: Client Portal, Trader Workstation (TWS).
  • Spread Type: Variable Spread
  • Minimum Deposit: 0
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: No
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - USAsec
Canada (IIROC)
Singapore - MAS
USA - (FINRA)
Ireland - (CBI)
Austria - (CSSF)
Hungary - (MNB)
India - (BSE)
Japan - (FSA)
Information:
saxo-markets
TradingDominance Score™: 94 / 100
Saxo Markets Features
Saxo Markets Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Futures
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Accepts Japanese Clients
Scalping Allowed
Trading API
Trailing Stops
Interest on Margin
Variable Spread
Accounts & Spreads Information
Account Type
Information
Classic
  • Commision: Variable Commission
  • Maximum Leverage: 30:1
  • Typical Spread: 1.1 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 2000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Platinum
  • Commision: Variable Commission
  • Maximum Leverage: 30:1
  • Typical Spread: 1.0 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 200000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
VIP
  • Commision: No commission
  • Maximum Leverage: 30:1
  • Typical Spread: 0.8 pips
  • Mobile Platform: Investor App
  • Trading Platform: SaxoTraderGo, SaxoTraderPro
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000000
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Singapore - MAS
Hong Kong - (SFC)
Information:
admiral-markets
Admiral Markets Features
Admiral Markets Financial Instruments
Forex
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Scalping Allowed
Trading API
Trailing Stops
Variable Spread
Allows hedging
Offers STP
VPS Trading
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
Zero
  • Commision: Forex & Metals - from $1.8 to $3.0 per lot, Cash Indices - from $0.05 to $3.0 per 1.0 lots, Energies - $1 per lot
  • Maximum Leverage: Retail Clients: 1:30 - 1:20, Professional Clients: 1:500 - 1:10
  • Typical Spread: 0.0 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: No
Trade
  • Commision: Share & ETF CFDs - $0.02 per share, No commission on other Instruments
  • Maximum Leverage: Retail Clients: 1:30 - 1:20, Professional Clients: 1:500 - 1:10
  • Typical Spread: From 0.5 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Invest
  • Commision: Share & ETF CFDs - $0.02 per share, No commission on other Instruments
  • Maximum Leverage: None
  • Typical Spread: From 0 pips
  • Mobile Platform: MT4 Mobile, Admiral Markets Mobile
  • Trading Platform: MT4, MT5, Web Terminal
  • Spread Type: Variable Spread
  • Minimum Deposit: 1
  • Minimum Trade Size: 0.01
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: No
  • Islamic Accounts: No
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
Cyprus - CY CYSEC
Information:
forex.com-review
TradingDominance Score™: 92 / 100
forex.com Features
forex.com Financial Instruments
Forex
Cryptocurrencies
Stock CFDs
Commodities
Oil and Energies
Gold
Shares
Indices
Precious Metals
Other Features
Negative Balance Protection
Regulatory Deposit Insurance
Islamic Accounts (Swap-free)
Accepts Japanese Clients
Accepts Canadian Clients
Scalping Allowed
Trading API
Trailing Stops
Bonuses
Interest on Margin
Fixed Spread
Variable Spread
Allows hedging
Offers STP
ECN or STP Execution
VPS Trading
Offers MT4
Offers MT5
Accounts & Spreads Information
Account Type
Information
Standard account
  • Commision: $0
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Commission account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 100
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
STP Pro Account
  • Commision: $5 per 100,000 on forex trades
  • Maximum Leverage: 1:50
  • Typical Spread: 0.2 pips
  • Mobile Platform: MT4 Mobile, MT5 Mobile, Forex.com Mobile
  • Trading Platform: MT4, MT5, Forex.com Web Trading
  • Spread Type: Variable Spread
  • Minimum Deposit: 10000
  • Minimum Trade Size: 0.01 lots
  • Trailing Stops: Yes
  • Scalping Allowed: Yes
  • Hedging Allowed: Yes
  • Islamic Accounts: Yes
Broker Information
Regulators
Australia - AU ASIC
United Kingdom - UK FCA
USA - (CFTC)
Canada (IIROC)
USA - (NFA)
Cayman Islands - (CIMA)
Information:

How to Choose a Forex Broker in South Africa?

Finding a legitimate broker can be a tough task in South Africa. However, with some guidelines, things become easier. Given below are some tips to help you find the best brokers in South Africa.

Select a broker with a good reputation

Checking the broker’s reputation is essential before opening a live trading account. Besides reading customer’s feedback on different social networking platforms, you can also check the broker’s rating on independent review’ websites, such as Trust Pilot.

Choose a broker that is in business for at least three years

Since the forex market is a decentralized market having no central authority regulating it, many new brokers find it easy to get into the business. However, factors such as regulatory requirements and liquidity abundance can make it difficult for a broker to sustain its existence. An incompetent broker is likely to become insolvent in a couple of years. Therefore, always sign up with a broker that is in the business for at least the past three years.

Check out the regulation of a broker

Regulation of a broker is by far the most crucial factor to consider before opening an account with it. A regulated broker offers safe investment opportunities as compared to a non-regulated one. First of all, you have the assurance that a regulated broker is sufficiently liquid. Secondly, the broker will keep your funds in segregated bank accounts. Thirdly, it will remain fair with you and ensure best ethical practices as required by the law. The regulatory requirements keep a broker stay on the right track. Therefore, always check if your prospective broker holds regulations from the concerned regulatory authority. In South Africa, the Financial Sector Conduct Authority (FSCA) is the sole regulatory authority to oversee forex brokers.

Check the deposit & withdrawal process

It is crucial to check how fast your broker processes the deposit and the withdrawal requests. Some brokers offer quick deposit service but lag in releasing your funds on time. Besides counting on the efficiency of deposits and withdrawal processes, you should also consider the available payment methods. For instance, wire transfers are likely to take more time than payments using debit or credit cards.

International Presence

A broker serving across the borders tells a lot about its competency. The international presence of a broker shows that a broker had already been well scrutinized before it was allowed to operate internationally.

Customer Support

A well-reputed broker always maintains high standards of customer support. Besides quick support, the multilingual customer support staff adds to the competency of a broker. It is pertinent to check if you can access the broker in your domestic language, especially when you live in a country like South Africa that speaks more than eleven different languages of the world.

Five Best Forex Brokers In South Africa

Listed below are the 5 best forex brokers in South Africa that we have selected for you.

  • XM Group – Reliable Forex Broker
  • Exness – Fast Execution & low spread
  • Hot Forex – Offers ZAR trading accounts
  • FXCM – All-rounder
  • IC Markets – ECN broker that supports Instant execution.
  • Avatrade – offers fixed spreads

Factors that we considered while selecting the best forex brokers in South Africa.

1) Checked Brokers’ Reputation

To ascertain if signing up with any of the listed brokers was safe, we confirmed each broker’s reputation one by one. We read reviews of existing clients of the brokers on Reddit and Quora. We also checked the rating of each broker on third-party rating websites, such as TrustPilot. After collecting information from multiple resources, we made identifiable patterns. We ensured to include only those brokers that hold an excellent reputation in the forex industry.

2) Verified Regulations

Since we know the significance of regulated brokers, we took extreme caution while confirming it for all brokers listed above. First of all, we searched the company’s registration number on all the listed brokers’ websites. After finding the registration number for each broker, we crossed-checked it on the concerned regulatory authority website. We have verified that all the brokers mentioned above hold a valid license from FSCA to operate in South Africa.

3) Tested deposit & withdrawals

Generating forex profits make no sense if you can’t access them when needed. We checked the efficiency of the deposit and withdrawal process of the brokers. We made some deposits using different payment methods and asked them to process our withdrawals. We noticed that all the brokers are quick to process deposits and release funds right away. Honestly, we were sceptical before and were not expecting such quick services from them.

4) Confirmed demo accounts availability

We have also confirmed that all our listed brokers offer demo accounts. Customers can use demo accounts to learn and practice different trading and money management strategies without the risk of losing their real investment. The best part is that all the brokers offer demo accounts with unlimited expiry.

5) Explored various features

You can’t assess a broker’s competency unless you try the services and features offered by these brokers yourself. Therefore, we decided to explore these brokers’ different features and services, such as trade execution, trading interface useability, available leverage, and risk management tools. We found these brokers are quite competitive in every aspect.

6) Tested trading platforms

A broker without a user-friendly trading platform is good for nothing. If you are finding it hard to navigate through the trading platform of a broker, there is a chance that you may not be able to use other features either. Therefore, we navigated through all the trading platforms offered by our listed brokers and used multiple features available. We noticed that these brokers offer instant trade execution. Despite high volatile market conditions, we witnessed minimal slippage while employing stop-loss and pending orders.

7) Confirmed availability of mobile trading platforms

Understanding the need for mobility, all the listed brokers offer customizable mobile trading applications. Traders can use them on IOS and Android supported mobile phones and tablets. The respective versions of the mobile trading apps are available to download from App Store and Google Play Store. Not to mention, these mobile trading platforms come with nearly identical features as compared to desktop trading platforms, with a few exceptions.

8) Contacted customer support

We also checked how competent these brokers are in terms of customer services. The first thing we noticed that these brokers are quick to respond. We also tried raising a couple of complaints with them. It was good to see that the support resolved our issues just in time.

Forex Brokers in South Africa – FAQs

Is forex trading legal in South Africa?

Yes, forex trading is legal in South Africa.

Do forex traders pay tax in South Africa?

Yes, forex earning is a taxable income in South Africa

Who regulates forex trading in South Africa?

The Financial Services Conduct Authority (FSCA) is the sole regulatory body responsible for regulating matters that fall under the domain of forex trading.

How many forex traders are there in South Africa?

According to information available on www.businesstech.co.za there are nearly 190,000 forex traders in South Africa. However, the stats may differ on other online resources.

Can South African residents sign up with a forex broker from abroad?

Yes, they can. However, clients should prefer to sign-up with FSCA regulated brokers.

Conclusion

Forex trading in South Africa is relatively easier to start than in most jurisdictions of the world. However, the risk of losing your funds stays the same. Also, the increasing number of brokers in the country makes it difficult for traders to find a legitimate forex broker in South Africa. We hope this article will help you find the best forex brokers in South Africa.