Looking for Forex Brokers South Africa? Not sure which South Africa broker is suitable and best for you? Or want to verify if the broker is truly regulated and legit in the South Africa regulated by FSCA?
We provide answers to all the questions in this article. We researched and compared over 40 South Africa brokers including their regulation status, spread & commission, the time for deposit & withdrawal and many more findings.
FSCA (formerly FSB) Regulated Forex Brokers in South Africa
Forex Brokers in South Africa should be registered and obtain license from FSCA Financial Sector Conduct Authority, a financial regulatory body in South Africa.
It is not a mandatory rule for every Forex Broker that established a branch in South Africa to obtain FSCA license, brokers that provide proof of good standing and serious regulation can accept South Africa clients. FSCA regulation on Wikipedia.
Best Forex Brokers in South Africa
To select the best Forex Broker in South Africa we research and compare Forex Brokers with FSCA license and reputable regulated brokers that accept South Africa traders. We review details of spread and commission, trading platform, deposits and withdrawals conditions, education and customer service. Here is our List of Top Forex Brokers Review in South Africa:
- FP Markets – Top ranked Broker in South Arica
- FXTM – Best Broker for Beginners in South Africa
- XM – Best MT4 Broker South Africa
- IG – Lowest Spread Broker South Africa
- FXCM – Best for Platform selection in South Africa
What makes a good forex broker in South Africa?
There are four important points that makes a good Forex Broker, including license and good reputation, favorable trading conditions, education and research, and customer service.
- Must be licensed by the South Africa authority FSCA or additional reputable license
- Propose good trading conditions like low spreads, selection of platform and expansion to instruments
- Offer quality education content like Webinars, trading videos and/ or research tools
- Support Customers with a professional team that is easy to reach
Top 8 South Africa Forex brokers List & Review
We narrowed the list and selected best in its category regulated brokers that are safe in South Africa regulated by FSCA or other Regulated Brokers that offer ZAR accounts and accept South Africa traders, and are Best brokers for Forex trading with competitive trading conditions:
|Forex Broker||Accepts clients from Kenya||FSCA Regulated||Why they are our top picks||Our Review|
|FXTM||Yes||Yes||FXTM is good for beginners. FXTM has professional education section, running Seminars and Webinars, offering deposit bonus and good spreads, also FXTM is among 9 brokers with ECN accounts.||Visit FXTM site|
|FP Markets||Yes||No||FP Markets might be one of the best overall brokers. FP Markets providing comprehensive online trading courses, education and supporting good platforms like cTrader or MT4 provided with extra tools.||Visit FP Markets site |
FP Markets Review
|FXCM||Yes||Yes||FXCM can be the best for Day traders and MT4 traders. FXCM is one of the oldest UK brokers also providing great range of platforms including Trading Station, and social trading platforms.||Visit FXCM site |
|Plus500||Yes||Yes||Plus500 might be the best for CFDs trading and easy trading app. It has great range of instruments and Cryptocurrencies traded on CFD basis and customer-friendly trading software.||Visit Plus500 site|
|IG||Yes||Yes||IG is god if you look for a low spread broker. IG EUR/USD avg spread at 0.8 which is lower compared to other brokers with 1.1||Visit IG site |
|eToro||Yes||No||eToro is one of the best for Social Trading. You can choose from thousands (not hundreds – thousands) top traders and copy trades on easy to use platform.||Visit eToro site|
|XM||Yes||Yes||XM is the best for easy start and MT4 platform traders. XM offers to start trading with only 5$, also get a deposit bonus and providing good range of tools plus excellent support.||Visit XM site |
|Tickmill||Yes||Yes||Tickmill might be the best fit for professional traders or VIP account trading. With NDD execution, spreads are from 0.0 pips and just 1 EUR commission per side, plus to powerful platform and tools.||Visit Tickmill site|
More on South Africa Brokers
If you don’t know from where to start and here we answer many common questions, also navigate categories and select broker that offer your trading need.
Forex Brokers South Africa with Bonus
Bonuses and rewards offered by South Africa Regulated brokers are not offering high rewards and typically giving 10% like Tickmill offers, or up to 100$ rewards like we found in FBS offering. Much larger bonuses you can get only via unregulated brokers that are targeting clients, but we recommend to avoid unregulated brokers due to lack of safety measures.
Forex Broker with ZAR accounts
Most of South Africa regulated brokers offering base account currency ZAR, including Plus500 or Tickmill meaning you avoid conversion fees for deposits or withdrawals.
Best Forex Brokers for Beginners in South Africa
Beginners should start with good education and select strictly among regulated brokers to ensure transparency and safety. It is recommended to pass trading course, the suitable brokers for beginners will offer deep education and research tools, check FP Markets or IG broker education sections.
Forex Brokers with No Deposit Bonus
No Deposit Bonus is offered just by a few brokers like FXTM, which you can get upon account opening and trade real cash with no deposits from your side.
High Leverage Forex Brokers in South Africa
Great news for South African residents and traders, Forex Brokers South Africa still offer high leverage ratios like 1:200 that are allowed by regulations and attracting many worldwide customer for this reason too. FXCM offers 1:400 for Forex and 1:200 for CFDs.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.