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The post Best Forex Brokers in South Africa by Chris Davis appeared first on Benzinga. Visit Benzinga to get more great content like this.
With strong regulations and relative economic power, forex trading continues to expand in South Africa. The forex market is highly competitive and finding a reliable broker can be a daunting task with so many options available.
Most importantly, brokers must be authorized by the Financial Sector Conduct Authority (FSCA) in South Africa. Being authorized by the FSCA is a sign of legitimacy and is beneficial for forex traders.
Keep reading to explore some of the best regulated forex brokers in South Africa that offer competitive trading conditions, a wide range of trading instruments and top-notch customer service.
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Best Forex Brokers in South Africa
Here are the top forex brokers who are regulated by the FSCA and can be trusted by forex traders in South Africa.
Best for Low Fees and Tight Spreads: IFC Markets
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Founded in 2006, IFC Markets is a popular forex and contracts for difference (CFD) broker that provides high-quality trading services to over 300,000 clients from more than 139 countries. IFC Markets offers a versatile trading environment that caters to traders of all skill levels. With a low minimum deposit of $1 for some account types, it provides accessible entry points for beginners. The broker supports multiple platforms, including MetaTrader 4, MetaTrader 5, and its proprietary NetTradeX, which allows for the creation of custom synthetic instruments through the Portfolio Quoting Method. Traders have access to over 650 financial instruments across various asset classes, including forex, commodities, indices, stocks, and cryptocurrencies. Additionally, IFC Markets offers commission-free trading with spreads starting from 0.4 pips and leverage up to 1:400, appealing to those seeking flexible trading conditions.
However, it’s important to note that IFC Markets is regulated by authorities such as the British Virgin Islands Financial Services Commission (BVI FSC), the Labuan Financial Services Authority (LFSA), and the Financial Sector Conduct Authority (FSCA) in South Africa . These are considered lower-tier regulators compared to top-tier bodies like the UK’s Financial Conduct Authority (FCA) or Australia’s Securities and Investments Commission (ASIC). This may raise concerns for traders who prioritize stringent regulatory oversight. While the broker offers a broad range of instruments and innovative features, potential clients should weigh these benefits against the regulatory framework and consider their own risk tolerance.
Best For
- Traders who want to create their own trading instruments
- Intraday and mid-term traders
- Small volume traders
- Trading platforms variety
- Traders in Canada and global markets
- The GeWorko Portfolio Quoting Method lets you create synthetic assets
- 19 years experience in the business
- Highly rated by clients with 28 recent international awards
- Insured by Hamilton Group Syndicate 4000
- Competitive commission-free trading cost structure
- 650+ tradable assets
- Licensed by 3 Regulators (South Africa, BVI, Labuan – Malaysia)
- ECN Accounts from 0.0 pip spread
- Not available to traders in the U.S., Japan and Russia
- ECN Accounts are available only on MT5 and for Canadian clients
Overview: IFC Markets is a CFD broker established in 2006, they operate in South Africa through its subsidiary, IFC Markets SA (Pty) Ltd. With nearly two decades of experience in the financial markets and multiple regulatory licenses, including the FSCA in South Africa, IFC Markets has built a reputation for financial stability and ethical business practices.
Why We Picked It: IFC Markets stands out for its extensive range of over 650 trading instruments, including forex, CFDs on stocks, commodities, indices, ETFs and cryptocurrencies. The broker trading platforms include NetTradeX, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). Additionally, the company emphasizes a client-centric approach, ensuring a secure and transparent trading environment while offering South African traders enhanced investor protection and access to impartial dispute resolution mechanisms.
Best for Leveraged Trading: Plus500
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The trading of futures is available through Plus500US Financial Services LLC d/b/a Plus500, a Futures Commission Merchant registered with the US Commodity Futures Trading Commission and a member of the National Futures Association (NFA ID number 0001398).
Plus500 is a CFD broker with a wide portfolio of 2800+ CFDs, 2700+ Shares, and a variety of Futures (Crypto, Metals, Agriculture, Forex, Interest Rates, Energy, and Equity Index). For those who are new to the market, CFDs are similar to binary options in the U.S. where traders take all-or-nothing speculation on the prices of certain securities like indices, commodities or currencies. While not legal to trade in the U.S., CFDs are legal in many jurisdictions across the globe and Plus500 offers a wide array of tradable markets using these instruments. U.S. customers can, instead, take advantage of the US-based Plus500 Futures platform.
Plus500 US offers a deposit bonus of up to $200, which allows you to trade without paying commissions until the deposit amount is used up. The bonus only applies to your first deposit. In addition, there are:
- No Data fees
- No Platform fees
- No Deposit and withdrawal fees (except wire withdrawal)
- No Routing fees
Remember, however, that there could be overnight funding, currency conversion, guaranteed stop order, and inactivity fees.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Best For
- Traders looking for a smooth mobile experience
- Low spreads and commissions and no withdrawal fees
- Web platform and mobile app offer robust charting capabilities, ensuring a consistent experience across all devices
- Unlimited demo account & 24/7 customer support
- Lacks some advanced tools making it less attractive for active traders
- Higher fees than competitors, which include currency conversion, overnight funding and more fees
Overview: Plus500 is a well-known global trading platform that makes it easy for users to trade CFDs on a variety of assets, including forex, stocks, indices, commodities, options, and cryptocurrencies (availability depends on regulations). Established in 2008 and listed on the London Stock Exchange, Plus500 offers a simple and intuitive trading experience through its web and mobile platforms.
Why We Picked It: Traders can access real-time price quotes, advanced analysis tools, and leverage up to 1:30 for retail clients. To keep funds safe, Plus500 holds client money in segregated accounts, following strict regulatory guidelines. The platform also offers a free, unlimited demo account, so users can practice trading without any risk. Plus, with 24/7 multilingual customer support, help is always just a click away.
Best for Multi-Asset Access & Crypto/FIAT Funding: PrimeXBT
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PrimeXBT, founded in 2018 and opened in 2019, is a multi-asset brokerage that features up to 100 times leveraged trading on the most popular cryptocurrencies and stock indices, and up to 1,000 times leverage on forex pairs and commodities. The experience is broken down between dynamic crypto futures trading and CFDs for traditional assets. The brokerage also charges dynamic fees that decrease to as low as 0.001% as your balance grows.
The platform features a few trading products to serve all of your needs, including the flagship PrimeXBT crypto futures platform, which offers comprehensive trading tools, an educational platform called PrimeXBT Trading Academy, weekly trading competitions, and the Covesting copy trading module, which allows you to copy strategies and invest alongside other experienced traders of your choice. All trading aspects of the trading platform feature a modern and sleek customizable user interface.
PrimeXBT requires KYC in the same way as other brokerages do. The platform boasts a plethora of safety features to ensure the security of your funds and account. Some features include 2FA, manual withdrawal clearance, crypto address whitelisting and cold storage of digital assets.
Best For
- Traders who are looking to maximize their profits
- Active traders
- Traders of any level
- Traders who prefer anonymity
- Traders who want to diversify their portfolios across different asset type
- Traders who want good customer support — 24/7 live chat feature in 16 languages
- Multi-asset platform (forex, crypto, indices, commodities, share CFDs) under one account (Crypto Futures, PXTrader, MT5)
- FSCA-authorized entity in South Africa (FSP 45697), plus additional global licenses
- 0% commissions on CFDs (spread-only) with competitive, variable spreads
- High leverage options (up to 1:2000 on MT5 forex; up to 1:500 on Crypto Futures) — for experienced traders
- TradingView-powered charts and advanced technical analysis; interface customization and alerts
- Flexible funding and settlement in fiat or crypto (USD, USDT, USDC, BTC, ETH) with broad payment rails
- Free demo account, weekly trading contests, and a Rewards Center with bonuses/cashback
- Native mobile apps (iOS/Android) with full trading, funding, and account management
- Not available to clients in the U.S. or Canada; additional regional restrictions apply
- Variable product/payment availability by jurisdiction; some features may be limited locally
- Leverage and derivatives carry high risk (financing every 8 hours on futures; overnight fees on CFDs)
- Spreads are not fixed and can widen during volatility/liquidity gaps
- Crypto withdrawals incur network fees; higher withdrawal limits typically require account verification
Overview: PrimeXBT is authorized by South Africa’s FSCA (FSP 45697) and consolidates forex, CFDs, and crypto futures under a single login across PXTrader, MetaTrader 5, and a dedicated Crypto Futures venue. Charts are powered by TradingView, and funding is flexible: deposit/withdraw via crypto or fiat (including bank transfer, cards, and supported regional e-wallets). Accounts support multi-currency settlement (USD, USDT, USDC, BTC, ETH), a free demo, and modern iOS/Android apps.
Why We Picked It: For South African clients seeking breadth plus local oversight, PrimeXBT pairs FSCA authorization with 0% commissions on CFD trades (spread-only) and robust order control (OCO/bracket/conditional). Forex leverage on MT5 can be as high as 1:2000 (use cautiously), with variable, competitive spreads and fast execution across majors, minors, and exotics. Not available in the U.S. or Canada, and certain products/payment methods vary by jurisdiction, but for SA traders who want multi-asset flexibility under one roof, it’s a strong, regulated pick.
Best for Low Deposit Requirements: Tickmill
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Tickmill is an award-winning, multi-regulated investment firm offering trading in a plethora of asset classes including, CFDs in forex, precious metals, indices, stocks, commodities, cryptocurrencies and bonds.
USD base rate is 2.25%, GBP is 2.00% and EUR is 2.00%.
Apart from offering various platforms, Tickmill caters to traders of all levels by providing competitive pricing, leverage up to 1:500 depending on the entity and client classification, dedicated support, exclusive market analysis and a wide array of trading tools and education. This low-spread broker offers fast execution, several payment methods and no restrictions on trading strategies such as hedging or scalping.
Futures and Options are offered with Direct Market Access across multiple globally regulated Futures exchanges including CME, CBOT, NYMEX, COMEX, EUREX, ICE Futures Europe and more. Real Futures include Stocks, Indices, Forex, Metals, Cryptos and Energies like the Micro E-Mini S&P 500, Micro E-Mini Nasdaq 100 and Micro Bitcoin Futures.
Future and Options are offered with probably the lowest fees and transparent commission structures in the industry, ultra-low latency, and seamless trading solutions for high volume trading with reliable, flawless order routing underpinned by advanced technologies.
Tickmill has become a trusted market-leading broker because of its commitment to seeking regulations in several jurisdictions. Traders have access to forex, stocks, commodities, cryptocurrency and bond markets as well as Futures and Options.
Free educational content and advanced tools are available for novice and experienced traders to help them enhance their trading strategies and achieve their trading goals.
The 20+ awards received are a testament to Tickmill’s commitment to providing optimal trading conditions for retail and institutional clients. Besides offering low spreads and fast execution, Tickmill ensures no trading restrictions, access to CFDs and occasionally runs campaigns (under Tickmill Ltd) to reward traders for their loyalty and activities.
Best For
- Forex, stocks, commodities, precious metals, bonds and crypto with competitive conditions
- Futures & Options trading with probably the lowest fees in the industry
- Retail and institutional clients
- Traders seeking various platforms and accounts
- Beginners wanting free trading tools and educational material
- Traders incorporating advanced tools and algorithm systems
- Strongly regulated broker
- Swap-free accounts available
- Enables access to various markets and asset classes
- Fast execution speed in milliseconds
- Crypto trading available 24/7 with 0 Commissions, 0 Swaps
- Deposits and withdrawals in BTC, ETH and USDT
- Free educational content
- Negative balance protection
- Mobile app available for account management
- User-friendly client area
- Free demo accounts
- Regulators: Seychelles Financial Services Authority (FSA), Financial Conduct Authority (FCA), DFSA UAE, Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA),
- Live chat is unavailable on weekends
- Simple news feeds available
Overview: Tickmill is a globally recognized forex and CFD broker that has established a strong presence in South Africa through its subsidiary, Tickmill South Africa (Pty) Ltd. The company offers a wide range of trading instruments, including forex, stock indices, commodities, bonds, cryptocurrencies and stocks. With a commitment to providing exceptional trading conditions, Tickmill ensures clients have access to competitive spreads, fast execution speeds and advanced trading platforms.
Why We Picked It: Tickmill stands out for its competitive spreads, starting from 0.0 pips on major currency pairs, and provides high leverage options up to 1:1000, accommodating various trading strategies and risk appetites. Traders can choose from multiple account types, including Classic, Raw, and Islamic accounts. Tickmill supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as its proprietary Tickmill Trader apps. The broker also offers a range of secure and convenient deposit and withdrawal methods, with no fees on transactions.
Best for Excellent Trading Conditions and Overall Offers: FOREX.com
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The products and services available to you will depend on your country of residence and the FOREX.com entity that holds your account, as well as any as well as any applicable regulatory guidelines. To verify the availability of any products or features within your country of residence, please contact the broker directly
FOREX.com is a highly trusted global broker for forex and CFD traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for traders searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels.
FOREX.com is regulated by Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA) in the U.S. They also are regulated by the Financial Conduct Authority (FCA) in the UK among other regulators including CIRO, ASIC and more.
Best For
- Beginner forex traders
- Active forex traders
- Impressive, easy-to-navigate platform
- Up to 30:1 leverage
- Access to 80+ FX pairs and 80+ technical indicators
- Trade to your full capability with the mobile app with quality execution with one-swipe trading, advanced TradingView charting and analysis tools, real-time trade & order alerts and full account management features
- Exclusive trading tools including Trading Central, TradingView, Smart Signals and Performance Analytics
- EUR/USD spread as little as 0.0 and low commissions
- 30 indicators for technical analysis, nine timeframes and graphical objects such as Line Studies and Shapes on MT4
- Various tradable asset classes including forex, shares CFDs, crypto CFDs, commodities and indices
- No negative balance protection
- $15 per month inactivity fee after no trading activity for 12 months
Overview: FOREX.com is also a globally recognized forex and CFD broker with a strong presence in the U.S. The platform offers access to over 80 currency pairs, including major, minor, and exotic pairs, as well as CFDs on indices, stocks, commodities and cryptocurrencies. FOREX.com provides a range of account types, such as Standard, RAW Spread, and MetaTrader accounts. Traders can utilize advanced trading platforms, including the FOREX.com web trader, mobile app, and MetaTrader 4 and 5, all equipped with wide-ranging charting tools and real-time market data.
Why We Picked It: FOREX.com has noticeably competitive spreads, starting from 0.0 pips on major forex pairs with the RAW Spread account and maintains low commissions. Traders can choose from various account types tailored to different trading strategies and access user-friendly platforms compatible with web, mobile and desktop devices. FOREX.com also provides robust educational resources and responsive customer support, ensuring traders have the necessary tools and assistance to navigate the markets effectively.
Best for Excellent Trading Conditions: FxPro
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Overview: FxPro offers forex and CFD’s and has been serving traders since 2006. With a presence in over 170 countries, including South Africa, FxPro offers access to more than 2,100 trading instruments across various asset classes such as forex, shares, energies, cryptocurrencies, indices, futures, metals and ETFs. The brokers trading platforms include MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and its proprietary FxPro Trading Platform.
Why We Picked It: FxPro offers a suite of trading platforms and account types, allowing traders to select options that best align with their trading strategies and preferences. The broker offers competitive trading conditions, with tight spreads starting from 0.0 pips on major currency pairs and leverage up to 1:500 which is higher than some of the other brokers on the list.
Best for Tight Spreads: HYCM
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HYCM is a trusted global forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.
HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service.
Best For
- Investors who want a customizable fee schedule
- Traders comfortable using the MetaTrader platform
- Islamic traders who need swap-free accounts that don’t build interest
- Mobile app with a simple trading experience
- Exchange-traded securities (non-CFD) are accessible through the separate Henyep Securities platform
- Extensive selection of educational tools, including webinars and video courses
- The HYCM Trader mobile app now provides full trading functionality
- Traders can access third-party research tools from Trading Central, including Analyst Views and an Economic Calendar
- The Raw account offers competitive pricing, with an all-in cost of approximately 0.6 pips for EUR/USD (including commission)
- Not available to traders based in the U.S.
- HYCM surrendered its Cyprus license in June 2024 and has ceased accepting EU clients
Overview: HYCM offers forex and CFDs with a history spanning over four decades. HYCM offers access to a diverse range of over 300 trading instruments, including forex, stocks, indices, commodities and cryptocurrencies. The broker provides multiple account types—Fixed, Classic, and Raw—each designed to cater to different trading styles and experience levels. Traders can utilize advanced platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the proprietary HYCM Trader app.
Why We Picked It: HYCM offers the industry standard selection of trading instruments and competitive spreads, with the Raw account featuring spreads from 0.2 pips on major forex pairs and a low commission of $4 per round turn, appealing to cost-conscious traders.
How to Choose a Forex Broker in South Africa
When seeking an online forex broker to trade through from South Africa, the list of well-regulated forex brokers in South Africa shown above provides a good place to start. These include online brokers or banks with a South African presence in addition to well-regulated foreign brokers that accept South African clients, such as FOREX.com, for example.
If you prefer to do business in a language other than English, you might want to choose a broker with a website that translates into your preferred language. The broker should also have a customer service staff member fluent in that language.
Select a broker that has established a South African office and is regulated by the Financial Sector Conduct Authority (FSCA) because these brokers tend to act more responsibly toward locals since they can be sued in South Africa. Litigating against a foreign company can be a challenge, and it can easily involve extra time and cost to pursue justice if you feel that it’s necessary. Finding the best forex broker for your needs usually depends on your particular situation.
What to Look for in a Forex Broker
No matter where a forex broker is based, the best forex brokers will demonstrate the following traits:
- Well-regulated
- Will open an account for you
- Have a good reputation
- Offer the currency pairs and assets you want to trade
- Require an affordable minimum deposit
- Make prices with decent dealing spreads
- Have minimal order slippage
- Allow enough leverage for your preferred trading strategy to work
- Provide negative balance protection
- Segregate client accounts from its own
- Support the deposit and withdrawal procedures you wish to use
Keep in mind that the type of trading software a broker supports is vitally important as well. Many online brokers have their own proprietary trading platforms they let clients use, and some also support third-party platforms like the popular MetaTrader 4 and 5 platforms from MetaQuotes.
Open New Financial Doors in Foreign Exchange Trading
You can use forex to open new financial doors in South Africa. Many brokers offer stocks of educational content, and there are online courses to teach you more about foreign exchange investments. Start with our guide to learn to succeed in the forex market.
Frequently Asked Questions
Do forex traders pay tax in South Africa?
Yes, Forex traders in South Africa are required to pay taxes. They must pay a flat fee of 28% on taxable income through South African registered forex brokers.
Who is the rich forex trader in South Africa?
Sandile Shezi is one of South Africa’s best-known and most profitable forex traders.
Is forex going to be banned in South Africa?
Forex trading is permitted in South Africa, provided it adheres to laws against money laundering, and traders are obligated to report any profits to SARS (South African Revenue Service).
The post Best Forex Brokers in South Africa by Chris Davis appeared first on Benzinga. Visit Benzinga to get more great content like this.
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