Compare top 6 best forex brokers in South Africa for 2024

By:

Max Adams

Max was the Editor of Education for Invezz from 2019-2021, overseeing the wider investment educational strategy. He has written for financial publications for over 5 years,... read more.

 & 

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Reviewed by:

Richard Stutely

Richard is a Fact Checker for Invezz who ensures all our reviews and guides are accurate and unbiased. He is a best-selling international business author whose... read more.

Updated: Jul 17, 2024

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Our expert panel tested all the best forex brokers in South Africa and rated their features according to 8 key criteria, including regulatory status, the range of forex currency pairs on offer, and overall trading experience.

The panel set out to answer the question: what’s the best forex trading app in South Africa for South African users? 

Read our verdict below to compare the best forex platforms in South Africa.

What is the best forex broker in South Africa for 2024?

Our experts rank FXCM as the best forex broker in South Africa.

The list below shows the three best South African forex brokers. These are the top forex trading apps in South Africa for their security, service, and support.

Most popular

1

Min. Deposit

£ 50

Best offer

User Score

10

High-quality and free educational content

Low-cost pricing and fast trade execution

Trusted and regulated by FCA and ASIC

Start Trading more info

Payment Methods:

Debit Card, neteller, Credit Card, Wire Transfer, UnionPay, Klarna, POLi, Rapid Transfer, skrill

Full Regulations:

ASIC, FCA, FSCA

CFD service. 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.

2

Min. Deposit

£ 70

Best offer

User Score

9.9

Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more

Unlimited risk-free Demo Account

0 commissions & attractive spreads

Start Trading more info

Payment Methods:

Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill

Full Regulations:

ASIC, FCA, FSA, MAS, CySEC #250/14

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

3

Min. Deposit

£ 200

Best offer

User Score

9.8

Offers access to over 80 currency pairs, including major, minor, and exotic pairs. Traders can explore various combinations and capitalize on price movements.

Spreads start from 0.8 pips, ensuring cost-effective trading. Tight spreads mean minimal difference between buying and selling prices.

Enjoy flexible access to more than 17,000 global markets, with reliable execution

Start Trading more info

Payment Methods:

Bank Transfer, Debit Card, PayPal, Credit Card, Wise

Full Regulations:

ASIC, FCA, FINMA, is a licensed bank (IG Bank in Switzerland)

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money

Top 6 online forex brokers in South Africa, reviewed

1. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

2800

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools

No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you trade. Its technology driven platform gives access to 60+ forex pairs for some of the biggest currencies in the world including EUR/ZAR, USD/ZAR, and GBP/ZAR.

Plus500 has something for all types of traders, no matter what level of experience. Its leverage extends up to 1:30 and its tight spreads starting from 0.6pips make it a top choice for day traders. At the same time, its trading academy is packed with educational content, perfect for beginners just starting. 

One of the features we like most about Plus500 is its fee structure. Not only will you pay R 0 for funding your account or withdrawing profits, but you’ll also have zero commissions. Add that to low spreads and Plus500 is one of the top-rated CFD brokers for traders looking to capitalise on currency price movements.

For accurate instrument availability, visit plus500.com.

The fees: Plus500 is a commission free brokerage and makes its money through the Bid/Ask spread. Spreads are variable and typically depend on the market you’re trading, but start from 0.6 pips. An inactivity fee of R 10 is applicable if you don’t log into your account for 3 months. Rollovers, conversion fees, and guaranteed stops may also apply.  

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Features	Plus500 summary
No. of tradable assets	2800+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Index CFDs, Commodity CFDs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSA, ASIC, FMA, FCA, CySEC
View more >	Plus500 >

Visit Plus500 Plus500 Review

CFD service. 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.

2. IG Markets: Best for trusted and transparent CFD trading

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From 0.5%

Fees

$250

Minimum deposit

17,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Intuitive web trading platform Excellent demo account available Variety of deposit and withdrawal options Wide variety of useful educational tools Trading platform tutorial to get you started

Slow account opening process Unavailable in all regions

Overview

We love IG because it’s one of the most established and reputable names in the online trading industry, known in Australia for its reliability, comprehensive market offerings, and strong regulatory compliance. IG offers CFD trading in over 85 forex pairs, with plenty of useful plugins and integrations to improve the trading experience.

One of the key strengths of IG Markets is its seamless integration with MetaTrader 4 (MT4), a popular third-party trading platform favoured by many traders for its advanced charting tools, automated trading capabilities, and custom indicators. This integration allows users to leverage MT4’s sophisticated features while benefiting from IG Markets’ competitive pricing, reliable execution, and extensive market access.

Beyond its product range and platform integrations, IG Markets stands out for its commitment to education and customer support. The company offers a wealth of educational resources, such as webinars, tutorials, and market analysis, which help traders of all levels improve their knowledge and skills.

The fees:  You don’t pay a trading fee for trading forex but will be charged through the spread instead. Spreads start at 0.6 points for EUR/USD. Guaranteed stops are available and cost 0.3% of the underlying transaction value. Overnight funding charges apply and can vary. A 0.5% FX conversion is applied to any profits or losses from CFD positions.

Highlights

Features	IG Markets summary
No. of tradable assets	17,000+
Min. Deposit	$0
ID verification required	Yes
Free demo account	Yes
Supported assets	Stock CFDs, ETFs, Forex CFDs, Crypto CFDs, Index CFDs, Commodities
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, MAS, FMA, ASIC, FCA, BaFin, FINMA, DFSA, BMA, CFTC, NFA
View more >	IG Markets >

Visit IG Markets IG Markets Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

3. Eightcap. Best online broker for choice of trading platform

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Up to $3.5 RT

Fees

$100

Minimum deposit

800

No. assets

Yes

Demo/virtual account

Pros & Cons

Low trading fees for CFDs Trade directly from the TradingView platform Regulated by top-tier authorities Leverage up to 1:500 Partnered with multiple proprietary trading firms

Some markets are not available to all regions Customer support does not operate 24/7

Overview

We love Eightcap because it is a versatile multi-platform brokerage that is suitable for all types of traders. In South Africa, Eightcap offers easy access to TradingView, MetaTrader 4, MetaTrader 5, and Flash Trade, letting you choose the platform that best suits your trading style. 

In addition to a selection of cutting-edge trading platforms, Eightcap gives access to CapitaliseAi. This handy tool allows you to automate your strategies using simple, code-free instructions, enhancing your trading efficiency.

With Eightcap you’re able to trade a wide range of forex markets including EUR/USD, GBP/USD, and AUD/USD.  All forex pairs are traded via CFDs which means you’ll be able to keep your costs down and use leverage up to 200:1 while diversifying your trading portfolio without needing multiple accounts. 

The fees: Eightcap is a CFD broker and charges spread, commissions, or a combination of both. There are two account types available, RAW, and Standard. The RAW account has ultra-low spreads starting from 0.0 pips but charges $3.5 RT per lot. The standard account is commission-free for most assets and spreads start from 1 pip.

Highlights

Features	Eightcap summary
No. of tradable assets	800+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies, Indices
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	ASIC, FCA, CySEC
View more >	Eightcap >

Visit Eightcap Eightcap Review

74-89% of retail CFD accounts lose money

4. AvaTrade. Best regulated broker for secure trading

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From 0.13%

Fees

$100

Minimum deposit

500

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform

Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various currency markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs for multiple forex pairs including EUR/USD, GBP/USD, ZAR/USD, and more. 

AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world. 

AvaTrade isn’t just well regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology. 

The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of $50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Features	AvaTrade summary
No. of tradable assets	1250+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Commodity CFDs, Index CFDs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, FSA, ASIC, CBI, MiFID, CySEC, BVIFSC, FRSA
View more >	AvaTrade >

Visit AvaTrade AvaTrade Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

5. Pepperstone. Best low spread & no commission broker

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0.20%

Fees

$200

Minimum deposit

60

No. assets

Yes

Demo/virtual account

Pros & Cons

Zero commission on trades Hedging, scalping, and crypto CFD trading available Lots of deposit and withdrawal options, including PayPal

No guaranteed negative balance protection in some jurisdictions No option to purchase stocks or bonds directly, only CFDs and spread betting available

Overview

We love Pepperstone because it is a low fee and low commission CFD brokerage, making it an excellent choice for South African forex traders looking to keep trading costs down. Pepperstone offers some of the most competitive spreads in the industry, with no commission on its Standard account and low commissions on its Razor account. 

Pepperstone is also well known for its top tier regulatory protection. The broker is regulated by the Capital Markets Authority (CMA), which means it follows stringent rules. Pepperstone also offers over 90 currency pairs from the majors, minors, and exotics. 

One of the features we found most useful when using Pepperstone is the variety of trading platforms. You can choose from TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, each providing a unique set of features and tools. 

The fees: Forex trades are commission free, as Pepperstone makes money from the Bid/Ask spread. The spreads vary depending on the asset you want to trade. Razor (pro) account customers get significant discounts on the spreads. Spreads are as low as 0.00 points on EUR/USD and no commissions.

Highlights

Features	Pepperstone summary
No. of tradable assets	1200+
Min. Deposit	No minimum
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies, Indices, ETFs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	CMA, SCB, DFSA, ASIC, FCA, CySEC, BaFin
View more >	Pepperstone >

All supported assets are CFDs.

Visit Pepperstone Pepperstone Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7%of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Refer to our RDN and other legal documents. Pepperstone Markets Limited, SCB no. SIAF217.

The 7 best South African forex brokers

This list provides reputable brokers based and regulated in ZA for local traders.

1. CM Trading. Licensed South African broker with proprietary web and mobile trading platforms. Established in 2012.
2. Global Trader. Local broker licensed in 2010, providing MT4, web trader, and mobile apps. Based in Johannesburg.
3. HotForex ZA. South African division of award winning HotForex. FSCA regulated with an office in Cape Town.
4. ForexTime ZA. FXTM’s FSCA regulated South African brand offers ECN trading and copy trading options.
5. GKFX Financial Services. Domestic broker offering trading, investment, and asset management services since 2006.
6. Axiory Global. FSCA regulated broker based in Johannesburg with a proprietary web trading platform.
7. AvaTradeZA. AvaTrade’s South African offering provides access to the MT4 platform. Founded in 2006 and FSCA regulated.

More about the best forex brokers in South Africa

Is forex legal in South Africa?

Yes, forex trading is completely legal and regulated in South Africa. The Financial Sector Conduct Authority (FSCA) is the regulatory body that oversees financial activities, including forex brokers operating in the country. 

Forex trading is legal for traders as long as they use a licensed broker approved by the FSCA.

Are forex brokers legal in ZA?

Registered forex brokers are legal to operate in South Africa as long as they abide by FSCA regulations. The FSCA requires brokers to maintain certain capital requirements, submit audited financial statements, segregate client funds, and more. 

Many licensed forex brokers in South Africa cater specifically to South African traders. As long as traders use an FSCA regulated broker, forex trading with a broker is legal.

How are forex brokers regulated in South Africa?

The Financial Sector Conduct Authority (FSCA) regulates forex brokers in ZA. Brokers must apply for a license and meet strict financial standards the FSCA sets before they can accept clients. 

Licensed brokers are monitored for compliance and must submit financial reports to prove they uphold regulatory requirements. The FSCA also investigates complaints against brokers and works to protect traders. 

Using an FSCA regulated broker provides security for forex traders. Below are the regulatory licences held by the top forex brokers in South Africa:

How to verify FSCA authorisation

South African traders need to verify that any potential forex broker is properly licensed by the Financial Sector Conduct Authority (FSCA). There are a few simple steps traders can take to confirm a broker is authorised:

• Visit the FSCA website. Go to www.fsca.co.za and use the search tool to find the broker. Make sure the name, address, and contact details match.
• Find the broker’s FSP number. Check that the broker is listed with an active FSCA license and a valid Financial Services Provider (FSP) number. This number should be prominently displayed on the broker’s website.
• Review the verification letter. Carefully review the broker’s authorisation letter from FSCA to validate license scope and conditions. Legitimate brokers will provide this upon request.
• Confirm the FSCA registration number is legitimate. Match the FSCA registration number on the FSCA website to the one listed on the broker’s website and authorisation letter.
• Consider joining a dispute resolution organisation. Look for membership in a Financial Services Board-approved dispute resolution organisation, like FAIS Ombud.

These steps confirm that a forex broker is properly authorised and registered under FSCA regulations. This helps currency traders avoid unlicensed providers and ensures regulatory protections.

Do I have to pay tax on forex profits in South Africa?

Yes, forex trading profits are considered taxable income for South Africans. The South African Revenue Service (SARS) requires citizens to pay income tax on any profits generated from forex trading activities.

According to SARS, forex profits are subject to the normal income tax tables for individuals. The current tax brackets range from 18% to 45%, depending on total taxable income amounts.

South African traders who meet certain thresholds must register for provisional tax. Provisional tax involves paying taxes in advance through quarterly instalments. Traders who expect to earn over R30,000 from forex profits in a tax year should register.

ZA traders need to maintain proper financial records, including a history of trades, profit/loss statements, fees paid, and any other tax-related documentation. Working with an accountant or tax professional can help you correctly calculate and pay forex trading taxes owed to SARS.

Paying income tax applies to both short-term and long-term forex trading gains. However, some allowances and exclusions may apply in certain situations. 

What currency pairs can I trade in South Africa?

South African traders can access all major, minor and exotic currency pairs. Common options include USD/ZAR, EUR/ZAR, GBP/ZAR, USD/JPY, EUR/USD, GBP/USD, AUD/USD and USD/CAD. 

Top FSCA regulated brokers offer traders access to over 80+ currency pairs. Traders can take advantage of both popular pairs and more exotic options.

What forex markets are available in South Africa?

South African traders can access the global forex market through online brokers and platforms. The best forex brokers in South Africa offer trading on the spot forex market and derivatives like forex futures and options. 

Many brokers also provide access to other global exchange markets like stocks, commodities, indices, and more. In addition, the Johannesburg Stock Exchange (JSE) offers securities exchange trading, including currency derivatives. Between online forex brokers and the JSE, traders enjoy access to the major forex markets.

Are there restrictions for forex trading in South Africa?

The main restriction imposed by the FSCA is that currency traders must use regulated brokers to engage in forex trading. As long as traders use licensed South African brokers like those recommended above, there are no restrictions on trading currencies or volume limits. 

The FSCA requires brokers to comply with regulations to protect client funds and maintain high standards. As long as ZA traders use reputable, FSCA regulated brokers, they can enjoy access to forex trading.

Is MT4 available with a broker in South Africa?

Yes, the popular MetaTrader4 (MT4) trading platform is available to South African traders through local brokers. Many of the best forex brokers in South Africa offer MT4 and its successor MT5 as trading platform options. 

These platforms allow automated and custom EA trading. Top rated brokers like XM Group, FXTM, and AvaTrade provide forex traders access to MT4 along with advanced features and add-ons. As it is one of the most popular trading platforms worldwide, MT4 is readily accessible.

What’s the minimum forex trade size for ZA traders?

There is no set minimum trade size imposed by the Financial Sector Conduct Authority (FSCA). Minimum trade sizes depend on the forex broker. Most top rated forex brokers in ZA allow minimum trade sizes between 0.01 lots and 0.1 lots, which is 1,000 and 10,000 currency units, respectively. 

Some brokers offer nano lot trading with minimums of 0.01 units. Minimum trade sizes can vary depending on account type as well. Below are the minimum trade sizes from the best South African forex brokers:

Can I trade other assets with a forex broker in South Africa?

You can, though it depends on the type of broker you choose. The best CFD brokers in South Africa usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best online brokers in South Africa or the best crypto exchange in South Africa.

Here’s a look at what other assets you can trade with South Africa’s best FX brokers:

How to trade forex in South Africa

Forex trading is becoming increasingly popular. Here is a quick guide to get started with forex as a South African trader:

How we chose the best South Africa forex brokers

Our expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.

Here are the 8 key criteria which the panel used to rate each platform.

• Regulation with a trusted financial institution. We only recommend the best forex brokers for beginners that are regulated in the country and offer top-tier protection to their clients.
• Low minimum deposit requirements. An accessible forex trading platform in ZA, with a low minimum deposit scored higher in our rankings.
• Mobile app availability. Our experts gave preference to the forex brokers in South Africa with the best forex trading apps.
• Number of currency pairs available to trade. We expect South Africa forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
• Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local South African regulators.
• Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
• Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
• Compatibility with trading software. Any South African forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.

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