Best Forex Brokers in South Africa

Best For Best for Low Fees and Tight Spreads

IFC Markets

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Best For Low Deposit Requirement

Tickmill

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Best For Excellent Trading Conditions and Overall Offerings

FOREX.com

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Best For Excellent Trading Conditions

FxPro

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Best For Tight Spreads

HYCM

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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.

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

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 Low Deposit Requirements: Tickmill

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

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

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

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