Best Forex Brokers in South Africa

Below comparison of South African forex brokers shows you, which companies are best suited for retail forex trading in SA.

South African investors who are looking for a high return, high risk opportunities  usually start with the world’s largest finance market – the Forex market. In the past  only big investment banks allowed rich South Africans to participate in the foreign exchange market. Since the past few years retail forex brokers enable also small investors to profit on the currency markets.

Comparison Table

Forex BrokerVisit BrokerRatingInfoRegulationPlatformReview
Platform Social Trading !
  • Deposit min: $200
  • Swap Free Islamic
  • 46 currency pairs
  • 1500+ Stocks
  • Indices, ETF
  • 15+ Crypto!
  • Leverage: 400:1
  • Spread: 3 Pips
  • ASIC Australia;CySEC Cyprus; FCA U.K. CopyTrader™ Review
    Profi forex platform Bonuses
  • 56 currency pairs
  • Swap Free Islamic
  • No freezing
  • No requotes
  • Deposit min: $5
  • Leverage: 500:1
  • Spread: from 0 Pips
  • VPS free
  • FCA U.K.; ASIC Australia; IFSC Belize MT4, MT5 Review
    Profi trading platform
  • Deposit min: $10
  • Binary Options
  • 20+ Crypto
  • Digital Options
  • (Forex)
  • Deposit min: $10
  • Leverage: 1000:1
  • CySEC WebTrader, iOS/Android Review
    Profi forex platform
  • Deposit min: $50
  • Swap FREE Islamic
  • 47 currency pairs
  • Expert Advisor/Forex Robot
  • Leverage: 1000:1
  • Spread: from 0 Pips
  • Bonus:100%
    FCA UK; DFSA; CySEC; FSCA; MT4, MT5 Review
  • Deposit min: $200
  • Swaf Free Islam - Ya!
  • FSB FSCA License
  • Leverage: 400:1
  • Spread: 2 Pips
  • FCA UK; DFSA MT4, -
  • True ECN
  • Deposit min: $200
  • Islamic account
  • Leverage: 400:1
  • Spread: from 0,1 Pips
  • FCA UK; ASIC Australia MT4; cTrader Review


  • Deposit min: $100
  • Leverage: 1000:1
  • Spread: from 1 Pips
  • CySEC; RAFFM MT4 Review
  • Deposit min: $100 Leverage: 30:1 Spread: from 1 Pips
  • FCA UK; ASIC Australia MT4 Review
  • Deposit min: $200
  • Leverage: 30:1
  • Spread: from 2 Pips
  • CySEC, FSCA MT4 Review

    TOP 10 South African Forex Brokers

    This is the list of top 10 forex brokers in SA:

    • eToroautomatically copy other profitable investors 
    • IQ Option
    • XM.COM
    • HotForex
    • Pepperstone
    • HYCM
    • AvaTrade
    • Plus500
    • InstaForex

    forex broker south africa

    How To Find The Best Forex Broker in SA

    Can you trade ZAR currency ?

    Most investors from SA will want to trade South African Rand (ZAR) against the USD or EURO. Check first whether brokerage offers ZAR currency and what are the spreads!

    In addition to the main currency pairs, the so-called Major Pairs EUR/USD, USD/JPY, USD/CHF and GBP/USD, there are a number of other interesting currency pairs. The offer of each broker can be found in comparison table on this page.

    Can you deposit in ZAR currency ?

    Depositing directly in ZAR will allow you to bypass any possible exchange rate risks (in case in future the ZAR vs USD goes up and down) and also you will save on currency conversion fees (ZAR to USD bank conversion fees). Trust me you can save a lot of money in the future by simply depositing ZAR in your forex trading account.

    Is your broker regulated ?

    Regulation and finance oversight is very important nowadays. You will find that most forex brokerages are located in Cyprus or in London UK that is because these two places are the easiest to obtain a brokerage license that will allow them to operate across the whole world. Therefore most companies are regulated by Cyprus CySEC and FCA UK.

    South African forex regulator is Financial Services Conduct Authority (FSCA) you can find their website at

    What is the minimum deposit?

    To participate in Forex trading, you must deposit a minimum amount investment during the account opening process. The amount of deposit varies from broker to broker.

    For example: Usually the minimum first deposit is somewhere around $50 but in fact you need around $500 to start trading and testing your strategies.

    What is the maximum leverage?

    Currencies are traded with a leverage in Forex trading. That means, only a small portion (the margin) of the total value of a position is necessary. It allows you to trade a much larger position with a small bet.

    For example: With a leverage of 1:300 you can trade with your deposit $100 as if you had 300x more investment so in this case $30.000! In order to trade one standard lot which is 100.000 units you would need say capital of $1000 and leverage 1:100. Leverage is double edge sword so be careful. The higher the leverage the higher the profits but also loss so don’t forget to be extra cautious.

    What BONUSES does the broker offer?

    Some providers advertise with a bonus for new customers. In most cases, the bonus depends on the amount of the deposit and the number of trades within a certain period of time.

    For example: Bonuses are usually calculated as a percentage that is added as a free gift by the broker on the top of your deposit. In most cases you cannot withdraw deposit.

    What lot sizes can you trade with?

    On the foreign exchange market, a standardized contract, the so-called lot, is used. A standard lot has the equivalent of 100,000 euros. If the broker supports it, this value can be reduced to 10,000 euros (mini-lot) and 1,000 euros (Mico lot).

    What are the spreads ?

    The spread is the difference between the buy and sell prices. The lower the spread, the lower the cost you incur. The respective height is variable for most brokers and can vary considerably depending on market conditions. The minimum spread is for the EUR/USD currency pair as it is particularly popular currency pair and therefore highly liquid. USD/ZAR and EUR/ZAR are not that popular so spreads tend to be usually higher .

    Can you play with demo account?

    With a Forex demo account you have the opportunity to test the respective trading platform of the Forex broker without risk under real conditions with virtual capital.

    What are the depositing options ?

    Africans use many different local payment methods and processors than the rest of the world.  Many South African forex companies will offer you local deposit options (besides the standard credit card deposits and Skrill/Neteller option.

    Forex Broker: Frequently Asked Questions

    Here we summarize most frequent questions regarding forex companies that we receive per email from our readers on regular basis.

    Why Do I need fx broker to trade currency markets?

    Unfortunately yes. Broker firms act as the middlemen or intermediary between you and other currency traders. They facilitate the trading itself . Sometimes they even act as a counter party.

    South African forex brokerages usually don’t have enough liquidity, therefore they have close connections with large investment banks from abroad who act as their “liquidity providers”.

    How do South African forex brokers make profit?

    Regardless if in South Africa or elsewhere, fx brokerages make profit in several ways:

    • Commision: They can charge commision for each trade. Usually the commision is between Usually ECN brokers do charge commisions per each round Lot that you make. Commisions are anywhere between $2 – $10 per Lot.  Market Makers and STP often make money off of spread only.
    • Spread: the difference you pay between BID and ASK price of currency pair is the profit that goes into the pocket of a broker.  Remember: The lower the spread, the more profit room for you as a trader.
    • Other fees : minor profit is being made off of administration fees for deposits/withdrawals. Not all fx companies do this.

    Should I trade with ECN or Market Maker ?