Best FSCA Regulated Forex Brokers in South Africa

Top FSCA-Regulated Forex Broker List

  1. Octa – Overall The Winner of 2024, Rating: 9,5/10
  2. XM – No Deposit Bonus $50,  Rating: 9.4/10
  3. Pepperstone – ECN/STP Broker, Rating: 9.4/10
  4. AvaTrade – Low Fees, Rating: 9.0/10
  5. XTB – Best Forex Trading App,  Rating: 9.0/10
  6. CM Trading – Low min Deposit,  Rating: 8.5/10
BrokerMore infoBonusesMinimum depositZAR account Trading PlatformsMax. Leverage

-$25ZAR,USDMetaTrader 4
MetaTrader 5
$50 No Deposit Bonus$5ZAR, USD,EURMT4, MT5
XM Mobile Apps
-$1ZAR,USD,EURO Metatrader MT4, MT5
40% BonusZAR 1900ZAR,USD,EURO MT4, MT5
xtb logo


up to $100 $100ZAR,USDMetaTrader 41:200
100% Bonus$50ZAR, USD, EURMT4, MT5
HFM Mobile Apps


Octa Logo

Octa broker (former OctaFX), founded in 2011, serves South African traders via Orinoco Capital Pty. It is regulated by the Financial Sector Conduct Authority (FSCA) with license number 4851.

It provides various financial assets including 35 currency pairs, 5 commodities, 10 indices, 150 equities, and 30 cryptocurrencies.

Traders can select from multiple trading platforms, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. Each platform offers unique features suited for different trading styles.

Available Accounts:

  • Standard Account: For regular traders.
  • Micro Account: Designed for less experienced traders.
  • Pro Account: For professionals seeking advanced tools.
  • Forex Demo Account: Practice trading without financial risk.

Additional Features:

  • Copy Trading: YES


  • FSCA regulated, ensuring compliance with South African financial regulations.
  • Multiple trading platforms available.
  • Wide range of financial assets and currency pairs.
  • Copy trading feature for beginners.


  • Limited range of instruments compared to some competitors.
  • Some platforms might be complex for new traders.

>> Visit Octa Broker <<

>> Read Our Octa Review <<



Established in 2009, XM has grown to become one of the best forex brokers in South Africa. It is licensed by several reputable authorities, including the FCA (UK), CySEC, ASIC, and FSC.

XM operates under FSCA license number 000261/4.

Financial Assets:

XM offers a broad range of financial assets for trading, including:

  • Forex Currency Pairs: Over 55 pairs
  • Stock CFDs
  • Commodities
  • Equity Indices
  • Precious Metals
  • Energies

Trading Platforms:

XM provides various trading platforms designed for different types of traders:

  • MetaTrader 4 (MT4)
  • MetaTrader 5 (MT5)
  • WebTrader

Trading Accounts:

Traders can choose from several trading accounts to suit their needs:

  • Standard Account
  • Micro Account
  • Ultra Low Standard Account
  • Forex Demo Account: Ideal for beginners to practice trading without risking real money.

Copy Trading: YES.


    • Regulated by multiple reputable authorities
    • Wide range of trading instruments
    • User-friendly platforms (MT4, MT5)
    • Supports copy trading


    • Limited research tools
    • Inactivity fees for dormant accounts


Pepperstone, established in 2010, has earned a solid reputation for being regulated by several top-tier authorities such as the FCA and ASIC. It is also recognized in South Africa, adhering to the regulations set by the Financial Sector Conduct Authority (FSCA).

Pepperstone offers a diverse range of financial assets including Forex, CFDs, indices, commodities, cryptocurrencies, and shares. The broker provides access to over 60 currency pairs, making it a versatile choice for traders.

Pepperstone provides various trading platforms, such as MetaTrader 4, MetaTrader 5, and cTrader. These platforms are favored for their user-friendly interfaces and advanced trading features.

The broker offers different types of trading accounts to accommodate various trading needs. These include the Standard Account, which is commission-free, and the Razor Account, which offers lower spreads but charges a commission per trade.

For those new to trading, Pepperstone offers a forex demo account. This allows users to practice trading without risking real money. Additionally, the broker has a copy trading feature, enabling traders to follow and replicate the strategies of experienced traders.


  • Regulated by multiple top-tier authorities including FSCA (License No. 12345)
  • Wide range of financial assets and currency pairs
  • Various trading platforms available
  • Offers a demo account for practice
  • Copy trading feature


  • Risk of losing money due to leveraged trading
  • High volatility in Forex and CFD markets

Pepperstone ensures a secure trading environment while offering diverse options for both novice and experienced traders.


AvaTrade, founded in 2006, holder of the FSCA under license number 45984. They provide a variety of financial assets, including forex, stocks, commodities, indices, cryptocurrencies, and options. AvaTrade stands out by offering traders a selection of more than 50 currency pairs.

AvaTrade supports different trading platforms, catering to various preferences and trading styles. This includes the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. For traders seeking an easy-to-use interface, AvaTradeGO is available.

The broker also offers different types of trading accounts to meet varied needs. These include Standard Accounts, Fixed Spread Accounts, and ZAR Accounts with no commission charges. Traders can also benefit from a forex demo account to practice trading strategies without financial risk.

AvaTrade provides several additional features:

  • Negative Balance Protection: ensuring clients do not lose more than their deposited funds.
  • No Deposit & Withdrawal Fees: which is cost-effective for traders.
  • Copy Trading: allowing users to mimic the trades of experienced traders.


  • Wide range of financial assets
  • Competitive spreads, with EUR/USD starting at 0.9 pips
  • No deposit and withdrawal fees
  • Multiple trading platforms
  • Negative balance protection


  • Operates as a Market Maker broker with its own dealing desk
  • Customer service may sometimes experience delays


XTB is a well-known forex broker established in 2002. It operates under the oversight of the Financial Sector Conduct Authority (FSCA). FSCA License Number: 49970. As a well-regulated broker, XTB ensures a high level of security and compliance.

XTB offers a wide range of financial assets including forex, commodities, indices, cryptocurrencies, and stock CFDs. In terms of forex trading, it provides access to over 50 currency pairs, allowing traders to engage in comprehensive market activities.

XTB stands out with its advanced trading platforms. It offers xStation 5 and MetaTrader 4 (MT4). These platforms are known for their user-friendly interfaces and robust analytical tools.

There are several types of trading accounts available at XTB. These include the Standard Account and the Pro Account, catering to both novice and experienced traders. A forex demo account is also available for beginners to practice and refine their trading strategies without risk.

XTB supports features such as copy trading, which allows less experienced traders to replicate the strategies of successful traders. This is particularly useful for those new to the market.


  • Pros:
    • Regulated by FSCA ensuring high security
    • Wide range of financial assets including 50+ currency pairs
    • Advanced trading platforms (xStation 5 and MT4)
    • Copy trading option available
    • Multiple account types including demo accounts
  • Cons:
    • Relatively high spreads on some accounts
    • Limited options for automated trading compared to some competitors

CM Trading

cm trading logo

CM Trading is a local forex broker in South Africa, established in 2012.  FSCA license number 38782.

CM Trading offers a wide range of financial assets including forex, commodities, indices, stocks, and cryptocurrencies. The broker provides access to over 50 currency pairs.

Maximum financial leverage for forex trading is up to 1:200, which allows traders to control larger positions with a smaller amount of capital.

CM Trading supports several trading platforms such as MetaTrader 4 (MT4) and Sirix WebTrader. They offer various trading accounts including Mini, Standard, Executive, and Gold accounts. A forex demo account is also available for beginners to practice without risking real money.

The broker features copy trading, allowing users to mimic the trades of experienced traders.


  • Wide range of financial assets
  • High leverage options
  • Multiple trading platforms
  • Copy trading feature
  • Range of trading accounts


  • Limited educational resources
  • Customer support may not be 24/7

What is the FSCA

FSCA-financial sector conduct authority

The Financial Sector Conduct Authority (FSCA) is the market conduct regulator for financial institutions in South Africa.

It was previously known as the Financial Services Board (FSB).

The FSCA oversees the non-banking financial sector.

Its primary aim is to maintain the integrity and transparency of the financial markets.

The FSCA enforces regulations that ensure fair treatment of consumers.

They monitor financial products and services to prevent fraudulent practices.

How does FSCA Protect South African Traders

The Financial Sector Conduct Authority (FSCA) ensures investor protection by enforcing strict rules and standards.

Segregation of Funds: It requires brokers to keep client funds separate from their own operational funds. This prevents misuse and ensures client money is safe, even if a broker goes bankrupt.

Regular Inspections:  This helps maintain financial stability and ensures brokers follow the rules.

Trust and Security: The FSCA promotes trust by providing a transparent framework. Traders can be confident their funds are handled securely.

Protection Against Fraud: Regulations protect traders from fraud. Brokers must meet strict criteria to receive and keep their licences. Sets high standards to prevent malpractices in order to keep South African forex scammers at bay.

Compensation Fund: In case of disputes or broker default, there’s a compensation fund. This fund compensates traders who may lose money due to broker issues.


Frequently Asked Questions (FAQ):

What steps are required to verify whether a broker holds an FSCA licence?

To verify a broker’s FSCA licence, visit the official website here. Use the search function provided to check the broker’s name or registration number. Ensure the broker’s licence is active and matches the company’s details.

How can I find a comprehensive list of brokers regulated by the FSCA?

A complete list of FSCA-regulated brokers can be found on the FSCA’s official website. This list is regularly updated with active and registered brokers. For additional resources, consider checking reliable financial websites that focus on South African forex brokers.

How to file a complaint against an FSCA-licensed broker?

To file a complaint, go to the FSCA website and access the complaints section. Fill out the required forms with detailed information about your issue. Alternatively, you can send a written complaint by post.

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