8 Best Forex Brokers in South Africa

Our team has reviewed every forex broker that accepts South African traders. We have reviewed their forex trading platforms,  trading accounts, quality of customer support, ZAR depositing accounts, speed of deposits and withdrawals etc.

Based on these tests we have prepared for you the list of 8 best forex brokers in South Africa.

🏆 Top 8 South African Forex Brokers (September 2022 Update)


  • Pepperstone – The Best Overall Forex Broker in South Africa 2022
  • AvaTrade – Award Winning  FSCA Forex Broker
  • CM Trading – Best ZAR Trading Account for South Africans + $100 BONUS
  • HFM (HotForex) – High Leverage MT4/MT5 Forex Trading Platform
  • XTB  – Best CFD Forex Broker
  • XM – $30 No Deposit Bonuses
  • IQ Option – Best for High Leverage 1:1000
  • OANDA – Good Regulated FX Broker

The comparison table of the best South African forex brokers.

BrokerMore infoBonusesMinimum depositZAR account Trading Platform
-$10Yes in ZAR,USD,EURO MetaTrader 4
MetaTrader 5

40% Bonus$100Yes in ZAR,USD,EURO MetaTrader 4

up to $150 $250YES in ZAR,USDMetaTrader 4
iOS/Android apps
xtb logo

-$5YES in ZAR,USDxStation 
iOS/Android apps
100% Bonus$50YES in ZAR, USD,EURMetaTrader 4 HF Copy

-$10YES in ZAR, USD Webtrader

Pepperstone – The Lowest Trading Spreads from ZERO Pip!

Pepperstone is a highly professional broker that caters to both forex beginners and experienced forex traders with advanced trading skills.

Peperstone broker is regulated by several Tier 1 regulators (United Kingdom, Germany and Australia)  and it is headquartered in Australia. This forex broker offers tight spreads from 0.00 Pips, high speed trade execution and top trading platforms MT4/MT5/cTrader and strict regulation.


  • Ultra Low Forex Spreads starting from 0,00 Pips
  • Forex Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader
  • Minimum deposit  $10
  • Minimum volume size starts from Micro lots 
  • Local South African depositing methods available
  • 60+ currency pairs
  • Strict regulation: FCA UK, ASIC Australia, DFSA UAE
  • Large range of CFD stocks
  • CFD crypto currencies


  • No welcome bonuses available

Visit Pepperstone.com



AvaTrade is a trusted international broker that has won numerous awards and has been on the market since 2009. AvaTrade is a reputable South African forex broker. This brand stands out mainly for its ability to offer top service while charging low trading fees. AvaTrade is an FSCA-regulated forex broker that allows them to open retail investment accounts to clients from South Africa. This broker has Metatrader forex trading platforms.


  • Minimum deposit $100
  • ZAR Account (South African Rand) Deposits Allowed
  • Strict regulation – FSCA
  • Fixed spreads from 1 Pip
  • Micro Accounts
  • User-friendly forex trading platforms (MT4,MT5)
  • Wide range of trading instruments (FOREX, Real Stocks, ETF Funds, Commodities)


  • MT4 Metatrader missing
  • Inactivity fees $10/month charged after 12 months of inactivity

Visit AvaTrade

CM Trading

CM Trading is a local forex broker in South Africa located in the heart of Johannesburg city. CM Trading is regulated and licensed by the South African FSCA agency therefore your deposit is safe and secured in case something goes wrong with the broker.


  • Up to $100 welcome bonus for new South African traders
  • ZAR Account (South African Rand) Deposits Allowed
  • Strict regulation – FSCA
  • Variable spreads from 0.9 Pips
  • Maximum leverage up to 1:500
  • Metatrader 4 (MT4)


  • Minimum deposit $250
  • Forex spreads are more expensive than Pepperstone

Visit CM Trading


HotForex broker was established in 2010 and is a daughter company of a global brand HF Markets Ltd with the headquarters on Cyprus.

HotForex is well established international broker with a branch office in South Africa. It offers safe and transparent way to trade.


  • Minimum deposit $50
  • ZAR Account (South African Rand) Deposits Allowed
  • Strictly regulated by – Cysec, FSCA, FCA, DFSA UAE
  • Variable spreads starting from 0 Pips 
  • Micro Accounts
  • Negative balance protection for all clients
  • Possibility to open account with offshore entity


  • No Fixed Spreads
  • Inactivity fees $10/month charged after 12 months of inactivity

Visit HotForex.com

Frequently Asked Questions


Do all brokers offer ZAR currency pair for trading ?

No, not all brokers offer you deposits in ZAR currency. Many forex traders in South Africa will want to trade the South African Rand (ZAR) currency against the USD or EURO. Check first whether your forex broker offers South African Rand currency and compare the forex trading spreads.

Do I need to open ZAR denominated trading account ?

Yes if you are South African resident, depositing directly in South African Rand currency, will allow you to avoid any exchange rate risks in future (in case in future the ZAR vs USD goes up and down). Moreover you will save a lot of money on currency conversion fees (namely 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.

Who regulates forex trading in South Africa ?

Financial Sector Conduct Authority ( former Financial Services Board “FSB”) regulates forex trading in South Africa. FSCA is local South African financial markets watchdog.

You will find that most forex brokers 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.

You can read more about FSCA regulated forex brokers here. More and more South African residents trade forex with a broker that is located outside of South Africa and regulated by the british FCA or australian ASIC watchdog.  The fact is that the majority of solid international brokers allow  traders from South Africa to sign up without any problem. They will happily accept you and provide you with the best trading conditions.

South African forex regulator watchdog FSB (The Financial Services Board) has been recently renamed into Financial Sector Conduct Authority (FSCA), you can find their website at https://www.fsca.co.za.

What is the minimum deposit ?

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

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

What are Local depositing methods ?

South African forex traders use specific depositing methods.

Many forex brokers allow you to deposit via most common methods like VISA/MasterCard. If you live in South Africa you may prefer to deposit and withdraw money using SA banks and local depositing methods, always check if your chosen broker allows you to deposit comfortably.

Wire transfer is the cheapest and most comfortable deposit method.

Skrill/Neteller will charge you a fee around 2.5%.


Read more:

About Author