Our team has reviewed every forex broker that accepts South African traders. We have researched their forex trading platform, forex accounts, quality of customer support, ZAR depositing accounts, speed of deposits and withdrawals etc.
🏆 Top 8 South African Forex Brokers
There are the best forex brokers in South Africa based on our forex market research:
- Pepperstone – The Best Forex Broker in South Africa 2023
- OctaFX – Good forex broker for beginners
- AvaTrade – Top FSCA Regulated broker
- XM – The Highest Leverage 1:1000
- XTB – Excellent CFD Broker in SA
- CM Trading – ZAR Account + $100 BONUS
- HFM (HotForex) – Good MT4/MT5 Forex Trading Platforms
- Forex.com – Best for Research and Online Webinars
Compare forex brokers operating in South Africa
| Broker | More info | Bonuses | Minimum deposit | ZAR account | Trading Platforms |
|---|---|---|---|---|---|
 |  | - | $1 | Yes in ZAR,USD,EURO | MetaTrader MT4 MetaTrader MT5 cTrader TradingView |
|  | 50% Bonus | $25 | EUR, USD | MT4, MT5 |
 |  | 40% Bonus | $100 | Yes in ZAR,USD,EURO | MT4, MT5 AvaOptions AvaGO |
 |  | $30 No Deposit Bonus | $5 | YES in ZAR, USD,EUR | MT4, MT5 XM Mobile Apps |
 |  | - | $1 | YES in ZAR,USD | xStation |
 |  | up to $100 | $250 | YES in ZAR,USD | MetaTrader 4 iOS/Android apps |
 |  | 100% Bonus | $50 | YES in ZAR, USD,EUR | MT4, MT5 HFM Mobile Apps |
1. Pepperstone – Best Lowest Spread Forex Broker
Pepperstone is among the best South African forex brokers. It is a highly professional CFD broker that caters to both forex beginners and experienced forex traders with advanced trading skills.
Peperstone broker is regulated by several Tier 1 Regulators (FCA UK, Bafin Germany and ASIC ) and it is headquartered in Australia. This forex broker offers tight spreads from 0.00 Pips, high speed trade execution and top trading platform in South Africa : Metatrader MT4/MT5/cTrader and strict regulation.
Pros:
- Ultra Low Forex Spreads starting from 0,00 Pips
- Forex Trading Platforms: MetaTrader 4, MetaTrader 5, TradingView, cTrader
- Minimum deposit $1
- Minimum volume size starts from Micro lots
- Local South African depositing methods available
- 70+ currency pairs
- Large range of CFD stocks
- CFD crypto currencies
Cons:
- No welcome bonuses available
Between 74-89 % of retail investor accounts lose money when trading CFDs
2. AvaTrade – Best Fixed Spreads and FSCA Regulated Broker
AvaTrade is the best FSCA regulated South African forex broker that has won numerous awards and has been on the market since 2009. This CFD broker has 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.
Pros:
- 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)
Cons:
- MT4 Metatrader missing
- Inactivity fees $10/month charged after 12 months of inactivity
3. 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.
Pros:
- 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)
Cons:
- Minimum deposit $250
- Forex spreads are more expensive than Pepperstone
4. HFM (Hotforex)
HFM (formerly HotForex) broker was established in 2010 and is a daughter company of a global brand HF Markets Ltd with the headquarters on Cyprus.
HFM is well established international broker with a branch office in South Africa. It offers safe and transparent way to trade.
Pros:
- Minimum deposit $50
- ZAR Account (South African Rand) deposits Allowed
- Strictly regulated by FSCA South Africa
- Welcome bonuses for new clients!
- Variable spreads starting from 0 Pips
- Micro Accounts
- Negative balance protection for all clients
- Possibility to open account with offshore entity
Cons:
- No Fixed Spreads
- Inactivity fees $10/month charged after 12 months of inactivity
Frequently Asked Questions (FAQ’s)
Is Forex Legal in South Africa ?
Yes forex is legal in South Africa, though it is regulated by the FSCA authority. South Africans can open an forex trading account with any forex broker they like.
Do all fx 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%.
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