Find the Best Forex Brokers in South Africa in 2024

We’ve reviewed and tested well over 160 brokers in South Africa. Me and my team of experts has carefully compared forex trading platforms, trading fees, ease of account opening, quality of customer support, ZAR depositing accounts, speed of deposits and withdrawals and much more.

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🏆 Top 10 Forex Brokers for Traders in South Africa

  • Octa – Overall The Winner of 2023
  • Pepperstone – Great forex broker with Lowest Spreads
  • Exness  – Top FSCA Regulated Broker for Beginners
  • HF Markets – Good MT4/MT5 Forex Trading Platforms
  • XM – The Highest Leverage 1:1000
  • XTB  – Award Winning Mobile Trading App
  • CM Trading – ZAR Account + $100 BONUS
  • – Best for Research and Online Webinars


BrokerMore infoBonusesMinimum depositZAR account Trading PlatformsMax. Leverage

50% Bonus$25EUR, USD MT4, MT51:500
-$1ZAR,USD,EURO MetaTrader MT4
MetaTrader MT5
$50 No Deposit Bonus$5ZAR, USD,EURMT4, MT5
XM Mobile Apps
100% Bonus$50ZAR, USD, EURMT4, MT5
HFM Mobile Apps
40% Bonus$100ZAR,USD,EURO MT4, MT5
xtb logo


up to $100 $250ZAR,USDMetaTrader 4
iOS/Android apps

#1. Pepperstone


Pepeprstone logo

Pepperstone is a highly professional CFD broker that caters to both beginners and experienced forex traders.

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.


  • 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


  • No welcome bonuses available


Between 74-89 % of retail investor accounts lose money when trading CFDs 

#2. AvaTrade


Avatrade logo

AvaTrade is FSCA regulated broker that has won numerous awards and has been on the market since 2009.  The company stands out mainly for its ability to offer top service while charging low trading fees.


  • 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

#3. HF Markets (HFM)

HFM Logo

HFM (formerly HotForex) broker was established in 2010 and is a daughter company of a global brand HF Markets Ltd.

HF Markets has their branch office in Johannesburg South Africa.


  • 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


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


#4. CM Trading

cmtrading logo

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

Frequently Asked Questions (FAQ’s)


Is Forex  Legal in South Africa ?

Yes forex trading 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.

Which brokers offer the lowest spreads in South Africa?

Pepperstone is known to provide competitive and low spreads for forex traders in South Africa. Another broker, Octa, also offers relatively lower spreads and comes with the advantage of being a well-regulated NDD (No Dealing Desk) forex broker having low fees and local withdrawal methods.

Do any South African brokers offer ZAR accounts?

Yes, several brokers in South Africa offer ZAR accounts for local traders. XM Group, a South Africa-based broker, provides ZAR accounts and is considered one of the top choices for South African traders due to its tailored services for the region and local support.

Which broker is the best for MT4 trading in South Africa?

XM Group is a popular choice for MetaTrader 4 (MT4) trading in South Africa. They offer a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies. XM is regulated by multiple authorities, including the Financial Sector Conduct Authority (FSCA) in South Africa, which brings additional credibility and trustworthiness.

Who Fegulates Forex Frading 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

What is the Minimum Deposit for Forex?

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 Deposit and Withdrawal 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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