Best Broker for Forex Trading South Africa
Finding the list of the Best FSB / FSCA Registered and Regulated Forex Brokers in South Africa can be a difficult process, especially finding a list of trustworthy brokers who accept South African traders and who allow these traders to trade in their own currency, the (R) South African Rand.
Let's get started.. Updated for November 2021.
10 Best FSCA / FSB Regulated Forex Brokers in South Africa (2021)
- ✔️AvaTrade
- ✔️GV Markets
- ✔️IFX Brokers
- Alpari
- QuickTrade
- Axi (AxiCorp Financial Services)
- Pepperstone
- Tickmill
- Trading 212
- ThinkMarkets
- Infinox
- Trade Nation
In this article, we will discuss each and every broker that made our comprehensive list plus share tips on trading on these platforms.
Overview
The Financial Sector Conduct Authority, or FSCA, is the market regulator in South Africa that oversees and regulates financial institutions in South Africa that offer derivatives trading in international financial markets.
The FSCA is responsible for the enhancement and support of the efficiency and integrity of financial markets, it also serves to protect investors by promoting and ensuring fair treatment by these financial institutions.
The FSCA is a reputable and strict regulatory entity in South Africa that oversees the operations of the forex brokers who are indicated on this list. These brokers are reputable and well-established and not only are they well-regulated, but they ensure client safety to the highest degree possible.
AvaTrade
Overview
AvaTrade is one of the largest, most popular CFD and forex brokers in the industry that provides more than 1,250 tradable financial instruments that are spread across several asset classes.
AvaTrade may only provide one retail account type and one professional account, but these accounts come packed with a wide range of flexible, dynamic features that cater for beginners and professional traders alike.
AvaTrade also offers a plethora of trading opportunities, educational materials, trading tools, and flexible, innovative trading platforms that traders can use.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Multi-regulated and multi-award-winning broker | Spreads are not the tightest |
| Fixed and tight spreads offered | Limited retail investor accounts offered |
| Commission-free trading | Variable spreads are not provided |
| Proprietary trading platform with other flexible trading platforms offered | |
| Social trading opportunities provided | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | ASIC, BVI, CBI, FFAJ, FSA, FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.9 pips |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
GV Markets
Overview
GV Markets is a South African-based CFD and forex broker that has been in operation since 2010. GV Markets consists of a dedicated development team that has more than 30 years of combined experience in financial environments.
GV Markets offers competitive trading conditions, a range of tradable instruments, and the popular MetaTrader 5 through which traders can execute trades, access advanced charting capabilities, perform technical analysis, fundamental analysis, and much more.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| FSCA-regulated broker based in South Africa | Limited funding options |
| Commission-free trading offered | Withdrawal fee charged |
| Trusted and flexible funding options offered | Limited retail account options |
| MetaTrader 5 supported | Lack of education and research tools |
| High maximum leverage ratio provided | |
| Negative balance protection applied to accounts | |
| Innovative affiliate program offered | |
| Zero deposit fees | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 100 ZAR |
| Average spread from | 0.1 pips EUR/USD |
| Commissions from | Commission-free trading |
| Deposit/Withdrawal Fees | Withdrawal fees charged |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
IFX Brokers
Overview
Established in 2018, IFX Brokers is an FSCA-regulated CFD and forex broker that offers South African traders access to a wide range of instruments that are spread across forex, commodities, cryptocurrencies, and indices.
IFX Broker is known for offering competitive trading conditions, a range of educational resources, a safe and fair environment, client fund security, and trading solutions that cater to both professional and beginner traders alike.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated | Spreads are not the tightest |
| MetaTrader 4 offered | MetaTrader 5 not provided |
| Educational resources provided | FIX API not offered |
| A range of useful trading tools offered | |
| A wide range of tradable financial instruments offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 150 ZAR |
| Average spread from | 0.5 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Alpari
Overview
Established in 1998, Alpari is a globally recognised broker that is well-established and well-regulated, with more than 2 million clients from over 150 countries worldwide. Alpari offers a range of forex and CFD instruments in addition to tight spreads, instant execution, and innovative trading technologies.
Alpari offers South African traders a safe, fair, and transparent trading environment. In addition, the broker has also won several international industry awards, further instilling trust in its brand and services.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Member of the Financial Commission | Fixed spreads not offered |
| Offers MetaTrader 4 and 5 | Limited tradable instruments |
| Trading signals provided through AutoChartist | Lack of comprehensive education |
| PAMM Accounts offered | |
| News provided through FxWirePro | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA, FSA, FSCA |
| Minimum deposit from | 75 ZAR |
| Average spread from | 0.4 pips |
| Commissions from | 22 ZAR per lot per sale |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
QuickTrade
Overview
Established in 2014, QuickTrade is a South African CFD and forex broker that offers more than 30 forex pairs, exchange-traded funds (ETFs), stocks, and more. QuickTrade is well-regulated by the FSCA and is a registered Financial Service Provider (FSP) in the country.
QuickTrade ensures client fund safety and introduces South African traders to a wide range of domestic and international financial markets. QuickTrade offers sophisticated solutions to both beginner and professional traders, retail, and institutional investors.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated | Only one trading account offered |
| Verified broker that ensures client fund security | Accounts can only be opened in ZAR |
| ZAR deposit currencies offered | Limited financial instruments offered |
| Trading Room provided after registration | No negative balance protection |
| Trusted funding options | |
| MetaTrader supported | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 0 ZAR |
| Average spread from | 1.2 pips |
| Commissions from | 0.03 USD/ 60 ZAR/ 0.57% depending on financial instrument |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 Technical 24/5 Trading |
Axi (AxiCorp Financial Services)
Overview
Founded in 2007, Axi is a well-regulated and award-winning ECN and STP broker that is well regulated by several entities, providing traders from around the world comprehensive trading solutions.
Axi offers services and solutions to retail traders in more than 150 countries, providing these clients with tight spreads, minimal slippage, reliable trade execution, and multilingual customer support.
When trading with Axi, South African traders can rest assured that they can trade in a secure, highly regulated, and transparent trading environment where clients' interests are the top priority.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Multi-regulated and trusted broker | MetaTrader 5 not offered |
| Tight spreads offered | There may be restrictions on leverage |
| Low and competitive commission charges | |
| Flexible funding options | |
| Account funding fees not charged | |
| Powerful and advanced trading tools offered | |
| Trading signals provided | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 0 ZAR |
| Average spread from | 1.2 pips |
| Commissions from | 0.03 USD/ 60 ZAR/ 0.57% depending on financial instrument |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 Technical 24/5 Trading |
Pepperstone
Overview
Established in 2010, Pepperstone is one of the largest trading brokers according to daily trading volumes, serving traders in over 65 worldwide countries and connecting them to domestic and international financial markets.
Pepperstone offers the trade of more than 80 financial instruments that are spread across forex, commodities, energies, bonds, ETFs, and many more through the popular, powerful MetaTrader 4, MetaTrader 5, and cTrader.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated and award-winning broker | Fixed spread accounts not provided |
| Low spreads, competitive commissions, and fast trade execution speeds | |
| Wide range of retail investor accounts to choose from | |
| Decent selection of trading tools and educational materials | |
| Social trading opportunities provided | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | ASIC, FCA, DFSA, FSCA |
| Minimum deposit from | 3000 ZAR |
| Average spread from | 1 pip |
| Commissions from | 38 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Tickmill
Overview
Established in 2015, Tickmill is a well-established and award-winning broker that offers comprehensive trading solutions to both retail and institutional traders from around the world.
With Tickmill, South African traders can access more than 80 tradable instruments that are spread across different financial markets, including forex, commodities, shares, indices, bonds, CFDs, and more.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| A multi-regulated and reputable broker | Fixed spreads are not offered |
| Negative balance protection applied to retail accounts | Limited educational material and resources |
| Member of an investor compensation fund | Cryptocurrency trading not supported yet |
| Commission-free trading offered | |
| AutoChartist, VPS, and FIX API offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, CySEC, FSA, FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.0 pips |
| Commissions from | 15 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Trading 212
Overview
Trading 212 has been in operation since 2006 and is a well-regulated broker and trading platform. Trading 212 is well-known for its impressive portfolio of tradable instruments spread across different financial markets.
Trading 212's comprehensive trading app is suitable for both beginners and professionals, available to iOS and Android devices. The Trading 212 app has been downloaded more than 14 million times and received over 40,000 user reviews and a high rating on both the App Store and Google Play.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Intuitive and user-friendly trading platform | MetaTrader not supported |
| Low minimum deposit requirement | Islamic Accounts are not offered |
| Flexible funding options | |
| Thousands of tradable instruments are available | |
| Well-regulated and safe to use | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, FSC, FSCA |
| Minimum deposit from | 15 ZAR |
| Average spread from | Not indicated |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:300 |
| Bonuses | None |
| Customer Support | 24/7 |
ThinkMarkets
Overview
Established in 2010, ThinkMarkets is a leading online CFD and forex broker that serves more than 180 worldwide countries. With ThinkMarkets, traders have a wide range of trading instruments that are spread across several asset classes including stocks, shares, indices, metals, and many more.
ThinkMarkets offers comprehensive trading solutions and competitive trading conditions that consist of flexible account types, commission-free trading options, trading guides, advanced trading tools, and informative analysis and news sources.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated and trusted | Fixed spreads are not offered |
| Competitive trading conditions offered | |
| Wide range of tradable instruments | |
| Flexible and innovative trading platforms | |
| Trading Central and AutoChartist offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | ASIC, FCA, FSCA |
| Minimum deposit from | 0 ZAR (Standard Account) |
| Average spread from | 0.1 pips |
| Commissions from | 52 USD per side |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
Infinox
Overview
Founded in 2009, Infinox was established to provide a client-centric trading platform, offering traders access to different financial markets in which they could trade. Infinox offers its clients a range of tools that are necessary to perform analysis and ensure reliable trade execution speeds.
Infinox supports all trading styles and trading strategies, including hedging, scalping, and the use of trading robots. Infinox has won several industry awards since its inception and guarantees client fund security.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Limited trading instruments |
| Member of the FSCS | Lack of educational materials |
| Social trading opportunities provided | |
| Innovative trading platforms supported | |
| There is technical analysis provided through AutoChartist | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | SCB, FSC, FSCA |
| Minimum deposit from | 0 ZAR |
| Average spread from | 0.2 pips |
| Commissions from | 112 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Trade Nation
Overview
Trade Nation is a well-regulated online trading broker that provides traders with the opportunity to buy and sell different financial instruments. Trade Nation offers its proprietary trading platform and MetaTrader 4 through which traders can trade, develop trading strategies, carry out different analyses, and more.
Trade Nation offers traders with 24/5 dedicated customer support and a wide range of research and educational materials, resources, and tools to navigate various financial markets with ease.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated by several entities | Crypto trading is not supported |
| Wide range of tradable markets | |
| Flexible funding options | |
| No minimum deposit required | |
| Tight and fixed spreads without any hidden fees | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, ASIC, SCB, FSCA |
| Minimum deposit from | 15 ZAR |
| Average spread from | 1 pip |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
Exness
Overview
Exness is a well-regulated and reputable broker that has the regulation and authorisation to offer comprehensive trading solutions and services to traders from around the world. Exness offers flexible account types, competitive trading conditions, and dedicated 24/5 customer support.
Exness offers a safe, fair, and transparent trading environment, low minimum deposit requirements and some of the tightest spreads and lowest commission charges in the industry. With Exness, traders can gain access to several international financial markets through the powerful and innovative MetaTrader 4 and MetaTrader 5 on the web, mobile, and desktop applications.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated | Limited financial instruments offered |
| High maximum leverage ratio offered | |
| Dedicated customer support | |
| Low minimum deposit and low commission charges | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSA, CySEC, FCA, FSCA, CBCS, FSC |
| Minimum deposit from | 15 ZAR |
| Average spread from | 0.0 pips |
| Commissions from | From 52 ZAR per lot side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | None |
| Customer Support | 24/5 |
Scope Markets SA (Pty) Ltd.
Overview
Scope Markets SA is a well-regulated forex and CFD broker and global provider of comprehensive online trading services along with a range of institutional solutions. Scope Markets SA offers traders some of the best services and premium trading conditions to traders based in South Africa.
Scope markets SA places its client first, offers flexible products, and focuses on offering tailor-made solutions that suit the varying trading needs, styles, and experiences of traders. Scope Markets SA is regulated by the FSCA and guarantees client fund security and a safe trading environment where all traders are treated fairly.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Limited account options |
| Powerful trading platforms offered | Limited trading tools |
| Dedicated customer support | Spreads are marked-up |
| Comprehensive trading solutions through one retail account | |
| Range of tradable financial instruments offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.9 pips |
| Commissions from | Commission-free trading |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Plus500
Overview
Plus500 is a leading globally recognised broker that offers traders from around the world access to over 2,000 different trading instruments which are spread across metals, energies, options, ETFs, forex, and more.
Plus500 allows for trading through contracts for difference (CFDs), which means that traders can speculate on price movements and trade long and short positions, without owning the physical asset.
Plus500 has been offering comprehensive trading services since 2008 and it is also listed on the Main Market for Listed Companies on the London Stock Exchange (LSE), as part of the FTSE 250 Index.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Fully authorised subsidiaries in several jurisdictions | Fixed spreads are not provided |
| User-friendly proprietary trading platform | There is an inactivity fee charged on dormant accounts |
| Commission-free trading offered | |
| Flexible account funding options | |
| Wide range of tradable financial instruments | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, CySEC, ASIC, MAS, FMA, AFSP, FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.6 pips on EUR/USD |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support | 24/7 |
FXCM
Overview
Established in 1999, FXCM is a leading online broker that provides traders with a choice between a wide range of forex and CFD instruments that can be traded. FXCM guarantees fast and reliable trade execution speeds and tight spreads, with pricing obtained from premium liquidity providers.
FXCM provides competitive trading conditions, innovative trading technology, and reliable trading platforms through which traders can perform trades and different analyses.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated and trusted broker | Spreads are not the tightest |
| Member of the FSCS | Limited tradable instruments |
| A choice between innovative trading platforms | |
| Social trading supported | |
| Advanced charting offered through Trading View | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, ASIC, FSCA |
| Minimum deposit from | 750 ZAR |
| Average spread from | 0.2 pips on EUR/USD |
| Commissions from | 1.49 ZAR on CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
FXTM
Overview
Established in 2011, FXTM is a well-regulated ECN and STP broker that offers more than 250 financial instruments that can be traded. FXTM is known for its competitive trading conditions and user-friendly trading platforms that can be used across mobile, desktop, and the web.
FXTM offers South African traders access to a range of educational materials, trading tools, and a choice between flexible and dynamic account types, each offering tailor-made conditions that suit every trader.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Inactivity fee charged on dormant accounts |
| Tight spreads and reliable trade execution speeds | |
| Over 250 financial instruments offered | |
| Commission-free trading offered | |
| Low minimum deposit requirement | |
| Multilingual customer support | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | CySEC, FCA, FSC, FSCA |
| Minimum deposit from | 150 ZAR |
| Average spread from | 0.0 pips |
| Commissions from | 30 ZAR |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
HotForex (HF Markets)
Overview
Established in 2010, HF Markets is a well-regulated and globally recognised brokerage firm. HotForex is the trading arm of HF Markets and offers South African traders a safe, fair, and transparent trading environment where they can access hundreds of global financial markets.
There are more than 1.5 million registered clients with HF Markets, and the brokerage firm has won more than 25 industry awards since its inception. HotForex is trusted and provides comprehensive trading solutions that consist of trading tools, education, bonuses and promotions, powerful trading platforms, and a choice between dynamic and flexible retail trading accounts.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated by several entities through its parent company | Fixed spreads are not offered |
| Member of an investor compensation fund | |
| Commission-free trading offered | |
| Negative balance protection applied to retail accounts | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | 75 ZAR |
| Average spread from | 0.0 pips |
| Commissions from | 45 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IG
Overview
IG is a well-regulated and well-established broker that has been in operation since 1974, offering more than 200,000 traders from around the world the best trading conditions in the industry. South African traders can trade more than 17,000 markets through innovative and user-friendly trading platforms.
The fee schedule that IG offers is transparent, with no hidden fees and traders can rest assured that they are getting the best possible prices and reliable trade execution speeds. IG welcomes both beginner traders as well as professionals and institutional investors.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Free trading signals provided | Inactivity fee charged |
| Comprehensive educational material provided | A high minimum deposit required |
| A wide range of advanced trading tools offered | |
| Powerful and user-friendly trading platforms provided | |
| Tight spreads and low commissions offered | |
| Multi-regulated and trusted broker | |
| Withdrawal and deposits are free | |
| FIX API DMA trading supported | |
| Offers Islamic Accounts | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF |
| Minimum deposit from | 3700 ZAR |
| Average spread from | 0.1 pips on Indices |
| Commissions from | 0.10% CFD EU |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
JP Markets
Overview
JP Markets is one of the largest online forex brokers in South Africa that offers quality and flexible financial services to traders. JP Markets had humble beginnings but has since expanded into different countries around the world including Kenya, Bangladesh, and Pakistan, with further expansion planned.
JP Market keeps pace with global market demands and ensures that South African traders are given some of the best trading conditions, competitive pricing, and a transparent trading environment overseen and managed by the FSCA.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated South African broker | Wide spreads |
| Negative balance protection added to retail accounts | There is no daily market analysis provided |
| Flexible account funding options | Limited tradable instruments |
| Free deposits and withdrawals | Lack of additional trading tools |
| Copy trading is offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 3000 ZAR |
| Average spread from | 2 pips on EUR/USD |
| Commissions from | 0.30% ZAR per 0.01 lot traded |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Khwezi Trade
Overview
Established in 2013, Khwezi Trade is a well-regulated South African online forex and CFD broker that offers a wide range of tradable instruments through the powerful, popular MetaTrader 4 that can be used through the web or downloaded to desktops and mobile devices.
Khwezi Trade offers straight-through-processing (STP) execution, helping to ensure that the orders of South African traders are executed with minimal slippage and at the best possible prices. Khwezi Trade is an award-winning broker with several industry awards behind its name, including the Best Broker in South Africa for 2019 and 2020, granted by the Global Brands Magazine.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Limited account currency options |
| MetaTrader 4 provided | Limited funding options |
| Trading tutorials and market analysis provided | Individual stock trading not supported |
| A dedicated account manager is provided | More premium accounts have the best trading conditions |
| There is a choice between trading account types | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 500 ZAR |
| Average spread from | Not indicated |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
Velocity Trade
Overview
Velocity Trade was founded in 2007 and it is a leading global broker that offers some of the best, most innovative trading technology and services to international institutional traders. Velocity Trade's brand is an independent but affiliated entity that has offices around the world, offering advanced and flexible financial services ranging from corporate finance to brokerage services.
With Velocity Trade, traders can expect access to more than 40 global exchanges in addition to a plethora of other instruments. Velocity Trade is focused on ensuring that clients receive the best possible trading experience in which their funds are secure.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Limited funding options |
| Wide range of tradable instruments | Limited educational material |
| Flexible and innovative trading platforms supported | Not suited to beginner traders |
| Client fund security guaranteed | |
| Recommended for institutional traders | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | ASIC, FMA, IIROC, FCA, AFM, FSCA, TSX, ASX, LSE, JSE |
| Minimum deposit from | 15 ZAR |
| Average spread from | Not provided |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
Blackstone Futures (Blackstone Marketing)
Overview
Based in Johannesburg and operating since 2009, Blackstone Futures is a well-regulated and well-known STP broker that provides a wide range of tradable instruments across several asset classes.
South African traders can expect a safe trading environment overseen by the FSCA in which they can use MetaTrader 4 to execute trades, access advanced charting capabilities, and more. Blackstone also offers the proprietary, powerful CloudTrade platform, useful trading tools, and a wide range of educational materials and sources.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| A well-regulated and reputable broker | Limited retail account options |
| Wide range of tradable instruments | Limited funding options |
| Advanced trading tools offered | Spreads are not the tightest |
| Educational materials offered | |
| Innovative and intuitive trading platforms offered | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.6 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
GT247
Overview
Established in 1998, GT247 is a South African Market Maker broker with regulation and authorisation with the FSCA. GT247 specialises in the provision of forex and CFD instruments that can be traded through the powerful, versatile Metatrader 5.
GT247 is owned and operated by the Purple Group, Ltd. which is listed on the Johannesburg Stock Exchange (JSE) under the stock symbol PPE. GT247 offers South African traders competitive trading conditions and some of the most comprehensive services that cater for both beginners and professionals.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated | Inactivity fees charged on dormant accounts |
| Powerful and sophisticated trading platform | Live Chat not supported |
| Market research and analysis provided | Limited payment methods supported |
| More than 250 financial instruments | MetaTrader 4 not offered |
| Competitive trading conditions | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 15 ZAR |
| Average spread from | Not indicated |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:80 |
| Bonuses | None |
| Customer Support | 24/5 |
FXGM
Overview
FXGM is a Cyprus-based No-Dealing Desk (NDD) and STP broker that is well-regulated by the reputable CySEC and FSCA, offering a wide range of forex and CFD instruments that can be traded through powerful proprietary trading platforms.
FXGM provides a range of advanced trading tools that traders can use to refine their trading. There is a choice between flexible funding options for deposits and withdrawals and a choice between flexible trading accounts that suits the needs and objectives of different traders.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Only one trading platform offered |
| Trader Insider provided from the trading platform | MetaTrader not supported |
| Free trading signals offered via SMS | Social trading not offered |
| Market analysis as well as signals that are powered by AutoChartist | There is no education offered |
| Market news along with analysis offered on the trading platform | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | CySEC, FSCA |
| Minimum deposit from | $200 ZAR |
| Average spread from | 0.5 pips EUR/USD |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:200 |
| Bonuses | No |
| Customer Support | 24/5 |
Colmex Pro
Overview
Colmex Pro is an NDD broker that is headquartered in Cyprus, with regulation and authorisation through the FSCA and CySEC. Colmex Pro has been in operation for more than a decade and it is partnered with several international banks to provide some of the best prices that are streamed to its proprietary trading platform as well as MetaTrader 4.
Colmex Pro caters for both retail and institutional traders from around the world, providing innovative software infrastructure that ensures swift and reliable trade executions and 24/7 uptime.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated by CySEC and FSCA | Demo accounts are only available for 14 days |
| All trading strategies are accommodated | Limited training and education |
| Trading platforms are flexible and innovative | Market News and analysis not offered |
| Reliable trade execution speeds with minimal slippage | Limited funding options |
| Competitive trading conditions | High minimum deposit |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | CySEC, FSCA |
| Minimum deposit from | 7500 ZAR |
| Average spread from | 0.3 pips |
| Commissions from | 22 ZAR |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support | 24/5 |
Globex360
Overview
Globex360 is a South African STP broker that has been in operation since 2017. Globex360 is well-regulated by the FSCA and offers more than 100 financial instruments that can be traded across forex, commodities, and indices.
Globex360 offers competitive trading conditions that consist of tight spreads, high leverage, and transparent fee schedules, with no hidden costs and a fair, safe trading environment.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Copy trading offered | Limited trading instruments |
| Well-regulated | Individual stock CFDs not offered |
| Islamic Account offered | Lack of education |
| FIX API provided | Limited funding options |
| User-friendly trading platform provided | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 1.2 pips |
| Commissions from | 120 ZAR |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Markets.com
Overview
Markets.com is a well-regulated global forex broker that offers more than 2,200 tradable instruments that are spread across several asset classes. Markets.com has more than 5 million registered traders with hundreds of billions in yearly trading volumes.
Markets.com has been voted one of the Best Trading Platforms in previous years in offering friendly, flexible, and innovative trading platforms through which trades can be carried out. Markets.com offers personalised training, dedicated customer support that is available in multiple languages, and a range of advanced analysis tools that can be used to add a competitive edge to trading.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Large range of tradable instruments | Inactivity fees charged after 3 months of inactivity |
| Well-regulated by reputable entities | |
| Islamic Accounts offered | |
| Zero deposit or withdrawal fees | |
| Flexible account funding options | |
| Commission-free trading on forex | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | ASIC, CySEC, FSCA |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.6 on EUR/USD |
| Commissions from | 0 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FxPro
Overview
Established in 2006, FxPro is a reputable United Kingdom-based NDD broker that is regulated and authorized by the FCA, CySEC, FSCA, and SCB to operate across 173 countries, serving more than 1.3 million clients.
FxPro offers more than 260 tradable instruments and because of its NDD model, traders can expect some of the best pricing through Quotix, the proprietary aggregator for FxPro that collates prices from more than 12 different liquidity providers.
FxPro has won more than 75 industry awards in the past 15 years and has built a good reputation for itself in the industry as a trusted broker that puts the interest of its client before its own.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Premium trader tools provided | Social trading is not supported |
| NDD Execution model | There are no managed accounts offered |
| Well-regulated in several areas | Spreads are not the tightest |
| Offers a choice in trading platforms | Commissions higher than other brokers |
| VPS provided through Beeksfx | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | FCA, CySEC, FSCA, DFSA, SCB |
| Minimum deposit from | 1500 ZAR |
| Average spread from | 0.0 |
| Commissions from | 67 ZAR |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
TradeApp
Overview
Established in 2011, TradeApp is a well-regulated Cyprus-based Market Maker broker that provides a wide range of tradable instruments spread across different financial markets. TradeApp offers South African brokers a choice in trading tools including market news, AutoChartist analysis, and a choice in trading signals.
There are more than 200 financial instruments that can be traded through the proprietary PROfit trading platform that is available as a web and mobile trading platform. TradeApp lowers the entry barrier to all traders with a low minimum deposit. There are solutions provided to retail, professional, and institutional traders alike.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Well-regulated broker | Spreads are wide |
| Range of tradable instruments provided | MetaTrader is not supported |
| Market news, as well as analysis, offered | Restricted leverage |
| Education and training provided | |
| Suitable for all traders | |
Features
| 🔶 Feature | ℹ️ Information |
|---|---|
| Regulation | CySEC, FSCA, CNMV, FSCA |
| Minimum deposit from | 433 ZAR |
| Average spread from | 3 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support | 24/5 |
Frequently Asked Questions
What is the FSCA?
The Financial Sector Conduct Authority (FSCA, formerly Financial Services Board or FSB) is the financial regulator in South Africa that oversees financial services providers including banks and non-bank entities such as insurers, forex brokers, and many others.
Are South African retail traders required to only use FSCA-regulated brokers?
No, South Africans are legally allowed to trade through any domestic or international forex broker. However, traders are urged to ensure they use an FSCA-regulated broker to ensure that they are protected.
Do all FSCA-regulated forex brokers offer ZAR denominated trading accounts?
No, not all international forex brokers who have FSCA regulation will offer ZAR denominated accounts. Therefore, traders may be subjected to currency conversion fees when they use an FSCA-regulated international broker that offers trading accounts in currencies other than ZAR.
How can I file a complaint against an FSCA-regulated broker?
If you have had any issues with a forex broker regulated by the FSCA, you can file a complaint through the office of FAIS OMBUD, which has been established by the Financial Advisory and Intermediary Service. They resolve disputes between traders and financial service providers (FSPs).
Is forex trading legal in South Africa?
Yes, forex trading is legal if both traders and forex brokers abide by the financial laws in South Africa.
Can forex brokers in South Africa be trusted?
Yes, several local and international brokers are trusted and have a proven track record for integrity, honesty, fairness, and safe trading.
How can I check whether a broker is regulated by the FSCA?
You can visit the official FSCA website and see whether the forex broker is an approved OTC Derivatives and FSP with a corresponding license number.
Featured SA Shares Writer and Forex Analyst.
Best Broker for Forex Trading South Africa
Source: https://sashares.co.za/fsb-regulated-forex-brokers/
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