The Best Forex Brokers in South Africa 2020

Finding the best forex brokers in South Africa can seem like an overwhelming task, as there are hundreds to choose from. Thankfully, our experts weed out the good from the bad, so you don’t have to.

To ensure you only trade with reputable and safe South African forex brokers, our team test both FSCA-licensed and offshore looking for numerous features. This includes FSCA or international licenses, fund safety features, tight spreads on ZAR currency pairs and localized payment methods.

Select a top South African forex broker now, or continue reading to discover:

Best and most trusted forex brokers in South Africa November 2020

All the brokers below are available in: South Africa
96.8
Points
Users
Used by
200,000+ Traders
Min. Deposit
$100
Bonus
Up to 20%
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, PayPal, Union Pay, WebMoney and more
Min. Spread
0.6 pips
Max. Leverage
1:400
Currency Pairs
55
Regulated By
FSCAFSCA
ASICASIC
IIROCIIROC
FSCFSC
Customer Support
24/5
96.5
Points
Users
Used by
1,800,000 Traders
Min. Deposit
$10
Bonus
Cashback (T&Cs apply) - 30% Welcome Bonus (T&Cs Apply)
Trading Instruments
250+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller, FasaPay and more
Min. Spread
1.2 pips
Max. Leverage
1:2000
Currency Pairs
59
Regulated By
FCAFCA
CySecCySec
FSCAFSCA
FSCFSC
Customer Support
N/A
94.6
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
Cashback
Trading Instruments
90+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank TransferBank transfer, Visa, MasterCard, E-Wallets and more
Min. Spread
1.2 pips
Max. Leverage
1:1000
Currency Pairs
60
Regulated By
FCAFCA
Customer Support
24/5
96.5
Points
Users
Used by
100,000+ Traders
Min. Deposit
$50
Bonus
No Information
Trading Instruments
60+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
No Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Union Pay
Min. Spread
1.3 pips
Max. Leverage
1:400
Currency Pairs
39
Regulated By
FCAFCA
FSCAFSCA
ASICASIC
Customer Support
24/7
94
Points
Users
Used by
100,000+ Traders
Min. Deposit
$5
Bonus
$25 Non-Deposit Bonus**
Trading Instruments
1,388
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Min. Spread
1 pips
Max. Leverage
1:888
Currency Pairs
57
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/5
94.3
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
100%
Trading Instruments
160
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Min. Spread
1 pips
Max. Leverage
1:1000
Currency Pairs
50
Regulated By
FSCAFSCA
FSA(SVG)FSA(SVG)
Customer Support
24/5
94.2
Points
Users
Used by
50,000+ Traders
Min. Deposit
$250
Bonus
N/A
Trading Instruments
300
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
No Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, Skrill, Neteller and more
Min. Spread
1.1 pips
Max. Leverage
250
Currency Pairs
30
Regulated By
IFSCIFSC
Customer Support
24/5
91
Points
Users
Used by
100,000+ Traders
Min. Deposit
$250
Bonus
Welcome Offer
Trading Instruments
350+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank Wire transfer, Visa, MasterCard, Skrill, Neteller, PayTrust88, Rave by Flutterwave, V Pay
Min. Spread
2.2 pips
Max. Leverage
1:500
Currency Pairs
47
Regulated By
FSCAFSCA
FSA(SVG)FSA(SVG)
Customer Support
12/5
90.8
Points
Users
Used by
100,000+ Traders
Min. Deposit
$100
Bonus
No Information
Trading Instruments
2,000+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
No Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
No Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Check Private
Help!
Exit tooltip
Deposit Methods
Bank transfer, Visa, MasterCard, PayPal, Trustly
Min. Spread
0.7 pips
Max. Leverage
1:30
Currency Pairs
71
Regulated By
FCAFCA
CySecCySec
FSCAFSCA
ASICASIC
Customer Support
24/5

How does forex trading work in South Africa?

Before choosing one of our top forex brokers in South Africa, it’s important to look at how the foreign exchange market works. To get started, here are four top facts about forex trading in South Africa:

In most ways, forex trading in South Africa works as it does anywhere else in the world. You buy or sell a currency pair, depending on whether you think its value is about to rise or fall.  Then, once the value has changed, you buy or sell again to create a profit.

With the best South African forex brokers, you can trade around 50 currency pairs. This includes pairs involving the Rand, such as USD/ZAR and ZAR/JPY. You can also trade the world’s most popular pairs, such as the USD/EUR and GBP/EUR.

What are the advantages of trading forex in South Africa?

Although the basics of forex trading are the same no matter where you are in the world, there are some distinct advantages to trading in South Africa.

What do I need to trade forex?

To trade forex in South Africa, you need:

To learn more about each of these requirements, continue reading our expert advice.

Is forex trading legal in South Africa?

Forex trading is completely legal in South Africa, so long as you do not break money laundering laws and declare any profits to SARS (South African Revenue Service). Whilst the FSCA regulates all forex brokers in the country, it’s also legal for you to trade with overseas companies.

What is the role of the FSCA?

The Financial Sector Conduct Authority (FSCA) closely monitors all forex brokers based in South Africa. Thanks to its strict safeguarding polices, it is one of the world’s best regulatory authorities.

The FSCA launched in 2017 under the Financial Sector Regulation Act 9, replacing the Financial Services Board (FSB). Since then, brokers with FSCA regulation must:

The FSCA also maintains a public register of all companies with a financial services provider (FSP) number. You can use this to check the status of all FSCA-regulated brokers and what products they can provide.

These policies give you access to transparent information about how a brokerage operates and how it handles its clients’ funds.

Trading with offshore brokers in South Africa

If you choose an international forex broker operating in South Africa, it may not hold a FSCA license. To remain safe, it must boast regulation from another top-tier authority. Currently, the most trustworthy global regulators are:

Any broker operating with a license from these regulators must follow similar, if not stricter, guidelines as FSCA-licensed brokers.

There are some limitations with offshore brokers, however. For example, EU and US-regulated brokers have a maximum leverage cap of 1:30. The Reserve Bank of South Africa also limits the amount of money you can invest outside of the Common Monetary Area (a monetary union between South Africa, Namibia, Lesotho, and Eswatini).

You can make individual offshore transactions below R1 million per calendar year with no documentation required. If the investment amount exceeds R1 million, you must provide a Tax Clearance Certificate. The maximum amount you can invest abroad is R10 million.

What other features do the best South African forex brokers offer?

A sturdy license should always be your top priority when looking for forex brokers in South Africa. For us to consider a broker to be the best of the best, however, it must also offer a plethora of other appealing features.

Our testing process considers a variety of trading conditions. Whether you’re looking for fair commission levels, diverse trading instruments, quick payment methods, or overall prestige, we’ve got you covered.

When choosing our best forex brokers for South African traders, we look for:

How to open a forex account in South Africa

Once you’ve selected a broker, the next step is to create a live trading account. With the help of our experts, this process is incredibly easy. Follow the steps below to start your forex trading journey with a South African broker.

  1. To begin the registration process, supply the broker with your full name, email address, place of birth, phone number, and national identification number. You must also create a password.
    • Depending on which authority regulates your chosen broker, you may also need to supply information about your education level, employment status, income, net worth, and trading experience.
  2. Next, you need to upload a scan of your National ID/passport/driver’s license for identity verification, and a recent utility bill/bank statement for residence address verification.
  3. Select your account type, base currency, and trading platform. Note, what’s required in this step may vary from broker to broker, depending on what account types they offer.
  4. Wait for the broker to verify your account. This can take up to 48 hours.
  5. Fund your account via your preferred payment method. With the best forex brokers in South Africa, you can choose from making a bank wire transfer, a credit/debit card payment, or an e-wallet payment.

How much money do you need to start trading forex in South Africa?

In order to trade successfully and sensibly, we recommend having at least R 7,000 of starting capital. This amount allows you to place reasonably sized trades which generate profits. Anything less and you won’t be able to compensate yourself for the time you spend trading.

Some of the best forex brokers in South Africa will allow you to open an account with far less than we recommend, whilst some will want a much bigger initial deposit. Whilst it’s worth paying attention to minimum deposit limits, so you get the best account type you for your money, you shouldn’t pick a broker based on this alone. Often, they don’t reflect the funds you actually need to trade.

If you don’t have a big budget, start trading with a free demo account first. Whilst using your demo account to practice, build your capital. Once you’ve saved enough, you can trade profitably with confidence.

What is the best time to trade forex in South Africa?

The best time to trade forex is always the time that’s most convenient for you. If you’re restricted by other commitments, the good news is that forex brokers in South Africa allow trading 24 hours a day, from Monday to Friday.

If you have the freedom to choose when to trade, however, do so when the market is at its most liquid. This is when the main trading sessions intersect with one another.

There are four primary forex trading sessions; the Australian session (Sydney), the Asian session (Tokyo), the European session (London), and the North American session (New York). Most South African traders trade within the European session, as South Africa Standard Time is only two hours ahead of London. To take advantage of overlapping sessions, however, we recommend trading between 10:00 and 17:00.

Below you can find the opening and closing times of each main trading session, corrected for South Africa Standard Time (GMT+2).

Forex sessionOpening and closing hours (SAST)
Australian session23:00 – 08:00
Asian session01:00 – 10:00
European session09:00 – 18:00
North American session14:00 – 23:00

What are the risks of trading forex in South Africa?

When discussing the benefits of forex trading, whether that’s in South Africa or anywhere else in the world, it’s important to consider the disadvantages too.

As the forex market is famously unpredictable, it’s dangerous to trade without an understanding of what risks you may encounter and how to avoid them. Luckily, our experts are here to help:

Frequently asked questions about forex brokers in South Africa (FAQs)

What is the best forex broker in South Africa?

The best forex broker in South Africa is a firm that successfully combines trading safety with customer profitability. This broker must hold a license from a trustworthy regulatory authority, whether it’s the native Financial Sector Conduct Authority (FSCA) or an international one. Any broker that aims to be the best in the business should also offer beneficial trading terms and conditions, including low commission rates, decent leverage, ultra-fast execution speeds, and sophisticated trading platforms.

How do I start forex trading in South Africa?

To trade forex in South Africa, you first need to find a reputable broker with a license from the FSCA, the UK, Cyprus, or Australia. Next, you need to create a live account on the broker’s platform. To do this, you must provide personal details such as your full name, email address, date of birth, residential address, and employment information. You also need to upload a copy of your national ID/passport/driver’s license as proof of identity, and a recent utility bill/bank statement as proof of address. Once the broker verifies your account, the final step is to deposit funds.

Is forex trading legal in South Africa?

Yes, forex trading in South Africa is completely legal, so long as you declare your profits and pay tax accordingly.  You must also provide your forex broker with proof of identity to ensure they are not breaking anti-money-laundering laws.  Unlike in other countries, trading with an offshore broker is also legal in South Africa.

Which is the best South African forex broker for beginners?

The best forex broker for beginners in South Africa will offer a specific set of features. Besides boasting a license from a top-tier authority, they will also have accounts accessible to entry-level traders. These should offer lower minimum deposit requirements, lower fixed commissions, lots of educational materials, and the ability to use a social trading platform.

Is forex trading in South Africa profitable?

Yes, forex trading in South Africa is profitable. A forex trader with an initial investment of R 7,000 can stand to make R 230 per day. In two months, they would double their capital. To do this, however, you need a strict trading plan and a lot of experience. Practice trading with a demo account first. Once you’re making regular profits with virtual money, you can confidentially invest real funds.

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