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Best Forex Brokers in South Africa for 2021 - Top 10

June 2021

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South Africa is a multilingual, multinational and vibrant community, and it's considered one of the best Forex trading places in the whole world. In fact, the total number of forex traders, as well as brokers, has increased dramatically in South Africa in recent years. The FSCA (Financial Sector Conduct Authority) is the main regulatory organization of the country. As a trader, it’s important for you to choose a brokerage that’s fully regulated and authorized by this regulatory body.

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That’s why we have come up with this detailed guide that contains the 10 best online Forex brokers in South Africa for 2021. Continue reading to find the online Forex trading platform to maximize your profits and achieve your financial goals.

Best Forex Brokers in South Africa

With tens of Forex brokers available in the South African market, choosing the best option can be very challenging. That’s where the following table will come into place. All of the following brokers are regulated by South African regulatory bodies. We have listed and rated all the brokers according to their fee structure, tools, ease of use, and transparency.

Position Broker Rating Account Minimum Learn More

1

Exness

5.0/5

10 US Dollar/140.69 ZAR

Open Account

2

XM

4.8/5

5 US Dollars/86 ZAR

Open Account

3

IC Markets

4.8/5

200 US Dollars/2,756.78 ZAR

Open Account

4

HotForex

4.7/5

100 US Dollars/1400 ZAR

Open Account

5

AvaTrade

4.6/5

100 US Dollars/1400 ZAR

Open Account

6

FBS

4.6/5

1 US Dollar/14.69 ZAR

Open Account

7

eToro

4.6/5

100 US Dollars/1400 ZAR

Open Account

8

FXTM

4.5/5

10 US Dollars/140.69 ZAR

Open Account

9

Admiral Markets

4.4/5

100 US Dollars/1400.69 ZAR

Open Account

10

IG

4.2/5

0 US Dollars for bank and 300 US Dollars/4202.07 ZAR for credit card

Open Account

Top 10 Trading Platforms in South Africa (RSA)

The first and critical step before finding and selecting any Forex brokerage in South Africa is to identify and define your requirements and needs. You should also figure out the trading conditions and rules that a certain broker offers for Forex trading. Moreover, the selected broker must also be legitimate and reliable so that you can invest your funds without worrying about scams and frauds.

Exness

Exness is a fully regulated online Forex trading platform that was founded back in 2008. This broker is the best choice for all types of Forex traders in South Africa because it’s regulated by FSCA and many other regulatory firms. It’s a low-risk and trusted online Forex broker used by countless traders in South Africa.

Why is Exness good for traders from South Africa?

  • Regulated by FSCA

  • Has a physical office in South Africa

  • Only 10 dollars of minimum deposit is required

  • Based on MetaTrader technology

  • Offers multiple base currencies

  • The demo account is available

XM

XM has been serving Forex brokers from all around the world since 2009. It offers services in more than 196 different countries, including South Africa. The best thing about this broker is that it's fully regulated by multiple world-famous regulatory bodies, including FSCA.

Why is XM good for traders from South Africa?

  • Regulated by FSCA

  • Offer a wide range of trading opportunities

  • Comes with a competitive fee structure

  • Offers demo account

  • 24 hours live customer support

  • Fast and easy account opening

IC Markets

IC Markets is yet another excellent online Forex trading platform that was founded in 2007. Currently, it’s regulated by top-tier regulatory authorities from different corners of the world, including South Africa (by FSCA).

Why is IC Markets good for traders from South Africa?

  • Regulated By FSCA

  • Offers multiple trading platforms

  • 24/7 live customer service

  • Offers free educational material

  • Supports 10 different base currencies

  • Comes with demo account availability

HotForex

HotForex can be a great choice for you if you’re looking for a Forex broker in South Africa for investing. It’s regulated by FSCA along with several other regulatory authorities that make it a low-risk and reliable online Forex trading platform.

Why is HotForex good for traders from South Africa?

  • Regulated by FSCA

  • Has a physical office in South Africa

  • Awarded numerous times for best services and tools

  • Offers a range of Forex markets

  • Comes with a range of educational and research tools

  • Demo account availability

AvaTrade

AvaTrade is one of the leading and most successful online Forex brokers that was founded back in 2006. It’s regulated by multiple top-tier regulatory bodies, including FSCA. You can use this Forex broker regardless of the level of your expertise and trading experience.

Why is AvaTrade Forex good for traders from South Africa?

  • Regulated by FSCA

  • Has a physical office in South Africa

  • Offers great trading tools and features

  • Equipped with modern technology

  • Easy to use interface of mobile, web, and desktop applications

  • Fast and quality customer support

  • Offers demo account

  • Support 5 different base currencies

FBS

FBS is yet another global online Forex broker that currently offers its services in more than 190 countries, including South Africa. It's fully regulated and authorized by FSCA and offers a great environment to perform Forex trading.

Why is FBS good for traders from South Africa?

  • Regulated by FSCA

  • Long and successful track record

  • Offers multiple base currencies

  • Comes with demo account availability on an unlimited basis

  • Globally trusted and recognized Forex trader

eToro

eToro is one of the best online Forex trading platforms that was founded back in 2006. It’s regulated by FSCA and offers everything that a trader needs for Forex trading in South Africa. It can help you greatly to achieve your financial goals in the shortest period of time.

Why is eToro good for traders from South Africa?

  • Regulated by FSCA

  • Offers fully digital and seamless account opening

  • Comes with social trading opportunities

  • No withdrawal and inactivity fee charged

  • Allows you to deposit with electronic wallets

FXTM

FXTM was founded back in 2011, and it's regarded as one of the best brokers when it comes to online Forex trading. It's also regulated by FSCA, which means it's also a great choice for all the traders from South Africa. Here are some other significant reasons why.

Why is FXTM good for traders from South Africa?

  • Regulated by FSCA

  • Exceptional customer service record

  • Great educational and research tools

  • Fast and fully digital account opening

  • Nominal withdrawal fee

  • No inactivity fee charges

  • Offers demo account

Admiral Markets

Admiral Markets was founded back in 2001 and known to be one of the leading online Forex trading platforms. It's regulated and authorized by FSCA, which makes it a safe and low-risk brokerage for South African traders.

Why is Admiral Markets good for traders from South Africa?

  • Regulated by FSCA

  • Planned and announced a physical office in South Africa

  • Implies no restrictions on strategies

  • Servers both new traders and professionals

  • Great research and educational tools

  • Supports 10 base currencies

  • Offers demo account

IG

IG Markets is also a great option for Forex traders from South Africa. It was founded way back in 1974 and is considered one of the oldest yet most successful online Forex trading platforms. It’s regulated by FSCA completely along with many other popular regulatory authorities.

Why is IG Markets good for traders from South Africa?

  • Regulated by FSCA

  • Has a physical office in South Africa

  • Listed in stock exchanges

  • Have earned numerous industry awards

  • Offers more than 17,000 markets for trading

  • Comes with demo account availability

As you can see that all the brokers mentioned above are fully regulated not only by FSCA but also by many other financial bodies from across the globe. You can choose the one that suits your requirements and needs to start your Forex trading journey. If you're a beginner, then we'll recommend you to opt for the demo account that each broker on the above list offers. It'll allow you to test their functionality and features in real-time without risking your investments.

Comparison of Brokers in South Africa (RSA)

Comparing different brokers allows you to find out the areas where each online Forex trading platform in South Africa shines. Not only does it allow you to understand the different features and tools that a certain broker offers, but it also helps you to select the best-suited option.

  • Exness
    Head Office in South Africa: Yes
    Supporting South African currency: Yes

    Exness is well-known for its premium-quality services and its own legal department. It provides clients with protection in all types of disputable situations. Moreover, it comes with training tools and educational material that users can acquire for distance learning.

  • XM
    Head Office in South Africa: No
    Supporting South African currency: Yes

    XM is a leading online Forex trading platform that offers diverse research tools and more than 55 different currency pairs. It also offers educational material in different languages and conducts regular live Forex webinars that anyone can access, even on the demo account.

  • IC Markets
    Head Office in South Africa: No
    Supporting South African currency: Yes

    IC Markets is a great option for new Forex traders because of its diverse economic indicators, educational content, and news feed. You can also use its demo account as long as you want, as the brokerage doesn't imply any time limit. Its versatile and wide range of trading tools also come in handy to make the most informed Forex trading decisions.

  • HotForex
    Head Office in South Africa: Yes
    Supporting South African currency: Yes

    HotForex is a customer-oriented and well-established online brokerage that offers a great environment for Forex trading. The products and services on this platform are adapted to unique needs, and clients have access to a wide selection of currency pairs, platforms, accounts, and tools.

  • AvaTrade
    Head Office in South Africa: No
    Supporting South African currency: Yes

    AvaTrade is a broker that offers a wide range of trading strategies as well as a specific approach to dealing with the market. Because of its great services, it has earned a trustworthy and respected reputation. Another significant advantage of AvaTrade is its flexibility in terms of currency pairs, platforms, and the number of available solutions. The broker has reasonable fees and good educational materials for traders of all skill levels.

  • FBS
    Head Office in South Africa: No
    Supporting South African currency: Yes

    FBS is a brokerage that focuses on providing fair trading services to all traders, regardless of their investment amounts and degree of experience. It offers a variety of platforms, account types, advanced research and educational tools, and accessible customer assistance.

  • eToro
    Head Office in South Africa: No
    Supporting South African currency: Yes

    eToro currently serves more than 6 million traders of all types from all over the world. The freedom of trading on the eToro, as well as the ability to communicate with other traders, makes it a great choice for Forex trading in South Africa. Working on this platform is really simple and straightforward, and it provides extensive automated trading features for a seamless trading experience.

  • FXTM
    Head Office in South Africa: No
    Supporting South African currency: Yes

    Education is a key component of the FXTM business plan, which makes it one of the best online Forex trading platforms for beginners. Another big advantage of using FXTM is its great customer service that responds quickly and accurately. The account opening process is completely digital and quick, which allows you to start your Forex trading journey seamlessly.

  • Admiral Markets
    Head Office in South Africa: No
    Supporting South African currency: Yes

    Admiral Markets is one of the highly trusted online Forex brokers that offer great technical solutions. The general trading conditions, account offerings, and risk management tools that Admiral Markets offers allow traders to increase the chances of earning profit.

  • IG
    Head Office in South Africa: No
    Supporting South African currency: Yes

    As a worldwide recognized broker with over 40 years of trackable experience, IG Group is a trusted, well-organized, trusted, and regulated online Forex trading platform. There aren't many brokers available that can match the IG group's high standards of performance. Its diverse features such as educational content, research, and technical tools make it one of the best online trading platforms in South Africa.

The above comparison of all the 10 brokers explains the areas where each broker stands out. Make sure that you opt for the online Forex trading platform that suits you the best. It’s important not to rush and understand the features and functionality of each broker thoroughly before making your final decision.

Compare All Forex Brokers

Top 3 Forex Brokers for Investors

The following table is for the people who are looking for Forex brokers in South Africa for investing. All the brokers mentioned here offer tools and features that investors need to maximize their profits in the long term. Moreover, all of them are also fully regulated by FSCA.

Broker Investment Programs Minimum Deposit

Exness

Investment Programs:

MT4, MT5

Minimum Deposit:

10 US Dollar/140.69 ZAR

IG

Investment Programs:

MT4, IG Proprietary

Minimum Deposit:

0 US Dollars for bank and 300 US Dollars/4202.07 ZAR for credit card

HotForex

Investment Programs:

MT4, MT5

Minimum Deposit:

100 US Dollars/1400 ZAR

Pay Attention!

The reason why we chose only these three brokerages out of the 10 best online Forex trading platforms is that they come with the best trading environment for investing. The analytical tools, technical indicators, and research features that these brokerages offer allow you to invest in the best positions.

More About Investing Money

Top 5 Online Brokers for Beginners

Not all online brokers offer the same functionality. If one broker specializes in Forex trading for beginners, then the other might have the best features and tools for stock trading. Therefore, it's important to ensure that you choose the trader according to your unique investment needs and level of expertise and experience. If you're a beginner and want to perform Forex trading in South Africa, then consider choosing any of the brokerages mentioned in the following table.

Broker Types of accounts for beginners Minimum deposit

IC Markets

Types of accounts for beginners:

Standard Account

Minimum deposit:

200 US Dollars/2,756.78 ZAR

AvaTrade

Types of accounts for beginners:

Retail Account

Minimum deposit:

100 US Dollars

eToro

Types of accounts for beginners:

Retail Account

Minimum deposit:

100 US Dollars/1400 ZAR

FXTM

Types of accounts for beginners:

Standard Trading Account

Minimum deposit:

10 US Dollars

Admiral Markets

Types of accounts for beginners:

Trade Account

Minimum deposit:

100 US Dollars/1400.69 ZAR

Pay attention!

Every brokerage that claims to be the best one for new Forex traders must come with some essential features and functionality such as ease of use, educational material, easy-to-understand research and analytical tools, etcetera. We carefully considered these features while crafting the above table so that every new trader can achieve his/her short-term and long-term Forex trading goals in the shortest time.

Speed Course “Forex Trading for Beginners”

Forex Brokers with Deposits through South African Banks

Even if you choose the perfect online broker for Forex trading in South Africa, it won't be of no use if you can't use your personal bank account to deposit funds. That's why it's important to ensure that the brokerage you select supports your South African bank account. All the brokers mentioned in this article allow you to deposit funds from the major South African banks, and you can also withdraw your funds from them as well.

Broker Nedbank Scotia Standard Bank African Bank

Exness

Yes

Yes

Yes

XM

Yes

Yes

Yes

IC Markets

Yes

Yes

Yes

HotForex

Yes

Yes

Yes

AvaTrade

Yes

Yes

Yes

FBS

Yes

Yes

Yes

eToro

Yes

Yes

Yes

FXTM

Yes

Yes

Yes

Admiral Markets

Yes

Yes

Yes

IG

Yes

Yes

Yes

Broker Nedbank

Exness

Yes

XM

Yes

IC Markets

Yes

HotForex

Yes

AvaTrade

Yes

FBS

Yes

eToro

Yes

FXTM

Yes

Admiral Markets

Yes

IG

Yes

Broker Scotia Standard Bank

Exness

Yes

XM

Yes

IC Markets

Yes

HotForex

Yes

AvaTrade

Yes

FBS

Yes

eToro

Yes

FXTM

Yes

Admiral Markets

Yes

IG

Yes

Broker African Bank

Exness

Yes

XM

Yes

IC Markets

Yes

HotForex

Yes

AvaTrade

Yes

FBS

Yes

eToro

Yes

FXTM

Yes

Admiral Markets

Yes

IG

Yes

Best Brokers Based in South Africa

One of the most important factors that you must consider while choosing a brokerage is its customer service. If a brokerage doesn't have a good track record of serving and entertaining its customer, then consider it a red flag. While compiling the list of brokers that we have listed in this article, not only did we make sure that all the brokers are regulated by South African financial authorities, but we also ensured that they offer live and dedicated customer support for your convenience. Moreover, we also recommend you acquire the demo account of the brokerage that you want to choose and test the customer service for yourself as well before starting Forex trading with your real money. In the following table, you can find the physical RSA office locations of the brokerages that offer Forex trading services in South Africa.

Company Office in South Africa

Exness

Central Office Park Unit No.4 257 Jean Avenue, Centurion Gauteng, Johannesburg

XM

Doesn’t have a physical office in South Africa

IC Markets

Doesn’t have a physical office in South Africa

HotForex

Katherine & West Suite 18 Second floor 114 West Street Sandton, Johannesburg 2031.

AvaTrade

2nd Floor, Nelson Mandela Square Office towers West, Sandton, Johannesburg, 2196, South Africa

FBS

Doesn’t have a physical office in South Africa

eToro

Doesn’t have a physical office in South Africa

FXTM

Doesn’t have a physical office in South Africa

Admiral Markets

Opening Soon

IG

1 Sandton Dr, Sandhurst, Johannesburg, 2196, South Africa

Forex Regulations in South Africa | Expert’s Review

Forex trading is both popular and authorized in South Africa, and it’s regulated by FSCA (Finance Sector Conduct Authority). The FSCA authority ensures that on behalf of both brokers and traders, no illegal and unauthorized conduct takes place. All the brokers that want to accept traders and investors from South Africa must be regulated and Authorized by FSCA.

Forex Regulations in India | Expert’s Review

It’s also important to bear in mind that there are some other local regulatory bodies as well. If you find a broker that meets your unique financial and investment requirements and is regulated by local regulatory bodies but not by FSCA, then you can still choose to work with that. But we recommend you to open your account only on the online brokerage that’s under the supervision of FSCA. That’s because it allows you to have the necessary peace of mind that a trader needs if any type of misconduct takes place from the broker. In such a situation, the broker will be dealt with according to the local financial laws to protect your interests.

Bear in mind that new trends in the market are quickly implemented by the brokers, especially the ones that are regulated by FSCA. That's why it's critical to stay updated. For that matter, the brokerages that we have chosen in this article not only renovate and modernize their products regularly. But they also help their customers to make the best out of the time-limited opportunities available in the Forex market.

More about Forex Regulators

Reviews on South African Brokers

About Exness:

I’ve been working with Exness for more than two years now, and I don't have any complaints about anything. This trading platform not only offers 24/7 customer support but also comes with a wide range of Forex pairs that you can trade on. The only thing that I want to mention here for all the traders to keep in mind while trading on Exness is that sometimes the platform takes a couple of days to process funds withdrawal.

Nick Louw, 45


About IC Markets:

IC Market has allowed me to achieve my financial goals in the shortest possible time by performing Forex trading. It offers a wide range of research tools and educational material that I can use to make the most informed decisions. I often use its mobile application that comes with the same functionality as the platform’s desktop and web applications offer. Its instant order execution and best trading policies are the best out there, in my opinion.

Hon. Shaun Lubbe, 52


About AvaTrade:

I am a new Forex trader from South Africa. I received plenty of suggestions and recommendations to start my trading journey with AvaTrade, and thank God I bought all of them. I have been using this brokerage for several months, and not only have I learned all the basics of Forex trading, but this platform has also helped me to manage risk.

Andries Kumar, 31


About eToro:

I've tried tens of online brokers, but I never felt completely relaxed regarding the safety and privacy of my personal information and funds. Then I switched to eToro, and not only did it change my whole Forex trading experience, but it also provides me with the satisfaction that my funds and personal information are in safe hands. I can recommend this online broker to all types of traders regardless of their expertise and experience.

Edwin Hanekom, 49


About Admiral Markets:

Admiral Markets provides me with everything that I need to perform Forex trading. I can access all the currency pairs I am interested in because of the wide available variety. Moreover, all my queries and questions are also answered within record time. According to my experience, this brokerage is worth your time, money, and effort because it provides you with positive results.

Prof. John Mathe, 29

Learn how to earn more with TU

About the Author of this Article

Jack Moore
Jack Moore,
Financial Analyst, Trader
  • Jack has been engaged in trading and forecasting in the Forex market for more than 9 years. During this time, he’s gone from a novice to an expert in stock and financial markets. Jack consults well-known brokerage companies and he also helps private clients to choose a broker.
  • In 2013 he commenced at System Capital Group (trading stocks and currencies online using investments of companies and individuals). He held this position for 5 years.
  • Jack Moore advises all traders to work with brokers through Traders Unions. Throughout his professional career he is proud to receive excellent recommendations from numerous clients who have been satisfied with the advice that he has provided.

FAQ

Is online Forex trading legal in RSA?

According to the policies and rules issued by FSCA, online Forex trading is completely legal and authorized in South Africa. You only need to ensure that you choose the broker regulated by FSCA to protect your investments.

Is it a good idea to trade with an unregulated Forex Broker in South Africa?

The one-word and direct answer are no. You must not perform any type of trading by using an unregulated Forex broker. It doesn't matter how attractive and rewarding bonuses they offer. Mostly, unregulated brokers are run by scammers, and you can lose all your investments.

How to choose the best forex broker in South Africa?

There are certain factors that you should consider while choosing an online brokerage in South Africa. The most important one is to make sure that it’s regulated by the African regulatory body. Other than that, consider acquiring the demo account of the brokerage to test its services and features before trading with real money.

Is it necessary to work with a broker to trade Forex?

No, it's not necessary, but it comes with a lot of benefits such as:

  • You can access the market anytime you want

  • Brokers offer a range of educational and research tools to make informed decisions

  • They save both your time and effort to study the market

  • Your funds remain in safe hands