The Best Forex Trading Brokers for South Africans

  • Summary
  • Trading
  • Spread
  • Support
Broker Regulators Max. Leverage Min. Spread Trading Platform Min. Deposit
Image Title
CySEC CySEC
FSCA FSCA
Flexible 0.1
Pips
MetaTrader4, MetaTrader5 $10
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Image Title
FSCA FSCA
300:1 0.9
Pips
MetaTrader4, MetaTrader5 ZAR 1000
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Image Title
FCA FCA
ASIC ASIC
FSCA FSCA
400:1 1.3
Pips
MetaTrader 4, Trade Station, Ninja Trader $50
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Image Title
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
400:1 0.7
Pips
MetaTrader4 $100
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Image Title
CySEC CySEC
ASIC ASIC
FCA FCA
400:1 2
Pips
eToro platform $200
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Image Title
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
500:1 0.1
Pips
MetaTrader4, MetaTrader5 $5
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Image Title
CySEC CySEC
ASIC ASIC
FSCA FSCA
300:1
Pips
Plus 500 ZAR 1000
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Image Title
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
500:1 0
Pips
MetaTrader4, Webtrader $5
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Image Title
FSCA FSCA
200:1 0.6
Pips
MetaTrader4, Webtrader ZAR 2000
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Broker Broker Type Min Spread Max Leverage Commission/Fees Markets
Image Title ECN/STP 0.1 Flexible On ECN Accounts Commodities, Cryptocurrencies, Currencies, Indices, Metals, Shares, Stocks
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Image Title Market Maker 0.9 300:1 None Currencies, Commodities, Metals, Energies, Stocks, Crypto, Bonds, IPOs. ETFs, Shares, Blends
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Image Title Market Maker/STP 1.3 400:1 None Currencies, Cryptocurrencies, Stock Indices and WTI, Bonds, Precious metals
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Image Title Market Maker 0.7 400:1 no Stocks, Commodities. Indices, Options, ETFs Bonds, FX, Cryptocurrencies,
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Image Title Market Maker 2 400:1 None Commodities, Cryptocurrencies, Currencies,ETFs, Indices, Stocks
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Image Title Market Maker 0.1 500:1 None Commodities, Cryptocurrencies, Currencies, Indices, Metals, Shares, Stocks, Energies
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Image Title Market Maker 300:1 None Commodities, Cryptocurrencies, Currencies,ETFs, Indices, Stocks
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Image Title ECN/STP 0 500:1 None Currencies, Commodities, Metals, Energies, Crypto, Bonds, Shares,
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Image Title Pure STP 0.6 200:1 None Currencies, Commodities
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Broker EUR/USD USD/JPY GBP/USD FX Pairs Crypto Pairs
Image Title 0.1 0.1 0.3 59 3
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Image Title 1.9 3 2.3 50+ 6
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Image Title 1.3 1.4 1.8 39 5
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Image Title 1.3 1.5 2 50+ 3
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Image Title 3 2 4 47 16
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Image Title 0.1 0.01 0.1 55+ 2
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Image Title 0.7 0.007 1.5 N/A 9
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Image Title 0.7 0.2 0.5 51 4
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Image Title 1.8 32
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Broker Funding Types Account Manager Commission/Fees % Clients Lose Funds Support Hours
Image Title Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer No On ECN Accounts 70% 24/7
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Image Title Mastercard, Visa, Maestro, Neteller, Skrill, Bank Transfer Yes None 76.60% 24/5
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Image Title Bank wire, Visa, Mastercard No None 76.88% 24/5
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Image Title Mastercard, Visa, Neteller, Skrill, PayPal, Bank Transfer Yes no 71% 24/5
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Image Title Mastercard, Visa, UnionPay, Neteller Yes None 76% 24/5
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Image Title Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Yes None 69% 24/5
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Image Title Mastercard, Visa, Skrill, Paypal, Bank Transfer No None 80.60% 24/7
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Image Title Mastercard, Visa, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Yes None 72.83% 24/5
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Image Title Mastercard, Visa, Bank Transfer No None 7am - 6 pm
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We Compare Forex Brokers With 100% Transparency

tradeforesa-transparent-comparison

Since starting TradeForexSA in 2010, we have signed up and traded with 100+ brokers, and turned away more than double as many. To find the best Forex trading broker, we compared them on the following criteria.

  • Regulation is trust in the investment business. There are major regulators and minor regulators, and we took all of them into account.
  • Trading conditions are the details of the product the broker has to offer the trader, and we compared them.
  • Platforms are the software a broker offers traders to trade on and tested each of them.

The current broker rankings are calculated based on broker regulation, platform choice, and trading conditions for the clients. To see our full calculations in each of these areas, here is our Google Spreadsheet.

Our Forex Broker review process

TradeForexSA.co.za compares the best brokers available able to our South African audience. We maintain memberships at each broker we review, to continually monitor them. For every broker we monitor:

  •  Broker Regulation
  • Account Types Offered
  • Trading Platforms & Tools
  • Mobile Trading
  • Spreads and Commissions
  • Customer Support
  • Analysis tools
  • Educational Material

What is Forex Trading?

Forex trading is the buying and selling currency pairs with the goal of making a profit from the fluctuations in the market. To open a trade, a trader must choose a currency pair, and the direction they anticipate the value of the currencies moving in. As the value of the currency pair changes, the trader will close the trade for a profit or a loss.

Currency pairs are leveraged products, which are traded via an intermediary Forex Broker. Leverage enables the trader to make more significant trades than what their account balance allows, by borrowing additional funds via the brokerage, but the trader is still responsible for the losses for the full trading amount — as such, using high amounts of leverage can cause significant account losses.

Is Forex Trading Right For Me?

Above is a reasonably good overview of what you can expect with Forex trading.  By now you should know that it is high risk, that you need to find a broker that you feel suits you best, you should know the amount you want to put into that account with a broker.  Forex trading takes a commitment to learning, and you should be ready to:

  1. Compare the best Forex brokers in South Africa to find one that suits you.
  2. Read our education section and learn everything you can.
  3. Understand the way the FX market and CFD trading works.
  4. Learn the software and tools that will power your trading.
  5. Be prepared to lose all the money you place in an account. Don't deposit any money you can not afford to lose.

Featured Articles

How Strong Ties with China Will Impact the ZAR in 2018

China is South Africa's largest trading partner by volume, and thus the SA economy is more sensitive to any headwinds coming from their direction.   South Africa happens to be China’s largest trading partner in Africa, importing a total of $13.5 billion in services and goods from China.

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Should Traders Buy the South African Rand?

The South African Rand hasn’t performed well against major world currencies since the start of the year 2018, and it’s now one of the world’s worst performing currencies this year.  It is now down almost 10% with the USD/ZAR exchange rate reaching new highs after it touched 14.1446 earlier in the year.

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The South African Rand in 2016

January 12, 2016, marked the peak of the USD/ZAR exchange rate, which was the culmination of a well-defined bullish trend that started in the summer of 2011 and has now been on a decline ever since.

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South Africa Set to Lose AGOA Trade Benefits

At the end of the first week of 2016, South Africa and the United States declared that a deal had been struck on a trade dispute over technical issues related to animal health standards.

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Frequently asked Forex Questions

How to trade Forex in South Africa

To trade Forex in South Africa, you need a mobile device or computer to access the market via a Forex broker. This website specialises in comparing the best Forex brokers in South Africa, where we compare account types and trading conditions. Find the right broker, and create an account.

How to start Forex trading in South Africa?

To start trading Forex, you first need to find a Forex broker that suits your needs. The best way to do this is to find a transparent broker comparison website like this one or meet with an Introducing broker who already has a relationship with a single broker and can give assistance to get you started. Start trading with a FSCA-regulated Forex broker.

How to register for Forex trading?

The registration process for Forex trading starts on the broker's website. The first step in the registration is to complete a sign-up form with your personal information. The second step of the account registration is the KYC (know your customer) check, where you will be required to send copies of your identity documents and proof of address. This process is designed to verify that you are who you say you are and prevent money laundering and other criminal activities from happening using the broker as an intermediary.

How much money do I need to start Forex trading in South Africa?

Depending on the broker, you will be required to deposit between $5 and $500 to open your account. The amount you deposit will impact the amount of leverage you will be able to use in your trades, as equity and margin are essential in Forex trading.

How to open a Forex trading account in South Africa?

Opening an account with a Forex broker is a simple two-step process. The first step is to create an account by providing your details, and the second is a verification process that involves submitting electronic copies of your identity card and proof of home address. Once the account is verified, the account will be open for making deposits and trading.

How to make money with Forex trading?

The majority of retail traders do not make money from Forex trading. Forex trading can be profitable or unprofitable depending on how the trader trades, and the market conditions at the time they hold the investment.

A trader will make money by investing time in learning about how the market moves, learning from other traders and studying different chart patterns for clues that help predict future market movement. All of this will add up to a successful trading strategy.

Note that all Forex traders will always lose a portion of their trades, so it is imperative to set a win-loss ratio that guarantees overall profitability, and as a general rule, a trader should not invest more than 2% of their wallet in a single trade. Read our 7 vital Forex Trading tips for beginners here.

What are the risks of trading Forex?

Trading Forex carries significant risk. A risk that includes losing all the money in your trading account over a concise period. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The principal risks of trading:

  • Risk 1: The Forex market is extremely volatile at times. It is, after all, because of this volatility that we can profit from trades. But the market can move very swiftly, and this can mean a trade can go against you in a concise period. If you are trading, you must be active in watching your trades all the time.
  • Risk 2: The Forex market is not something you can predict. There are just too many factors and actors on the market for it to be fully predictable. Traders need to set a win-loss target ratio where you account for some losses and set a strategy to minimise them.
  • Risk 3: Forex trading requires the use of leverage. Leverage is a tool used in trading to apply your profits, but it also amplifies your losses which are automatically deducted from your trading account. Your account balance can be wiped out with a single bad trade.
  • Risk 4: In some cases, interest can be charged on your trades. For example, interest can be charged when you carry trades overnight where a tom-next adjustment is applied, and this could mean that your broker will take funds from your account to pay this fee.

Do forex traders pay tax in South Africa?

Forex gains are not tax-free income, and all profits from your Forex trading are taxable even if your brokage and capital are overseas. South Africans are expected to declare taxes just as with any other income either as an individual or a company. For more on this read our taxation article for forex traders who reside in South Africa.

What is the FSCA and the FSB?

South Africa's investment regulatory body is called the FSCA (Financial Sector Conduct Authority). It was formerly known as the FSB. It is their job to regulate all non-banking service providers in South Africa. Regulators like the FSCA are there protect the public from financial crimes and irregularities. Today, in addition to regulating trading on the JSE, the FSCA regulates Forex trading brokers.

Featured Articles

Five reasons why a ZAR fall is good for the economy

The majority of people who don't have a financial background believe that a strong currency is good for the economy, while a weaker currency is bad for the economy.  This couldn’t be further from the truth. On each side of the equation, there are positive forces as well as negative forces that can hinder the economic outlook.

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Rand Vulnerable to China Headwinds and US Rate Hike

he uncertainty that surrounds the Federal Reserve's timing of the first rate increase in a decade (update: eventually happened on December 15, 2015), coupled with China's current economic headwinds, still poses a downside risk for the ZAR.  China has been of considerable economic importance, not just for South Africa’s economy, but for the Global economy.

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Chinese Economic Turmoil Hits the SA Rand

The Chinese economic slowdown continues to remain a considerable risk for the South Africa economy, with any further weakness expected to damage any potential recovery and inflict even more economic damage.

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Rand Devaluation: Impact on South Africa's Economy

The ZAR dropped 26.15% against the USD in 2015, which made it the third worst performing currency after the Brazilian Real.  In December 2o15, the South African Rand took the title of the world’s worst-performing currency, and since that time, the ZAR has continued to devalue aggressively, sending the USD/ZAR exchange rates to new highs.

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TradeForexSA is a reader-supported magazine. When you sign up for an account through our links, we sometimes earn a commission, which enables us to continue making our website better for you.

Our goal is to create high-quality, factually correct, and meaningful educational content that furthers our readers interest in Forex trading and education. It is free from commercial bias, conflict of interest and as accurate as our writers are able. Comments and feedback on the content are always welcome by contacting us on [email protected]

To read more about who we are, and how we work, read our about us page.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.