Best Forex Brokers in South Africa

  • 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
Read review
Image Title
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
400:1 0.7
Pips
MetaTrader4 $100
Read review
Image Title
FCA FCA
ASIC ASIC
FSCA FSCA
400:1 1.3
Pips
MetaTrader 4, Trade Station, Ninja Trader $50
Read review
Image Title
CySEC CySEC
ASIC ASIC
FCA FCA
400:1 2
Pips
eToro platform $200
Read review
Image Title
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
500:1 0.1
Pips
MetaTrader4, MetaTrader5 $5
Read review
Image Title
CySEC CySEC
ASIC ASIC
FSCA FSCA
300:1
Pips
Plus 500 ZAR 1500
Read review
Image Title
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
500:1 0
Pips
MetaTrader4, Webtrader $5
Read review
Image Title
FSCA FSCA
200:1 0.6
Pips
MetaTrader4, Webtrader ZAR 2000
Read review
Image Title
CySEC CySEC
FCA FCA
500:1 0
Pips
MetaTrader4, Webtrader $100
Read review
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
Read review
Image Title Market Maker 0.7 400:1 None Stocks, Commodities. Indices, Options, ETFs Bonds, FX, Cryptocurrencies,
Read review
Image Title Market Maker/STP 1.3 400:1 None Currencies, Cryptocurrencies, Stock Indices and WTI, Bonds, Precious metals
Read review
Image Title Market Maker 2 400:1 None Commodities, Cryptocurrencies, Currencies,ETFs, Indices, Stocks
Read review
Image Title Market Maker 0.1 500:1 None Commodities, Cryptocurrencies, Currencies, Indices, Metals, Shares, Stocks, Energies
Read review
Image Title Market Maker 300:1 None Commodities, Cryptocurrencies, Currencies,ETFs, Indices, Stocks
Read review
Image Title ECN/STP 0 500:1 None Currencies, Commodities, Metals, Energies, Crypto, Bonds, Shares,
Read review
Image Title Pure STP 0.6 200:1 None Currencies, Commodities
Read review
Image Title STP 0 500:1 None Currencies, Cryptocurrencies, Stock Indices and WTI, Bonds, Precious metals
Read review
Broker EUR/USD USD/JPY GBP/USD FX Pairs Crypto Pairs
Image Title 0.1 0.1 0.3 59 3
Read review
Image Title 1.3 1.5 2 3
Read review
Image Title 1.3 1.4 1.8 39 5
Read review
Image Title 3 2 4 47 16
Read review
Image Title 0.1 0.01 0.1 2
Read review
Image Title 0.7 0.007 1.5 9
Read review
Image Title 0.7 0.2 0.5 51 4
Read review
Image Title 1.8 32
Read review
Image Title 0.2 0.6 0.9 1
Read review
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
Read review
Image Title Mastercard, Visa, Neteller, Skrill, PayPal, Bank Transfer Yes None 71% 24/5
Read review
Image Title Bank wire, Visa, Mastercard No None 76.88% 24/5
Read review
Image Title Mastercard, Visa, UnionPay, Neteller Yes None 76% 24/5
Read review
Image Title Mastercard, Visa, Maestro, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Yes None 69% 24/5
Read review
Image Title Mastercard, Visa, Skrill, Paypal, Bank Transfer No None 80.60% 24/7
Read review
Image Title Mastercard, Visa, UnionPay, Neteller, Skrill, Bitcoin, Bank Transfer Yes None 72.83% 24/5
Read review
Image Title Mastercard, Visa, Bank Transfer No None 7am - 6 pm
Read review
Image Title Mastercard, Visa, UnionPay, Neteller, Skrill, fasapay, Sticpay, Bank Transfer Yes None 81% 24/5
Read review

What is Forex Trading?

Forex trading is the exchange of currencies to make a profit from fluctuations in the exchange rate. To open a trade, a trader must choose a currency pair, and the direction they expect the exchange rate to move. As the exchange rate between the two currencies changes, the trader can close the trade for a profit or a loss. More detailed information on how Forex trading works is here.

How do you trade Forex in South Africa?

To start trading, a participant will need access to a market where currencies pairs can be bought and sold. A Forex broker is the only way to access the market and depending on how the brokers are set up, either the broker will maintain the market (market maker) or offer a direct connection to the international market (direct market access). Either way, a trader will need to create a trading account at a brokerage and set up a trading platform to get started.

What is the difference between trading Forex and trading equities?

When we think of investing, we often hear about trading of equities on the stock market, and mistakenly include Forex trading in the same grouping. Forex trading is a form of CFD trading and differs from investing in equities in several ways.

Currencies are traded in pairs, where equities are physical shares that are purchased for cash. Trading currency pairs means that as you buy one pair, you are selling the other at the same time. This simultaneous buying and selling of currencies acknowledge that it is the relative value between the two currencies in the pair that creates profit.

The Forex market is a decentralised over-the-counter exchange, where all transactions and participants are confidential, unlike stock markets, which are centralised and where public records are kept of buyers and sellers.

An attractive element of currency trading is the low cost of entry. In order to make substantial profits, equity traders use large amounts of capital, obviously not an option for investors with limited incomes.

Forex trading is not investing. Any transaction on the Forex or CFD market does not give the trader partial ownership of the asset being transacted. In this case, the trader is speculating on the future value of the assets involved in the trade. Thus, to call it an investment would be incorrect as traders are only speculating on the value of the assets.

Currency pairs are leveraged products. Leverage enables the trader to make much larger trades than what their account balance allows by borrowing additional funds via the brokerage. Leverage means that any profits are magnified, but so are any losses. Traders are responsible for the losses for the full trading amount — as such, using high amounts of leverage can lead to significant losses.

How do beginners learn to trade Forex?

Beginners are advised to learn to trade using a demo account before depositing money into an account. We have a guide full of practical advice to get you started, and more on how to place your first trade.

It is going to take years to learn how to trade CFDs successfully, as traders need to study the many components and strategies to make trades more successful. We cover a set of strategies and tips in our learn to trade section.

How much do I need to start trading Forex?

Trading accounts can be opened for as little as 5 USD (70 ZAR), but a recommended deposit is between 200 USD to 500 USD. A minimum 200 USD deposit is advised because your account balance is going to determine how much leverage you can use, and should your account balance be too small, then trading with leverage will be impossible, or your trades will be closed because of an insufficient account balance to cover losses.

Compare Forex Brokers South Africa

Best Forex Brokers Compared

Since starting TradeForexSA in 2010, we have traded with 100+ brokers. All broker reviews are compared using criteria from our transparent review process. They are:

  • Regulation is the quality of supervisory oversight. The better regulated a broker the more trustworthy it is.
  • Trading conditions will determine your freedom to trade, and with profit.
  • Platforms are the software that traders use to access the Forex market, there are many different platform options.

The current broker rankings are calculated based on broker regulation, platform choice, and trading conditions for the clients.

Learn To Trade

How does Forex Trading Work?

Learn how Forex Trading work with our essential guide. Understand the terminology with examples and learn how to make a successful first trade.

Read article

The Complete Guide to Opening a Forex Trading Account in South Africa

So you want to get started in Forex trading but feel a bit daunted by the process - maybe you’re not sure where to start? Or you’re not sure how to pick the right broker? Maybe you’re worried that South African brokers are untrustworthy? Well, we have made this quick step by step guide to getting you started.

Read article

Forex Trading for Beginners

Can you get rich by trading forex? Learning to trade forex may seem like a daunting challenge. In this article, you will find handy tips and practical advice to get you started with forex trading in no time!

Read article

How to Place My First Forex Trade

Online forex trading platforms enable traders to conveniently speculate in the most liquid market in the world. Learn how to place your first trade step-by-step on either a demo or live account.

Read article

Frequently Asked Questions

What is the FSCA and the FSB?

South Africa's investment regulatory body is called the FSCA (Financial Sector Conduct Authority) which regulates all non-banking service providers in the country. Regulators like the FSCA exist to protect the public and markets from financial crimes, money laundering and other irregularities. Today, in addition to regulating trading on the JSE, the FSCA regulates Forex brokers.

What are the risks of trading Forex?

Trading Forex and CFDs carry a significant risk that includes losing all the money in your trading account over a short 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 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 use a strategy to minimise them.
  • Risk 3: CFD trading requires using leverage. Leverage is a tool used in trading to amplify 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.

What is the best time for trading forex?

Profits from the Forex markets are made during times when the market is volatile, so it makes sense that traders should be active during those times. The most volatile periods are when the major major markets (Syndey, Tokyo, London and New York) are open, so traders should create a trading plan that takes these hours into account and plan trading sessions around when the Forex markets are open.

Do forex traders pay tax?

Forex gains are not tax-free income, and all profits are taxable even if your brokerage 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.

Is Forex Trading Right For Me?

By now you should know that it is high risk, that you need to find a broker that you feel suits you best, and the amount you want to put into your account with a broker.  Trading Forex takes a commitment to learning, and you should be ready to:

  1. Compare the best 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 Forex 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

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.

Read article

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.

Read article

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.

Read article

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.

Read article

We Are Proudly Reader Supported

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 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.

To read more about who we are, how to contact us, 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.