Best Forex Brokers in South Africa for 2024

Forex brokers South Africa 2024 guide: Forex traders in South Africa prefer to trade via the best Forex brokers in South Africa. Forex brokers are companies that provide traders with a trading platform and access to buy and sell currencies. There are many brokers in South Africa, however, not every broker is the best broker. The best Forex brokers South Africa for 2024 are determined by their services and support. Some of these South African Forex brokers have offices in Cape Town, Durban or Johannesburg and residents can trade legally with them.

Top Forex Brokers in South Africa for 2024

Online Trading SA Providers
Minimum Deposit
Financial Regulators
Sign Up
Markets SA
FSCA Regulated.
In South Africa
Open Account

FSCA Regulated.
In South Africa
Open Account

Markets SA
Open Account

Hycm Markets South Africa
FCA, DFSA, CySec Regulated.
In South Africa
Open Account

Exness South Africa
FCA & FSCA Regulated.
In South Africa
Open Account

These best brokers in South Africa accept clients from South Africa and offer local support and contact numbers, local bank deposits and withdrawals and local offices as mentioned above. As trading currencies in South Africa keep on rising, we recommend that you trade with regulated Forex brokers. While it is not required for Forex brokers to become authorised by the Financial Sector Conduct Authority (FSCA) to accepts South Africa residents as customers, we recommend it. FSCA is the financial regulatory body in South Africa. Other Forex brokers are regulated by the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) or Australian Securities and Investments Commission (ASIC).

The FSCA was established in 2018 by the Financial Sector Regulation Act 9 of 2017 (the FSR Act) as the successor to the Financial Services Board (FSB). The FSB had previously regulated South Africa from 1990 to 2018.

Best Forex Brokers in South Africa

Best Forex Brokers South Africa

All forex brokers offer the same basic service. However, the best Forex brokers in South Africa have different trading platforms, trading costs, assets and customer support, all in which make them differ from other brokers. These brokers also offer different trading experience. This list of the top Forex brokers accept new customers from South Africa. List of the best Forex brokers in South Africa.

  • AvaTrade – Top Forex Broker in SA
  • IG – Top-rated South African Forex Broker
  • eToro – Best Copy Trading Platform
  • FXTM – Best Broker for Forex
  • CM Trading – Best Forex Broker South Africa
  • FXCM – Top Broker in South Africa
  • SAXO Bank – Best VIP Client Experience

How to Verify FSCA Authorization

To check if a Forex broker is authorized by the FSCA, you must check its FSP registration number from the disclosure text at the bottom of the their website’s homepage. For example, here’s the key disclosure text from Plus500’s website,

Plus500AU Pty Ltd is an Authorized Financial Services Provider #47546 in South Africa. Remember that CFDs may not be suitable for everyone and ensure you understand the risks involved. Click here to see our full risk warning. South African clients warrant that they have obtained the necessary tax clearance certificates in line with their foreign investment allowances.

The final step is to search for the FSP number on the financial register available on the FSCA’s website to verify that the Forex broker is currently authorized in South Africa.

How To Choose the Best Forex Broker in South Africa

There are crucial things you need to follow when looking for a good Forex broker. Regulations, transaction costs, trading platforms, minimum deposit, customer service and deposit and withdrawal of funds are some of the factors you should consider when selecting the best Forex broker. Just like Prop Firms, many South African Forex brokers offer demo accounts, before you choose a broker, open a demo account to check your trading strategy, test the platforms and trading conditions for yourself. You will be able to find the best Forex broker for you in South Africa with the right research and testing.

What are the Best Forex Brokers South Africa? How to Trade Forex?

Trading Forex (Foreign Exchange) is a phenomenon of popularity!

The foreign exchange market, as it is known in South Africa, is the meeting point for millions of investors from all over the world looking to trade currency pairs from the most diverse countries.

Forex is a truly global market, bringing together investors of all classes – large and small, private and institutional – to buy, sell and exchange currencies .

But what are the best brokers to trade Forex in South Africa? And how to choose the best Forex broker? We’ve already explained which are the best brokers in our country and what to consider before starting to trade Forex in South Africa.

Why Trade Forex?


  • Most Liquid Market in the World
  • Variety of Operators
  • Gain Exposure to International Currencies
  • 24/7 operation
  • Influenced by Accessible Information


  • Learning curve
  • Requires Availability

Forex is a market that operates 24 hours a day, 7 days a week, bringing together countries from all over the world. This means that liquidity in the market is ensured at all times, as each country wakes up.

That is why it is known as the most liquid market in the world. There are always buy and sell quotes provided by the most varied investors. You can even be a small investor and, in this market, you will trade side by side with:

  • Central banks
  • Commercial banks
  • Brokers
  • Fund managers
  • Private investors

To get a sense, this market went from moving an average of US $ 1.2 trillion a day in 1995 to US $ 6.6 trillion in 2019, and that value is rising, according to the Bank for International Settlements.

It is a lot of money moved daily!

In the foreign exchange market you will find all types of currencies, from the most common ones, such as USD (American Dollar) or EUR (Euro) , to other more exotic ones, such as the RUB (Russian Ruble) or the INR (Indian Rupee).

Best Forex Brokers 2024

One of the first doubts you will have when entering this market will be choosing the best broker.

Although there are many options in this market, we present brokers that you can find a lot of information about, starting with our articles.

What is the easiest Forex broker to use?

IQ Option

The IQ Option is a brokerage CFDs that offers different types of investments, including Forex. One of its particularities is that it has a simple and intuitive environment, mainly useful for new investors.

This broker offers the most popular Forex pairs and allows you to invest from $ 10, which is particularly useful if you are starting out in Forex. Many other brokers in South Africa require much higher input values.

Olymp Trade

In addition to being an easy to operate platform, one of the main highlights of this broker is that it allows you to invest in Forex with only $10 if you use a credit card.

Another good news is that it allows deposits with Rands, although, in these cases, the minimum deposit rises to $100. To invest, you can open positions with just $250.

Olymp Trade offers a total of 28 popular currency pairs, and in Forex it allows you to leverage from x50 to x500!

Which Forex Broker has the lowest spread?

If you are looking for spreads and, in general, for the lowest costs in Forex, XTB is one of the best options on the market, in addition to having no minimum deposit.

This broker presents a very professional environment, using the MetaTrader platform. Although it is more difficult to understand for new investors, it allows you to achieve fast lead times when you trade.

What is the Best Forex Broker for Me?

It will depend on what you are looking for and your level of experience in the market.

If you want an easy-to-use and intuitive broker, IQ Option or Olymp Trade should be worth your interest. On the other hand, if you already have some experience in the market, XTB is a robust option and much appreciated by professional investors.

It is also worth remembering that the two brokers offer free demo accounts and you can try them out and see which one is the most suitable for you without any risk or cost.

How to Trade Forex in South Africa?

Now that you know some of the best Forex brokers in South Africa, it is important to keep in mind important notions before starting to trade Forex. Trading Forex successfully will not happen overnight. You need to know this market very well before investing your savings !

That is why we have created a list of factors to consider if you are thinking about trading Forex.

  • Know the Risk: A very common criticism of the Forex market is that it has a lot of risk. But in reality, it depends on you and the level of risk you are willing to accept. Many Forex brokers SA offer leverage up to 500: 1 (ie x500) in Forex. We do not recommend you to use it unless you really know what you are doing!

The leverage is like a mutiplicador gains or losses. Since the price variations (volatility) in Forex are relatively small, some investors resort to leverage to have higher returns.

But remember: if it goes wrong, the losses will also be greater.

However, understand that leverage is not an inherent and exclusive risk to this market. All markets have risks and all allow leverage to be used. It is up to you to determine how you want to trade and how much you are willing to risk.

  • Study the Market: Be patient. Everything takes time to be learned. Start by reading articles like this, by participating in discussion forums and by talking to other traders.

To be successful in Forex you need to know what drives this market, and that only comes first with study and then with experience. Do not rush these steps.

A good Forex investor is a person well informed about the various economic aspects of the geographies in which he invests. It is essential to know macroeconomic indicators and other relevant country data, such as:

  • Evolution of GDP;
  • Unemployment rate;
  • Financing interest rates (public debt);
  • Inflation rate;
  • Monetary policy (interest rates of central banks);
  • Balance of payments.

Realizing what influences the market is halfway to success. The other part of the walk is done… Walking.

A good way to start practicing is to try a Demo Account at a broker that offers currency pairs to trade.

The IQ Option, for example, gives the opportunity to trade an account with $ 100,000 fictitious so you can train at ease and without risk before you start investing real money.

  • Define a Strategy: How much time do you have available per day? How much money will you invest? Will it be your main activity?

All of these are important issues in defining your strategy. They are the ones who will dictate what your approach to this market should be:

  • Day Trading – If you are going to choose to hold short-term positions, make sure you have the time and mental availability to pay full attention to your portfolio. Considering some technical analysis tools is essential in this approach;
  • Long Term – These are the investments you make thinking about the long term. You invest because you believe that this investment will pay off, sometimes at the end of months – in which case a fundamental analysis is made. For this reason, this approach requires less daily time, but a deeper analysis before making the investment.

And remember: if you plan to make this your main activity, then treat it as such, strictly.

Practice schedules, point out your flaws so as not to repeat them and, very importantly, be faithful to your strategy. Do not change it immediately just because some trades have failed. Sometimes the results are slow to appear.

  • Understand the Language: After all, how could it be successful without understanding, at least, the main technical language of this market?

Is it forbidden to trade Forex in South Africa?

Yes and no! Let’s do it by steps. Forex is legal in South Africa. You can trade Forex as long as you do it at a foreign broker and, of course, secure.

In short:

Forex is not illegal in South Africa. What may be illegal is the way in which certain brokers operate, either because they advertise Forex in the South African market or because they present fraudulent schemes to deceive customers.

Is Forex Trading Safe?

It is a very frequent question, especially for new investors who do not know how to start.

These doubts sometimes cause fraudulent schemes to take advantage of the misinformation of new investors, creating a bad reputation for this market.

Trading Forex is safe, as long as you choose a trustworthy broker in South Africa and do not believe in schemes that promise guaranteed profits. And believe me, there are a lot of people out there trying to take advantage of people’s lack of knowledge.

Always choose prestigious Forex brokers in South Africa, about which information is easy to find on the internet. Never believe in guaranteed profits. Nobody can promise you that.

Remember that only the result of your decisions can earn you money in trading. It is more difficult, it is true, but that is the reality.

Forex is a truly exciting market that will force you to understand the workings of the global economy much better.

Consider that you will probably need a longer learning curve than when investing in other types of assets. Trading Forex is not easy, nor will it be something you will learn overnight.

When investing in stocks it is easier to choose a company. Possibly you see yourself in it and even know the project well.

When you invest in a currency, however much you know the country, there are an infinite number of variables that you should consider.

The good thing is that most of that information comes in the news, so the more you know about the world around you, the better.

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