But crypto CFDs are not available on their platform. The broker was registered in South Africa close to 5 years ago and has been maintaining its license since then. HotForex HF Markets Group is not only regulated by FSCA, but also with FCA, CMA Kenya , and CySEC, so it adds a cushion of the regulatory framework as a fraud in one country would mean fraud in other countries too.

Since the HF Markets group is multi-regulated, we consider them a low-risk broker. The broker has been around for a few years now, and they are well regulated which makes HotForex less of a regulatory non-compliant forex broker. So, we consider HF Markets to be a safe forex broker for SA traders. This is considered good because you will have the availability of custom EAs. We tested their chat support and found that the wait time was under 15 seconds. The agents we were connected to with their chat support had technical knowledge of the problems we presented before them.

So, we consider their support to be good. Exness ZA PTY Ltd is a FSCA authorized forex broker. is and they are considered a safe forex broker to trade with in SA. Exness is considered a safe and reliable CFD broker as they are regulated by FSCA in South Africa Apart from this, they are also regulated by FCA in the UK , FSA of Seychelles, CBCS of Curacao and Sint Maarten, FSC of the British Virgin Islands, FSC of Mauritius, and the CySEC of Cyprus EU.

There are 5 different account types to choose from. The Standard and cent version of the Standard account do not require a minimum deposit. Zero account also has very low spreads but the commission are variable.

The Pro account does not involve any commission and the spreads are also lower than that with the Standard Account. Read our comprehensive review of Exness to know more about the different account types at Exness and the fees associated with each account type.

There is no non-trading fee of any type at Exness. The deposits and withdrawals are free for most of the available methods. And no inactivity fee is incurred.

Exness accepts deposits and withdrawals through local bank transfers in South Africa. Clients can also open a ZAR-based account and no currency conversion fee will be applicable if deposits are also made in ZAR.

Additionally, clients can deposit and withdraw through Skrill, Neteller, Ozow, Mybux, and several other methods. Clients can reach out to support executives through live chat, email, and phone support. Their FAQ section briefly covers most of the common queries raised by the clients. Exness can be a great option to trade forex and CFDs in South Africa.

They offer local phone support, local bank transfers, and ZAR-based accounts for South African traders. MT4, as well as MT5 trading platforms, can be used at Exness to trade on any device. Ava Capital Markets Pty is a FSCA authorized forex broker. Avatrade is a well-regulated market maker that has a local office in South Africa.

It allows ZAR-based accounts and free ZAR deposits and withdrawals. Avatrade Capital Markets Pty is the legal entity of Avatrade that is regulated under the FSCA of South Africa with FSP number This makes Avatrade fairly safe for the clients residing in South Africa. There is no choice for account types at AvaTrade.

The pricing structure and trading conditions are the same for all the clients in South Africa. AvaTrade offers multiple trading platforms for trading CFDs. It offers MT4, MT5, and a proprietary trading platform called AvaTradeGO.

The social trading and copy trading features are also very convenient for suitable clients. More than instruments can be traded at AvaTrade including 55 currency pairs, 25 commodities, and 20 cryptocurrencies.

The customer support service is good with the availability of local phone support and a live chat window. The support service is not available on the weekends. XM is an offshore regulated CFD broker that offers a wide range of research and analysis tools. XM is not regulated by FSCA in South Africa or any other top-tier regulatory authority.

Although, only the clients residing in the European Union are registered under the CySEC regulation. XM is a member of Trading Point Group which has multiple regulated businesses in the financial sector. The parent company of XM is also regulated by top-tier regulatory authorities but XM itself is an offshore regulated broker. The risk of choosing XM in South Africa is higher compared to all other CFD brokers that are regulated by FSCA or other top regulators. XM claims to offer narrow spreads as low as 0.

No trading commission is charged with any of the account types at XM. XM offers MT4 and MT5 trading platforms for all devices. They also grant access to multiple research and education tools that can greatly assist traders. Each account type at XM can be opened with ZAR as the base currency. The Ultra Low Account has the least trading fees but it does not allow clients to avail themselves of any bonus.

More than financial instruments are available to trade including 57 currency pairs. The maximum leverage on forex pairs is in South Africa.

XM is a good choice for beginners as there are a lot of educational tools that can assist beginners. The spreads are low with the Ultra-Low Account but the bonus cannot be grabbed with this account.

Tickmill is a part of Tickmill Group of companies that is regulated in various jurisdictions including the top-tier FSCA of the South Africa.

Tickmill is regulated by the Financial Sector Conduct Authority FSCA in South Africa. The FSCA-regulated legal entity of Tickmill is Tickmill South Africa Pty Ltd with FSP number Tickmill allows clients to choose from 3 different account types and the fee structure is different for each account type. The classic account type is a commission-free account type where the spread is the only trading fee. The spreads with the Classic account start from 1.

The Pro and VIP account have commission-based fee structures with low spreads. The spreads with the Pro and VIP account are as low as 0 pips. ZAR cannot be chosen as the base currency of the account.

Hence, deposits made in ZAR are automatically converted to the base account currency. Tickmill allows trading on 62 currency pairs as CFD. Clients can also trade with CFD of stock indices, oil, stocks, commodities, and cryptocurrencies. They do not have local phone support in South Africa but clients can connect through the live chat window. XTB is a Polish regulated broker in South Africa. XTB is not regulated by the FSCA in South Africa.

They support proprietary trading platform for trading forex and CFDs. They are regulated by the FCA of the UK but the South African clients are registered under Komisja Nadzoru Finansowego KNF regulation of Poland. The third-party risk of choosing XTB in South Africa is higher compared to any other FSCA-regulated forex broker. However, it can still be chosen as it is regulated by the top-tier FCA in the UK.

The spreads are average when compared with other brokers. Overnight charges are incurred with the Standard account for keeping the positions open overnight. This can be avoided by choosing the swap-free account at the expense of slightly higher spreads. The minimum spread at XTB is 0. No trading commission is incurred for trading forex, indices, commodities, and cryptocurrencies.

XTB offers a proprietary trading platform called as xStation. MT4 or any other third-party platform is not available at XTB in South Africa. They allow trading of more than instruments as CFD.

The maximum leverage is on currency pairs. USD is the only account currency available for South African clients at XTB. ZAR is not available as an account currency. Deposits and withdrawals can be done through bank transfers, credit cards, and e-wallets. The currency conversion fees will be applicable for every ZAR deposit.

Transactions through e-wallets will incur additional commission from the third party. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

To find the best forex brokers in South Africa, we created a list of all brokers that accept new customers from South Africa and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers. This exacting analysis of more than variables includes our proprietary Trust Score more on Trust Score below.

Compare South Africa authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.

com Overall ranking. To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from IG's website.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK FCA Number , a juristic representative of IG Markets South Africa Limited FSP No South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.

Next, look up the FSP number on the financial register available on the FSCA's website to validate that the broker is currently authorized in South Africa. IG is the best forex broker in South Africa from amongst all brokers that are regulated in South Africa and accept South African residents. IG ranks highly across key categories, including its trust factor using our proprietary Trust Score and is the No.

Trust is paramount when a company is holding money on your behalf, whether it be a bank or broker. At a minimum, a regulated broker is accountable and must demonstrate a commitment to compliance.

Most importantly, it's crucial to use a broker that is properly regulated to reduce your chances of stumbling into a scam. And in the event that you are unable to resolve a complaint with your broker, your local national regulator or the regulator in the country where your broker is located may be able to assist in resolving your case, or, in the extraordinary event of a broker bankruptcy, help recover your funds. An unregulated broker has no such obligation to help you and no regulator will be able to assist you either.

Pro tip: The ForexBrokers. com Trust Score algorithm factors into consideration the number of licenses a broker has and where those licenses are from, as not all regulators are of the same level of trustworthiness. For example, in top-tier jurisdictions like the U. Disclosure: ForexBrokers.

com does not review any broker unless it holds at least one license in a tier jurisdiction that we track tier one through tier three.

Learn more about Trust Score. Unless you already have a significant portfolio and have taken massive risks and gotten lucky or have a highly detailed trading methodology, the odds of getting rich from forex trading are stacked against you: Year after year, the majority of traders consistently lose money. For the successful minority, most will realize the extra earnings as complementing their income, in the form of capital gains, while the largest wealth creation will be from traders who let their profits ride over the longer term, or had consistent winners and an overall sizeable portfolio to begin with.

The exception is if someone has a history of returns i. Was this helpful? Yes or No. For our Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50, words of published research.

Each broker was graded on different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure.

Read about Trust Score here. As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than. Learn more about how we test. There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.

To come up with this list, we have tested over 8 forex brokers holding FSCA licenses in South Africa. We placed real trades in each popular market to get the real spreads. We also reached out to customer support to solve issues that we had encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process. We handpick the best forex brokers based on our trading data and experience as a trader. Forex brokers must be registered and authorized with the Financial Sector Conduct Authority FSCA , formerly known as the Financial Services Board FSB , to operate in South Africa.

FSCA is a regulator with some strict scrutiny measures, and thus brokers regulated by it are considered safe. It is the only South African regulator overseeing the local forex market. It mandates brokers to separate company funds and client deposits, and also requires regular audits of the brokers. On the downside, FSCA does not offer a compensation scheme to traders or negative balance protection.

To select the best forex brokers in South Africa, we have tested and reviewed over 8 forex brokers. We opened a live account, deposited real money, and placed real trades with each broker. With our test, we got a picture of the real spreads and commissions, trading platforms, deposit and withdrawal conditions, educational resources, and customer services.

Headquartered and listed in Melbourne Australia, Pepperstone offers the best all-around service for forex trading in South Africa. It offers over 1, trading instruments across several markets, including forex, stocks, commodities, and cryptocurrencies. Forex trading on the platform is very good, it also allows scalping and hedging.

Pepperstone offers a variety of platforms, including industry-standard platforms MT4 and MT5 , cTrader , and TradingView platform. It charges lower than average forex spreads with only 1. Moreover, Pepperstone offers many options for fund deposits and withdrawals and has excellent customer support, as well as high-quality educational resources that suit traders of all expertise. We picked AvaTrade as the best forex broker for beginners in South Africa. AvaTrade offers excellent educational resources, which are a must to attract beginner traders.

It provides detailed guides and videos on both forex trading techniques and platforms. Additionally, the broker organizes webinars with industry experts to guide beginner traders. Apart from the educational resources, AvaTrade offers trading on both MT4 and MT5 platforms that are termed as industry-standard. It also simplifies trading with its proprietary mobile trading platform. Its offerings also range from forex to CFDs of indices, commodities, stocks, and cryptocurrencies.

We picked Tickmill as the best MT4 broker in South Africa. TickMill is a well-known brokerage and holds regulatory licenses in multiple jurisdictions. Despite its vast offerings and reach, it offers trading services only on the MT4 platform. It integrated a ton of indicators and charting tools on the platform which makes trading easier for both beginner and expert traders.

When it comes to only forex trading, FXPro stands put in to be the best FSCA-regulated platform. It offers a long list of currency pairs to traders and allows them to run all trading strategies with no limits.

FXPro also offers trading services on MT4, MT5, cTrader, and FxPro EDGE, meaning traders have a lot of options to choose the desired trading platform. It also offers competitive spreads that linger around the industry average. It also supports deposits and withdrawals with several widely used methods and has minimum non-trading fees.

We picked Plus as the best forex broker with the lowest spread and trading fees in South Africa. Based on our tests, Plus is a regulated forex broker in South Africa that offers lower than average spreads on currency pairs. Besides our best 5 picks above, we also put together a complete list of South Africa forex brokers we have tested along with our reviews. Traders usually have many questions related to trading generic trading-related queries.

We tried to pick and answer some of the most important queries related to FSCA-regulated brokers. The registration details of any FSCA-regulated forex broker can be checked on the online registry of the regulator. Go to www. htm and search for the forex broker using either the license number or the name. The registry will show all license-related details of the forex broker, even if the license has lapsed. No deposit bonuses are offered before traders make their first deposit with the forex broker.

These no deposit bonuses are often limited only to new traders and come with a string of terms and conditions. No deposit bonuses are like free money handed out to the trades but it is a lucrative marketing technique to attract both new and experienced traders to the forex broker platform.

We highly recommend traders check the licenses of such brokers offering no deposit bonuses. Read more on forex brokers in Nigeria. ECN account brokers offer traders direct market access and do not take any positions against the traders.

These brokers offer raw market spreads with zero or tight spreads and usually charge a commission as trading fees. MT4 is the leading trading platform used by forex traders across the world. Despite many limitations, this legacy platform is supported by a large number of market developers with third-party plugins. South African FSCA-regulated forex brokers are allowed to offer a maximum leverage of to traders, which is quite high based on the industry standards.

Some of the high-leverage forex brokers in South Africa are:. With an influx of new retail traders, forex brokers are getting focused on making their platforms beginner-friendly. They are offering better educational resources, and also simplifying the trading process has become a norm.

Some of the best forex brokers for beginners in South Africa that have top forex trading platforms are:. Trading with local fiat currency is always a priority for traders and, for South Africa, its ZAR. Some of the South African forex brokers with ZAR accounts are:. Forex trading in South Africa is surely taxable. In the country, all the residents are required to pay taxes, irrespective of the source of income.

All the traders are required to file tax forms to the respective institution annually. Traders should remember that it is their responsibility to pay taxes. In case of delay or tax avoidance, South African traders may face dire consequences and be obliged to pay penalties and fines. I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Everything you find on BrokerTested is based on reliable data and unbiased information. Read more about our methodology. Your email address will not be published. Save my name, email in this browser for the next time I comment. Broker Reviews. BlackBull Markets. CMC Markets. All Reviews. Broker Categories. Brokers by Type. ECN Forex Brokers. Zero Spread Forex Brokers. Cryptocurrency Brokers. MT5 Forex Brokers. Day Trading Platforms. High Leverage Forex Brokers. Forex Brokers for Beginners.

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OctaFX is a global forex broker that is only regulated with one Top-tier regulation i. Trade Nation. All Rights Reserved, Forex brokers must be registered and authorized with the Financial Sector Conduct Authority FSCA , formerly known as the Financial Services Board FSB , to operate in South Africa. IFX Brokers offers a choice in retail trading accounts that feature competitive trading conditions and flexible solutions. However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1,

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