The 10 Best Forex Brokers in South Africa Revealed. We have listed, rated, and reviewed the Best Forex Brokers in South Africa. This is a complete listing of The Top Ten Forex Brokers out of 175+ brokers in South Africa. (Updated for 2025*)
🛡️Regulated and unregulated brokers tested against 37 fundamental criteria.
🛡️These top 10 forex brokers were tested via their demo accounts.
🛡️These brokers accept South African Traders. 🇿🇦
In this in-depth write-up, you will learn:
- The Top 10 Forex Brokers in South Africa for (2025) – an in-depth List.
- Who are the Best-regulated Forex Brokers that accept South African Traders?
- Pros and Cons of opening a ZAR trading Account.
- The Best forex brokers operating in South Africa with MT4 and MT5.
- Our recommended Forex Broker for Beginners + Customer Reviews.
- Is forex trading legal in South Africa, and what taxes can I expect on profit?
- Best brokers to withdraw and deposit your funds without any hassles.
- Which broker offers the broadest range of financial markets?
- Why AvaTrade is the #1 CFD trading broker.
- How we select the forex brokers that made the list below
Top 10 Forex Brokers in South Africa in 2025 – A Comparison
10 Best Forex Brokers in South Africa (🇿🇦2025*)
- ☑️ AvaTrade – Overall, the Best Forex Broker in South Africa for 2025.
- ☑️ HFM -South African Forex broker regulated by the FSCA.
- ☑️ ATFX – Low ZAR Minimum Deposit Broker.
- ☑️ Tickmill – Quality Educational Materials with a deposit bonus.
- ☑️ Exness – High User Trust Score 95/100 with ZAR support.
- ☑️ easyMarkets – Good Option for Beginners for South Africans.
- ☑️ IC Markets – Excellent trading platforms and online support.
- ☑️ FP Markets – Great Spreads and Online Trading Experience.
- ☑️ FxPro – Regulated in SA, High User Trust Score 92/100.
- ☑️ Octa – Excellent all-around offering for professional traders.
1. AvaTrade
AvaTrade is a leading, well-regulated broker that accepts South African Traders. It is regulated in Europe, Australia, Japan, the British Virgin Islands, and South Africa. It is the #1 option for professional forex traders in South Africa. AvaTrade has a brilliant iOS and Android app with top-level features. It has over 400,000 registered traders.
Overview
Pros and Cons
Our Findings
In today’s global market, it is clear that AvaTrade stands out as one of the most reputable and regulated forex and CFD brokers. Various trading instruments are available for clients, and different trading platforms can be used without worrying about high fees. For example, this broker provides its clients access to renowned tool kits, including AvaProtect, and an online trading academy to educate them on different aspects of trading. Nevertheless, this capability does not come without certain downsides, which should be considered before clients decide to use their services. These include limited products within their portfolio and inactivity rates that may be seen as expensive.
2. HFM
HFM is an award-winning forex and commodities broker that offers various account types, trading software, and the segregation of client funds.
Overview
Pros and Cons
Our Findings
HFM (HF Markets) seems to be a well-known, multi-regulated forex and commodities broker. South Africa has a significant presence that provides competitive trading conditions, including low spreads and quick execution. The broker is regulated by FSCA, which guarantees traders some trust. But like any broker, it’s essential to do comprehensive research and consider various factors, such as trading platform options, customer support services, and fee structures, before making a final choice.
3. ATFX
ATFX is an international forex and CFD broker that is often recognized for a wide array of financial instruments as well as favorable trading conditions.
It offers trading on all, minor and exotic currency pairs along with many kinds of commodities, indices, and shares.
ATFX is applicable to both novice and seasoned traders because of the simplified and readily available trading platforms through meta trader 4 and ATFX’s own platform.
The broker is licensed in various regions which guarantees safety to clients up to a certain level.
In addition, ATFX provides educational assistance, customer care services, and a variety of account types for different trading options.
Overview
Pros and Cons
| ✅ Pros | ❌ Cons |
| Competitive trading conditions | Not much information on trading and no-trading fees |
| No deposit fees or withdrawal fees charged | One Standard Account offered |
| No commissions charged | |
| Offers a variety of trading instruments |
Our Findings
Based on my findings, ATFX offers a solid trading experience with a focus on customer service and a range of account types.
4. Tickmill
Tickmill is a Forex service provider that offers access to some of the most Popular Instruments on the Market. Tickmill South Africa is authorized and regulated by the Financial Sector Conduct Authority (FSCA), which regulates all major financial markets.
Overview
Pros and Cons
Our Findings
Tickmill seems to be a very competitive online broker that provides a powerful trading platform with attractive spreads and quick execution times. The focus on high-volume traders is clear in the advanced charting tools and API access, among other features. Although this broker has a strong presence in terms of regulation, potential traders need to research their specific account types and fees before deciding if they are appropriate for their trading requirements.
5. Exness
Overall, Exness can be summarised as a trustworthy and regulated broker that is very competitive regarding its trading fees. Exness offers a low spread, great education material, and customer support. It has a trust score of 95 out of 99.
Overview
Pros and Cons
| ✅ Pros | ❌ Cons |
| Highly Regulated | No multi-currency accounts available |
| Client funds kept in segregated accounts | Training resource section only available in English |
Our Findings
Among multi-asset brokers worldwide, Exness is the front-runner regarding its regulatory systems, various trading tools, and enticing trading conditions. Prioritizing customer satisfaction at all costs, Exness provides narrow spreads, speedy executions, and smooth withdrawal processes. However, like any other financial platform, you should do your homework before getting into a trade.
6. easyMarkets
easyMarkets is a reputable and advanced forex, CFD broker service provider with a simple-to-use platform and a wide selection of currency, commodity, and index markets to trade.
It supports MetaTrader 4 and its own developed trading platform, so customers with any level of experience can open an account.
easyMarkets is different from other brokers because it offers a number of interesting possibilities like fixed spreads, no slippage, and guaranteed stop-loss orders which are all risk-free for the traders.
The broker is under multiple regulations which guarantees a safe and secure trading experience. easyMarkets has good customer care services and ample learning materials that make it suitable for retail investors.
Overview
Pros and Cons
Our Findings
My findings with easyMarkets reveal a broker that prioritizes simplicity, transparency, and trader security. It offers unique features such as fixed spreads and guaranteed stop-loss
7. IC Markets
Overall, IC Markets is considered a low-risk and can be summarised as trustworthy and reliable. IC Markets has a world-class education online library and an easy-to-use copy trading platform. Based on their reviews, IC Markets has a high trust score of 90 out of 100.
Overview
Pros and Cons
| ✅ Pros | ❌ Cons |
| Low fees on Forex | No investor protection |
| Account opening is fast and hassle free | No protection on negative balance |
| Deposit and withdrawals are free of charge | Lack of research tools |
Our Findings
IC Markets is a preeminent forex and CFD broker globally, famous for its low spread, quick pay rates, and various platforms. It has a comprehensive range of financial products, such as currencies, indices, etc., capable of serving the needs of both beginners and advanced people engaged in trading. With a solid regulatory system, IC Markets has succeeded in becoming a well-known name concerning online trades, as they have a high commitment to client satisfaction.
8. FP Markets
FP Markets is a Trusted Global CFD and Forex Broker that allows investors to trade CFDs across Forex, Shares, Indices, Commodities, and Cryptocurrencies.
Overview
Pros and Cons
| ✅ Pros | ❌ Cons |
| Easy and fast account opening | Limited product portfolio |
| Low trading fees | High CFD fees |
| Fast execution of trades | High minimum deposit |
| Low Forex fees | High fee for international bank withdrawal |
Our Findings
FP Markets has been noted for its forex and CFD brokerage services, which are characterized by low trading spreads, prompt execution time, and a wide variety of tradable financial products. The company emphasizes the highest possible level of liquidity and price competitiveness in the market. Nonetheless, just like any other financial services provider, it is necessary to research extensively, consider personal preferences, and examine reviews before buying into it.
9. FxPro
FxPro is an international forex provider that provides multiple trading products, low spreads, superior trading platforms, sound regulations, and customized trading services to help genuine and professional traders find optimum solutions.
Overview
Pros and Cons
Our Findings
My findings with FxPro highlight it as a versatile and well-regulated broker with a strong global presence. FxPro offers a wide range of trading instruments and multiple platform choices
10. Octa
Octa is a trustworthy and worthwhile broker with a solid trust score of 90 out of 99. It offered world-class online support and educational material and developed an easy-to-use copy-trading platform.
Overview
Pros and Cons
Our Findings
Octa is a famous online investing service provider that is often viewed as having a more user-friendly interface than its contemporaries. Nevertheless, as with any financial service provider, a comprehensive evaluation would involve assessing trading platforms, available instruments, spreads, leverage, deposit/withdrawal methods, customer support, regulatory compliance issues, and the dealer’s overall trading experience.
Broker Comparison
Other Remarkable Brokers
Vault Markets
Vault Markets is a relatively new trading platform in South Africa that provides the client with access to forex, commodities, indices, and cryptos through the web trader.
Being licensed by the Financial Sector Conduct Authority (FSCA), Vault Markets wants to offer its traders a safe and stable environment to trade along with educational services for those meeting trading core concepts for the first time.
Many account types are available, each with unique trading conditions, such as high leverage, fixed spread price, and fast execution.
Furthermore, it provides easy-to-use trading platforms, strong customer support, and trading education for better trading.
Pros and Cons
IFX Brokers
IFX Brokers is a forex and CFD broker based in South Africa that provides opportunities to trade with currencies, metals, energy, stock indices, and cryptocurrencies.
This means that the company enjoys regulations from the South African Financial Sector Conduct Authority (FSCA), which implies a high level of client protection.
The IFX brokers’ trading accounts and platforms include MetaTrader 4 and MetaTrader 5 with respective attractive price spreads, leverage, and multiple accounts for newbies and professional traders.
They also provide regional customer services as well as multiple deposit and withdrawal methods.
Pros and Cons
JP Markets
JP Markets is a forex and CFD regulated broker located in South Africa, that provides trading instruments such as forex, commodities, indices, and cryptocurrencies.
It was founded in 2016 and provided MetaTrader 4 platform and meter account which has variable leverage. JP Markets also aims at offering local traders favorable trading terms/regulations such as ZAR trading accounts and payment methods.
However, the broker has its black sheep that have been caught on the wrong side of the law in the past when its license was suspended by the FSCA, but the broker remains in service providing trading services to traders in the region.
Pros and Cons
IG Group
IG is one of the world’s leading online trading companies that allows clients to trade across forex, shares, indices, commodities, and cryptocurrencies.
IG was founded in 1974 and today it is regulated by such supervisory authorities as the FCA in the United Kingdom, and ASIC in Australia and has high levels of security and reliability for traders.
It boasts IG Trading, its very own trading platform, as well as the industry favorite MetaTrader 4, which offers a vast array of trading resources, materials, and tools for all types of traders and offers great spreads, and customer support.
Pros and Cons
How we selected the best Forex Brokers in South Africa
There are a few points that South African traders must make sure of before signing up with any Forex or CFD broker.
Regulatory Compliance is a must
Regulation is important because it ensures the safety of your funds & protects you in case of any bad practice like fraud or manipulation by the broker. In South Africa, you must make sure whether the broker is regulated by FSCA or not. The best brokers will be compliant with major Regulators.
For South African traders, every forex broker that is listed on this article is compliant & licensed by 1 or more Government regulators i.e. FSCA (South Africa), FCA (UK), ASIC (Australia), or CySEC. If the broker is regulated & registered with more than 1 of these Top-tier Regulatory authorities, then we consider them to be safe for trading and depositing your funds.
But you should not ignore the FSCA regulation of the broker. If the forex broker only holds a license from a foreign regulator (even if from a Tier-1 regulator), you should still consider it riskier than a locally regulated broker. This is because you will not get the same investor protection from regulators of foreign licensed brokers in case the broker goes under.
To check if your forex broker is licensed or not, you should search for your broker’s name or their regulation number(generally on the broker’s main web page at the bottom all regulatory info will reflect), search on Regulator’s (FSCA, FCA, CySEC or ASIC) websites, as most of them have public search available. Below example is the image of what FSCA’s search interface looks like.
Make sure to verify if the broker is approved for offering derivative instruments. You need to ensure that the broker that you are choosing is approved for offering derivatives trading.
The following are the Top-tier Regulators for Forex & CFD trading in various countries. If a forex broker is regulated by more than 1 of these major regulators then it is considered to be a low-risk brokerage.
It is also important to note that some brokers may register their clients under Offshore regulators for lesser compliance. You should avoid such brokers & instead choose forex brokers that are licensed by Top-tier regulations & register your account under a major regulation like FSCA in South Africa.
Always ask your broker about the regulations under which your account will be opened. Most good brokers will transparently answer this question. Also, almost all of the regulated brokers will highlight the name of the Entity under which you are registering & their Regulatory Information on the account opening form.
Another aspect to consider with the FSCA licensing of the forex broker is whether they are an approved ODP (Over-The-Counter Derivative Provider).
As per FSCA licensing, any broker offering derivatives as the counterparty must be an authorized ODP. But only a few of the FSCA CFD brokers have their license status as Approved. Any forex broker that is not an approved or licensed ODP, cannot offer CFDs as the counter-party. Only the approved brokers are authorized to offer derivatives to SA traders.
What does it mean if the broker is a licensed ODP? The license allows the broker to act as the counterparty, meaning they can be the issuer of the derivative you are trading. For example, if you are trading EUR/USD, and the broker is an approved ODP, then your broker can act as the market maker of this instrument. So, they are the issuer or seller if you are the buyer, and are taking the opposite side of your trades.
The broker may or may not act as the market maker or issuer of the derivatives you are trading with it, but to do so legally, it has to have ‘approved’ ODP license status.
Some of the brokers like HFM who have large trading volumes are still not licensed ODP. Therefore, they cannot offer CFDs or any derivative instruments as the counterparty. They can only be a non-dealing broker.
When choosing any forex broker, South African traders must carefully check & validate the licenses that are issued by the FSCA to the broker they are choosing. If a broker does not have the required license, but they are still onboarding clients for an unapproved product, then they are not doing so legally.
Conclusion
Choosing the right Forex broker in South Africa is a big decision for any trader. Due to the number of alternatives, it is important to consider variables like regulation, trading platforms they provide, spreads and expenses, customer service, and available assets. This guide has mentioned some of the best brokers in South Africa, but it is essential to do a lot of research and compare more than one provider based on what you want for trading and your willingness to take risks.
You might also like: AvaTrade Review.
You might also like: Exness Review
You might also like: XM Review
You might also like: FP Markets Review
You might also like: HF Markets Review
Need to know information on forex trading:
- Risks and challenges of forex trading: Forex trading is complex and risky. Some risks involved include leverage, margin calls, and market volatility. It is essential to know these risks before you start trading forex. The Financial Services Board of South Africa governs the sector.
- Forex trading strategies: There are many different forex trading strategies. Some popular methods include trend trading, range trading, and scalping. The best plan for you will depend on your individual risk tolerance and trading goals.
- Tax implications of forex trading: The tax implications vary depending on your jurisdiction. In South Africa, forex trading profits are taxed as income.
- Regulation beyond FSCA: In addition to the FSCA, several other regulatory bodies oversee forex trading in South Africa. These include the International Organization of Securities Commissions (IOSCO) and the Financial Stability Board (FSB).
- Comparison of account types: Several Forex account types are available, each with its features and benefits. The most common account types include standard, mini, and VIP accounts.
- Customer support and education: When choosing a forex broker, it is crucial to consider the quality of the customer support and education they offer. A good broker should have prompt and efficient customer support and educational and research resources to help you make informed trading decisions.
- Mobile trading: Mobile trading platforms allow you to trade forex from your mobile phone or tablet. This can be a convenient option for traders who are on the go.
- Algorithmic trading and copy trading: Algorithmic trading and copy trading are two automated forex trading strategies. Algorithmic trading uses computer algorithms to generate trading signals, while copy trading allows you to copy the trades of other traders.
Frequently Asked Questions
Why do I need a forex broker in South Africa to trade with?
It would be best if you traded with us because forex trading involves buying and selling currencies on the foreign exchange market, which is a decentralized market. Forex brokers provide traders access to this market by connecting them to liquidity providers, such as banks and other financial institutions. They also provide trading platforms, tools, and resources to help traders make informed decisions. Without a forex broker in South Africa, it would be difficult for individual traders to participate in the forex market as they would not have access to the necessary trading infrastructure and liquidity.
Who is the best forex broker in South Africa?
According to research, HF Markets and AvaTrade are good broker choices and also the most used forex brokers in South Africa mainly because they are regulated brokers, licensed by the Financial Sector Conduct Authority (FSCA) in South Africa, which ensures that they adhere to strict financial standards and regulations. This provides traders with protection and trust when trading with AvaTrade. They are both heavily regulated by the FSCA, ensuring all traders’ platform safety.
Do forex brokers in South Africa charge commissions?
Forex brokers in South Africa may charge commissions, depending on the specific broker and your account type. Some brokers offer commission-free trading but may charge a spread instead, which is the difference between a currency pair’s buy and sell prices. Other brokers may charge both a spread and a commission. Before opening an account, it’s important to carefully review the fee structure of any forex broker you’re considering, including any potential commissions, spreads, or other charges. This information should be available on the broker’s website or their account documentation.
Are forex brokers in South Africa allowed to offer leverage to their clients?
Yes, forex brokers in South Africa are allowed to offer leverage to their clients, but they must comply with regulations set by the Financial Sector Conduct Authority (FSCA). The FSCA sets maximum leverage limits that forex brokers in South Africa can offer their clients.
How can I compare the trading conditions different forex brokers offer in South Africa?
Comparing trading conditions offered by different forex brokers in South Africa can be a daunting task. Here are some factors to consider:
- Regulation: Check if the broker is regulated by a reputable regulatory body in South Africa, such as the Financial Sector Conduct Authority (FSCA). A regulated broker will likely offer a fair and transparent trading environment.
- Trading Platforms: Evaluate the broker’s trading platforms. The platforms should be user-friendly, stable, and support multiple devices.
- Instruments: Look at the range of forex pairs and other financial instruments available for trading. Some brokers offer a wider variety of assets than others.
- Spreads and Fees: Compare the spreads and fees charged by different brokers. Lower spreads and fees can lead to higher profits.
- Minimum Deposit: Check the minimum deposit required to open an account with the broker. Some brokers require a higher minimum deposit than others.
- Leverage: Consider the broker’s leverage offered. Higher leverage can increase your trading power but also carries a higher risk.
- Customer Support: Look at the quality and availability of the broker’s customer support. A good broker should offer prompt and efficient customer support.
- Education and Research: Evaluate the broker’s educational and research resources. These can include webinars, tutorials, and market analysis. A broker with good educational and research resources can help you make informed trading decisions.
Can you trade forex under 18?
In most countries, individuals under 18 are not legally allowed to trade forex or engage in other types of financial transactions without the consent of their parents or legal guardians. The legal age for engaging in financial transactions may vary depending on the jurisdiction, so it’s important to check the regulations in your country or region.
Additionally, even if an individual under 18 has the consent of their parents or legal guardians to trade forex, they may face certain limitations or restrictions imposed by the broker or financial institution they are using. Some brokers may require traders to be of a certain age or to have a certain level of experience or knowledge before allowing them to trade forex.
Can you trade Forex without a broker?
Technically, trading forex without a broker is possible, but it is highly uncommon and not recommended for most traders. Forex is an over-the-counter market, meaning that trades are conducted directly between buyers and sellers without needing a central exchange. However, most traders use a broker as an intermediary between the trader and the market.
Brokers provide traders access to the interbank market, where the exchange rates are determined, trading platforms, analytical tools, and other resources to help them make informed decisions. Brokers also provide leverage, which allows traders to control more significant positions than they would be able to with their capital.
Trading forex without a broker would require direct access to the interbank market, typically only available to large financial institutions and major corporations. Even if retail traders could gain access to the interbank market, they would still need extensive knowledge and experience in forex trading to succeed.
Can you trade forex at 16 in South Africa?
The legal age for trading forex in South Africa is 18. This follows the regulations of the Financial Sector Conduct Authority (FSCA), the financial regulatory body responsible for overseeing financial services providers, including forex brokers.
Individuals under 18 are not allowed to open forex trading accounts or engage in any financial transactions without the consent of their parents or legal guardians. Even with the consent of their parents or legal guardians, individuals under 18 may face certain limitations or restrictions imposed by the broker or financial institution they are using.
Can you trade forex without leverage?
Yes, it is possible to trade forex without leverage. When a trader opens a position in the forex market without leverage, they use only their capital to fund the trade. In this scenario, the trader’s potential profit or loss is proportional to their position size.
Trading forex without leverage can benefit risk-averse traders or those with a small trading account. Without leverage, traders are not exposed to the risk of margin calls, which can occur when the position’s value moves against the trader and their account balance falls below the required margin level. However, trading without leverage may also limit a trader’s potential profit, as they will only be able to profit from the price movement of the currency paired with the capital they have invested.
It’s important to note that leverage can also be helpful for experienced traders who understand risk management and use it judiciously. Leverage allows traders to control more prominent positions than they could with their capital, which can amplify potential profits. However, using leverage carefully and managing risk properly is essential to avoid significant losses.
Other brokers that are good options for South African traders are IFX Brokers, Interactive Brokers, Kwezitrade, and IG Markets Pty Ltd.
This is the end of the article – how to choose from the best forex trading brokers in South Africa.
Very useful site if you want to start trading
October 23, 2024
All the options might be overwhelming at first, but with all this relevant information at your fingertips it became easier to choose one of the top brokers.
Darryl
Response from SA Shares
Thanks for taking the time to review.
Awesome platform to choose a regulated broker
October 16, 2024
What an informative article, sure makes it easier to choose the best broker for your trading needs.
Andre
Response from SA Shares
Thank you so much for your review.
