10  Best Forex Brokers for Beginners in South Africa 2024 (2024)

FP Markets – Best Overall Broker for Beginners

Available 24/5 via live chat, email, and telephone in over 12 languages, FP Markets’ customer service helps beginner traders with all aspects of CFD trading, from setting up an account to navigating its platforms and any other technical queries. A large, globally renowned ECN/DMA broker, FP Markets is well-recognised by the Forex industry, having won numerous awards since its inception.

FP Markets offers competitive trading conditions on two live accounts on the MT4, MT5, cTrader and TradingView platforms, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account and 0.10 pips (EUR/USD) on its Raw Account in exchange for a commission of 6 USD (round turn) per lot traded. Both accounts also have a minimum deposit of 100 AUD (or equivalent), making them accessible to beginner traders. FP Markets’ education is one of the best in the industry, with videos, various courses, webinars, and podcasts.

Accepts South African Clients. Average spread EUR/USD 0.10 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5, cTrader & IRESS platforms supported. FP Markets is regulated by the FSCA, CySEC, and ASIC.

Avatrade – Best Forex Broker for Beginners

A well-regulated market maker, Avatrade offers trading on multiple assets, including Forex, commodities, cryptocurrencies, ETFs, options, bonds, and vanilla options. With full support for leading trading platforms, including MT4, MT5, and its award-winning app, AvatradeGO, Avatrade provides one of the most user-friendly and innovative trading environments for beginner traders.

Voted Best Forex Trading App by the Global Forex Awards, AvatradeGO allows access to trader insights, connect with global trading markets, create watchlists, and view live prices and charts. It also offers a range of trading tools, including Autochartist, Duplitrade, and AvaProtect, its own state-of-the-art risk management system. Lastly, Avatrade’s educational and market analysis materials are comprehensive, well-structured, and in-depth, catering to traders of all experience levels.

Accepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

HFM (HotForex) – Best Low-Cost Broker for Beginners

A global CFD broker, HFM offers trading on a number of instruments, including Forex, cryptocurrencies, metals, energies, indices, shares, commodities, bonds, and ETFs. Traders have the choice of five account types, with tight spreads, leverage of up to 1000:1, and minimum deposits starting at 70 ZAR (5 USD) on its entry-level account. With a local South African support team, HFM is a better option than many other international brokers for beginner South African traders who will need help getting started. HFM’s award-winning customer support is available 24/5 in over 27 languages via email, live chat, and telephone.

HFM also provides a world-class repository of educational and market analysis materials, including articles, video tutorials, and frequent webinars on current events, advanced trading strategies, and chart analysis. Traders who open a demo or live account will also gain access to the HFM e-Course, which outlines the basics of Forex theory and trading, reading and interpreting the charts, trading psychology, and technical analysis.

Accepts South African Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

Pepperstone – Low Cost ECN Accounts with No Minimum Deposit

Pepperstone offers an array of educational materials to help beginners get their trading careers underway. Its educational resources comprise free trading guides, articles on how to trade Forex and CFDs, various courses and videos. It hosts regular webinars, and archives of previous webinars are available for free on its website. Customer service is also available 24/7 in multiple languages to help beginners with any setup or technical queries.

As a leading international broker, Pepperstone offers support for the MT4, MT5, and cTrader platforms on two account types. Both accounts have no required minimum deposit, and Pepperstone’s trading costs are some of the most competitive in the industry. Spreads start at 1.00 pips on its commission-free Standard Account and averaging at 0.10 pips (EUR/USD) on the Razor Account in exchange for a commission of 7 USD per trade. Most trades are executed within 30 milliseconds, which is ideal for scalpers and those who run expert advisors.

Accepts South African Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone is regulated by the FCA, ASIC, CySEC, SCB, CMA, BaFin and the DFSA.

Exness – L0w-Cost, Low-Risk Cent Account

Founded in 2008, Exness is a market maker that offers both market and instant execution accounts on both the MT4 and MT5 platforms. Trading conditions at Exness are some of the best in the industry and include a low-cost Cent Account to help beginner traders get their footing.

Exness offers two standard trading accounts and three professional accounts with a range of options for traders of all experience levels. Its beginner-friendly Standard Cent MT4 Account has a minimum deposit requirement of 1 USD and offers spreads starting at 0.3 pips on the EUR/USD. This is a great account for new Forex traders who want to learn the ins and outs of trading without too much risk. Customer support is also available 24/7 to help beginner traders set up accounts and assist with any technical queries.

Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

XM – Daily Webinars, Platform Tutorials, Q&A Sessions

XM provides some of the best educational content and market analysis in the industry. Comprised of various sections, including its unique live education available Monday to Friday 05:00 – 15:00 GMT, daily Q&A sessions, educational videos, Forex webinars presented by 67 highly skilled experts in 19 languages, platform tutorials, and Forex seminars, traders will be well equipped to get their trading career underway.

A well-regulated market maker with low-cost trading accounts, XM offers trading on multiple assets, including Forex, stocks, commodities, equities, precious metals, energies, and shares. Traders can choose between four live accounts on both the MT4 and MT5 platforms. XM boasts a strict no requotes and no rejections policy, and 99.53% of all trading orders are executed in less than one second.

Accepts South African Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the Belize FSC.

IC Markets – Huge Education Hub, Low Costs and Three Trading Platforms

IC Markets is a well-regulated ECN broker that provides a welcoming environment for beginner traders. Many other ECN brokers fail to provide education and analysis materials, forcing traders to self-educate with third-party material. IC Markets’ extensive education hub is free to all visitors of the website and includes topics such as Forex Basics, Technical Analysis, Fundamental Analysis, Trading Psychology, Trading Strategies, and Risk Management, among others. Instructional videos are also available to help clients set up trading software. Furthermore, IC Markets has a dedicated support department operating 24/7 via email, live chat, and phone, helping beginner traders to set up accounts on the weekend.

IC Markets offers two Raw Spread Accounts and a Standard Account with variable spreads on the MT4, MT5, and cTrader platforms. The Raw Spread Accounts offer spreads averaging at 0.1 pips on the EUR/USD, which is one of the tightest spreads available, in exchange for a commission of 7 USD per trade. IC Markets pricing relies on 25 different liquidity providers ensuring deep liquidity and some of the lowest spreads in the industry.

Accepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC, ASIC, the SCB, and the FSA .

FBS – $1 Minimum Deposit and Excellent Education

With very low minimum deposits, two low-risk accounts for beginners, and excellent education and market analysis, FBS is one of the best brokers for beginner traders. Beginners who don’t want to risk too much money will like FBS’ Cent Account, which has a 1 USD minimum deposit, and the Micro Account, with a 5 USD minimum deposit. Both accounts also feature low-risk trading, with trading in USD cents on the Cent Account and micro-lots unlocked on the Micro Account. Both accounts are also available as demo accounts and will only expire after 90 days of inactivity.

FBS is also one of the better brokers in terms of education and market analysis. The education section is comprehensive and well-structured, and the market analysis is up-to-date and well-explained. Beginners will also appreciate that FBS’ customer service is available 24/7 – a welcome development, where the norm is 24/5. This is especially helpful for beginner traders who want to set up trading accounts on weekends.

Accepts South African Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by CySEC, ASIC, FSCA, and the IFSC.

XTB – User-friendly Platform, Comprehensive Trading Academy

A well-regulated STP broker, XTB is the creator of the award-winning xStation 5 platform. With a user-friendly and intuitive design, it allows traders to track market movements accurately. It also offers powerful charting tools, one-click trading, real-time performance statistics, and a trader’s calculator.

XTB provides some of the best training materials available for beginners. Its Trading Academy is comprehensive, clear and concise, and structured like a course. It also offers one-on-one mentoring, dedicated account management, and 24/7 customer service allowing a smooth onboarding experience for beginner traders.

Accepts South African Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, the FSCA, and the IFSC

Markets.com – Great Trading App, Low Costs

The Markets.com trading app has been built from the ground up for iOS and Android, providing a responsive and stable trading experience. With built-in advanced charting, traders can see their orders, related instruments, and open positions with a single click. The mobile app offers traders commission-free trading with some of the lowest fees. Spreads start at 0.60 pips on major currency pairs and the range of tradeable instruments includes 1500+ global shares, global indices, commodities, ETFs and government bonds.

The Markets.com app trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give beginner traders a better insight into the market. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented.

Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5 & Markets.com platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the FSCA.

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.