10 Best Forex brokers in South Africa ☑️ (Updated 2024) (2024)

TheTop 10 Best Forex Brokers in South Africa revealed. We have rated and reviewed the best Brokers accepting South African Traders. (Updated 2024*)

This is a complete listing of The 10 Best Forex Trading Brokers in South Africa. In this in-depth write-up you will learn:

• Who is the Best Suited Broker for Beginner SA Traders?
• Pros and Cons of Forex in South Africa.
• ZAR Accounts and how they work.
• ZAR Costs of Trading Forex.
• Is forex trading legal in South Africa?
• Best forex traders in South Africa.
• Top African trading strategies
• How much money do you need to start trading forex in South Africa?
• Who are the best CFD traders in South Africa?

and much, much more!

10 Best Forex Brokers in South Africa in 2024 – A Comparison

10 Best Forex Brokers in South Africa (Updated 2024*)

1. ☑️ Avatrade – Best Suited to Beginner Traders in South Africa.
2. ☑️ Blackstone Futures – Best SA-Based Broker.
3. ☑️ HFM – Best Overall Broker in South Africa
4. ☑️ Khwezi Trade – Authorized OTC South African Firm.
5. IG – Low ZAR Minimum Deposit.
6. FXCM – Excellent Technical Tools.
7. Tickmill – Lowest Overall Costs in South African Rand.
8. Trade Nation – Best FSCA Regulated Broker.
9. Plus500 – High South African Trust Rating.
10. FXTM – Award-Winning Broker.

AvaTrade

Overall, Avatrade isconsidered a low-riskand can be summarised as a trustworthy forex broker.Regardingspread and security, Avatrade guarantees fast trading speeds and secure trading conditions.In terms of users, Avatrade has more than 500 000 registered clients globally.

AvaTrade Overview

AvaTrade Pros and Cons

Blackstone Futures

Blackstone Futuresrebranded asTrade Nationcan be summarised as a trustworthy broker with a good reputation and user-friendly trading conditions.Trade Nationprovides high-quality trading facilities, education materials, and research tools.

Blackstone Futures Overview

Blackstone Futures Pros and Cons

HFM

HFMcan be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators.(medium trust) It has a trust score of 95% out of 100.

HFM Overview

HFM Pros and Cons

Khwezi Trade

Khwezi Tradecan be summarised as a trustworthy, proudlySouth African brokerwith a good reputation that provides user-friendly trading conditions to its clients. A Khwezi Trade Live trading account can be opened with a minimum deposit amount of R500 ZAR.

Khwezi Trade Overview

Khwezi Trade Pros and Cons

IG

IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.

IG Overview

IG Pros and Cons

FXCM

Overall,FXCMisconsidered a low-risk and can be summarised as trustworthy and reliable. In terms of trading conditions,FXCMoffers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of 99.

FXCM Overview

FXCM Pros and Cons

Tickmill

Overall, Tickmill isvery competitive in terms of its trading fees and spreads.Tickmillcan be summarised as a safe andcredibleregulated broker with a trust score of 97 out of 99 (High Trust).

Tickmill Overview

Tickmill Pros and Cons

Trade Nation

Trade Nation is considered alow-to-medium riskbroker with an overalltrust score of 79 out of 99. Trade Nationcan be summarised astrustworthy and reliablebeingregulated and licensed by the FCA, ASIC, FSCA, and SCB (high trust).

Trade Nation Overview

Trade Nation Pros and Cons

Plus500

Plus500is a tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 with a low-risk trading environment.

Plus500 Overview

Plus500 Pros and Cons

FXTM

FXTM can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.

FXTM Overview

FXTM Pros and Cons

Conclusion

TheFSCAorFinancial Sector Conduct Authority is the sole supervisory body for all Forex-related services in South Africa and is seen as one of the top regulatory authorities worldwide. The FSCA has the main objective of defending the citizens ofSouth Africafrom deception and financial crimes.

You might also like: AvaTrade Review

You might also like: HFM Review

You might also like: Plus500 Review

You might also like: Best Forex Brokers with ZAR Accounts

Disclaimer

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied with the risk of incurring losses that may exceed the initial deposit of the trader.

Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.

Frequently Asked Questions

Is trading with forex brokers in South Africa legal?

Yes, trading with forex brokers in South Africa is legal as long as the broker is regulated by the Financial Sector Conduct Authority (FSCA), which is the regulatory body responsible for overseeing the financial markets in South Africa. It is important to make sure that the broker you choose is licensed and regulated by the FSCA to ensure the safety of your funds and the legitimacy of the broker.

Who is South Africa’s most used regulated forex broker?

According to our research, HFM (HF Markets) is the overall best FSCA-regulated forex broker for South African traders and also the most used brokerage firm in the country.

How many forex traders are currently active in South Africa?

The rough estimate is approximately 190 000 active South African traders per month. Choosing the best forex broker in South Africa for your trading style is now super easy.

Can I trust forex brokers in South Africa with my money?

The level of trustworthiness of forex brokers in South Africa varies, but generally, if a broker is regulated by the Financial Sector Conduct Authority (FSCA), you can trust them with your money. The FSCA has strict rules and regulations that brokers must follow to ensure the safety of clients’ funds and the integrity of the financial markets. However, it is still important to do your due diligence and research the broker before depositing any funds to ensure that they have a good reputation and a history of treating their clients fairly.

What types of accounts do forex brokers in South Africa offer?

Forex brokers in South Africa typically offer several types of trading accounts to suit the needs of different traders. These may include:

1. Demo Accounts: These are practice accounts that allow traders to practice trading with virtual funds before risking real money.
2. Standard Accounts: These are the most common type of trading account and are suitable for most traders. They typically require a minimum deposit and offer competitive spreads and leverage.
3. Mini Accounts: These are similar to standard accounts but with smaller trade sizes, making them more suitable for beginners or traders with smaller trading capital.
4. ECN Accounts: These are designed for advanced traders who require direct market access and faster trade execution speeds.
5. Islamic Accounts: These are also known as swap-free accounts and are designed for Muslim traders who follow Shariah law, which prohibits paying or receiving interest.
6. Managed Accounts: These are accounts where a professional trader manages the funds on behalf of the client for a fee.