11 Best Forex Brokers in South Africa with Low Minimum Deposit (2024)

With advancements in technology and more forex brokers offering their services in South Africa, more South African retail traders were given access to the largest, most liquid financial markets in the world, the foreign exchange market, or forex.

Because of competition in the field, more forex brokers have lowered their minimum deposit requirements, offering trading accounts from as little as 100 ZAR, and less.

This can be attributable to the high levels of liquidity that significantly reduce the transaction costs and fees that traders pay when they trade forex, allowing traders from South Africa access to some of the best forex brokers using small amounts of capital.

Below we give you a detailed rundown of the 11 best forex brokers in South Africa with low minimum deposits.

IFX Brokers

Features

IFX Brokers is a popular, reputable ECN broker based in South Africa that has been operating since 2018. IFX Brokers offers South African traders access to several global financial markets from as little as $100 when they register a live trading account.

When register a live trading account, South African traders can expect tight variable spreads, commission-free trading, high leverage up to 1:500 and some of the fastest, most reliable trade execution speeds in the industry through the ENC execution model.

HotForex

Features

HotForex is a popular forex broker that offers its comprehensive trading services in South Africa to both beginner traders and professionals. HotForex is the trading arm of HF Markets, which gives the broker a significant amount of credibility and the necessary regulation to operate in South Africa.

With regulations with the Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), and several other entities, HotForex is reliable and offers traders a trading account from as little as 76 ZAR.

When trading with HotForex, South African traders can expect a wide range of tradable financial instruments from forex pairs, commodities, cryptocurrencies, stocks, and several others.

In addition to this, HotForex offers the use of powerful trading platforms that can be used, offering a wide range of trading tools, technical analysis, fundamental analysis, and in-depth research into market conditions.

RoboForex

Features

RoboForex is a reputable market maker, ECN, and STP forex broker that has won several industry awards for the outstanding services that it provides. RoboForex offers unique solutions to South African traders with low minimum deposit requirements from 140 ZAR, making it easy for traders to register an account.

There are more than 9,4000 financial instruments that can be traded spread across several asset classes. In addition to this, RoboForex also offers negative balance protection, a choice in retail investor accounts, and superior educational resources and tools.

IQ Option

Features

IQ Option has been in operation since 2013 and is one of the largest online trading brokers that welcomes retail traders from South Africa. IQ Option has more than 20 million registered users from around the world that use its innovative proprietary trading platform to trade forex and several other instruments.

IQ Option offers South African traders the chance to register a live trading account with a minimum deposit of 140 ZAR. When traders register with IQ Option, they can expect multiple order types, a variety of technical indicators, charting capabilities, educational tools, market analysis, and more.

XM

Features

XM is a large and popular online broker in South Africa that boasts a long history of providing some of the best trading conditions. XM offers South African forex traders a choice in retail investor accounts, each with unique and competitive trading conditions.

All retail trading accounts have the benefit of negative balance protection, which is automatically applied, in addition to several other risk management tools that traders can use.

There are more than 2.5 million registered users with XM that use its competitive trading conditions and wide range of tradable financial instruments, allowing them exposure in several financial markets.

Alpari

Features

Alpari is a well-regulated and reputable online forex broker that has been in operation since 1998. Alpari is one of the best STP and ECN brokers in the industry that offers high liquidity on its platform to South African traders.

Retail traders in South Africa can register an account with Alpari with 76 ZAR, giving them access to a wide range of tradable financial instruments spread across several assets.

Alpari focuses its offering according to the unique needs and objectives of beginner and professional traders, despite the trading strategies that they employ in different financial markets.

FXCM

Features

Established in 1999 and based in the United Kingdom, with respective regulation and authorization through the Financial Conduct Authority, FXCM offers its comprehensive trading solutions to traders from around the world, including South Africa.

FXCM is a leading online broker that offers the trade of a variety of forex and CFD instruments. South African forex traders can expect tailormade solutions and a wide range of flexible funding options including credit cards, debit cards, bank transfers, and more.

FXDD

Features

FXDD is another popular and reputable forex broker that caters for South African traders by providing a variety of trading solutions, comprehensive trading options, and competitive trading conditions.

FXDD offers a trading account from 140 ZAR, which means that South African traders can start trading a wide range of financial instruments with low capital. In addition to offering a plethora of trading opportunities, FXDD also offers access to some of the lowest spread charges, access to powerful trading platforms, including mobile trading apps.

FXTM

Features

FXTM is a well-regulated and popular forex broker with offices in South Africa along with the necessary regulation with the Financial Sector Conduct Authority (FSCA).

FXTM offers trading accounts with a minimum deposit of140 ZAR, with the benefit that ZAR accounts are offered, exempting traders from certain currency conversion fees.

South African traders can expect a wide range of tradable instruments, a powerful force trading platform, mobile trading capabilities, and flexible funding options.

FOREX.com

Features

FOREX.com is a well-regulated and reputable forex broker and trading platform that offers its services to more than 200,000 traders from around the world, including South Africa.

With FOREX.com, South African traders can register a trading account with a small account of capital, allowing traders to partake in several financial markets with ease.

FOREX.com has a proven track record in providing reliable execution speeds and low trading costs. Apart from offering an industry-leading trading infrastructure, FOREX.com offers user-friendly trading platforms, powerful trading platforms, educational tools, and dedicated customer support.

Capital.com

Features

Capital.com is a well-regulated United Kingdom-based market maker broker that accommodates traders from around the world, including South Africa. Capital.com is known for its competitive fixed spreads, commission-free trading, and wide range of financial instruments that can be traded.

Capital.com offers retail investment accounts from 300 ZAR along with the use of a powerful proprietary trading platform and more than 2,000 financial instruments spread across indices, commodities, cryptocurrencies, and several more.

Other Guides for South African Traders:

The Best Forex Brokers in South Africa

Forex Brokers with ZAR Accounts

FSCA Regulated Forex Brokers in South Africa

South African Forex Brokers with Islamic Accounts

South African Forex Brokers with High Leverage

South African Brokers with $100 Minimum Deposit