11 Best Forex Brokers in South Africa (Updated List 2024)
11 Best Forex Brokers in South Africa (Updated List 2024)
There are many forex brokers that operate in South Africa, but only the forex brokers that are regulated by the Financial Sector Conduct Authority (FSCA) are legal & considered safe for South African traders.
Also note that there are several unregulated and illegal brokers that accept clients from South Africa. Most of these fake brokers do not have licenses from any Tier-1 or Tier-2 regulators.
Or they may have their licenses in the past which have been revoked, but they still go ahead to take money from the unsuspecting public. So you must be careful when depositing your funds with any forex broker.
Read our research below & how we rank these forex brokers.
Which Forex Broker is The Best in South Africa?
- HFM (HotForex) – Best Forex Broker South Africa
- Exness – Best Forex Broker for Beginners
- AvaTrade -Best Broker for Forex Trading with Fixed Spreads
- Tickmill–Low CommissionForex Broker With Free Bonus
- XM Global – Forex Broker with MicroTrading Account
- FxPro – Best Forex Broker with cTrader Platform
- FXTM – Best Forex Broker for ECN Type Accounts
- IC Markets – Best ASIC Regulated Broker with Low Overall Fees
- Pepperstone – Forex Trading Account for Professionals (but not FSCA Licensed)
- IFX Brokers – South African Forex Broker with Quick Withdrawals
- Admiral Markets – FSCA & ODP Licensed Forex Broker
We reviewed various forex brokers accepting South African clients based on several factors including: FSCA regulation, fees on currencies (majors & minors), deposit & withdrawal options (including bank payments), range of instruments (all CFDs), availability across devices, Rand trading account, and customer support via phone, email.
1. HFM (HotForex) – Best Forex Broker in South Africa
HFM Pros
- FSCA certification
- FreeHotforex demo account for learning in a virtual environment& you also get educational videos to learn from
- HF Markets login is guarded with fingerprint scanner on their mobile app (available on Google & Apple Stores)
- HF Markets minimum deposit is $0 on most of its accounts (only the Pro Account has a R1,800 minimum deposit because of the personalized service & lower trading cost)
- Cent Account (with limited functionality) is available for beginners
- Copy trading
- ZAR, US Cent, & US Dollaraccount base currencies are available
- Swap-free trading for Forex, Gold, & Oil CFDs
- Advanced technical trading tools
HFM Cons
- HF Market Cent & Premium Account types have higher spreads than what is applicable in the industry.
- Complicated fee structure
- HF Markets charges a $5 monthly inactivity fee
- Platform discrepancy. The Cent, Pro, & Zero Account holders can only trade on the MT4/5 platforms. Only Premium Account holders can use the HFM App.
- There is no bonus on deposits at HF Markets South Africa
- No ODP license
Regulation: 4.5/5
HF Markets, formerly known as HotForex is a Forex and CFD broker that is regulated with multiple regulators.
In South Africa, they have an offline office located at Katherine & West Suite 18 second floor 114 West Street Sandton, Johannesburg 2031.
HF Market SA is licensed and regulated in South Africa by the Financial Sector Conduct Authority (FSCA) as a financial service provider: License number 46632.
Other regulatory bodies include:
- Financial Conduct Authority (FCA) UK: License number 801701.
- Capital Markets Authority (CMA) Kenya: License number no. 155
- Financial Services Authority Seychelles (FSA): License number SD015.
- Dubai Financial Services Authority (DFSA): License number F004885
HF Market Fees: 4.5/5
Spreads: When considering spreads on HF Markets be careful about which HF Markets account type you are dealing with.
The Cent & Premium HF Markets account types have higher than normal spreads because widely traded FX pairs like GBP/USD have spreads exceeding 1.6 pips.
HF Markets Account types with low spreads are the Zero & Pro Account. You can get GBP/USD spreads as low as 0.6 pips on the zero-commission HFM Pro Account which is competitive.
You can also get GBP/USD spreads from 0.1 pips on the HFM Zero Account but you must pay commissions while trading.
However HF Markets has low USD/ZAR spreads which are as low as 40 pips on the Pro Account & 50 pips on the Premium & Cent Accounts.
Commission: HF Markets commissions reach as high as $3 per side and none of their trading accounts is truly commission-free. The implication is that you need to pay more attention to calculating trading costs with HF Markets.
HF Markets says their Cent, Pro, & Premium Accounts are exempt from paying commissions but this is only when trading Forex Pairs.
The implication is that when you are trading other CFD instruments outside currencies you are expected to pay commissions
For instance on HF Markets, all account holderswill pay $0.1 per round turn when trading ETF CFDs, $1 per round turn when trading Crypto CFDs, etc.
Deposit Charges: HF Market does not charge deposit fees, except for wire transfer where deposit is free for transactions above $100. The local withdrawals & deposits via bank accounts in SA are free.
HF Markets Withdrawalis free of charge and minimum withdrawal via local SA Banks is 70 ZAR. HF Markets withdrawal time is within 3 working days via South African Banks or EFT.
An HF Markets Inactivity Feeof $5 per month is levied on all dormant accounts
Payment Methods: 5/5
Deposit Methods:
- Bank transfer via South African bank accounts through EFT takes about 10 minutes
- Wire transfer takes about 2-7 working days, but this is not important for SA traders.
- Credit/debit card takes about 10 minutes
- Other e-Wallet methods of deposit take about 10 minutes to complete.
Deposit is free, however the payment processor may charge you fees that HF market does not cover.
Withdrawal Methods:
- Visa card and wire transfer takes about 2-10 working days
- Withdrawal with e-wallets take about 10 minutes
- Local bank transfer withdrawal takes up to 2 working days.
Trading Conditions: 5/5
HF Markets range of CFD products is extensive. You get to trade CFDs onup to 50+ Currency Pairs, 6 Metals, 11 indices, 95 Major Stocks, Bonds, ETFs, Cryptocurrencies, and Energies.
HF Markets supports ZAR base currency for all account types, so you save on currency conversion fees. It features one wallet for multiple accounts, 1:2000 maximum leverage, 100% bonus offerings.
There are over 5 account types, over 15 funding methods, MetaTrader trading platforms and 25 video tutorials.
HF Markets (Hotforex) no deposit bonus is unavailable in South Africa but as seen on their website, HFM says it is coming soon.
Please read our complete HF Markets Review for 2024 for more detailed trading conditions
Platforms (Mobile, Web & Desktop): 5/5
Mobile platforms are the HFM proprietary app, MT4 & MT5 mobile apps which are compatible with Android & iOS phones.
The MT4 &MT5 web terminals run on web browsers and are compatible with all web browsers
The MT4/5 desktop platforms can be downloaded to Windows and MAC desktop systems.
To make MT4/5 feel more modern, HF Markets developed Smart Trader Tools which you can plugin to enhance the features of MT4/5.
HF Markets also has a copy trading feature which you can access from the mobile app or MT4
Lastly, HF Markets offers a demo account that helps you learn how to trade with virtual funds. To access the HF Markets demo account, download and login to the HFM mobile app. The setup is quite straightforward, and it has good functionality.
Support: 5/5
Customer support is available 24/5 via live chat, email, and call. There is local phone no. & a local office in South Africa.
HF Markets Overall Impression: 4.6/5
HFM is our overall best forex broker in South Africa because they have done well in many categories.
They have Cent Accounts for beginners, advanced tools & MT4 plugins for Professional traders, a good range of trading instruments for diversification, swap-free trading, etc.
They also have local FSCA regulation & are physically on ground in SA
2.Exness – Best Forex Broker for Beginners in South Africa
Exness Pros
- Exness is regulated in South Africa with FSCA.
- Exness trading cost is low especially with swap-free trading on most of their instruments & low spreads
- Exness does not charge inactivity fee
- Exness has a free demo account for practicing before real trade
- ZAR base currency accounts are available.
- Copy/social trading is available
- Exness withdrawals take 24 hours which is speedy
- Exness has NAS 100 Index CFD product which is called US TECH 100 or USTECm on Exness
- Cent Account
Exness Cons
- Limited range of asset classes
- Starter deposit on Raw Accounts are high at $500
- Exness tradable instruments don’t cover some asset classes such as ETFs & Fixed Income which limits diversification of risk
- No ODP license
Regulation: 4.5/5
Exness is an online retail forex broker that was established in 2008. They have a physical local office in South Africa, located at Offices 307&308 Third Floor, North Wing, Granger Bay Court, V&A Waterfront Cape Town.
In South Africa, Exness is regulated by the Financial Sector Conduct Authority (FSCA) with FSP number 51024.
Exness is also regulated by the following regulators:
- The Financial Conduct Authority (FCA) UK: License number 730729
- Cyprus Securities and Exchange Commission (CySEC): License number 178/12
- Central Bank of curacao and Sint Maarten: License number 0003LSI
- Capital Markets Authority (CMA) Kenya: License number 162.
- Financial Services Authority (FSA) Seychelles: License number SD025
- Financial Services Commission (FSC) British Virgin Islands: License number SIBA/L/20/1133.
- Financial Services Commission (FSC) Mauritius: License number GB20025294
Fees: 4.5/5
Spread: Exness spreads are some of the lowest in the market. When you trade popular pairs like GBP/USD on the Standard Account (entry level account) you are charged around 1.2 pip spreads.
On the Professional Exness Accounts, major trades like GBP/USD are not charged any spread at all.
For USD/ZAR which is popular in South Africa, spread is around 15.3 pips on Professional Exness Accounts & 194.4 pips on the Standard Entry Level Accounts.
Compare Exness spread vs HF Markets spread on Standard Accounts
| 💱Currency Pair | 🏆Exness | 🏆HF Markets |
| GBP/USD | 1.2 | 1.6 |
| EUR/USD | 1.0 | 1.4 |
| USD/ZAR | 194.4 | 50.0 |
Commission: Standard and Pro Accounts are commission-free and there’s a commission of $3.5 on the Raw Spread Account and $4.5 on Zero Account
Deposit/Withdrawal fee: Exness does not charge deposit and Withdrawal fees. They offer EFT transfer in SA. But if your account is not in ZAR, they currency conversion charges apply.
Exness does not charge Inactivity fee on dormant accounts
Payment Methods: 4.5/5
Deposit into Exness
- Internet banking via EFT through SA bank accounts has a minimum deposit of $10 and a maximum deposit of $29,000. Deposit processing time may be instant but can take up to 7 working days.
- e-Wallets have a minimum deposit of $10 and take about 30 minutes for the transaction to be successful.
Withdrawal from Exness
- Internet banking has a minimum withdrawal of 20 ZAR, and maximum withdrawal of 250 000 ZAR. Withdrawal processing time takes between 5-7 working days.
- e-wallet like Skrill and Neteller take up to 24 hours and have a minimum withdrawal amount of $10 and $4 respectively.
Trading Conditions: 4.5/5
Exness supports ZAR account base currency so you save on currency conversion fees. It also features free Virtual Private Server (VPS) hosting, and 5 different account types.
Exness offers up to 1200+ tradable CFD instruments: 100+ Currency pairs (major, minor and exotic), 90+ stocks, 10 Metals, Cryptocurrencies, Energies, and Indices. The maximum leverage when trading with Exness is 1: unlimited.
Platforms (Mobile, Web, Desktop): 5/5
The Exness Trader app, MT4 & MT5 mobile apps are mobile platforms compatible with Android & iOS mobile phones
The MetaTrader 4 & 5 Web terminal runs on web browsers
The Exness Terminal is a desktop platform compatible with Windows, Linux, Mac, iOS, & Android
Exness also offers a demo account to help you learn or perfect your trading strategies before trading with real money.
Customer Support: 3.5/5
Customer support is available 24/7 via live chat, email, and call, but their customer support can be unresponsive during peak periods. Telephone and live chat are faster methods of reaching customer support.
Exness Overall Impression: 4.3/5
Exness is a multi-regulated forex broker that is considered low risk. Their trading fees is also low with most account types, and the trading conditions are okay. But their customer support is not the best.
Read more information about Exness for South African traders
3. AvaTrade – Best Broker for Forex Trading with Fixed Spreads
AvaTrade Pros
- Tier-1 regulation from ASIC. Also regulated with FSCA.
- Special app for trading FX vanilla options contracts
- Free AvaTrade MT4 plugins & Expert Advisors
- Refund of losses during trading when you activate AvaProtect (you pay for this service)
- Demo Account plus emphasis on education for new traders
- Both proprietary & third party copy trading platforms
- Good range of markets to trade
- Fixed spreads
AvaTrade Cons
- No ZAR account base currency
- high starting deposit
- Limited range of account types. In fact AvaTrade has only one account type for every trader.
- Inactivity fee
- No ODP license
Regulation: 4.5/5
Avatrade is an online forex broker that was founded in 2006. In South Africa, Avatrade has a physical offline office that is located at 2nd Floor, Nelson Mandela Square Office towers West, Sandton, Johannesburg, 2196, South Africa.
Avatrade is regulated by the South African Financial Sector Conduct Authority (FSCA) as Ava Capital Markets Pty Ltd: license number FSCA No.45984. They are regulated in other jurisdictions by the following brokers:
- Central Bank of Ireland: Reference No.: C53877
- Polish Financial Supervision Authority
- Australian Securities & Investments Commission: License number 406684
- British Virgin Islands Financial Services Commission: License number SIBA/L/13/1049
- Financial Services Agency (Japan): License number 1662
- Financial Regulatory Services Authority (FRSA): License number 190018
- Israel Securities Authority: License number No. 514666577
- Cyprus Securities & Exchange Commission (CySEC) License No. 347/17
Fees: 4.5/5
Avatrade does not charge commissions and the spreads are fixed.For GBP/USD average spread is 1.5 pips&for USD/ZAR average spread is 85 pips.
The lowest spread you can get on AvaTrade is 0.9 pips and this is charges when you trade the EUR/USD pair.
AvaTrade deposits and withdrawals are free. However, there is an inactivity fee of 50 USD or EUR or GBP for 6 months of inactivity.
Payment Methods: 4/5
AvaTrade minimum deposit is $100 or around R1, 900 in ZAR. You need to make this deposit before your live account is activated for trading.
You can deposit and Withdraw funds on Avatrade using bank transfer, credit/debit card, wire transfer and e-wallet.
- Deposit using credit/debit card is instant, e-Payment takes up to 24 hours, while wire transfer takes up to seven working days
- Withdrawal with credit/debit card takes between 24 to 48 hours, while wire transfer can take up to 10 working days.
Trading Conditions: 4/5
AvaTrade does not support ZAR account base currency. It also features Zero commissions, tight spreads, 1:400 leverage, and instant execution
Avatrade offers CFDs on up to 30+ indices, 15+ crypto currencies, 16+ commodities, 50+ currency pairs, 600+ stocks, ETFs, Bonds, and FX Options. Avatrade offers a maximum leverage of 1:400.
Platforms (Mobile, Web, Mac Desktop): 4.5/5
The Mobile Platform features AvaTradeGO, AvaOptions, MT4,& MT5.
The AvaTradeGO mobile app is very popular amongst traders and is AvaTrade’s flagship CFD trading app.
TheAvaTradeGO app allows you access advanced charting, set/customize orders flexibly, as well as create & delete your AvaTrade Account by chatting with customer support on Live Chat within the app.
The Web Platform features the AvaTrade MT4 & MT5 web trader that can be accessed from any browser
The Desktop platform features the MT4 & MT5 Avatrade MacTrader which works on Mac desktops
Customer Support: 4/5
Avatrade customer service is available 24/5 via email, call, WhatsApp chat, and live chat.
AvaTrade Overall Impression: 4/5
AvaTrade is good forex broker for traders looking to trade via fixed spread trading accounts. It is also good for traders
Find out more information on AvaTrade
4. Tickmill – Low Commission Forex Broker with Free Bonus
Tickmill Pros
- Regulated with FSCA & Tier-1 FCA UK.
- Low commissions of $2 per side
- $30 welcome bonus (must be used for trading)
- Tickmill does not charge inactivity fee
- Social trading
- Good MT4/5 technical analysis tools plus educational video tutorials
- Free Demo Account
- ZAR Base Currency Trading accounts are available. You can select the account currency when opening your new account, but you cannot change the base currency of an existing account.
- Tickmill pays attention to fundamental analysis: Earnings calendar, Economic calendar, News & Analysis are all available
- Tickmill is an ideal broker for short selling stock CFDs because they offer a vast range of stocks
Tickmill Cons
- High spreads on the Classic Account could force beginners into using the Pro Account which charges commissions
- No weekend support
- High starting deposit
- Tickmill is not a licensed ODP
Regulation: 5/5
Tickmill is a CFD broker that was founded in 2014. In South Africa, Tickmill’s registered office is located at The Colosseum, 1st floor, Century Way, Office 10, Century City, 7441, Cape Town.
Tickmill is regulated by the South African Financial Sector Conduct Authority (FSCA) with the license number: FSP 49464.
Tickmill is also regulated by the following regulatory bodies:
- Cyprus Securities and Exchange Commission (CySEC): License number; 278/15
- Financial Conduct Authority (FCA) UK : license number; 717270
- Labuan Financial Services Authority (Labuan FSA): License number MB/18/0028
- Seychelles Financial Services Authority (FSA): License number SD008.
- Financial Sector Conduct Authority (FSCA): License number FSP 49464.
Fees: 4.2/5
Classic Account: spread starts from 1.6 pips, commission is free and maximum leverage is 1.500.
Pro Account: spread starts from 0.0 pips, commission of 2 per side per 100,000 traded and maximum leverage is 1:500.
VIP Account: spread starts from 0.0 pips, commission is 1 per side per 100,000 traded, and maximum leverage is 1:500.
However, the typical spread for GBP/USD is 0.3 pips while for EURUSD, the typical spread is 0.3 on the Pro Account.
Deposits and withdrawals are free and there is no inactivity charge when you don’t use your account.
Payment Methods: 4/5
- Bank transfer takes about one working day for deposit and Withdrawal
- Deposit is instant for visa and Skrill, and Neteller, but withdrawal for all three methods takes about one working day.
Trading Conditions: 4/5
Tickmill does not support ZAR account base currency. Available account base currencies are USD, EUR, and GBP. Tickmill features 3 account types and 1:500 leverage.
Tickmill offers CFDs on 60+ Forex pairs, 20+ stocks indices, 6 Commodities, 5 Bonds, 500+ stocks, and 10+ cryptocurrency
On how to claim Tickmill no deposit bonus of $30 take the following steps:
- You fill the registration form on the Tickmill website
- A welcome account is setup for you and credited with $30
- You need to trade within 60 days and transfer any gains to your main trading account
Platforms (Mobile, Web, Desktop): 4.5/6
The Mobile Platform features Tickmill’s MT4/5 mobile apps that work on android & iOS mobile devices
The Web Platform features the Tickmill MT4/5 WebTrader which can be accessed from any web browser.
The Desktop Platform Tickmill’s MT4/5 WebTrader for Mac desktops. Tickmill also offers demo account for practicing trading strategies and learning how to trade
Customer Support: 4.5/5
Customer support is available via phone, email, and live chat 24/5.
Aside from the registered address, they have another physical local office located at The Cube, 205 Rivonia Road, Morningside, Sandton, South Africa.
Overall: 4.2/5
Tickmill is a reputed forex broker that is regulated in South Africa as well. They are mostly used by Pro traders because of their commission based trading accounts that have low trading fees.
Read more information about Tickmill
5. XM Global – Forex Broker with Micro Trading Account
XM Broker Pros
- Simple fee structure excludes commissions (this may be ideal for beginners but not for professionals)
- Zero swaps& low spreads from 0.6 pips on the Ultra-Low Trading Account
- FSCA regulation
- XM CFD trading accounts require same $5 minimum deposit
- Copy trading on the XM platform (newly introduced)
- Customer service is available 24/7
- Rand Account Currency option is available with all account types
- Local deposit methods are available
- Availability of demo account
- Deposit bonus
XM Broker Cons
- No ODP license
- Inactivity fee
- No ECN type trading accounts
Regulations: 3.5/5
XM Global is a CFD broker that was established in 2009. They have a physical local office in South Africa, but they are not regulated with FSCA.
XM Global is also regulated by the following authorities:
- Financial Services Commission (FSC) Belize as XM Global Limited: license number 000261/397
- Cyprus Securities and Exchange Commission (CySEC): license number 120/10
Fees: 4/5
Spread: XM Global charges spread that starts from 1 pip (for all major currency pairs) for their Micro Account and Standard Account, while for the XM Ultra Low Account, spread starts from 0.6 pips for all major currency pairs. Average GBP/USD spread on XM is 1.9 pips.
The main difference between the XM Standard Accounts& Ultra Low Account is the zero-swap trading & lower spreads obtainable on the Ultra-Low Account.
Commission: XM broker does not charge commissions when you trade CFD instruments. They make their income by charging you spreads.
Depositand withdrawal fees: Free
Inactivity Fee: $5 per month on dormant accounts
Payment Methods: 4.5/5
You can deposit and withdraw money using local bank transfer (in Rand), credit/debit card, bank wire and e-wallet.
XM minimum deposit is $5 and in Rands it is about 95 ZAR
Deposit and withdrawal takes within 24 hours for the transaction to be successful. However for a method like bank wire it can take up to 2-5 working days.
Trading Conditions: 4/5
XM broker supports Rand account base currency so you save on currency conversion fees.
XM also gives you a Personal Account Manager, free market research, free forex webinars, free video tutorials, 10 platforms, free daily technical analysis, 1:1000 leverage, and bonuses reaching $5,000.
XM broker offers up to 1000+ tradable CFD instruments: 50+ Currency Pairs, 30+ Crypto, 1000+ stocks, 8 Commodities, 20+ Equity indices, 3 Precious Metals, Energies, and 100 Stocks.
The maximum leverage for trading on XM global is 1:1000.
Platforms (Mobile, Web, Desktop): 4.5/5
Mobile Platform: the XM app is powered by MetaTrader so you get the features of MT4 or MT5. The platform works on android, iPhone and iPad devices.
Web Platform: the XM WebTrader is the web platform which you can logon to from any browser. You can choose to use MT4 or MT5 WebTrader
Desktop platform features MT4 and MT5 and runs on Mac or PC
Demo: You can learn how to trade and perfect your trading strategies using the XM global demo account.
Customer Support: 4.5/5
XM customer support is available 24/7 via live chat and email. They also have a help center page where you can find answers to some of your questions.
Overall impression: 4/5
XM is considered a moderate risk forex broker because of their lower regulations compared to other CFD brokers, but they are a large broker in terms of trading volume.
The spreads with Ultra Low account are quite low, and their customer support is also okay.
Find out more information on XM Global
6. FxPro – Best Forex Broker with cTrader Platform
FxPro Pros
- Licensed with FSCA
- ZAR base currency account is available
- Multiple trading platforms are available for SA traders including cTrader
- You can choose different account types.
- You can deposit & withdraw funds from FxPro via EFT through bank transfer. There is no extra fees
- Choice between fixed and variable spreads for major FX pairs
- Choice between Market & Instant Execution
FxPro Cons
- The spreads are not the lowest.
- High initial deposit requirement
- Customer service is not available 24/7
- Inactivity Fee is charged
- No ODP license
Regulation: 4.5/5
FxPro Limited is a financial service provider that was established in 2006. In South Africa, FxPro is regulated by the Financial Sector Conduct Authority (FSCA) with the license number 45052.
Despite the fact that FxPro is regulated in South Africa, they do not have any physical local office in the country (not listed on their website).
Other regulatory bodies that regulate FxPro include:
- Financial Conduct Authority (FCA) UK: License number 509956
- Cyprus Securities and Exchange Commission (CySEC): License number 078/07
- Securities Commission of The Bahamas (SCB): license no. SIA-F184
- Financial Services Commission Mauritius (FSCM): License no: GB21026568
Fees: 4/5
Standard Account: Spread starts from 1.2 pips for currency pairs like GBP/USD and EUR/USD. The average spread GBP/USD and EUR/USD is 1.5 pips. No commission is charged on the standard account
Pro Account: For GBP/USD, USD/JPY and EUR/USD, spread starts from 0.6 pips, however the average spread is 1 pip. No commission on the Pro Account
Raw Account: Spread for GBP/USD, USD/JPY and EUR/USD starts from 0 pips. However, the average spread for these currency pairs is 0.2 pips. This account comes with a commission of Raw + 3.5$/side.
Elite Account: spread for EUR/USD, GBP/USD, USD/JPY starts from 0 pips. However the average spread is 0.2 pips. The Elite account comes with a commission of Raw + 3.5$/side.
FxPro cTrader: On the FxPro cTrader platform commissions are $35 per S1 million traded or $0.35 per mini lot.
Deposit and withdrawal: Free, however if you request a withdrawal without having traded, a fee between 2% and 2.6% is applicable
There is also a $15 inactivity fee for not using your account for a period of time.
Payment Methods: 4.5/5
Deposit: FxPro accepts deposit via bank wire transfer, e-wallet, and debit or credit card. South African traders can deposit via EFT through local bank accounts.
Withdrawal: You can withdraw money using bank wire, credit/debit card, e-wallet.
Trading Conditions: 4.5/5
FxPro supports ZAR account base currency and offers 1:200 leverage. FxPro also features free VPS servers for lower latency when trading.
FxPro offers CFDs on 60+ Forex Pairs, 20+ Futures, 15+ Indices, 2000 + Shares, 10+ Metal, and 3 Energies.
Platforms (Mobile, Web, Desktop): 5/5
Mobile Platform features FxPro MT4/5 mobile app, FxPro proprietary mobile app, and FxPro cTrader app and work on android and iOS phones.
The Web Platform also lets you access FxPro MT4/5 and cTrader via any web browser. The Desktop Platform features MT4/5 desktop as well as the cTrader desktop platform for Windows.
FxPro also offers demo accounts for practicing and learning with virtual funds.
Customer Support: 4.5/5
Customer support is available via call, live chat, and email 24/5
Overall Impression: 4.2/5
FxPro is a multi-regulated CFD & forex broker that offers multiple trading account types on different platforms. Their fees are low on cTrader platform.
Read more information about FxPro
7. FXTM – Best Forex Broker for ECN Type Accounts
FXTM Pros
- Regulated with FSCA
- Advantage account has low overall trading fees.
- Availability of demo account
- Local deposit & withdrawal via EFT
FXTM Cons
- No ZAR account
- Inactivity fee
- Customer service is not available 24/7
- No ODP license
Regulations: 4.5/5
ForexTime Ltd also known as FXTM was established in 2011.
In South Africa, FXTM does not have a physical local office, but is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa as ForexTime Ltd, with license number FSP No. 46614.
ForexTime is regulated in other jurisdictions by the following regulatory bodies:
- Financial Conduct Authority (FCA) UK as Exinity UK Ltd.: License No. 777911
- Capital Markets Authority Kenya as Exinity Capital East Africa Ltd: License number No. 135
- Cyprus Securities and Exchange Commission (CySEC) as ForexTime Ltd: License number CIF No 185/12
- Financial Services Commission Mauritius (FSC) license number C113012295.
Fees: 4/5
Micro account: FXTM does not charge commission with the Micro account, and spread for this account starts from 1.5 pips. This account comes with a fixed leverage of 1:3 to 1:1000 for Forex and a fixed leverage of 1:500 for metals.
Advantage account: Spread on the FXTM advantage account starts from 0.0 pips. This account comes with an average Commission of $0.4-$2 and a maximum floating spread of 1:2000.
Advantage plus account: Spread starts fro. 1.5 pips, commission is free. This account comes with a maximum floating leverage of 1:2000.
Deposit fee: Free
Withdrawal Fee: FXTM charges withdrawal fee or commission on some methods of withdrawal like African local solutions, visa card, and bank wire.
- credit/debit card: 3 USD / 2 EUR / 2 GBP
- Bank wire: 30 EUR
- Local African solutions: 1 USD
There is a 5 USD or EUR, or GBP inactivity fee after 6 months of account inactivity.
Payment methods: 4/5
- Africa Local Solutions has a Minimum deposit of 20 ZAR, no minimum withdrawal. Deposit or withdrawal takes about 1-2 working days an
- Bank wire takes 3-5 working days for deposit and 24 hrs. for withdrawal. The minimum deposit using bank wire is $10
- Deposit using MasterCard is instant, but withdrawal takes up to 24 hours. MasterCard has a minimum deposit of $5 and no minimum withdrawal amount.
Trading Conditions: 4/5
FXTM does not support ZAR account base currency as it only support USD, EUR, & GBP account base currencies. It features 3 account types, and a 1:1000 fixed leverage
FXTM offers you access to trade up to 1000+ tradable instruments: 60+ Forex pairs, CFDs on metals, stocks, stock CFDs, commodities and indices.
Platforms (Mobile, Web, Desktop): 4.5/5
Mobile platform: The FXTM mobile app is powered by MetaTrader so you get the same features and it works on Android and iOS phones.
FXTM Webtrader allows you trade on a web browser and has MT4 & MT5 variants.
Desktop platforms allow you download FXTM MT4 or MT5 to you desktop and it works on Mac and PC.
Demo: FXTM offers a demo account for you to learn and perfect your trading strategies for using a live account.
Support: 4.5/5
FXTM customer service is available 24 hours Monday to Friday via ca, email and live chat. Helplines are open on Saturday from 11am to 4pm and on Sundays 12 am to 8pm.
Overall: 4/5
FXTM is a regulated forex broker, and their ECN type Advantage account has the lowest overall charges for traders.
Find out more information on FXTM
#8. IC Markets – Best ASIC Regulated Broker with Low Overall Fees
IC Markets Pros
- Tier-1 regulation from ASIC
- No inactivity fee
- Low Spreads
- Customer service is available 24/7
- cTrader is available
- Demo account
IC Markets Cons
- No FSCA regulation
- No ZAR account base currency
- No ODP license
Regulations: 4/5
IC Markets global is a retail online broker that was founded in 2007. In South Africa, the IC market does not have a physical local office and is not regulated by the South African Financial Sector Conduct Authority (FSCA)
However, IC market is regulated in other jurisdictions by the following authorities:
- Australian Securities and Investments Commission (ASIC)
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Services Authority (FSA) Seychelles. License No. SD018
- Securities Commission Bahamas (SCB)
Fees: 4.5/5
GBP/USD average spread on IC Markets Standard Account is 0.83 pips, and on its Raw Spread Account it is 0.23 pips.
Commissions on IC Markets Standard Account is zero/free while commission on Raw Spread Account is $3.5 per lot per side.
Deposit and withdrawal is free on IC markets although your bank may charge you. There is no inactivity fee if you don’t use your account for a while.
Deposit and withdrawal fee: free
Payment Methods: 4/5
- Bank wire takes about 3-5 working days
- Deposit is instant with Visa, and MasterCard, withdrawal takes about 3-5 working days
- Deposit and withdrawal is instant for e-wallet methods like Skrill, PayPal, and Neteller.
Trading Conditions: 4.5/5
IC Markets does not support ZAR account base currency. You can trade up to 60+ currency pairs, 25 indices, 20 CFDs on commodities, 2000+ stocks, 9 bonds, 21 cryptocurrencies, and 4 futures on IC market global. IC market offers a maximum leverage of 1:1000.
Platforms (Mobile, Web, Desktop): 4.5/5
The Mobile Platform features IC Market’s MT4, MT5 & C-Trader mobile apps that work on android & iOS mobile devices including iPads.
The Web Platform features the AvaTrade MT4/5 web trader and C-Trader which can be accessed from any web browser.
The Desktop Platform features the IC Market MT4/5 for Mac desktops and C-Trader for Windows desktops.
Customer Support: 4/5
IC market customer service is available 24/7 via live chat, emails and calls.
Overall: 4/5
IC Markets has low overall trading fees (spreads plus commission). But they are not locally regulated.
Find out more information on IC Markets
What is a Forex Broker?
A forex broker is a registered firm that provides the necessary technology/software (such as mobile apps), as well as conducive trading conditions (such as leverage) to connect you to the wider forex market.
You cannot yourself be a forex broker because of the huge financial requirements set by regulators, so you must pass through one in order to access the forex market.
Forex brokers could be either Market Makers or Electronic Communication Network (ECN) Brokers depending on which business model they choose to follow.
Market Maker vs ECN Broker: The Market Maker strategy is to take the opposite side of your trades & trade against you. By doing this they provide liquidity when you need it, even for FX pairs that are not popular.
Market Makers are characterized by zero commissions across all their account types, and some of them also offer Fixed Spreads.
The Market Maker method of generating revenue is mainly through the bid/ask spread. They cannot offer you zero spread on popular FX pairs, since their income is from spreads.
ECN Brokers don’t trade against you, rather they send all your orders to liquidity providers (such as banks & hedge funds) to get filled at the best possible price.
With ECN brokers you can get raw spreads as low as 0.0 pips especially for popular FXpairs like EUR/USD, and this is ideal for scalpers.
ECN Brokers are characterized by lower spreads and high commissions, since their revenue mainly comes from commissions.
Comparison of ECN vs Market Maker Forex Brokers
| ✔ Broker | 🏦 Business Model | 📈Lowest possible EUR/USD spread | 💰 Commission |
| AvaTrade | Market Maker | 0.9 pip (fixed) | None |
| XM | Market Maker | 0.7 pip | None |
| Exness | Market Maker | 0.0 pip | $3.5 |
| IC Markets | ECN | 0.0 pip | $3.5 |
| FxPro | ECN | 0.3 pip | $3.5 |
| FXTM | ECN | 0.0 pip | $2 |
What are the Fees for Forex Trading in South Africa?
Commission
This is a flat fee paid each time you open a position, and paid again when you close the position. This means you pay commissions twice per transaction.
If your broker says $3 per side per standard lot, it means you actually pay $6 (double that) to open and close a trade involving a standard lot (meaning 100,000 units of CFDs).
However if you are not trading up to a standard lot of 100,000 units, you pay lesser commission. Example you pay $0.3 per side for a mini lot (meaning 10,000 units).
When most brokers don’t charge commissions, the spread is always wider and vice versa. If a broker claims to charge zero commission and zero spread, be careful as it could be a scam.
Spreads
Spread is the difference between the bid/ask (or buy/sell) price quoted on the brokers website or trading platform.
If your broker gives you a bid/ask or buy/sell quote of EUR/USD = 1.07049/1.07058, then the spread is 1.07058 minus 1.07049 which equals 0.00009 or 0.9 pips.
If you bought 100,000 units of EUR/USD then automatically $9 (meaning 0.9 pips x 100,000 units) goes to your broker as his income.
Spreads are a major source of income for brokers as that little bid/ask price difference goes to them. This means you always buy from your broker for slightly higher, and sell for slightly lower.
See below table of average spreads on entry-level Standard Accounts of different brokers.
| Broker | EUR/USD | USD/JPY | GBP/USD | USD/ZAR | EUR/GBP | USD/CAD |
| XM | 1.6 | 1.8 | 1.9 | 12 | 1.8 | 2.0 |
| Exness | 1.0 | 1.1 | 1.9 | 194.4 | 1.6 | 2.1 |
| AvaTrade | 0.9 | 1.0 | 1.5 | 85 | 1.5 | 2.0 |
| Tickmill | 0.1 | 0.1 | 0.3 | 79.2 | 0.4 | 0.2 |
| HFM | 1.6 | 1.9 | 2.2 | 119 | 2.2 | 2.6 |
| FxPro | 1.52 | 1.37 | 1.68 | 188.97 | 1.57 | 1.73 |
| FXTM | 1.9 | 2.2 | 2.0 | 139.3 | 2.4 | 2.6 |
| IC Markets | 0.62 | 0.74 | 0.83 | 80.85 | 1.27 | 0.85 |
| Industry Average | 1.24 | 1.44 | 1.57 | 77.86 | 1.66 | 1.82 |
Beware of brokers who try to manipulate spreads by widening them even when there is no volatility in the market. Always compare spreads offered by other brokers to the acceptable industry average.
Swaps
Swaps are what you pay for keeping your CFD trade open throughout the night. Swaps are made up of two things basically:
- Interest rate differential
- Margin interest.
Interest rate differentials are what you earn or pay when you pair currencies overnight. If Euro has 4.5% interest rate set by their central bank and United States has 5.5% interest rate, you earn or pay the differential of 1%, depending on if you are buying or selling EUR/USD.
Margin Interest has to do with the interest you pay on the loan/leverage offered you by the broker. So a combination of both interest rate differential & Margin Interest is what gives you swap figures.
Beware of forex brokers who offer swap free bonuses only to turnaround and widen the spreads to compensate for spread lost.
Non-Trading Fees
Other fees like inactivity fees on dormant accounts, currency conversion fees, and subscription fees are what make up non-trading fees.
How to Choose a Forex Broker in South Africa?
a. FSCA Regulation
The forex broker needs to be regulated by the Financial Sector Conduct Authority (FSCA) in South Africa to ensure that your funds are safe. Otherwise you risk that your funds can be misused by the broker.
Simply get the brokers FSP number at the bottom of their website and go to the FSCA website to view authorized Financial Service providers (FSPs).
Let us take Exness with FSP number 51024 for example, once you input the FSP number on FSCA’s public search, the FSP name pops up. You can click on ‘Details’ to check more information on their license.
Also, note that when checking the details, you should check the Products approved for the broker. Below is the example screenshot from FSCA’s search of the products approved.
You will notice that Exness is licensed only as ‘Intermediary other’ for Derivative & Forex Investments. So they cannot engage in market making activities.
Another point to check is the status of the Broker’s ODP licensing with FSCA. If it is ‘Approved’, then the broker can offer OTC derivatives as the provider. Here is the example of the licensing status of some of the brokers.
In this example, you will notice that the status of IFX Brokers’ ODP is approved. While the status of Exness, HFM & others is mostly ‘applied’.
You need to take this into consideration when choosing a forex broker as unauthorized brokers cannot offer over the counter derivatives to South African traders.
b. User Reviews
You should go online to places like the app store and read what others have to say about the broker. Read what the users are saying about the app.
If you see a lot of negative reviews, check what the users are mostly complaining about.
For example, if the users are reporting issues with execution or widening of spreads, then these are major concerns, and you should avoid such a forex broker.
You can read the reviews of the broker’s app on their Playstore app page. Read through the reviews & see what the other users are complaining about. If there are too many complaints of similar issues, then you should treat this as something the broker is not good at.
c. Trading & Non-Trading Fees
You need to understand the fee structure of your forex broker and the spreads they charge.
Major currencies like EUR/USD should have tight spreads so do a comparison to see what other brokers offer the lowest spreads. If a broker offers lower than 1 pip spread for EURUSD, then it is considered low. But if the spread is higher than 2 pips for major like EURUSD, then it is high.
Below is an example of the live spreads at Exness broker with their Pro Account on their MetaTrader 4 platform.
The Pro Account has no extra commission charges, and the spreads are also quite low. For example, as you can see from above screenshot, the spreads for EUR/USD is 0.6 pips & 0.5 pips for GBP/USD.
This makes their cost quite low for forex trading. On average, this makes it $6 per 100,000 units (1 Standard Lot) for trading EUR/USD.
If you are choosing a commission based trading account, then check the round turn commission per lot. Add the spreads charged if any, and that will be your overall trading fees.
For example, the below example is from HFM with their Zero Account. This account has a $6 commission per 100,000 units (round turn meaning opening & closing). The spreads with this account as generally close to 0 pips.
This makes the overall costs similar to Exness’s Pro Account type.
Check for any other fees like funding charges, inactivity fees, and currency conversion fees.
d. Platforms (across devices)
Brokers have web, desktop and mobile platforms. You should have the option of choosing so that when one platform is down you can trade with another platform.
The app should be available on Android & iOS. For beginners, you should choose a forex broker that offers MetaTrader platform.
Since most South African traders download app for trading on their mobile device, security is really important. Almost all of the best trading apps of brokers have security features as well including 2FA & fingerprint scan, which would ensure that important features like trades, withdrawals are not authorized without your approval.
Avoid any trading app that is not secure or well rated in App stores.
e. Customer Support
Check if the broker has a local phone number in South Africa where you can call for support. Test out the live chat support & also the email support. If your broker does not respond in a timely manner then it is a red flag.
If the broker has a local phone number for support in South Africa, you should prefer that broker over others.
You should be able to quickly find their phone on the broker’s contact page, like this example of AvaTrade.
Be sure help lines are in your desired language and that they are responsive. Also check if the broker has social media presence.
f. Trading Conditions
Check how much leverage the broker offers as you need leverage to open larger positions with small capital.
Also review how many currency pairs the broker supports so you can easily diversify, and hedge risk with other currency pair combinations.
Another important point to consider is whether your forex broker offers ZAR accounts as this will lower your costs. If the from broker does not accept payments in ZAR or trading in ZAR, then you will be charged currency conversion fees of 5-8% normally.
g. Available Withdrawal Methods
The preferred method for South African traders should be local bank transfers via EFT or any other payment gateway.
Tickmill, HFM, Exness, FxPro & most other regulated brokers accept payments via EFT. You can pay in ZAR, and add funds to your trading account. The withdrawals will also be in ZAR if your deposits are in ZAR.
The time taken for withdrawals vary from broker to broker. HFM for example, take 24-72 business hours to complete the withdrawals made in ZAR (even though their deposits are instant). The minimum amount which you can withdraw is R70.
Depending on which forex broker you are choosing, there could also be an extra ‘withdrawal fees’. Be wary of extra charges that your broker may try to apply during withdrawals.
You should prefer a regulated forex broker that offers free funding & withdrawals, with quick processing time.
Can I trade through foreign Forex Brokers?
If you trade via a foreign broker, there is a high chance that it is fake & illegal. Most offshore regulated forex brokers are not safe, while others have conflict of interest.
It is safe only to trade forex through South African forex brokers who have the relevant license from FSCA. Any broker that does not fulfill the requirements from FSCA should not be considered legal or safe.
Comparison of South African Forex Brokers
We have taken an unbiased approach to create this on best Forex brokers in South Africa taking all important factors into consideration.
Frequently Asked Questions
Which are the Best Forex Brokers in South Africa?
Tickmill, FxPro, HFM, Avatrade, and Exness are the overall good forex brokers for traders based in South Africa.
These brokers are good on various metrics including their multiple regulations, competitive fees, variable deposit and withdrawal methods, trading platforms, and number of tradable instruments.
Which Forex Broker has the lowest fees in South Africa?
HFM & Exness have low overall fees for most major currency pairs.
HFM with their Zero account charge almost 0 pips spreads for majors, plus $6 round turn commission per standard lot. Similarly, Exness have very low fees with their Pro account, with typical spread for EUR/USD on 0.7 pips.
Which Forex Brokers offer ZAR Accounts?
HFM, Exness, XM & FxPro have option to select ZAR as the base currency of your trading account. The advantage of ZAR account is that you can save money on currency conversions.
Which Forex Brokers allow trading on NASDAQ 100?
Exness, Tickmill, FxPro, HFM have trading available on NASDAQ. Note that when you are trading NASDAQ 100 or NAS100 via any of these brokers, you are speculating if the index will go up or down. You don’t own any underlying stock in that index.
Trading NASDAQ100 through CFD brokers is much riskier that owning NASDAQ ETF for example, because forex brokers offer leverage. You are trading on margin, which will amplify your risk, and you can lose much more than your position.
Is Forex Trading Legal in South Africa?
Yes, forex trading is legal & regulated in South Africa as long as you are trading with a FSCA regulated forex broker. Note that only the regulated forex brokers are safe.
Avoid any unregulated forex brokers that are not regulated with any Top-tier regulation.
How to open an account with a Forex Broker in South Africa?
Traders can open trading account by following these steps.
- Find a FSCA regulated Forex Broker – Search for forex brokers that are regulated by FSCA, and then verify the broker on FSCA public register.
- Open your Trading account – Go to the website of the broker & signup for Live account. For example on Exness you need to click ‘Open Account’ yellow button on the top of their website & then fill the form. You will be required to complete KYC for compliance.
- Deposit Funds (via bank) – South African traders can deposit funds via EFT through forex brokers that are local.
- Download App – Depending on your device, you can download the Android App or iOS app. If you trade via desktop, then you should download MT4 platform for Windows.
- Place your Trades – Decide which instrument do you want to trade. For example, EUR/USD, then choose your order type (limit order for example).