Best Forex Brokers South Africa 2020

On this page you will find what we consider to be the best South African forex brokers in 2020 according to our thousands of hours of detailed research and analysis across hundreds of forex brokers that offer online trading to clients in South Africa and worldwide.

To make it into our list of the best forex brokers South Africa, each broker should be regulated and accept forex traders in South Africa. The broker should also have a good selection of currency pairs for trading, sophisticated trading platforms for multiple devices, competitive fees/spreads, good execution speeds, selection of trading tools, educational resources, flexible account types, convenient funding options and excellent customer support.

With so many forex brokers to choose from, we have compiled a list of our best forex brokers in South Africa below.

Min $250 Deposit

IG offer traders around the globe over 16,000+ markets including Forex & CFDs. They have a good selection of trading platforms, tools & educational resources. Spreads are tight, commission is low & execution speeds are fast. IG are also regulated in many countries including FCA, ASIC & NFA regulation.

Terms & conditions apply
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Top 5 Forex Brokers South Africa 2020

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF

Min $250 Deposit

1974

1:200

Review Open Account Open Account
Terms & conditions apply
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
2.

ASIC, FCA, DFSA, SCB

Min $200 Deposit

2010

1:500

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3.

ASIC, CySEC, IFSC

Min $5 Deposit

2009

1:880

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4.

ASIC, BVI, CBI, FFAJ, FSA, FSCA

Min $100 Deposit

2006

1:400

Review Open Account Open Account
Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5.

ASIC

Min $200 Deposit

2007

1:500

Review Open Account Open Account
Terms & conditions apply
Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
We chose these brokerage firms as our best forex brokers in South Africa due to the fact that they are regulated and have received a top broker rating from us for providing online forex trading to South African clients after being subject to our detailed forex broker reviews.

1. IG

IG offer traders around the globe over 16,000+ markets including Forex & CFDs. They have a good selection of trading platforms, tools & educational resources. Spreads are tight, commission is low & execution speeds are fast. IG are also regulated in many countries including FCA, ASIC & NFA regulation.

Terms & conditions apply
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

2. Pepperstone

Pepperstone is one of the largest trading brokers providing traders worldwide access to trade across all markets with cutting edge technology, low cost spreads, low-latency high speed execution and award-winning customer service.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. XM Group

XM Group is a multi-award winning globally established and regulated trading broker with over 2.5m clients from 196 countries offering no-requotes, low spreads, fast execution and negative balance protection.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4. AvaTrade

AvaTrade is an award-winning trading broker with regulation in 6 jurisdictions offering 250+ trading instruments across multiple markets and trading platforms.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

5. IC Markets

IC Markets is the world’s largest true ECN trading broker offering over 230 trading instruments across multiple markets on the most popular trading platforms, delivering low spreads and high liquidity for fast trade execution.

Terms & conditions apply
Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers South Africa

Best Forex Brokers South Africa

How did we choose our best forex brokers in South Africa?

The most important factor for the Trading Brokers team to consider when choosing the best South African forex brokers was that the brokers are regulated and authorised to offer forex trading to South African traders. Once the brokers regulation had been confirmed, we then researched and analysed the forex trading services that they provide in great detail and assigned them with an unbiased broker rating based on our findings. During this research, we gave great consideration to what we deem to be amongst the most important factors to consider when choosing an online forex trading broker, including:

  • Regulation: The forex broker should be regulated and authorised to offer forex trading in South Africa.
  • Forex Trading Platforms: The forex broker must offer a range of the best trading platforms that are user friendly, intuitive and compatible across multiple desktop, web and mobile devices.
  • Forex Trading Instruments: They should have a large selection of minor, major and exotic currency pairs for trading.
  • Spreads: The forex brokers spreads on currency pairs should be competitive and as low as possible.
  • Commission: The commission charged for trading forex currencies should be competitive, the lower the better.
  • Fees: Any additional fees such as accounting, inactivity, etc, should be made clear to traders from the get go.
  • Execution Speeds: The best forex brokers should have reliable trade execution speeds with minimal slippage.
  • Liquidity Providers: Ideally, the forex broker will have a vast pool of liquidity providers (LPs) in order to deliver consistent execution speeds and tight spreads.
  • Forex Trading Tools: The forex broker should provide a vast array of trading tools for analysing charts, planning and managing trades, trading signals, social trading, etc.
  • Forex Educational Resources: Most new traders will need a selection of educational materials on different trading topics to help them improve their trading skills and knowledge. Training tools can include video tutorials, trading guides, webinars, etc.
  • Forex Account Types: There should be flexible account options to suit different trading styles and budgets.
  • Forex Account Funding Options: The forex broker should offer a choice of convenient account deposit and withdrawal methods.
  • Customer Support: The forex brokerage should have a prompt, polite and knowledgeable customer support team on hand to answer traders general and technical questions.

South African forex broker regulation

Forex trading is the speculating on the price of one currency against another currency, commonly known within the trading community as a currency pair. Online forex trading has increased in popularity over the years with many online brokerages opening which has given traders a vast choice of brokers who are all competing for their business. This can make it difficult to choose the best forex brokers in South Africa.

We believe that it is of upmost importance that a forex broker providing services to traders in South Africa is authorised and regulated to offer forex trading in South Africa. Using a regulated broker helps to give traders peace of mind that they are using a brokerage firm which is subject to strict rules and regulations put in place to help protect investors. It is worth mentioning that there are some non-South African forex brokers that still solicit clients located within South Africa. There are also South African forex brokers who offer online forex trading services to clients located in some countries outside of the South Africa. In this instance, it would be a considered a wise idea to ensure that the broker has the relevant regulation within the jurisdiction that they are operating from.

Financial Sector Conduct Authority (FSCA)

The Financial Sector Conduct Authority (FSCA) is the market conduct regulator, responsible for the regulation of financial institutions in South Africa that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.

The FSCA aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers by promoting their fair treatment by financial institutions, as well as providing financial customers with financial education. They aim to ensure there is an efficient and stable financial sector where customers are informed, protected and treated fairly.

Verifying the regulation of forex brokers in South Africa

If a forex broker has been licensed by a regulator, they should be provided with a registration number as proof that they are registered. This number is usually located on the brokers website, near the footer where they state who they are regulated by. You should check on the relevant regulators website to validate the current status of the broker registration to ensure that it is valid and up to date. It has been known for some scam brokers to fake regulation, some even going as far to clone another brokers website. When you are looking up the registration number, you should find details of the regulated brokerage firm including their website, contact details and if they have any cases brought against them.

Need help to choose from the best forex brokers in South Africa for 2020?

If you are still unsure which is the best forex broker in South Africa for you then you can use our free online broker comparison tool to quickly compare South African forex brokers based on trading platforms, trading instruments, minimum deposit, regulations, leverage, funding options and more. You can also read our broker reviews and choose from our best brokers that we have conveniently categorised into the best online brokers, best forex brokers, best stock brokers, best CFD brokers, best crypto brokers, best trading platforms, best social trading platforms and best trading apps. If you would like to look for the best trading brokers in a particular country, we have pages dedicated to our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa and best brokers Canada.