From our research, beginner traders will benefit from strong customer support and a wide range of educational materials. The broker offers a rich collection of highly informative webinars and podcasts on its YouTube channel, as well as a very detailed glossary, which explains various financial terms. IronFX provides traders with access to the MetaTrader 4 platform which offers a wide range of technical analysis indicators and timeframes. Additionally, IronFX’s MT4 includes MultiTerminal allowing traders to manage multiple accounts from a single terminal. To aid in making informed trading decisions, IronFX integrates Trading Central where traders can benefit from numerous analysis tools and resources for conducting thorough research. For over a decade, FxScouts.co.za has been reviewing forex brokers and provided in-depth analyses.

Usually, such platforms are focused on the needs of different levels of traders. The process of choosing a broker begins with learning where your potential broker is regulated. South Africa-based traders may choose between FSCA-regulated brokers as well as brokers regulated by other regulators. Some traders would find the domestic regulation more comfortable to work with.

How we selected the best Forex Brokers in South Africa

For example, if you are trading EUR/USD, and the broker is an approved ODP, then your broker can act as the market maker of this instrument. So, they are the issuer or seller if you are the buyer, and are taking the opposite side of your trades. But they don’t charge any extra fees for deposits & withdrawals made with most of the payment methods. Most importantly, they do accept payments via EFT (the minimum funding amount is $5 or equivalent at the latest exchange rates in Rand), and there are no extra charges with this method. The deposits with this method are instant, but the withdrawals can take 2-3 days. JustMarkets was founded in 2012 & we consider them a moderate risk forex broker as they are regulated with one tier-2 regulation CySEC.

All Trading Platforms

The best brokers in South Africa are well-regulated and offer a low-cost, user-friendly trading platform suitable for both beginners and experienced traders. Following rigorous testing, we believe that AvaTrade is the best broker for South African traders. AvaTrade is regulated by some of the toughest global authorities, including the South African FSCA, providing security and confidence for its clients. And with ZAR trading accounts and free deposits and withdrawals from South African banks, South African traders don’t have to worry about conversion fees at any point.

Khwezi Trade vs. CM Trading

Here is the comparison table of the FSCA regulated forex brokers in South Africa for 2024. Another excellent choice for Forex trading South Africa is AvaTrade. One immediate benefit is that this broker obtained an operating license from the Financial Sector Conduct Authority (FSCA) and has a local presence. It remains unclear if deposits and withdrawals in the South African Rand are Available. AvaTrade also maintains a proprietary mobile trading platform in AvaTradeGO, one specifically designed for options trading, AvaOptions, together with the MT4/MT5 trading platforms, and its WebTrader. DupliTrade supports social trading at this well-regulated global broker with an office in South Africa.

When selecting a Forex broker in South Africa, it is critical to evaluate variables relevant to your trading needs and the country’s distinct financial environment. FXTM could improve by broadening its product portfolio to cover more diversified asset classes, such as local South African stocks and indices. They could also try to reduce withdrawal fees and processing delays. At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. After extensive research and testing of all forex brokers that are regulated in South Africa (and that accept South African residents), I’ve found IG to Luno exchange review be the best forex broker in South Africa in 2024. IG is regulated by the FSCA and holds a wide range of regulatory licenses from jurisdictions around the globe. In fact, IG holds more licenses than any of the 60+ forex brokers reviewed on ForexBrokers.com. Add to that the fact that IG is publicly traded and well capitalized, and you can see why we rank IG so highly as a trusted forex broker (with a Trust Score of 99). Pepperstone has competitive commission-based trading fees featuring raw spreads from 0.0 pips for a commission of $7.00 per 1.0 lot with a volume-based rebate program.

1. South Africa’s thriving Forex market has created a demand for quality execution and customer service from brokers.
2. The broker is regulated by top-tier regulators like ASIC, CySEC, and the FSA of Japan, as well as by the local South African regulator FSCA.
3. Although many withdrawals are processed within same day or 1-2 days.
4. In addition, proprietary software is increasingly being offered by larger forex brokers.

Tickmill, FxPro, Exness & HF Markets have account types for Pro traders. All 4 brokers are regulated, have low trading fees with Pro accounts, and offer wide range of currency pairs & other CFD trading instruments. HotForex, Exness & Plus500 offer ZAR trading accounts, and there are other brokers too. You can see this list of forex brokers with ZAR accounts if you mostly trader Rand currency pairs & need local deposits/withdrawals without exchange rate losses. Fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin.

The regulation ensures that the investor’s money is not misused in any form by the broker & the provider has to comply with the policies set by the regulator. To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker’s homepage. You can start with as little as $10, but it makes sense to start with at least $1,000 if your broker’s smallest position size is 1 micro-lot of $100 if it is 1 nano-lot. While this will appeal to skilled traders, I recommend new investors take a strict approach to risk management to curb large losses. Forex trading earnings are taxable in South Africa, and traders must report them to the South African Revenue Service (SARS) as part of their income tax reports. Brokers like AvaTrade and Plus500 are frequently suggested for beginners in South Africa due to their user-friendly platforms and extensive training resources.

I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators.

Now let’s compare & review all our selected best FSCA forex brokers, one by one.. Although it is not mandatory for investors to trade forex & CFD through FSCA regulated brokers, and you can opt to trade with foreign regulated plus500 canada brokers. Trust is paramount when a company is holding money on your behalf, whether it be a bank or broker. At a minimum, a regulated broker is accountable and must demonstrate a commitment to compliance. Check out a gallery of screenshots from IG’s trading platforms, taken by our research team during our product testing. Founded initially in 1990 as the Financial Services Board (FSB), the South African financial markets regulator was rebranded as the Financial Sector Conduct Authority (FSCA) in 2018.

Several international brokers reported jumps in business beginning in 2020. If you are going to use a broker not regulated in South Africa, make sure they are regulated by another well-respected or even tier 1 regulator, for example, the UK’s Financial Conduct Authority (FCA). Also, brokers typically list their regulators at the bottom of their homepage or somewhere else on the site. All brokers have customer service access by email, but I always try to pick brokers with phone support. Email can be slow, and sometimes you will want an answer immediately, which the best brokers for Forex in South Africa can give with phone support.

However, with iFX Brokers, you can set sail with complete confidence, knowing that you’re choosing a safe vessel with a reputation of excellence, regulatory compliance, support, and innovation. The FSCA has the power to take action against any Forex broker that is found to be in violation of its regulations, including revoking their license to operate. Find out more about the FSCA’s role in regulating South African Forex brokers here. The FSCA is the best regulator in Africa, and we consider brokers who have been licenced by the FSCA to be trustworthy for South African traders. But if you want one broker with low spread & FSCA regulation, then Exness is our recommendation with spread of almost 1 pip for EUR/USD in their Standard account.