When you find yourself wondering who the best forex broker in South Africa is, you are about to get into a journey of discovery. Even when you do find the answer (hint: see the list here), it is always debatable, and each person could have a different view.
In this guide, we have done a lot of the hard work for you and broken down this topic into a few easy to read categories. The best South African forex brokers list will be included of course, along with some information you might need regarding regulation, and top 8 criteria for how to choose between the best forex brokers South Africa has to offer.
The best forex brokers in South Africa have a Local Knowledge
Forex trading in South Africa has really started to gain traction in recent years. So much so, that many more South African forex brokers start to spring up. International brokers also begin to not only accept South African traders as clients, but actually adapt their offer entirely for traders in the Country by opening offices in, and gaining regulation in South Africa.
As we are listing the trusted and best forex brokers in South Africa, it is a good idea to have a clear picture of the regulations and regulatory body that builds trust. It is of paramount importance that any trading platform rated amongst the best brokers South Africa really does provide a local service, alongside any potential International presence.
Strong Regulation Changes Helps The Best FSCA Brokers South Africa with improving safety & Security – No More FSB
The regulatory framework has changed for South African forex brokers in recent years, with the Financial Services Regulation Act in 2017 bringing in a ‘Twin Peaks’ model of regulation.
This essentially split responsibility of the previous regulator, the FSB into two bodies, to govern different areas. These bodies were formally given responsibility in 2018 and are now known as the Financial Sector Conduct Authority (FSCA), and the Prudential Authority (PA) which is under the South African Reserve Bank.
The vast majority of the responsibilities previously held by the FSB in relation to forex, namely to regulate and monitor the trading industry, now fall firmly in the area of the FSCA. Unlike in the previous structure however, there is now a separate body to mediate between the regulator and its stakeholders.
In the past, the FSB Appeal Board would review decisions relating to the FSB, bringing into question the level of impartiality they may have. In a really positive change, if there is now a disagreement about an FSCA decision, there are rights to have a separate authority to look at it further and mediate. This body is known as the Financial Sector Tribunal, replacing the outgoing FSB Appeal Board.
FSCA Regulated Broker List Check
The new Twin Peaks model of regulation was introduced to “drive improved outcomes for all South Africans”. You can find the FSCA website a good resource of additional detailed information if required and we have shared a link here to the register that lists each of the approved financial companies in South Africa.
Where you were previously looking for the best FSB regulated forex brokers in South Africa, you now need to focus on FSCA and the FSCA register above for your security.
You will find a more broad list of brokers and trading platforms in South Africa to choose from now than in the past and this can only be considered a good thing. When you add a stronger regulatory framework, this will greatly help you as South African forex traders, and the South Africa based forex brokers go from strength to strength. After all, it is through regulation and security that users feel comfortable enough to trade with their hard earned money in the knowledge that there is some level of safety and protection.
The Best Forex Broker In South Africa – Our Most Trusted Top 5 List
This list of best forex brokers in South Africa has been scoured with hours of research and a whole host of studying. You can jump below to the criteria that has been used to decide between South African best brokers here or go straight into the list.
While we may not all agree on the best forex broker South Africa has to offer, the most important to note from those we consider is the level of trust, safety, and security that the brokers offer.
You will always want to be careful about new and unregulated brokers that may be running forex scams, so we have done the hard work in verifying the list of forex brokers in South Africa with their regulation number to help simplify this process.
Without further comment, let’s see who made it onto the best forex brokers in South Africa list!
1. FXTM – FSCA Trusted Forex Broker With A Strong Presence in Africa
FXTM are a forex broker with International as well as local presence, forming part of the Exinity Group. The broker has FSCA regulation and a real commitment to bringing value to South Africa, and African traders in general. You can see confirmation of the FXTM FSCA regulation below.
ForexTime also have tier 1 FCA regulation, supported by CySEC. If you choose to open an account with FXTM, minimum deposit is only $10 for the Cent Account which gives a very reasonable entry level.
The product range provided is strong, covering all the main instruments along with a great social trading platform, FXTM Invest. This allows South Africa based traders to have the minimum of fuss when trading forex, CFDs, Indices, or commodities, with the help of a talented pool of ‘expert advisers’.
For the novice trader, you will find a really wide educational offer. There are webinars, seminars, market analysis, and a plethora of online resources including ebooks. When considering the best forex broker in South Africa, FXTM would be on every list.
2. Tickmill – FSCA Regulation, Local Offices, and A Lot To Offer For South Africa Forex Traders
MINIMUM DEPOSIT – $200
REGULATION – LFSA, FCA, CySEC, FSCA
Tickmill have FSCA regulation and local offices to show their commitment to be amongst the best forex brokers in South Africa. They also have Tier 1 FCA regulation, supported CySEC, LFSA and an offshore branch in Seychelles. You can see the FSCA register entry below with the FSP number.
This is a forex broker that specialises in forex first. Whilst you will find a strong portfolio of CFDs covering other instruments, it is forex where Tickmill are amongst the best. Spreads are low, competitive to other brokers in the region.
If you are looking to find the best forex broker in South Africa, in Tickmill you will have a minimum deposit of $100. You will also find one of the widest choices of e-payments supported, ably supported by the more typical deposit options.
Tickmill are a forex broker with a lot to offer when considering who is the best forex broker in South Africa. There is a also currently a signup bonus offered of $30 for Africa based new traders.
3. AVATRADE – FSCA Regulated Forex & CFD Broker with a wide range of instruments
AvaTrade are a forex broker with regulation from many different territories around the globe. including some of the best respected. This broker has ASIC regulation to fulfil our requirement for Tier 1, but also JFSA, CBI, DFSA, FSCA, and BVI.
You can find the AvaTrade FSCA register entry below, with their respective FSP number. AvaTrade are formally registered in South Africa as forex broker under the name Ava Capital Markets, but trade under the name Ava Trade.
With offices in Johannesburg, alongside local telephone support (+27105941353), AvaTrade are clearly committed to providing South African traders with as much local availability as possible.
AvaTrade Go is a great trading App, and the underlying assets offered cover every sector. With forex supported by stocks, indices, commodities, ETFs, bonds, and cryptocurrencies, this is a broker that has something to offer for everyone.
It is pretty safe to say that this is a trusted forex broker with one of the best all around offers for International traders, including South Africa.
4. eToro – best stock broker South Africa offers commission free trading and a huge range of instruments.
Criteria For The Best Forex Broker In South Africa? – Top 8 Key points Considered
South Africa is a Country of almost 60 million people, and many different personalities. Each of you will likely have slight differences in the forex broker you would want to call the best and in this list, we will do our best to share with you the brokers that can be trusted and the reason for the inclusion.
What we have looked at in this guide, are the brokers that perform best across some really key areas that are important to consider as a trader. We weigh these various points up overall to give a summary of the best forex brokers in South Africa.
For traders across Africa who are looking for a broker that has some continental presence and a regulation in South Africa, you will also find plenty of useful forex trading companies listed.
The best forex broker in South Africa and the remainder of the top 5 on the list will only include brokers with the below key criteria met:
1. The best brokers South Africa have FSCA, CMA, or a Tier 1 regulation
The local FSCA regulated forex brokers will of course be prioritised as these can give an advantage of having a local presence.
We would not say that any other non Tier 1 regulated broker cannot be trusted, but if you are going to trade with a South Africa forex broker regulated outside of the local area, you would only want to use one with the best protections available.
Trade forex in South Africa with a broker that has undergone the strictest checks and measures as this is the best way to protect yourself from scams. All those that made it to our list of best brokers in South Africa have local regulation and licenses, even if they are also supported with additional International regulators.
2. Best forex brokers with low spreads and low fees rank well
Looking for the best forex brokers with low spreads is one of our regular criteria as it is important wherever in the world you are.
Keeping costs low with competitive low spreads and low fees, leaves more in your own account balance. The less you pay on charges, the easier it becomes to trade forex profitability, not that it is an easy thing to achieve at all.
3. Having a variety of markets and instruments helps feature amongst the best South African brokers
Offering a wide variety of forex pairs is essential for all of the best forex brokers in South Africa. This is no different from anywhere in the world but there are some specific local variations that we have prioritized.
In this particular case, the South African Rand (ZAR) should be provided as a strong option against other major global currencies. We also have seen a strong trend to trade Nasdaq stocks in South Africa via CFD trading.
Forex brokers in South Africa who can offer multi asset trading of CFDs, alongside gold and commodities will be gaining extra rating points.
4. Having the best mobile trading app is a huge advantage in South Africa
Any of the companies that want to be considered the best brokers in South Africa need to emphasize the trading app side of the business. Mobile trading, and non desktop based forex trading in South Africa is growing a much faster rate than the more static form of trading.
It is therefore essential to have a good trading app, with maximum support on mobile in order to be considered one of the best forex brokers in South Africa.
5. Bonus points for easy, fast deposits & withdrawals for brokers with ZAR accounts
It is an advantage to for brokers with ZAR accounts when trying to be the best brokers in South Africa. Minimising the need to transfer from one currency to another, is also one way to reduce fees on the process.
Allowing you as a user to make payments from e-wallets, and other digital payments that are an essential part of life locally will give a give an edge to ranking for the best forex brokers South Africa.
The topic of deposits and withdrawals is about providing the best user experience possible, and making it easy to deposit and withdraw is an essential part of that. The charging structure related to deposits and withdrawals is also an important consideration. We look for a forex trading platform that will offer this at no cost in order to be considered the best broker in South Africa.
6. Trading forex in South Africa requires margin & leverage flexibility.
All the best brokers in South Africa offer choice across almost all areas of their business. The flexibility of the account that can be used is factored into the overall broker rating.
It is not important to see a really high leverage available, as that can be very risky.
What is important is the ability to be able to change the leverage offered within your account rather than it remaining fixed at the brokers preference.
There may be those of you who want to trade 1:1000 leverage on one particular trade, but it is good business practice for the best forex brokers South Africa to give the option to scale back during times of high volatility or to manage your risk the way you choose.
7. A free demo account with no limits is needed for forex brokers
Forex demo accounts that function fully, with the option of unlimited use is important.
Every South African forex trader should have access to a demo account to test different trading strategies and analyse what is working and what is not.
The list of best forex brokers in South Africa have this provided to all clients as standard.
8. The best brokers South Africa offer Great Customer Service
For a forex broker to be classed as the best in South Africa, their customer support function needs to operate with maximum efficiency.
Trading forex is very time sensitive, so quick responses and minimal downtime is vital here. Having only email responses is not enough in the modern age.
Expect to see from the brokers on this list, multiple different contact methods, as well as a very strong host of user reviews from actual South African forex traders. If the current users think the company is the best forex broker South Africa, the chances are it can be trusted to deliver a good service to you too!
Summary of Best Forex Brokers In South Africa
Now you have seen what criteria we use to rate the best forex brokers in South Africa and why, do you agree with us or not?
The beauty of trading forex and online trading in general is there are many different ways to do it. Therefore there is not one broker to do it with either.
If you are a detailed technical analysis driven trader, you may case less about the mobile app than you will the depth of charting and technical indicators supported on the platform. Those that are just starting out in their forex trading journey will have different needs again.
So feel free to look again through our list of the best forex brokers in South Africa by jumping above from here. If you would like more information about trading with signals, or automated trading platforms to help you in trading but without directing all the traders yourself, we can help you there too!
Happy and most importantly safe trading!