11 Best Forex Brokers in South Africa,IFX Brokers
AdJoin FxPro & fund from just $ via local bank with 0 fees. Your capital is at risk. Trade global markets with the lowest spreads & ultra fast execution. Free local funding AdCompare the Best Forex Brokers using more than 50 criteria. Choose best SEC regulated forex broker from our list. Best Bonuses and offers AdTraders choice for Global Forex Trading. A leading Forex and multi-product platform. Zero Fees on Deposits & razor-sharp pip spreads on our MT4, MT5 & Web platforms Khwezi Trade is one of the most popular South African forex brokers that is headquartered in Cape Town. Khwezi Trade offers dedicated local support, and it is a broker that understands ... read more
Khwezi Trade is one of the most popular South African forex brokers that is headquartered in Cape Town. Khwezi Trade offers dedicated local support, and it is a broker that understands the needs of the modern South African Forex Trader who needs to add a competitive edge to their trading. Khwezi Trade offers competitive spreads, access to 32 forex pairs which includes major, minor, and exotic currency pairs. While Khwezi trade does not offer proprietary trading platforms, it supports the use of MetaTrader 4, which offers traders an innovative web, desktop, and mobile trading platform.
HotForex is one of the best forex brokers that offers access to several South African markets, providing traders with a wide range of financial instruments that can be traded in the foreign exchange market, stock market, cryptocurrency market, and several others.
HotForex is well-known for the tight spreads that it offers retail traders, with sophisticated solutions for advanced traders and other professional investors. HotForex offers flexible solutions, and it is regulated by the Financial Conduct Authority through its parent company, HF Markets, with the backing of several other reputable market regulators. Exness is known as one of the best forex brokers for South African traders because it offers accounts with ZAR as the base currency.
Exness caters the best for professional traders as well as institutional entities. However, anyone from South Africa can register an account with Exness as many features make this broker stand out from the rest. Exness has competitive pricing and other are no account or inactivity fees charged. The rollover rate and swap rates are not the lowest, but they are extremely competitive. Exness offers comprehensive educational material to South African residents who are starting in trading.
FxPro is another great option for South African traders who want to focus on exotic currency pairs, not only minor or major pairs. FxPro offers 70 forex pairs that can be traded with a maximum leverage of With FxPro, traders can expect competitive trading costs combined with comprehensive trading solutions that include reliable execution speed, competitive raw spreads, and regulation through reputable regulatory agencies. FxPro also offers market insight that can be used to monitor market movements, allowing traders to make informed decisions.
There is no cap on leverage in South Africa and depending on the forex broker, you can easily use leverage ratios of and higher. Yes, several South African forex brokers have a proven record for honesty, fair trading conditions, and integrity.
Yes, forex trading is legal in South Africa, and you can trade with any forex brokers that accommodate South African forex traders. However, traders are urged to avoid unregulated brokers. 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 Low Minimum Deposits. In the sections below we will review some of the 11 best forex brokers in South Africa, and what makes their offering so attractive. IFX Brokers Features Established in South Africa, IFX Brokers is a FSCA-regulated forex and CFD provider that has been in operation since Pros and Cons.
PROS Well-regulated MetaTrader 4 offered Educational resources provided A range of useful trading tools offered A wide range of tradable financial instruments offered. FXCM Features FXCM is reputable and one of the best forex brokers that accommodate South African traders, despite their trading experience or unique trading strategies.
PROS Access to 40 forex pairs and forex baskets High leverage ratio supported for South African traders Competitive spreads and commission-free trading options offered A choice between trading platforms MetaTrader supported Well-regulated.
CONS High inactivity fee of ZAR. Plus Features Plus is one of the most popular online forex brokers in South Africa that not only offers some of the lowest spreads in the industry, but also a wide range of currency pairs that can be traded through a powerful proprietary trading platform, available across several devices. PROS Regulation through multiple entities, including the Financial Sector Conduct Authority There is a proprietary trading platform offered A wide range of financial instruments offered Proprietary mobile trading apps Economic calendar, educational content, and other tools provided Demo accounts and Islamic accounts for Muslim traders Commission-free trading Average maximum leverage.
CONS Forex signal trading not supported. com Features Markets. CONS Inactivity fee charged after three months of retail account inactivity. XM Features XM is another popular and reputable forex broker that has a strong presence in South Africa, known for its low minimum deposits, negative balance protection applied to retail investor accounts, multiple base currency options on accounts, and some of the lowest spreads in the industry.
PROS Negative balance protection Competitive rollover fees Low minimum deposit requirement Choice in trading account types Access to a wide range of financial instruments Educational tools and economic calendar offered Spreads from as low as 0 pips Low commission fees.
CONS Restricted leverage for retail traders. Oinvest Features While Oinvest is not a forex broker that is regulated by the Financial Sector Conduct Authority FSCA in South Africa, it is the perfect platform that is extremely popular amongst beginner traders in South Africa.
PROS User-friendly trading platform Competitive rollover fees charged Multiple trading tools offered Range of educational tools. CONS Limited regulation. Blackstone Futures Features Blackstone Futures is a reputable South African forex broker that is headquartered in Johannesburg. PROS Based in South Africa Some of the lowest spreads offered A High maximum leverage ratio is offered Advanced forex trading platforms offered Helpful educational and trading tools offered.
CONS There is a limited number of financial instruments offered. Khwezi Trade Features Khwezi Trade is one of the most popular South African forex brokers that is headquartered in Cape Town. PROS Based in South Africa with FSCA regulation Dedicated support in Afrikaans and Zulu, among other languages Leverage of offered. CONS A high minimum deposit requirement of R2, needed to register Limited currency pairs offered.
HotForex Features HotForex is one of the best forex brokers that offers access to several South African markets, providing traders with a wide range of financial instruments that can be traded in the foreign exchange market, stock market, cryptocurrency market, and several others.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. To find the best forex brokers in South Africa, we created a list of all brokers that accept new customers from South Africa and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers.
This exacting analysis of more than variables includes our proprietary Trust Score more on Trust Score below. Compare South Africa authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below.
This broker list is sorted by the firm's ForexBrokers. com Overall ranking. 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.
For example, here's the key disclosure text from IG's website. IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK FCA Number , a juristic representative of IG Markets South Africa Limited FSP No South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.
Next, look up the FSP number on the financial register available on the FSCA's website to validate that the broker is currently authorized in South Africa. IG is the best forex broker in South Africa from amongst all brokers that are regulated in South Africa and accept South African residents.
IG ranks highly across key categories, including its trust factor using our proprietary Trust Score and is the No. 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. Most importantly, it's crucial to use a broker that is properly regulated to reduce your chances of stumbling into a scam. And in the event that you are unable to resolve a complaint with your broker, your local national regulator or the regulator in the country where your broker is located may be able to assist in resolving your case, or, in the extraordinary event of a broker bankruptcy, help recover your funds.
An unregulated broker has no such obligation to help you and no regulator will be able to assist you either. Pro tip: The ForexBrokers. com Trust Score algorithm factors into consideration the number of licenses a broker has and where those licenses are from, as not all regulators are of the same level of trustworthiness. For example, in top-tier jurisdictions like the U. Disclosure: ForexBrokers. com does not review any broker unless it holds at least one license in a tier jurisdiction that we track tier one through tier three.
Learn more about Trust Score. Unless you already have a significant portfolio and have taken massive risks and gotten lucky or have a highly detailed trading methodology, the odds of getting rich from forex trading are stacked against you: Year after year, the majority of traders consistently lose money. For the successful minority, most will realize the extra earnings as complementing their income, in the form of capital gains, while the largest wealth creation will be from traders who let their profits ride over the longer term, or had consistent winners and an overall sizeable portfolio to begin with.
The exception is if someone has a history of returns i. Was this helpful? Yes or No. For our Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50, words of published research.
Each broker was graded on different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure.
We even put in consideration the actual user reviews and ratings of real traders. Tickmill is our 1st rank forex broker for South African traders. Tickmill is a No Dealing Desk NDD broker that is regulated by FSCA FSP no. Since they are regulated by multiple Top Tier Regulators, including in South Africa, so we consider them to be safe. Tickmill was established in , and we consider them to be a safe broker as they are regulated with multiple top-tier regulators i. In terms of fees, Tickmill has an average spread with their Classic Account, starting from 1.
But their spread with Pro account is very low from 0. Instant funding is available with online bank transfer, and local bank transfer withdrawals are processed within 24 hours maximum. But Tickmill does not have ZAR base currency account option, so your funds are converted at the latest exchange rates depending on your account currency.
They have recently started to offer the latest Metatrader 5. read our in-depth Tickmill review. But they are not regulated with FSCA in South Africa. BDSwiss was founded in in Zurich, and they are a reputed forex broker. BDSwiss have an average spread of 1. But the spread with Raw Account is very competitive, it is on average 0. They also offer CFD trading on Gold, popular indices like NASDAQ, and 20 Crypto CFDs at competitive fees. They offer variety of account types with many features including negative balance protection.
But the overall trading fees is much lower with these account types. The deposits at BDSwiss are free of any additional charges for all transaction methods. read our in-depth BDSwiss review. HotForex is our recommended choice for low cost forex broker in South Africa. HotForex SA is solid for low fees! They offer 12 trading platforms Including the latest MT5, and the MetaTrader for Android, iPhone and desktop.
HotForex also offer crypto CFDs. The deposits via Bank transfer can take 10 minutes, but the withdrawals can take 2 business days.
The minimum withdrawal amount is R70 with bank transfer. In terms of support, they have a quick Live chat support, and they also have a local phone number in South Africa for support. read our HotForex review to see detailed comparison of spread, platforms and features.
FxPro Financial Services Ltd is a well regulated forex broker, and they are regulated with FSCA in SA. FxPro Group are also regulated by Top-tier regulator FCA. This makes them a low-risk forex broker. Also, FxPro operates No Dealing Desk model, which means there is no conflict of interest.
FxPro offers low cost trading with their cTrader account. This is quite low in comparison to most other brokers. But their fees with MetaTrader based account types is higher than cTrader account. In terms of accounts, FxPro does offer ZAR base currency account option. There are also other payment options available. Their email support is also okay as per our tests. They also have an option to request a callback. read our FxPro review to see detailed comparison of spread, platforms and features.
OctaFX is a global forex broker that is only regulated with one Top-tier regulation i. CySEC with License no. They are not regulated with FSCA.
OctaFX was founded in In terms of fees, OctaFX charges variable spread for every trade. There is no extra commission per lot with any account, and the only trading fees they charge is the spreads. So their fees overall is very competitive.
OctaFX is a Metatrader only forex broker. Their number of trading instruments are limited compared to other brokers. For eg. OctaFX only offers 35 currency pairs for forex trading. Although, other CFD brokers have higher number of instruments. But we found their Live chat support to be quick in answering questions. But the support at Exness is not the best as per our tests. The spread is 0. Overall, we found Exness to be a broker with one of the lowest spread for Standard accounts, while Tickmill has lower overall fees for commission based account types.
Exness offers the latest MT5 platform as well as MT4 you can choose , which we consider to be a positive thing. The responses to queries sent to their support email are very slow, and in some tests it took a few days to get a response to our questions. read our in-depth Exness review. XM Trading is another popular forex broker with South African traders. XM Group is a part of Trading Point of Financial Instruments Ltd that was founded in They are now one of the leading forex broker in terms of daily trading volume.
The parent company of XM i. Their fees with their Ultra Low Account is also low. They have negative balance protection with all their account types. The max. leverage is with all these account types. Also, their Swap fees is very high for most of the instruments. Their trading conditions are quite good. Their support is also really fast in handling issues, especially their live chat which also available 24 hours during the week.
AvaTrade is a European broker that is also regulated with FSCA in South Africa. AvaTrade is an European forex broker that was founded in Their deposit and withdrawal options include credit cards, wire transfer, and wallets.
They also accept local bank transfer deposits. But they do have a local phone number in South Africa. read our in-depth Avatrade review. Plus is a popular CFD trading platform, that is also listed on London Stock Exchange.
Their platform is easy to use, and very user friendly. But the downside is that it is not available on desktop. have lower leverage as per the leverage restrictions with ASIC regulations. But their education section is quite limited though. read our in-depth Plus review. IC Markets is one of the largest forex broker in terms of daily trading volume.
The traders from SA are registered under their offshore regulation. This makes them somewhat low risk broker for traders. With Raw spread accounts, the spread is as low as 0. With Standard account too, the spread is competitive, around 0. Their trading fees is comparatively quite low even with their Standard account. There is no extra commission with Standard Account type at IC Markets. Their Swap fees are competitive but are not the lowest.
The exact fees depend on the currency pair that you are trading. You have the option to fund your account via wire transfer or online wallets like Skrill, Paypal etc. or via your card. They are a MetaTrader broker, but offer cTrader platform also. Their platforms are available across all devices. Our experience with their support was good. Read our in-depth IC Markets review. We gave them a lower rating because of high spreads. But the spread is very high with their spread only account types on average it is 1.
Best Forex Brokers in South Africa 2022,South Africa Forex Brokers Comparison
AdTraders choice for Global Forex Trading. A leading Forex and multi-product platform. Zero Fees on Deposits & razor-sharp pip spreads on our MT4, MT5 & Web platforms AdJoin FxPro & fund from just $ via local bank with 0 fees. Your capital is at risk. Trade global markets with the lowest spreads & ultra fast execution. Free local funding Khwezi Trade is one of the most popular South African forex brokers that is headquartered in Cape Town. Khwezi Trade offers dedicated local support, and it is a broker that understands AdCompare the Best Forex Brokers using more than 50 criteria. Choose best SEC regulated forex broker from our list. Best Bonuses and offers ... read more
The trading of forex currencies in South Africa, already popular, became even more robust after the onset of the Covid pandemic, as a potentially lucrative practice that could be pursued from home. IG is the best forex broker in South Africa from amongst all brokers that are regulated in South Africa and accept South African residents. Overall Rating 9. Their platforms are available across all devices. There is zero fees on deposits or withdrawals. But we found their Live chat support to be quick in answering questions. Read more..
read our in-depth Exness review. Their support is also really fast in handling issues, especially their live chat which also available 24 hours during the week. read our HotForex review to see detailed comparison of spread, platforms and features. For example, many brokers like FXTM, OctaFX etc. But the overall trading fees is much lower with these account types. Also, the commission could vary depending on the CFD instrument. Written by Steven Hatzakis Edited by John Bringans Fact-checked by Joey Shadeck.
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