Top 10 Forex Brokers in South Africa


Forex trading in South Africa is an excellent source of earning money for the retail and institutional traders, especially with regulated brokers.

March 5, 2021 | AtoZ Markets – Forex market is the 5 trillion dollar market, which is three to four times bigger than the New York Stock Exchange. In the early ’90s, people used to trade at the institutional level only. Furthermore, after the financial crisis of 2008, retail people and corporations started to feel that they needed to hedge their funds to avoid business risk. Therefore, after 2008, there was a massive adoption of forex trading in the retail and institutional levels.

To start forex trading in South Africa, you should know every step from opening an account to technical and fundamental analysis.

Forex trading is legal in South Africa. Therefore, you can operate hassle-free trading from this country. Moreover, based on the performance and regulation, we have chronologically set up and reviewed some reputable brokers that are available for South African traders.

Before proceeding further, you can find the entire table of contents of this guide about Forex trading in South Africa.

(Table of contents section)

  • Is Forex Trading Legal in South Africa?
  • How to Choose a Forex Broker in South Africa?
  • Top 10 Best Forex Brokers in South Africa
  • How to Open a Forex Trading Account in South Africa
  • How to Deposit or Withdraw Funds from South Africa Forex Brokers

Is Forex Trading Legal in South Africa?

You can fund your trading account with a credit card and a Bank deposit with most major banks in South Africa. Furthermore, South African regulation allowed depositing in an international bank account from a South African bank account. You can deposit to the International platform on your credit card also. However, some traders might face a problem as banks require explanations of deposits.

Most Successful DeFi Coins of 2020

Overall from 2010, the South African government allowed more money to Offshore bank accounts that make Forex trading easier. However, there are limits on how each South African citizen is allowed to transfer to an Offshore Bank. According to the South African government, citizens can transfer not more than 10 million Rand per year.

Besides the general depositing method, there is a discretionary Foreign Currency Allowance that allows a reader to invest up to 1 million Rand. October 27, 2011, is stationary law changed and allowed to invest in foreign banks. However, this process should be cleared by the South African Revenue Service (SARS). Traders have to complete the MP 1423 to avail of that travel allowance.

If you want to invest more than 10 million per year, you have to apply it to the South African Reserve Bank’s financial service department for approval. In that case, a tax clearance certificate might be required. 

Moreover, if you want to deposit more significant amounts to a Forex broker, you should open a bank account before processing the transfer. To eliminate the risk of money laundering, it should fill up a KYC form by providing appropriate documentation, including a valid photo ID, passport for driving license, and a recent utility bill. 

Overall, there are specific ways to start forex trading from South Africa. In this article, we will see a step-by-step approach regarding how to start forex trading in South Africa.

How to Choose a Forex Broker in South Africa?

Before starting Forex trading from South Africa, you should find a Forex trading broker that allows opening accounts from South Africa. Many allow trading from South Africa. 

It is essential to find a broker that has the quality of providing accurate price charts and flexibility in threading parts.

There are many brokers on the internet, but all of them are not authentic. Therefore there is a possibility of getting scammed. If you want to get yourself out of the reasons, you should focus on brokers that have regulation from FSCA.

What is FSCA?

FSCA represents the financial sector contact authority of South Africa that was formed in 1990. Its goal is to protect the citizens of South Africa from financial fraud and crime. However, our readers can trade with Forex brokers that do not have FSCA regulations. Therefore you can trade with any FCA or CySEC regulated brokers.

Later on, it would help if you focused on brokers that allow at least MetaTrader 5 and MetaTrader 4 trading platforms with cTrader and web trading for both windows and mobile.

Trading costs and commissions are another essential part that you should focus on. Brokers take a fee from the bid and ask price, representing the difference between the buying and selling price of a currency pair. Besides taking the spread, some brokers charge additional permission while some brokers offer zero spread.

Choosing a regulated broker with minimum cost is challenging for a trader. However, many Forex brokers in the world allow trading from South Africa with great offers. In the following section, we will see the top 10 Forex trading brokers in South Africa.

Read More: How to trade cryptocurrency through your forex broker? 

Top 10 Best Forex Brokers in South Africa

There is no restriction for South African traders in choosing forex brokers. There are many regulated and international brokers that provide service in South Africa. In the following section, we will see the top best Forex brokers for South African traders and some features of these are:

1# XM

XM Is a globally recognized broker that has More than 3,500,000 clients from 196 countries. The company was founded in 2009 and has grown as an established international investment firm and a true industry leader.

The company has more than 450 trading professionals with long experience in the industry. XM provides its service in 30 languages that help it to access many countries.

Overall, XM has a license from the following countries:

  • The UK
  • Eurozone 
  • Australia 
  • What type of Forex broker is XM?

XM is a Forex and CFD broker.

  • Is XM regulated in South Africa? 

XM is authorized and regulated by IFSC (International Financial Services Commission), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission)

  • How much does it cost to trade with XM in South Africa?

XM offers a standard spread for Major currencies as low as 0.6 pips with 888:1 leverage. Details of the spread and leverage are mentioned on the XM website.

  • Which trading platforms does XM offer to South African traders?

XM offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.

  • What is the minimum deposit for South African traders with Oanda? 

Traders can trade as low as $5 with XM. However, the minimum deposit varies from trading account types. 

  • How is XM’s Customer support in South Africa?

XM has a dedicated customer support team for South Africa. Besides life support, they make regular contact with clients regarding their trading account and trading help.

2# HotForex

HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010. 

If you’re interested in more facts about HotForex, you can always check our HotForex review.

  • What type of Forex broker is HotForex?

HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.

  • Is HotForex regulated in South Africa? 

HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.

  • How much does it cost to trade with HotForex in South Africa?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does HotForex offer to South African traders?

HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for South African traders with HotForex? 

The minimum deposit for an account at HotForex depends on the account type and region. For South African traders, Micro accounts start at $5 deposits.

  • How is HotForex’s Customer support in South Africa?

HotForex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.

3# Plus500

Plus500 is owned by a holding company called Plus500 Ltd. It operates through 3 different subsidiaries:

  1. Plus500UK Ltd,
  2. Plus500CY Ltd
  3. Plus500AU Pty Ltd.

Additionally, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm has been the official sponsor of Club Atletico de Madrid since 2016.

  • What type of Forex broker is Plus500?

Plus500 is considered a leading broker in CFD trading. It delivers trading facilities on shares, Forex, commodities, ETFs, options, and indices. 

  • Is Plus500 regulated in South Africa? 

Plus500 is regulated by the UK’s FCA, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).

  • How much does it cost to trade with Plus500 in South Africa?

For EUR/USD, the spread is fixed at 0.6 pips. However, it’s worth noting that financing rates are quite high. 

  • Which trading platforms does Plus500 offer to South African traders?

Plus500 has a trading platform on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. However, it does not provide Mt4 or Mt5 trading indicators, which might hurt investors. 

  • What is the minimum deposit for South African traders with Plus500? 

When opening an account, you have to deposit a USD100 minimum. However, there is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.

  • How is Plus500’s Customer support in South Africa?

Plus500 customer support is available 24/7, either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.

2# Forex.com

Forex.com’s parent company, GAIN Capital Holdings, Inc. (NYSE: ), is publicly-traded and meets the highest standards of corporate governance, financial reporting, and disclosure. This company has provided trading opportunities since 2001 and allows trading in Forex, commodities, stocks, and cryptocurrencies.

  • What type of Forex broker is forex.com?

forex.com is an ECN/STP broker that offers its clients several account types across two trading platforms.

  • Is forex.com regulated in South Africa? 

Forex.com is a trading name of GAIN Global Markets Inc., which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033. Moreover, another variant of this broker is regulated by CySEC, FCA, and ASIC.

  • How much does it cost to trade with forex.com in South Africa?

The spreads on all accounts are variable, which starts from as low as 0.0 pips.

  • Which trading platforms does forex.com offer to South African traders?

forex.com offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.

  • What is the minimum deposit for South African traders with forex.com? 

Forex.com offers a recommended deposit of $1000 in each type of trading account.

  • How is forex.com’s Customer support in South Africa?

Forex.com provides customer support through live chat, web contact form, mobile phone numbers, emails, and multilingual support.

5# Orbex

Orbex is a CySec regulated broker that offers trading opportunities in Forex, indices, and commodities.

Although this broker is famous for its tight spread in gold, it has other features that might attract South African investors.

  • What type of Forex broker is Orbex?

Orbex is an ECN/STP broker that offers its clients several account types. 

  • Is Orbex regulated in South Africa? 

Orbex holds licenses from the CySEC.

  • How much does it cost to trade with Orbex in South Africa?

The spreads on all accounts are variable, which starts from as low as 0.8 pips.

  • Which trading platforms does Orbex offer to South African traders?

Orbex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and mobile.

  • What is the minimum deposit for South African traders with Orbex? 

The minimum deposit for an account at Orbex starts from $200.

  • How is Orbex’s Customer support in South Africa?

Orbex has multiple channels for customer support, including live chat, web contact form, mobile phone numbers, emails, and multilingual support.

6# OctaFX

OctaFX is a forex broker offering trading services in more than 100 countries, and South Africa is one of these. This forex broker focuses mainly on the aside retail market and has won outstanding industry awards, mostly for its services in this sector.

The main feature of this broker is that it has several rewards and social trading opportunities. You can allow other profitable traders to trade for you.

  • What type of Forex broker is OctaFX?

OctaFX is an STP/ECN broker that offers its clients several account types. 

  • Is OctaFX regulated in South Africa? 

OctaFX, registered in St Vincent and Grenades with the registration number: 19776 IBC/ 2011.

  • How much does it cost to trade with OctaFX in South Africa?

The spreads on all accounts are variable, starting from as low as 0.2 pips for the MetaTrader platform. On the other hand, for the cTrader platform, it offers 0.0 pips spread.

  • Which trading platforms does OctaFX offer to South African traders?

OctaFX offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for South African traders with OctaFX? 

The minimum deposit for an account at OctaFX starts from $100.

  • How is OctaFX’s Customer support in South Africa?

OctaFX offers customer support for South African traders, including live chat, emails, and multilingual support.

7# Exness

Exness is a well-established forex broker that has several features that operate through Nymstar Limited.

The main feature of this broker is unlimited leverage. It offers leverage up to 1:2000, which might help traders to utilize their investment fully. However, some restrictions might apply to South Africa based on the government’s regulation.

  • What type of Forex broker is Exness?

Exness is a Market Maker/ECN broker that offers its clients several account types. 

  • Is Exness regulated in South Africa? 

Nymstar Limited is authorized to operate under the brand and trademark of Exness.

It is registered in Seychelles with registration number 8423606-1 and licensed by the Financial Services Authority (FSA) with license number SD025.

  • How much does it cost to trade with Exness in South Africa?

The spreads on all accounts are variable, which starts from as low as 0.3 pips.

  • Which trading platforms does Exness offer to South African traders?

Exness offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.

  • What is the minimum deposit for South African traders with Exness? 

The minimum deposit for an account at Exness starts from $1.

  • How is Exness’s Customer support in South Africa?

Exness offers customer support for South African traders, including live chat, emails, and multilingual support.

8# InstaForex

InstaForex is a leading forex broker established in 2007 and provides trading service for more than 7 million traders worldwide, and it claims to gain more than 500 new traders per day. InstaForex offers to trade in Forex and CFD markets, commodities, stocks, cryptocurrencies, and indices.

As a regulated broker, this company offers services that are suitable for South African Traders. You can read the details of InstaForex Review by AToZmarkets.

Overall, InstaForex has a license from the following countries:

  • The UK
  • Russia
  • Eurozone
  • What type of Forex broker is InstaForex?

InstaForex is a Forex and CFD broker.

  • Is InstaForex regulated in South Africa? 

Services are provided under the InstaForex brand, which is a registered trademark:

  • Instant Trading Ltd (BVI) is licensed by BVI FSC, License Number SIBA/L/14/1082
  • Insta Service Ltd is registered with FSC Saint Vincent, Reg. Number IBC22945
  • Insta Global Ltd. registered in Saint Vincent, IBC24321
  • How much does it cost to trade with InstaForex in South Africa?

The spread of this broker is started from 0.0 pips.

  • Which trading platforms make InstaForex offer to South African traders?

InstaForex offers Mt4, Mt5, web trader, and Insta tick trader for desktop, web, ios, and android.

  • What is the minimum deposit for South African traders with InstaForex? 

Traders can start trading with a minimum deposit of $1 with most of the trading accounts. 

  • How is InstaForex Customer support in South Africa?

The customer support of InstaForex is satisfactory and provides accountability Solutions as soon as possible.

9# SquaredFinancial

SquaredFinancial, as a Global Investment Gateway, provides a full range of financial products and services as a real STP Forex broker. The company’s customer support and Forex educational academy will help you manage, grow, or diversify your investments.

Traders can access a wide range of financial instruments to create their investment portfolio, including Energies, Forex, Metals, Indices, and Cryptocurrencies. Moreover, SquaredFinancial is focussing heavily on building partnerships and boasts a multilayer IB/ Affiliate program. You can read the details of the SquaredFinancial Review by AToZmarkets.

  • What type of Forex broker is SquaredFinancial?

SquaredFinancial is a Forex and CFD broker.

  • Is SquaredFinancial regulated in South Africa? 

SquaredFinanical is licensed and regulated by the Cyprus Securities and Exchange Commission – CySEC (Licence Number: 329/17). The company is also a Member of the Investor Compensation Fund (ICF). 

Moreover, SquaredFinancial (Seychelles) Ltd is a company registered in the Republic of Seychelles, Company Number: 8423788-1 Authorised and Regulated by the Financial Services Authority. FSA License Number: SD024.

  • How much does it cost to trade with SquaredFinancial in South Africa?

The spread of this broker is started from 0.0 pips.

  • Which trading platforms make SquaredFinancial offers to South African traders?

SquaredFinancial offers Mt4, for desktop, web, ios, and android.

  • What is the minimum deposit for South African traders with SquaredFinancial? 

Traders can start trading with a minimum deposit of $100 in a Gold Account. 

  • How is SquaredFinancial Customer support in South Africa?

The customer support of SquaredFinancial is satisfactory and provides accountability Solutions as soon as possible.

10# Fondex

Fondex is a multi-asset financial broker. It offers traders from around the world the ability to trade over 1000 instruments, across Forex, Shares, Indices, Energies, Metals, ETFs & Cryptos, all from one platform. 

Fondex cTrader also offers four different ways of trading, on the same interface – manual trading, copy trading, automated trading, following trading signals. The Company is authorized to provide the investment services specified in these Terms of Business. Read Full Fondex Broker review by AtoZMarkets.

  • What type of Forex broker is Fondex?

Fondex is a Forex and CFD broker.

  • Is Fondex regulated in South Africa? 

Fondex™ is a trading name of TopFX Ltd regulated by CySEC (License No: 138/11) and FSA Seychelles (License No: SD037).

  • How much does it cost to trade with Fondex in South Africa?

The spread of this broker is started from $2.5 per Standard Lot and $1 per side for 100 Shares & ETFs. Moreover, Zero commissions on Indices and Cryptos.

  • Which trading platforms make Fondex offer to South African traders?

Fondex offers Fondex cTrader Trade, Fondex cTrader Copy, and Fondex cTrader Automate on web and mobile platform

  • What is the minimum deposit for South African traders with Fondex? 

Traders can start trading with a minimum deposit of $1 in their cTrader platform. 

  • How is Fondex Customer support in South Africa?

The customer support of Fondex is satisfactory. The Live Chat Function is available 24/5, and clients are expected to be initially greeted with an automated message until a Support agent picks up their inquiry.

How to Open a Forex Trading Account in South Africa

To open a forex trading account, traders have to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:

After getting online, you can find most of the Forex trading brokers by searching them online. Before getting further, make sure that you have a respectable internet connection with no latency.

You can find brokers by searching their names online with the available regulation. 

The next part is to open a trading account in a broker. There is a signup form in every broker that is very easy to fill up. You might have to input your details, including here any two government-authorized IDs.

The back office will verify your documents, and you will be asked to send proof of your address. They will send unique login details and send unique login details of your trading account once your information is fully verified.

After getting verified, you should download all the trading materials like MetaTrader 4 MetaTrader 5, or cTrader.

After downloading the trading platform and setting the trading template, you are ready to deposit your account.

How to Deposit or Withdraw Funds from South Africa Forex Brokers

Depositing a Forex broker from South Africa is straightforward. You can deposit through your credit card and Bank deposit. However, sometimes the government discourages deposits for any account using a credit card to minimize the risk of money laundering.

You can deposit up to 10 million ZAR per year Foreign deposit. However, if you want to deposit 1 million ZAR, you don’t have to require a tax clearance certificate.

On the other hand, you can freely use widely accepted payment methods like Skrill, Neteller, PayPal, and other currencies. Besides making deposits with banks or credit cards using e currency, make that transaction flexible.

Some brokers have the option to enable payments through South African EasyETF. It might be a new system for online payment that allows you to transfer funds directly from your bank account. as it is low cost and straight forward traders can use it besides the credit card deposit

Some brokers that operate on this market enable South African traders to process payments with their local EasyEFT. This is a relatively new system for online payments that allows you to transfer money directly from your online banking account. The solution is low-cost, convenient, and does not require users to own any credit cards. Moreover, the EasyETF can be conducted in ZAR. 

Best Brokers in South Africa – Conclusion

There are thousands of forex brokers allowing trading from South Africa. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.

However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis. 

Do you still have questions about trading Forex in South Africa? Then feel free to write a comment below or contact our team directly.

This article was written by MD Rockybul Hasan.

Share Your Opinion, Write a Comment