10 Best Forex Brokers in South Africa

 

Explore the Top 10 Forex Brokers in South Africa – Local traders trust these FSCA-licensed brokers. The Financial Sector Conduct Authority fully regulates each platform. We carefully reviewed and ranked them based on their performance, fees, and reliability.

 

3 Top FSCA Forex Brokers Compared.

 

 

This comprehensive guide covers the following key topics:

 

• A look at the top 10 FSCA-regulated forex brokers trusted by South African traders.
• An overview of South Africa’s regulatory framework and the FSCA’s role in broker oversight.
• A comparison of broker features like platforms, fees, account types, and instruments.
• A summary of forex trading’s legal status in South Africa and FSCA compliance.

 

and much, MUCH more!

 

The 10 Leading SA Forex Brokers’ Standout Features

 

 

Now, we’ll take a closer look at the brokers that made our selection.

 

10 Best Forex Brokers in South Africa (2025)

 

1. AvaTrade – Regulated by the FSCA and offers strong global regulatory coverage.
2. HFM – Offers high leverage and zero spread accounts for active traders.
3. Exness – Extremely low minimum deposit with instant fund withdrawals.
4. XM – Provides free daily webinars and educational content in multiple languages.
5. IG – Offers a powerful proprietary trading platform with access to over 17,000 markets.
6. FXTM – Provides flexible leverage and comprehensive educational resources.
7. Tickmill – Known for ultra-low spreads and commission-based accounts.
8. FXCM – Offers innovative tools like TradingView integration and live trading analytics.
9. FP Markets – Offers multiple platforms including MT4, MT5, cTrader, and TradingView.
10. JustMarkets – Supports Islamic accounts and low minimum deposits for new traders.

 

Top 10 Forex Brokers (Globally)

 

1. AvaTrade

 

★★★★★

Minimum Deposit: $100 Regulated by: CBI, BVI, FSC, ASIC, FSCA, JFSA, FFAJ Crypto: Yes

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Ava Capital Markets Pty Ltd (FSP 45984) fully regulates AvaTrade through South Africa’s FSCA. It offers forex and CFDs under local compliance standards, including AML/KYC protocols, and segregates client funds in approved banks like ABSA.

 

Broker	AvaTrade
Accepts Traders in South Africa	Yes
Regulation Number in South Africa	FSP 45984 (Ava Capital Markets Pty Ltd)
Local Offices in South Africa	Johannesburg
Can You Trade with Local Currency (ZAR)?	Yes
Is There Local Support in South Africa?	Phone and email support available
South Africa Based Account	Yes
Minimum Deposit in ZAR	ZAR 300 (depending on payment method)
Sign-Up Bonus for New Traders	None
Fund Withdrawal Fee	None
Spreads from	From 0.9 pips (fixed spreads)
Commissions	None
Investor Protection Schemes	Yes
Negative Balance Protection	Yes
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Frequently Asked Questions

 

Is AvaTrade safe for South African traders?

The FSCA regulates AvaTrade under FSP 45984, and the broker complies with local laws, including fund segregation and KYC/AML protocols. This strong regulatory oversight ensures a secure trading environment for South African clients.

 

Does AvaTrade offer ZAR accounts?

AvaTrade supports ZAR-based trading accounts for South African clients. This allows users to deposit, trade, and withdraw in local currency, reducing conversion fees and simplifying fund transfers through local banking options like ABSA.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $100 Regulated by: CBI, BVI, FSC, ASIC, FSCA, JFSA, FFAJ Crypto: Yes

Get startedRead Review

 

Our Insights

AvaTrade is a well-regulated and trusted broker for South African traders. FSCA oversight, local support, ZAR accounts, and strong platform options ensure a secure and accessible trading environment, though advanced traders might find the account variety limited.

 

Final Score

 

 

2. HFM

 

★★★★★

Minimum Deposit: $0 Regulated by: FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA Crypto: Yes

Get startedRead Review

 

The FSCA regulates HFM in South Africa under FSP license 46632. It complies with local rules, including client fund segregation and AML/KYC protocols, and offers South Africans access to regulated forex and CFD trading services.

 

 

Frequently Asked Questions

 

Is HFM regulated in South Africa?

The FSCA regulates HFM under FSP number 46632. This ensures its compliance with local laws, including segregating client funds and following strict AML/KYC standards for South African traders.

 

Does HFM offer ZAR accounts and local support?

HFM provides ZAR trading accounts and has local offices in Johannesburg. South African clients can also access dedicated customer support via phone, email, and live chat during business hours.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $0 Regulated by: FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA Crypto: Yes

Get startedRead Review

 

Our Insights

HFM is a trusted, FSCA-regulated broker offering ZAR accounts, local support, and low deposit requirements. It’s a solid choice for South African traders seeking secure forex and CFD trading with flexible account options and protections.

 

Final Score

 

 

3. Exness

 

★★★★★

Minimum Deposit: $1 Regulated by: CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA Crypto: Yes

Get startedRead Review

 

The FSCA regulates Exness in South Africa under FSP license 51024, and it also holds an ODP license. This allows it to offer forex and CFD trading with enhanced risk controls, ensuring strong local compliance and protection for South African traders.

 

Broker	Exness
Accepts Traders in South Africa	Yes
Regulation Number in South Africa	FSP 51024 (Exness ZA (Pty) Ltd)
Local Offices in South Africa	No dedicated office confirmed
Can You Trade with Local Currency (ZAR)?	Yes
Is There Local Support in South Africa?	Yes
South Africa Based Account	Yes
Minimum Deposit in ZAR	ZAR 19
Sign-Up Bonus for New Traders	None
Fund Withdrawal Fee	Free withdrawals
Spreads from	From 0.0 pips (Raw account)
Commissions	On Raw and Zero accounts
Investor Protection Schemes	Yes
Negative Balance Protection	Yes
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Frequently Asked Questions

 

Is Exness regulated in South Africa?

Yes, the FSCA regulates Exness under FSP number 51024, and it holds an ODP license. This ensures strict compliance with local trading laws and enhanced client protection for South African forex and CFD traders.

 

Does Exness offer ZAR accounts and local support?

Exness allows South African traders to open ZAR-denominated accounts. While it does not have a physical office, it provides responsive local support through online channels, including email and multilingual live chat.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $1 Regulated by: CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA Crypto: Yes

Get startedRead Review

 

Our Insights

Exness is a well-regulated broker offering low minimum deposits, ZAR accounts, and strong client protections. Despite lacking a local office, its efficient support and competitive trading conditions make it a solid choice for South African traders.

 

Final Score

 

 

4. XM

 

★★★★★

Minimum Deposit: $5 Regulated by: FSC Crypto: Yes

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XM ZA (Pty) Ltd holds FSCA license 49976, regulating XM in South Africa. However, XM Global Limited in Belize executes trades offshore, meaning South African clients’ trading counterparty is not locally licensed as an ODP.

 

 

Frequently Asked Questions

 

Is XM regulated by the FSCA in South Africa?

Yes, the FSCA regulates XM ZA (Pty) Ltd (FSP 49976). However, XM Global Limited executes trades offshore. Therefore, the local entity acts as an intermediary for South African traders, rather than being the direct issuer of the trading products.

 

Can South African traders use ZAR accounts with XM?

XM offers ZAR-denominated accounts to South African clients. Their Johannesburg offices provide local support via phone, email, and live chat, ensuring smooth trading experiences for local traders.

 

 

★★★★★

Minimum Deposit: $5 Regulated by: FSC Crypto: Yes

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Our Insights

XM is an FSCA-regulated broker offering ZAR accounts and local support. However, XM Global Limited executes trades offshore. South African clients should understand the local entity’s intermediary role regarding risk and dispute resolution.

 

Final Score

 

 

5. IG

 

★★★

Minimum Deposit: $250 Regulated by: FCA, ASIC, CFTC, NFA, BaFin Crypto: Yes

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IG is regulated by the FSCA in South Africa under FSP number 41393. It operates locally as both a Financial Services Provider and Over-the-Counter Derivative Provider, offering CFDs and derivatives with a strong presence in Johannesburg for South African clients.

 

 

Frequently Asked Questions

 

Is IG regulated by the FSCA in South Africa?

IG Markets South Africa Limited is regulated by the FSCA under FSP number 41393. It is authorized as both a Financial Services Provider and an Over-the-Counter Derivative Provider, ensuring full compliance with local regulations.

 

Can South African traders fund their accounts in ZAR with IG?

IG offers ZAR-denominated accounts for South African clients, allowing easy deposits and withdrawals in local currency. This simplifies trading and avoids currency conversion fees, enhancing the overall trading experience.

 

Pros and Cons

 

 

★★★

Minimum Deposit: $250 Regulated by: FCA, ASIC, CFTC, NFA, BaFin Crypto: Yes

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Our Insights

IG is a well-regulated broker with a strong local presence in South Africa, offering ZAR accounts and robust trading tools. While commissions and minimum deposits may be higher, its regulatory compliance and customer support make it a reliable choice.

 

Final Score

 

 

6. FXTM

 

★★★★

Minimum Deposit: $200 Regulated by: FCA, CMA, FSC, SCA Crypto: Yes

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FXTM is regulated by South Africa’s FSCA under FSP license number 46614. The broker is also licensed as an ODP, allowing it to offer CFDs. However, South African clients may be onboarded through its Mauritius-based entity, Exinity Limited.

 

 

Frequently Asked Questions

 

Is FXTM regulated by the FSCA in South Africa?

Yes, FXTM is FSCA-regulated under license number 46614 and is also licensed as an Over-the-Counter Derivative Provider, enabling it to offer forex and CFD trading services legally to South African clients.

 

Do South African clients receive FSCA investor protections with FXTM?

While FXTM is FSCA-regulated, many South African clients are onboarded via its Mauritius-regulated entity. This structure could limit access to certain local protections offered under FSCA oversight, including dispute resolution and fund segregation requirements.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $200 Regulated by: FCA, CMA, FSC, SCA Crypto: Yes

Get startedRead Review

 

Our Insights

FXTM is a reliable, FSCA-regulated broker offering South African traders access to forex and CFD markets. While accounts may be handled via its Mauritius entity, clients benefit from negative balance protection and strong international regulatory oversight.

 

Final Score

 

 

7. Tickmill

 

★★★★★

Minimum Deposit: $100 Regulated by: FCA, CySEC, FSA Crypto: Yes

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Tickmill is regulated by South Africa’s FSCA under FSP license 49464. It operates locally via Tickmill South Africa (Pty) Ltd and is licensed as an ODP, offering CFDs and derivatives with a physical office in Sandton.

 

 

Frequently Asked Questions

 

Is Tickmill regulated in South Africa?

Tickmill is regulated by the FSCA under FSP number 49464. It also holds an Over-the-Counter Derivative Provider (ODP) license, allowing it to legally offer CFD and forex trading to South African clients.

 

Can South African traders access local support and funding options?

Tickmill provides local customer support and allows deposits in ZAR. It also maintains a local office in Sandton, Johannesburg, offering convenient services and assistance tailored to South African traders.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $100 Regulated by: FCA, CySEC, FSA Crypto: Yes

Get startedRead Review

 

Our Insights

Tickmill offers South African traders a secure and regulated trading environment with competitive spreads, fast execution, and local support. While it lacks ZAR accounts and advanced tools, it remains a strong choice for cost-effective forex and CFD trading.

 

Final Score

 

 

8. FXCM

 

★★★★

Minimum Deposit: $50 Regulated by: FCA, ASIC, CySEC, FSCA Crypto: Yes

Get startedRead Review

 

FXCM is regulated by South Africa’s FSCA and operates locally through Stratos South Africa (Pty) Ltd with FSP license number 46534, issued in 2016. It complies with local regulations, including fund segregation, AML/KYC protocols, and FSCA dispute resolution access.

 

 

Frequently Asked Questions

 

Is FXCM regulated in South Africa?

FXCM is regulated by the FSCA through Stratos South Africa (Pty) Ltd, holding FSP license number 46534. This ensures compliance with local financial laws, protecting South African traders with strict regulatory standards.

 

Can South African traders trust FXCM?

FXCM follows FSCA regulations, including segregating client funds, AML/KYC procedures, and access to dispute resolution. These measures provide South African traders with enhanced security and regulatory oversight when trading forex and CFDs with FXCM.

 

Pros and Cons

 

 

★★★★

Minimum Deposit: $50 Regulated by: FCA, ASIC, CySEC, FSCA Crypto: Yes

Get startedRead Review

 

Our Insights

FXCM offers South African traders a well-regulated, secure trading environment with strong compliance and local licensing. While product variety is somewhat limited, its focus on client protection and regulatory adherence makes it a reliable choice for cautious investors.

 

Final Score

 

 

9. FP Markets

 

★★★★★

Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes

Get startedRead Review

 

FP Markets is FSCA-regulated in South Africa under license number 50926. This ensures compliance with local laws, including segregated funds, AML and KYC protocols, and access to dispute resolution, offering trusted forex and CFD services to South African clients.

 

 

Frequently Asked Questions

 

Is FP Markets regulated in South Africa?

FP Markets is regulated by the Financial Sector Conduct Authority (FSCA) under FSP license number 50926, authorizing it to provide forex and CFD trading services to South African clients in compliance with local laws.

 

Are client funds safe with FP Markets in South Africa?

Yes, FP Markets complies with FSCA regulations, which require segregation of client funds, robust anti-money laundering (AML) practices, and Know Your Customer (KYC) protocols, helping ensure a secure and transparent trading environment for South African traders.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes

Get startedRead Review

 

Our Insights

FP Markets is a well-regulated broker under the FSCA, offering competitive spreads, advanced platforms, and reliable execution. While lacking ZAR accounts and bonuses, it remains a strong option for South African traders seeking a secure trading environment.

 

Final Score

 

 

10. JustMarkets

 

★★★★★

Minimum Deposit: $10 Regulated by: FSA, CySEC, FSCA, FSC Crypto: Yes

Get startedRead Review

 

JustMarkets is regulated by South Africa’s FSCA under FSP license number 51114. This allows the broker to offer forex and CFD trading while ensuring compliance with local rules on client fund segregation, AML, KYC, and dispute resolution protocols.

 

 

Frequently Asked Questions

 

Is JustMarkets authorized to operate in South Africa?

JustMarkets is fully authorized to operate in South Africa under FSCA license number 51114. This regulation ensures it follows strict financial standards, including segregating client funds and complying with AML and KYC procedures.

 

What trading services does JustMarkets offer to South African clients?

JustMarkets provides South African traders access to forex and CFD trading. The FSCA license ensures compliance with local regulations, and traders benefit from protections such as regulatory oversight, fund segregation, and access to official dispute resolution mechanisms.

 

Pros and Cons

 

 

★★★★★

Minimum Deposit: $10 Regulated by: FSA, CySEC, FSCA, FSC Crypto: Yes

Get startedRead Review

 

Our Insights

JustMarkets is a trusted FSCA-regulated broker offering forex and CFD trading to South African clients. With strong local compliance and client fund protection, it suits traders seeking a reliable, regulated platform, though product variety and local presence remain limited.

 

Final Score

 

 

 

Forex Trading in South Africa – Quick Overview

Forex trading in South Africa is legal and supported by a growing number of regulated brokers. The Financial Sector Conduct Authority (FSCA) serves as the main regulatory body, ensuring that trading is conducted safely. South African traders benefit from the ability to trade in ZAR with localized accounts, access to global platforms, and local support options.

 

 

Frequently Asked Questions

 

Is forex trading legal in South Africa?

Yes, forex trading is fully legal and regulated. The Financial Sector Conduct Authority (FSCA) oversees the activities of brokers and financial service providers operating in South Africa.

 

Do I need a license to trade forex in South Africa?

No, individual traders do not need a license. However, brokers operating in South Africa must be licensed by the FSCA.

 

Can I open a forex account in ZAR (South African Rand)?

Yes, many brokers offer ZAR-based accounts, which help avoid currency conversion fees and make funding easier for local traders.

 

What is the maximum leverage I can get with South African brokers?

Leverage varies depending on the broker. Some FSCA-regulated brokers offer up to 1:500, but traders should use leverage responsibly due to the high risk.

 

Are my funds safe with South African brokers?

Funds are generally safe with FSCA-regulated brokers, though South Africa does not have a formal investor compensation scheme. Always choose well-reviewed and properly regulated brokers.

 

Pros and Cons

 

 

Our Insights

Forex trading in South Africa offers a promising environment for both new and experienced traders. With oversight by the FSCA, support for local currency accounts, and access to leading trading platforms, South Africans can confidently participate in the global forex market.

It’s essential to choose regulated brokers, understand Trading taxation, and manage risks carefully, especially when using high leverage.

 

 

In Conclusion

Forex trading in South Africa is well-regulated and accessible, offering local currency support and top platforms. Traders should prioritize FSCA-regulated brokers, understand tax responsibilities, and manage risk wisely, especially when using high leverage, to trade safely and successfully.

 

You might also like:

 

• AvaTrade Review
• HFM Review
• Exness Review
• XM Review
• IG Review
• FXTM Review
• Tickmill Review
• FXCM Review
• FP Markets Review
• JustMarkets Review