11 Best Forex Brokers in South Africa
The 11 Best Forex Brokers in South Africa – Rated and Reviewed. We have listed the Best Forex Brokers accepting South African Traders.
In this in-depth guide, you’ll learn:
- 11 Best Forex Brokers in South Africa
- Regulatory standards in South Africa
- Features of each broker
- Is Forex Trading Legal in South Africa?
and much, MUCH more!
| 🔍Forex Broker | ✏️Sign Up Here | 💵Minimum Deposit | 💰Minimum Deposit (ZAR) |
| 🥇Khwezi Trade | 👉 Click Here | 0 USD | 500 ZAR |
| 🥈XM | 👉 Click Here | 5 USD | 93.44 ZAR |
| 🥉Pepperstone | 👉 Click Here | 0 USD | 0 ZAR |
| 🏅IG | 👉 Click Here | 0 USD | 0 ZAR |
| 🏆Blackbull Markets | 👉 Click Here | 0 USD | 0 ZAR |
| 🥇AvaTrade | 👉 Click Here | 100 USD | 1,868.85 ZAR |
| 🥈FXTM | 👉 Click Here | 200 USD | 3,737.70 ZAR |
| 🥉Tickmill | 👉 Click Here | 100 USD | 1,868.85 ZAR |
| 🏅HFM | 👉 Click Here | 0 USD | 0 ZAR |
| 🎖️OANDA | 👉 Click Here | 0 ZAR | 0 USD |
| 🏆FXCM | 👉 Click Here | 50 USD | 934.42 USD |
11 Best Forex Brokers in South Africa (2025)
- ☑️ Khwezi Trade – Overall, The Best Forex Broker in South Africa
- ☑️ XM – Exceptional Customer Service
- ☑️ Pepperstone – Best MT4 Forex Broker
- ☑️ IG – Best Low-Cost Forex Broker
- ☑️ BlackBull Markets – Best ECN Forex Broker
- ☑️ AvaTrade – Best Forex Broker for Beginners
- ☑️ FXTM – Excellent Education and Trading Experience
- ☑️ Tickmill – Best Commodities Broker
- ☑️ HFM – Best Affiliate Program
- ☑️ OANDA – Most User-Friendly Platform
- ☑️ FXCM – Best Mobile Trading App
Khwezi Trade
Khwezi Trade is a South African forex and CFD broker established in 2013, regulated by the Financial Sector Conduct Authority (FSCA). The Broker has rebranded to AT Global Markets SA (Pty) Ltd and now operates under the “ATFX” brand for the African region.
The broker utilizes the MetaTrader 5 (MT5) platform, accessible on desktop and mobile devices, supporting various trading strategies including scalping, hedging, and algorithmic trading. A Rand-denominated account with a minimum deposit of R500, spreads starting from 0.4 pips, and leverage up to 1:400.
Frequently Asked Questions
Where is Khwezi Trade located?
Khwezi Trade has offices in Cape Town and Johannesburg, South Africa.
Has Khwezi Trade undergone any recent changes?
Yes, Khwezi Trade has rebranded to AT Global Markets SA (Pty) Ltd and now operates under the “ATFX” brand for the African region.
What is the minimum deposit required?
The minimum deposit is R500 for the ZAR One account and $50 for the USD One account.
What leverage does Khwezi Trade offer?
Khwezi Trade offers leverage up to 1:400.
Our Insights
Khwezi Trade, now rebranded as ATFX, provides South African traders with a locally regulated platform and the convenience of trading in Rand. They offer an accessible platform and tailored customer support. However, it’s worth noting that their spreads might be less competitive than some international alternatives. The recent name change could also lead to adjustments in their services and what they offer.
XM
XM is a globally recognized forex and CFD broker that offers its services to traders in South Africa through its local entity, XM ZA (Pty) Ltd.
The broker offers three main account types: Micro Account, Standard Account, and Ultra Low Account. XM supports the South African Rand (ZAR) as a base currency, enabling local traders to avoid currency conversion fees.
Frequently Asked Questions
Can South Africans open an account with XM?
Yes, South African citizens and residents can open an account with XM.
What trading platforms are available?
XM supports the following trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), XM WebTrader, and XM mobile app for iOS and Android.
Does XM offer any bonuses?
Yes, XM provides various promotional offers, such as: No-deposit bonus, Deposit bonus, and a Loyalty program.
How can I contact XM support?
XM offers multiple support channels: Live chat, Email, and Phone support.
Our Insights
For South African traders seeking a globally recognized broker like XM, which offers various account types, trading platforms, and educational resources, it’s a worthwhile option to explore.
Pepperstone
Pepperstone is a globally recognized forex and CFD broker established in 2010, offering access to a wide range of financial instruments, including forex pairs, commodities, indices, and cryptocurrencies.
The broker offers several account types to meet different trader needs: Razor Account, Standard Account, and Islamic Accounts. While Pepperstone does not offer ZAR-denominated accounts, South African traders can deposit in ZAR, which will be converted to the base currency of their account.
Frequently Asked Questions
Can South Africans open an account with Pepperstone?
Yes, South African citizens and residents can open an account with Pepperstone.
Is Pepperstone safe to use from South Africa?
Pepperstone is considered a safe and reputable broker due to its regulation by multiple top-tier authorities.
Which trading platforms are available?
Pepperstone supports several trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.
Does Pepperstone offer ZAR-denominated accounts?
No, Pepperstone does not offer accounts denominated in South African Rand (ZAR). Deposits made in ZAR will be converted to the base currency of the account, such as USD, EUR, GBP, or AUD.
Our Insights
With flexible account types, no set minimum deposit, and a strong focus on customer support and education, Pepperstone is an excellent option for both beginner and advanced traders. Pepperstone offers a competitive, secure, and professional trading environment suited for serious traders in South Africa and beyond.
IG
IG South Africa is a well-established and reputable forex and CFD broker, offering South African traders access to a wide range of financial instruments and trading platforms.
The broker offers various account types to cater to different trading needs: CFD Account, MT4 Account, DMA (Direct Market Access) Account, and Demo Account. Notably, South African traders can trade major US indices in ZAR, eliminating the need for currency conversion and offshore investment limits.
Frequently Asked Questions
Can South Africans open both local and international accounts with IG?
Yes. South African residents can open: Local accounts and International accounts.
Does IG offer ZAR-denominated accounts?
No, IG does not offer ZAR base currency accounts. Deposits made in ZAR will be converted to the base currency of the account, and a currency conversion fee of approximately 0.5% may apply.
Which trading platforms are available?
IG offers several trading platforms: IG’s proprietary web-based platform, MetaTrader 4 (MT4), ProRealTime, and Mobile trading apps.
What are the typical spreads?
Spreads vary depending on the instrument and market conditions. For example, the typical spread for EUR/USD is around 1.1 pips
Our Insights
IG Markets South Africa offers a highly professional and reliable trading environment, fully regulated by the FSCA, ensuring local legal protection for South African traders. While they do not offer ZAR-based accounts, and leverage is capped at 1:30 for retail clients due to regulatory limits, IG remains a top-tier choice for those seeking a trusted, feature-rich trading broker in South Africa.
BlackBull Markets
BlackBull Markets is a global forex and CFD broker headquartered in Auckland, New Zealand, with additional regulatory oversight from the Financial Services Authority (FSA) in Seychelles. South African traders can still open accounts under the Seychelles-regulated entity.
The broker offers several account types, including ECN Standard, ECN Prime, and ECN Institutional, catering to different trading needs and styles. The minimum deposit requirement varies by account type, with the ECN Standard account having a low minimum deposit, while the ECN Prime and Institutional accounts require higher deposits.
Frequently Asked Questions
Can South African residents open an account with BlackBull Markets?
Yes, South African citizens can open an account with BlackBull Markets.
What account types does BlackBull Markets offer?
BlackBull Markets offers the following account types: ECN Standard, ECN Prime, and ECN Institutional.
What trading platforms does BlackBull Markets support?
BlackBull Markets supports several trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, and BlackBull Invest.
How can I contact BlackBull Markets?
You can contact BlackBull Markets through Phone, Email, Live Chat, and WhatsApp.
Our Insights
BlackBull Markets offers South African traders a comprehensive trading platform with access to popular accounts like ECN Standard, Prime, and Institutional. It provides a range of advanced trading platforms, such as MT4, MT5, cTrader, and TradingView, which makes it appealing to both novice and experienced traders.
AvaTrade
AvaTrade is a globally recognized online broker offering forex, CFDs, and cryptocurrency trading.
The broker offers a variety of platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO, and WebTrader, catering to different trading preferences. As AvaTrade does not offer ZAR-denominated accounts, South African traders may incur currency conversion fees when depositing or withdrawing funds.
Frequently Asked Questions
Is AvaTrade regulated in South Africa?
Yes, AvaTrade operates in South Africa through Ava Capital Markets Pty Ltd, which is regulated by the Financial Sector Conduct Authority (FSCA).
What trading platforms does AvaTrade offer?
AvaTrade provides access to several trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), AvaTradeGO, WebTrader, AvaOptions, and DupliTrade.
What is the minimum deposit required to open an account with AvaTrade?
The minimum deposit required to open an account with AvaTrade is $100.
How can I contact AvaTrade customer support?
You can contact AvaTrade customer support via Phone, Email, Live Chat, and Social Media.
Our Insights
AvaTrade, a reputable broker regulated by the FSCA in South Africa, offers a diverse range of trading instruments, competitive fees, and comprehensive educational resources, making it a strong contender for South African traders. While it doesn’t offer ZAR-denominated accounts and has leverage limitations in line with regulations, its robust regulatory standing and extensive offerings make it a solid choice for traders in the region.
FXTM
FXTM is a globally recognized online forex and CFD broker that operates in South Africa under the regulation of the Financial Sector Conduct Authority (FSCA). This regulatory oversight provides South African traders with a high level of legal protection.
FXTM supports the following trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and FXTM Trader App.
Frequently Asked Questions
Is FXTM regulated in South Africa?
Yes, FXTM operates in South Africa through Exinity Global Financial Services L.L.C., regulated by the Financial Sector Conduct Authority (FSCA).
What account types are available?
FXTM offers a range of account types to suit various trading styles: Advantage Account, Advantage Plus Account, Micro Account, and Advantage Stocks Account.
What are the deposit and withdrawal methods for South African clients?
FXTM offers several deposit and withdrawal options for South African clients, including: Bank Wire Transfer, Credit/Debit Cards, E-wallets (like Skrill and Neteller), and Local Payment Methods (such as Ozow).
How can I contact FXTM customer support?
You can contact FXTM customer support through Phone, Email, Live Chat, and Social Media.
Our Insights
FXTM is a well-regulated and reliable broker for South African traders, offering a range of account types, including Micro, Advantage, and Advantage Plus accounts. FXTM stands out as a reputable choice for South African traders, with a solid regulatory framework, diverse account types, and strong customer support.
Tickmill
Tickmill is a globally recognized forex and CFD broker, offering services to South African traders through its FSCA-regulated entity, Tickmill South Africa (Pty) Ltd.
The broker offers two primary account types: Classic Account and Raw Account. Tickmill provides access to several trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), Tickmill Trader, and Tickmill Mobile App.
Frequently Asked Questions
Is Tickmill regulated in South Africa?
Yes, Tickmill operates in South Africa through Tickmill South Africa (Pty) Ltd, which is authorized and regulated by the Financial Sector Conduct Authority (FSCA).
What is the minimum deposit to open an account?
The minimum deposit for all account types is $100. However, if you choose ZAR as your account’s base currency, the minimum deposit may be lower, making it more accessible for South African clients.
What account types are available?
Tickmill offers several account types to cater to different trading preferences: Classic Account, Raw Account, Islamic Account, and Demo Account.
How long do withdrawals take to process?
Tickmill processes all withdrawal requests within one working day.
Our Insights
Tickmill’s minimum deposit requirement is accessible at $100, and South Africans can conveniently deposit and withdraw funds using local methods. Tickmill stands out for its transparency, competitive pricing, and strong regulatory framework, making it a solid choice for anyone trading from South Africa.
HFM
HFM is a globally recognized forex and CFD broker that has established a strong presence in South Africa. The broker offers South African traders a secure and transparent trading environment.
HFM offers a variety of account types tailored to different trading needs: Premium Account, Zero Account, Pro Account, and Pro Plus Account. The broker provides a range of educational materials, including webinars, tutorials, and market analysis, to support traders at all levels.
Frequently Asked Questions
Does the FSCA regulate HFM in South Africa?
The Financial Sector Conduct Authority (FSCA) authorizes and regulates HFM, ensuring it complies with local financial standards.
What account types are available?
HFM offers several account types to cater to different trading preferences: Micro Account, Premium Account, Zero Account, Professional Account, and an Islamic Account.
What trading platforms does HFM offer?
HFM provides access to multiple trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the HFM Mobile App.
Does HFM offer negative balance protection?
Yes, HFM provides negative balance protection, ensuring that clients cannot lose more than their initial deposit.
Our Insights
HFM, a reputable and well-regulated broker in South Africa, provides a variety of account options, reliable trading platforms, and thorough educational materials. Their dedication to following regulations and supporting clients makes them a solid choice for traders of all experience levels in the region.
OANDA
OANDA, a globally recognized forex and CFD broker, offers its services to South African traders.
The broker offers several account types to cater to different trading needs: Standard Account, Core Account, and a Swap-Free (Islamic) Account. South African traders may have access to a limited selection of CFD instruments compared to other regions.
Frequently Asked Questions
What is the minimum deposit to open an account?
OANDA does not require a minimum deposit to open or maintain an account.
What account types are available?
The broker offers two main retail account types: Spread-Only Pricing Account and Core Pricing + Commission Account.
What trading platforms does OANDA offer?
OANDA provides access to several trading platforms: OANDA Trade, MetaTrader 4 (MT4), and TradingView.
Does OANDA offer negative balance protection?
OANDA provides negative balance protection for retail clients in certain jurisdictions. However, South African clients trading under OANDA Global Markets Ltd may not be covered by this protection. It’s advisable to consult OANDA directly to understand the specific protections available to you.
Our Insights
For South African traders, OANDA offers low minimum deposit requirements, fast access to various deposit/withdrawal methods, and competitive leverage options. OANDA is a good option for both beginner and experienced traders seeking robust trading platforms and flexible account options.
FXCM
FXCM is a global forex and CFD broker regulated in multiple jurisdictions, including the Financial Sector Conduct Authority (FSCA) in South Africa.
To open an individual trading account with FXCM, the minimum deposit is $50 (approximately R934). FXCM offers several account types: CFD Account, Active Trader Account, and Corporate, Trust, or IRA Accounts.
Frequently Asked Questions
Is FXCM regulated in South Africa?
Yes, FXCM is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.
What is the minimum deposit to open an account?
The minimum deposit to open an individual trading account with FXCM is USD 50 (approximately R934).
What trading platforms does FXCM offer?
FXCM provides access to multiple trading platforms: Trading Station, MetaTrader 4 (MT4), TradingView Pro, and Capitalise AI.
What leverage is available?
FXCM offers leverage up to 1:400 for certain account types, such as the Active Trader account. Leverage limits may vary based on the instrument and account type.
Our Insights
FXCM is a solid choice for traders in South Africa looking for a reputable broker with a wide range of tools and resources. However, traders should always consider their risk tolerance and be aware of the regulations governing their accounts.
Is Forex Trading Legal in South Africa?
Yes—Forex trading is fully legal in South Africa, provided you do so through properly licensed channels:
Regulatory Oversight
- The Financial Sector Conduct Authority (FSCA) is the primary regulator for Forex brokers in South Africa. Since 2019, any broker offering OTC derivative products (including Forex) to South African clients must hold an FSCA-issued Over-the-counter Derivative Provider (ODP) licence (FSP status, typically Category 1.13)
- The South African Reserve Bank (SARB) oversees foreign-exchange controls, ensuring that cross-border currency flows comply with national exchange control regulations.
How It Works for Traders
- Use an FSCA-licensed broker: Always verify a broker’s FSP number on the FSCA register before depositing funds. This ensures your broker is subject to local conduct rules and client-fund protections.
- Foreign brokers: You may trade via brokers regulated in other jurisdictions (e.g., FCA, ASIC), but these providers aren’t under FSCA jurisdiction, meaning you forfeit local legal recourse if things go wrong
Governing Legislation
- Financial Advisory and Intermediary Services Act (FAIS Act): Sets qualification and conduct requirements for financial services providers.
- Financial Markets Act (2012) and Financial Sector Regulation Act (2017): Establish market-integrity and systemic-risk frameworks.
- Exchange Control Regulations (administered by SARB): Govern the flow of funds in and out of South Africa’s borders.
Key Takeaways for Beginners
- Legality: No law prohibits retail Forex trading in SA—it is legal when conducted via an FSCA-licensed broker.
- Safety: FSCA regulation offers oversight on capital segregation, reporting, and fair dealing.
- Verification: Always cross-check any broker’s FSCA FSP licence on the official FSCA register (https://www.fsca.co.za).
In Conclusion
South African traders have a wide selection of regulated Forex brokers available to them, ensuring a secure and transparent trading environment. Always ensure that any broker you use is licensed by the FSCA for peace of mind and legal protection.
You Might also Like:
Faq
Yes. Retail Forex trading is legal when done through an FSCA-licensed Over-the-Counter Derivative Provider (ODP). Since 2019, any broker offering Forex CFDs to South African clients must hold an ODP licence (FSP Category 1.13) issued by the FSCA.
The South African Reserve Bank (SARB) regulates cross-border currency movements. All Forex transactions must comply with Exchange Control Regulations, which may include surrendering proceeds or staying within your annual foreign-investment allowance (currently ZAR 10 million).
Many FSCA-licensed brokers provide negative-balance protection, ensuring clients can’t lose more than their deposited capital—always check the Terms & Conditions.
Forex gains are generally taxed as either income (trading as a business) or capital gains (occasional trades). Rate and treatment depend on your trading frequency and motive; consult a tax professional for personalised advice.
Sidebar rates
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals