Best Forex Brokers in South Africa Listed & Rated

Tap into emerging trends in South Africa Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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FSCA

Best Regional Regulator

Established 1990

ZAR

National Currency

Rand

50+

Licensed FX Brokers

5%

Tax on Capital Gains

South Africa represents one of the largest Forex trading markets around the world. According to official data for 2017, the estimated daily turnover of Forex trading in the country was as much as $19.1 billion.

Many local traders in the country are also very frequently trading using the national currency of the country, the South African Rand, which represents one of the top 20 most traded currencies in the world. The annual trading volume of ZAR back in 2016 was as much as $70 billion. In fact, South African Rand has been among the most traded currencies since 2004.

Because of such huge interest in the Forex trading market, there are numerous international Forex trading brokers in South Africa, offering local traders access to numerous trading assets.

The Forex trading market in the country is regulated by the Financial Sector Conduct Authority, FSCA, which is known for its strict Forex trading guidelines. The regulatory body oversees the whole financial market in the country, which includes Forex trading.

Although there are not as many local FX brokers in the country, there are numerous internationally well-established and reputable brokerages that offer South African traders their services.

The country has come a long way in terms of Forex trading popularity. There are a lot of people who are interested in the Forex trading market in SA, so it should not come as a surprise that South Africa is one of the top destinations for international FX brokers.

So, let’s continue by discussing the best regulated Forex brokers in South Africa and the ways to find them.

Top 5 Forex Brokers in South Africa

Finding a trustworthy Forex broker is not an easy task. To help you out, we have done quite extensive research and managed to find the best Forex trading brokers in the country. While looking at this list, we have focused on numerous different factors, such as available assets, offered trading platforms, regulations, and many others.

Take a look at our list below and start trading with the best Forex brokers in South Africa today.

XM

Trading Platform:

MT4, MT5

Max Leverage:

1:1000

Instruments:

Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Regulation:

CySEC, ASIC, IFSC

Min. deposit:

$5

Open an account

Exness

Trading Platform:

MT4, MT5, App

Max Leverage:

1:Unlimited

Markets:

Forex, CFDs, Crypto

Regulations:

FSA, CySEC, FCA, FSCA, CBCS

Min Deposit:

$10

Open an account

VT Markets

Trading Platform:

MT4, MT5

Max Leverage:

500:1

Markets:

Forex, CFDs, Crypto

Regulations:

ASIC, CIMA

Min Deposit:

$100

Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

XM

Min deposit: $5

Deposit to Qualify

€600

XM

Deposit Bonus, Live Education

Sponsorships Remaining

10

Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume.

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness

Min deposit: $10

Deposit to Qualify

$800

ECS

EAs discounts

Exness

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help.

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions.

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker.

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms.

VT Markets

Min deposit: $100

Deposit to Qualify

$800

ECS

EAs discounts

VT Markets

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency.

The Bottom Line for South African FX Brokers

When you are looking for the best online Forex brokers in South Africa, there are numerous things that you should focus on. Understanding how a good FX broker should look is a very important thing.

The first factor that you should think about is the security that the broker offers. One of the best guarantees of your security regulations and licenses that the broker follows and has. Another very important factor is the actual services offered by the broker.

Among the most important offerings of the broker are trading platforms, available assets, payment methods, customer support services, and many others.

Above, we have discussed the 5 top Forex brokers in South Africa. Although all of these brokers are very different from one another, they have one thing in common – all five of them offer high standards of safety and security, as well as competitive services that South African traders will enjoy.

Because of this, we believe that any of the Forex brokers we have discussed are very good. After doing extensive research about them, we were able to find out that there are numerous traders in South Africa that are trusting and trading with these brokers every single day.

So, no matter which one of these five you choose, you will be able to safely continue your Forex trading journey as these 5 companies are among the best South African Forex brokers.

FAQs on South Africa Forex Brokers

Which broker is the best for forex in South Africa?

One of the best Forex brokers in South Africa is AvaTrade, which is locally licensed by the Financial Conduct Sector Authority of the country, FSCA. Because of the local license, the broker is able to adhere to the local Forex trading laws. Other South Africa online Forex brokers that are recommended for the local traders are XM, HYCM, Monfex, and Milton Prime.

Is forex trading legal in South Africa?

Yes, Forex trading is legal in South Africa. The market is regulated locally by FSCA, the Financial Conduct Sector Authority of South Africa. The regulatory agency is very well-known around the world for providing high safety standards. The market is actually very popular in South Africa. There are millions of people who are trading Forex every single day in the country.

Where can I trade Forex in South Africa?

There are numerous Forex brokers you can use for Forex trading in South Africa. Among the best FX trading brokers in South Africa are brokers like XM, AvaTrade, HYCM, Milton Prime, and Monfex.

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