PROS CONS
Well-regulated forex broker & authorised ODP US traders are not accepted
Offers the MetaTrader trading platform across several devices Limited account currency options
Provides educational material and comprehensive market analysis Limited funding options
Traders can choose between four dynamic trading account types
Demo accounts are offered
Traders receive a dedicated account manager
PROS CONS
More than 1,250 trading instruments provided across financial markets Variable spreads not offered
Multi-regulated online trading provider Limited retail investor account types
Offers tight spreads and a powerful proprietary platform
Commission-free trading provided
Negative balance protection is applied, and educational resources are offered
Social trading opportunities are provided
PROS CONS
Pepperstone is an award-winning and FSCA-regulated broker and online trading provider Fixed spreads are not offered
Traders can expect competitive spreads, low commissions, transparent broker fees, and reliable trade execution
Offers a choice between trading accounts and access to a range of markets
Advanced trading tools and educational resources offered
Social trading platform and trading options supported across a wide range of trading instruments
Negative balance protection is applied to retail trading accounts
PROS CONS
A multi-regulated forex broker that offers a range of markets No fixed spreads
Negative balance protection is applied Limited education offered
Member of an investor compensation fund
Offers commission-free trading and low broker fees
Offers AutoChartist, VPS, and FIX API for experienced traders
Powerful currency trading platforms are supported
PROS CONS
FSCA-regulated and trusted forex broker Limited financial instruments offered
Offers high maximum leverage and flexible trading accounts
Dedicated customer support provided 24/5
Traders can expect low minimum deposit requirements and a dedicated ZAR trading account
Competitive trading conditions are offered
Powerful forex trading apps offered
PROS CONS
One of the most trusted FSCA-regulated brokers in South Africa Fixed spreads not offered
Commission-free trading provided Inactivity fees are charged
User-friendly proprietary trading platform provided for beginner forex traders
Flexible account funding options are provided
More than 2,000 instruments can be traded across financial markets
Advanced trading tools are provided
PROS CONS
Well-regulated by several regulatory bodies An inactivity fee will apply to dormant accounts
Offers tight average spreads and fast trade execution
Provides a decent range of assets and instant execution
Offers low minimum deposits and a range of trading opportunities
Commission-free trading is supported, and rollover fees are competitive
Multilingual support is offered
PROS CONS
Well-regulated by trusted regulatory authority entities Fixed spreads are not provided
HotForex is a member of an investor compensation fund
Offers commission-free trading and a transparent trade execution policy, with instant execution provided
Negative balance is applied to retail accounts
Offers a range of assets that can be traded and competitive rollover fees
Provides trusted, flexible funding options
PROS CONS
Free trading signals are provided There is a high minimum deposit charged
Powerful and innovative trading technology provided Inactivity fees are charged
IG Markets is multi-regulated by several regulatory bodies
FIX API DMA trading for experienced traders is supported by IG Markets
Offers a wide range of assets across financial markets with competitive average spreads
Demo account and Islamic account option offered
There is a vast range of withdrawal and deposit methods supported
PROS CONS
Multi-regulated broker that caters for South African traders There may be some restrictions on the maximum leverage ratio offered
Tight average spreads are offered
Flexible funding options are offered
Powerful trading platforms are offered
Trading signals provided
Low and competitive commissions are charged

Yes, forex trading is a legal activity in South Africa that can be carried out through an FSCA-regulated broker.

Forex brokers are intermediaries between the forex trader and other currency traders in the forex market. Brokers facilitate the trading itself and in the case of market makers, they represent the counterparty. Using a regulated broker will ensure a fair, secure trading environment and the safety of client funds.

Yes, you need the services of a forex broker to trade forex. It is too expensive and technically complex to connect to the forex market without a forex broker.

Several forex brokers accept deposits in Bitcoin.

Forex brokers make money from the spread, commissions, or other broker fees such as currency conversion fees, inactivity fees, account maintenance and management fees, and others.