10 Best Forex Brokers in South Africa with Low Minimum Deposit
The foreign exchange market, also known just as the forex market, is known as the largest financial market that has high trading volumes, high liquidity, and high volatility. These market conditions mean that retail traders can quickly buy and sell currency pairs.
It also means that the forex market provides a low barrier of entry to those traders who have smaller amounts of capital that they can dedicate towards trading. Forex brokers with low minimum deposits are the best option for beginner traders who are starting to explore the financial markets.
While many forex brokers require high minimum deposits, the following forex brokers in South Africa offer low minimum deposits.
Khwezi Trade
Khwezi Trade is a South African forex broker that has been in operation for the past eight years, offering a wide range of comprehensive trading solutions to South African retail forex traders and professional investors.
Khwezi Trade is a Financial Sector Conduct Authority-regulated OTC trading provider that offers traders some of the best trading conditions in the industry.
With Khwezi Trade, traders have an option between four live trading accounts, and the entry-level account has a minimum deposit of 500 ZAR.
Khwezi Trade provides traders with a low entry barrier into a wide range of instruments and a plethora of trading opportunities.
Khwezi Trade Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Trusted forex broker with regulation through the Financial Sector Conduct Authority | No crypto deposits accepted |
| Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensing | There are limited account base currency options |
| Khwezi Trade is an authorised FSP and ODP in South Africa | US clients are not accepted |
| Traders are provided access to powerful trading technology | |
| Competitive spreads are offered | |
| There is a decent maximum leverage ratio offered |
Khwezi Trade features
| ✔ Pros | ❌ Cons |
|---|---|
| Trusted forex broker with regulation through the Financial Sector Conduct Authority | No crypto deposits accepted |
| Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensing | There are limited account base currency options |
| Khwezi Trade is an authorised FSP and ODP in South Africa | US clients are not accepted |
| Traders are provided access to powerful trading technology | |
| Competitive spreads are offered | |
| There is a decent maximum leverage ratio offered |
FOREX.com
FOREX.com is one of the largest international brokers in the world.
FOREX.com is one of the only brokers that have an execution scorecard, instilling confidence in retail traders that the broker can meet their trading objectives.
FOREX.com offers retail traders from South Africa a plethora of trading opportunities spread across several complex instruments.
When traders start trading with FOREX.com, they are given access to user-friendly trading platforms, educational material, dedicated customer services, and advanced trading tools.
FOREX.com Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| One of the best international brokers with multi-regulations | Inactivity fees are charged |
| Offers a choice in complex instruments along with various trade sizes and instant execution | |
| Commission-free retail accounts are offered along with instant deposits and withdrawals | |
| Powerful trading tools are offered to experienced traders | |
| TradingView provided in addition to other advanced trading tools | |
| An execution scorecard is provided, ensuring a guaranteed execution policy |
FOREX.com features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MAS |
| 💵. Minimum deposit from | 💰 $100 / 1 600 ZAR |
| ⚖️ Average spread from | 👉 1.5 pips |
| 📈 Commissions from | 📈 $5 / 80 ZAR commission per 100K traded |
| 💸 Deposit/Withdrawal Fees | 🙅. Not indicated |
| ⚖️ Maximum Leverage | ⚖️ 1:50 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
XM
XM is one of the largest forex brokers in South Africa that has a long, rich history of providing competitive trading conditions, a range of tradable derivative instruments, and a choice between trading accounts suited to novice traders as well as professional traders.
All retail trading accounts have negative balance protection which is applied, and traders can choose between different educational material, trading tools, and powerful trading platforms that can be used for trading activities, carrying out technical and fundamental analysis, and more.
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Low minimum deposit | Inactivity fee charged after 90 days on live accounts |
| Comprehensive educational offering | Limited product portfolio |
| Streamlined account opening process |
XM features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 IFSC, ASIC, CySEC, FCA and DFSA |
| 💵 Minimum deposit from | 💰 $5 |
| ⚖️ Average spread from | 👉 0.1 pips |
| 📈 Commissions from | 📈 $3.5 commission per $100 000 traded |
| 💸. Deposit/Withdrawal Fees | 🙅 None |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 $30 Trading Bonus |
| ❓ Customer Support | 🏪 24/5 |
FXCM
FXCM is a well-regulated United Kingdom-based forex broker with regulation through the Financial Conduct Authority (FCA), welcoming beginner forex traders from around the world, including South African clients.
FXCM has been operating since 1999 and it has a good track record in providing some of the best trading conditions.
When South African traders consider using FXCM, they can expect a low minimum deposit which will give them access to a broad range of forex and CFD trading instrument, flexible funding options that include bank transfer, credit card, debit card, and several other options.
FXCM Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| FXCM is a member of the FSCS compensation scheme, providing traders investor protection | The average spread that traders can expect is not the tightest |
| Well-regulated | |
| A social trading platform is provided for active traders and those who want to participate in copy trading | |
| There is advanced charting provided by TradingView | |
| Trading Central offers a daily analysis of all market conditions that traders can use on their trading day as part of a solid trading plan | |
| Offers a ZAR Account and ZAR deposits |
FXCM features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, FSCA, ASIC |
| 💵 Minimum deposit from | 💰 $50 / ZAR R800 |
| ⚖️ Average spread from | 👉 1.2 pips |
| 📈 Commissions from | 📈 $2 / ZAR R32 2.00 per 100k lot per side |
| 💸 Deposit/Withdrawal Fees | 🙅 Start from $0 / ZAR R0 depending on withdrawal method used |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
IQ Option
IQ Option was founded in 2013 and it is one of the largest international brokers in the world, providing comprehensive trading solutions to traders from around the world, including South African clients.
IQ Option boasts more than 20 million registered trading accounts that use its powerful proprietary trading platform to trade a range of markets.
South African traders can register a live trading account with IQ Option from as little as 140 ZAR.
When traders use IQ Option, they can expect access to multiple order types, technical indicators, technical analysis, charting capabilities, educational materials, and more.
IQ Option Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| IQ Option is a reputable broker for beginners with the necessary regulations from a reputable regulation authority | Restricted maximum leverage for non-professional traders |
| Segregated accounts in which client funds are held | Fixed spreads are not offered |
| Offers a wide range of assets that can be traded using different trading strategies | |
| Transparent and low broker fees charged | |
| Advanced trading tools are offered to advanced traders as well as high-volume traders | |
| Offers transparent swap rates, reasonable margin requirements, and a powerful proprietary trading platform |
IQ Option features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC |
| 💵. Minimum deposit from | 💰 $10 / 1 60 ZAR |
| ⚖️ Average spread from | 👉 0.6 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅. None |
| ⚖️ Maximum Leverage | ⚖️ 1:1000 |
| 🤑 Bonuses | 💰 No |
| ❓ Customer Support | 🏪 24/7 |
RoboForex
RoboForex is one of the most trusted STP and ECN forex brokers and one of the best market makers in the industry.
RoboForex has won different industry awards for its impressive customer services.
RoboForex welcomes South African retail traders and provides a live trading account with an ultra-low minimum deposit of R140, which makes it easy for traders to start trading forex.
RoboForex offers more than 9,400 tradable instruments which are spread across several asset classes.
South African clients can use the competitive trading conditions that RoboForex offers to provide them with some of the best pricing.
RoboForex Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Well-regulated by reputable market regulators | Fixed spreads are not provided |
| Negative balance protection is offered on retail trading accounts | |
| Flexible account types are offered | |
| There is a wide range of assets that can be traded using different trading strategies | |
| Offers several trading tools, an economic calendar, Islamic trading accounts, and an active trader program | |
| Offers multilingual and dedicated customer service |
RoboForex features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 IFSC |
| 💵. Minimum deposit from | 💰 $10 / 160 ZAR |
| ⚖️ Average spread from | 👉 0.01 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅. None |
| ⚖️ Maximum Leverage | ⚖️ 1:1000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/7 |
Capital.com
Capital.com is another reputable United Kingdom-based forex broker that is well-regulated and can ensure client fund security and client protection.
Captial.com offers South African traders the opportunity to trade more than 2,000 financial instruments that are spread across forex pairs, cryptocurrency markets, commodities, and others.
Capital.com offers competitive average spreads, commission-free trading, and advanced trading tools that traders can use to add a competitive edge to their trading.
Capital.com Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Well-regulated by top-tier regulators and welcomes South African customers | Limited maximum leverage ratio offered |
| Variety of educational tools provided including a demo account funded with virtual money | MetaTrader is not supported |
| Offers a wide range of assets that can be traded | |
| Dedicated customer service is offered | |
| Transparent broker that does not have any hidden costs or fees |
Capital.com features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FCA, ASIC, MiFID |
| 💵. Minimum deposit from | 💰 $20 / 320 ZAR |
| ⚖️ Average spread from | 👉 0.6 pips |
| 📈 Commissions from | 📈 None |
| 💸 Deposit/Withdrawal Fees | 🙅. None |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 No |
| ❓ Customer Support | 🏪 24/5 |
Alpari
Alpari was established in 1998 and is one of the most reputable online trading brokers in the world.
Alpari is a well-regulated STP and ECN forex broker that provides comprehensive trading solutions to South African traders starting from 76 ZAR when they register a live trading account.
Alpari boasts of partnerships with reputable liquidity providers, ensuring that South African clients can expect fast trade execution speeds at some of the best possible prices.
Alpari offers tailor-made trading accounts with features that cater to all types of traders.
Alpari Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| The minimum deposits required are ultra-low and competitive | Limited range of assets offered |
| There are low commissions on forex trading | |
| High maximum leverage offered as well as tight average spread | |
| Provides a choice between powerful trading platforms | |
| Offers ZAR trading standard accounts | |
| Offers dedicated customer service |
Alpari features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 FSCM |
| 💵. Minimum deposit from | 💰 $100 / 1 600 ZAR |
| ⚖️ Average spread from | 👉 0.9 pips |
| 📈 Commissions from | 📈 Yes |
| 💸 Deposit/Withdrawal Fees | 🙅 Yes |
| ⚖️ Maximum Leverage | ⚖️ 1:400 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
FXTM
FXTM is a popular online broker with regulations through several regulatory entities, including the Financial Sector Conduct Authority, amongst others.
FXTM provides South African traders with trading accounts that start from 140 ZAR, with the benefit that traders can choose ZAR as their base currency.
FXTM offers competitive spreads, low commissions, a choice between several retail investor accounts, and flexible funding options that can be used for deposits and withdrawals.
FXTM Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Offers more than 250 financial instruments | Inactivity fees charged on dormant accounts |
| Offers a choice between retail investment accounts | |
| Commission-free trading options are offered | |
| Requires a low minimum deposit | |
| Dedicated and multilingual customer support offered | |
| Perfect broker for beginners |
FXTM features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 CySEC, FCA, FSC, FSCA |
| 💵. Minimum deposit from | 💰 $10 / 160 ZAR |
| ⚖️ Average spread from | 👉 0.1 pips |
| 📈 Commissions from | 📈 No commission on Forex |
| 💸 Deposit/Withdrawal Fees | 🙅. Deposit fees no, withdrawal fees yes |
| ⚖️ Maximum Leverage | ⚖️ 1:2000 |
| 🤑 Bonuses | 💰 Yes |
| ❓ Customer Support | 🏪 24/5 |
FXDD
FXDD is another popular option for South African traders who seek a low barrier of entry into the foreign exchange market, amongst several other financial markets.
South African residents can start trading with FXDD from 140 ZAR.
FXDD offers some of the lowest spreads, powerful trading platforms, mobile trading apps, and comprehensive trading options that suit novice traders as well as institutional investors.
FXDD Pros and Cons
| ✔ Pros | ❌ Cons |
|---|---|
| Well-regulated by major regulators | Fixed spreads are not offered |
| Negative balance protection is applied to retail investor accounts | |
| Commission-free account offered to beginner and experienced traders | |
| Competitive trading conditions are offered | |
| Provides access to a user-friendly platform and mobile platforms | |
| Rollover fees, broker charges, and other fees are transparent |
FXDD features
| 👉 Feature | ℹ️ Information |
|---|---|
| 👮♂️ Regulation | 👉 MFSA |
| 💵. Minimum deposit from | 💰 $50 / 800 ZAR |
| ⚖️ Average spread from | 👉 0.4 pips |
| 📈 Commissions from | 📈 $5.98 / 95.68 ZAR |
| 💸 Deposit/Withdrawal Fees | 🙅. Variable |
| ⚖️ Maximum Leverage | ⚖️ 1:30 |
| 🤑 Bonuses | 💰 No |
| ❓ Customer Support | 🏪 24/5 |
Frequently Asked Questions
By drawing up a list of the components that you need to evaluate and comparing them between brokers. You can also use comprehensive broker reviews to evaluate certain components.
You need to consider the spread, commissions, overnight fees, and any other trading and non-trading fees to determine how much each trade will cost you.
Forex trading can be complex, but beginners can start trading forex using demo accounts funded with virtual money until they have built up enough trading experience. From here, beginner traders can use cent or micro accounts with lower risks to start trading in a live environment.
Yes, you can use a wide range of educational materials to teach yourself forex trading.
The forex market is the largest, most easily accessible financial market in the world. The forex market features lower trading costs because of its liquidity, making it a popular choice for all types of traders.
Further Reading
10 Best FSCA-Regulated Forex Brokers in South Africa
10 Best Forex Brokers in South Africa
10 Best Forex Brokers in South Africa with ZAR Accounts
10 Best Forex Brokers in South Africa with Low Minimum Deposit
10 Best Forex Brokers in South Africa with High Leverage
