10 Best Forex Brokers in South Africa

Retail forex trading in South Africa involves speculation on the price movements of foreign currencies to earn a profit. South African retail traders have endless trading opportunities using different trading strategies in one of the largest, most liquid financial markets in the world.

South African traders have access to the forex market 24 hours a day, 5 days a week. To trade forex, traders must use the services of a forex broker to connect them to global markets.

The process involved with selecting the right forex broker can be time-consuming and tedious, especially for beginner traders.

To make the selection easier, we have gathered information on 10 of the best forex brokers who have offices based in South Africa.


Established in 2013, Khwezi Trade is a FSCA authorised OTC forex broker based in South Africa. Khwezi trade provides retail traders with the opportunity to trade a wide range of financial instruments spread across several asset classes.

Traders have a choice between four live account types in addition to a demo account that can be used. Khwezi Trade provides competitive trading conditions to beginners as well as seasoned traders.

In addition, traders are also provided educational material, trading tools, tight spreads, decent maximum leverage, a transparent trading environment, and a reasonable minimum deposit requirement.

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  


AvaTrade is one of the largest and most popular CFD and forex brokers in the world, offering South African traders a wide range of markets and competitive spreads, with the benefit of commission-free trading.

AvaTrade only offers one retail investor account, but it is jam-packed full of features that cater for novice and professional traders, regardless of their unique trading styles.

Traders have access to a wide range of advanced trading tools, powerful trading platforms that includes an innovative proprietary trading platform, competitive trading conditions, low minimum deposits, and the complete safety of client funds.

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  


Pepperstone is one of the largest brokers in the industry according to trading volume, serving traders from more than 65 countries worldwide, including South Africa.

Through Pepperstone, South African traders can access more than 80 tradable financial instruments which are spread across forex major pairs, minors, and exotics, precious metals, energies, exchange-traded funds, commodities, and several others.

Pepperstone offers South African traders a choice between powerful forex trading platforms that can be used through the web, desktop applications, and mobile trading apps.

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  


Tickmill is a reputable and FSCA-regulated online forex broker in terms of unbeatable trading conditions and trading opportunities provided to retail traders and institutional investors.

Tickmill supports a wide range of trading strategies, offering South African traders a wide range of trading instruments. Tickmill also supports convenient funding methods including debit cards, credit cards, bank transfers, and a few others.

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  


Exness is one of the best international forex brokers that operate in South Africa, with the necessary regulation and authorisation to offer flexible trading solutions to South African retail traders.

Exness offers dedicated customer support 24 hours a day, 5 days a week and ensures a fair and transparent trading environment for all traders. South African clients can also expect low minimum deposits, tight spreads, and access to international financial markets.

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  


Plus500 is a leading online forex broker in terms of its global presence, providing traders from around the world the best exposure to a wide range of trading instruments.

South African clients are provided with a powerful proprietary trading platform that can be used to trade over 2,000 tradable instruments. Plus500 offers comprehensive trading solutions that cater for both novice and experienced traders.

Plus500 is also one of few forex brokers with a stock exchange listing on the London Stock Exchange (LSE), in addition to being a part of the FTSE 250 Index.

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  


FXTM is one of the most popular and trusted FSCA-regulated brokers that provide traders access to a wide range of opportunities trading forex and several other instruments. FXTM is a broker well-known for its comprehensive trading solutions, range of markets and user-friendly trading platforms.

FXTM provides South African clients access to a range of educational tools, a choice between flexible trading accounts, and tailor-made trading conditions that cater for every foreign exchange trader.

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  


HotForex is a part of HF Markets, and it is a popular and trusted forex broker that provides South African clients with some of the best trading conditions. HotForex has more than 1.5 million traders from around the world and it has won more than 25 industry awards since its inception in 2010.

HotForex is a trusted forex broker that provides tailor-made retail trading accounts, trading tools, educational tools, deposit bonuses, a loyalty program, promotions, and a plethora of trading opportunities.

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  


IG Markets (IG Markets South Africa Limited) is one of the best online brokers in the industry, accepting more than 200,000 forex traders from different regions worldwide. IG offers more than 17,000 tradable instruments that are spread across several asset classes including the foreign exchange market, cryptocurrency market, stock market, and several others.

IG offers a flexible choice between different retail trading accounts, education materials, trading platforms, an economic calendar, and comprehensive trading solutions. IG is transparent and there are no hidden fees involved when South African clients deal with this broker.

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  


Axi is one of the most trusted forex brokers in South Africa that provides flexible trading solutions to retail South African forex traders. This award-winning ECN and STP international forex and CFD broker is well-regulated, ensuring that client funds are kept secure in segregated accounts.

Axi offers some of the most competitive trading conditions to traders in over 150 countries, including South Africa. With Axi, traders can expect a wide range of assets, low minimum deposits, educational tools, instant deposits and withdrawals, and innovative forex trading platforms.

Traders can expect access to a wide range of forex pairs, stocks, commodities, and several other tradable instruments. Apart from regulatory protection through the Financial Sector Conduct Authority (FSCA), Axi also offers dedicated customer support, a choice between retail accounts, and some of the lowest trading fees in South Africa.

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  


Frequently Asked Questions

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.

10 Best FSCA-Regulated Forex Brokers in South Africa
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