11 Best Forex Brokers in South Africa with Low Spreads

When selecting a forex broker, numerous critical factors to examine include the broker’s regulatory status, the wide range of markets available, retail investor accounts offered, deposit and withdrawal methods, forex broker’s spreads and fees, and more.

Brokers’ spreads vary according to their execution strategy and whether they provide fixed or variable spreads. Fixed spreads do not change in response to the financial instrument or market conditions despite the exchange rate. However, they are often significantly greater than variable spreads due to the inclusion of the broker’s fee.

Choosing an online forex broker in South Africa with low spreads is a personal choice for each trader, even more so for those who engage in fast-paced day trading strategies, especially scalping.

These day traders rely on the narrowest and lowest spreads possible since they join and exit positions fast to earn small, session-specific gains of a few pips.

While the forex market is a competitive environment for traders and brokers alike, the following are forex brokers with low average spreads.

Khwezi Trade

khwezi trade

Khwezi Trade, founded in 2013, is a well-regulated South African broker that provides a diverse choice of tradable products using the sophisticated, popular MetaTrader 4 platform, which can be accessed over the web or downloaded to PCs and mobile devices.

In addition, Khwezi Trade provides a safe and secure trading environment, which helps to guarantee that orders placed by South African traders are completed with the least amount of slippage and at the best available rates.

Khwezi Trade is a multi-award-winning broker with a slew of industry awards to its credit, including the Global Brands Magazine’s Best Broker in South Africa for 2019 and 2020 and the Best Broker in Africa for 2020 and 2021.

Khwezi Trade Pros and Cons


✔ Pros ❌ Cons
Trusted forex broker with regulation through the Financial Sector Conduct AuthorityNo crypto deposits accepted
Khwezi Trade is an industry-leading broker and is one of the first non-bank entity to receive OTC licensingThere are limited account base currency options
Khwezi Trade is an authorised FSP and ODP in South AfricaUS 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


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👍 FSCA
đŸ’ĩ Minimum deposit from💰 ZAR500
⚖ī¸ Average spread from👉 0,6 pips
📈 Commissions fromN/A
💸 Deposit/Withdrawal FeesN/A
⚖ī¸ Maximum Leverage⚖ī¸. 1:400
🤑 Bonuses👍 30%
❓ Customer SupportđŸĒ. 24/5

FXTM

FXTM-Logo

FXTM is a well-regulated ECN and STP forex broker that provides South African traders with access to over 250 trading products across a variety of global financial marketplaces. Not only is FXTM an award-winning broker that is known for its user-friendly trading platform interfaces, but it is also known for its competitive trading conditions.

Retail traders can begin trading with FXTM starting with a low minimum deposit of 150 ZAR, spreads that start from as low as 0.0 pips, and cost-effective trading costs. FXTM also provides access to maximum leverage up to 1:2000 and specialized customer service available 24 hours a day, five days a week.

FXTM Pros and Cons


✔ Pros ❌ Cons
Offers more than 250 financial instrumentsInactivity 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


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 CySEC, FCA, FSC, FSCA
đŸ’ĩ. Minimum deposit from💰 $10 / 160 ZAR
⚖ī¸ Average spread from👉 0.1 pips
📈 Commissions from📈 No commission on Forex
💸 Deposit/Withdrawal Fees🙅. Deposit fees no, withdrawal fees yes
⚖ī¸ Maximum Leverage⚖ī¸ 1:2000
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

Exness

Exness-Logo

Exness is a well-known broker that is licensed and regulated in several countries, allowing it to provide complete trading solutions to both retail and professional traders.

Exness is a popular choice for beginner forex traders as well as professional investors in South Africa because of its unique and competitive trading conditions.

Exness is recognized for offering South African traders tight average spreads, affordable trading costs per side, reasonable maximum leverage ratios, and inexpensive minimum deposits starting at 15 ZAR.

Exness Pros and Cons


✔ī¸ Pros❌ Cons
Comprehensive trading solutions are offered along with competitive trading conditionsThe rollover fees which are charged are not transparent
Offers flexible maximum leverage levels which are suited to any high volume trader who needs flexibility on trade sizesThe variable average spreads are wider than that of other forex brokers
Supports powerful trading platforms with robust charting capabilities, technical indicators, an economic calendar, and moreThere is a limited range of trading instruments offered
Provides access to VPS to eligible professional traders
Exness is one of the largest forex brokers in terms of trading volumes, trading solutions, and customer base

Exness features


👉 Featureℹī¸. Information
👮‍♂ī¸ Regulation👍 CySEC
đŸ’ĩ Minimum deposit from💰 $10 / ZAR R160
⚖ī¸ Average spread from👉 0.0
📈 Commissions from📈 ‎$0.1 / ZAR R1.60 to $3.50 / ZAR R56.00
💸 Deposit/Withdrawal Fees🤷 Variable depending on method
⚖ī¸. Maximum Leverage⚖ī¸. 1:2000
🤑. Bonuses💰. 10% of Deposit Bonus
❓ Customer SupportđŸĒ. 24/7

Blackstone Futures

Blackstone Futures-Logo

A well-regulated STP broker with an association to Trade Nation, Blackstone Futures offers a broad selection of trading products using MetaTrader 4 and CloudTrade, Blackstone Futures’ proprietary forex trading platform.

As a bonus, Blackstone Futures provides reasonable variable spreads from 0.6 pips and commission-free trading, as well as acceptable maximum leverage ratios, and a wealth of educational material.

Blackstone Futures Pros and Cons


✔ī¸ Pros❌ Cons
Offers a range of trading instruments that can be traded using competitive trading conditionsThe spreads that are offered are not the lowest
Provides powerful trading platforms that are available across the web, desktop applications, and mobile platformsLimited funding options are offered
There is a choice in advanced trading tools and comprehensive trading solutionsThere is no cryptocurrency trading
Blackstone Futures is a good broker in terms of educational materials and resources for beginner forex tradersThere is a limited selection of tradable markets offered
There is dedicated customer support provided across several channels

Blackstone Futures features


👉 Featureℹī¸. Information
👮‍♂ī¸ Regulation👍 FSCA
đŸ’ĩ Minimum deposit from💰 ZAR R1000
⚖ī¸ Average spread from👉 2.0 pips
📈 Commissions from📈 N/A
💸 Deposit/Withdrawal Fees🤷 N/A
⚖ī¸. Maximum Leverage⚖ī¸. 1:400
🤑. Bonuses💰 25%-50% percent of base salary
❓ Customer SupportđŸĒ. between 9:00 – 17:00 (GMT +1)

HotForex

HotForex-Logo

HotForex is a multi-regulated and trustworthy broker with over 1.5 million registered traders who utilize its extensive trading solutions.

HotForex is well-known for offering a diverse choice of tradable markets, attractive trading conditions, and a low entry barrier into financial markets.

Traders can anticipate 0-pip spreads, cheap commission fees, high maximum leverage ratios, and devoted customer assistance from HotForex.

HotForex welcomes all types of forex traders from South Africa regardless of their trading experience levels, trading strategies, or trading style.

HotForex Pros and Cons


✔ī¸ Pros❌ Cons
Commission-free trading offered along with a ZAR accountFixed spreads are not provided
Education materials are provided along with an economic calendar, and other tools
Loyalty program, deposit bonuses, and other promotions offered
Tight average spread is offered on major currencies such as EUR/USD

HotForex features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 CySEC, FCA, DFSA, FSA, FSCA, CNMV, BaFin
đŸ’ĩ Minimum deposit from💰 $5 / ZAR R80
⚖ī¸ Average spread from👉 0.0 pips
📈 Commissions from📈 $3 / ZAR R48
💸 Deposit/Withdrawal Fees🙅 None
⚖ī¸ Maximum Leverage⚖ī¸ 1:1000
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

ThinkMarkets

ThinkMarkets-Logo

ThinkMarkets was founded in 2010 and the international broker is a well-known STP forex and Contract for difference (CFD) broker for beginners as well as professional traders.

ThinkMarkets is a reputable broker with a high trust score, a range of educational materials, a comprehensive demo account option with adequate virtual money, and a reliable execution policy.

ThinkMarkets is widely known as an innovative and versatile forex broker that combines new online trading solutions with flexible, intuitive trading platforms and a variety of sophisticated trading tools to help South Africans with their everyday trading operations.

ThinkMarkets Pros and Cons


✔ Pros ❌ Cons
Negative balance protection offeredThere are no fixed spread accounts
FIX API, VPS, and AutoChartist offeredCrypto trading is not offered
Client funds are kept segregated in bank accounts with top financial institutionsA limited selection of educational tools offered
Investor protection is provided and Tickmill is a member of a compensation fund
Multi-regulated forex broker with a high trust score
Offers a range of advanced trading tools for professional traders

ThinkMarkets features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FCA, ASIC
đŸ’ĩ. Minimum deposit from💰 $0 / 0 ZAR
⚖ī¸ Average spread from👉 0.3 pips
📈 Commissions from📈 $3.50 / 56 ZAR per side
💸 Deposit/Withdrawal Fees🙅. Not indicated
⚖ī¸ Maximum Leverage⚖ī¸ 1:500
🤑 Bonuses💰 No
❓ Customer SupportđŸĒ 24/5

Axi

Kwezi-Brokers-Logo-New

One of the most reputable brokers in South Africa, and the world. Axi was founded in 2007 by an award-winning team of professionals who are well-recognized in their field.

Axi was created by professional traders to cater to the unique needs and trading objectives of other beginner and experienced traders.

In more than 150 countries, Axi provides retail traders with narrow spreads, low slippage, dependable transaction execution, and multilingual customer support via its services and solutions.

Axi Pros and Cons


✔ Pros ❌ Cons
No withdrawal/deposit fees24/5 customer service
Low forex feesResearch tools somewhat limited
Fully digital account opening or activationForex and CFDs trading only

Axi Pros and Cons


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FCA, ASIC, DFSA
đŸ’ĩ. Minimum deposit from💰 $0 / 0 ZAR
⚖ī¸ Average spread from👉 1.24
📈 Commission📈 No
💸 Deposit/Withdrawal Fees🙅 No
⚖ī¸ Maximum Leverage⚖ī¸ 1:400
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

FxPro

FXPro-Logo

FxPro was established in 2006 and is one of the top non-dealing desk (NDD) brokers in South Africa.

FxPro is well-regulated, trustworthy, and well-known as a competitive financial services supplier.

FxPro provides South African traders with over 260 financial products to trade at competitive spreads, minimal fees, and high leverage ratios.

FxPro Pros and Cons


✔ī¸ Pros❌ Cons
Mobile trading platform offered for Android and iOS mobile tradersManaged accounts are not available
VPS is provided through Beeksfx to ensure that active traders remain connected to financial marketsSocial trading opportunities are not provided ye
FxPro applies an NDD execution policy and model to ensure accurate and competitive pricing
Expert analysis is provided by Trading Central and there is an economic calendar that traders can use to keep an eye on economic events
Premium trader tools and a range of educational materials offered

FxPro features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCA, CySEC
đŸ’ĩ Minimum deposit from💰 $100 / ZAR R1600
⚖ī¸ Average spread from👉 0.37 pips
📈 Commissions from📈 $45 / ZAR R720 per million USD traded
💸. Deposit/Withdrawal Fees🙅 None
⚖ī¸ Maximum Leverage⚖ī¸ 1:30
🤑 Bonuses💰 N/A
❓ Customer SupportđŸĒ 24/7

Markets.com

Marketscom-Logo

Markets.com has been in operation since 2008.

Markets.com is a reputable market maker and STP forex broker with offices in the United Kingdom, Cyprus, South Africa, and Australia, all of which are thoroughly licensed to provide trading services and solutions in respective jurisdictions.

South African traders can trade over 2,200 financial instruments via Markets.com’s powerful trading platforms.

They can take advantage of tight spreads starting at 0.6 EUR/USD, commission-free trading, reasonable leverage ratios, and dedicated customer support available 24 hours a day, five days a week.

Markets.com Pros and Cons


✔ī¸ Pros❌ Cons
Markets.com is a broker with a high trust score that offers ZAR as the base currency and deposit currencyA high minimum deposit is required when traders register a live account with Markets.com
User-friendly trading technology supported with a proprietary mobile appAn inactivity fee is charged on dormant accounts
A tight average spread is offered on forex major pairs
Commission-free trading is provided
There are no deposit fees or withdrawal fees charged
Caters for all trading styles and trading strategies

Markets.com features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCA
đŸ’ĩ Minimum deposit from💰 $100 / ZAR R1 600
⚖ī¸ Average spread from👉 1.9 pips
📈 Commissions from📈 $0 / ZAR R0
💸 Deposit/Withdrawal Fees🙅 None
⚖ī¸ Maximum Leverage⚖ī¸ 1:300
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/7

Tickmill

tickmill-brokers-logo

Tickmill has been in business since 2015 and serves traders from all around the globe, including those in South Africa.

Tickmill allows traders to trade more than 80 financial products across many asset classes.

Tickmill is recognized for providing complete trading solutions as well as competitive trading circumstances such as 0-pip spreads, minimal commissions, and high maximum leverage.

Tickmill Pros and Cons


✔ Pros ❌ Cons
Negative balance protection offeredThere are no fixed spread accounts
FIX API, VPS, and AutoChartist offeredCrypto trading is not offered
Client funds are kept segregated in bank accounts with top financial institutionsA limited selection of educational tools offered
Investor protection is provided and Tickmill is a member of a compensation fund
Multi-regulated forex broker with a high trust score
Offers a range of advanced trading tools for professional traders

Tickmill features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSA, FCA, CySEC, Labuan FSA, FSCA
đŸ’ĩ. Minimum deposit from💰 $100 / 1 600 ZAR
⚖ī¸ Average spread from👉 0.27 pips
📈 Commissions from📈 No commission on Forex
💸 Deposit/Withdrawal Fees🙅. No
⚖ī¸ Maximum Leverage⚖ī¸ 1:500
🤑 Bonuses💰 Yes
❓ Customer SupportđŸĒ 24/5

Infinox

infinox broker logo

Infinox is a client-focused trading platform that was founded in 2009.

Infinox gives South African traders access to a variety of financial markets in which they may trade.

An extensive set of tools is made available to customers of Infinox which will help and enable them to help to do analysis and guarantee that trades are executed at a consistent pace.

Infinox Pros and Cons


✔ Pros ❌ Cons
Well-regulated broker that has a high trust scoreLimited trading instruments available
Member of the FSCS and provides investor protectionLack of educational materials offered
Social trading opportunities are provided
Innovative trading platforms are supported
There is technical analysis provided through AutoChartist
Versatile trading solutions are provided

Infinox features


👉 Featureℹī¸ Information
👮‍♂ī¸ Regulation👉 FSCA
đŸ’ĩ. Minimum deposit from💰 $1 / 16 ZAR
⚖ī¸ Average spread from👉 0.02 pips
📈 Commissions from📈 None
💸 Deposit/Withdrawal Fees🙅. None
⚖ī¸ Maximum Leverage⚖ī¸ 1:500
🤑 Bonuses💰 No
❓ Customer SupportđŸĒ 24/5

Frequently Asked Questions

Yes, forex trading is a legal activity in South Africa.

Brokers make money either from commissions, spreads, or other fees such as account maintenance and management, inactivity fees, etc.

The brokers who are featured on this list are some of the best forex brokers in South Africa with the lowest spreads.

Because it offers a low barrier of entry, high liquidity, low trading fees, and a plethora of trading opportunities.

Once you have selected a forex broker, you can start trading using a trading account alongside educational materials, resources, and tools.

Further reading:

7 Best Forex Brokers in South Africa with Sign-Up Bonus

10 Best Forex Brokers for Beginners

10 Best Forex Brokers in Namibia

10 Best Forex Brokers in SA with ZAR Deposits

11 Best Forex Brokers in South Africa with Demo Accounts

11 Best Forex Brokers in South Africa with Low Spreads

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