PROS CONS
The FSCA regulates Khwezi Trade as an OTC provider and the broker keeps client funds secure in bank accounts with top South African banks, away from operational funds Limited selection of funding methods and account base currency options
Khwezi Trade is one of the best South African forex brokers and one of the first non-bank organizations that is regulated by the FSCA as an ODP
Provides South African clients unlimited access to a range of assets
Traders are given access to a dedicated account manager and instant execution of trades
Market analysis offered alongside an economic calendar, technical indicators, and other tools
Offers access to the most popular trading platform in the industry MT4
PROS CONS
One of the best FSCA-regulated brokers in South Africa that keeps client funds in segregated accounts with top South African banks Limited funding options
Provides excellent education to beginner traders Limited choice in standard accounts
Offers the use of a popular trading platform through which a range of assets can be traded The average spread offered is not narrow
High trust score and offers instant execution on currency trading and other instruments
Offers a wide range of trading instruments including foreign currencies, precious metals, and others
Offers some of the best trading conditions
PROS CONS
Offers competitive and tight spreads and a range of trading opportunities Fixed spreads are not offered
Offers regulatory protection where client funds are kept in segregated accounts with top-tier banks
Includes a risk disclaimer to warn traders against trading complex instruments such as forex pairs
Offers advanced tools to experienced traders and excellent education for beginners
A trusted international forex broker that does not charge withdrawal fees or additional account management fees
One of the best FSCA-regulated brokers that offer excellent market analysis, a deposit bonus, instant deposits, and a low initial deposit requirement
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
PROS CONS
Well-regulated by the FSCA and several other reputable market entities Limited education offered
MetaTrader offered across the web, desktop, and mobile platforms There are no fixed spread standard accounts offered
Offers advanced and beginner traders trading signals from AutoChartist
Tight average spread offered along with a trusted execution model
Reputable broker with a high level of trustworthiness and low trading and non-trading fees
Dedicated multilingual customer service team offered
PROS CONS
Well-regulated and large international trading provider There are no fixed spread accounts offered
Social trading opportunities are offered A limited selection of tradable financial markets
Negative balance protection applies to retail investor accounts
Offers some of the best customer service and a trusted trade execution model
Supports the use of any trading style or trading strategy, ensuring the best average spread on all instruments
Best broker for beginners who are just starting and offers demo accounts with virtual funding
PROS CONS
Commission-free forex trading offered Variable spread accounts are not offered
Offers a wide range of assets that can be traded The average spread is not as narrow
There are a plethora of trading opportunities offered as well as social trading Spreads are marked-up to include the broker’s fee
Flexible and trusted funding methods offered
Deposit fees and withdrawal fees are not charged
Offers powerful proprietary trading platforms as well as MetaTrader
PROS CONS
Offers more than 250 financial instruments There are 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
PROS CONS
FSCA-regulated broker with a high trust score A limited selection of payment methods available for funding
Accepts a wide range of trading strategies from professional and novice South African clients Market news is not provided
Reliable trade execution policy guaranteed Educational materials are not offered
Offers powerful forex trading platforms The demo accounts expire after 14 days
Provides a safe and transparent trading environment
Offers advanced traders a wide range of market analyses, newsfeeds, and other tools
PROS CONS
ThinkMarkets is an FSCA-regulated forex broker Fixed spread accounts are not available
Offers competitive trading conditions
Offers a large range of financial instruments across several asset classes
Ensures client fund safety
Provides access to Trading Central as well as AutoChartist
Provides a range of advanced trading tools
PROS CONS
Negative balance protection offered There are no fixed spread accounts
FIX API, VPS, and AutoChartist offered Crypto trading is not offered
Client funds are kept segregated in bank accounts with top financial institutions A 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

Yes, forex trading is a legal activity carried out by South African traders.

No, South African traders are not forced to register trading accounts with brokers who are FSCA-regulated. However, it will help South African traders if they have an issue with their forex broker.

You can consult broker reviews to obtain more information on the brokers that you prefer and use a broker comparison to compare their trading conditions.

They can make money either from the spread or commission charges. In addition, forex brokers can also make money from non-trading fees such as account management and maintenance fees, inactivity fees, withdrawal fees, and others.

To check whether the broker is regulated by the FSCA, you can visit the official website and search the broker’s license number online.