Best Choice For Beginners!
Free Trading Education!
Free Demo Account!
Big Sign-up Bonus!
Perfect For Experienced Traders!
Top South African Forex Brokers – 2020
South Africa is one of the most developed countries in Africa, so it’s not surprising that the country enjoys one of the most reliable and established regulatory bodies in the region for those who want to trade Forex (and pursue other economic trading opportunities). The Financial Services Board (FSB) is an independent institution, established to oversee the South-African non-banking financial services industry, and it was established over twenty years ago, making it a reliable regulatory body for South Africa Forex brokers.
The best South African Forex brokers will, of course, hold FSB regulation, though there are many South African Forex brokers that operate in the country without oversight. We would recommend that in order to become a successful Forex trader in South Africa, you choose a broker that is regulated and that adheres to industry standards meant to protect traders’ funds, such as maintaining segregated client accounts and minimum capital requirements.
Before you begin Forex trading in South Africa, consider what type of trading you want to pursue. Do you plan to trade the South African currency, the rand? Or are you looking to trade standard currency pairs such as EUR/USD? No matter what pair (or pairs) you choose, look at the spreads offered by the brokers on the South African Forex brokers list below and make sure you’re getting the best spreads available. Likewise, make sure that your Forex broker will allow you to deposit in rands, if necessary.
While you’re evaluating the trading conditions of the Forex brokers in South Africa, it’s also important to look at the trading platforms available. Are you looking for South African MT4 Forex brokers, or for a web-based option? Do you want a broker that has its own platform? Don’t be afraid to open a demo to try different South African Forex brokers before deciding which one is best for you. With a demo account you can optimize your trading strategy and really test the platforms and trading conditions for yourself. With the right research and testing you should have no problem finding the best South African Forex broker.
Best all-around: high floating leverage + fast execution
30% Welcome Bonus
MetaTrader 4, MetaTrader 5
Best all-around: high floating leverage + fast execution
Highly regulated, choice of fixed or floating spreads
MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based
MiFID, Central Bank of Ireland, FSA, ASIC, BVIFSC, FFAJ, FSCA, FRSA
Highly regulated, choice of fixed or floating spreads
Best Choice For Beginners!
Free Trading Education!
Free Demo Account!
Big Sign-up Bonus!
Perfect For Experienced Traders!
Competitive ECN trading environment with scalping and hedging available
MetaTrader 4, MetaTrader 5, Web-based
Competitive ECN trading environment with scalping and hedging available
Hedging, scalping, and swing trading allowed with no restrictions
MetaTrader 4, Web-based
Hedging, scalping, and swing trading allowed with no restrictions
Reliable local regulation + excellent educational offerings
Reliable local regulation + excellent educational offerings
Forex Brokers in South Africa
South Africa is the most developed country in Africa, being the only state on that continent which is a member of the G20 group of nations. South Africa also enjoys world-class financial, regulatory, and communications sectors, so it’s not surprising that the country enjoys one of the most reliable and established regulatory bodies in the region for those who want to trade Forex (and pursue other economic trading opportunities). The Financial Sector Conduct Authority (FSCA) is an independent institution, established to oversee the South African non-banking financial services industry, and its direct predecessor was established over twenty years ago, making it a reliable regulatory body for South Africa Forex brokers. It is responsible for ensuring that regulated Forex brokers comply with relevant laws and regulations, and for enforcing action against breaches.
The best South African Forex brokers will, of course, hold FSCA regulation, though there are a few South African Forex brokers that operate in the country without oversight. We would recommend that in order to become a successful Forex trader in South Africa, you choose a broker that is regulated by the FSCA or another comparable body, and that adheres to industry standards meant to protect traders’ funds, such as maintaining segregated client accounts and minimum capital requirements.
Forex trading has become extremely popular in South Africa in recent years, making South Africa a truly emerging Forex trading “market”. When something is emerging, it is worth examining carefully, so it is important to be extra careful in selecting a Forex brokerage based in South Africa as there will inevitably be a few such brokerages which are probably not deserving of your trust or deposit. One issue that many South African forex traders have complained of is a perception that the major global Forex brokerage houses are still neglecting South Africa, abandoning the field to local brokers who do not always offer competitive spreads, commissions, miscellaneous fees and other important terms of trading.
There is no South African law requiring South African residents to trade Forex only with Forex brokers regulated by the FSCA, but South Africans considering opening trading accounts and making deposits from their hard-earned cash funds should have the safety of their deposit as their first and most important consideration, as should anyone considering making a deposit with any institution anywhere. This is not always a sure rule, but generally it is going to be easier to turn to the industry regulator in your own country (in the case of South Africa, the FSCA) to pursue any claim or dispute than it will be in dealing with a regulatory body in another country. If you do decide to open an account with a Forex brokerage outside South Africa and you are resident in South Africa, it would probably be a good idea to first open a regular offshore bank account, as it will ultimately probably be easier to arrange the funding by bank transfer than by credit card if you use a South African credit card. South Africa has complex laws covering the subject of moving cash originating in South Africa to an institution outside the country. This means that enerally, it is going to be easier for a South African resident to fund an account with a Forex broker in South Africa than an account with a broker outside the country. South Africans are, by law, allowed to deposit a maximum of Rand 4 million for the purpose of foreign exchange. It is possible to apply to be allowed to increase this limit to 5 million but putting together a successful application for this extension is neither an easy nor a simple task.
Another advantage to South Africans in using a South African-based Forex brokerage lies in the fact that these brokers will usually accept deposits in South African Rand (ZAR) without charging a conversion fee to an account denomination currency. Happily, more and more Forex brokerages are securing South African regulation and establishing a presence in South Africa.
Before you begin Forex trading in South Africa, consider what type of trading you want to pursue. Do you plan to trade the South African currency, the rand? Or are you looking to trade major currency pairs such as EUR/USD? No matter what currency pair (or pairs) you choose, look at the spreads offered by the brokers on the South African Forex brokers list above and make sure you’re getting the best spreads available. Likewise, make sure that your Forex broker will allow you to deposit in South African Rand, if necessary.
While you’re evaluating the trading conditions of the Forex brokers in South Africa and deciding how to choose a South African Forex broker, it’s also important to look at the trading platforms available. Are you looking for South African MT4 Forex brokers, or for a web-based option? Do you want a broker that has its own platform? Don’t be afraid to open a demo to try different South African Forex brokers before deciding which one is best for you. With a demo account you can optimize your trading strategy and really test the platforms and trading conditions for yourself. With the right research and testing you should be able to find the best South African Forex broker for you.
While Tradorax has just started its activities in 2020, it has quickly established itself as a reliable broker for both experienced and fresh traders. It uses TechFinancials platform that is the preferable choice for a lot of traders because of its proximity and simplicity. This platform is provided by the SSL-technology, which guarantees high safety standards.
Accepting traders from all over the world this provider offers support and platform that is available in such languages as English, German and Russian. Also we should note in this Tradorax.com review that this platform is provided in a mobile version, which gives an opportunity to trade on the go, at any time and from anywhere. To get this app, users can download it from Google Play. This app can also be used on tablets.
Tradorax offers outstanding customer service, which can be reached by email, phone or live chat. It also has local phone numbers for many countries.
|Maximum Deposit||10 000|
|Minimum Trade Size||$15|
|Account Types||Gold, Mini, Silver, VIP Account|
|Account Currencies||EUR, GBP, JPY, USD|
|Traders From USA|
|Option Types||Above/Below, Boundary, Call/Put, One Touch, Short term|
|Safety Net||Up to 2% cash-back|
|Touch Options (Max Rates)||360%|
|Educational tools||Introduction program Beginner Trading Lessons Beginner Market news Beginner Daily Market Analysis Intermediate Interactive Course Intermediate Video Tutorials Intermediate Video Tutorials Advanced Webinars Advanced Trading Lessons Advanced FAQ Extras Economic Calendar Extras|
|Assets||Commodities, Forex Pairs, Indices, Stocks,|
|Forex Pairs||GBP/JPY, EUR/JPY, USD/JPY, AUD/USD, USD/CAD, NZD/USD, EUR/TRY, USD/CHF, CAD/JPY, EUR/NOK, EUR/CAD, EUR/ZAR, NZD/USD, AUD/JPY, EUR/AUD, AUD/CHF, GBP/AUD, NZD/CHF, GBP/CAD, AUD/NZD, CHF/JPY, GBP/CHF, CAD/CHF, USD/MXN, AUD/CAD, USD/ZAR, USD/TRY, USD/NOK, USD/SGD|
|Stocks||VODAFONE, BP, BNP PARIBAS, AXA GROUP, APPLE, BARCLAYS, TELEFONICA, INTEL, AMAZON, EBAY, ORANGE FRANCE, SOCIETE GENERAL, PFIZER, NIKE, CITIGROUP, AMEX, BAIDU, FACEBOOK, BBVA, LINKEDIN, RENAULT, TESCO, TWITTER, FERRARI, GOOGLE, COCA COLA, JP MORGAN CHASE, MCDONALD’S, MICROSOFT, CISCO, YAHOO, IBM, EXXON MOBIL, NETFLIX, PRICELINE, DISNEY, GOLDCORP, SILVERWHEATON, GOLDMAN SACHS, ALIBABA, VERIZON, ADIDAS, WALMART, TESLA, BOEING, STARBUCKS, VISA|
|Commodities||Oil, Gold, Silver, Gold/JPY, Corn, Coffee, Sugar, Platinum, Gold/EUR, Gold/Silver, Copper|
|Indices||SMI 20 FUTURE, S&P 500 FUTURE, DAX 30 FUTURE, IBEX 35 FUTURE, BUX, FTSE 100 FUTURE|
EUR, GBP, JPY, USD
Up to 2% cash-back
Touch Options Payout (Max)
Tradorax.com Review – Binary Trading
We should admit in our Tradorax review that you will find it’s platform enough user friendly and simple, you can access all your financial asset and trading history information, live chat and economical calendar at one place just in front of you. The company supports all popular types of digital options with a wide range of expiration terms:
1. Usual High/Low option, which also offers Above/Below option.
2. One Touch, which provides Touch options and High Yield version of them.
3. Short-term (60sec. – 5 min)
4. Boundary and High Yield version of Boundary.
Payouts start from 70% and can go up to 360%.
Tradorax finance offers a great list of more that 160 assets with Tradorax minimum deposit of only $250. This includes some of the most popular stocks, such as Microsoft, AXA, Google, Coca-Cola, etc. In addition, all of the major commodities, Forex pairs and indices are also available for you. Also, users can choose any of expiry periods that are available in binary trading: from sixty seconds to one month. One could argue that Short term options are mathematically more difficult to predict than the Long-term, and for this reason, they have a higher percentage of payouts. We can say that the forecast will be easier and more accurate when trading options that have longer expiry periods. It is important, of course, to apply the correct expiration date to the various assets. Most inexperienced traders are not aware that the correct choice of the expiry term increases their chances of winning.
Continuing this Tradorax review, our team should add that the company also has a suite of updated tools such as Roll Over and Buy Me Out.
The main Roll Over function is to extend an option time expiry. When using this tool, you exchange your option to the same option with a longer expiration time. For using this, you need to pay an additional fee. Different providers set a different fee, but in most cases this is a certain percentage of an investment amount. This great feature can be used when your forecast turns out to be true, but all you need is just an extension of the trade time.
Buy Me Out is very useful and interesting feature for trading digital options. Some traders believe that it is still greater than a Rollover. This tool allows you to close the option anytime before it expires. The explanation is that you can take profit or cut your trading losses before your option expires. It will help you to limit the risks associated with the continuation of the deal, and save money for further investments in your other trades.
Tradorax Minimum Deposit
If you decide to open account for trading with this firm, Tradorax minimum deposit amount is $250 or the same amount in such currencies as JPY, EUR or GBP. To make investment you are able to choose any of methods provided by the broker: Visa, MasterCard, Neteller, CashU, WebMoney, Yandex Money, etc.
Also, we should mention that the minimum amount of trade is just $ 25, and a maximum amount can reach $ 10 000, however, it depends on the chosen option. Such a way, you can get up to 85% payout for every successfully placed trade. And that is quite high return in comparison with other brokers.
The company tries to provide simple and easy withdrawal process for traders. To conclude, simply log in to your platform, choose Banking and select Withdrawal. Your withdrawal will be processed using the same payment method you have chosen for the investment. In order to have a full use of your account, and to make a withdrawal, you must verify your identity before you request for withdrawal.
Tradorax.com Review – Account types
Tradorax finance offers 4 types of accounts for potential customers. You will be provided with different benefits and opportunities for trading according to the appropriate account. So the choice is between such types: Mini, Silver, Gold and VIP. With any of them, you can get an access to the variety of lessons, risk-free trades, additional returns for each transaction, signals for trading, personal manager and much more. In addition, there are Saving and Self-managed tailor-made accounts types.
Let’s discuss in details all the accounts.
Mini type of account provides you with usual web platform and mobile app, access to the broker’s Educational Center and trading lessons, and a personal market financial expert.
Silver type, in addition to the features of previous one, provides extra 2% return for every trade, signals service, and 0.5% cash-back.
Gold type gives additional 4% return for every trade, 1% cash-back, and one risk-free trade a month.
VIP type of account has such benefits, in comparison to other accounts, as extra 3% return for each trade, 2 percents cash-back, and two risk-free trades a month.
Tradorax.com Review – Bonuses
Tradorax finance provides up to 200% welcome bonus, which depends on the account type. It also offers a Risk Free Trade, which allows users to trade without risks. It is also important to mention in our Tradorax review that Educational Center provides trading tutorials for newcomers and Prof-traders, webinars and other tools that can help users to be more skilled when trading options. Free video courses, frequently asked questions, glossary, index, and assets are free accessible for traders.
Insured Trade: This provider offers you an opportunity to spread your risks by determining (at the start of trading), what will be the amount of your both profit and loss.
At the end of our Tradorax review, we would like to remind you that before starting binary trading you should understand all the potential risks, as well as the terms of the broker you choose.
Tradorax finance is not a regulated broker, but it is reliable and trustworthy, so there shouldn’t be any complaints on Tradorax scam. Since it’s appearance in 2020, it has gained popularity and good reputation.
This company already has a good customer base and with the services that it offers, it will certainly attract more traders in paulo post future. We have searched feedbacks on Tradorax scam topic and we were pleased to see that there are quite few complaints from users. These Tradorax scam complaints were from those who didn’t get bonus policy and had problems with bonuses withdrawals, or traders who just failed in their trades.
Tradorax is an established and one of the most reputable digital options providers out there on the market.
Best Forex Brokers In South Africa 2020
South African traders looking to trade CFDs should choose a South African Forex Broker regulated by the Financial Services Conduct Authority (FSCA) with an advanced forex trading platform such as MetaTrader 4, a range of forex markets and currency pairs.
View the best forex brokers in South Africa below.
By Justin Grossbard / Updated: Friday, April 03rd, 2020
Top 8 Forex Brokers For South African Traders
The April 2020 best forex brokers in South Africa are:
- Pepperstone – Best South African MetaTrader 4 Broker
- ForexTime – FXTM Is The Top MetaTrader 5 Broker
- Plus500 – Best Forex Broker For Beginner Traders
- AvaTrade – Lowest Fixed Spread Forex Trading Account
- IG – Lowest Non-Commission Forex Trading Spreads
- HotForex – Best Forex Broker With ZAR Account
- FXCM – Good No Commission Forex Broker Account
- FxPro – Best Forex Broker Offering cTrader
- ThinkMarkets – Top No Deposit Forex Account
Regulations and Licenses
Markets and Instruments
Trading Platforms + Tools
The Best MT4 Forex Broker In South Africa Is Pepperstone
The fasted-growing broker worldwide is Pepperstone based on their:
- Lowest MetaTrader 4 (MT4) average spreads
- Low commissions from $3.50 ($7 round turn)
- Fastest execution speeds
- Minimum deposit requirement of $200
- No fees on deposits and withdrawals
- Award-winning customer service
Pepperstone is regulated by the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. They have an FSP application in South Africa with the Financial Sector Conduct Authority (FSCA). Below are the five key reasons why Pepperstone is recommended for those considering the MT4 which is the most used forex trading platform worldwide.
1) Average MT4 Spreads Offered By Pepperstone
Pepperstone has a razor online trading account offering spreads similar to a true ECN broker with EUR/USD spreads from 0.0 pips. Below compared 2020 average spreads of leading brokers offering ECN broker spreads with Pepperstone having the lowest across major currency pairs. These major currency pair spreads include 0.13 for the EURO/US Dollar, 0.14 for the Australian Dollar / US Dollar, 0.22 for the Euro/Japanese Yen, 0.41 for the Euro/British Pound, 0.44 for the Pound/US Dollar.
You can compare view more MetaTrader 4 Pepperstone spreads on our full comparison page.
2) MT4 Commissions
Pepperstone offers two main account types, standard and razor. The Razor online trading account is the most popular The razor account also charges a commission of $3.50 AUD per lot when the Australian Dollar online trading account currency is chosen. There are other rates as shown below with options from the British Pound (GBP), US Dollar (USD) or Euro (EUR) base currency are chosen. It should be noted that like most global CFD brokers there is no ZAR account option.
|Commissions Per Lot||US Dollar||Australian Dollar||British Pound||The Euro||Swiss Franc||Canadian Dollar||Singapore Dollar||New Zealand Dollar||Hong Kong Dollar||Japanese Yen|
|MetaTrader 4||USD 3.76||AUD 3.50||GBP 2.29||EUR 2.61||CHF 3.30||CAD 3.50||SGD 4.55||NZD 4.75||HKD 28.17||303|
There are also further commission discounts (rebates) available for active traders with three tires:
- Tier 1 = 100 lots = 10% rebate
- Tier 2 = 200-500 lots = 15% rebate
- Tier 3 = 500+ lots = Negotiable
3) Range Of Currency Pairs And CFDs
Pepperstone offer over 60 currency pairs from the majors such as EUR/USD to minors including ZAR/USD. Up to 500:1 leverage is offered on the forex market and the Pepperstone EDGE environment ensures fast execution speeds. In addition to currency pairs, there is the ability of trading CFDs including:
- Cryptocurrencies (Bitcoin, Litecoin, Bitcoin Cash, Dash and Ethereum) with up to 5:1 leverage and no commissions
- Share CFDs (Over 60 high-quality stocks) with 20:1 maximum leverage and commissions from USD $0.02 per share
- Index CFDs (Across 14 major markets) with 200:1 maximum leverage and spreads from 0.4 pips
- Commodities (Metals, Soft Commodities, Energy) with 500:1 maximum leverage and spreads from 10 cents per pip
4) Low Minimum Deposit Of $200
Pepperstone has one of the lowest minimum deposit requirements of AUD $200. The fx broker also offers fee-free funding methods from Debit Card, Credit Card, Direct Transfer, Paypal to Skrill.
5) Awards Winning Customer Support
Over the past decades, Pepperstone has won multiple awards for its customer service. This includes the Investment Trends customer support award, Professional Traders client relationship manager service award and the Global Forex best forex trading support award. The CFD provider offers South African traders with a 24/5 live chat, contact centre (phone) and e-mail customer support. Active traders also are provided with an account manager to tailor the support given for their needs. Read more…
Summary Of Why We Chose Pepperstone For South African Traders
Pepperstone’s low brokerage (spreads/fees), choice of forex trading platform and support are the three pillars making them the best broker. With a strong reputation worldwide and their FSP application pending, they are the ideal choice for South African forex traders.
The overall rating is based on review by our experts
FXTM (ForexTime) – Best MetaTrader 5 Broker
Compare Forex Brokers’ top pick for the best MetaTrader 5 forex broker is ForexTime (FXTM). Founded in 2020, FXTM has the know-how expertise to offer South African traders top-notch technological solutions. Additionally, forex traders can benefit trading on the upgraded MetaTrader 5 (MT5) with an online broker that holds trading licenses from the world’s top regulatory agencies, including:
- In South Africa from the Financial Sector Conduct Authority (FSCA) with FSP license No. 46614.
- In Belize from the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS
- In the UK from the Financial Conduct Authority (FCA) with license No. 777911
- In Cyprus from the Cyprus Securities and Exchange Commission (CySEC) with License No. 185/12
Below our team of industry experts will highlight all FXTM MetaTrader 5 features including functionality, range of markets, total costs and the trade execution speed.
3 Types of MetaTrader 5 Trading Accounts
ForexTime offers South African FX traders the choice to use the MetaTrader 5 platform on three different account types. The diverse selection of trading accounts allows FX traders to opt for an account that suits his trading requirements. Without further ado, SA traders can open 3 MetaTrader 5 trading accounts as follows:
- ECN Account
- ECN Zero Account
- FXTM Pro Account
Note* FXTM offers the ECN technology across all of its MT5 account offerings.
On the downside, we should note that the Swap-free trading account is not available through the MT5 platform. You can download the MetaTrader 5 for desktop and Mac versions as well as mobile trading (iPhone and Android). Additionally, there is a browser-based trading platform FXTM MT5 WebTrader, which is supported across 6 different browsers.
Low Range of Markets on MetaTrader 5
ForexTime offerings of financial instruments are extremely low when compared to other forex trading platforms. The range of currency pairs (major, minor and exotic) and asset classes offered by FXTM is on the low side. Currency trading can be done on 33 currency pairs and additionally, there are two CFD spot metals (XAUUSD and XAGUSD).
However, on the plus side, South African Forex traders can magnify their returns by having access to whopping maximum leverage of 1,000:1.
Fast Order Execution Speed
ForexTime can offer through its proprietary price engine technology fast execution speeds of 52 milliseconds (according to data compiled in December 2020). FXTM can also access a deep network of liquidity providers that ensures you will benefit from tight spreads. Additionally, the MetaTrader 5 platform can boost the following performances:
- Low re-quote rate of 3.22% (December 2020)
- Positive slippage on 94.64% of TP orders
- Negative slippage on 5.36% of SL orders
- Execution speed of 81 milliseconds for MT5 ECN account
- Execution speed of 88 milliseconds for MT5 ECN zero account
South African residents can explore all MetaTrader 5 features and performances in a risk-free environment by opting for opening a demo account. You can access the forex market and practice your trading skills under live market conditions.
FXPro – Best cTrader Broker
FxPro headquarters are in the UK and have offices across the world offering no dealing desk allowing fast execution speeds and low brokerage for automated trading. The broker offers MetaTrader 4, MetaTrader 5 and the cTrader forex trading platform. In addition to FSB (FSCA) regulation, the broker has a Financial Conduct Authority (FSA) and Cyprus Securities and Exchange Commission (CySEC) regulation. Visit Site…
After evaluating all the features that come with a FxPro live account, we concluded that the best cTrader forex broker is the London-based FX broker FxPro. Below, our team of industry experts will try to outline all the aspects of FxPro’s software solution.
Full Market Depth (DOM)
The FxPro cTrader platform is equipped with full depth of market DOM. This feature lets forex traders visualize the best bid and ask prices coupled with the total amount of available liquidity. Compared to other trading platforms cTrader offers 3 convenient ways to display the data inside the DOM:
Note* FxPro’s order execution engine on the cTrader platform only uses the volume-weighted average price (VWAP) to execute orders.
Average Market Execution Speed of 37 Milliseconds
The FxPro cTrader trading platform can boost ultra-fast order execution speeds of:
- 37 milliseconds (average order execution speed)
- 11.06 milliseconds (fastest order execution speed)
While FxPro is not a true ECN forex broker, it runs a No Dealing Desk execution model (NDD). FxPro’s NDD model gives South African traders the chance to execute their orders without any human intervention. The no dealing desk forex brokers have the advantage of offering direct market access and a transparent way to trade. Our team of industry experts has assessed FxPro’s order execution policy and found the following advantages:
- 12.81% of client orders received positive slippage
- 98.60% of client orders received no requotes
- Collocated servers (Equinix LD5 data centre and AM4 in Amsterdam)
Limited Range of Markets
South African traders will have restricted access to the available financial markets. The range of markets available on the cTrader platform includes 4 asset classes:
- Forex currency pairs (70 pairs)
- Metal Trading (7 pairs)
- Stock indices (24 instruments)
- Commodities (3 energies)
Compared to other South African forex brokers, FxPro has a poor selection of financial instruments. The cTrader platform can only give traders access to a total of 104 instruments. However, trading CFDs on shares and futures can be accessed via the FxPro MetaTrader 4 terminal.
Final Words – About the Best cTrader Forex Broker
The award-winning cTrader trading platform offered by FxPro can be downloaded as a Desktop or MAC application. Additionally, SA traders can have direct access to the cTrader account directly from your browser via the cTrader Web Platform. On-the-go trading is also available via mobile trading (iOS and Android). If you’re a high volume trader, the FxPro cTrader platform can be a good fit for your needs.
HotForex – Best South African Rand (ZAR Account)
Our team of investing professionals included forex brokers that support ZAR Forex accounts and allows South African traders the comfort to fund their retail investor accounts using the local currency Rand. The forex trading accounts denominated in South African Rand are the ideal solution for traders who actively trade the ZAR crosses. Not many forex brokers can be proud to offer clients to open ZAR trading accounts. However, HotForex was able to score the highest amount of points on our star scoring system and was awarded the best ZAR account due to the following 3 reasons:
- Multiple trading account types (5 retail investor accounts)
- 11 funding methods
- Maximum leverage of 1000:1
If you want to study the full list of South African forex brokers with ZAR accounts, please check out: Top 5 Forex Broker ZAR Accounts.
HotForex Account Types
South African traders that prefer forex trading via trading accounts that are denominated in ZAR have a plethora of options to satisfy their needs if they opt for opening a live trading account with HotForex. No matter of the trading strategy used and level of risk with HotForex, clients can open a maximum of 5 live accounts and additional 3 demo accounts.
In the table below, our team of experts assessed the main features that come with each different account type.
|Micro Account||Premium Account||Zero Spread Account||HFCopy Account||Premium Pro Account|
|Minimum Deposit||$50||$100$||$200||$1000 for Strategy Provider, $300 for Follower||$500|
|Minimum Spread||From 1 pip||From 1 pip||From 0 pip||From 1 pip||From 1 pip|
|Range of Markets||8 Markets||8 Markets||8 Markets||Forex, Gold and Bitcoin||8 Markets|
|Maximum Total Trade Size||7 Standard lots per position||60 Standard lots per position||60 Standard lots per position||60 Standard lots per position||60 Standard lots per position|
|Commission for forex pairs||✘||✘||✔||✘||✘|
|Stop out level||50%||50%||50%||50%||20%|
Note* HotForex Zero Spread Account type comes with raw spreads and 0 markups, but it charges the following commission structure:
- $6 round turn commission on major currency pairs
- $8 round turn commission on minor currency pairs
HotForex Deposit Methods
HotForex offers a wide range of deposit and withdrawal methods catering to the needs of a wide base of clients. The minimum deposit to fund the most basic HotForex account is $50 or equivalent in South African Rand. Opening a live trading account with HotForex is simple and straight forward. Check out below the available payment methods via HotForex:
- Bank wire transfers
- Credit cards and debit cards (Visa, Mastercard, and Maestro)
- Electronic Wallets (Neteller, Skrill, and TrustPay)
Note* the only negative point scored by HF Markets is that it doesn’t support PayPal the world’s largest online payment portal.
HotForex 1000:1 Leverage on Forex Trading
South African residents can speculate on the exchange rates with a maximum leverage of 1000:1 on a total of 49 currency pairs, including:
- 15 major currency pairs
- 34 minor currency pairs
- 4 ZAR crosses (USDZAR, EURZAR, GBPZAR and ZARJPY)
Compared to other forex brokers, only Pepperstone, IC Markets and FxPro can boost decent forex leverage of 500:1. For a full comparison of the leverage offerings among South African forex brokers please study the table below.
|Instrument Traded||HotForex||FxPro Leverage||IC Markets Leverage||Pepperstone Leverage||IG Markets Leverage||Plus500 Leverage|
|Commodities||10:1||150:1||500:1||500:1||25:1 to 200:1||150:1|
Final Words – Best Broker with ZAR Account
Like all the best forex brokers operating in South Africa, HotForex abides by the standards imposed by the FSCA and other tier-one financial institutions (CySEC, FCA, DFSA and FSA). Client funds are secured and held in segregated accounts. With HF Markets enforces the negative balance protection policy, which means that SA traders can’t lose more than their account balance. Additionally, HotForex offers free account funding with zero deposit fees and fast transaction times.
eToro – Best South Africa Broker for Social Trading
Used by millions of traders worldwide, eToro is the world’s largest social trading broker that is favoured among South African residents due to its copy trading feature. Our team of experts assessed all social trading networks, but eToro came at the top of our proprietary scoring system due to the following reasons:
- Copy-trading on multiple assets all from one proprietary trading platform
- A diverse range of trading strategies, portfolios and trade signals to follow
- Low minimum deposit requirements of $200
- CopyPortfolios a unique premium feature designed for sophisticated investors
Note* the minimum deposit required to invest in CopyPortfolio is higher. SA traders need to put down $5,000 to access eToro’s premium products.
73% Success Rate on Copied Trades
Based on the data compiled since inception and ended in January 2020, eToro generates 73% success rate on over 124 million copied trades. In other words, 73% of the 124 million trades copied on the social trading platform closed in profit. The most popular social trading markets available on eToro include Forex, stock, indices, commodities, ETFs and cryptocurrencies.
eToro Investors can Earn 2% Annual Fees
eToro Popular Investor program is dedicated towards the skilled traders that have a profitable trading strategy and want to earn an additional income. If you become a Popular Investor on eToro copy trading platforms you can earn up to 2% in annual fees.
For example, if the total funds under management (funds that follow you) are $1 million, you’ll earn an additional $20,000 regardless of your success rate.
Note* The 2% annual fee is credited to your eToro account every month (by the 10 th of the month) and the funds will be available for withdrawal right away.
The eToro’s Popular Investor program is structured into 4 levels (Cadet, Rising Star, Champion and Elite) that come with their own requirements and different levels of assets under management. In conclusion, the more assets under management you manage to attract, the bigger your payment will be. The table below will highlight the 4 levels of the Popular Investor program.
Final Words – eToro Best South African Copy Trading Network
Overall, eToro came ahead of its competitors due to its large clients base of over 6 million traders. South African residents that lack the trading experience to generate a profit have a chance to use eToro copy trading feature and start earning a passive income. The financial services offered by eToro comply with the standard and rules imposed by the top financial institution including:
- Australian Securities and Investments Commission (ASIC) holding AFSL number 491139
- In the US, eToro USA LLC is registered with FinCEN as a Money Services Business (on the downside it doesn’t hold a CFTC license)
- Cyprus Securities and Exchange Commission (CySEC) holding license number 109/10
- Financial Conduct Authority (FCA) holding registration number 7973792
- On the downside, eToro is not regulated by the FSCA formerly known as the FSB
Note* while your funds are safe and secure, eToro will charge you a withdrawal fee of $25. The second negative point is eToro’s high spreads (typical EUR/USD spread of 3 pips and USD/ZAR spread of 50 pips) and the high overnight rollover fees.
Plus500 – Best For South African Beginner Traders
Compare Forex Broker’s top pick for the best South African forex broker that caters to beginner traders is Plus500. Plus500 is a leading CFD provider that has its financial services exclusively dedicated to the beginner traders. For South African traders, the best forex brokers for beginners must come with some advantages that are part of the broker’s offerings. Below, our team of experts will list some of the essential features that make Plus500 loved by beginners:
- Dedicated round the clock customer support service 24/7 (including over the weekend support access)
- Easy-to-use CFD trading platform (web-based intuitive interface)
- State of the art social trading network
- Zero commission trading
- Forex educational webinars for beginners
- ZAR trading account (comes with convenient payment methods including debit cards and credit cards, bank transfer, PayPal and Skrill)
- Risk management tools to minimize risk (guaranteed stop loss). The disadvantage is that the guaranteed SL comes with an additional extra cost in the form of an additional spread charged and it’s only available to certain instruments.
Note* On the negative side, Plus500 doesn’t offer its clients access to a desktop trading platform. Plus500 offers a WebTrader platform and mobile trading via CFD trading apps (iOS and Android).
+2000 Financial Instruments
The Plus500 trading platform offers access to the most traded markets in the world, including shares, indices, Forex, commodities, options, ETFs and cryptocurrencies. Compared to other forex brokers, Plus500 has a wide range of asset classes, but IG Markets and CMC Markets can offer their clients more markets and subsequently more trading opportunities.
Due to the zero-commission policy, Plus500 is not able to offer low spreads. For example, the EUR/USD spread offered by Plus500 is 0.6 pips and the USD/ZAR spread is 85 pips.
Our team of industry experts conducted a deep review of South African forex brokers and their spread offering on the most traded currency pairs and the ZAR crosses. See the table below.
Final Words – Best Forex Broker for Beginners
Plus500 holds an Authorized Financial Services Provider licence with the Financial Service Board of South Africa. The global CFD Provider is suitable for all investors with strengths in customer service and easy to use Forex trading platform and a range of markets from Shares, Indices, Cryptocurrencies and Forex with an assortment of currency pairs. Plus 500 is also regulated by financial institutions including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Insurance and Investment Corporation (ASIC).
FXCM – Best No Commission Forex Broker Account
Based on our proprietary star scoring system, FXCM is the best forex broker offering no commission on FX trading. South African residents can enjoy trading on the foreign exchange market with a proprietary trading platform, spreads as low as 1.2 pips on EUR/USD and 57.6 pips on USD/ZAR and leverage as high as 400:1 (and 200:1 for CFD trading). The average spreads are calculated from October 1, 2020 – December 31, 2020.
Note* The default forex leverage is 400:1 but for deposits over $20,000 the leverage will be limited to 100:1.
Another aspect which makes FXCM offerings of financial services so attractive is their exclusive bonuses and promotions. Currently, SA traders can enjoy the following bonuses for forex trading:
- Forex welcome bonus of $20 (or Rand 300) available until June 30, 2020
- Forex affiliate program (you can get additional $20 when you refer friends and family to FXCM)
- FXCM Africa monthly trading contest (the winner can get $500 cash prize)
Note* SA traders need to make a minimum deposit of $50 (or Rand 749) to be eligible for FXCM’s bonuses and promotions.
FXCM Range of Trading Platforms
In terms of forex trading platform options, FXCM offers three featured trading platforms:
- MetaTrader 4 (MT4) – the world’s most popular trading platform
- Trading Station – FXCM’s proprietary trading platform
- NinjaTrader – dedicated to developing automated trading strategies via Strategy Builder feature
Note* Additionally to the main trading platforms, FXCM offers third-party platforms that can be fully blended with FXCM’s financial services. There are a total of 7 third-party trading platforms, including QuantConnect, MotiveWave, AgenaTrader, Sierra Chart, SeerTrading, NeuroShell Trader and StrategyQuant.
Each of FXCM’s trading platforms has unique trading features and providing market access for all types of traders. Regardless, of your preferred trading platform, FXCM can boost the following advantages:
- 67.37% of client orders got executed with no slippage
- 22.00% of client orders received positive slippage
- 17 milliseconds average execution speed
- 98.84% better Forex pricing compared to the interbank pricing
Final Words – Best Forex Broker with No Commission
Overall, FXCM has the best no commission forex trading accounts dedicated to South African traders. Pepperstone came in second place in the same category. One thing to mention is that the FXCM trading accounts offer variable spreads plus mark-up pricing. The zero-commission trading feature couple with a solid range of trading platforms and enhanced execution speed makes FXCM the best forex broker with no commission.
Note* FXCM took some extra negative points due to its lack of diversity when it comes to the available currency pairs for trading. In total, FXCM offers only 39 forex currency pairs (major, minor and exotic pairs).
AvaTrade – Best Fixed Spread CFD Broker
Compare Forex Broker’s top pick for the best CFD broker with the lowest spreads is international broker AvaTrade. Regulated across five continents, including on the African continent by the local watchdog FSCA, AvaTrade gives SA traders access to over 784 financial instruments, including:
- Forex currency pairs (55+ major, minor and exotic pairs). Competitive spreads starting from 0.9 pips on EUR/USD and 85 pips on USD/ZAR.
- CFDs on global stocks (627 individual stocks like Amazon, Facebook or Google). The CFD stock spread starts from 0.13%.
- CFDs on commodities (17 soft and hard commodities, including metals). Gold spread starts from $0.34 and WTI Oil spread of $0.03.
- CFDs on indices (20 global indices). The spread on the DJ30 is 3.00 points and MSCI spread is 0.10 points.
- CFDs on FX Options (44 FX options contracts)
- ETFs (5 ETF contracts). The spread are as low as 0.13%
- Bonds (2 bond contracts)
- CFDs on cryptocurrency (14 digital coins). The bitcoin spread is 0.5% over-market.
It’s important to note that AvaTrade offers different levels of leverage conditions as follows:
- Gold leverage is 20:1 and the rest of commodities is 10:1
- Stock leverage of 5:1
- Indices leverage 10:1 (and 20:1 on the most traded indices)
- Cryptocurrency leverage of 2:1
AvaTrade has access to a deep pool of liquidity providers which promises CFD trading with competitive spreads. AvaTrade ZA also has numerous trading platforms, including the iconic MT4 and MT5 platforms, a browser-based trading platform and proprietary trading platforms AvaTradeGO and AvaOptions. Across all trading platforms, AvaTrade offers fixed spreads.
Fixed Spread Forex Trading Broker
AvaTrade offers competitive fixed spreads across its range of financial instruments. Unlike variable spreads, fixed spreads remain constant and aren’t impacted by the changes in the market conditions. However, it’s important to note that AvaTrade fix spreads are over the market. This means that the spread will fluctuate as per the market price, and they stop moving, once the position is open.
Below you can overview the fix spreads offered by AvaTrade under normal trading conditions on some of the most traded currency pairs:
Additionally, AvaTrade may offer spreads as a percentage of the position for some CFD instruments as follow:
- CFD stock spreads as low as 0.13%
- CFD commodity spreads as low as 0.03 points
- CFD index spread as low as 0.25 over-market
- CFD FX Options spread as low as 0.9 points
- CFD ETF spread as low as 0.13%
- CFD Bonds spread as low as 0.03 over-market
- CFD cryptocurrencies spread as low as 0.35% over-market
Final Words – Low Fixed Spread CFD Broker
Like Plus500, AvaTrade is a global Forex broker that also has a SA subsidiary (Ava Capital Markets Pty) meaning it is regulated by the South African Financial Services Board. They have over 200,000 Forex traders using the fx broker and have won the ‘best customer service award’ in past years. They offer a web trader, MT4, MT5 or the proprietary platform AvaTrade Go as a mobile trading app.
ThinkMarkets – Best No Deposit FSCA Forex Account
ThinkMarkets has ranked as the best forex broker with no minimum deposit requirements that offers FX and CFD trading. This South African-based forex broker has only recently opened up (May 2020) its business in the African continent. The legal entity under which ThinkMarkets offers its financial services to South African traders is TF Global Markets (South Africa) (Pty) Ltd. ThinkMarkets is regulated by the local financial watchdog Financial Sector Conduct Authority (FSCA) and is an Authorized Financial Services Provider with FSP No 49835.
Offering financial services to forex traders in South Africa has become extremely competitive for the brokerage trading firms. However, ThinkMarkets has managed in a relatively short period of time to make a name for oneself.
Below, our team of experts will outline the main factors that weighted the most into our proprietary scoring system.
5 Types of Trading Forex Accounts
ThinkMarkets offer a variety of trading account types suitable for all types of traders. Setting up an account with this FSCA regulated FX broker requires no initial deposits (exception is the ThinkZero account). The types of forex accounts offered by ThinkMarkets are listed below:
- Standard account offers average spreads of 1.2 pips and access to 3 different trading platforms (ThinkTrader, MetaTrader 4 and MetaTrader 5)
- ThinkZero account offers raw spreads +$3.5 commission per 1 standard lot (requires a minimum operating balance of $500)
- Islamic accounts come with swap-free charges. However, ThinkMarkets charges a weekly administrative fee of $5 for major pairs and $10 for minor pairs for trades that are held more than 7 days.
- Demo account gives access to over 1200 tradable instruments (Forex and CFDs on shares, indices, commodities, cryptocurrencies and metals)
- Joint Account which can be owned by two account holders
See below a quick comparison between the two most popular ThinkMarkets accounts:
Note* The maximum leverage offered by ThinkMarkets is 500:1 if you qualify as a professional trader. Retail traders can only get maximum leverage of 30:1.
$1 Million Insurance Protection
South African traders can safely deposit money with ThinkMarkets. The additional $1 million client fund insurance offered by ThinkMarkets aims to safeguard your fund in an unlikely event of insolvency. Forex insurance coverage has the following advantages:
- Transparent protection with no additional fees
- Market-leading fund protection with segregated forex accounts
- Top-tier insurance partner (Lloyd’s of London)
Additionally, ThinkMarkets offer several payment options for deposits and withdrawals, including:
- Bank wire and bank transfers (international bank wire transfer costs $25)
- Credit and debit cards (Visa and Mastercards)
- Visa Checkout
- Sid Secure EFT
- Payment Asia / UnionPay
- Zotapay Africa
Note* ThinkMarkets clients can manage the deposits and withdrawals through the secure client area ThinkPortal. SA traders can fund their account using the most popular currencies (ZAR, USD, EUR, CHF, GBP, JPY, AUD and more).
Final Words – Best SA Broker with No Deposit Requirement
Overall, ThinkMarkets is among the best South African Forex brokers due to their no minimum deposit requirements, a wide range of payment methods and fund protection. Following our extensive review process, we concluded that it’s safe to trade with ThinkMarkets.
IG – Lowest Forex Trading Standard Spreads
IG.com ranks as the lowest spread forex broker in South Africa for the standard account. Established in the UK in 1974, IG is the world’s biggest CFD provider. IG Markets South Africa Limited is part of IG Group Holdings Plc and regulated by the Financial Sector Conduct Authority (FSCA) FSP No. 41393. We assessed all aspects of IG trading spreads along with evaluating all its trading features and found the following advantages:
- The average spread of 0.75 pips on EUR/USD
- Access to +17,000 global markets through CFD contracts
- Direct Market Access (DMA)
- ProRealTime charting software and trading platform for only Rand 300 per month
- Stockbroking services with over 12,000 global shares like Facebook, Apple, Alphabet, etc.
- First-class customer support
- Fund protection through segregated accounts at tier-one banks and negative balance protection
- Fast average order execution speed of 14 milliseconds
Discover below the CFD spreads charged by IG South Africa.
Competitive Standard Spreads
At, IG the average standard spreads are considered to be the lowest among all forex brokers operating in South Africa. IG pricing technology streams its quotes from a wide pool of liquidity providers, which reduces the spreads charged to SA traders. IG’s average trade spreads can go as low as:
- 0.75 pips on EUR/USD
- 1 point on FTSE 100
- 0.3 points minimum spread on spot Gold
- $40 minimum spread on Bitcoin
Note* IG charges the spreads across all its markets with the exception of share trading which is commission-based (USD 25 on the US share trading).
The typical average standard spreads for the most traded currency pairs can be studied below:
Additionally, the IG’s order management software comes with the following advantages:
- No re-quotes – less than 0.36% (according to data compiled through October 2020) of trading orders are rejected due to liquidity constraints
- Price improved technology ensures positive slippage – more than 183,000 orders received positive slippage (according to data compiled through October 2020)
- Good for handling large order trading sizes
- A high rate of 98.3% order fill
Final Words – IG Lowest Spread Forex Broker in South Africa
Our FX expertise revealed that IG has the lowest forex trading standard spreads among South African FX brokers. IG forex spreads oscillate in accordance with the market liquidity while CFD spreads remain unchanged excluding stock spreads. South African residents can open a live trading account with IG with a minimum deposit of Rand 4,000.
South Africa Brokers FAQs
Which forex broker is the best in South Africa?
Pepperstone was awarded the best forex broker for South African traders based on five key factors:
- It’s regulated with the FCA, ASIC and is in the process of a South African FSP licence
- It has the lowest commissions and spreads from 0.0 pips for the EUR/USD
- Traders can choose from the most popular forex platforms, MT4, MT5 or cTrader
- It has award-winning customer support from live chat to the call centre
- There are a plethora of fee-free funding methods with a $200 minimum deposit requirement
For more details, you can view the Pepperstone review.
How to choose the best forex broker?
To find the best fx broker for your needs you should be looking for a regulated fx broker that has low brokerage (spreads/commissions), a solid forex trading platform, strong customer service and easy deposit/withdrawal methods.
View our best forex broker section to see a list of the leading CFD providers.
What fx broker is best for beginners?
Beginner forex traders should be looking for a CFD broker that an easy to use forex trading platform, strong customer support and risk management features such as negative balance protection and guaranteed stop-loss orders.
Our recommendation is Plus500 which has the components a beginner trader needs.
Which forex broker has the best spreads?
The lowest spreads are available from providers that have ECN broker accounts. Our review of Pepperstone found they had the lowest spreads with some January 2020 example:
- EUR/USD average spread of 0.13
- AUD/USD average spread of 0.14
- EURJPY average spread of 0.22
- GBP/USD average spread of 0.44
- EUR/AUD average spread of 0.54
Brokers Regulated By FSB – South Africa Forex Brokers
|SA Forex Broker||Regulation||Min.Deposit||Trading Platform||Leverage|
|Pepperstone||FSB Pending, ASIC, FCA||$200||MT4, MT5, cTrader||500:1|
|FXTM (Forex Time)||FCA, CySec, IFSC||$5||MT4, MT5, Web||1000:1|
|AvaTrade||FSB, ASIC||$100||MT4, AvaTrader||400:1|
|IG||ASIC, FCA, MAS||$450||MT4, L2||200:1|
|FXCM||ASIC, FCA||$50||MT4, NinjaTrader||400:1|
|Markets.com||FSB, CySEC||$100||Sirix Web,
|Saxo Bank||FCA, FSA, ASIC||$10000||SaxoTrader||100:1|
|BlackStone Futures||FSB||R5000||MT4, CloudTrade||100:1|
|ALFA Financials||FSB||$1000||Alfa Trader||100:1|
|FxPro||FSB, FCA, CySEC||$100||MT4, MT5, FxPro, cTrader||500:1|
|Plus500||FSB, FCA, CySEC, ASIC, FMA, FSCA||€100||Plus500 Platform
Plus500 CFD Platform
Guide to Finding The Right Forex Broker In South Africa
South African forex trading success is partially dictated by the fx broker chosen and five criteria should be considered:
1) Spread and Commission Fees are the forms of brokerage that apply to a forex broker in South Africa. Some brokers will only have a spread while others may have narrower spreads but also charge a commission. Some other fees may apply to advanced features such as guaranteed spreads, an overnight holding of a position or licencing fees. Fees can also be reduced by choosing a South African Rand ZAR account.
2) Forex Platforms are the way online brokers allow South African forex traders to trade with currency markets. These have different interfaces, features and integrations. On the South African forex broker table above you can view how MetaTrader (MT4) is offered by most brokers giving the flexibility to change brokers if you choose this fx platform. Other platforms, on the other hand, may have unique features not available on MT4 such as share trading on MT5 and C# programming on cTrader. Another popular platform is NinjaTrader offered by FXCM and Forex.com.
3) Leverage is critical when currency trading in SA. As currency market movement is modest compared to other markets, leverage makes these more substantial to make real profits or losses. A trader needs to afford to take the high risk of losing money rapidly due to leverage. Therefore, leverage needs to be aligned to a South African forex traders risk profile and trading strategy. Remember, losing your money is a real possibility on currency markets so it’s critical to understand the risks of forex trading.
4) Risk Management features take into account how trading CFDs are complex instruments. They help control risk such as determining when a trader exits a trade (eg a guaranteed stop) or to prevent a trader from not only losing your money but also from going negative through negative balance protection. Even with risk management, you can lose money when trading so the amount put into a deposit is critical. You can check with each fx broker what percentage of retail investors lose their money on retail investor accounts.
5) Regulatory Bodies: The South African local regulatory body is the FSCA, this is also referred to as the FSB (Financial Service Board). This regulator reviews the financial services industry excluding the banks. This regulator works towards protecting South African investors including forex traders and has powers to enforce their policies. They also work with the Ombudsman to investigate customer concerns in regards to forex trading brokers. View more our on FSB regulated page. Global financial institutions such as eToro, IC Markets and AxiTrader were not considered as part of this comparison as they were not FSCA certified but can be compared on this SA trader page.
Published by Justin Grossbard
Friday, April 03rd, 2020
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