9 BEST Forex Brokers in South Africa (2024)

Forex Brokers provide services that help you trade currencies easily. The best brokers have support for trading in stocks, commodities, forex, bonds, indices, and cryptocurrencies. You can use them to trade currencies at minimum costs, with low spreads and quick transaction executions.

However, most forex brokers lack proper tools for executing trades, have insufficient instruments, and lack the essential tools to analyze the performance of assets. Many brokers might also not be appropriately regulated and licensed in South Africa. That’s why it is important to choose from the best forex brokers in South Africa, providing security, performance, and capability to perform all trades.

Our team has handpicked 9 of the best South African forex brokers for you to choose from. The evaluations were based on withdrawal charges, compliance, KYC requirements, hidden fees, and trading instruments.

Best Forex Brokers in South Africa: Top Picks!

Best Forex Brokers in South Africa Minimum Deposits for Investment Withdrawal Charges Affiliation with Authorities Leverage Mobile App Link
AvaTrade $100 Free Registered with the South African Financial Sector Conduct Authority 1:30 Android and iOS Learn More
HF Markets $5 Free (Minimum Withdrawal Amount 10 USD) HF Markets SA (PTY) Ltd Company registered in Johannesburg. 1:2000 iOS and Android Learn More
Tickmill $100 Free Tickmill South Africa is registered with the Financial Sector Conduct Authority (FSCA) 1:100 iPhone, iPad, and Android Learn More
Exness Starts at $200 Free Exness ZA (PTY) Ltd is an FSCA-regulated forex broker in South Africa registered as a Financial Service. 1:2000 Android, iPad, and iOS Learn More
XMGlobal $5 Free XM Global is authorized and regulated by South Africa’s Financial Services Commission (FSC) 1:1000 Android, iPad, and iOS Learn More

1) AvaTrade

Best for multi-platform trading on all devices

AvaTrade was established in 2006 in Dublin, Ireland, and has been one of the top forex brokers in South Africa. It complies with all South African land laws and is registered in many countries/regions, including South Africa, Australia, Europe, UAE, Japan, and the British Virgin Islands. In South Africa, they are regulated by the South African Financial Sector Conduct Authority (FSCA).

AvaTrade has more than 400,000 customers and executes 2 Million+ monthly trades. You can trade over 1250 instruments to help you better manage and invest in your favorite forex, cryptocurrencies, stocks, indices, and commodities. It allows trading forex in many popular currencies such as EUR, USD, GBP, JPY, CHF, CAD, AUD, and ZND. The in-depth knowledge base is ideal for learning about the working of stocks, cryptocurrencies, and more.

AvaTrade

Features:

  • Multi-platform: You can enjoy stock trading and analysis through their multi-platform software tools for web, desktops, tablets, and smartphones.
  • Spreads: It provides competitive prices for various spread and leverage offerings globally.
  • Leverage: You can get a leverage of 30:1 for your forex trading, allowing you to make more significant purchases easily.
  • Fund Redundancy: Maintains high redundancy of your funds by storing them in multiple geographically distinct banking facilities for better security and minimum risks.
  • WebTrader: Avatrade’s WebTrader platform is an online forex trading and management platform that can be accessed on most browsers and requires no downloads or installation.
  • MetaTrader: The MetaTrader 4 and 5 are flexible trading environments ideal for beginners and experienced users. It can be customized and stylized according to your preferences.
  • AvaSocial: AvaSocial is a unique technology for socializing with other traders. You can follow, copy, and analyze trades of the best traders globally. They share knowledge, experience, and tips to manage your finances better.
  • Mini-Accounts: Investors tight on a budget can get started with AvaTrade mini-accounts to get started with an initial investment of $100.
  • Trading Capabilities: AvaTrade allows you to perform trades in Forex, Bonds, Treasuries, ETFs, Stocks, commodities, indices, precious metals, and cryptocurrencies.
  • Demo Account: A demo account is ideal for testing and understanding the interface before becoming a customer.
  • KYC for South Africans: It requires proof of address and proof of identity for opening an account.

Pros

  • Available in more than 20 languages globally.
  • The lightweight Avatrade Go is ideal for beginners due to its simple UI.
  • Provides robust analytics of market volatility and forecasts along with news.

Cons

  • One of the highest inactivity fees.

Pricing & Charges:

  • Inactivity Fees: $50 after three months of Inactivity Period
  • Administration Fees: $100 charged per year unless prohibited by law.
  • Overnight Premium: Additional costs incurred when holding a position overnight.
  • Minimum Deposit: $100
  • Withdrawal Fee: Free
  • Commission: No Commission

Visit AvaTrade >>


2) HF Markets

Best for forex trading in over 1200 markets

HF Markets has been providing quality trading services to global customers since 2010 and has served more than 3.5 Million customers. It offers more than 3500 trading instruments for better managing and making investments in all your markets. You can use it to perform forex trades in more than 50 currency pairs, including majors, minors, and exotic currencies.

HF Markets supports trading in various instruments such as forex, conventional stocks, indices, commodities, precious metals, energies, bonds, ETFs, and cryptocurrencies. All funds are distributed across multiple accounts across banks to ensure better redundancy and security, making it one of the best South African forex brokers.

HF Markets

Features:

  • Pro Account: It provides Pro accounts with various additional features for advanced users. This includes ultra-low spreads, fast transactions, and maximum leverage of up to 1:2000.
  • Spreads: Maintains fast execution times and very low spreads for all your trading transactions.
  • Regulations: HF Markets SA is registered and regulated in Johannesburg, SA.
  • Indicators: All trading platforms come with more than 30 technical indicators allowing for better observing and analyzing market conditions.
  • Demo Account: It allows you to open a free demo account to test features, understand UI, and have more clarity on how the platform matches your needs.
  • Premium Accounts: Retail traders can open premium accounts with no minimum deposits or commissions. They give greater flexibility to traders with zero commissions, free swaps, and personal account managers.
  • Discussions: You can join their podcasts, webinars, and events to discuss with other investors and seek guidance on common issues.
  • Technical Analysis Tools: The technical analysis tools allow you to analyze your current investments and on-market investment options with minimum effort.
  • HFcopy: HFcopy allows you to learn from experienced and successful traders and copy their trading techniques and strategies for your success.
  • Insurance: All finances are protected against negligence or fraud through a civil liability insurance of €5 Million.
  • Educational Resources: It provides free education resources and knowledge to improve your trading skills and uplift your strategy.
  • Autochartist: The various free tools like Autochartist allow you to build charts and graphs to understand trends better and discover patterns in performance.
  • Trading Calculator: Its advanced trading calculator is ideal for calculating parameters like risk percentage, PIP Value, and swaps calculator.
  • Notifications: You are provided notifications via email with market reports and alerts for your asset performance.
  • Platforms: The native mobile app provides global access to over 1200 markets, supporting easy trading. It is available on Android and iOS. It is also available on Windows and Mac using MetaTrader 4 and 5.
  • Verification: To verify your account and start trading, you must submit proof of identity and residence proof.

Pros

  • Zero commissions on most of the trading and purchases.
  • Single unified wallet to manage multiple accounts for investments.
  • Products and services are available in 160+ countries.

Cons

  • Lacks sufficient technical analysis and indicators for advanced users.

Pricing:

  • Minimum Deposit: $5
  • Withdrawal Fee: Free (Minimum Withdrawal Amount 10 USD)
  • Commission: No Commission

Link: https://www.hfm.com/sv/en/trading-instruments/forex


3) Tickmill

Best for trading in over 200 countries

Tickmill has provided robust trading services in more than 200 countries since 2014. It is registered with South Africa’s FSCA, maintains complete compliance, and adheres to safety standards. You can use it to trade various assets, including forex, stock indices, ETFs, bonds, precious metals, cryptocurrencies, futures, and options. Moreover, it supports forex trading for various popular such as AUD, USD, JPY, EUR, GBP, and CHF.

Tickmill also organizes webinars and events to discuss trading, resolve doubts, and guide beginners. Besides, it also has multiple free eBooks for learning strategies, techniques, and trading terminologies, making it an ideal forex broker in South Africa.

Tickmill

Features:

  • Corporate Accounts: You can review and choose from different account types for Individual and Corporate use cases to better suit your needs and requirements.
  • Islamic Accounts: You can create an Islamic account that complies with Sharia law. These accounts are swap-free and follow all standards for Islamic traders.
  • Mobile App: The native mobile app is available for Android and iOS. It allows you to deposit, withdraw, and monitor your funds quickly. Apps for Windows and macOS are available via MetaTrader 4 and 5.
  • Access: You can also manage all your trading and forex accounts and get a live status of all performance parameters.
  • Low Spreads: It ensures low spreads for all your investments, ranging from 0 to 0.1 pips.
  • High Leverage: You can get a high leverage of 1:100 for your forex investments and various other forms of trading.
  • Autochartist: Autochartist helps you analyze raw data and make better-informed decisions that help you optimize your trades for maximum profitability.
  • Compliance: Special platforms that are purpose-built to be compliant with respective land laws for many countries, including UK, Europe, Asia, and South Africa.
  • Forex Calculator: The advanced Forex calculator calculates transaction costs and values.
  • Tickmill VPS: Tickmill Virtual Private Server allows you to run custom algorithmic strategies to perform tasks and implement plans automatically for advanced users.
  • KYC: South African residents and citizens must submit proof of residence and identity.

Pros

  • All pages are available in 15 languages for better accessibility.
  • Maintains lower spreads across all trades and ensures fast transactions
  • Supports forex trading in 60+ popular currency pairs globally.
  • Offers a robust Demo Account

Cons

  • High charges for positions that are helping overnight

Pricing:

  • Withdrawal Fee: Free
  • Commission: 2 per side per 100,000 traded
Account Name Minimum Deposit Minimum Account Balance Spreads
Classic $100 0 1.6 pips
Pro $100 0 0 pips
VIP 0 $50,000 0 pips

Visit Tickmill >>


4) Exness

Best forex broker with different account plans for use cases

Exness has been one of the best South African brokers since 2008 and today supports monthly trading volumes of more than $1 Trillion. It supports trading in more than 100 popular and rare currency pairs globally. You can enjoy full access to forex majors, minors, and exotics. It has various market protection systems to protect you from volatile market situations and defend you under heavy market fluctuations.

Exness has a Social Trading system that provides you with insights into successful trading strategies implemented by successful and experienced investors. You can use this information to copy, learn, and understand these successful strategies. It always ensures fast execution and fulfillment of all your orders, usually within 25 milliseconds.

Exness

Features:

  • Spreads: The systems ensure a low, consistent, and highly stable spread for all transactions to ensure your transactions happen promptly during volatile times.
  • Withdrawals: Allows you to withdraw funds instantly through a vast array of local and international payment processing gateways.
  • Forex Derivatives: Supports forex derivatives with support for trading in over 100 currency pairs globally.
  • Leverage: Leverage can go up to 1:2000 based on the equity present in your account.
  • Swap-Free Trading: Its high volumes of trade allow for performing swap-free trades that happen with almost instant fulfillment.
  • Fast Execution: It provides fast order execution with minimum spreads, with most orders completing within 25 milliseconds.
  • Stop Out Protection: You can use its Stop Out Protection to minimize losses due to unexpected market changes and crashes.
  • Regulations and Registration: It is registered with South Africa’s FSCA as a Financial Service Provider (FSP).
  • Economic Calendar: The robust economic calendar allows you to keep track of global and regional events and plan according to market-moving events.
  • VPS Hosting: It lets you configure a VPS hosting where you can run your algorithms for optimizing and automatically implementing strategies.
  • Terminal: The advanced Terminal lets you manage, monitor, and execute plans for your investments with minimum effort.
  • Push Notifications: It provides push notifications to inform you of significant market changes. You receive alerts for the performance of your existing investments.
  • Analytical Tools: Provides various analytical tools to help you better understand and evaluate market conditions. This enables you to make informed decisions for your needs.
  • Platforms: Available on iOS, Android, and iPadOS, along with MT 4/5 platforms for Windows, macOS, and Linux.
  • KYC: You must submit proof of identity (POI) and proof of residence (POR) documents for your account opening.

Pros

  • No transaction fees or swap charges for your trading transactions.
  • Supports trading in crypto, forex, commodities, stocks, and indices.
  • Analytical tools help you perform technical and fundamental analysis.

Cons

  • High minimum deposit value of $200 for most investments.

Pricing:

Account Type Name Minimum Deposits Instruments Commission
Personal Standard Varies based on the payment system. Forex, metals, crypto, energies, stocks, indices No Commission
Personal Standard Cent Varies based on the payment system. Forex, Metals No Commission
Professional Raw Speed $500 Forex, metals, crypto, energies, stocks, indices Up to $3.50 per side per lot

Visit Exness >>


5) XMGlobal

Best for personal account managers and guidance

XMGlobal has operated in more than 190 countries since its inception in 2009, supporting forex traders. It pioneered mobile trading and has constantly developed technologies to serve customers. It also supports trade forex, crypto, stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious metals, Energies, and conventional shares.

XMGlobal allows you to perform forex trading in more than 50 currency pairs across the globe, involving majors, crosses, and exotics. It utilizes modern security standards and SSL encryption for safe data storage and encryption. You can use over 90 trading indicators to analyze charts and help make informed decisions. This is ideal for making investment strategies and planning.

XMGlobal

Features:

  • High Leverage: It provides one of the highest leverage for trading at a ratio of 1000:1. You get zero swap loss on the Ultra Low Accounts.
  • MetaTrader 5: The MetaTrader 5 platform is one of the best online tools for analyzing, monitoring, and investing. It supports PC, Macs, iPad, iPhones, and Android.
  • Islamic Accounts: Islamic individuals can create special Islamic accounts on XMGlobal. These accounts do not have swaps and exchanges to follow all the Islamic Halal compliance requirements.
  • Forex Trading Signals: In-depth analytics with forex trading signals to help you better implement your trading strategies.
  • Demo Accounts: To test everything, you can create demo accounts with a $100,000 virtual balance. This gives you a better idea of its working before signing up.
  • Market Research: You are provided with proper forex market research from experts. This knowledge helps make informed decisions.
  • Forex Trading Signals: It provides access to various forex trading signals daily. These signals help you plan your trades and strategies.
  • Regulations: XM Global Limited is registered and regulated by Financial Services Commission.
  • Low Spreads: Specially optimized investment tools ensure the minimum possible spreads and high-speed transaction competition.
  • Trading Instruments: It provides access to over 1000 trading instruments for greater online flexibility.
  • Platforms: MetaTrader 4 and 5 for Android, iOS, Windows, and macOS.
  • KYC for South Africans: Traders must submit their Proof of Identity and Address before their account becomes operational.

Pros

  • Assigns a personal account manager to help you manage your trade.
  • Provides free daily technical analysis of all your current investments.
  • Live 24/7 customer support help for managing all your trades.

Cons

  • Lacks 2-factor authentication for greater security.

Pricing:

  • Withdrawal Fee: Free
  • Commission: No Commission
Name Forex Currencies Minimum Deposit Spreads
Micro Account 10 currencies $5 1 pip
Standard Account 10 currencies $5 1 pip
XM Ultra Low Account 6 currencies $5 0.6 pip

Link: https://www.xm.com/forex-trading


6) FxPro

Best for low latency execution, ensuring minimum delays

FxPro is registered and operational in more than 170 countries with multi-language support to provide everyone comfortable access to registrations in all major countries and governments. It is authorized and regulated by the Securities Commission of The Bahamas.

It uses 2-factor authentication and supports biometric IDs to mitigate the chances of unauthorized access to your account. You can perform forex trading in South Africa in more than 20 popular global currencies, including AUD, CHF, CAD, EUR, GBP, JPY, MXN, and USD. It has 1000s of instruments for trading in forex, shares, futures, options, and energy.

FxPro

Features:

  • Personal Account Managers: You are assigned individual account managers who help solve issues and assist you as needed.
  • Market Updates: Provides the latest market updates, news, analysis, and expert advice to ensure you don’t have any blind spots while making your forex investment decisions.
  • Knowledge Base: It provides a free forex course for beginners and inexperienced users. This course helps you get familiar with various terminologies, teaches investment strategies, and shares tips to help you become a better investor.
  • Mobile Trading App: The FxPro mobile app is available on Android and iOS. It provides charts, graphs, and powerful analytics for your investment performance.
  • cTrader: It lets you manage your account via cTrader, to get real-time quotations, the latest data with full market depth, and flexible options for funding/withdrawals. It also supports MetaTrader 4 and 5 platforms.
  • Instruments: You can perform trades and investments in currencies, futures, indices, shares, precious metals, energy, and cryptocurrencies.
  • Leverage: It provides high leverage for major and minor forex, commodities, and indices at 1:500.
  • Spreads: High-speed order executions ensure minimum spreads. Some of its top plans offer spreads as low as 0.0 pips.
  • FxPro VPS: You can set up a VPS server to create routines and automation workflows according to your strategy.
  • Cost Calculator: Trading Cost Calculator tools allow you to estimate the costs of any financial transaction beforehand to know the charges incurred.
  • Account Verification: Your proof of identity and address to make your account operational.

Pros

  • The site is available in more than 30 languages globally.
  • Maintains ultra-fast execution, usually within the first 13 milliseconds.
  • Minimum requotes and faster execution.

Cons

  • Weaker support for international markets in Asia/Europe.

Pricing:

  • Minimum Deposit: $100
  • Withdrawal Fee: Free
  • Commission: $35 per million USD traded.

Link: https://www.fxpro.com/trading/forex


7) ICMarkets

Best South African forex broker with multi-asset trading platform

ICMarkets is one of the best brokers in South Africa, with support for forex transactions in more than 60 global currency pairs. It started in 2007 and has been providing quality trading solutions to retail and institutional clients. The currencies include many majors, minors, and exotics. It offers various investment options, including forex, commodities, bonds, indices, digital currencies, stocks, futures, and opportunities.

Allows you to fund your account in AUD, USD, EUR, GBP, SGD, NZD, etc. You can make fund deposits using many services such as Visa, PayPal, Neteller, Wire, and UnionPay. All funds are distributed across top-tier international banks with the highest security Trust Accounts. Payments are processed using SSL standards and are completely encrypted for security.

ICMarkets

Features:

  • One Click Trading: The One Click Trading feature allows you to perform instant trades and transactions with minimum effort and time.
  • Free Demo Account: It provides a free demo account to experiment and analyze the user interface before creating an account.
  • Islamic Accounts: Muslims can create special Islamic accounts with all the same facilities barring swaps. A few changes are made to make the Islamic accounts Sharia law compliant.
  • Regulations and Compliance: It is a multi-regulated forex broker registered with FSA and maintains compliance with South African land laws, keeping you legally safe.
  • 24/5 Support: It allows you to perform transactions 24 hours a day, five days a week, giving you better flexibility for taking action.
  • Guidance: It provides advice and tips to new and upcoming investors through its frequent podcasts and webinars. The in-depth knowledge base teaches you the fundamentals and advantages of various concepts of different trading instruments.
  • Lot Size: You are provided greater flexibility in trades with micro lot trading at 0.01 of the actual lot size.
  • Instruments: It supports more than 2250 trading instruments to give you more choices while performing trades.
  • Low Spreads: It ensures faster transaction times and lower spreads, usually from 0.0 pips.
  • CFD: You can implement high-risk CFDs (Contract for Differences) for derivative investments in Forex, Commodities, indices, and bonds.
  • IC Social: IC Social is an online community of investors sharing insights and guidance collectively. You can also discuss, analyze, and track the performance of professional investors.
  • API: A robust API allows you to create integrations and implement custom use cases as needed.
  • Real-Time Notifications: You can receive a real-time notification whenever a significant market event might affect your assets. It also alerts you when there are changes in the performance of your existing investments.
  • Platforms: MetaTrader 4 for Android, iOS, Windows, and macOS.
  • KYC Requirements: It requires your Photo ID and Proof of Residence to start forex trading.

Pros

  • Allows you to set up a VPS server for running custom algorithms and automation.
  • Provides one of the highest leverage of up to 1:1000 for all trades and transactions.
  • No commissions are charged for transactions and trades.

Cons

  • Lacks investor protection for non-EU customers.

Pricing:

  • Minimum Deposit: $200
  • Withdrawal Fee: Free
Account Name Trading Platform Commission Spreads
Raw Speed (cTrader) cTrader $3 (per 100k USD) $0
Raw Speed Meta Trader $3.5 (per lot per side) $0
Standard Meta Trader No commission $0.6

Link: https://www.icmarkets.com/global/en/trading-markets/forex


8) JustMarkets

Best for trading research with over 170 instrument

JustMarkets is among the most significant trading platforms that are operational in 197 countries. It facilitates more than 170 trading instruments for you to choose from. You can use multiple currencies for operating and managing your account. These currencies include USD, EUR, GBP, ZAR, THB, and CNY. You can use JustMarkets to invest in forex, metals, indices, cryptocurrency, and shares.

JustMarkets’ Forex Virtual Private Server is optimized specifically for forex. You can program it with your custom strategies and plans for automation and precision. The economic calendar tracks all current and upcoming global events that will impact the markets. This information helps predict needs and better manage, plan, and prepare for the future.

JustMarkets

Features:

  • Daily Forecasts: The robust daily forecasts provide expert advice and insights about the market conditions on a given day. This helps you better plan for your business.
  • Leverage: It provides high leverage from 1:1 to 1:3000, ensuring greater flexibility and convenience.
  • Platforms: You can manage your accounts using the advanced Meta Trader 4 and 5 platforms and their Android and iOS mobile apps.
  • Regulations and Compliance: It is registered as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority in South Africa.
  • Muslim Accounts: It also provides special accounts for Muslims that are Swap-Free ensuring complete compliance with the Sharia Law.
  • Currency Pairs: It supports over 50 popular global currency pairs for major, minor, and exotic trading options.
  • Copytrading: Inexperienced users and beginners can use Copy trading to follow and copy successful investors’ investment strategies and plans. The trades will be automatically copied to your accounts.
  • Device Support: Meta Trader 4 and 5 let you access, manage, and adjust your account from a huge array of devices, including web, PC, Android, and iOS.
  • Education: Provides in-depth articles and videos to teach you various concepts and fundamentals of investing. Besides, online webinars are ideal for you to clear doubts and have discussions online.
  • Withdrawal and Deposit: You can make deposits and withdrawals through Mastercard, Visa, Skrill, Sticpay, and crypto. The minimum transaction amounts are 10 USD or 10 EUR, as needed.
  • KYC for South Africans: South Africans must submit their Identity Proof and Proof of Residence to start trading.

Pros

  • Fast order execution, usually within ten milliseconds.
  • Implement various strategies, from hedging, scalping, and intraday.
  • Available in more than 15 languages across the world.

Cons

  • Limited guidance and educational material for beginners.

Pricing:

Account Name Minimum Deposit Spread Commission
Standard USD 1 0.3 No Commission
Pro USD 100 0.1 No Commission
Raw Spread USD 100 0 3 units of currency per lot or side

Visit JustMarkets >>


9) Pepperstone

Best trading platforms and tools designed for specific needs

Perpperstone was established in 2010, and since then, it has provided customers access to over 1200 instruments that include Forex, CFDs, and commodities. It is registered and regulated by organizations like ASIC, FCA, DSFA, and SCB-regulated and works with complete land law compliance. You can explore over 60 popular forex currency trading pairs, including minor, major, exotics, and crosses.

Pepperstone’s Capitalise is an AI-driven platform that helps you create, test, implement, and deploy code-free automation. This can be used to automatically strategize and implement market strategies to be executed precisely. It is registered and regulated by the Capital Markets Authority.

Pepperstone

Features:

  • Premium Clients: Certain large-scale premium clients are provided with priority support, advanced market insights, and access to exclusive discounts.
  • Scalping: Assists you in day trading and scalping with the ability to make real-time trading decisions and ensure very short holding times.
  • Lots: It provides you flexibility in terms of lot sizes by providing lot trading sizes ranging between 0.01 to 100.
  • Base Currency: You can choose your base currency from a variety of popular choices like USD, JPY, EUR, CAD, and KHD.
  • Hedging: You can use their Forex Hedging tools to better manage your risks and minimize your losses by investing in counteracting positions.
  • Investment Options: Allows you to make investments in forex, commodities, indices, cryptocurrencies, ETFs, shares, and bonds.
  • Smart Notifications: Advanced AI-driven systems constantly monitor markets and your investments. In case of any volatility, you are sent real-time push notifications to seek your attention.
  • Social Trading: Social Trading lets you learn strategies from experienced and successful traders. Besides, you can copy their strategies to mimic their actions in your account and benefit from their gains.
  • Market Analysis: Provides market analysis through social media posts, debates, articles, and online events. These events provide expert commentary on world events and help prepare for the future.
  • Rewards: It provides additional rewards and rebates to frequent users and long-term actively trading customers. Besides, special services are available for VIP clients.
  • Payment Systems: You can make deposits through various methods, including Visa, Mastercard, Bank transfer, PayPal, Neteller, and Skrill payments.
  • TradingView: TradingView provides professional-level charting tools and utilizes a variety of pre-built and custom indicators.
  • cTrader: cTrader is an ideal tool for advanced use cases. It helps you implement custom codes, utilize powerful charts, and make extensive customizations to dashboards as needed.
  • Platforms: You can use it on iOS, Android, macOS, and Windows. It is available using MetaTrader 4 and 5 as well.
  • KYC Requirements: You must submit proof of identity (POI) and proof of residence (POR) documents.

Pros

  • Provides optimized spreads through collaborations with multiple Tier-1 banks.
  • High-speed order executions generally happen within 30 milliseconds.
  • It offers leverages of up to 1:500 for traders.

Cons

  • Relatively high costs for positions that are held at night.

Pricing/Charges:

  • Minimum Deposit: 200 AUD
  • Withdrawal Fee: Free
  • Price: cTrader and TradingView commissions are charged 6 USD for each round-trip.
  • Commission: MT4/MT5 commissions start at USD 0.04 for 0.01 lots (1000 base currency).

Link: https://pepperstone.com/en/trading/instruments/trade-forex/

How to choose the right broker for forex trading in South Africa?

Some of the key parameters that must be kept in mind while choosing the best trading apps in South Africa are:

  • Investment Options: It is best to choose a broker that supports a variety of investments, including stock trading, commodities, cryptocurrency, and options.
  • Analysis: You should look for the best-regulated forex broker with technical indicators and tools to compare asset performance to help you make the right decisions.
  • Costs: Forex exchange can have a lot of the expenses like deposit/withdrawal charges, commissions, subscription fees, and inactivity fees. You should always choose the one with the least cost.

FAQ:

Yes, trading forex in South Africa is completely legal. It has certain requirements and restrictions that all South African traders must follow. These include a minimum age of 18 years and registration with taxation authorities. You are also expected to use legal banking options for all deposits and withdrawals.

Forex brokers need to review and approve your proof of identity and residence before opening your forex account in South Africa. Proof of Identity can include documents like a South African Smart ID and Driving License. Residence proofs have utility bills and passports. Additionally, brokers may need to review your bank statements and income proofs if you are purchasing one of their higher-end plans.

Residents and citizens of South Africa should look into signing up for some of the best forex brokers for efficient forex transactions. These brokers provide access to plenty of instruments, minimum charges, and ensure faster transactions. You can easily sign up for the top South African Forex Brokers from the convenience of your home.

The Verdict

We’ve shown you 9 of the best-regulated forex brokers for South Africa. All of them are robust and capable of handling your needs. You can’t go wrong with any of these tools. But, our verdict goes through the best apps for specific use cases to assist you in decision-making.

  • AvaTrade is an ideal platform to enjoy a wide range of device support and easy accessibility across all screens.
  • If you want access to a variety of global markets, HF Markets is ideal for you.
  • However, if you intend to get proper global access, you should look into Tickmill’s support for more than 200 countries.