South Africa is an interesting and expanding market for Forex brokers. The Financial Sector Conduct Authority (FSCA) regulates the trading sector with a mission to help financial markets function fairly, efficiently, and effectively. The regulator is proactive in regulating and supervising brokers in order to help traders access innovative and appropriate products and services and to make informed financial decisions.
The FSCA was established in 2018 and the regulator is a successor agency to the Financial Services Board of South Africa.
In this guide, we will explore the best FX brokers in South Africa that are regulated and authorized by the FSCA, taking into account their regulatory compliance, trading conditions, account types, and the overall trading experience they offer.
A quick comparison of top-rated Forex brokers in South Africa
When comparing top Forex brokers in South Africa, there are various things to consider. Ideally, you want a broker that enables you to open an account in South African Rand (ZAR). This way you can save a lot of money on conversions. Furthermore, low trading fees on USD/ZAR and EUR/USD are also super important.
AvaTrade
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Visit broker 8.8 7.63 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Tickmill
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Visit broker 7.6 6.29 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.
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FBS
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Visit broker 6.52 ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.93% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider. You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.
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| FSCA regulation | Yes | Yes | Yes | Yes | Yes |
| Operates in South Africa under | FSCA | FSCA | FSCA | FSCA | FSCA |
| Account currency is available in ZAR | Yes | Yes | No | No | No |
| Spreads on USD/ZAR (commission – free Standard accounts*) | From 85 pips | From 113.6 pip | Variable | From 79.2 pips | N/A |
| Spreads on EUR/USD (commission — free Standard accounts*) | From 0.9 pips | From 1.3 pips | From 1.2 pips (Silver account) | From 0.1 pips | From 0.3 pips |
| Maximum available leverage offered to South African clients | 400:1 | 1000:1 | 400:1 | 500:1 | 3000:1 |
| Minimum initial Deposit | ZAR 1,750 (or 100 USD) | ZAR 70 (or 5 USD) | 100 USD | 100 USD | 1 USD |
| Desktop Trading platforms | MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade | MetaTrader 4, MetaTrader 5 | MetaTrader 4 and CopyKat | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
*Brokers usually offer 2 types of accounts, namely spread-free and commission-free accounts. With a spread-free account, traders are charged commissions on their trades, while with a commission-free account, fees are integrated into spreads. To make comparisons easier, we prioritize displaying prices of commission-free standard accounts where possible.
More about the 5 best FX brokers in South Africa
Below you will learn more about the account types offered by each broker. Furthermore, we’ll provide you with detailed information on ZAR vs major currencies trading fees, and we’ll include the license number for each broker so that you can check the license documents yourself.
Avatrade
Avatrade is a global Forex and CFD broker regulated in 7 jurisdictions around the world. In South Africa, the broker is operating under the FSCA’s license (No.45984.). The South African branch is operated by Ava Capital Markets Pty.
Avatrade was founded in 2006 and quickly expanded to the global market. Customer support is active 24/5 in 14 languages, and upon depositing 1000 USD or more, traders get personnel managers that represent the company and help traders.
There are more than 1250 assets available for trading with Avatrade, including:
- 64 Forex pairs
- 629 shares as CFDs
- 19 cryptocurrencies as CFDs
- 30 indices
- 17 commodities
There’s only one Standard Retail account type available with Avatrade, but the broker also offers an Islamic version of the account (swap-free account) and Professional accounts for institutional traders. Avatrade also provides negative balance protection for its clients.
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8.8
7.63
South African Rand trading with Avatrade
Now let’s take a look at the spreads available when trading the South African Rand against major currencies.
| Currency pair | Retail Standard account spreads |
| EUR/ZAR | 90 pips |
| USD/ZAR | 85 pips |
HFM
HFM is a group of companies operating globally under 6 regulatory bodies. HF Markets SA (PTY) Ltd manages the South African branch and only accepts South African residents.
HF Markets SA (PTY) Ltd is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa as a Financial Service Provider (FSP) with authorization number 46632.
HFM serves more than 3.5 million customers globally and the broker has more than 10 years of experience in providing financial services.
There are more than 3138 assets available for trading with HFM, including:
- 53 Forex pairs
- 891 shares as CFDs
- 2170 physical shares
- 11 indices
- 13 commodities
The broker offers Micro, Premium, Zero Spread, and HFcopy account types in order to meet the needs of different traders.
| Micro account | Premium account | Zero Spread account | HFcopy account | |
|---|---|---|---|---|
| Spreads on EUR/USD | From 1 pip | From 1 pip | From 0 pips | From 1 pip |
| Commissions | No | No | Yes. R 80 round turn commission per lot traded on Major pairs. R 110 round turn commission per lot traded on Minor pairs. | No |
| Minimum Deposit | R70 (5 USD) | R140 (10 USD) | R2800 (200 USD) | 300 USD for Strategy Provider, 100 USD for Follower |
| Contract Size: | 1 lot = 100 000 currency units | 1 lot = 100 000 currency units | 1 lot = 100 000 currency units | 1 lot = 100 000 currency units |
| Margin Call: | 40% | 50% | 50% | 50% |
| Stop Out Level: | 10% | 20% | 20% | 20% |
| Account currency | USD, ZAR | USD, ZAR | USD, ZAR | USD |
| Maximum Total Trade Size (Lots): | 7 Standard lots | 60 Standard lots per position | 60 Standard lots per position | 60 Standard lots per position |
| Max Simultaneous Open Orders: | 150 | 300 | 500 | 300 |
| Bonus offerings | Yes | Yes | No | No |
| Maximum Leverage | 1000:1 | 500:1 | 500:1 | 400:1 |
South African Rand trading with HFM
Now let’s take a look at the spreads available when trading the South African Rand against major currencies.
| Currency pair | Spreads |
|---|---|
| EUR/ZAR | 113.6 pips |
| USD/ZAR | 85 pips |
| GBP/ZAR | 171.9 pips |
| ZAR/JPY | 3.8 |
CM Trading
CM Trading is a global Forex and CFD broker. The South African branch is managed by GCMT South Africa PTY LTD; trading as CMTrading Registration No. 2013/045335/07 A juristic representative and agent of BLACKSTONE MARKETING SA (PTY) LTD; registration No.2010/010099/07 (FSP No. 38782). Registered office: 14th Floor Sandton City Office Towers, 158 5th St, Sandton, 2196, South Africa.
CM Trading was established in 2012 and is currently serving more than a million customers.
There are 200 assets available for trading with CM Trading, including:
- 50 Forex pairs
- 95 shares as CFDs
- 17 indices
- 15 commodities
- 23 cryptocurrencies
The broker offers Bronze, Silver, Gold, and Premium account types in order to meet the needs of different traders. Demo versions of these accounts are available along with market reviews and CMTrading e-books.
| Bronze account | Silver account | Gold account | Premium account | |
|---|---|---|---|---|
| Spreads on EUR/USD | Variable | From 1.2 pips | From 0.9 pips | From 0.9 pips |
| Live Trading Signals by Trading Central | No | Yes | Yes. | Yes |
| Minimum and Maximum Deposit | 100 USD – 999 USD | 1,000 USD – 9,999 USD | 10,000 USD – 99,999 USD | 100,000+ USD |
| Access to Market Analyst by Trading Central | No | No | Yes | Yes |
| ECN account | No | No | Yes | Yes |
| *Risk-Free trade | No | 1 Risk-free trade | 3 Risk free trades | 3 Risk-free trades |
*Risk-Free trade simply means that the broker will return the money to your balance if the trade goes against you. The maximum available lot size for risk-free trade is just 0.01. In order to use this option, traders need to inform the broker in advance.
Tickmill
Tickmill is a global Forex and CFD broker regulated in 5 jurisdictions. The South African branch is managed by Tickmill South Africa (Pty) Ltd. Clients must be at least 18 years old to use the services of Tickmill.
Tickmill South Africa (Pty) Ltd, FSP 49464, is regulated by the Financial Sector Conduct Authority (FSCA) and their registered office is at The Pavilion, Cnr Dock and Portswood Rd, V and A Waterfront, 8001, Cape Town.
Tickmill was established in 2014, and today the broker is trusted by more than 270,000 clients around the world.
There are 102 assets available for trading with Tickmill, including:
- 62 Forex pairs
- 8 cryptocurrencies
- 25 indices
- 7 commodities
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7.6
6.29
The broker offers Pro, Classic, and VIP account types. Swap-free, better known as Islamic accounts, are available for all three account types. Unfortunately, traders are unable to open accounts in ZAR.
| Pro account | Classic account | VIP account | |
|---|---|---|---|
| Spreads on EUR/USD | From 0 pips | From 1.6 pips | From 0 pips |
| Commissions | 4 EUR/GBP/USD per lot round turn | No | 2 EUR/GBP/USD per lot round turn |
| Minimum Deposit | 100 account currency | 100 account currency | Not required |
| Minimum Balance | Not required | Not required | 50,000 account currency |
| Min Lots | 0.01 | 0.01 | 0.01 |
South African Rand trading with Tickmill
Now let’s take a look at the spreads available when trading the South African Rand against major currencies.
| Currency pair | Spreads |
|---|---|
| EUR/ZAR | 94.4 pips |
| USD/ZAR | 79.2 |
| GBP/ZAR | 110 pips |
FBS
FBS is a global Forex and CFD broker regulated in 3 jurisdictions. The South African branch is managed by TRADE STONE SA (PTY) LTDFBS, and the company is authorized and regulated by FSCA with FSP No: 50885.
FBS was established in 2009 and the broker is offering more than 210 assets for trading, including:
- 37 Forex pairs
- 127 Shares as CFDs
- 30 cryptocurrencies
- 11 indices
- 5 commodities
The broker offers Standard, Cent, Micro, Zero Spread, ECN, and Crypto accounts to meet the needs of different traders. Unfortunately, traders are unable to open accounts in ZAR or trade South African Rand currency pairs.
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6.52
| Cent account | Micro account | Standard account | Zero Spread account | ECN | Crypto | |
|---|---|---|---|---|---|---|
| Spreads on EUR/USD | Floating spread from 1 pip | Fixed spread from 3 pips | Floating spread from 0,5 pip | Fixed spread 0 pip | Floating spread from -1 pip | Floating spread from 1 pip |
| Commissions | No | No | No | From 20 USD per traded lot | 6 USD per traded lot | 0.05% for opening and 0.05% for closing positions |
| Minimum Deposit | 1 USD | 5 USD | 100 USD | 500 USD | 1000 USD | 1 USD |
| Maximum Leverage | 1000:1 | 3000:1 | 3000:1 | 3000:1 | 500:1 | 5:1 |
| Maximum open positions and pending orders | 200 | 200 | 200 | 200 | Unlimited | 200 |
| Order execution type | from 0,3 sec, STP | from 0,3 sec, STP | from 0,3 sec, STP | from 0,3 sec, STP | ECN | from 0,3 sec, STP |
Best choice of broker in South Africa per category
While there are many traders that solely trade Forex pairs, many others prefer trading stock CFDs or cryptos. Therefore, we broke down brokers in each category and compared the number of instruments offered and trading fees.
Best Broker in South Africa for Forex Trading
| Avatrade | HFM | CM Trading | Tickmill | FBS | |
|---|---|---|---|---|---|
| Number of Forex pairs | 64 | 53 | 50 | 62 | 37 |
| Standard account trading fees of USD/ZAR | From 85 pips | From 113.6 pip | Variable | From 79.2 pips | N/A |
| Standard account trading fees of EUR/USD | From 0.9 pips | From 1.3 pips | From 1.2 pips (Silver account) | From 0.1 pips | From 0.3 pips |
While Tickmill offers slightly lower fees than competitors, Avatrade offers a few more Forex pairs for trading. Our pick for this category is Avatrade.
Best Broker in South Africa for Share CFD Trading
| Avatrade | HFM | CM Trading | Tickmill | FBS | |
|---|---|---|---|---|---|
| Number of Stock CFDs | 629 | 891 | 95 | N/A | 127 |
| Commissions | From 0.13% | From 0.01 | From 0.9 | N/A | From 0.07% |
Our pick for this category is HFM. The broker offers low trading fees and the largest number of stock CFDs for trading.
Best Broker in South Africa for Crypto CFD Trading
| Avatrade | HFM | CM Trading | Tickmill | FBS | |
|---|---|---|---|---|---|
| Number of Crypto CFDs | 19 | N/A | 23 | 8 | 30 |
| Commissions | From 0.20 | N/A | From 0.20 | From 0 | From 1 |
Our pick for the best crypto trading in South Africa is FBS, and the broker offers a crypto trading dedicated account. Trading fees are low, starting from just 1 pip. In addition, there’s a 0.05% commission for opening and a 0.05% commission for closing positions.
How to check if the broker is FSCA regulated or is just registered at the FSCA?
All the brokers that we have recommended are authorized and regulated by the FSCA. However, some brokers might be registered with FSCA without being regulated by this body. In order to make sure that the broker is regulated (and not just registered), you can use the FSCA’s license checker. The process takes a couple of steps which are outlined below.
Step 1
Open the license checker page, and just copy and paste the registration number of the broker in question. In the above information, we have provided you with the registration number for all 5 Forex brokers.
Step 2
The next step is to press “Submit”. You will be transferred to the broker's license where you’ll be able to see even more information about the license by pressing “Details” in the top-right corner of the page.
All South African-regulated Forex broker reviews
In addition to the top 5 brokers that we have selected, there are lots of other good brokers to consider that are regulated by the Financial Sector Conduct Authority (FSCA). You can find detailed reviews of many of them on our site. In our reviews, the main focus is on safety and security, and we discuss assets, trading accounts, platforms, and a lot more in detail giving insights on anything worth mentioning. In addition, we guide traders step-by-step and show them how to open live trading accounts if they so choose.
