Top 10 South African Forex Traders

Best Forex Brokers in Southward Africa 2022

Nosotros tested 40+ brokers & and then selected the 10 all-time Forex brokers for Due south Africans that are regulated with FSCA, FCA or CySEC.

Best Forex Brokers in South Africa of 2022

There are over 50+ Forex Brokers that accept South African traders. Most of these brokers merits to offer more or less the same features & trading environment.

So how do you decide which broker is best for yous?

At Forexbrokers.co.za, we did the full research for you so that you don't have to.

Beginning we narrowed down the list & selected only the regulated & apparent brokers that work in the South African marketplace.

So nosotros signed up with each broker & analyzed multiple factors including: minimum deposit, trading fees (boilerplate/typical spread for major instruments, commissions & even fees on deposits/withdrawals), maximum leverage, convenience of trading platform (mobile & desktop), ease of withdrawals, technical back up. We even put in consideration the actual user reviews and ratings of real traders.

Now without farther waiting…

Best South African Forex Brokers

Here's our complete listing of 10 best performing forex brokers in South Africa. Nosotros have compared their Tier-1 & Tier-ii regulations, fees (spread & non-trading fees), time taken during deposits & withdrawals, trading execution time & support offered (last 4 months):

1. Tickmill – Best Forex Broker in South Africa with low spread & FSCA regulated

Overall Rating 9.0/x

Visit Tickmill

Spread (EUR/USD benchmark): 0.1 pips + $4 commission per Standard Lot with Pro account. 1.six pips spread & no committee with Classic Account.
Minimum deposit: $100
Regulations: FSCA, FCA & CySEC
Rebate: Upto $0.75 per standard lot depending on monthly trading volume (Minimum eolith of $200 is required).

Ranked #1 Forex Broker in South Africa

Tickmill is our 1st rank forex banker for South African traders. Tickmill is a No Dealing Desk-bound (NDD) broker that is regulated past FSCA (FSP no. 49464 & FSP Proper noun Tickmill South Africa Pty Ltd), FCA & CySEC. Since they are regulated by multiple Pinnacle Tier Regulators, including in Southward Africa, and then we consider them to be safe.

Tickmill was established in 2014, and we consider them to be a prophylactic banker equally they are regulated with multiple summit-tier regulators i.eastward. FSCA, FCA (U.k.) & CySEC (Republic of cyprus).

In terms of fees, Tickmill has an average spread with their Classic Account, starting from 1.6 pips for EUR/USD. Simply their spread with Pro business relationship is very low from 0.i pips (Typical spread) for EURUSD + $two commission per Standard Lot both sides ($four/Standard lot for both sides). Besides, Tickmill doesn't charge whatever fees on deposits or withdrawals.

South African traders at Tickmill tin apply Online bank tranfer option for funding & withdrawals in Rand (ZAR). Instant funding is available with online bank transfer, and local bank transfer withdrawals are processed within 24 hours maximum.

But Tickmill does not have ZAR base currency account pick, so your funds are converted at the latest commutation rates depending on your account currency.

Tickmill is a Metatrader only forex & CFD broker & they offer MT4, MT5 & Webtrader platforms (their Metatrader platforms are available on multiple devices). They have recently started to offer the latest Metatrader v. Their forex trading currency pair offering is wide with 62 pairs, but their other trading instruments are limited with just fourteen CFDs on Stock Indices, 2 Oil CFDs, 2 Metallic CFDs, iii Crypto CFDs & 4 Bonds.

Tickmill doesn't take any local phone number in South Africa currently, however their chat support & email support is available from Monday to Fri from 7AM – 10PM (GMT).

Tickmill Pros

Tickmill is a regulated broker i.e. with Tier ane regulator FCA. And also with FSCA, and so considered safe.
Very Low commission of $4/Standard lot ($ii per side for open & close) & 0.one pips spread with Pro account. Off-white spread with Classic account.
No fees on eolith & withdrawal.
62 major & small currency pairs available for trading.
CFDs on stock indices, metals, bonds & Cryptos are bachelor.
Instant Deposits via online Banking company Transfer in Due south Africa. Withdrawal within 24 hours via Cyberspace Banking in SA.
MT4 & MT5 platforms are available.
Good Live chat support, but we feel a few seconds of hold fourth dimension while connecting.

Tickmill Cons

No local phone number in SA for back up.
No ZAR Trading accounts. USD, EUR & GBP account base of operations currency options are available currently.
English Live Chat operators are non available 24/7.

read our in-depth Tickmill review

2. BDSwiss – Good Forex broker with 0 pip spread Raw account

Overall Rating viii.5/ten

Visit BDSwiss

Boilerplate Spread (EUR/USD benchmark): On average 1.5 pips with Archetype account. And 0.3 pips + $5 commission per lot with Raw Account.
Minimum eolith: $100 (Classic Account)
Regulation(due south): CySEC, NFA, FSC, FSA

Ranked #two Forex Broker in S Africa

BDSwiss is a European forex & CFD broker that is licensed by CySEC under license no. 199/thirteen. Simply they are not regulated with FSCA in Southward Africa.

BDSwiss was founded in 2012 in Zurich, and they are a reputed forex broker. They are regulated by CySEC with license number 199/13 since 31/05/2013. Also, BDSwiss LLC is authorized by NFA.

BDSwiss have an average spread of 1.5 pips for EUR/USD with their Classic business relationship. But the spread with Raw Account is very competitive, information technology is on boilerplate 0.3 pips (plus $v commission per standard lot on Forex). They besides offer CFD trading on Gilded, pop indices like NASDAQ, and 20 Crypto CFDs at competitive fees.

They offering variety of account types with many features including negative balance protection. But they don't offer ZAR base currency accounts, merely USD, EUR & GBP account currency options are available.

Their minimum deposit is $100 with Classic Account. Simply with VIP, Raw & InvestPLUS accounts, the minimum funding required is $3,000, $5,000 & $v,000 respectively, which is much higher than other brokers. But the trading fees is much lower with these account types.

The deposits at BDSwiss are free of any additional charges for all transaction methods. But BDSwiss have some non-trading charges which include Inactivity charges & fees on withdrawals below limits and made via wire transfers & methods other than credit carte. As well, they don't have local Net banking (EFT) pick for funding or withdrawals in South Africa.

During our research, nosotros found BDSwiss's support to exist good. You can reach them via Live chat, email & phone. But they don't have a local phone number in South Africa at the moment.

BDSwiss Pros

BDSwiss Grouping is licensed with CySEC & NFA.
The spread is competitive with Classic account, and it is from as low as 0 pips with Raw Business relationship.
Funding is free with all methods without any extra charges.
Broad range of CFD trading instruments including 51 currency pairs & 120+ CFDs on Cryptos, Indices, Bolt & Shares.
The support at BDSwiss is very responsive. Plus they have bot chat for quick answers to virtually frequently asked questions.

BDSwiss Cons

BDSwiss doesn't offer ZAR base currency accounts. Only USD, EUR & GBP account currency options are available.
Fees on Business relationship Inactivity
Online Banking concern Transfer via SA depository financial institution business relationship for deposit & withdrawals is not bachelor.
Fixed Withdrawal fees of x EUR for withdrawals less than or equal to 20 EUR for methods except for card refunds. Similarly same fees applies to wire transfer withdrawals that are less than or equal to 100 EUR. But at that place is 0 withdrawal fees when the amount is above these limits.
No South African phone number, but you tin call them on their international number or request a callback.

read our in-depth BDSwiss review

3. HotForex – FSCA Regulated broker with Depression Fees & Zippo deposit/withdrawal charges

Overall Rating 8.9/10

Visit HotForex

Spread (EUR/USD benchmark): On average 0.3 pips with Cipher Account. Around 1.iii pips with Premium business relationship.
Minimum eolith: $five (R70)
Regulation: FSCA (South Africa), FCA (UK) & CySEC
Bonus: 100% Super Charged Bonus (Over $250 deposit required)

Ranked #3 Forex Broker in South Africa

HotForex is our recommended pick for low cost forex banker in S Africa. We consider them to be safety as they are regulated in South Africa with FSCA (FSP No 46632) since 2016 & with FCA in UK (HF Markets (Great britain) Express with Reference number: 801701) since 2019. They offer i of the lowest trading fees amidst the regulated brokers that we have compared & listed then far.

HotForex, or HF Markets a 100% STP forex broker in South Africa. They were founded in 2010 & have been regulated past FSCA as HF MARKETS SA (PTY) LTD since 2016.

In terms of trading fees, HotForex has the lowest spread with their Naught business relationship & at that place is no fees on deposits/withdrawals. Their average EUR/USD spread is effectually 1.three with Premium account (this would vary co-ordinate to market conditions), and it is normally around 0.1 pips with Zippo account (plus R80 Roundturn commission per lot). The typical spread for CFD like XAU/USD is 0.29 with all account types. HotForex SA is solid for low fees!

HotForex offers ZAR accounts for South African traders, this is optional & yous tin cull USD or EUR base of operations currency account as well. They offer 12 trading platforms Including the latest MT5, and the MetaTrader for Android, iPhone and desktop. Their trading instruments on offering are very wide: forex, CFDs on indices, shares, bail & commodities. HotForex as well offer crypto CFDs.

They also accept an attractive 100% deposit bonus for new customers in South Africa and have some great loyalty programs for existing clients.

The funding & withdrawal options at HotForex are likewise very practiced & at zero fees, and they too offer online bank transfer option via major SA depository financial institution accounts for deposit & withdrawals. The deposits via Banking concern transfer tin can take 10 minutes, but the withdrawals can take 2 business days. The minimum withdrawal corporeality is R70 with banking concern transfer.

In terms of support, they have a quick Alive conversation support, and they likewise accept a local phone number in South Africa for support.

HotForex Pros

Regulated with South Africa'due south FSCA (FSP No: 46632) & FCA in UK.
HotForex offers ZAR base currency trading accounts.
Online banking concern transfer option via major banks is bachelor at HotForex SA for deposits or withdrawals.
Very depression spread with Zero Account i.eastward. on average 0.3 pips (plus commissions) for EUR/USD. The spreads with Premium & Micro accounts are as well very competitive at 1.2 – 1.4 pips for EURUSD on average with both accounts.
Zero fees on eolith & withdrawals.
100% Deposit Bonus for new accounts
Very helpful Alive Chat Back up with very low concord time.
Local Phone Number for support available & you tin can as well asking a callback from your account manager
Wide range of trading instruments which include 53 currency pairs & 200+ CFDs on Bolt, Metals, Indices, shares, bonds.

HotForex Cons

Wire transfer is bachelor at high fees, and this method can take 2-7 days to exist credited. Simply local bank transfer in SA is available for withdrawals. The withdrawals via bank transfer can have 2 days.
Moderate spreads with Micro & Premium accounts. Also, with Zilch account the commission is higher at R110 for other currency pairs.

read our HotForex review to come across detailed comparison of spread, platforms and features.

iv. FXTM – Regulated Forex broker with Instant execution

Overall Rating 8.5/10

Visit FXTM

Spread (EUR/USD benchmark): 1.nine pips on average with Micro Business relationship. 0 pips + $iv.88 commission with Reward account.
Minimum deposit: $50
Regulation: FSCA. FCA & CySEC
Bonus: 30% deposit Bonus limited upto $200 ($fifty or more deposit required & valid till 25th October 2021).

Ranked #4 Forex Broker in S Africa

FXTM is our #iv forex broker in South Africa as per our comparison. They are licensed with FSCA, FCA & CySEC, then nosotros consider them to be safe. Plus, they offer instant order execution with Micro account & fair support, simply their fees is high with this account type.

FXTM was founded in 2011 & it got regulated with South Africa's FSCA in 2016. We consider them to be safe since they are regulated with multiple top-tier regulators globally.

They offer competitive spread for majors including EUR/USD (0 pips + as low equally 0.4 USD commissions per lot) with their Advantage MT5 account. Merely the spread is loftier with their spread but accounts (on average it is one.9 pips with Micro account & 2.1 pips with Advantage Plus account). In terms of their trading fees, we recommend FXTM's Advantage business relationship.

FXTM offer a broad range of trading instruments, 63 major, minor & exotic currency pairs, CFDs on commodities, metals, indices likewise as stocks. Just they don't offer CFDs on cryptos. The trading platforms offered by FXTM are MetaTrader 4 & v, with mobile trading app compatible with Android and iOS.

They have very convenient funding methods including local bank transfer in ZAR with zippo fees on deposits with this method. But they charge extra fees on some withdrawal methods, similar there is 1 USD fees for local bank transfer withdrawals in ZAR. Only the withdrawals are quick & ordinarily candy in less than 24 hours.

Their customer back up is very active, with quick & knowledgeable live conversation available 24*5. Besides this, they provide gratuitous education to new traders in the course of webinars, articles & seminars.

FXTM Pros

Regulated with FSCA, FCA & CySEC.
Low spread with Advantage Account (plus volume based commission). The lowest EUR/USD spread is 0 pips plus USD 4.88 committee per 100,000 lots. The commission decreases to every bit low equally 0.4 USD with book.
Nil eolith fees & quick withdrawals. Local Online bank transfer in ZAR is bachelor for funding & withdrawals.
Wide range of CFD trading Instruments including CFDs on 1000+ stocks, indices, metals & commodities.
Live Chat Support is responsive & available 24/5.

FXTM Cons

FXTM charges EUR 30 fees on Withdrawals via wire transfer, and up to $3 fees on credit card withdrawals. 1 USD fees on withdrawals in ZAR via bank transfer.
High spread with Standard account type. The lowest spread for EUR/USD is effectually ane.5 pips, while the typical is i.9 pips.
ZAR Base Currency Account is not available. Only USD, GBP & EUR are the available electric current currency options.

read our in-depth FXTM review

v. OctaFX – Forex banker with Low Spread & Re-create Trading

Overall Rating eight.0/10

Visit OctaFX

Spread (EUR/USD benchmark): Average 0.vii pips with MT5 Account
Minimum deposit: $25
Regulation(due south): CySEC

Ranked #5 Forex Broker in South Africa

OctaFX is a global forex broker that is merely regulated with one Tiptop-tier regulation i.east. CySEC with License no. 372/xviii. They are not regulated with FSCA.

OctaFX was founded in 2011. We consider them to be moderate risk broker for forex & CFD trading as OctaFX Group are regulated with only one Tier-1 regulator CySEC.

In terms of fees, OctaFX charges variable spread for every trade. Their typical EUR/USD spread is 0.7 pips with their MT4 & MT5 Trading Accounts (as per OctaFX'due south spread data), which is highly competitive when compared with other South African regulated brokers. There is no actress commission per lot with any business relationship, and the simply trading fees they charge is the spreads. They also accuse practise not charge any inactivity fees or deposit & withdrawal fees. And so their fees overall is very competitive.

OctaFX is a Metatrader only forex broker. The offer MetaTrader iv (MT4) & the latest MT5 platforms, and the also have their apps for forex trading & copy trading. Their Metatrader platform has support for desktop, spider web & mobile. Their number of trading instruments are limited compared to other brokers. For eg. OctaFX only offers 35 currency pairs for forex trading. But the practice offer CFDs on Commodity, Indices & Cryptos. Although, other CFD brokers have higher number of instruments.

OctaFX does not offer ZAR base of operations currency trading accounts, only USD & EUR business relationship currency options are available to SA traders. They also don't offer local Internet Banking choice for deposits & withdrawals. Deposit and withdrawal options at OctaFX SA are very limited & only include Credit/debit card and Cryptos. But they don't charge any fees on deposits or withdrawals with these methods.

OctaFX does not have local phone support & function in South Africa. But nosotros establish their Alive chat support to be quick in answering questions.

OctaFX Pros

Octa Markets Cyprus Ltd. is regulated with CySEC.
Very competitive typical spread of 0.7 pips for EUR/USD with MT4 & MT5 accounts. They don't accuse committee, and offer spread only accounts.
MetaTrader platform & Copytrading is bachelor.
No fees on deposits & withdrawals.
Live Conversation support is quick & helpful in responding to queries.

OctaFX Cons

OctaFX is not regulated with FSCA.
ZAR Base Currency is not available. Only USD & EUR base of operations currency Accounts options are bachelor.
Local bank transfer is not available for deposits & withdrawals in SA. Limited deposit & withdrawal options.
Local phone number in SA is not available for support.

read our in-depth OctaFX review to see detailed comparison for their fees, regulations & more than.

vi. Exness – Depression minimum deposit forex banker in South Africa

Overall Rating 8.9/10

Visit Exness

Spread (EUR/USD benchmark): 1 pips on boilerplate with Standard Account
Minimum deposit: $1
Regulation: FSCA, FCA (UK) & CySEC
Bonus: No bonus offering currently

Ranked #vi Forex Broker in South Africa

Exness is FSCA & FCA regulated, which are 2 Top Tier regulators, so we consider them to be safe. We like Exness because they have very low spread (even with their Standard Account), college number of trading instruments, good support & instant withdrawal methods. Merely the support at Exness is not the best.

Exness was founded in 2008 & they are at present 1 of the largest broker globally in terms of daily trading volume, with around i.269 Trillion USD trading book in November, 2021. They are a well regulated broker & are regulated by FSCA, FCA, CySEC, and so we consider trading with them to exist safety for South African traders.

Their spreads are extremely competitive for forex pairs, and on average information technology is effectually 1 pips for EUR/USD (as per the contract specifications on their website), fifty-fifty with their Standard business relationship. The spread is 0.six pips on average with their Pro account, and information technology is as depression as 0 pips (plus seven USD commission) with Zero & Raw Spread accounts. Overall, nosotros found Exness to be a broker with one of the lowest spread for Standard accounts, while Tickmill has lower overall fees for committee based account types.

Exness offers the latest MT5 platform as well every bit MT4 (you can choose), which we consider to be a positive thing. Moreover, they have really practiced business relationship offerings, including standard accounts & Pro accounts.

Their funding & withdrawal methods are quite convenient for South African traders. They take local Internet banking transfer selection for deposits & withdrawals, with all major banks supported. Both the deposits & withdrawals are instant with this method. But some users have complained about issues with their withdrawals at Exness.

The customer support at Exness is fair, nosotros did not find information technology to exist the best. Exness's chat support is available 24 hours for 5 days in a week, but it is only available to logged in users. We plant their chat back up to be friendly, just at that place were delays while connecting during our test & the support agents were slow in answering our queries. The responses to queries sent to their back up email are very slow, and in some tests it took a few days to go a response to our questions. Also, they don't accept a local phone number in S Africa.

Exness Pros

Exness is FSCA (FSP No. 51024), FCA (Uk) regulated broker, so trading with them is considered to be safe.
They have very competitive spread even with their Standard accounts (on average i pips for EUR/USD). It is almost aught pips with Pro accounts.
Exness offers ZAR base currency accounts.
No fees on deposit or withdrawals. Plus, they accept local online bank transfer in SA, and fifty-fifty offering instant withdrawal methods.
100+ currency pairs available for forex trading. Wide range of CFD trading instruments including CFDs on Gilded, Cryptos, 78 CFDs on U.s. Stocks, CFDs on Indices are available for trading at Exness.
On Average 1 pips spread for major pair EURUSD with their Standard Account.
Exness offers the latest MT5 platform with both their Standard & Pro trading account types.
Their English language language chat support is available during 24 hours for 5 days in a week.

Exness Cons

Exness does not have any bonus offers for South African traders.
High committee of $7/lot with their Raw Spread account. This is college than FXTM & Tickmill with similar business relationship types.
Client support is slow & could do much meliorate. There is long hold time for connecting to their conversation back up, and we received email response after 24 hours on boilerplate during our tests.

read our in-depth Exness review

seven. XM Trading – Fast Execution & low spread

Overall Rating eight.9/x

Visit XM broker

Spread (EUR/USD Criterion): On average 0.8 Pips with Ultra Low Account
Minimum eolith: $five
Regulation: CySEC (Cyprus), ASIC (Commonwealth of australia) & IFSC
Bonus: fifty% Welcome bonus up to $500 and 20% bonus for upwards to $5,000.

Ranked #7 Forex Broker in South Africa

XM Trading is another popular forex banker with S African traders. But they are not regulated with FSCA, instead their parent company is regulated with foreign regulators ASIC (Australia), CySEC (Cyprus) & IFSC. We similar their fast order execution, low spread with Ultra Low Account and nil fees on deposits/withdrawals.

XM Group is a part of Trading Betoken of Financial Instruments Ltd that was founded in 2009. They are now ane of the leading forex broker in terms of daily trading book. Trading Bespeak of Fiscal Instruments Ltd is regulated by CySEC & ASIC (Trading Betoken of Financial Instruments Pty Ltd since 2015), and then we consider them to be moderate risk broker.

XM is a marketplace maker broker, and so they are able to offer fast trade execution, with almost zero re-quotes & cypher rejection. Their fees with their Ultra Low Account is also low. They have negative balance protection with all their account types.

Their typical spreads with Micro & Standard business relationship types are very loftier. For example, their typical spread for EUR/USD during normal market hours is 1.9 pips with Micro account, and this is quite high. Too, their Swap fees is very high for most of the instruments.

XM has both web & mobile trading, available on MT4 & MT5 platforms. Plus, they have broad range of trading instruments including currencies & CFDs on metals, indices & commodities. They also offering choice of ZAR as the trading account'due south base currency. Their trading conditions are quite good.

Their support is also really fast in handling issues, especially their live chat which as well available 24 hours during the calendar week. Another plus, is that they don't charge any fees on deposits & withdrawals.

XM Pros

XM is regulated with CySEC & ASIC.
Moderate typical EUR/USD spread of 0.8 pips with Ultra Low Account.
Quick order execution & cipher Re-quotes.
XM offers 11 base currency options including ZAR & USD base currency accounts.
Negative Residue protection is available
Zero fees on deposits & withdrawals.
Fast & knowledgeable alive chat support.

XM Cons

XM is non regulated with FSCA in South Africa. We consider this to exist an important point, as existence regulated with FSCA ensures ameliorate funds protection & compliance.
Very high spreads with Micro & Standard Business relationship types.
Swap charges are very high. For example, for GBP/USD their Swap is USD -two.58 for Long & USD -iv.88 for Short side with a standard lot. So, for traders who keep overnight positions, this fees can add upwardly to a lot.
XM does not have a Due south African phone number for support.
Crypto CFDs are not bachelor at XM.

besides read our detailed XM broker review

viii. AvaTrade – Stock-still spread forex broker

Overall Rating 8.eight/10

Visit Avatrade

Spread (EUR/USD benchmark): Around 0.9 pips per trade
Minimum deposit: $100
Regulation: FSCA & ASIC
Bonus: twenty% Eolith Bonus for first time deposits (Minimum $chiliad Required)

Ranked #eight Forex Banker in South Africa

AvaTrade is a European broker that is too regulated with FSCA in South Africa. We recommend them to traders looking to trade forex & CFDs at stock-still spread, with a locally regulated broker.

AvaTrade is an European forex broker that was founded in 2006. They are regulated with FSCA since 2015 nether the company proper noun 'Ava Capital letter Markets Pty Ltd'.

In terms of fees, AvaTrade'south trading fees with their account are lower, than other brokers that we accept compared. They offer fixed spread accounts, with EUR/USD spread existence 0.9 pips (on average) with Retail business relationship. But their & non-trading charges are loftier, every bit they charge an inactivity fees (for non-trading for 3 months) of $fifty, and an Assistants fee of $100 for 12 months of inactivity in an account.

AvaTrade offer MT4, MT5 platforms for spider web & mobile, forth with their proprietary app. Like all the other brokers, they offer Forex, Cryptocurrencies, Stocks & bond trading.

Their deposit and withdrawal options include credit cards, wire transfer, and wallets. They also accept local banking concern transfer deposits. On the plus side, they don't charge whatsoever fees on deposits & withdrawals.

AvaTrade'due south customer back up is not the all-time, as their phone & chat support is not available 24/5. It is only available during the visitor'southward business concern hours. Just they do accept a local phone number in South Africa.

AvaTrade Pros

Avatrade is regulated with FSCA (FSP Number: 45984).
Zero deposit fees & quick withdrawals.
Local South African telephone number for support (but during company'due south business hours).
Accept local bank transfers in ZAR for deposits in South Africa. Merely the amount is converted to account'southward base currency like USD since they don't offering ZAR accounts.
Low Fixed spread for Majors. Eg: 0.9 pips spread for EUR/USD.

AvaTrade Cons

No ZAR trading accounts.
High Not-trading charges, including Inactivity fees of $50, if the account is not used for three consecutive months.
Live Chat & phone Support is not available for 24 hours even during weekdays.

read our in-depth Avatrade review

9. Plus500 – Good Crypto CFD platform

Overall Rating eight.0/10

Visit Plus500

CFD Service. Your capital is at risk.

Spread (EUR/USD benchmark): Variable .
Minimum deposit: R1500
Regulation: ASIC, CySEC, FSA
Leverage: Upto 1:xxx (depends on the trading musical instrument)

Ranked #nine CFD Trading platform in South Africa

Plus500 is a popular CFD trading platform, that is also listed on London Stock Substitution. They are regulated with elevation-tier regulators including FCA (UK), ASIC (Australia) & CySEC.

Plus500 was found in 2008, and nosotros consider them to be prophylactic for South African traders equally they are regulated with 2 top-tier regulators & are also publicly listed.

Plus500 has variable spread which depends on the instrument being traded & the market conditions, but we establish it to be very competitive for most CFD instruments. Also, their minimum deposit is not too high at R1500, and they don't charge any extra fees on deposits or withdrawals.

They offering their proprietary platform on web & mobile. Their platform is easy to utilise, and very user friendly. Simply the downside is that it is not available on desktop.

We have found their support to be good in comparison to other brokers, and they are available via live conversation, email & whatsapp number. But their education section is quite express though.

Plus500 Pros

Plus500AU Pty Ltd has financial services license through FSCA. They are regulated with ASIC, CySEC and FSA
Their spread is competitive for forex majors & crypto CFDs.
15 Crypto CFDs are bachelor on their platform.
Minimum deposit is R1500, and nix deposits & withdrawals charges.
Their platform is bachelor on mobile & web.
Good Risk management tools including negative residuum protection & guaranteed stop loss.

Plus500 Cons

They offer their own proprietary platform that is not available on desktop. Besides, they don't offer Metatrader or CTrader, so if you adopt trading on Metatrader, then you lot should consider another broker.
Their education section is limited.

read our in-depth Plus500 review

10. IC Markets – All-time ECN Forex Broker

Overall Rating 8.0/ten

Visit IC Markets

Spread (EUR/USD benchmark): From 0.1 pips with Raw Spread Business relationship.
Minimum eolith: $200
Regulation: ASIC, CySEC
Leverage: Upto 1:500 (lower for some other CFDs)

Ranked #10 Forex Banker in South Africa

IC Markets is one of the largest forex broker in terms of daily trading volume. They are well known & are regulated with superlative-tier regulators including ASIC (Australia) & CySEC.

IC Markets has been operating since 2007, and we consider them condom for traders in SA since they are a reputed broker & are as well regulated with multiple regulators.

IC Markets offer Raw Spread trading accounts & Standard account. With Raw spread accounts, the spread is as low as 0.1 pips (plus $5-6 commission per Standard Lot) for most CFD instruments. With Standard account too, the spread is competitive, around 1.two pips on average for EUR/USD are per our benchmark.

They have minimum eolith requirements of $200. IC Markets does non have any local funding options in SA like Bank transfer, and they also don't have ZAR business relationship base of operations curreny available. They are a Metatrader broker, but offer cTrader platform also. Their platforms are available across all devices.

Our experience with their support was good. We constitute them to be knowledgeable & helpful in answering our questions. But there was some filibuster in connecting to their Live Chat support.

IC Markets Pros

IC Markets Group is regulated with ASIC & CySEC. So considered safe for SA traders.
The spread is quite low compared to other brokers.
Wide range of CFD trading instruments other than forex.
Goose egg deposit or withdrawal fees.
Metatrader 4 & 5 platforms available for all devices.
10 Base of operations Currency options are available including USD, EUR, GBP, AUD & JPY.

IC Markets Cons

They are not regulated with FSCA, and they don't have a local role in South Africa.
They don't offering ZAR trading accounts.
No negative balance protection.

Read our in-depth IC Markets review

How we selected the best Forex Brokers in South Africa

In that location are a few points that South African traders must check earlier signing up with any Forex or CFD broker.

1. Safety First: Regulatory Compliance is must

Regulation matters considering information technology ensures the safety of your funds & protects y'all in case of whatever bad practice similar fraud or manipulation by the broker. In S Africa, y'all must cheque whether the banker is regulated by FSCA or not.

Any practiced broker will be compliant with major Regulators & volition non have complaints (in the by) confronting them.

For Southward African traders, every forex broker that we take listed here are compliant & licensed past one or more than Government regulators i.eastward. FSCA (South Africa), FCA (Britain), ASIC (Commonwealth of australia) or CySEC.

If the banker is regulated & registered with more than i of these Elevation-tier Regulatory regime (without any complaint against them), and then we consider them to be safe for trading.

For this, yous should search for your broker's proper name or their regulation number, on search on Regulator'southward (FSCA, FCA or ASIC) websites, as near of them have public search available. Beneath case is the prototype of what FSCA'south FAIS Financial Service provider search interface looks like.

Check the forex broker's Regulation with FSCA

Also, if you lot are searching for canonical brokers on FSCA, only checking the "Authorized" status is not enough. Brand sure to verify if the broker is canonical for offering derivative instruments. You need to ensure that the banker that you are choosing is approved for offering derivatives trading. For example, below is how the "Approved Products" category would wait like for a broker regulated for offering Forex & CFD trading.

Verify the broker's approved products on FSCA search

So next time earlier choosing any banker, properly practice your research, and cheque if the broker is regulated or non. If the broker claims that it is regulated, then search the name of the banker on the websites of the Regulatory authorities: fsca.co.za (FSCA's website) & fca.org.uk (FCA's website) to verify the broker'due south claim, and as well cheque if at that place accept been whatever complaints against the broker in the past.

If the banker that yous are about to trade with is not regulated or has a valid complaint against it or has been fined in the by for some bad practice, then its best to stay abroad from that broker. Also, equally some other rule, never choose a banker that is not regulated with at-least ane top regulator i.due east. FSCA, FCA. CySEC or ASIC.

The following are the Top-tier Regulators for Forex & CFD trading in various countries. If a forex broker is regulated by more than one of these major regulators then it is considered to exist a low take chances brokerage.

Regulatory Say-so	Country
FSCA (Financial Sector Comport Authority)	Southward Africa
FCA (Financial Conduct Authority)	Uk
ASIC (Australian Securities and Investments Commission)	Commonwealth of australia
CySEC (Cyprus Securities and Exchange Commission)	Cyprus
BaFIN (The Federal Financial Services Authorization)	Frg
MAS (Monetary Say-so of Singapore)	Singapore

Forex Brokers like HotForex, Exness, Tickmill & FXTM are licensed with at-least 2 top-tier regulators, including with FSCA in South Africa. So these brokers are considered to exist low risk.

Information technology is as well important to annotation that some brokers may register their clients under Offshore regulators for lesser compliance. Y'all should avoid such brokers & instead cull forex brokers that are licensed by Top-tier regulations & register your account nether a major regulation like FSCA in S Africa.

E'er ask your banker about the regulation under which your account will be opened. Most good brokers volition transparently reply this question. Also, almost all of the regulated brokers will highlight the name of the "Entity" nether which you are registering & their Regulatory Information on the account opening course.

So make sure to verify that your business relationship is opened under a Top-Tier Regulated entity.

2. Forex Broker's Fees

Forex brokers charge fees through their spreads, commissions on trades (in some cases) & rollover (for overnight open positions). Some brokers likewise accuse extra fees during deposits & withdrawals, only don't actually bear witness it equally their fees.

Tracking the fees charged by a broker & so comparison it with other brokers is not easy, just we are hither to help y'all with this.

Here's a breakup of the 4 types of fees forex brokers charge:

Spread: This is the difference betwixt the ask & the bid toll. It'southward the virtually mutual fees charged past forex brokers. The lower the spread of a broker, the better information technology is for you.
Another important point to annotation is that some forex brokers have fixed spread accounts, like Avatrade. Most brokers accept variable or floating spread accounts where the actual spread varies depending on the marketplace conditions, it could exist higher or lower than the broker's 'typical or boilerplate spread'. But the spread at a Fixed spread banker like Avatrade remains the same as what is listed as the typical spread for every instrument on their website.

Before signing up with any forex broker, yous should check the broker'south contract specification page every bit it unremarkably has information on the broker's spread. Similar below is the screenshot from the XM'southward forex spread overview page.

This to a higher place instance highlights the 'Average spreads' at XM with their Standard Account. For a major like AUD/USD, their average spread is 1.ix pips with Standard Account. The boilerplate spread is normally calculated over a period by the broker. The actual spread during trading this instrument on XM'southward platform may exist college or lower because XM is a variable spread broker.

Commissions (for ECN Account): Well-nigh ECN blazon brokers will offer lower spread, but will instead accuse you commissions (for both opening & closing the position) based on your trading amount & volume.
Below terms from FXTM Banker'due south website shows the terms of their Reward account fees.

Forex Brokers unremarkably mention their commission for "each side" of the trade/order. So if the broker mentions that they charge $2 commission per lot per side, so it ways that the broker is charging $2 for opening the position & another $two during closing of the position. The total commission would exist $4 with this example.

Also, the commission could vary depending on the CFD instrument. For case: BDSwiss have $five commission on forex, $two in CFD indices & 0.15% commission on share CFDs. So y'all should bank check the full fees committee for the verbal instrument that you lot want to trade because it is quite possible that the fees for that instrument is lower at another regulated CFD broker.

Let's take another instance. HotForex mention their commissions with Nada account in ZAR as well for traders who have opened business relationship ZAR every bit their base currency. Their commission is R80 for majors, and R110 for other currency pairs. So, you should besides bank check is the verbal commission for currency pairs that you want to trade. As the commission could be higher for that instrument.
Another of import point is that if y'all are a high volume trader, then the fees structure with ECN accounts will be more transparent & have lower trading costs for you.
Rollover Fees: Forex brokers accuse small-scale fees if you want to keep a position open overnight. This fees is called the Rollover fees or Swap rates. This fees depend on your broker & the currency pair that you are trading.
The Swap fees at unlike brokers are different & this fees can add upwardly if you are holding a position overnight. For example, the Swap fees charged by XM for Long EUR/USD 1 Standard Lot for a merchandise open for i Night is USD -v.05, and it is USD -i.fifteen for Brusque Position. For the same conditions the Swap Fees charged by HotForex is USD -four.40 USD for Long & -0.50 USD for Brusque.

Similarly, at Exness the Swap Long EUR/USD 1 Standard lot is −iii.54 USD & you earn 0.97 USD for Swap Short for overnight trade open for 1 night. So, in this example, you would notice that XM is charging the highest fees for this trade with both Swap Long & Curt on EUR/USD. You should take this fees into business relationship if you are going to concur your position overnight.

You should use the Bandy Calculator on the broker'southward website to run into the exact Bandy that you will have to pay or you lot will earn for the overnight position for a detail position. This fees would vary depending on the broker & y'all may earn a positive Swap at some brokers for the same order while another broker may accuse you lot.

This fees could add up if you banker is charging you lot high Swap Fees & you proceed your position open up for few nights. So, compare the Swap Long & Bandy Short Fees at every broker for the instruments that you want to trade & and then make up one's mind which banker would be favourable for you.
Deposit & Withdrawal fees: Many brokers too charge payment gateway fees & processing fees on deposits/withdrawals. For example: eToro charges $25 processing fees for every withdrawal, but XM Forex, HotForex & Tickmill on the other hand have goose egg fees on deposits/withdrawals (depending on your amount).
You will find the deposit & withdrawals charges listed on the broker's eolith/withdrawal folio on their website. This below screenshot of table from Tickmill'south website highlights their deposit & withdrawal commissions. They charge zero commission on all funding & withdrawal methods.

You should likewise check the fees with deposits & withdrawals via Internet Banking Transfers in ZAR. Some brokers like Exness & HotForex offer this for free without any extra fees, just some brokers may charge high fees during conversions to your business relationship base currency from ZAR if your account'south base currency is not in ZAR.
Inactivity Fees: Some brokers also charge fees for Inactivity. Under this fees, if you don't place trades for a certain menses so yous would be charged a fees for not trading.
For example, FXTM charges an inactivity fee of five USD per calendar month afterward half-dozen months of Inactivity. This fees volition exist deducted from your business relationship balance.

To save your fourth dimension, we accept already calculated & compared the fees of all the brokers for y'all in our comparison.

In the table below, we have compared the typical spread (in pips) of our 4 acme rated forex brokers for their standard accounts (according to the Contract Specification information on their websites):

Currency Pair	HotForex (Premium Business relationship)	XM Trading (Ultra Low Account)	Exness (Standard Business relationship)	FXTM (Micro account)
EUR/USD	1.2	0.8	1	ane.nine
USD/JPY	1.vii	0.viii	ane.2	ii.2
GBP/USD	one.7	1.0	0.5-1.ii	2
USD/ZAR	90	118	116.8	139.3
XAU/USD	29	25	30	45

Beneath Comparison Table Shows the Swap Fees comparison of EUR/USD & GBP/USD (both long & short) at major SA forex brokers.

Currency Pair	HotForex	XM Trading	Exness
EUR/USD (Long)	-4.40 USD	-5.1 USD	−3.54 USD
EUR/USD (Brusque)	-0.l USD	-ane.i USD	0.97 USD
GBP/USD (Brusk)	-2.30 USD	-three.53 USD	−1.32 USD
GBP/USD (Long)	-1.fourscore USD	-iii.83 USD	−1.61 USD

Note: All iv brokers compared in a higher place have variable spread, then the actual spread may be higher than the value listed in the above comparison table. The actual live spread will fluctuate based on the marketplace conditions. And the actual Swap Fees would as well vary, and you should check using the broker'southward Swap Estimator.

Based on our comparison of the standard accounts offered by unlike brokers, typically XM broker & Exness had the lowest spread for most currency pairs, while FXTM generally had the spread on the higher side (with their Micro Account).

Also overall, HotForex has competitive spread for about FX pairs & other CFD instruments like NASDAQ, Gold with Premium business relationship. All 4 brokers listed in in a higher place comparing tabular array have variable spread, then the actual spread may be lower or higher than their typical spread for an instrument. The actual spread is based on the Live marketplace atmospheric condition.

For ECN brokers, Exness & HotForex are very competitive with their spread. For Example, HotForex has much lower spread (plus $6 commission per i lot for forex majors & $8/lot for all other currency pairs) with Nothing account, while Exness has spread from 0 pips + USD 7 per lot committee with their ECN type Pro Accounts. FXTM also has really tight spread & low commissions with their MT5 Advantage account. Tickmill likewise has Pro Business relationship which is an ECN type account with Raw Spread & only $4 commission per 100,000 units (Standard Lot).

three. Trade Execution Speed Matters

Another factor to consider is if the broker offers quick guild execution speed. Fast execution eliminates slippage & re-quotes. Forex brokers either offer market execution or instant execution of orders.

If yous are an intraday trader that opens/closes many positions daily, then it should be even more important for you to opt for a broker with the all-time trade execution speed.

Simply in that location is no method to test the execution speed other than actually placing trades on the broker'southward live platform. Some brokers volition offer skillful execution on demo, but won't offer the same speed during live trading. So if you lot are most to choose a broker and so, you should actually their live platform trading weather condition with minimum funding & low position size.

During our trading execution tests, 2 brokers, XM Forex with their Ultra Low Account & FXTM with Micro Account had fast order execution (equally both these brokers have instant execution account types). The brokers HotForex, Exness & Tickmill besides accept quick market execution.

Most of the good brokers take a terms or trading weather page on their website regarding their execution policy. Yous should cheque the banker's execution policy, and look for terms like market execution, no re-quotes, real-time execution etc.

iv. Ease & Fees on Deposits and Withdrawals

Adding funds & making withdrawals with a broker should exist fast & easy. You would agree, correct?

About brokers transparently evidence their funding/withdrawal time & methods on their websites. Y'all should always check that beginning & compare which methods suit you.

Like this page on Tickmill's website where they transparently show their deposit & withdrawal commissions for various methods.

Forex Brokers deposit & withdrawal fees example

You should also carefully look into the withdrawal fees, because some brokers offer cipher fees on deposits but charge loftier fees during withdrawals.

Some brokers similar Exness, Tickmill, HotForex fifty-fifty offer local depository financial institution transfer (Internet Banking) deposit & withdrawal options in South Africa. If yous prefer local bank deposits, then we recommend Exness, Tickmill & HotForex. But if y'all prefer bill of fare & other wallet methods, then XM & HotForex are very practiced as well.

Normally, it is best if your banker offers funding & withdrawals in ZAR via EFT or Internet Banking. Generally, this method is easiest to apply, faster & with everyman fees. For ex. if your broker only offers wire transfer choice, then it may be difficult to fund your business relationship, and withdrawals would also be slower & with college fees as compared to local internet banking.

Overall, nosotros notice Tickmill, HotForex, XM & Exness offer the fastest deposits & withdrawals and all iv brokers charge zero fees on funding & even on withdrawals. FXTM is also quick in processing payments, but they lack in the fees as they accuse "Fees/Commission" with most of the withdrawal methods that are suitable for South Africans.

5. Business relationship Base Currency: ZAR or USD?

Your business relationship base currency is the currency in which your trading deposits, profits are converted. Eg: If you choose ZAR as your base of operations currency then all your account deposits, profits in your account with the broker with be held in ZAR (South African Rand).

The most popular base currency options are USD & EUR, but as per our research ZAR trading accounts are very popular among traders in South Africa.

As per our enquiry, there are a few forex brokers that offer ZAR account in South Africa i.eastward. with Rand (ZAR) equally a base currency option for your trading business relationship. These include pop brokers HotForex, Exness, XM Broker & Plus500.

Brokers will more often than not brandish their account base of operations currency options on their Business relationship Types page. Similar this page on XM'south website which shows ZAR account currency selection:

Forex Brokers account base currency

This is a really important consideration for South African traders, if you are looking to brand local deposits and withdrawals in Rand. At that place are post-obit advantages for have a ZAR forex account:

Salve Exchange Charge per unit Losses: During deposits or withdrawals, your brokers or your bank can charge your high commutation rates or transfer fees for conversions to USD or EUR (whichever is your base & deposit currency).
Fast local deposits & Withdrawals: Many brokers that offer ZAR accounts normally too accept deposits & offer withdrawals via local bank accounts in South Africa. If yous are choose Rand every bit your account currency then the local transfers with generally be much faster than wire in another currency business relationship.
Merchandise ZAR pairs: If you mostly merchandise forex pairs with ZAR quote currency i.e. USDZAR, EURZAR, GBPZAR etc. so it is benign to hold ZAR trading account. This is because if you trade ZAR pairs, then once you close the trade, your profits/losses will be in Rand.
But if your business relationship currency is let'south say USD, then the banker volition convert that profit into USD & may accuse fees for that conversion.

half dozen. How proficient is their Trading App & platforms?

Almost every banker has multi device platforms including webtrader, desktop application & mobile app; although there are a few exceptions like Plus500 which does not have any desktop version.

DeskTop & Webtrader: A lot of the forex & CFD brokers offering standard Metatrader platform, that is bachelor on all devices. In that location won't exist a lot of variation on the MT4 or MT5 interface, but the bodily execution of orders & broker's experience could be vastly different. Even though demo account may not be all-time test, information technology is nonetheless a good idea to test the platform on demo first to go used to information technology for you open a Live business relationship.
Moreover, there are some brokers that have their own proprietary spider web based platforms like Plus500 & Etoro.
Mobile Trading App: If yous are a trader that prefers to apply your mobile device for trading then banker's app should be one of the principal considerations for you.
You should ask these questions these for starters: Is it available for Android, iOS? What instruments are available in the app & are your desired currency pairs there? Is it fast to employ?

According to us, a good mobile trading app would be quick to place & close trades, get price alerts, news feed. Nosotros have compared the all-time forex trading apps for S African traders based on 9 factors.

It is best to cull a banker that offers support for all devices. Plus, remember to check the trading app's negative reviews before you lot download it. You can check the app's review from Google's Play shop & iOS App store. In general, a good app volition accept a lot more than positive reviews than negative. Go deep into the negative reviews as well to notice out if there are whatsoever repetitive issues beingness reported by app'due south users.

7. Is the broker'southward Customer Support skillful?

The forex broker's customer support is a actually important factor in our comparing. We tracked the back up of every broker that we accept listed here.

Nosotros especially liked XM'due south chat support as they are quite responsive & knowledgeable.

Forex Brokers Customer Support

A practiced banker would offer 24 hours support during the weekdays via Live Conversation, preferably have a local phone number in Southward Africa & have Email support 24/7 that answers in less than an 60 minutes. Merely non all brokers offer 24/7 back up. For ex: Avatrade offers customer support during their business hours only, and so at that place may exist high waiting time with them for support related bug. Likewise, there might be a few minutes of delay while connecting with chat support at some brokers.

We compared the customer support by contacting all the brokers in our review via Live chat & email. Overall, we found XM & HotForex had the all-time customer back up. Both these brokers take quick conversation support that is available 24/5, without much concord fourth dimension. Normally, their replied in under 6 hours for emails sent to their back up email.

While some brokers have slower back up than others & it tin can some effort to get support. Like Exness'due south electronic mail support is very tedious in responding to queries, and in about cases you volition accept to wait for a few minutes to connect to their Alive chat support.

8. Range of Trading Instruments

Another cistron that you should consider is the number of CFD trading instruments bachelor on the broker's platform. Many traders now trade CFDs on metals, commodities, indices etc. Always bank check beforehand if the instrument that you want to mostly trade is not available at the broker or not.

Most forex brokers take a folio on their website where they list the range of available instruments & contract specifications for each instrument. Usually, brokers create dissever pages for each type of CFD instrument similar Forex, metals, indices, bolt etc.

Every bit an example, Forex trading instrument page on HotForex SA's website has list of all their Forex trading pairs, along with typical spread for each currency pair, and yous can also sort the table data.

Forex Broker's range of trading instruments

Other than forex, you should check if the broker offers NASDAQ or NAS100, crypto CFDs, Gold CFDs etc. These are the almost unremarkably traded CFD instruments other than currency pairs, past the traders in South Africa as per our research, but some brokers don't offer all these instruments. For example, many brokers like FXTM, OctaFX etc. don't offer Crypto CFDs.

Make sure to always bank check beforehand if all the trading instruments that you lot desire to merchandise are provided by the banker. And bank check what fees the banker charges for the instrument you lot desire to trade. For instance, y'all may desire to trade Gold & NASDAQ CFDs mainly, then yous should compare the overall fees for these instruments at all the regulated forex CFD brokers.

Comparison Tabular array of Best Forex Brokers in Southward Africa

Forex Broker	Regulations	Average Spread (EUR/USD)	Leverage	Account minimum	Forex Trading Platform(due south)	Starting time Trading
Tickmill	FCA, FSCA, CySEC	Floating spread, from one.six pips with Archetype account. And spread from 0.1 pips (plus $iv commission per 100,000 units) with Pro business relationship.	1:500	$100	MT4	get started
BDSwiss	CySEC, NFA	ane.vi pips with Classic Business relationship	upward to 1:500	$100	MT4 & MT5 for web, mobile devices,	get started
HotForex	FSCA (S Africa), FCA, CySEC	As depression as 0.three pips with Zero Business relationship	upwardly to one:yard	$5 (~R76)	MT4 & MT5 for spider web, mobile devices,	become started
FXTM	FSCA, FCA, Cysec	0 pips(plus $4.88 fees per 100,000 units) with Advantage Account. And on average 1.9 pips with Micro accounts	Upward to ane:2000	$fifty	MetaTrader iv, MetaTrader 5, Webtrader, iOS, Android apps	go started
OctaFX	CySEC (Tier-1), FSC	0.vii pips with MT4 Business relationship	1:500 for forex	$25 (with Visa)	MT4 & MT5.	go started
Exness	FCA, CySEC	On Average 1 pips with Standard Account.	up to 1:2000	$ane	MT4 & MT5 for web, mobile devices,	go started
XM Trading	FCA (UK), ASIC (Australia), CySEC	0.8 pips with XM's Ultra Low Business relationship	one:888	$5 (~R76)	MetaTrader 4, MetaTrader 5 for web & mobile	get started
Avatrade	FSCA, Bank of Ireland, ASIC (Australia)	Fixed 1.3 pips	1:1000	$100	MetaTrader 4 for web & mobile	get started
FxPro	FSCA, FCA	Floating, on average 1.five pips with MT accounts. And 0.4 pips (plus $0.45 fees per 10,000 units traded) with cTrader account.	1:500	$500	MT4, MT5, cTrader.	get started
Plus500	FCA, ASIC	Floating spread, from 0.6 pips.	one:xxx	R1500	Proprietary app & webtrader.	get started

Oft asked questions

Which is the best forex broker for beginners?

Equally a beginner in Forex Trading, yous must look for a broker that offers a free demo business relationship, is regulated with FSCA, and likewise offers good instruction fabric. We have done inquiry on 50+ brokers operating in SA, here are our top picks:

Best overall broker for beginners: HotForex Premium Account
Best depression spread banker: XM Trading Ultra Low Account
Best NDD or ECN/STP broker: Tickmill Pro account

How should you choose a forex banker?

Ultimately this depends on your trading requirements, like the currency pair that you want to trade, your deposit methods, leverage requirements, if you crave a raw spread ECN account broker etc. Still, there are some general guidelines that you should bank check before depositing your money with any broker.

Always choose a broker that is regulated with top tier regulators like FCSA, FCA or ASIC. Some other thing that matters is the spread, the lower the better.

Besides, bank check if your desired broker offers a platform of your option. Most traders adopt MT4 & MT5, then you should see if your broker offers these two platforms. Plus, another consideration are customizable leverage between (1:10 to ane:50), various trading platforms options on mobile & web, 24/5 responsive Support and easy deposit & withdrawals. If your banker offers ZAR business relationship, then it is a positive affair.

How can you bank check if your forex banker is regulated or not?

For a outset, yous must but choose a broker that is regulated with a height tier regulator. But not every regulation is the same, every bit many brokers claim to be regulated, just are actually regulated with some Offshore regulators to avoid compliance. So you should bank check with your broker, if they are regulated with respected regulations like: FCA, FSCA, CySEC or ASIC.

We accept also created this listing of FSCA regulated forex brokers for S African traders.

You can find the regulation information on a broker's website. Almost all brokers add this information at the lesser section on their websites or their near pages.

Further, all regulators like FCA, FSCA besides accept a public search on their website to bank check broker's regulation & license number. Moreover, all the brokers that we have reviewed on our website are regulated with acme regulators. Also, nosotros accept given links to their registration number in our reviews.

Which forex brokers are regulated with FSCA?

There are around 1000+ FSCA regulated entities dealing in FX & other derivative instruments. To make your search simple, nosotros have checked & found that HotForex, ForexTime, Tickmill, Exness and Avatrade performed best in our ranking parameters & user reviews.

But if you want i broker with low spread & FSCA regulation, then Exness is our recommendation with spread of nigh 1 pip for EUR/USD in their Standard business relationship.

Source: https://www.forexbrokers.co.za/

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