Forex Trade Brokers in South Africa


FSB / FSCA Regulated Brokers in South Africa

โœ”๏ธ Forex Broker Name ๐Ÿ“Š Leverage ๐Ÿ“ˆ FSCA / FSP nr. ๐Ÿ’ฐ Minimum Deposit ๐Ÿš€ Open an Account
Avatrade 1 : 400 FSCA No. 45984 ZAR1600* ๐Ÿ‘‰
Click Here
Hotforex 1 : 1000 FSCA No. 46632 ZAR R80* ๐Ÿ‘‰
Click Here
FBS 1 : 3000 FSCA No. 50885 ZAR R16* ๐Ÿ‘‰
Click Here
Tickmill 1 : 500 FSCA No. 49464 ZAR R1600* ๐Ÿ‘‰
Click Here
Exness 1 : Unlimited FSCA No. 51024 ZAR R160* ๐Ÿ‘‰
Click Here
XM 1 : 888 FSCA No. 49976 ZAR R480* ๐Ÿ‘‰
Click Here
IFX Brokers 1 : 1000 FSCA No. 48021 ZAR R160* ๐Ÿ‘‰
Click Here
GlobeX360 1:100 FSCA No. 50130 ZAR R380* ๐Ÿ‘‰
Click Here
GV Markets 1 : 500 FSCA No. 49213 ZAR R200* ๐Ÿ‘‰
Click Here
Alpari 1 : 400 FSCA No. 50320 ZAR R80 ๐Ÿ‘‰
Click Here
ThinkMarkets 1 : 777 FSCA No. 49835 ZAR R160* ๐Ÿ‘‰
Click Here

Finding a
list
of up-to-date
FSCA formerly FSB Registered and Regulated Forex Brokers in South Africa
can be a difficult process, especially finding a list of trustworthy and vetted brokers who accepts

South African

traders and who allow these traders to trade in the (R)
South African Rand.

Let’s get startedโ€ฆ Updated for June  2022.*

๐Ÿ‘‰ Click on any broker below to read more about their minimum deposit, leverages, spreads, account types, and more.

11 Best FSCA Regulated Forex Brokers in South Africa (2022)

  1. โœ”๏ธAvaTrade โ€“ Best Forex Broker in South Africa
  2. โœ”๏ธHotForex (HF Markets) โ€“ FSCA Regulated Forex Brokers in South Africa
  3. โœ”๏ธFBS โ€“ Serves clients from over 150 countries including South Africa
  4. Tickmill โ€“ FSCA Regulated Forex Broker Since 2019
  5. Exness โ€“ Low Spread Forex Broker with ZAR Trading Accounts
  6. XM โ€“ Low Minimum Deposit Forex Broker in South Africa
  7. IFX Brokers โ€“ Local Forex Broker based in South Africa
  8. Globex 360 โ€“ Award-Winning Trading Software Provider
  9. GV Markets โ€“ Boutique Forex Broker based in South Africa
  10. Alpari โ€“ High Leverage Forex Broker in SA
  11. ThinkMarkets โ€“ Licensed Forex Broker with local trading support

In this article, we will discuss each and every broker that made our
comprehensive 30 Best list plus
share tips and bonuses on trading on these platforms.

FSCA Overview

The
Financial Sector Conduct Authority, or FSCA, is the market regulator in South Africa that oversees and regulates financial institutions in South Africa that offer derivatives trading in international financial markets.

The FSCA is responsible for the enhancement and support of the efficiency and integrity of financial markets, it also serves to protect investors by promoting and ensuring fair treatment by these financial institutions.

The FSCA formerly the FSB is a reputable and strict regulatory entity in South Africa that oversees the operations of the forex brokers who are indicated on this list. These brokers are reputable and well-established and not only are they well-regulated, but they ensure client safety to the highest degree possible.

AvaTrade

Overview

AvaTrade is one of the largest, most popular CFD and forex brokers in the industry that provides more than 1,250 tradable financial instruments that are spread across several asset classes.

AvaTrade may only provide one retail account type and one professional account, but these accounts come packed with a wide range of flexible, dynamic features that cater for beginners and professional traders alike.

AvaTrade also offers a plethora of trading opportunities, educational materials, trading tools, and flexible, innovative trading platforms that traders can use.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Multi-regulated and multi-award-winning broker Spreads are not the tightest
Fixed and tight spreads offered Limited retail investor accounts offered
Commission-free trading Variable spreads are not provided
Proprietary trading platform with other flexible trading platforms offered
Social trading opportunities provided

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation ASIC, BVI, CBI, FFAJ, FSA, FSCA
Minimum deposit from 1500 ZAR
Average spread from 0.9 pips
Commissions from 0 ZAR
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses Yes
Customer Support 24/5

HotForex (HF Markets)

Overview

Established in 2010, HF Markets is a well-regulated and globally recognised brokerage firm. HotForex is the trading arm of HF Markets and offers South African traders a safe, fair, and transparent trading environment where they can access hundreds of global financial markets.

There are more than 1.5 million registered clients with HF Markets, and the brokerage firm has won more than 25 industry awards since its inception. HotForex is trusted and provides comprehensive trading solutions that consist of trading tools, education, bonuses and promotions, powerful trading platforms, and a choice between dynamic and flexible retail trading accounts.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated by several entities through its parent company Fixed spreads are not offered
Member of an investor compensation fund
Commission-free trading offered
Negative balance protection applied to retail accounts

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation CySEC, FCA, DFSA, FSCA
Minimum deposit from 75 ZAR
Average spread from 0.0 pips
Commissions from 45 ZAR
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

FBS

Overview

According to research in
South Africa,
 FBS
was founded in 2009 as an international broker that serves clients from over
150 countries
and shows its excellence by numerous prestigious awards and cutting-edge technologies on the Forex Market.

Pros and Cons

โœ”๏ธPros โŒ Cons
Commissions are covered by FBS Limited options in terms of account opening to EU based traders compared to non-EU offerings
Leverage up to 1:3000 No service to clients from USA, UK, Japan, Israel, Canada
Offers bonuses to new traders
A range of account types
Variety of educational material
Responsive customer support
Read:  Forex Trading No Deposit Bonus 2019

Features

Account Type Minimum Deposit Minimum Trade Size Maximum Leverage Spreads & Commissions
๐Ÿ“’Cent ๐Ÿ’ฒ $1 ๐Ÿ”น 0.01 lot โ„น๏ธ 1:1000 ๐Ÿ’  From 1 pip
๐Ÿ“’Standard ๐Ÿ’ฒ $100 ๐Ÿ”น 0.01 lot โ„น๏ธ 1:3000 ๐Ÿ’  From 0.5 pips
๐Ÿ“’Zero Spread ๐Ÿ’ฒ $500 ๐Ÿ”น 0.01 lot โ„น๏ธ 1:3000 ๐Ÿ’  0 pips + $20/lot
๐Ÿ“’Micro ๐Ÿ’ฒ $5 ๐Ÿ”น 0.01 lot โ„น๏ธ 1:3000 ๐Ÿ’  Fixed, from 3 pips
๐Ÿ“’ECN ๐Ÿ’ฒ $1000 ๐Ÿ”น 0.1 lot โ„น๏ธ 1:500 ๐Ÿ’  From -1 pip + $6/lot

Tickmill

Overview

Established in 2015, Tickmill is a well-established and award-winning broker that offers comprehensive trading solutions to both retail and institutional traders from around the world.

With Tickmill, South African traders can access more than 80 tradable instruments that are spread across different financial markets, including forex, commodities, shares, indices, bonds, CFDs, and more.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
A multi-regulated and reputable broker Fixed spreads are not offered
Negative balance protection applied to retail accounts Limited educational material and resources
Member of an investor compensation fund Cryptocurrency trading not supported yet
Commission-free trading offered
AutoChartist, VPS, and FIX API offered

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FCA, CySEC, FSA, FSCA
Minimum deposit from 1500 ZAR
Average spread from 0.0 pips
Commissions from 15 ZAR
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5

Exness

Overview

Exness is a well-regulated and reputable broker that has the regulation and authorisation to offer comprehensive trading solutions and services to traders from around the world. Exness offers flexible account types, competitive trading conditions, and dedicated 24/5 customer support.

Exness offers a safe, fair, and transparent trading environment, low minimum deposit requirements, and some of the tightest spreads and lowest commission charges in the industry. With Exness, traders can gain access to several international financial markets through the powerful and innovative MetaTrader 4 and MetaTrader 5 on the web, mobile, and desktop applications.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated Limited financial instruments offered
High maximum leverage ratio offered
Dedicated customer support
Low minimum deposit and low commission charges

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FSA, CySEC, FCA, FSCA, CBCS, FSC
Minimum deposit from 15 ZAR
Average spread from 0.0 pips
Commissions from From 52 ZAR per lot side
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:2000
Bonuses None
Customer Support 24/5

XM

Overview

XM is known for its amazing platform that is great for both beginner traders as well as experienced traders as well.

XM has a reputation for being the next-generation broker for online forex trading since they offer features such as auto trading, they have no hidden fees or commissions and their order executions are blazingly fast with 99.35% taking place in under 1 second.

For the beginner trader, XM offers a lot of educational resources as well as a demo account with $100,00 0USD of virtual currency to learn with.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Great Educational tools Limited product portfolio
Easy and fast account opening Inactivity fee after 90 days
No withdrawal fees Only average Forex fees
Low minimum deposit

Pros and Cons

๐Ÿ’ฐMin. Deposit 5 USD
โฌ†๏ธMaximum Leverage 1:888
โฌ‡๏ธMin. Spread Zero pips
โš–๏ธRegulators CySEC, Asic
๐Ÿ“ˆTrading Desk Type Dealing Desk

IFX Brokers

Overview

Established in 2018, IFX Brokers is an FSCA-regulated CFD and forex broker that offers South African traders access to a wide range of instruments that are spread across forex, commodities, cryptocurrencies, and indices.

IFX Broker is known for offering competitive trading conditions, a range of educational resources, a safe and fair environment, client fund security, and trading solutions that cater to both professional and beginner traders alike.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated Spreads are not the tightest
MetaTrader 4 offered MetaTrader 5 not provided
Educational resources provided FIX API not offered
A range of useful trading tools offered
A wide range of tradable financial instruments offered

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FSCA
Minimum deposit from 150 ZAR
Average spread from 0.5 pips
Commissions from None
Deposit/Withdrawal Fees Some fees may apply
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

GlobeX360

Overview

Globex360ยฐ
is a leading global online trading provider that offers the ability to trade Forex and CFDs, indices, precious metals, energy, and cryptocurrencies. GlobeX360ยฐ has a strong dedication to offering their clientele state-of-the-art software and quality assurance.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Variety of trading instruments Only provides MT4 trading platform
Different types of trading accounts, according to tradersโ€™ experience Does not accept clients from the US, Canada, and Belgium
Regulated by FSCA, FIAMLA, POCA 2002 and POTA 2002 The withdrawal process is very slow
Does not provide negative balance protection

Features

๐Ÿ”Ž Broker ๐Ÿฅ‡ Globex360
โš–๏ธ Regulation FSCA
โ˜ช๏ธ Islamic account โœ”๏ธ Yes
๐Ÿ‘ Demo Account โœ”๏ธ Yes
๐Ÿ“ˆ Maximum Leverage 1:400
๐Ÿ’ฐ Minimum Deposit $25 USD / R390 ZAR
๐Ÿ’ณ Deposit Options Debit/Credit
๐Ÿ’ณ Withdrawal Options Debit/Credit
๐Ÿ’ป Platform Types MT4
๐Ÿ“ˆ Tradable assets โœ… Forex
โœ… Indices
โœ… Commodities
โœ… Equities
โœ… Cryptocurrencies
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

GV Markets

Overview

GV Markets is a South African-based CFD and forex broker that has been in operation since 2010. GV Markets consists of a dedicated development team that has more than 30 years of combined experience in financial environments.

Read:  How to Trade Non Farm Payroll Forex

GV Markets offers competitive trading conditions, a range of tradable instruments, and the popular MetaTrader 5 through which traders can execute trades, access advanced charting capabilities, perform technical analysis, fundamental analysis, and much more.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
FSCA-regulated broker based in South Africa Limited funding options
Commission-free trading offered Withdrawal fee charged
Trusted and flexible funding options offered Limited retail account options
MetaTrader 5 supported Lack of education and research tools
High maximum leverage ratio provided
Negative balance protection applied to accounts
Innovative affiliate program offered
Zero deposit fees

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FSCA
Minimum deposit from 100 ZAR
Average spread from 0.1 pips EUR/USD
Commissions from Commission-free trading
Deposit/Withdrawal Fees Withdrawal fees charged
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

Alpari

Overview

Established in 1998, Alpari is a globally recognised broker that is well-established and well-regulated, with more than 2 million clients from over 150 countries worldwide. Alpari offers a range of forex and CFD instruments in addition to tight spreads, instant execution, and innovative trading technologies.

Alpari offers South African traders a safe, fair, and transparent trading environment. In addition, the broker has also won several international industry awards, further instilling trust in its brand and services.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Member of the Financial Commission Fixed spreads not offered
Offers MetaTrader 4 and 5 Limited tradable instruments
Trading signals provided through AutoChartist Lack of comprehensive education
PAMM Accounts offered
News provided through FxWirePro

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FSCA, FSA, FSCA
Minimum deposit from 75 ZAR
Average spread from 0.4 pips
Commissions from 22 ZAR per lot per sale
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

ThinkMarkets

Overview

Established in 2010, ThinkMarkets is a leading online CFD and forex broker that serves more than 180 worldwide countries. With ThinkMarkets, traders have a wide range of trading instruments that are spread across several asset classes including stocks, shares, indices, metals, and many more.

ThinkMarkets offers comprehensive trading solutions and competitive trading conditions that consist of flexible account types, commission-free trading options, trading guides, advanced trading tools, and informative analysis and news sources.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated and trusted Fixed spreads are not offered
Competitive trading conditions offered
Wide range of tradable instruments
Flexible and innovative trading platforms
Trading Central and AutoChartist offered

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation ASIC, FCA, FSCA
Minimum deposit from 0 ZAR (Standard Account)
Average spread from 0.1 pips
Commissions from 52 USD per side
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/7

Other notable Forex brokers with FSCA licensing:

Pepperstone

Overview

Established in 2010, Pepperstone is one of the largest trading brokers according to daily trading volumes, serving traders in over 65 worldwide countries and connecting them to domestic and international financial markets.

Pepperstone offers the trade of more than 80 financial instruments that are spread across forex, commodities, energies, bonds, ETFs, and many more through the popular, powerful MetaTrader 4, MetaTrader 5, and cTrader.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated and award-winning broker Fixed spread accounts not provided
Low spreads, competitive commissions, and fast trade execution speeds
Wide range of retail investor accounts to choose from
Decent selection of trading tools and educational materials
Social trading opportunities provided

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation ASIC, FCA, DFSA, FSCA
Minimum deposit from 3000 ZAR
Average spread from 1 pip
Commissions from 38 ZAR
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses Yes
Customer Support 24/5

Trade Nation

Overview

Trade Nation is a well-regulated online trading broker that provides traders with the opportunity to buy and sell different financial instruments. Trade Nation offers its proprietary trading platform and MetaTrader 4 through which traders can trade, develop trading strategies, carry out different analyses, and more.

Trade Nation offers traders with 24/5 dedicated customer support and a wide range of research and educational materials, resources, and tools to navigate various financial markets with ease.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated by several entities Crypto trading is not supported
Wide range of tradable markets
Flexible funding options
No minimum deposit required
Tight and fixed spreads without any hidden fees

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FCA, ASIC, SCB, FSCA
Minimum deposit from 15 ZAR
Average spread from 1 pip
Commissions from 0 ZAR
Deposit/Withdrawal Fees Some fees may apply
Maximum Leverage 1:200
Bonuses None
Customer Support 24/5

FXTM

Overview

Established in 2011, FXTM is a well-regulated ECN and STP broker that offers more than 250 financial instruments that can be traded. FXTM is known for its competitive trading conditions and user-friendly trading platforms that can be used across mobile, desktop, and the web.

FXTM offers South African traders access to a range of educational materials, trading tools, and a choice between flexible and dynamic account types, each offering tailor-made conditions that suit every trader.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated broker Inactivity fee charged on dormant accounts
Tight spreads and reliable trade execution speeds
Over 250 financial instruments offered
Commission-free trading offered
Low minimum deposit requirement
Multilingual customer support

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation CySEC, FCA, FSC, FSCA
Minimum deposit from 150 ZAR
Average spread from 0.0 pips
Commissions from 30 ZAR
Deposit/Withdrawal Fees Yes
Maximum Leverage 1:2000
Bonuses Yes
Customer Support 24/5
Read:  Best Forex Trading Sites South Africa

Khwezi Trade

Overview

Established in 2013, Khwezi Trade is a well-regulated South African online forex and CFD broker that offers a wide range of tradable instruments through the powerful, popular MetaTrader 4 that can be used through the web or downloaded to desktops and mobile devices.

Khwezi Trade offers straight-through-processing (STP) execution, helping to ensure that the orders of South African traders are executed with minimal slippage and at the best possible prices. Khwezi Trade is an award-winning broker with several industry awards behind its name, including the Best Broker in South Africa for 2019 and 2020, granted by the Global Brands Magazine.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Well-regulated broker Limited account currency options
MetaTrader 4 provided Limited funding options
Trading tutorials and market analysis provided Individual stock trading not supported
A dedicated account manager is provided More premium accounts have the best trading conditions
There is a choice between trading account types

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FSCA
Minimum deposit from 500 ZAR
Average spread from Not indicated
Commissions from 0 ZAR
Deposit/Withdrawal Fees Some fees may apply
Maximum Leverage 1:200
Bonuses None
Customer Support 24/5

FxPro

Overview

Established in 2006, FxPro is a reputable United Kingdom-based NDD broker that is regulated and authorized by the FCA, CySEC, FSCA, and SCB to operate across 173 countries, serving more than 1.3 million clients.

FxPro offers more than 260 tradable instruments and because of its NDD model, traders can expect some of the best pricing through Quotix, the proprietary aggregator for FxPro that collates prices from more than 12 different liquidity providers.

FxPro has won more than 75 industry awards in the past 15 years and has built a good reputation for itself in the industry as a trusted broker that puts the interest of its client before its own.

Pros and Cons

โœ”๏ธ Pros โŒ Cons
Premium trader tools provided Social trading is not supported
NDD Execution model There are no managed accounts offered
Well-regulated in several areas Spreads are not the tightest
Offers a choice in trading platforms Commissions higher than other brokers
VPS provided through Beeksfx

Features

๐Ÿ”ถ Feature โ„น๏ธ Information
Regulation FCA, CySEC, FSCA, DFSA, SCB
Minimum deposit from 1500 ZAR
Average spread from 0.0
Commissions from 67 ZAR
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

Frequently Asked Questions


What is the FSCA?

The Financial Sector Conduct Authority (FSCA, formerly Financial Services Board or FSB) is the financial regulator in South Africa that oversees financial services providers including banks and non-bank entities such as insurers, forex brokers, and many others.


Are South African retail traders required to only use FSCA/FSB-regulated brokers?

No, South Africans are legally allowed to trade through any domestic or international forex broker. However, traders are urged to ensure they use an FSCA/FSB regulated broker to ensure that they are protected.


Do all FSCA-regulated forex brokers (formerly FSB) offer ZAR denominated trading accounts?

No, not all international forex brokers who have FSCA regulation (formerly known as FSB) will offer ZAR denominated accounts. Therefore, traders may be subjected to currency conversion fees when they use an FSCA-regulated international broker that offers trading accounts in currencies other than ZAR.


How can I file a complaint against an FSCA-regulated broker?

If you have had any issues with a forex broker regulated by the FSCA, (formerly FSB โ€“ Financial Services Board) you can file a complaint through the office of FAIS OMBUD, which has been established by the Financial Advisory and Intermediary Service. They resolve disputes between traders and financial service providers (FSPs).


Is forex trading legal in South Africa?

Yes, forex trading is legal if both traders and forex brokers abide by the financial laws in South Africa.


Can forex brokers in South Africa be trusted?

Yes, several local and international brokers are trusted and have a proven track record for integrity, honesty, fairness, and safe trading.


How can I check whether a broker is regulated by the FSCA?

You can visit the official FSCA website and see whether the forex broker is an approved OTC Derivatives and FSP with a corresponding license number.

Forex Trade Brokers in South Africa

Source: https://sashares.co.za/fsb-regulated-forex-brokers/

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