5 Best Forex Trading Companies in South Africa

Best forex brokers for beginners in South Africa in 2022

To help you find the
best forex brokers for beginners
in South Africa in 2022, we first looked at 101 online brokers; then we checked and compared their
fees,
currency pair selection,
charting tools
and
educational materials.

Our top 5 picks for the best forex brokers for beginners in South Africa in 2022:

  1. Forex.com is the winner, the best forex broker for beginners in South Africa in 2022.
    Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  2. Capital.com
    takes second place. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  3. Swissquote
    rounds out the top three. Access to many markets and products. No inactivity fee. Rock-solid background.
  4. IG
    is ranked fourth. First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  5. Interactive Brokers
    just made it on the list, taking the number five spot. Low trading fees. Wide range of products. Many great research tools.
Best forex brokers for beginners in 2022 for South African citizens
Broker Info Minimum deposit Forex fee score
#1 Forex.com Global CFD and forex broker $100
4.6
stars
#2 Capital.com Global CFD broker $20
3.7
stars
#3 Swissquote Swiss investment bank $0
4.2
stars
#4 IG Global CFD and forex broker $0
1.8
stars
#5 Interactive Brokers International broker providing all asset classes $0
3.3
stars

What makes a top forex broker for beginners?

  • First of all,
    fair forex fees.
  • A lot of
    currency pairs.
  • A
    great platform
    with advanced charting.
  • Educational tools
    to guide you through the basics of trading.

If you’re a beginner, be careful with forex trading as
forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don’t know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

And now, let’s see the
top forex brokers for beginners
in 2022 for South African citizens one by one, starting with the winner, Forex.com.

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.


Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
80% 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.

Recommended for
forex traders looking for low fees and great research tools

Visit broker


80% of retail CFD accounts lose money


#1 Forex.com


Fees

Forex.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex.com trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
EURUSD benchmark fee

$5.9


$8.7


$7.1


$16.1


$10.4
GBPUSD benchmark fee

$3.6


$6.6


$5.2


$9.4


$8.3
AUDUSD benchmark fee

$5.6


$6.1


$6.6


$11.4


$7.9
EURCHF benchmark fee

$5.8


$9.6


$5.3


$9.6


$7.5
EURGBP benchmark fee

$7.1


$10.9


$7.6


$17.8


$10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Read:  Can I Make One Million Dollars in Forex Trading

Forex.com non-trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Account fee

No



No



No



No



No

Inactivity fee

Yes



No



No



Yes



No

Withdrawal fee

$0



$0



$10



$0



$0

Visit broker More


80% of retail CFD accounts lose money


#1 Forex.com


Markets and products

Forex.com gives access to 91 currency pairs.

Forex.com currency pairs

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Currency pairs (#)

91


138


80


205


105

Visit broker More


80% of retail CFD accounts lose money

Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).


Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
83.45% 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.

Recommended for
investors and cfd traders looking for a great trading platform and excellent customer service

Visit broker


83.45% of retail CFD accounts lose money


#2 Capital.com


Fees

Capital.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Capital.com trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
EURUSD benchmark fee

$5.9


$8.7


$7.1


$16.1


$10.4
GBPUSD benchmark fee

$3.6


$6.6


$5.2


$9.4


$8.3
AUDUSD benchmark fee

$5.6


$6.1


$6.6


$11.4


$7.9
EURCHF benchmark fee

$5.8


$9.6


$5.3


$9.6


$7.5
EURGBP benchmark fee

$7.1


$10.9


$7.6


$17.8


$10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Capital.com non-trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Account fee

No



No



No



No



No

Inactivity fee

Yes



No



No



Yes



No

Withdrawal fee

$0



$0



$10



$0



$0

Visit broker More


83.45% of retail CFD accounts lose money


#2 Capital.com


Markets and products

Capital.com gives access to 138 currency pairs.

Capital.com currency pairs

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Currency pairs (#)

91


138


80


205


105

Visit broker More


83.45% of retail CFD accounts lose money

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Swissquote is a
Swiss investment bank established in 1996. It has three main trading entities:

  1. Swissquote Bank – it provides all asset classes, including stocks and ETFs. This entity is based in Switzerland
    and has multiple regulations, including the top-tier Swiss Financial Market Supervisory Authority (FINMA).
  2. Swissquote Bank Europe – it provides stocks, ETFs, funds, cryptos, forex, and CFD trading. This entity is based in Luxembourgand is regulated by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s regulator.
  3. Swissquote LTD – it provides CFD and forex trading. The entity is based in the UK and regulated by the Financial Conduct Authority (FCA).

The fact that Swissquote Bank Ltd has a banking license, is listed on the Swiss stock exchange, discloses detailed financials regularly, and has a long track record are all great signs with respect toSwissquote’s safety.

In this review, we focus mainly on the Swiss entity, sometimes referred to as “Swissquote Bank (CH)” and we will refer to the Luxembourg and UK-based entities as
“Swissquote Europe (LUX)”
and
“Swissquote LTD (UK)”, respectively.

Recommended for
affluent investors who value safety and are ok with higher fees

Visit broker


#3 Swissquote


Fees

Swissquote has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Read:  Download Forex Trading Platform Metatrader 4
Swissquote trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
EURUSD benchmark fee

$5.9


$8.7


$7.1


$16.1


$10.4
GBPUSD benchmark fee

$3.6


$6.6


$5.2


$9.4


$8.3
AUDUSD benchmark fee

$5.6


$6.1


$6.6


$11.4


$7.9
EURCHF benchmark fee

$5.8


$9.6


$5.3


$9.6


$7.5
EURGBP benchmark fee

$7.1


$10.9


$7.6


$17.8


$10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Swissquote non-trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Account fee

No



No



No



No



No

Inactivity fee

Yes



No



No



Yes



No

Withdrawal fee

$0



$0



$10



$0



$0

Visit broker More


#3 Swissquote


Markets and products

Swissquote gives access to 80 currency pairs.

Swissquote currency pairs

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Currency pairs (#)

91


138


80


205


105

Visit broker More

IG, established in the UK in 1974, is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK’s Financial Conduct Authority (FCA) and Germany’s Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.


Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
75% 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. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for
traders of any experience level looking for an easy-to-use trading platform

Visit broker


75% of retail CFD accounts lose money


#4 IG


Fees

IG has high fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

IG trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
EURUSD benchmark fee

$5.9


$8.7


$7.1


$16.1


$10.4
GBPUSD benchmark fee

$3.6


$6.6


$5.2


$9.4


$8.3
AUDUSD benchmark fee

$5.6


$6.1


$6.6


$11.4


$7.9
EURCHF benchmark fee

$5.8


$9.6


$5.3


$9.6


$7.5
EURGBP benchmark fee

$7.1


$10.9


$7.6


$17.8


$10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

IG non-trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Account fee

No



No



No



No



No

Inactivity fee

Yes



No



No



Yes



No

Withdrawal fee

$0



$0



$10



$0



$0

Visit broker More


75% of retail CFD accounts lose money


#4 IG


Markets and products

IG gives access to 205 currency pairs.

IG currency pairs

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Currency pairs (#)

91


138


80


205


105

Visit broker More


75% of retail CFD accounts lose money

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

Recommended for
traders looking for broad market access and a professional trading environment

Visit broker


#5 Interactive Brokers


Fees

Interactive Brokers has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Read:  How to Make Money With Forex Trade
Interactive Brokers trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
EURUSD benchmark fee

$5.9


$8.7


$7.1


$16.1


$10.4
GBPUSD benchmark fee

$3.6


$6.6


$5.2


$9.4


$8.3
AUDUSD benchmark fee

$5.6


$6.1


$6.6


$11.4


$7.9
EURCHF benchmark fee

$5.8


$9.6


$5.3


$9.6


$7.5
EURGBP benchmark fee

$7.1


$10.9


$7.6


$17.8


$10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Interactive Brokers non-trading fees

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Account fee

No



No



No



No



No

Inactivity fee

Yes



No



No



Yes



No

Withdrawal fee

$0



$0



$10



$0



$0

Visit broker More


#5 Interactive Brokers


Markets and products

Interactive Brokers gives access to 105 currency pairs.

Interactive Brokers currency pairs

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Currency pairs (#)

91


138


80


205


105

Visit broker More

Forex brokers can charge
commissions,
spreads
and
financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn’t always mean it’s more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged.
This is called financing cost.
Financing costs change daily, and can add up if you hold your positions for a longer period.

You saw the details, now let’s zoom out. Here are the
top forex brokers for beginners in 2022 for citizens in South Africa:

Top forex brokers for beginners in 2022 for South African citizens

Forex.com

Capital.com

Swissquote

IG

Interactive Brokers
Fees score


3.8
stars




4.4
stars




2.3
stars




2.9
stars




4.5
stars

Markets and products score


2.4
stars




3.1
stars




5.0
stars




3.5
stars




5.0
stars

Education score


5.0
stars




5.0
stars




5.0
stars




5.0
stars




4.5
stars

Charting quality

High


High


High


High


High


Visit broker


80% of retail CFD accounts lose money



Visit broker


83.45% of retail CFD accounts lose money



Visit broker


Visit broker


75% of retail CFD accounts lose money



Visit broker

Forex.com is our winner, the best forex broker for beginners for South African citizens in 2022.
Low forex fees. Great variety of currency pairs. Diverse technical research tools.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our
broker finder
to pick the best broker for you.

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team’s finance knowledge to reach that every day. On the side I’m paying bowling, tennis and enjoy spending great time with my children.

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team’s finance knowledge to reach that every day. On the side I’m paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

5 Best Forex Trading Companies in South Africa

Source: https://brokerchooser.com/best-brokers/best-forex-brokers-for-beginners/south-africa

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