10 Best Forex Brokers in South Africa (Revealed)

 

 

View the complete list of the best brokers in South Africa reviewed and rated by a forex team.

1. FXTM

FXTM, also known as ForexTime, serves clients in more than 150 countries around the globe. This broker is a well-regulated company and is authorised by the FCA in the United Kingdom, the FSCA in South Africa, CySEC in Cyprus as well as the FSC in Mauritius.

Traders can choose from a variety of account types via the MetaTrader 4 and 5 platforms – Standard, ECN, ECN Zero, and Pro accounts, all with their own unique characteristics.

Some of the benefits include tight floating spreads, no requotes, zero commission fees, and minimum deposits of 100 USD.

FXTM is an award-winning company and boasts more than 40 global awards, such as Best ECN Broker, Best Education Provider, Best Trading Conditions, and Most Innovative Broker.

2. HotForex

HotForex is a very popular choice for traders in South Africa as it offers a wide range of financial instruments, including forex, stocks, metals and energies, shares, indices, cryptocurrencies as well as commodities.

Its account types include several benefits such as tight spreads from 0.1 pips, leverage of up to 1:1000, and initial minimum deposits from only 5 USD, all available via the powerful MetaTrader 4 and MetaTrader 5 platforms.

Through the years this broker has achieved numerous awards that include the Decade of Excellence Forex Brokerage Asia 2020, Most Transparent Broker, and Best Client Services – Global 2020. HotForex is authorised and regulated by the FCA, CySEC, FSCA, FSA, and DFSA.

3. XM Trading

XM Trading is the winner of 13 Forex Services Awards, 16 Forex Broker Awards, and 3 Forex Platform awards. This broker offers traders a choice between the MetaTrader 4 and 5 trading platforms.

When opening a live account, clients receive a $30 trading bonus and the minimum deposit on its Micro account is only 5 USD. An Islamic account option is also available. Spreads as low as 1 pip and zero commission fees can be expected. The leverage ratios vary.

XM Trading is authorised and regulated by the IFSC, CySEC, FCA, ASIC, and DFSA.

4. Plus500

Plus500 is authorised by CySEC, the FSA as well as the FCA. This broker offers round the clock 24/7 customer support whereas most other brokers only offer support during the week.

Traders have access to more than 2 000 financial instruments that include some of the most popular forex pairs, cryptocurrencies, commodities, indices, and shares from global markets.

Minimum deposits start from 100 USD and traders can expect low fees, high leverage ratios, and zero commissions.

5. Alpari International

Alpari International is authorised and regulated by the FSC of Mauritius. This broker has been around since 1998 and has become one of the largest forex brokers in the world, well known for its use of the powerful MetaTrader platforms, security, and transparency.

Alpari International serves approximately 2 million traders in 8 global locations across three continents. It offers traders access to more than 250 trading instruments and 4 different account types across its Standard and ECN account choices.

Traders who choose this broker enjoy low minimum deposits starting at 100 USD, low to zero commission fees, low spreads, and swap-free options.

6. AvaTrade

AvaTrade gives traders access to a great selection of educational and training tools, powerful trading platforms, and a wide range of financial instruments that include forex, CFD trading as well as for cryptocurrencies.

This broker offers several benefits that include leverage ratios of 400:1 and an initial minimum deposit of 100 USD.

South Africans can enjoy safe trading practices and flexible deposit and withdrawal options with this award-winning broker. AvaTrade is authorised and regulated by some of the most reputable financial institutions across the globe, including ASIC and FSA.

7. Exness

Exness follows the regulatory requirements of the FSA in Seychelles, CySEC in Cyprus, and FCA in the United Kingdom.

Exness caters to the needs of all traders with its Standard, Raw Spread, Pro, Zero, and ECN account types. On its Standard account, traders are offered spreads from 0.3 pips, no commission fees, a minimum deposit of only 1 USD, and leverage ratios of up to 1:2000.

A wide selection of deposit and withdrawal options are available at low to zero costs. Exness traders have access to a range of financial instruments available on the WebTerminal and MetaTrader platforms at ultra-fast market execution.

8. Tickmill

Tickmill is an industry-acclaimed broker with several awards celebrating its customer services, technology, and trading conditions. It is well regulated with several reputable financial authorities.

Tickmill offers three account types with minimum deposits starting at 100 USD. Spreads are low and start from 0.0 pips, maximum leverage ratios are 1:500, and low to zero commission fees are charged, depending on the type of account.

Swap-free Islamic account options are available on all account types. This broker gives traders access to a great variety of tools and educational material to help make informed trading decisions, as well as a variety of promotions.

Tickmill supports the MetaTrader 4 and WebTrader platforms.

9. CM Trading

CM Trading is authorised and regulated by the only regulatory body for financial institutions in South Africa, the FSCA. This broker is the largest forex broker in South Africa and specializes in the index, forex, and commodity trading.

It offers clients a wide selection of deposit and withdrawal options, powerful platforms that include the MetaTrader 4, as well as four different account types to ensure the needs of all traders are met.

Initial minimum deposits start at 250 USD. Traders have several benefits with the various account types, such as spreads from 0.9 pips, Islamic account options, risk-free trades, and special offers.

10. eToro

eToro is authorised and regulated by the FCA, ASIC, and CySEC.

This broker ensures that the needs of all traders are catered for by offering more than 2 000 financial instruments. These include forex pairs, cryptocurrencies, indices, and stocks from markets around the globe.

eToro does not charge management fees, ticket fees, rollover fees, or any other additional broker fees. Initial minimum deposits are as low as 50 USD. Trading is done through the eToro trading platform, which offers ultra-fast order execution.

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