Top South African Forex Brokers - 2019

Advertiser Disclosure

South Africa is one of the most developed countries in Africa, so it’s not surprising that the country enjoys one of the most reliable and established regulatory bodies in the region for those who want to trade Forex (and pursue other economic trading opportunities).  The Financial Services Board (FSB) is an independent institution, established to oversee the South-African non-banking financial services industry, and it was established over twenty years ago, making it a reliable regulatory body for South Africa Forex brokers.  

The best South African Forex brokers will, of course, hold FSB regulation, though there are many South African Forex brokers that operate in the country without oversight.  We would recommend that in order to become a successful Forex trader in South Africa, you choose a broker that is regulated and that adheres to industry standards meant to protect traders’ funds, such as maintaining segregated client accounts and minimum capital requirements.  

Before you begin Forex trading in South Africa, consider what type of trading you want to pursue. Do you plan to trade the South African currency, the rand?  Or are you looking to trade standard currency pairs such as EUR/USD?  No matter what pair (or pairs) you choose, look at the spreads offered by the brokers on the South African Forex brokers list below and make sure you’re getting the best spreads available.  Likewise, make sure that your Forex broker will allow you to deposit in rands, if necessary.  

While you’re evaluating the trading conditions of the Forex brokers in South Africa, it’s also important to look at the trading platforms available.  Are you looking for South African MT4 Forex brokers, or for a web-based option?  Do you want a broker that has its own platform?  Don’t be afraid to open a demo to try different South African Forex brokers before deciding which one is best for you.  With a demo account you can optimize your trading strategy and really test the platforms and trading conditions for yourself.  With the right research and testing you should have no problem finding the best South African Forex broker.

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image Top Rated

Min. Deposit

$10


Bonus

30% Welcome Bonus


Trading Platform

MetaTrader 4, MetaTrader 5


Max. Leverage

1:1000


Regulation

CySEC, FCA, FSC

Best all-around: high floating leverage + fast execution

Min. Deposit

$100


Bonus

Up To $5000


Trading Platform

MetaTrader 4, Proprietary platform, Web-based


Max. Leverage

1:400


Regulation

MiFID, Central Bank of Ireland, ASIC, FSC, BVIFSC

Highly regulated, choice of fixed or floating spreads

Min. Deposit

$5


Bonus

50%


Trading Platform

MetaTrader 4, MetaTrader 5, Web-based, Other


Max. Leverage

N/A


Regulation

FSC

Hybrid execution model + scalping, hedging and more trading options

Min. Deposit

$100


Bonus

None


Trading Platform

Proprietary platform


Max. Leverage

1:30


Regulation

CySEC, Financial Conduct Authority (FCA), ASIC

Wide range of CFDs + trailing stop losses

Min. Deposit

250$


Bonus

true


Trading Platform

MetaTrader 4


Max. Leverage

1:400


Regulation

FSCA

Reliable local regulation + excellent educational offerings

Forex Brokers in South Africa

South Africa is the most developed country in Africa, being the only state on that continent which is a member of the G20 group of nations. South Africa also enjoys world-class financial, regulatory, and communications sectors, so it’s not surprising that the country enjoys one of the most reliable and established regulatory bodies in the region for those who want to trade Forex (and pursue other economic trading opportunities). The Financial Sector Conduct Authority (FSCA) is an independent institution, established to oversee the South African non-banking financial services industry, and its direct predecessor was established over twenty years ago, making it a reliable regulatory body for South Africa Forex brokers. It is responsible for ensuring that regulated Forex brokers comply with relevant laws and regulations, and for enforcing action against breaches.

The best South African Forex brokers will, of course, hold FSCA regulation, though there are a few South African Forex brokers that operate in the country without oversight. We would recommend that in order to become a successful Forex trader in South Africa, you choose a broker that is regulated by the FSCA or another comparable body, and that adheres to industry standards meant to protect traders’ funds, such as maintaining segregated client accounts and minimum capital requirements.

Forex trading has become extremely popular in South Africa in recent years, making South Africa a truly emerging Forex trading “market”. When something is emerging, it is worth examining carefully, so it is important to be extra careful in selecting a Forex brokerage based in South Africa as there will inevitably be a few such brokerages which are probably not deserving of your trust or deposit. One issue that many South African forex traders have complained of is a perception that the major global Forex brokerage houses are still neglecting South Africa, abandoning the field to local brokers who do not always offer competitive spreads, commissions, miscellaneous fees and other important terms of trading.

There is no South African law requiring South African residents to trade Forex only with Forex brokers regulated by the FSCA, but South Africans considering opening trading accounts and making deposits from their hard-earned cash funds should have the safety of their deposit as their first and most important consideration, as should anyone considering making a deposit with any institution anywhere. This is not always a sure rule, but generally it is going to be easier to turn to the industry regulator in your own country (in the case of South Africa, the FSCA) to pursue any claim or dispute than it will be in dealing with a regulatory body in another country. If you do decide to open an account with a Forex brokerage outside South Africa and you are resident in South Africa, it would probably be a good idea to first open a regular offshore bank account, as it will ultimately probably be easier to arrange the funding by bank transfer than by credit card if you use a South African credit card. South Africa has complex laws covering the subject of moving cash originating in South Africa to an institution outside the country. This means that enerally, it is going to be easier for a South African resident to fund an account with a Forex broker in South Africa than an account with a broker outside the country. South Africans are, by law, allowed to deposit a maximum of Rand 4 million for the purpose of foreign exchange. It is possible to apply to be allowed to increase this limit to 5 million but putting together a successful application for this extension is neither an easy nor a simple task.

Another advantage to South Africans in using a South African-based Forex brokerage lies in the fact that these brokers will usually accept deposits in South African Rand (ZAR) without charging a conversion fee to an account denomination currency. Happily, more and more Forex brokerages are securing South African regulation and establishing a presence in South Africa.

Before you begin Forex trading in South Africa, consider what type of trading you want to pursue. Do you plan to trade the South African currency, the rand? Or are you looking to trade major currency pairs such as EUR/USD? No matter what currency pair (or pairs) you choose, look at the spreads offered by the brokers on the South African Forex brokers list above and make sure you’re getting the best spreads available. Likewise, make sure that your Forex broker will allow you to deposit in South African Rand, if necessary.

While you’re evaluating the trading conditions of the Forex brokers in South Africa and deciding how to choose a South African Forex broker, it’s also important to look at the trading platforms available. Are you looking for South African MT4 Forex brokers, or for a web-based option? Do you want a broker that has its own platform? Don’t be afraid to open a demo to try different South African Forex brokers before deciding which one is best for you. With a demo account you can optimize your trading strategy and really test the platforms and trading conditions for yourself. With the right research and testing you should be able to find the best South African Forex broker for you.