Trading forex (currencies) in South Africa is popular among residents. While recommended, forex brokers are not required to become authorized by the Financial Sector Conduct Authority (FSCA) to accept residents of South Africa as customers.
The Financial Sector Conduct Authority is the financial regulatory body in South Africa. Website: https://www.fsca.co.za. We recommend South African residents also follow the FSCA on Twitter, https://twitter.com/fsca_za.
The FSCA was established in 2018 as the successor to the Financial Services Board (FSB). The FSB had previously regulated South Africa since 1990. For a historical breakdown, here’s a link to the Financial Services Board webpage on Wikipedia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Forex Brokers South Africa
To find the best forex brokers in South Africa, we created a list of all brokers that list South Africa as a country they accept new customers from. We then ranked brokers by their Overall ranking.
Here is our list of the best forex brokers in South Africa.
- IG – Best overall broker, most trusted
- Saxo Bank – Best web based trading platform
- Interactive Brokers – Great overall, best for professionals
- FOREX.com – Excellent all-round offering
- FXCM – Excellent trading platforms and tools
- AvaTrade – Great for beginners and copy trading
- Plus500 – Trusted broker, great for beginners
South Africa Forex Brokers Comparison
Compare South Africa authorized forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s ForexBrokers.com Overall ranking.
| Forex Broker | Accepts ZA Residents | Average Spread EUR/USD – Standard | Minimum Deposit | Overall | Visit Site |
|---|---|---|---|---|---|
| XM | Yes | 1.600 | $5.00 | 5 Stars | Visit Site |
| Exness | Yes | 0.600 | $50 | 5 Stars | Visit Site |
| FOREX.com | Yes | 1.100 | $100.00 | 4.5 Stars | Visit Site |
| FXCM | Yes | 1.400 | Starts from $50 | 4.5 Stars | Visit Site |
| AvaTrade | Yes | 0.910 | $100.00 | 4.5 Stars | Visit Site |
| Plus500 | Yes | 0.600 | €100 | 4.5 Stars | Visit Site |
| FxPro | Yes | 0.800 | 100 | 4.5 Stars | Visit Site |
| Capital.com | Yes | 0.800 | $20.00 | 4.5 Stars | Visit Site |
| IC Markets | Yes | 0.620 | $200 | 4.5 Stars | Visit Site |
| OANDA | Yes | 1.400 | $0.00 | 4.5 Stars | Visit Site |
| Pepperstone | Yes | 0.770 | $200.00 | 4 Stars | Visit Site |
| FP Markets | Yes | 1.200 | $100 AUD | 4 Stars | Visit Site |
| eToro | Yes | 0.600 | $100 | 4 Stars | Visit Site |
| HotForex | Yes | 1.200 | $5 | 4 Stars | Visit Site |
| Vantage Markets | Yes | 1.220 | $200 | 4 Stars | Visit Site |
| IQ Options | Yes | 1.220 | $50.00 | 4 Stars | Visit Site |
| OctaFX | Yes | 1.200 | $200 | 4 Stars | Visit Site |
| Deriv.com | Yes | $100 | 4 Stars | Visit Site | |
| JustForex | Yes | 0.60 | $0 | 4 Stars | Visit Site |
| MTrading | Yes | 0.845 | $200 | 3.5 Stars | Visit Site |
| LegacyFx | Yes | 0.00 | $500 | 3.5 Stars | Visit Site |
How to Verify FSCA Authorisation
To identify if a forex broker is authorized by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker’s homepage. For example, here’s the key disclosure text from IG’s website,
IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.
Next, look up the FSP number on the financial register available on the FSCA’s website to validate that the broker is currently authorized in South Africa.
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Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation, and corporate structure. Read more about Trust Score here.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.
Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.
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