Best Forex Brokers South Africa

Forex trading is one of the most popular forms of trading there is in the world especially for day traders. The extensive range of available assets combined with a decently high volatility creates perfect conditions for traders. However, in order to start trading one first needs to find the best forex broker to use.

Because of this, we’ll try to answer the following question. Which are the best forex brokers in South Africa?

Here Are The Best Forex Brokers in South Africa 2018

Find the best trading platform. You capital is at risk when trading. Be careful.

Risk Warning:

Your capital will be at risk when using any of the recommended brokers on this page. Never invest money you can’t afford to lose. Using a high leverage can result in big losses. Between 65-89% of retail investors lose money when trading contracts for difference (CFD). Bullmarketz may be compensated by some of the brokers listed on our website.

When it comes to finding the best forex broker in South Africa, there are a couple of things one has to consider and evaluate. For example, the number of available currency pairs, the quality of the trading platform, different accounts, etc.

However, there is one thing that is more important, and it is the first thing that we always check when reviewing a broker. You have to make sure that the South African forex broker is licensed and regulated.

So, before we get started with our recommendations and the list of the best forex brokers in South Africa, we’ll take a look at regulation and safety.

The Best Forex Brokers in South Africa Are Regulated

In order for a forex broker to get a license they have to live up to very strict regulations, and they have to accept being subject to regular audits. This is done in order to protect traders from scams and to make sure that your information and funds are always protected.

There are several organizations that regulate the forex industry, but only a few are considered legitimate. One of the most respected organizations is the South African Financial Services Board (FSB).

FSB – The FSB works hard to regulate South African forex brokers, and their licenses are considered one of the strictest in the world. That means if you find a forex broker in South Africa that is licensed by the FSB, they are safe to use. With that being said, not all of the best forex brokers in South Africa are licensed by the FSB even though the FSB has to approve them before they can start operating in the country.

Instead, there are a few other government organizations that regulate the market and that are accepted worldwide.

FCA – The Financial Conduct Authority (FCA) is the financial regulatory body of the United Kingdom and their license is the strictest in the world. Any broker that is regulated by the FCA and accepts traders from South Africa is safe to use.

CySEC – The Cyprus Securities and Exchange Commission is the second strictest agency in Europe, and the same applies for their license as it does for the FCA, meaning if a South African forex broker is licensed by CySEC, they’re safe.

What Else Is Required From Forex Brokers in South Africa?

Having a legitimate license is really the only thing that is required for a broker to be considered safe, but it doesn’t mean the broker is one of the best forex brokers in South Africa.

Below you can find a list of the best, registered forex brokers in South Africa with an explanation as to why they are considered the best. We also provide links to our comprehensive reviews where you can learn more about each broker in detail.

Please remember that these are the best brokers for the South African market but that there are other brokers that are better suited for other markets. Check Best Forex Brokers UK for more examples or the Best Forex Brokers for Beginners if you’re just getting started.

Read our South African Forex Brokers Reviews & Compare Platforms


1. Markets.com

Markets.com is always one of our top picks when it comes to forex brokers in South Africa and elsewhere. Their selection of assets is excellent, they offer the MetaTrader 5 which is an industry leading platform, and they have a free demo account.

License: FSB, FCA, CySEC
Platform: The MetaTrader 5
Assets: Currencies, stocks, commodities, cryptocurrencies, more
Demo Account: Yes
Read our Markets.com Review

Find the best trading platform. You capital is at risk when trading. Be careful.


2. AvaTrade

AvaTrade has developed a range of different trading platforms with specific purposes, and it’s one of the leading reasons why we consider them to be one of the best forex brokers in South Africa. They also offer 50 of the world’s most popular currencies including the South African rand.

License: FSB, FCA, ASIC, CySEC
Platform: Several proprietary platforms
Assets: Currencies, stocks, commodities, ETFs, bonds, cryptocurrencies, and more
Demo Account: Yes
Read our AvaTrade Review

Find the best trading platform. You capital is at risk when trading. Be careful.


3. Plus500

Plus500 is considered one of the most popular CFD brokers by most. They have a state of the art trading platform, a great selection of assets, and all the licenses needed to offer forex trading in South Africa, Europe, and more.

License: FSB, FCA, ASIC, CySEC
Platform: The Plus500 platform
Assets: CFDs on Currencies, Stocks, Commodities, Cryptocurrencies
Demo Account: Yes
Read our Plus500 Review

Find the best trading platform. You capital is at risk when trading. Be careful.


4. 24Option

24Option used to be a leading binary options broker and has now rebranded to become one of the best CFD and forex brokers. They also have several accounts designed to suit different traders from beginners all the way up to professional day traders. The best part about this top forex broker is that they offer the MetaTrader 4 which is known around the world as the best forex trading platform.

License: CySEC
Platform: The MetaTrader 4
Assets: Currencies, stocks, commodities, cryptocurrencies
Demo Account: Yes
Read our 24Option Review

Find the best trading platform. You capital is at risk when trading. Be careful.


5. eToro

eToro is the only leading broker offering a social trading network in South Africa and copy trading. Copy trading is a practical feature that lets you copy other successful traders while the social trading network can be used to interact with traders from all over the world.

License: CySEC and FCA for major investors
Platform: Their own copy trading platform
Assets: Currencies, stocks, commodities, and much more
Demo Account: Yes
Read our eToro Review

Find the best trading platform. You capital is at risk when trading. Be careful.

More Regulated Top Forex Brokers in South Africa

Below is a list of additional forex brokers in South Africa that are all regulated and safe to use. Check out the South African forex broker reviews to learn more.

Why You Should Use a Demo Account

If you’re new to forex trading and are looking to start trading, we suggest you open a demo account before you deposit your own money. A demo account is completely risk-free since you use virtual money to trade, but it can provide you with the necessary skills to start trading professionally. It’s also the best way for you to test and evaluate the above-mentioned brokers to determine which one is the best forex broker in South Africa for you.