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Updated 13.01.2022

Best Forex Brokers in South Africa

Are you looking for a Forex broker but you do not know who the best Forex brokers are in South Africa? Choosing a good Forex broker can be confusing. You have to consider whether or not your money is safe with them, how much of it they will take for services rendered, and what their trading platforms will be like to use. This article simplifies the work for you by availing ten brokers that you can assess their suitability as your trading partners. Depending on how much you want to spend and the initial amount you have to invest, you can get a good one from this list. The article shows features of the various brokers including HotForex and ICMarkets.

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IG

  • IG has been in operation since 1974, when it was established as the first brokerage firm.
  • The company has the authorization to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and nine other financial services regulators worldwide. The most reputable of the nine are the Australian Securities & Investment Commission (ASIC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).
  • Access to more than 80 major, minor and exotic pairs with 24-hour liquidity as well as Direct Market Access capability.
  • The broker offers two types of Forex trading accounts, CFDs (IG Retail Account or IG Professional Account) and Direct Market Access (IG Professional Account only). To trade using Forex Direct, you must qualify as a professional or an institutional investor.
  • It has a direct Market Access average spread of 0.263 pips for the EUR/USD currency pair, 0.702 pips on the EUR/JPY, 0.512 pips on the AUD/USD, 0.992 pips on the GBP/USD, and 0.293 pips on the USD/JPY.
  • The broker offers Direct Market Access commissions of 1500 dollars and above on positions worth 10 million dollars, less than 1500 dollars positions worth 20 million dollars, less than 500 dollars on positions worth 30 million dollars, and less than 100 dollars on positions worth 60 million dollars.
  • It has a margin of 1000 sterling pounds to trade any of the available currency pairs.
  • Spreads from 0.6 pips on currency pairs.
  • The broker offers negative balance protection for the CFD account.
  • It has an IG Retail Account margin of 3.33% with leverage of 1:30 and an IG Professional Account margin of 0.45% with leverage of 1:222 on CFD accounts.
  • 66% of IG broker’s retail customers lose money trading with them.
  • The broker offers ProRealTime proprietary trading platform and alternative Metatrader 4 trading platforms.
  • Traders can find an interactive education on the IG Academy app.
  • Research material includes an economic calendar, news that affects the market (blog articles and mail newsletters), and trade ideas.
  • 24/7 support available except for 7 hours of the week between Friday 11 pm and Saturday 6 am.

Saxo Bank

  • Saxo Bank has been in operation since 1992, when it started out in Copenhagen, Denmark.
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and seven other financial services regulators worldwide. The most reputable of the seven are the Australian Securities & Investment Commission (ASIC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Swiss Financial Market Supervisory Authority (FINMA), and the Financial Conduct Authority (FCA).
  • The broker has 200 tradable currency pairs across majors, minors, and exotics.
  • It has a classic account tier with a spread of 1.0 pips on the EUR/USD, 1.1 pips on the GBP/USD, 1.2 pips on the EUR/JPY, 0.9 pips on the USD/JPY, 13 USD cents on the XAU/USD, and 0.8 pips on the AUD/USD.
  • The broker has a Platinum account tier with a spread of 0.9 pips on the EUR/USD, 1 pip on the GBP/USD, 1 pip on the EUR/JPY, 0.8 pips on the USD/JPY, 11 USD cents on the XAU/USD, and 0.7 pips on the AUD/USD.
  • It has a VIP account tier with a spread of 0.7 pips on the EUR/USD, 0.8 pips on the GBP/USD, 0.9 pips on the EUR/JPY, 0.7 pips on the USD/JPY, 9 USD cents on the XAU/USD, and 0.6 pips on the AUD/USD.
  • The broker offers an initial margin (for Retail clients) of 3.33% on the major currency pairs, including the EUR/USD, USD/JPY, GBP/USD, and USD/CHF. Later on, the margin for those who qualify to be Elective Professional clients is 1.5%.
  • It has a maximum leverage of 1:400.
  • The broker has a minimum deposit of 2000 dollars for a classic account, 200,000 dollars for platinum, and 1,000,000 dollars for VIP.
  • 65% of Saxo Bank’s retail customers lose money trading with them.
  • Guaranteed client deposits of up to 100,000 dollars in case the bank collapses unexpectedly. This insurance policy is because Saxo Bank is a member of the Danish Guarantee Fund.
  • An inactivity fee of 100 dollars or the account’s balance is charged on your account after six consecutive months in which you stay without using your account.
  • The broker has SaxoTraderGo and SaxoTraderPro proprietary trading platforms.
  • Traders can find educational content, including blog articles, ebooks, and videos. You can also find inspirational material from videos, webinars, and events.

AvaTrade

  • AvaTrade has been in operation since 2006 when it started in Ireland.
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and seven other financial services regulators worldwide. The most reputable of the seven are the Investment Industry Regulatory Organization of Canada (IIROC), Australian Securities & Investment Commission (ASIC), and Japanese Financial Services Authority (JFSA).
  • 100 tradable currency pairs.
  • A standard spread of 0.9 pips on the EUR/USD, 1.6 pips on the GBP/USD, 1.5 pips on the EUR/GBP, 1.1 pips on the USD/JPY, 1.6 pips on the USD/CHF, and 1.1 pips on the AUD/USD.
  • No commissions.
  • A margin of 0.25% on the major currency pairs including the six above and 1% on only three of them
  • The broker allows maximum leverage of 1:400 and a minimum deposit of 100 dollars for a retail account.
  • AvaTrade charges an inactivity fee on your account after every three consecutive months you stay without using your account, as well as an administration fee each year the account is inactive. The inactivity fee is 50 dollars (if you use dollars), 50 pounds (if your account uses pounds), or 50 euros (if your account uses euros). The administration fees are 100 dollars (if your account uses dollars), 100 pounds (if it used pounds), and 100 euros (it uses euros).
  • The broker offers proprietary trading platforms, including AvaOptions and AvaTraderGo, in addition to MetaTrader 4 and MetaTrader 5 platforms.
  • There is an Islamic account and educational content, including blog articles, ebooks, and videos for traders to use. The broker also offers research material, including economic calendar and market news.

Pepperstone

  • Pepperstone has been in operation since 2010.
  • It is authorized to provide financial services by five financial services regulators worldwide. The most reputable of the five are the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
  • The broker offers more than 45 tradable currency pairs, with a standard average spread of 1.09 pips on the EUR/USD, 1.28 pips on the GBP/USD, 1.35 pips on the USD/CAD, 1.14 pips on the USD/JPY, 1.32 pips on the USD/CHF, and 1.17 pips on the AUD/USD.
  • Pepperstone charges commissions per lot of every currency, depending on the trading platform.
  • The broker offers maximum leverage of 1:400 and a minimum deposit of 200 dollars for a retail account.
  • cTradet, Metatrader 4 and MetaTrader 5 trading platforms.
  • An Islamic account.
  • There are no restrictions against scalping or against hedging.
  • The broker offers expert advisors and educational content, including blog articles, trading guides, and webinars.
  • Traders can access research material, including an economic calendar, the daily fix, and market news.

Plus500

  • Plus500 has been in operation since 2008. It is a UK-owned company that started out in London.
  • The broker is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and by reputable financial services regulators Internationally. The international regulators include the Financial Conduct Authority (FCA), Australian Securities & Investment Commission (ASIC), and Monetary Authority of Singapore (MAS).
  • Plus500 offers more than 60 tradable currency pairs, with a standard spread of 0.6 pips on the EUR/USD.
  • Traders can access maximum leverage of 1:300 and a minimum deposit of R1500 for a retail account.
  • An inactivity fee of R156 a month is charged on your account starting after three months in which you did not use your account.
  • The broker has a proprietary trading platform that is accessed either on an internet page or on their mobile app.
  • Plus500 offers educational content, including blog articles and ebooks. The broker also provides research material, including economic calendar and market news.

ICMarkets

  • ICMarkets has been in operation since 2007.
  • The broker is authorized to provide financial services by three financial services regulators worldwide, the most reputable one being the Australian Securities & Investment Commission (ASIC).
  • ICMarkets has 64 tradable currency pairs with spreads starting from 0.6 pips on the Standard Account. On the other hand, the Raw Spread MetaTrader and the Raw Spread cTrader accounts are charged commission. A commission of 3.5 dollars per lot on the MetaTrader Raw account and 3 dollars per lot on the cTrader one. Those are the three types of retail accounts available.
  • The broker offers maximum leverage of 1:500 and a minimum deposit of 200 dollars for any of the three available account types.
  • Trades can be placed on the cTrader, MetaTrader 4, and MetaTrader 5 platforms.
  • An Islamic account is available.
  • The broker offers free deposits and withdrawals, allowance for flexible lot size, and no restrictions on scalping.
  • Traders with accounts on ICMarkets can access educational content, including blog articles, ebooks, and videos.
  • Research material including economic calendar and market analysis blog.
  • 24/7 trading support.

HotForex

  • HotForex has been in operation since 2016 when it started at St. Vincent & the Grenadines in the Caribbean.
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and five other financial services regulators worldwide. The most reputable of the five is the Financial Conduct Authority (FCA).
  • HotForex offers over 50 tradable currency pairs with variable spreads and no commissions on trades.
  • Accounts have a maximum leverage of 1:1000 and a minimum deposit of 5 dollars for a retail account.
  • Traders can use MetaTrader 4 and MetaTrader 5 trading platforms.
  • A copy trading tool enabled.
  • Traders can access educational content, including blog articles, ebooks, and videos.
  • The broker also offers research material, including economic calendar and market news.

FXTM (Forextime)

  • FXTM has been in operation since 2011.
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and three other financial services regulators worldwide. The most reputable of the three is the Financial Conduct Authority (FCA).
  • The broker offers 26 tradable currency pairs with a fixed commission of 4 dollars per lot on the advantage MT4 account and variable commissions on the rest.
  • It has floating margins from 0.1% to 4 and maximum leverage of 1:1000.
  • The broker allows a minimum deposit of 10 dollars for a retail account.
  • Metatrader 4 and MetaTrader 5 platforms.
  • FXTM offers educational content, including blog articles, ebooks, and videos. Traders can also access research material, including economic calendars and daily market analysis.

FXCM

  • FXCM has been in operation since 1999 when it was founded in the USA by Jefferies Financial Group Inc (formerly Leucadia Company).
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa as well as authorization by five other financial services regulators worldwide. The most reputable of the five are; the Australian Securities & Investment Commission (ASIC), Financial Conduct Authority (FCA), and the Investment Industry Regulatory Organization of Canada (IIROC) via Friedberg Direct.
  • FXCM has 39 tradable currency pairs.
  • The broker offers maximum leverage of 1:400.
  • Traders can make a minimum deposit of 50 dollars for a retail account.
  • The broker has proprietary trading platforms: Trading Station Web 2.0 as well as Metatrader 4 trading platform.
  • No restrictions on scalping.
  • The broker offers educational content, including blog articles, ebooks, and videos.
  • Research material is provided using three proprietary tools. These tools are Speculative Sentiment Index (SSI), Trade tape (Order Flow), and Volume data.

Tickmill

  • Tickmill has been in operation since 2014.
  • It is authorized to provide financial services by the Financial Services Conduct Authority (FSCA) in South Africa and two other financial services regulators worldwide. The most reputable of the two is the Financial Conduct Authority (FCA).
  • 62 tradable currency pairs.
  • A typical spread of 0.1 pips on the EUR/USD, 0.3 pips on the GBP/USD, 0.4 pips on the EUR/GBP, 0.1 pips on the USD/JPY, 0.4 pips on the USD/CHF, and 0.1 pips on the AUD/USD.
  • It has a maximum leverage of 1:500.
  • The broker allows a minimum deposit of 100 dollars, euros, or sterling pounds for a retail account.
  • An Islamic account.
  • Variable lot sizes.
  • Metatrader 4 and MetaTrader 5 trading platforms.
  • A copy trading tool enabled.
  • Tickmill provides educational content, including blog articles, ebooks, and videos.
  • Research material including economic calendar and market news as well as expert advisors available.

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Job is a seasoned writer with a good understanding of the emerging markets, Africa to be specific.