Top 10 Forex Brokers In South Africa in 2024
Check the full list of the top forex brokers in South Africa below:
1. Avatrade
Avatrade, founded in 2006 in Ireland, stands as a prominent forex and CFD broker with a robust regulatory framework and an extensive offering of over 840 CFDs and vanilla options.
Features
- Regulated by FSCA South Africa, CBI Ireland, ASIC Australia, and FSA Japan.
- Available in multiple languages.
- Offers trading across various instruments.
- Maximum Leverage Up to 1:30 for most regions.
- Provides both Market Maker and Dealing Desk services.
- Trading Platforms: AvaTradeGo, AvaOptions, AvaSocial, MT5, Proprietary, MT4, WebTrader, and DupliTrade.
- Multiple deposit and withdrawal options are available.
Pros
- Holds various Tier-1 regulatory approvals.
- Risk mitigation tools available.
- Diverse selection of trading platforms.
- Trading opportunities in CFDs and Vanilla options.
- Competitive pricing.
Cons
- High inactivity charge.
- Single account option.
Ranked as one of the top Forex brokers globally in 2024, Avatrade emerges as an appealing choice for technical traders across all proficiency levels. Traders can register on Avatrade and enjoy its market-making function, particularly suitable for high-frequency trading, which is further enhanced by its advantageous low swaps, making it particularly advantageous for day trading and position trading.
Risk Disclaimer: 76% of retail investor accounts lose money while trading with this provider.
2. Exness
The second brand on this list of top forex brokers in South Africa, Exness, established in 2008 and headquartered in Limassol, Cyprus, is a well-respected forex and CFD broker that serves a clientele exceeding 400,000 active traders spanning Asia and Europe. Exness operates under multiple regulatory jurisdictions and offers trading opportunities in currencies, cryptocurrencies, stocks, indices, and commodities.
Features
- Regulated by FSA Seychelles, FSCA South Africa, BVI FSC, FSC Mauritius, CMA Kenya, FCA UK, and CySEC.
- Multilingual platform accessibility.
- A diverse range of tradable instruments.
- No minimum deposit requirement.
- Offers both Market Maker and No Dealing Desk services.
- Trading Platforms: MT5, Proprietary, and MT4 platforms.
- Varied deposit and withdrawal methods are available.
Pros
- Flexible deposit and withdrawal options.
- Competitive spreads on forex pairs.
- 24/7 customer support.
- Diverse selection of account types.
- Complimentary VPS hosting.
- Accessible social trading features.
- Seamless integration with third-party tools.
Cons
- Unavailable to retail clients in Europe and the UK.
- Limited regulatory oversight in specific regions.
Exness provides a robust trading environment, characterized by stringent regulation, an extensive array of trading instruments, competitive pricing, and advanced trading platforms —enough to stamp its place as a top forex broker in South Africa.
By registering on Exness, traders gain access to round-the-clock support and a suite of integrated features, making it suitable for traders of all proficiency levels.
Risk Disclaimer: 78.33% of retail investor accounts lose money when trading Online Forex/CFDs with this provider.
3. Tickmill
Established in 2014 and headquartered in the United Kingdom, Tickmill has swiftly evolved from a newcomer to a reputable presence in the financial sector within a span of less than ten years. Another thing about Tickmill is its extensive range of CFDs, Options, and Futures, along with a diverse selection of trading platforms such as MetaTrader 4 and 5. Moreover, the broker distinguishes itself with its competitive fees, rapid execution speeds, integration with Autochartist, and tools for analyzing market sentiment.
Features
- Regulations: CySEC (Cyprus), FSCA (South Africa), LFSA (Libya), FCA (United Kingdom), DFSA (United Arab Emirates), FSA (Seychelles)
- Supported Languages: Turkish, Korean, English, Filipino, Russian, Indonesian, Portuguese, Thai, Polish, Arabic, Italian, Spanish, Chinese, Vietnamese, Malaysian, German, Plus 10 more
- Products: Options, Currencies, Stocks, Crypto, Bonds, Indices, Commodities, Futures
- Minimum Deposit: Varies
- Maximum Leverage: CySEC: 1:30, FSCA: 1:500, LFSA: 1:500, FCA: 1:30, DFSA: 1:30, FSA: 1:500
- Trading Desk Type: Market Maker, STP
- Trading Platforms: MT5, MT4
- Deposit Options: PayPal, Wire Transfer, Skrill, Neteller, Credit Card, Visa, Mastercard, Debit Card, Rapid Transfer, Przelewy, Sofort
- Withdrawal Options: Wire Transfer, Neteller, Skrill, Credit Card, PayPal, Visa, Mastercard, Przelewy, Sofort, Rapid Transfer
Pros
- Regulated by multiple top-tier authorities
- Achieves an average execution speed of 20 milliseconds
- Offers competitive trading fees below the industry average
- Provides a variety of platforms to choose from
- Offers a wide selection of trading instruments
- Provides comprehensive supporting content and tools for traders
Cons
- Absence of a proprietary platform
- Classic account features less competitive fees
Tickmill’s range of services caters to both high-frequency and longer-term trading strategies. It provides ample options for risk-averse traders seeking a conservative approach, as well as for risk-takers looking to capitalize on changing volatility levels through speculation.
Risk Disclaimer: 72% of retail CFD accounts lose money while trading with this provider.
4. FXTM
Founded in 2011, FXTM is an internationally recognized forex and CFD broker with its main offices located in Limassol, Cyprus. FXTM facilitates trading in forex and CFDs on commodities and indices through the MetaTrader platform and the FXTM Trader App.
The broker operates under regulation in multiple jurisdictions, ensuring that all client funds are segregated from the firm’s assets and held in top-tier banks.
With a global presence spanning Europe, Africa, Asia, and Latin America, FXTM proudly boasts a client base of 4 million individuals across 180 countries, as stated on the company website.
Features
- Regulations: CySEC (Cyprus), FSCA (South Africa), FSCM (Mauritius), FCA (United Kingdom)
- Supported Languages: Turkish, Korean, Hebrew, English, Danish, Russian, French, Indonesian, Latvian, Thai, Slovak, Czech, Arabic, Estonian, Hungarian, Bulgarian, Italian, Spanish, Chinese, Croatian, Farsi, Japanese, Swedish, Serbian, Malaysian, German, Plus 20 more
- Products: Currencies, Stocks, Indices, Commodities
- Min Deposit: Varies
- Max Leverage: CySEC: 1:30, FSCA: 1:500, FSCM: 1:3000, FCA: 1:30
- Trading Desk Type: No dealing desk, ECN, Market Maker
- Trading Platforms: MT5, MT4, Web Platform, Mobile Platform
- Deposit Options: Local Deposit, Maestro, Wire Transfer, Skrill, Neteller, Credit Card, Visa, Mastercard, GooglePay, PayRedeem
- Withdrawal Options: Wire Transfer, Neteller, Skrill, Credit Card, PerfectMoney, Maestro, Visa, Mastercard, PayRedeem, GlobePay.
Pros
- Regulated by FCA and CySEC.
- Extensive educational resources.
- A variety of account options are available.
- Assigned dedicated account representative.
- Offering VPS hosting services.
Cons
- Charges for withdrawals.
- Fees for account inactivity.
- Restricted range of tradable assets.
At FXTM, you’ll find that the range of tradable instruments and available platforms is relatively straightforward. However, you’ll be pleased to discover that the educational resources and customer service quality surpass the norm. Thanks to the various account types on offer, you’ll find this as one of the top forex brokers in South Africa to be suitable for both novice and seasoned traders alike.
Risk Disclaimer: 81% of retail investor accounts lose money when trading Online Forex/CFDs with this provider.
5. XM
Established in 2009, XM Group, commonly known as “XM,” specializes in forex and CFD trading across various asset classes, operating through four entities globally.
Features
- Regulated by FSC Belize, ASIC Australia, DFSA UAE, CySEC Cyprus.
- Supported Languages: Multiple languages available.
- Products: Currencies, Stocks, Indices, Commodities.
- Minimum Deposit: $5.
- Maximum Leverage: Varies by regulatory jurisdiction.
- Trading Desk Type: No dealing desk.
- Trading Platforms: MT4, MT5.
- Deposit and withdrawal options include various methods.
Pros
- Low minimum required deposit.
- No fees for deposits and withdrawals.
- Customer support is available in over 28 languages.
- Robust educational and research resources.
- Access to both MT4 and MT5 platforms.
Cons
- Investors outside the EU lack access to investor compensation schemes.
XM offers low spreads on various instruments and provides robust educational assistance, particularly valuable for novice traders. Registering on XM grants traders the benefits of its minimal deposit requirement and diverse range of assets, making it an attractive option for traders of all levels.
Risk Disclaimer: 72,82% of retail investor accounts lose money while trading on this platform.
6. Vantage
Established in 2009 November, ranked as one of the top forex brokers in the world, and headquartered in Australia, Vantage is a forex and CFD broker regulated by ASIC and FSCA in South Africa, offering access to over 940 instruments across various asset classes.
Features
- Regulated by FSCA South Africa, CIMA Cayman Islands, ASIC Australia, and VFSC Vanuatu.
- Supported Languages: English, French, Arabic, Italian, Spanish, Chinese, Greek, Malaysian.
- Products: Currencies, Stocks, ETFs, Crypto, Indices, Commodities, Futures.
- Minimum Deposit: $50.
- Maximum Leverage: Varies by regulatory jurisdiction.
- Trading Desk Type: ECN, No dealing desk.
- Trading Platforms: MT4, MT5, ProTrader.
- Deposit and withdrawal options include a wide range of methods.
Pros
- Variety of platforms available.
- Comprehensive educational materials.
- Raw spreads are offered across various markets.
- Advanced ProTrader features.
Cons
- Delayed order execution times.
- Slightly higher swap fees.
- Compensation scheme limited to one entity.
To create an account on Vantage means that traders will have the opportunity to explore competitive pricing and a range of lower-risk securities, making it appealing for day traders and position traders. However, its execution speeds may not be suitable for high-frequency strategies like scalping.
Risk Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs on this platform.
7. FX pro
Established in 2006, FxPro stands as a premier CFD broker, offering trading opportunities in forex, commodities, stocks, indices, futures, and cryptocurrencies. With a client base spanning over 170 countries, the company adheres to regulations from various authorities worldwide, notably the esteemed FCA and CySEC. Operating as a No Dealing Desk (NDD) broker, FxPro ensures that all client orders are executed without intervention from a dealing desk.
Features
- Regulations: FCA (United Kingdom), CySEC (Cyprus), FSCM (Mauritius), SCB (Bahamas)
- Supported Languages: Turkish, English, Russian, Hindi, French, Indonesian, Portuguese, Thai, Slovak, Polish, Czech, Arabic, Hungarian, Italian, Spanish, Chinese, Japanese, Greek, Vietnamese, Malaysian, German, Romanian, Plus 16 more
- Products: Currencies, Stocks, Crypto, Indices, Commodities, Futures
- Min Deposit: $100
- Max Leverage: 1:30 (FCA), 1:30 (CySEC), 1:2000 (FSCM), 1:200 (SCB)
- Trading Desk Type: No dealing desk
- Trading Platforms: MT5, cTrader, Proprietary, MT4
- Deposit Options: Wire Transfer, Local Deposit, Broker to Broker, Credit Card, Visa, Mastercard
- Withdrawal Options: Wire Transfer, Broker to Broker
Pro
- Comprehensive platforms
- Extensive variety of tradable instruments
- Competitive pricing on spreads
- Rapid execution of orders
- Exclusive spread betting for UK clients
- Access to research provided by Trading Central
- Swift processing for deposits and withdrawals
- Offering both fixed and variable spread account options
Cons
- Restricted protection at an offshore entity
- Availability of FxPro Edge Platform limited to English language only
- Charges for account inactivity
Whether you’re new to trading or an experienced investor, FxPro offers a compelling option for you, given its impressive performance in all aspects of our evaluation. It’s challenging to pinpoint any shortcomings with this broker, although enhancing the offering with private insurance for clients of the offshore entity could be beneficial.
Risk Disclaimer: 79.27% of retail CFD accounts lose money while trading on this platform.
8. IG
Established in 1974 in London, IG stands as a standard-bearer for excellence in the forex and CFD sectors. Regulated by several top-tier authorities such as FCA, FINMA, BaFin, and ASIC, IG ensures strong client safeguarding.
IG presents an innovative proprietary trading platform alongside MetaTrader 4.
The broker stands out for its competitive fee structure and extensive range of tradable instruments, encompassing CFDs on spot markets, futures, and options.
Features
- Regulations: FCA (United Kingdom), BaFin (Germany), ASIC (Australia), NFA (United States), FINMA (Switzerland), MAS (Singapore), DFSA (United Arab Emirates), FSCA (South Africa), JFSA (Japan)
- Supported Languages: English, Chinese, Spanish, Arabic, Japanese, Portuguese, German, French, Italian, Dutch, Norwegian, Swedish
- Products: Currencies, Stocks, Crypto, Bonds, Indices, Commodities
- Min Deposit: $250
- Max Leverage: 1:30 (FCA), 1:30 (BaFin), 1:30 (ASIC), 1:50 (NFA), 1:100 (FINMA), 1:20 (MAS), 1:30 (DFSA), 1:30 (FSCA), 1:30 (JFSA)
- Trading Desk Type: Market Maker
- Trading Platforms: Proprietary, MT4, ProRealTime, L2 Dealer
- Deposit Options: Wire Transfer, Debit Card, Credit Card, PayPal, Visa, Mastercard
- Withdrawal Options: Wire Transfer, Debit Card, Credit Card
Pros
- Strong reputation for trustworthiness
- 47 years of industry experience
- Competitive FX spreads starting from 0.6 pips
- Swift and dependable trade execution
- A platform rich in features
- An advanced tool for trade analytics
- Leading-edge research in the industry
- Access to Direct Market Access (DMA)
- Availability of VPS hosting
- Exceptional educational resources
Cons
- Fee for inactivity
- Support availability is not round-the-clock
- Islamic account option exclusively accessible through the Dubai entity
For someone seeking a high-quality broker that supports their growth as a trader, IG comes highly recommended. With an unparalleled trust rating in the CFD industry and competitive fees, they offer a range of innovative tools to empower you in the markets. Their top-notch education, research, and customer support further enhance the trading experience.
Risk Disclaimer: 69% of retail CFD accounts lose money while trading with this provider.
9. XTB
XTB, established in 2002 and headquartered in Poland, provides a diverse array of trading instruments encompassing forex, shares, indices, commodities, and cryptocurrencies.
Features
- Regulated by FCA UK, CNMV Spain, KNF Poland, FSC Mauritius, and CySEC.
- Available in 15 languages.
- Offers trading across various instruments.
- $0 minimum deposit requirement.
- Provides both Market Maker and STP services.
- Trading Platforms: MT4 and xStation 5 platforms.
- Multiple deposit and withdrawal options are available.
Pros
- Regulation by multiple reputable regulatory bodies.
- Competitive pricing.
- Dedicated personal account manager.
- Negative balance protection is offered in EU/UK regions.
- Advanced and dependable trading platform.
- Extensive research tools and resources.
Cons
- Withdrawals are exclusively processed through bank transfers.
- A limited selection of trading platforms available for clients.
XTB distinguishes itself as an attractive option for traders of all experience levels, offering innovative features such as the heatmap, scanners, and traders statistics tool within the xStation 5 platform. Registering on XTB means embracing its low fees and tight spreads, as XTB facilitates trading success across the spectrum.
Risk Disclaimer: 81% of retail CFD accounts lose money when trading on this platform.
10. Markets.com
Markets.com, established in 2009, emerges as a versatile online CFD broker offering an extensive array of assets, including forex pairs, commodities, indices, cryptocurrencies, stocks, ETFs, and bonds.
Features
- Regulated by multiple authorities, including FSC Mauritius, FSCA South Africa, CySEC Cyprus, ASIC Australia, and FCA UK.
- Supported Languages: English, French, Arabic, Bulgarian, Italian, Spanish, German.
- Product offerings encompass currencies, stocks, ETFs, crypto, bonds, indices, commodities, and futures.
- Minimum Deposit: $100.
- Maximum Leverage: Varies by regulatory jurisdiction.
- Trading Desk Type: Market Maker, STP.
- Trading Platforms: MT5, Proprietary, MT4.
Deposit and withdrawal options include Wire Transfer, Skrill, Neteller, and Credit Card.
Pros
- Governed by three Tier-1 regulatory bodies.
- Rich research and educational resources.
- User-friendly proprietary trading platform.
- Tailored privileges for seasoned traders with larger deposits.
Cons
- Trading costs exceed standard industry rates.
Registering on Markets.com opens up trading opportunities across various markets, with the platform standing out for its extensive selection of instruments. However, the broker’s overall fees surpass the industry average.
Risk Disclaimer: 71.1% of retail CFD accounts lose money while trading on this platform
Embarking on your forex trading journey in South Africa can be daunting, but fear not, as we unveil the top 10 brokers to guide you through this dynamic market.
From Avatrade’s robust regulatory framework to Exness’ diverse range of tradable instruments, each broker brings unique strengths to the table.
Tickmill impresses with its rapid execution speeds, while FXTM boasts a global presence. XM offers low minimum deposits, and Vantage provides a variety of platforms.
FXPro stands out for its extensive variety of tradable instruments, while IG earns praise for its long-standing reputation. XTB offers innovative features, and Markets.com provides a diverse array of assets.
With this comprehensive overview, you’re equipped to navigate the forex landscape and embark on your trading journey with confidence.
