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The 10 Best Forex Brokers in South Africa
Swen Keller
- Last Updated 26 September, 2024
This article compares the best forex brokers in South Africa. To come up with our list we considered the firsthand experience of our employees who use the forex trading platforms, studied third-party user reviews, and analyzed expert opinion.
In comparing we look at the fees of each forex trading platform, security, unique features, and their overall pros/cons.
Best CFDs Broker in South Africa: Our Opinion
Our pick as the best forex CFD trading broker in South Africa is Plus500. The forex broker stands out for its Guaranteed Stop feature that prevents unlimited loss for traders, zero commissions on all trades, and Insights data tool for informed forex trading.
Headquartered in Israel and founded in 2008, Plus500 is one of the largest forex brokers in South Africa. The forex broker sponsors some of the biggest teams in the sporting industry including the Chicago Bulls in Basketball and the BSC Young Boys Club of Switzerland.
Concerning its offerings, Plus500 South Africa provides access to 2800+ CFDs and 2700 Share CFDs via Plus500 CFD and Plus500 Shares respectively. The forex broker also offers maximum leverage of up to 1:30, over 9 unique deposit/withdrawal methods, Indices CFD trading, and Options CFD trading.
However, Plus500 made it to our list for its Guaranteed Stop feature, a powerful risk management tool in forex trading. This feature isn’t offered by most forex brokers which gives it a unique place with Plus500.
Guaranteed Stop: Key Feature of Plus500
The Guaranteed Stop order places an absolute limit on your potential loss. Even if the price of the forex trading instrument falls significantly from your entry point, your position will be closed automatically at your chosen price. This is without the risk of slippage. Note that this feature is available only on specified instruments.
If a forex trading instrument supports it, a checkbox will be available after selecting the “Close at Loss” tickbox.
The feature can also only be used on new trading positions on the forex broker, not existing ones. It also cannot be edited/removed.
They also offer up to R70.000 first deposit Bonus.
Plus500 Security
Plus500 is licensed as an Authorized Financial Services Provider by the Financial Sector Conduct Authority in South Africa. This means Plus500 is fully regulated in South Africa. Beyond regulation, the forex broker stores client funds (your deposits) in segregated accounts and offers negative balance protection.
Plus500 Fees
Plus500 unlike most forex brokers in South Africa does not charge commissions. It is 100% compensated for its services via industry-average spreads dynamic spreads. Other fees charged for its forex trading services include a 0.75% currency conversion fee, an overnight funding fee, a $10 inactivity fee, and a wider spread on the Guaranteed Stop feature. Withdrawals are 100% free irrespective of the number of times per month.
Pros
- Guaranteed stop loss available
- High maximum leverage
- Fully regulated
- Negative balance protection
Cons
- No beginners friendly
Review from Our team (Direct Feedback from Our Employee who Personally Uses Plus500)
The Guaranteed Stop and other risk management trading tools stand Plus500 out of other popular forex brokers in South Africa for easy safe trading.
OQtima - Best Forex Trading Broker in South Africa for Low Spreads
OQtima is headquartered in Limassol, Cyprus, and made it to our list of the best forex brokers in South Africa for its low spreads. For South African traders trading forex pairs like EURUSD, GBPUSD, etc. OQtima offers spreads starting from 0.0 pips with an average of 1.14 pip.
That said, the forex broker supports popular trade platforms WebTrader, MetaTrader 4, and MetaTrader 5 and 1000+ assets targeted at users trading forex pairs, cryptocurrencies, Indices, Shares, Metals, Energies, and ETFs.
Key Features of OQtima
Virtual Private Server
OQtima offers a complimentary Virtual Private Server (VPS) for new users who deposit a minimum of $3000 and do not have a trading history with the broker. For clients with a trading history, OQtima requires a minimum trading volume of 5 lots trading forex (closed positions).
The purpose of the VPS is to allow South African traders to run their automated strategies 24/7 with the fastest connection to OQtima’s trading servers. Note that if you do not satisfy the minimum monthly trading volume your connection to the VPS might be revoked.
Security of OQtima
OQtima is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA). The forex broker in South Africa also stores client funds in segregated accounts at a 1:1 ratio and offers negative balance protection.
Fees of OQtima
OQtima spreads start from 0.0 pips with an average of 1.14 pips to 3.06 pips on popular forex pairs. On its ECN+ account, OQtima charges $ 3.00 per lot traded ($6 round turn) in commissions.
Pros
- Offers high leverage
- Low spreads
- VPS available
Cons
- High commissions
- Limited trading platforms
Review from Our team (Direct Feedback from Our Employee who Personally Uses OQtima)
Registering on OQtima is straightforward and one of the fastest in comparison to their forex brokers in South Africa. Trade execution was also fast with tight spreads on major forex pairs.
Exness - Best Forex Broker in South Africa for Customizable Leverage
Exness is a regulated forex broker licensed by the Financial Sector Conduct Authority in South Africa. The broker is the largest retail forex trading platform in the world and stands out for its numerous features including customizable leverage and social trading.
Currently, Exness has 800,000+ active traders and supports the following financial markets including Forex CFDs, Commodities CFDs, Stocks CFDs, Indices CFDs, and Crypto CFDs.
It also supports a wide range of trade platforms for South African traders including MetaTrader 4, MetaTrader 5, MetaTrader web terminal, Exness terminal, and the Exness mobile app. The broker offers various tools as well, like the economic calendar, trading calculator, and VPS hosting.
Key Features of Exness
Social Trading
The Social Trading feature allows traders in South Africa to leverage their trading expertise for more income by sharing their successful trading strategies with investors via the Exness social trader tools. In return, investors pay up to 50% in commissions to copy expert traders.
Exness pays out commissions on the last Friday of each month. It also allows traders to gain popularity within the community as more investors copy them.
Security of Exness
Exness is regulated by the Financial Sector Conduct Authority of South Africa (FSCA) and offers client protection via segregated accounts to hold deposited funds, 3D secure for card transactions, SSL certification, PCI DSS compliance, and negative balance protection.
Fees of Exness
Exness does not charge overnight funding fees (swap fees) on cryptocurrencies and covers third-party withdrawal costs. Its spread on major forex pairs starts at 0.0 pips. The broker also charges forex traders commissions of up to $45 on cryptocurrency trades.
Pros
- Social trading is available
- Large selection of trading platforms
- Fully regulated in South Africa
- No third-party withdrawal fees
Cons
- Not suited for newbies
- High commissions on crypto trades
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
The Exness broker is best suited for advanced forex traders and users looking for a wide range of markets.
IG Markets - Best Forex Broker in South Africa for Direct Access to the Financial Markets
IG Markets is one of the oldest forex brokers in the world and has been in operation for 45+ years. Currently, supports 300,000+ active users inclusive of South African traders.
It offers more than 17,000 financial markets and a suite of proprietary trade platforms plus popular third-party options including ProRealTime and MetaTrader 4.
That said, the platform made it to our list of the best South African forex brokers for its L2 Dealer platform that gives traders Direct Market Access.
Key Features of IG
L2 Dealer
The L2 Dealer is a Direct Market Access (DMA) tool that enables South African traders with high trading volume to access the forex market and Share CFDs directly through the order books of exchanges.
Using the DMA tool, South African traders receive their pricing data straight from an exchange instead of the broker acting as a middleman to the forex market. This results in users being able to execute sophisticated order types, view underlying market liquidity, enter auctions, and more.
IG Security
IG operates in the country via its subsidiary IG South Africa, which was established in 2010 and is regulated and licensed for operation by the Financial Sector Conduct Authority.
This means its operations are fully legal in South Africa and it won’t be abruptly shut down with users funds. Also, IG stores clients’ deposits in segregated accounts, and its funds are ring-fenced from IG Market’s creditors.
IG Fees
The forex broker charges South African traders spreads starting from 0.1 pips on commodities, 0.9 pips on Indices, and 0.6 pips on Forex pairs. IG also charges additional fees for DMA tool trades, inactivity fees, overnight funding, and commissions on Share CFDS.
Pros
- Established South African forex broker
- Direct Market Access available
- Large selection of markets
- Advanced charting and trading tools
Cons
- Complex user interface
- Not easy to use for beginners
Review from Our team (Direct Feedback from Our Employee who Personally Uses IG)
IG is best suited for advanced traders who want more beyond regular broker access to the forex markets; its advanced charting tools plus DMA tools reflect this.
Interactive Brokers - Best Trading Platform For Advanced Traders
Interactive Brokers trading platform is best for advanced traders. It made it to our list of top trading platforms for its advanced features like advanced charts, technical indicators, and professional training tools.
The platform is not suitable for beginners and intermediate traders as it offers very complex features.
Interactive Brokers supports 50,000+ instruments and over 15 fiat currencies. It provides common payment methods like bank transfer, Electronic Funds transfer, wire transfer, etc.
The platform offers low fees when compared with its competitors and does not require any minimum initial deposit.
Key Features
Paper Trading Account
The Interactive Brokers paper trading account offers professional traders a simulated environment to test their trading strategies before trading in the real market. The paper trading account mirrors real market conditions but trading is done with virtual funds.
The paper trading account grants traders access to over 150 markets and several products including Options, Stocks, Futures, ETFs, FOPs, Warrants, SSFs, Structured Products, Currencies, Indices, Metals, Fixed Income, and Mutual Funds.
Security
It was also the first broker-dealer approved by FINRA to calculate its client reserve obligation (under Rule 15c3-3) daily, as opposed to the industry standard of performing this calculation on a weekly/monthly basis.
The platform has several measures to ensure the security of users’ funds including the segregation of traders’ funds.
Fees
When compared to other trading platforms, Interactive Brokers charges low fees. It charges commissions on Shares with no spreads, trading platform fees, ticket charges, or account minimums.
Pros
- Well regulated broker
- Large number of supported assets
- Supports paper trading
- Vast selection of advanced tools
Cons
- Confusing user interface
- Poor customer support
Review from Our team (Direct Feedback from Our Employee who Personally Uses Interactive Brokers)
The platform has a confusing interface and tools that are best only for advanced traders.
Pepperstone - Best Beginner-friendly Broker For Algorithmic Trading
Pepperstone was founded in 2010 and is headquartered in Melbourne, Australia. The forex broker was created by experienced forex traders. It stands out for its algorithmic trading features suitable for beginners.
Pepperstone offers commodities, forex, shares, indices, etc., and supports over 20 cryptocurrencies including Bitcoin and Ethereum.
It also supports popular trading platforms like MetaTrader 4/5 and payment methods.
Key Feature of Pepperstone
Algorithmic/Automated Trading
Pepperstone supports the use of algorithms to automate traders’ predefined commands and execute trading strategies. This feature is beginner-friendly and suitable for traders interested in automating their trading or developing custom-built automated trading systems.
Pepperstone offers algorithmic traders access to multiple liquidity providers. This ensures that the trades are executed at the best available price.
Pepperstone Security
Pepperstone is an award-winning broker, regulated and licensed in several countries including the United Kingdom, the United Arab Emirates, Europe, and Australia. The broker holds clients’ funds in segregated bank accounts and does not use client funds for hedging.
Pepperstone is also subject to regular financial audits conducted by external auditors.
Pepperstone Fees
Pepperstone charges up to 1 pip spread markup and $3.50 commissions per 7-round USD turn.
Pros
- User-friendly interface
- No minimum initial deposit amount
- Supports automated trading
Cons
- Limited advanced features
Review from Our team (Direct Feedback from Our Employee who Personally Uses Pepperstone)
Pepperstone has a simple interface that is perfect for beginners who want to trade CFDs automatedly.
AvaTrade - Best Trading Platform For Social Trading
Founded in 2006, AvaTrade stands out for its social trading platform AvaSocial. The social trading feature makes it suitable for beginners and intermediate traders who wish to maximize profit by copying the trading startegies of experienced traders.
AvaTrade offers a large selection of tradable instruments with competitive spreads. It also supports a variety of trading platforms which support automated and manual CFD trading across various device types.
Key Features of AvaTrade
AvaSocial
AvaSocial is a social trading mobile app that enables inexperienced traders to copy the trades of experienced traders. While trading on AvaSocial is fully regulated, AvaTrade allows traders to charge other users for group access and sell trading signals. This gives experienced traders the opportunity to generate additional income.
AvaSocial gives traders access to an interactive platform where they can discuss with each other. It also offers traders real-time updates about their friends and experienced traders in the newsfeed.
AvaTrade Security
Avatrade is regulated by several regulatory bodies including the Cyprus Securities and Exchange Commission, the South African Financial Sector Conduct Authority, and the British Virgin Islands Financial Services Commission.
Avatrade is WebTrust compliant and separates users’ funds from the company funds.
It also uses 256-bit SSL encryption.
AvaTrade Fees
AvaTrade charges up to 0.35% in spreads. It also charges additional fees like overnight financing fees and inactivity fees ($100).
Pros
- It supports copy-trading
- It offers an Options trading platform
- Beginner-friendly interface
- Multilingual customer support
Cons
- Limited number of supported cryptocurrencies
Review from Our team (Direct Feedback from Our Employee who Personally Uses AvaTrade)
The platform is suitable for both beginners and advanced traders interested in copy trading and CFD trading with competitive spreads and no commissions.
Vantage - Best Forex Broker In Australia For Beginners
Vantage was founded in 2009 and is headquartered in Sydney, New South Wales Australia. Vantage made it to our list of top trading platforms for its demo account and vast educational tools which makes it suitable for beginners and inexperienced traders. It offers low fees, tight spreads, and 40+ cryptocurrencies.
It also supports a variety of payment methods and several fiat currencies.
Key Features of Vantage
Vantage Demo Account
The demo account gives traders access to a free $100,000 MetaTrader account (MT4 or MT5) in demo mode where they can test their trading strategies using virtual funds.
The demo account simulates live market conditions.
The demo account lasts for 30 days without a live account, but users who want a non-expiring demo account can send a message to the support team. Users who have a live trading account on Vantage have unlimited access to the demo account. Vantage allows users to add more funds to their demo account.
Vantage Security
Vantage Markets is an authorized Financial Services Provider and a regulated multi-asset CFD trading service provider. It is regulated in several countries.
Vantage holds clients’ funds in segregated bank accounts and adheres to AML/CTF regulations.
Vantage user accounts are protected with pattern lock and fingerprint lock.
Vantage Fees
Vantage charges low fees and offers tight spreads. It charges 0.0 to 1.6 pips in spreads and up to $2 in RAW account commission charges.
Pros
- Beginner-friendly interface
- Low fees
- Offers a demo account
- Vast educational resources
Cons
- Restrictive leverage on certain amounts
Review from Our team (Direct Feedback from Our Employee who Personally Uses Vantage)
Vantage is suitable for beginners interested in a trading platform that supports social trading and is easy to navigate. It is also great for users interested in trading crypto CFDs with tight spreads and low commissions.
FxPro - Best Regulated in South Africa
FxPro is a leading broker that offers a wide selection of trading products. This includes crypto CFD trading, forex trading, algorithmic trading, spread betting, stock indices, etc.
FxPro also supports over 2100 tradable instruments primarily targeted at retail investor accounts.
It currently hosts 7,800,000+ client accounts in over 173 nations. The broker made it to our list for its zero spreads on Raw+ accounts and low commissions of $3.5.
Key Features of FxPro
FxPro Edge
This is a customizable trading platform that offers traders tax-free access to hundreds of instruments across 6 asset classes.
FxPro users can access FXPro Edge with the same login credentials as the trading platform.
FxPro Edge offers over 59 technical indicators and a customizable widget-based user interface that can be tweaked to meet the trader’s requirements.
FxPro Security
FxPro is regulated by the FSCA in South Africa. It holds clients’ funds in segregated bank accounts and conducts regular financial audits in compliance with financial regulations.
The FxPro platform and user accounts are protected with account passwords and two-factor authentication.
FxPro Fees
FxPro charges zero spreads on the RAW+ account and $3.50 per lot in commissions.
Pros
- Large selection of tradable instruments
- Supports social trading
- Ample selection of trading products
Cons
- Not for beginners
Review from Our team (Direct Feedback from Our Employee who Personally Uses FxPro)
FxPro is best for traders interested in a trading platform that offers tight spreads and a variety of trading instruments and products.
FP Markets - Best Broker with Multiple Payment Methods
Founded in 2005, FP Markets is a broker that targets advanced traders interested in CFD trading. FP Markets made it to our list for its multiple payment methods which make funding and withdrawals from the platform easy.
FP Markets supports P2P, Google Pay, Apple Pay, XPay, Mybux, Rapid Transfer, Dragon Pay, Epayment wallets (Neteller and Skrill), credit cards, debit cards, online banking, wire transfers, etc. Deposits on the platform are fee-free.
Key Features of FP Markets
Forex Trading Calculator
The Forex trading calculator helps traders calculate the risks of their next trades before the trades are executed. With the forex trading calculator, traders can calculate important parameters like pip value, required margin, contract size, swap, and potential profit. It can also reveal the risk/reward ratio.
FP Markets Security
FP Markets is a regulated broker that gets it’s liquidity from top tier financial institutions.
It separates client’s funds from company funds and has funds set aside for clients incase of company bankruptcy.
It offers negative balance protection and conducts regular internal audits.
FP Markets Fees
FP Markets charges 0 commissions with fees included in spreads. It, however, charges a $60 platform fee.
Pros
- Zero commission and low spreads
- Supports multiple payment methods
- Supports several fiat currencies
Cons
- Limited number of supported cryptocurrencies
Review from Our team (Direct Feedback from Our Employee who Personally Uses FP Markets)
FP Markets is suitable for advanced traders looking for a platform with various payment methods, fee-free funding, and zero commissions.
| BROKER | PAYMENT METHODS | TRADING FEES | TRADING PLATFORMS | MAXIMUM LEVERAGE | MIN. INITIAL DEPOSIT |
|---|---|---|---|---|---|
| Plus500 | Electronic wallets (PayPal, Skrill,etc), wire transfer, Google Pay, debit and credit cards, and more | Dynamic spreads, $10 inactivity fee, no commissions, 0.7% currency conversion fee | Proprietary (Plus500 CFDs, Plus500 Invest, and Plus500 Futures) | 1:30 | $100 |
| OQtima | Credit and debit cards, Wise, Revolut, Neteller, Skrill, and Bank transfer. | $3.00 commission round turn, dynamic spreads | MT4, MT5, cTrader | 1:1000 | $100 |
| IG Markets | HK FPS, credit card, bank transfer, and debit card | Spreads from 0.6 pips on key FX pairs, account documentation fee, currency conversion charge, overnight funding, inactivity fee, ProRealTime charts fee, Direct Market Access Charge | IG Online Platform, IG mobile Trading app, MetaTrader 4, and ProRealTime | 1:200 | $50 for credit card or debit card deposit |
| Exness | Exness Bitcoin wallet, Electronic Payment Systems, mobile banking, bank cashier, debit card and credit card | Spread from 0.0 for professional trading accounts and 0.3 pips for standard accounts, up to $3.5 commission | Exness Terminal, MetaTrader web terminal, MetaTrader 4, MetaTrader 5, and the Exness mobile app | 1:unlimited | $10 |
| Interactive Brokers | Wise, Bank transfer SEPA, Wire transfer, Direct ACH transfer | Commission fee of USD 0.0035 to USD 0.05 | Interactive Brokers Platforms | 1:30 | $0 |
| AvaTrade | Credit and debit card, wire transfer, e-payments (Skrill, Neteller, WebMoney | Up to 0.35% in spreads, inactivity fees ($100), overnight financing | Web Trader, AvaTradeGo, MetaTrader 5, AvaSocial, AvaOptions | 1:400 | $100 |
| Pepperstone | Credit card, debit card, PayPal, MPESA, and bank transfer | $3.50 in commissions per 7 round USD turn, an average of 1 pip spread markup | TradingView, cTrader, Pepperstone, MetaTrader 4, and MetaTrader 5 | 1:500 | No minimum |
| Vantage | Neteller, Wire transfer, credit card and debit card (Visa and MasterCard), JCB, Domestic EFT, International EFT | Zero commission for CFDs (spreads), 0.0 to 1.6 pips in spreads, up to $2 in RAW account commission charges | MetaTrader 4, MetaTrader 5, WebTrader, Vantage Mobile App, ProTrader | 1:500 | $200 for Standard Account and $500 for RAW account |
| FxPro | Bank wire transfer, PayPal, Neteller, Skrill, debit card, and credit card | Swap charges, Industry-average floating spread, a commission of $3.50 charged per lot round turn | MetaTrader 4, MetaTrader 5, cTrader | 1:500 | $100 |
| FP Markets | Credit card, debit card, online banking and bank wire transfer, Thunderxpay, FPMarkets P2P, Google Pay, Apple Pay, e-wallets including Neteller and Skrill | MetaTrader 4, MetaTrader 5, Iress Mobile, Iress TradingView | 0 commissions with fees included in spreads, $60 platform fees | 1:500 | $100 |
Which Online Broker Has the Lowest Fees in South Africa?
Plus500 South Africa charges zero commissions on all trades. Other options charge commissions on one trading account type or the other.
What is a Forex Broker Account and How Does it Work?
A forex broker account is an online platform that allows users to trade forex pairs (buy and sell). To use the platform, users must register according to regulatory guidelines and deposit funds to buy or sell supported currency pairs.
Which is the Best Forex Broker to Trade with South African Rand?
Different CFDs forex brokers support the South African rand, including Plus500, Exness, IG Markets, etc. The best depends on the features you’re looking for.
Things to Consider When Choosing an Online Trading Broker
When choosing an online trading broker, you should consider if it is a regulated broker in your country, minimum deposit allowed, trading fees charged, supported markets/instruments, payment methods available, and maximum leverage supported.
You should also consider personal preferences like social trading availability, DMA tools, market data tools, etc.
Final Thoughts
Plus500 is our choice as the best CFDs broker in South Africa. The trading platform has one of the lowest fees in the industry and provides unique risk management tools as well as in-depth market data analysis. That said, depending on your personal goals other forex brokers in the country like IG Markets and Exness cater to different needs like Direct Maret Access, social trading, etc.
So the best choice depends on your forex trading goals.
FAQ
Most frequent questions and answers
Yes, forex trading is legal and not banned in South Africa.
The Financial Services Conduct Authority regulates and licenses forex brokers in the country.
OQtima offers swap-free trading via its Islamic account.
To start trading forex you need to register with a broker like Plus500 and deposit funds.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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