Forex Broker


Best Forex Brokers in South Africa

forexThe South African traders have the option to choose from the numerous online forex brokers all around the world. The only thing that is advised for the traders is that they check out first whether the forex broker is regulated by the Financial Services Board or FSB of South Africa. It often becomes difficult to understand whether a forex brokerage firm is scam or authentic as the scams nowadays expertly disguise themselves. One way of selecting a forex broker is to go by its popularity and its reviews. Listed below are some of the top forex brokers in South Africa and are permitted by FSB to do forex trading in the country.

 

 

 

Overview: Forex Broker Comparison Table

*Note: CFDs carry Risk. 73-89% of traders lose​ 
BrokerWebsiteRegulationMax. LeverageMin DepositDemo
cm trading reviews logo Visit Broker*
CMTrading Review
FSB 
sa flag
1:400  $ 250 Yes
Roboforex Visit Broker*
RoboForex Review
IFSC
europa flag

1:2000

$ 10

Yes
plus500 120x80 Visit Broker*
Plus500 Review

Your capital is at risk

FSP/ASIC 
sa flag
1:300

 $ 100

Yes
avatrade broker Visit Broker*
BlackBull review
FSPR and others
sa flag
1:500  $ 200 Yes
IQ Option 120x80 Visit Broker*
IQ Option Review
CySEC and others
europa flag

1:500

$ 10

Yes
icmarkets reviews logo Visit Broker*
IC Markets Review
FSA 
sa flag
1:500  $ 200 Yes
avatrade broker Visit Broker*
Avatrade Review
FSB and others 
sa flag
1:400  $ 100 Yes
markets 120x80logo Visit Broker*
Markets.com Review
FSB and others 
sa flag
1:300  $ 100 Yes
vantagefx Visit Broker*
Vantage FX Review
CIMA
cayman flag
500:1  $ 200 Yes
bancdeswiss newslogo120x80 Visit Broker*
BDSwiss Review
CySEC and others
europa flag
1:400  $ 100 Yes

 

 

#1 CM Trading 


 
CMTrading
CM Trading Website

Overview:

  • Minimum Deposit: $250
  • Max. Leverage 1: 400
  • Tradable Assets: Forex, CFD, Stocks, Cryptocurrencies, Indices, and Commodities
  • Regulated by: FSB
  • Demo Account: Yes

  

CM TradingCM Trading has its headquarters in Johannesburg, South Africa and is authorised by FSB under FAIS License Number 38782. The brokerage website ensures that all the transactional and personal data of their clients are SSL encrypted. The South African traders can also trade CFDs on this platform and the leverage offered in this case is usually up to 50:1.

The trading platforms offered by the broker to its clients are MT4 and Sirix. When trading forex, the broker offers competitive spreads and a leverage of up to 400:1. The minimum deposit at CM Trading is $250 only. They also have an education section that is of great benefit to the inexperienced traders. Withdrawal requests are usually fulfilled within 24 hours and the broker firm offers promotions and bonuses frequently.

Note: Your capital is at risk

 

 

#2 RoboForex 


 
roboforex overview
Roboforex Website

Overview:

  • Minimum Deposit: 10$
  • Maximum Leverage: 1:2000
  • Tradable Assets: Cryptocurrencies, Stocks, Shares, Indices, Metals, Energies, ETFs, CFDs, Forex
  • Regulated by: International Financial Services Commission
  • Demo Account: Yes

  

roboforexEstablished in 2009, RoboForex is an online broker which offers clients a superior trading experience via its innovative technology solutions as well as numerous modern tools for trading. The broker has around 800,000 traders under its system, from 170 countries, providing support in 18 languages. It offers a total of 8 asset types, and traders can access more than 12000 instruments for trading. RoboForex offers 6 account types, with options for Islamic traders for conducting swap free trades.

The Pro-Standard Account is the most popular account type amongst users, offering optimal trading conditions. This is suitable for both novice as well as experienced traders. Users get access to 36 currency pairs, different metals, CFDs on Indices, US stocks, oil, and cryptocurrencies. The minimum deposit for this account is 10 USD or 10 EUR and the maximum leverage allowed is 1:2000.

RoboForex offers some key markets such as stocks, ETFs, Forex, Soft Commodities, Metals, Energies and more than six cryptocurrencies. The trading costs are based on tight spreads from 0 pips and provides fast order execution. It is also compatible with CopyFX and RAMM platforms, allowing traders to invest in financial assets by copying single orders or even entire trading strategies.

RoboForex allows users to open their accounts in any of the following national currencies: EUR, USD, RUB, CNY. They can also use BTC and GOLD for a simpler way of funding their accounts. They charge an overnight fee, about -0.6 for short positions on EUR/USD and -0.052 for long positions which are held for more than a day.

Note: Your capital is at risk

 

 

#3 Plus500


 
Plus500
Plus500 Website

Overview:

  • Minimum Deposit: $100 (electronic wallets and credit/debit card), $500 (bank transfers)
  • Maximum Leverage: 1:300 (T&Cs apply)
  • Tradable Assets: over 2000
  • Regulated by: Financial Service Provider (FSP) and others
  • Demo Account: Yes

  

Plus500Licensed by several authorities the forex broker Plus500AU Ltd. is also permitted by Authorised Financial Services Provider in South Africa (FSP #47546). The minimum deposit when done through electronic wallets and credit/debit cards is €100. The broker is known offering tighter spreads. In case of some instruments, the leverage can reach up to 1:300. However, it depends on many factors like the market conditions.

The web-based version of the trading platform of Plus500 has several innovative features. The interface is extremely user-friendly. Plus500 does not put any limit on the usage of the demo account for its clients. They also offer guaranteed stops.

Note: Your capital is at risk

 

 

#4 BlackBull


 
spectre overview
Blackbull Website

Overview:

  • Minimum Deposit: 200$
  • Maximum Leverage: 1:500
  • Tradable Assets: Forex, Indices, Metals, Energies, Commodities and CFDs
  • Regulated by: Financial Service Providers Register (New Zealand), Financial Services Complaints Limited (New Zealand), Registered in United Kingdom with Company Number - 9556804
  • Demo Account: Yes

  

blackbullFounded in 2014 by a team of experienced forex and Fintech professionals, BlackBull Markets is an award-winning online broker based in New Zealand, offering institutional-grade trading services worldwide with a special focus on CFDs and Forex.

Overall BlackBull Markets offers trading in Forex, indices, energies, metals, commodities and CFDs. It has expanded across several countries, currently has offices in Kuala Lumpur, Jakarta, London, and New York. BlackBull Markets offer Straight Through Processing (STP) and No-Dealing Desk (NDD), as it is an ECN or Electronic Communication Network broker. For ensuring deep pool liquidity and the depth of the market, they have several liquidity providers as its partners. Many major international banks such as Credit Suisse, JP Morgan, RBS, Merrill Lynch, Goldman Sachs, SMBC, Bank of America, Commerzbank, and BNP Paribas.

Note: Your capital is at risk

 

 

#5 IQ Option


 
iqoption web
IQ Option Website

Overview:

  • Minimum Deposit: Real a/c- $10, VIP a/c- $1900
  • Maximum Leverage: Stocks- x 10, Forex- x 500, Crypto- x 5 (T&Cs apply)
  • Tradeable Assets: Stocks- 433, Forex- 27 pairs, Crypto- 16
  • Regulated By: CySEC (Cyprus Securities and Exchange Commission)
  • Demo Account: Yes

  

IQ Option 120x80IQ Option Europe Ltd. is registered at Cyprus, and is regulated by CySEC. IQ Option Ltd. is registered at Seychelles. The online broker is known in the forex trading world for its trustworthiness and application of latest technologies. The unique features of IQ Options has made it won many accolades around the world. The process of opening an account on the platform of IQ Option is quite easy and the initial deposit is a mere $10. The trader can also register with their Google+ or Facebook account. There are no charges applied by the broker during withdrawal other than when it is a wire transfer to the trader’s bank account.

The broker offers over 70 assets for the trader to choose from and the minimum investment is barely $1. The website claims that traders can get up to 85% returns. The interface of the trading platform offered by IQ Option is easy to navigate and everything is organised neatly.

Note: Your capital is at risk

 

 

#6 IC Markets


 
icmarkets overview
IC Markets Website

Overview:

  • Minimum Deposit: 200$
  • Maximum Leverage: 1:500 (T&C Apply)
  • Tradable Assets: Forex, Indices, Commodities, Stocks, Bonds, Cryptos, Futures
  • Regulated by FSA (Financial Services Authority), ASIC & CySec
  • Demo Account: Yes

  

icmarketsFounded in 2007, IC Markets is a global CFD and Forex broker, having several branches worldwide. It is regulated by both the Seychelles Financial Supervisory Authority(FSA) as well as the Cyprus Securities and Exchange Commission(CySec). It offers a number of trading platforms including MetaTrader 4 or 5 and cTrader.

IC Markets specialises in providing different trading instruments, such as 41 CFDs on metals, indices, cryptocurrencies and futures contracts as well as 63 forex pairs. It also provides Copy Trading facilities via ZuluTrade as well as Myfxbook. IC Markets offers three primary account types, each differing in fee structures. These include an ECN Account with either cTrader or MetaTrader, as well as a standard account. The minimum deposit amount at IC Markets is $200.

At IC Markets, users have a total of 10 base currencies to choose from when they open their account. This includes EUR, USD, AUD, GBP, CHF, SGD, JPY, NZD, CAD, HKD. The average spread for the EUR/USD pair is fixed at 0.1 pips, along with a commission of 0.6 pips on the cTrader account, makes it a total of 0.7 pips. They offer something similar to an active trader offering, offering further discounts to traders that trade over 100 standard lots per month.

In terms of educational resources, IC markets offers a detailed range of content especially for novice traders, covering topics such as technical analysis and trading psychology.

Note: Your capital is at risk

 

 

#7 AvaTrade


 
avatradeweb
Avatrade Website

Overview:

  • Minimum Deposit - $100 (T&Cs apply)
  • Maximum Leverage – 1:400
  • Tradeable Assets – Forex, stocks, commodities, metals, oil, gold, indices, bonds, 8 cryptocurrencies.
  • Regulated By – FSB and others
  • Demo Account: Yes

  

avatrade brokerOperational since 2006, this forex broker company was initially known as AvaFX. Based in Ireland, AvaTrade has been permitted by Financial Services Board of South Africa to offer their services to the country’s citizens. With AvaTrade, the traders have the option to trade through and follow signal services on the platforms MT4, Mirror Trader, Zulu Trade and MQL5. They also have their own trading platforms—AvaTradeAct and AvaTradeGo. The minimum deposit amount at AvaTrade is $250 only and the maximum leverage offered in forex trading is 400:1. They offer several trading tools to ease the process of devising a trading strategy and when to open or close a position.

Note: Your capital is at risk

 

 

#8 Markets.com


 
Markets
Plus500 Website

Overview:

  • Minimum deposit: $100
  • Max. Leverage 1:300
  • Tradable assets: +2000
  • Regulated by: FSB and others
  • Demo Account: Yes

  

markets 120x80logoMarkets.com has acquired the permission of FSB in order to operate in South Africa. Otherwise, the broker is also registered with CySEC or Cyprus Securities Exchange Commission. The leverage range at Markets.com is from 1:50 to 1:300. It depends on the asset being traded and the market condition. The initial investment is a mere $100 at Markets.com. The platform is known for faster execution of trades and for offering tight spreads. The traders can trade the currency pairs through the trading platforms MetaTrader, Markets Mobile Trader and Markets Web Trader. For security, Markets.com takes the help of SSL software and makes sure the communications between the clients and SafeCapInvestments are encrypted. They also offer investor compensation fund that can be as high as €20,000 to an individual trader. (T&Cs apply)

Note: Your capital is at risk

 

 

#9 Vantage FX


 
vantagefx overview
VantageFX Website

Overview:

  • Minimum Deposit: 200$
  • Maximum Leverage: 500:1 (T&Cs Apply)
  • Tradable Assets: Cryptocurrencies, CFDs, stocks, indices, commodities
  • Regulated by: CIMA
  • Demo Account: Yes

  

vantagefxVantage FX is an Australia based online broker which offers a range of trading services in the forex market. The broker was previously named MXT Global after being founded in 2009, before going through a rebranding in 2015. It is a registered entity in Australia and primarily catered towards an Australian audience. The site is mainly compatible with MetaTrader 4 and 5 as well as market trader and Web trader.

Vantage FX gives users access to 38 forex pairs and 24 CFDs on cryptocurrencies, commodities and indices. It offers a Standard STP account among its offerings, which does not charge a commission. However, the standard STP account has an indicative spread of 1.4 EUR or USD. Other account types include the Raw Account which has spreads of just 0.1 pips. Islamic accounts are also available, compatible with Sharia Law. Users have a number of options when they deposit funds, including via MasterCard, Visa, BPay, Skrill, Poli and Neteller. The broker was previously regulated by Australia’s ASIC, but is now regulated in the Cayman Islands.

Vantage FX puts increasing focus on robot trading, where traders are automatically executed based on some predetermined parameters. It offers award winning customer care services and occasionally some attractive promotions. This is extremely appealing to novice traders, as well as more conservative traders who want to keep their level of risk at a bare minimum. However, for more experienced traders who are willing to adapt riskier trading strategies, the upper leverage limit of 1:100 maybe a burden for them.

Note: Your capital is at risk

 

 

#10 BDSwiss


 
BDSwiss com
Bdswiss.com Website

Overview:

  • Minimum deposit: $100 (exclusive)
  • Max. Leverage: 1:400 (T&Cs Apply).
  • Tradable assets: 200
  • Regulated by CySec
  • Demo Account: Yes

  

BDSwissBDSwiss is a popular forex brokerage website worldwide and is regulated by CySEC. It is also permitted by the financial authority of South Africa to offer trading services in the country. The setting up of an account in BDSwiss is quite simple and requires only a few minutes. The broker offers tight spreads and a leverage as high as 400:1 in case of forex trading. However, the leverage may differ from one currency pair to another. The minimum amount that a trader can deposit at BDSwiss is $100 only and the trader can choose the medium from credit card, debit card, wire transfer and other such approved mediums by the broker. WebTraderis the platform offered by BDSwiss that allows for easy navigation and lends to a user-friendly experience. MetTrader4 is another platform through which the clients of BDSwiss can trade.

All the brokers listed above offer demo account for trading forex and they deposit a certain amount in virtual money such that the traders can have real-time, live trading like experience. These brokers provide different charts, technical tools and indicators not only for the ease of the beginners but also for the experts. The customer support of these six forex broker websites is open 24 hours such that they are always available when anyone asks for help. The mobile apps offered by the above-mentioned websites are essential in modern era for ease of convenience.

Note: Your capital is at risk

  

Risk Warning: Trading may not be suitable for everyone, so please ensure that you fully understand the risks involved. Especially trading leveraged products such as Forex and CFDs carry a high degree of risk to your capital and can result in the loss of your entire capital. Only invest with money you can afford to lose.