Best Forex Brokers and Provider in South Africa
The 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 and Provider Comparison Table
*Note: CFDs carry Risk. 73-89% of traders lose |
Broker/Platform | Website | Regulation | Max. Leverage | Min Deposit | Demo |
---|---|---|---|---|---|
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Visit CFD platform* Plus500 Review CFD Service. Your capital is at risk |
FSCA and others ![]() |
1:30 |
$ 100 |
Yes |
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Visit Broker* RoboForex Review |
IFSC![]() |
1:2000 |
$ 10 |
Yes |
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Visit Broker* BlackBull Markets Review |
FSPR and others![]() |
1:500 | $ 200 | Yes |
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Visit Broker* IQ Option Review |
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1:500 |
$ 10 |
Yes |
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Visit Broker* IC Markets Review |
FSA ![]() |
1:500 | $ 200 | Yes |
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Visit Broker* Instaforex Review |
FSA ![]() |
1:1000 | $ 100 | Yes |
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Visit Broker* FP Markets Review |
CySEC and others ![]() |
500:1 | $ 100 | Yes |
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Visit Broker* Avatrade Review |
FSCA and others ![]() |
1:400 | $ 100 | Yes |
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Visit Broker* Markets.com Review |
FSCA and others ![]() |
1:300 | $ 100 | Yes |
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Visit Broker* CMTrading Review |
FSCA ![]() |
1:400 | $ 250 | Yes |
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Visit Broker* Vantage Review |
CIMA![]() |
500:1 | $ 200 | Yes |
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Visit Broker* BDSwiss Review |
CySEC and others![]() |
1:400 | $ 100 | Yes |
#1 Plus500

Overview:
- Minimum Deposit: $100 (electronic wallets and credit/debit card), $500 (bank transfers)
- Maximum Leverage: 1:30 (T&Cs apply)
- Tradable Assets: over 2800
- Regulated by: ASIC, FMA, FSA, and FSCA.
- Demo Account: Yes
Licensed by several authorities the forex broker Plus500AU Pty Ltd (ACN 153301681) is licenced also by: ASIC in Australia AFSL #417727. FMA in New Zealand FSP #486026, Authorised Financial Services Provider in South Africa FSP #47546. (You do not own or have any rights to the underlying assets. Consider if you fall within Plus500's Target Market Distribution. Please refer to the Disclosure documents available on the website). 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 1:30. However, it depends on what instruments you want to trade.
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: CFD Service. Your capital is at risk
#2 RoboForex

Overview:
- Minimum Deposit: $10
- Max. Leverage 1:2000
- Tradable Assets: Cryptocurrencies, Stocks, Shares, Indices, Metals, Energies, ETFs, CFDs, Forex
- Regulated by: International Financial Services Commission
- Demo Account: Yes
Established 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 BlackBull Markets

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
Founded 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
#4 IQ Option

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 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
#5 IC Markets

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
Founded 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
#6 Instaforex

Overview:
- Minimum Deposit: 100
- Maximum Leverage: 1:1000
- Tradeable Assets: Forex, Shares CFDs, Metals, Commodities, Indices, Cryptocurrencies
- Regulated By: Securities and Investment Business Act (SIBA) of the British Virgin Islands, the Financial Services Commission
- Demo Account: Yes
InstaForex is an international brand of online brokerage platform founded in 2007 that offers various services to its customers such as Forex, CFDs on indices, shares, commodities, Stock, and cryptocurrency trading.
InstaForex has an overall sound global presence over the internet and is popular among forex traders due to its services, lucrative bonuses, promotional acts, and international customer support. InstaForex is available for a wide range of Windows MetaTrader, Apple Store, Google Play, WebTrader, IFXBIT, and InstaTick Trader. Accounts can be opened "instantly" on the InstaForex platform using the "instant account opening" option.
Note: Your capital is at risk
#7 AvaTrade

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
Operational 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

Overview:
- Minimum deposit: $100
- Max. Leverage 1:300
- Tradable assets: +2000
- Regulated by: FSB and others
- Demo Account: Yes
Markets.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 CM Trading

Overview:
- Best Broker in Africa (4 years in a row)
- Minimum Deposit: $250
- Max. Leverage 1: 400
- Tradable Assets: Forex, CFD, Stocks, Cryptocurrencies, Indices, and Commodities
- Regulated by: FSB
- Demo Account: Yes
CM 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 200:1 (for Mini accounts it is 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
#10 Vantage

Overview:
- Minimum deposit: 200$
- Max. Leverage 500:1 (T&Cs Apply)
- Tradable assets: Cryptocurrencies, CFDs, stocks, indices, commodities
- Regulated by CIMA
- Demo account: Yes
Vantage 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 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 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
#11 BDSwiss

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