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South Africa, situated at the southern tip of the African continent, is a significant player in the global financial markets.

The country’s currency is the South African Rand, abbreviated as ZAR.

In the realm of retail forex trading, the Financial Sector Conduct Authority (FSCA), previously known as the Financial Services Board (FSB), oversees the operations, ensuring that market practices are transparent, fair, and in the best interests of the South African public. The FSCA’s mandate is to protect consumers from potential misconduct in the financial sector, providing them with the assurance they need to participate confidently in the country’s dynamic forex market.

In this article we have reviewed the best forex brokers in South Africa. We’ve chosen and studied these brokers according to various factors:

  • FSCA regulation available;
  • If the broker had won an award for its services in Africa;
  • Availability of ZAR currency or deposits;
  • Minimum deposit for South African traders;
  • Number of forex pairs, spreads, and leverage for South African traders;
  • If there were any bonuses in place for South African clients with the broker.
Table of Content

What are the best forex brokers in South Africa?

Below is our curated list of the best forex brokers for traders living in South Africa, with details and information about the country laws, the features, and the characteristics.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

1. HFM : best for Micro accounts

  • HF Markets SA (PTY) Ltd is authorized by FSCA (n. 46632) in South Africa.
  • HFM has won a ‘Best Forex Broker Africa’ award in the last few years.
  • South African clients need to make a HFM minimum deposit of $5.
  • HF provides base currencies that include ZAR, USD, EUR, GBP, and more.
  • HF clients in South Africa have access to spreads from 0 pips on 40+ currency pairs with maximum leverage up to 1000:1.
  • Several bonuses are offered to South African clients including a 30% rescue bonus, 100% credit bonus, 50% welcome bonus, and 100% supercharged bonus.
70.51% of retail investor accounts lose money

2. Pepperstone : best for lowest spreads

  • South African clients can trade with Pepperstone under the SCB regulation (n. SIA-F217).
  • The ZAR currency is not available for South African traders, but ZAR deposits can still be made.
  • South African traders are not required to make a Pepperstone minimum deposit.
  • Pepperstone offers South African clients spreads from 0 pips on 60+ currency pairs with a maximum leverage up to 200:1.
  • South African traders under the global entity of Pepperstone cannot benefit from any bonuses, but can apply for the Active Traders program, where they can earn discounts based on the number of lots traded per month.
74-89% of retail investor accounts lose money when trading CFDs

3. IC Markets : best for algo-trading

  • South African clients who want to trade under IC Markets can do it under the FSA of Seychelles, (n. SD018).
  • ZAR is not provided as a base currency, but many other base currencies are available, including USD, EUR, CAD, GBP, JPY, CHF, and HKD.
  • South African clients under IC Markets are not required to make a minimum deposit.
  • IC Markets South African clientscan find spreads from 0 pips on 60+ forex currency pairs with maximum leverage of 500:1.
  • South African clients cannot have access to IC Markets deposit bonuses.
74-89% of retail CFD accounts lose money

4. XM : best for beginners

  • XM is regulated by FSC in Belize (n. 000261/397) to operate in South Africa.
  • ZAR is available as a base currency for South African traders, alongside the EUR and USD currencies.
  • XM South African clients need to make a minimum deposit of $5.
  • South African traders can choose among 57 currency pairs with spreads from 0.6 pips and an 1000:1 maximum leverage on forex.
  • Several XM bonuses are offered including a $25 bonus, 20%-50% deposit bonus, and loyalty program.
77,37% of retail investor accounts lose money

5. AvaTrade : best for fixed spreads

  • AvaTrade is Regulated by FSCA (No.45984) to operate in South Africa.
  • ZAR and USD are the base currencies available for South African clients.
  • AvaTrade requires a minimum deposit of $100 from South African clients.
  • ZA clients find 60+ currency pairs to trade with fixed spreads from 0.9 pips and maximum leverage up to 400:1.
  • A first-time deposit bonus of up to 40% is offered by AvaTrade for South African traders.
79% of retail investor accounts lose money

6. FP Markets : best for deep liquidity

  • FP Markets is regulated in South Africa by the FSCA with an FSP number 50926.
  • You can deposit through Virtual Pay (African Payment Method) with the following currencies supported: KES, UGX, TSH.
  • FP Markets has a minimum deposit of $100 in South Africa.
  • South African traders can open positions on more than 70 forex pairs with spreads from 0 pips and a leverage amount up to 1:500.
  • There are no trading bonuses with FP Markets in South Africa.
74-89% of retail CFD accounts lose money

7. FXTM : best for account types’ choice

  • FXTM is regulated by FSCA (n. 46614) to operate in South Africa.
  • FXTM has won the ‘Best broker in Africa’ award in 2018.
  • Local deposits can be made with African Local Solutions (D) in ZAR, as well as in NGN, GHS, TZS, and more, with no commissions on FXTM’s part.
  • South African clients will find an FXTM minimum deposit of $10.
  • ZA traders have access to FXTM spreads from 0 pips on 45+ forex currency pairs, while the leverage is up to 2000:1 depending on the size of your trade.
81% of retail investor accounts lose money

8. FxPro : best for fast execution of orders

  • FxPro is regulated by FSCA (n. 45052) to operate in South Africa.
  • FxPro has picked up the ‘Best Forex Trading Platform Africa’ award in 2020.
  • ZAR is accepted as a base currency for deposits. USD, EUR, GBP, JPY, and more are also provided.
  • The FxPro minimum deposit for South African traders is 17,000 ZAR ($1,000).
  • ZA clients of FxPro can trade among 70+ currency pairs with spreads from 0 pips on forex and leverage up to 200:1.
72.87% of retail investor accounts lose money

9. Plus500 : one of the best for CFD trading

  • Plus500 Pty Ltd is regulated by FSCA (47546) to operate in South Africa.
  • ZAR base currency is available and the main currency for South African clients. You can change to another currency if you want after the account is opened.
  • Plus500 in South Africa has a minimum deposit of 1500 ZAR (100 USD).
  • South African clients have access to 60+ forex currency pairs with variable spreads.
  • The maximum Plus500 leverage offered for South Africans is up to 30:1.
77% of retail investor accounts lose money

10. IG Markets : best for number of CFD assets

  • IG Markets is Regulated by FSCA (41393) to operate in South Africa.
  • IG Markets has won the ‘Intellix South Africa Award 2021’ and many other specific African awards.
  • ZAR is not accepted as a base currency, but ZAR deposits can still be made. USD, EUR, GBP, CAD, JPY, and more are also accepted.
  • IG Markets South African traders need to make a 4000 ZAR (300 USD) minimum deposit.
  • ZA traders will find IG spreads from 0.6 pips on 80+ forex currency pairs with leverage up to 200:1.
  • No IG bonuses are available for South African traders.
70% of retail CFD accounts lose money

Is forex trading legal in South Africa?

Forex trading is completely legal in South Africa.

In fact, forex trading in the country is well-regulated by the FSCA (Formerly FSB). Through their experience and good practice in the industry, they have risen to become one of the most respected regulatory bodies in the forex market.

Beyond that, the FSCA regulation provides such a trusted experience that many non-South African traders from around the world also seek out top forex brokers regulated by the FSCA.

This is possible in just the same way it is also possible for South African forex traders to choose forex brokers who are regulated outside the country by other bodies.

How to trade forex in South Africa

The process of forex trading and starting your account with a South African forex broker is not unlike that you may find in another country.

The basic steps you should follow are to choose your broker, provide the documents required by the broker to prove your identity and residence, and finally fund your account.

If you are depositing more than 1 million ZAR ($65,000 approx) you may need a Tax Clearance Certificate (TCC) as most of the top brokers keep their accounts outside South Africa, meaning you would actually be sending money to another country to fund your account. This is not too difficult but does require a tax clearance if you are depositing more than the above amount of money.

If the amount is smaller, then the process of funding is much easier through the Single Discretionary Allowance (SDA). This allows you to move as much as 1 Million ZAR per year abroad without the need for the same documentation. You can find more information on these regulations on the South African Reserve Bank Website.

It is worth noting that these processes are not needed if your broker has a deposit account within South Africa.

What should South African traders look for in a forex broker?

Unlike some other areas or regulatory bodies which can be quite stringent, the FSCA provides a lot of freedom and flexibility to both brokers and traders. Leverage, bonus offers, and account types can all be set at the discretion of the individual broker.

With that in mind then, here are a few key things to look out for when choosing your forex broker in South Africa.

1. Choose well-regulated forex brokers

You should try to ensure your broker of choice is well-regulated by the FSCA or another top regulator like CySEC, FCA, or ASIC.

All of the brokers listed here are well regulated.

2. ZAR Accounts

Look for a broker that offers ZAR currency as a deposit or base currency where possible, as this removes having to pay any kind of conversion fees after you have funded your account. Despite this, only a few of the top forex brokers in South Africa facilitate ZAR deposits and base currencies.

3. Look for a bonus, but be wise

Since forex broker bonuses are available under FSCA regulation, it makes sense that you should search for and consider the brokers with some of the best bonus offers. No deposit bonuses, in particular, may be a great way to get started for new traders if you do not want to have any kind of risk.

With that in mind though, you should always choose your broker first on the features and markets they offer to suit your style, and secondly on their bonus offers.

How to verify if a forex broker is regulated in South Africa

There are a few simple steps you can follow here in order to make sure that the broker you select is regulated within South Africa.

You should first visit the FSCA official website. From there you can search “regulated entities” through the homepage, selecting “FAIS” under the “list of regulated entities and persons” option.

Next you should choose “Financial Service Providers” which should lead you to this page. Finally, check the forex brokers registration number or check the list by the name of your broker. This can usually be completed within just a couple of moments.

Is forex trading taxable in South Africa?

The rate at which you can be taxed will depend on your income. The minimum percentage is 18% though this can stretch to a maximum of 40% capital gains tax depending on the situation.

You will be taxed annually, though you may in some cases be entitled to a tax refund for which you should complete an ITR12 document again on an annual basis.

If you are trading in crypto, you should be aware that since 2014, these have been considered an intangible asset by the South African Revenue Service and as such, all capital gains here also must be declared and are subject to tax.

[Disclaimer: we are not accountants, we have done an internet research. Contact SARS or an Accountant if you don’t know how to manage this aspect]



InvestinGoal.com may receive a monetary compensations from the brokerage companies listed above.

filippo ucchino

About The Author

Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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