Best Forex Brokers in South Africa 🏆

Best forex brokers in South frica

Best forex brokers in South frica

According to research in South Africa, when traders choose which market to trade, they are looking for optimal trading conditions and the best chance of making a profit. 🚀More and more South Africans are starting to trade forex.

Our professional team of full-time forex traders have compiled the best of the best forex brokers in South Africa.

Top 5 Forex Brokers

1

Broker

avatrade_hori

Minimum Deposit

USD 100

REGULATED BY

Trading Desk Type

Market Maker

High Bonuses, Now with Extra-Low Spreads

Trading Conditions

4.7/5

Trading Conditions

  • MT4
  • MT5

Rank #5

2

Broker

Minimum Deposit

USD 100

REGULATED BY

Trading Desk Type

Market Maker

Tickmill has one of the lowest forex commission among brokers.

Trading Conditions

4.7/5

Trading Conditions

  • MT4
  • MT5

🥇
Rank #1

3

Broker

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

The majority of the methods do not incur any fees. Their processing times are quick.

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥈
Rank #2

4

Broker

fb

Minimum Deposit

USD 1

REGULATED BY

Trading Desk Type

Market Maker

FBS has received more than 40 global awards for various categories

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

🥉
Rank #3

5

Broker

Xm.com-Logo-1-1024x514

Minimum Deposit

USD 5

REGULATED BY

Trading Desk Type

Market Maker

MetaTrader platform with low trading fees

Trading Conditions

4.5/5

Trading Conditions

  • MT4
  • MT5

Rank #4

1

World Class Customer Support

4.7/5

User Score

2

$30 Welcome Account

4.8/5

User Score

3

justforex_white_logo

Quick processing times

4.5/5

User Score

4

A review about FBS

$100 Sign Up Bonus

4.7/5

User Score

5

50% Deposit Bonus up to $5000

4.8/5

User Score

This is the ONLY forex broker guide you need if you are a South African.

Foreign exchange or better known in its abbreviations Forex (or FX for short) is the marketplace for trading all the world’s currencies and is the largest financial market in the world.

Forex has become the fastest growing and most popular type of trading for people who trade for themselves for a host of reasons with the basis being:  optimal trading conditions and the best chance of making profits.

It is important to note that this list is not on a ranking basis but a comprehensive list of the BEST Forex Brokers and Trading Platforms in South Africa geared for persons trading for themselves, especially beginner Forex traders. We leave it to you to make our decision based on their pros and cons. Let’s get started…

📢 Here is a list the best forex brokers in South Africa.

 

 

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

A review about Tickmill
 

Tickmill

TickMill offers traders 2 basic account types, accessible through the popular MetaTrader 4 platform and offers market execution with average speed of 0.3 seconds, variable spreads, leverage up to 1:30 and micro tradeable lots. The Classic account is commission-free and The Pro ECN carries a charge of a small commission fee and get tighter spreads.

open a forex account

Trading benefits

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads (& Commission)
Classic $100 0.01 1:30 From 1.6 pips
Pro $100 0.01 1:30 0.2 pips + $4 / Lot*

 

*Commission is calculated per standard lot of 100 000 units round trip.

 

TickMill supports the MetaTrader4 (MT4) platform, available for Mac/Windows PC, Android & iOS devices and as a web-based version and accepts a wide range of payment methods: via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, dotpay, and Sofort.

 

Key Features

 

  • Supports: Metatrader for desktop, web & mobile
  • Minimum deposit: $100 (~₦36,000)
  • Leverage: 1:500
  • Trading Instruments: Forex, CFDs on Stock Indices, precious metals

 

 

 

 

A review of Exness
 

Exness

 

Regulator:                         FSA Seychelles
Minimum deposit:           $1
Leverage:                          Up to 1:2000
Average spread:               0 (Zero and Raw spread) 0.3 – Standard
Platforms:                         MT4, MT5, Web, Mobile

open a forex account

  • Super tight spreads
  • Instant automated Withdrawals and deposits 24/7
  • Multiple withdraw and deposit methods
  • Accepts Mobile Money deposits and withdrawals
  • Negative balance protection
  • Regulated broker

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

 

New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.

open a forex account

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 100 instruments
  • Over 80 currency pairs

 

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

 

Trading benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts on Offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

A review about FBS
 

FBS

 

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.

open a forex account

Trading benefits

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Cent $1 0.01 lot 1:1000 from 1 pip
Standard $100 0.01 lot 1:3000 from 0.5 pips
Zero Spread $500 0.01 lot 1:3000 0 pips + $20/lot
Micro $5 0.01 lot 1:3000 fixed, from 3 pips
ECN $1000 0.1 lot 1:500 from -1 pip + $6/lot

 

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

 

avatrade forex broker

Avatrade

AvaTrade is one of the most respected, oldest and largest online brokerages in the world. The company has won numerous awards for “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider”, and “Best Forex Broker YEAR”.

open a forex account

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Easy and Fast account opening🔴 Research tools are a little outdated
✔️ Free deposit and withdrawal options🔴 Poor phone support
✔️ Educational tools are good🔴 Inactivity fee

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️Average spread EUR/USD – active🟣 0.62
✔️Average spread EUR/USD – standard🟣 0.92
✔️VIP or active trader discounts🟣 Yes

 

 

 

FXTM Review - forex broker

FXTM

FXTM is a well-regarded broker with a strong focus on educating new traders.  There is a good foundation of educational material at FXTM for beginners but maybe a bit lacking on material for the more advanced trader.

By keeping the focus on beginners looking for reasonable trading conditions, FXTM has created a welcoming and user-friendly environment for new traders.

Additionally, known for strong customer support it is one of the few brokers with 24/7 support, allowing traders to get set up on weekends or holidays.

For the absolute beginner, FXTM has a great deal of training material to help new traders get started. For the more advanced trader, there is an additional set of videos that cover analysis topics, and more detail on chart reading techniques.

 

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Great customer Service🔴 High withdrawal fees
✔️Easy sign up process🔴 Inactivity penalties
✔️Great training materials for beginners🔴 Limited product range.

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $5-$100
✔️ Average spread EUR/USD – active 🟣 0.8
✔️Average spread EUR/USD – standard 🟣 1.6
✔️VIP or active trader discounts🟣 No
XM.com Review

XM

XM Group is considered to be one of the brokers in the market with the most extensive experience and in-depth knowledge of the global financial market.  XM Group is a good broker and for beginners there are vast quantities of educational material, market analysis, webinars and seminars held around the world.

XM is also known to offer the best Forex platforms and mobile trading.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Easy setup process🔴 Limited product portfolio
✔️ Great educational tools for beginners🔴 High Forex Fees
✔️ Opening account is fast and digital🔴 Penalties for inactivity
✔️ Great bonus system

Fees & Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $5-$100
✔️ Average spread EUR/USD – active 🟣 0.8
✔️Average spread EUR/USD – standard 🟣 1.6
✔️VIP or active trader discounts🟣 No

Alpari Review

Alpari

Alpari Financial Services Ltd (Alpari) is one of the world’s leading independent forex broker that provides online trading services on the international currency market.

There are a few things that make Alpari attractive and unique to both beginner traders and experienced traders alike.

As a beginner, you’ll be able to enjoy access to a free demo account, a micro account, and social trading.

If you’re an experienced trader, not only can you enjoy ECN trading, but you can also make some extra cash by becoming a Strategy Manager. As a Strategy Manager, other traders can copy your trades, and you make a percentage of their earnings

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Alpari also offers a variety of account types, advantageous trading conditions, and quality customer service that makes this a good choice for all types of traders.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Good product portfolio🔴 Education and research tools can be improved
✔️ Best Broker for copy trading accounts
✔️ Strategy Manager Role
✔️ Demo accounts and social trading available for the beginner trader

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $1000
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 0.28
✔️VIP or active trader discounts🟣 Yes

 

FP Markets Review

FP Markets

FP Markets is a good well-rounded broker that has decent offerings all around.  This combined with great pricing makes them a good choice for all types of traders.They are also known for their excellent client support over multiple languages and have been awarded “The Highest Overall Client Satisfaction Award” by Investment Trends 2016 Australia CFD Report.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Good customer service🔴 Narrow product offerings
✔️ Great Customer Service🔴 Withdrawals on certain options have costs attached
✔️ Simple setup process🔴 Outdated web platform
✔️ No penalty for inactivity

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️ Average spread EUR/USD – active 🟣 -
✔️Average spread EUR/USD – standard 🟣 1.19
✔️VIP or active trader discounts🟣 -

GO Markets Review

GO Markets

GO Markets is a solid broker with lots of features. Go Markets probably fits all kinds of traders whether you are a beginner or experienced trader. The broker provides analytics and offers great educational tools.GO Markets offers very low Forex fees. You can be up and running very quickly as both the account opening and depositing is super easy and fast. Additionally, you’ll get many high-quality educational tools ranging from a demo account to e-book overall, GO Markets is an incredibly strong Forex and CFD broker for traders. Great customer service and good spreads make it an attractive option. GO Markets is a broker that is well worth considering, especially if you are a Forex trader

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Low minimum deposit🔴 Penalties for inactivity
✔️ Very fast execution of trades
✔️ Good trading analysis tools on offer
✔️ Demo option available

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $200
✔️ Average spread EUR/USD – active 🟣 n/a
✔️Average spread EUR/USD – standard 🟣 1.2
✔️VIP or active trader discounts🟣 n/a

IG Group Review

IG

IG is one of the most regulated and trusted platforms globally and offers traders an extensive list of tradeable products, excellent research and trading tools, as well as industry-leading educational support, and competitive rates. This platform’s great all-round experience makes IG one of the best overall brokers in the market today.IG is one of the few platforms that serves traders of all experience levels, whether a beginner or experienced trader.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️Amazing web platform🔴 Narrow product scope
✔️ Good educational tools🔴 Phone support needs to be improved
✔️ Low trading fees

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $250
✔️ Average spread EUR/USD – active 🟣 0.36
✔️Average spread EUR/USD – standard 🟣 0.7
✔️VIP or active trader discounts🟣 Yes

Plus500 Review

Plus 500

Plus500 can be a solid choice for less-experienced traders as the platform is straightforward to figure out and designed to making the trading experience simple throughout.  Less is sometimes more when first starting out in the oftentimes overly complex world of Forex trading. As is often the case with all platforms, Plus 500’s pro can also be its con.  Pro 500 lacks depth when it comes to trading tools and research as well as comprehensive educational resources for more experienced or growing traders. However, Plus 500’s easy to use platform more than makes up for it, making it excellent for beginner Forex and CFD traders.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Great user experience🔴 Research tools need improving
✔️ Vast educational tools🔴 WhatsApp support needs streamlining
✔️ 24/7 support on web and email

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️ Average spread EUR/USD – active 🟣 n/a
✔️Average spread EUR/USD – standard 🟣 0.6
✔️VIP or active trader discounts🟣 No

Easy Markets

EasyMarkets is an easy to use and intuitive platform for beginners because of the unique features it offers in its proprietary trading platform. EasyMarkets is pricey, however, offers only a small selection of tradeable products, and lacks market research. 

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️Commission free🔴 Trading accounts need more options
✔️ Forex and trading carry low fees🔴

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️ Average spread EUR/USD – active 🟣 0.9
✔️Average spread EUR/USD – standard 🟣 0.9
✔️VIP or active trader discounts🟣 Yes

Saxo Bank Review

Saxo Bank

Saxo Bank is a trusted name in Forex trading with a long track record, banking background, and is regulated by top-tier financial authorities. Saxo Bank’s proprietary trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) set the industry benchmarks, thanks to their streamlined designs and robust trading tools.For traders that can afford the high minimum deposit, Saxo Bank provides a complete package worth being a customer for, under a global brand that traders can trust.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️Platforms work well🔴 Minimum deposit is off-putting
✔️ Research tools are good🔴 24/7 support not offered
✔️Variety of products on offer

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $10 000
✔️ Average spread EUR/USD – active 🟣 0.6
✔️Average spread EUR/USD – standard 🟣 0.6
✔️VIP or active trader discounts🟣 Yes

eToro Review

eToro

eToro is a winner for its easy-to-use copy-trading platform.  The main downside of eToro is its high pricing; otherwise, eToro delivers.  eToro offers Forex and CFD traders a wide variety of investment options.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Easy setup process🔴 Forex fees are high
✔️ Enjoyable trading experience🔴 Withdrawals have long lead times

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $200
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 3
✔️VIP or active trader discounts🟣 Yes

CMC Markets Review

CMC Markets

CMC Markets offers an excellent fit for new traders with its great educational resources. CMC Markets is also a great choice for Forex and CFD traders with its Next Generation trading platform.The CMC Markets Next Generation platform delivers terrific tools, comprehensive market research, an excellent mobile app, and a wide selection of nearly 10,000 tradeable instruments.

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Wide variety of products 🔴 Some delays when withdrawing
✔️ Trading platforms are good 🔴 Support responses via phone is slow
✔️ Educational tools are informative

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $0
✔️ Average spread EUR/USD – active 🟣 0.81
✔️Average spread EUR/USD – standard 🟣 0.81
✔️VIP or active trader discounts🟣 Yes

OANDA Review

Oanda

Oanda Developed within academia, Oanda has grown and built a reputation for being a trustworthy exchange and the most trusted retail Forex platform.Oanda offers a great and easy-to-use web trading platform, and a quick and user-friendly account opening process with no minimum deposit.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Low trading fees🔴 Withdrawal fees are high
✔️ Easy start-up process🔴 Support call resolution could be faster with relevant answers
✔️ Decent web platform

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $0
✔️ Average spread EUR/USD – active 🟣 1.4
✔️ Average spread EUR/USD – standard 🟣 1.4
✔️ VIP or active trader discounts 🟣 Yes

Pepperstone Review

Pepperstone

Pepperstone provides Forex and CFD traders with competitive pricing, excellent customer service, and one of the largest selections of third-party platforms, including numerous options for social copy trading although its offering is a small set of tradeable products. While Pepperstone lacks a proprietary platform, it offers nearly every third-party platform a trader could ever want to use.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Forex fees are low🔴 Limited products on offer
✔️ Customer support is effective🔴 Research material needs to be expanded
✔️ Easy transacting

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $200
✔️ Average spread EUR/USD – active 🟣 0.86
✔️Average spread EUR/USD – standard 🟣 1.13
✔️VIP or active trader discounts🟣 Yes

FXCM Review South Africa

FXCM

FXCM focuses on traders who want to learn how to start trading the financial markets. New traders can take advantage of the trading tools and Forex education that FXCM offers. While its range of tradeable markets is narrow and pricing is just average for everyday trading, FXCM caters to multiple trader types.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Research tools are good🔴 Product scope is narrow
✔️ Extensive educational tools🔴 Need to further develop platforms
✔️ Easy setup process

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $300
✔️ Average spread EUR/USD – active 🟣 0.70
✔️Average spread EUR/USD – standard 🟣 1.30
✔️VIP or active trader discounts🟣 Yes

XTB Review

XTB

XTB is a trusted multi-asset broker regulated in several major financial centres, XTB provides a well-rounded, competitive offering. Highlights include outstanding customer service and the xStation 5 trading platform, XTB has developed is an award-winning proprietary trading platform which delivers a great experience.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Manageable Forex fees🔴 Email support turnaround is slow
✔️ Flexible transaction rules🔴 Few products on offer
✔️ Quick setup process

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum deposit to start trading 🟣 $0
✔️ Average spread EUR/USD – active 🟣 0.78
✔️Average spread EUR/USD – standard 🟣 0.78
✔️VIP or active trader discounts🟣 Yes

Forex.com review south africa

Forex.com

FOREX.com is a one-stop-shop for Forex traders especially if you are based in the U.S. Forex.com offers a large range of tradable currencies an impressive trading platform, The platform also has an extensive education center that provides free, informative Forex trading courses at multiple skill levels.  It isn’t a conventional broker, however, and the confusing pricing and margin structures may also be overwhelming for new Forex traders.

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Forex fees are low🔴 Further development needed for the desktop platforms
✔️ Decent research tools🔴 Too few products on offer
✔️ Simple start-up steps

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $50
✔️ Average spread EUR/USD – active 🟣 0.7
✔️Average spread EUR/USD – standard 🟣 1.0
✔️VIP or active trader discounts🟣 Yes

TD Ameritrade Review

TD Ameritrade

TD Ameritrade is a top brokerage for investors across the United States. With competitive fees, a wide range of account and investment options, and excellent investor resources, this platform is certainly worth considering if you’re in the market for a new home for your stocks, bonds, and other investments.TD Ameritrade’s thinkorswim platform is a sophisticated multi-asset desktop experience that is great for Forex trading.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️Good trading fees🔴 Account opening is not fully digital
✔️ Great platforms for trading 🔴 Costly withdrawal fees on wire transfers
✔️ Solid customer support

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $0
✔️ Average spread EUR/USD – active 🟣 1.065
✔️Average spread EUR/USD – standard 🟣 N/A
✔️VIP or active trader discounts🟣 N/A

Dukascopy Review South Africa

Dukascopy

Dukascopy Bank is an excellent choice for highly experienced traders thanks to its JForex platform suite which provides Forex traders industry-leading trading tools and market research, which includes one of the favourite mobile apps for 2020. Drawbacks include terrible customer service and a narrow offering of tradeable markets

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Mobile app is one of the best🔴 Slow response times to queries
✔️ Forex platform suite is innovative and feature rich🔴 More for experienced traders
✔️ Great research including Dukascopy TV🔴 Narrow offering of products
✔️ Competitive pricing

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $1000
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 0.28
✔️VIP or active trader discounts🟣 Yes

Swissquote Review

Swissquote

Swissquote provides a mostly industry standard offering (streaming news headlines, economic calendar, blog commentary) but makes its mark by being the broker that goes above and beyond in quality. Traders will pay for this quality, however, but if you are someone who requires a multi-asset solution and is willing to pay a premium to have their brokerage account held with a Swiss bank, Swissquote is worth a consideration.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ No inactivity penalties🔴 High trading fees
✔️ Great market selection
✔️ Research tools are decent

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $1000
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 N/A
✔️VIP or active trader discounts🟣 N/A

ETX Capital Review

ETX Capital

ETX Capital is known for its excellent customer services team, having finished Best in Class in the Customer Service category in 2020. Traders choose ETX Capital for its reputation built up over 50 years through its FCA-regulated offering. On the downside, although ETX Capital’s Trader Pro platform is solid, it lacks the depth of research that you can get from other trading platforms.

View all FSB regulated forex brokers 

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Great scope of transactions🔴 Trading fees are high
✔️ Easy sign up🔴 Research tools need to be increased
✔️ Decent resources

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️ Average spread EUR/USD – active 🟣 0.81
✔️Average spread EUR/USD – standard 🟣 0.81
✔️VIP or active trader discounts🟣 No

CityIndex Review

City Index

City Index is backed by GAIN Capital, which is one of the largest retail brokers globally.Both beginner and advanced traders may find the broker’s online Trading Academy courses and videos of use, as well as their in-depth market analysis and research covering all asset classes via articles and webinars.Beyond its extensive range of products, multi-asset traders confidently choose City Index for competitive spreads, great platform options, premium research tools, and reliable customer service

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Low Forex fees🔴 Boring desktop experience
✔️ Basic sign-up🔴 Few products offered
✔️ Good resources

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $50
✔️ Average spread EUR/USD – active 🟣 0.8
✔️Average spread EUR/USD – standard 🟣 0.8
✔️VIP or active trader discounts🟣 Yes

Trading 212 Review

Trading 212

Trading 212 is an online brokerage aiming to make the world of trading securities and Forex more accessible.Trading 212’s web and mobile trading platforms are easy to use and well-designed and optimized for the mobile user.   The platform is very simple to navigate around, yet offers a powerful range of features

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Regulated by top tier FCA 🔴 Fees are high EUR/USD
✔️ Fast account opening🔴 Analysis tools are lacking
✔️ Solid trading platforms🔴 Verification of accounts is slow
✔️ CFD fees are low

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $1
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 N/A
✔️VIP or active trader discounts🟣 No

London Capital Group Review

London Capital Group

LCG’s Trader platform is highly recommended because it is easy to use and its great pricing.For traders that can afford the $10,000 minimum deposit, the LCGTrader ECN account type offers, hands down, the best pricing on the market.Overall, LCG’s research is respectable, providing an experience that is just above the industry standard.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Regulated by tier 1 regulator FCA 🔴 LCG shares were suspended due to pending regulatory filing (May 2019)
✔️ Excellent customer service 🔴 Research tools are limited
✔️ ECN account 🔴 No automated trading
✔️ Analysis and insights are good

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $10 000
✔️ Average spread EUR/USD – active 🟣 0.65
✔️Average spread EUR/USD – standard 🟣 1.45
✔️VIP or active trader discounts🟣 Yes

Darwinex Review

Darwinex

Darwinex differentiates itself by their own market term called a “Darwin”.  In their copy trading platform, traders and their strategies are listed as DARWINS. They start with a value of 100 and this value changes based on the performance of the underlying strategy. As an investor, you buy or sell these DARWINS in the same way as you would buy or sell stocks and shares.In this way Darwinex provides Forex traders with a unique social copy trading community that enables investors to buy and sell trader-developed strategies.Copy-trading aside the offering is just average compared to some of their competitors.

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Best copy trading community🔴 Higher pricing
✔️ Regulated in one tier-1 jurisdiction🔴 Research tools need improvement
✔️ Top MetaTrader broker 🔴 Limited financial instruments
✔️ Client funds are segregated

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $100
✔️ Average spread EUR/USD – active 🟣 N/A
✔️Average spread EUR/USD – standard 🟣 N/A
✔️VIP or active trader discounts🟣 Performance discounts

HotForex Review

Hotforex

HotForex is enjoying growing success among global retail traders mainly because of its willingness to listen to clients, which led to them revamping their customer service platform. This revamp enabled the company to receive a ton of awards from several recognized institutions from Europe, Asia, Africa, and the Middle East.HotForex is also one of the few brokers that have multiple regulatory statuses throughout the world, according to research in South Africa

No Deposit Forex BrokersWelcome Bonus AmountClaim Bonus Here
🥇FBS$100 ✔️Claim Bonus Here
🥈Tickmill$30✔️Claim Bonus
🥉 RoboForex$30✔️Claim Bonus Here
📢 XM$30🔥Claim Bonus Here
📢 Markets.com10% Bonus Deposit🔥Claim Bonus Here
📢 ForexTime$10🔥Claim Bonus
📢 OctaFX$8🔥Claim Bonus

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Low deposit requirement for new traders with Micro accounts 🔴 Limited range of instruments
✔️ Lots of premium trader tools available🔴 Account opening not the easiest
✔️ Good customer support 🔴 US clients not accepted

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $5
✔️ Average spread EUR/USD – active 🟣 1.2
✔️VIP or active trader discounts🟣 Yes - Rewards Loyalty Programme

A review of Oinvest

Oinvest

Minimum deposit $250

Regulated by CySEC

Trading Desk Type STP Broker

Trading platform Metatrader 4

Awards see below

OINVEST.co.za is a fully regulated South African broker that has a vast range of Webinars, VODs, Ebooks, Tutorials, Courses and Articles. It uses the world renowned Metatrader 4 platform which is available for desktop mobile app or web browser.

A great platform for both the beginner or expert trader OINVEST is the proud sponsor of the Kaizer Chiefs.

Clients can trade over 250 CFDs in forex, cryptocurrencies, stocks, commodities and indices. With so much choice even the beginner, will be able to find an asset to trade which they have intimate knowledge of.

If you need help their friendly Customer Service is available Monday-Friday 5am – 5pm GMT. They have Live Chat, email, online form or phone.

Awards received: Best Multi Asset Broker South Africa 2018, Fastest Growing Forex Provider South Africa 2018 and 2019, Best Forex Broker 2019 and 2020, Best Stock Forex Broker 2020. The awards have been received from multiple agencies that cover the South African market.

Overall Pros and Cons

✔️ Pros🔴 Cons
✔️ Comprehensive training material for all levels of trader🔴 Inactivity penalties
✔️No hidden fees with competitive spreads🔴 Customer support could be available longer
✔️Multi Award winning broker
✔️Free demo account available

Fees and Commissions

✔️ Features🟣 Prices
✔️ Minimum Initial deposit to start trading 🟣 $250
✔️ Average spread EUR/USD – Active 🟣 0.18 (2 pips)
✔️Average spread EUR/USD – standard 🟣0.26 (3 pips)
✔️VIP or active trader discounts 🟣Yes

 

 

 

Frequently Asked Questions

 

Who are the best forex brokers in South Africa?

Here is a list of the 27 Best Forex Brokers in South Africa.

Is forex trading legal in South Africa?

Yes.

Why do beginner traders in South Africa lose money?

There are many reasons – unrealistic expectations, poor management of risk, not adapting to changing market conditions, overtrading, not following a proper trading plan.

Can forex trading in South Africa make you rich?

It is possible.

Do forex brokers in South Africa want you to lose?

When you consider that almost 95% of traders lose money, it a safe assumption to make.

 

Conclusion

Some of the reasons a great number of people who trade for themselves choose Forex trading include the possibility of very high returns, 24 four hour a day market hours, high volatility of the Forex market which provides more opportunities for profits, and higher liquidity with a daily average of 5 million dollars of turnover a day.

But in a marketplace filled with different trading platforms, how do you know which trading platform is the best one for you?

Whether you are just now becoming interested in giving Forex trading a try, or if you are a more experienced trader, a comparison of trading platforms can be helpful in helping you get started or to confirm you are trading with the best available tools at your disposal.

We hope you enjoyed our guide on the 27 best-known forex platforms in the market, as well as a brief description of what makes them good for the traders they are aiming to attract.



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