17 Best FSB Regulated Forex Brokers in South Africa – ( Reviewed ) 2020

FSB Regulated Forex Brokers in South Africa

FSB Regulated Forex Brokers in South Africa

 

Finding the list of the Best FSB Registered and Regulated Forex Brokers in South Africa and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept South African traders and who allow these traders to invest in their currency, the South African Rand.

In this article, we will share tips and list the best Forex trading platforms and sites that allow South African traders to trade in Stocks, Shares, Indices, Binary Options, CDFs, ETFs, Forex and cryptocurrencies like Bitcoin and Ethereum.

Forex trading in South Africa has become much easier to get involved in during the last decade, which has resulted in strong economic growth and rising disposable incomes for many South Africans.

Below, in no particular order, is the list of 17 of the Best FSB Regulated Forex Brokers in South Africa.

 

Alpari International Review South Africa
 

Alpari

 

Alpari was established in 1998 (but relaunched in 2014) and is based in and is also regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Alpari gives you access to multiple platforms such as MetaTrader 4 and MetaTrader 5 on desktop, web and mobile formats.

They offer more than 250 markets in Forex, Stocks, Indices, Metals and Cryptocurrencies and have a trading turnover of more than $1.3 trillion per year.

Alpari has great educational resources and demo accounts which makes it great for the beginner in Forex day trading.  

 

Features

 

  • Maximum leverage as high as 1:1000
  • Over 60 Forex currency pairs and crosses available for trading
  • Low min deposit
  • Choice between ECN and market-maker execution models
  • Also regulated by an offshore industry center (FSC Mauritius)

 

Pros and Cons

 

Pros Cons
Demo Accounts and Social Trading Limited educational resources
Great copy trading broker Lack of resource tools
Diverse selection of tradeable assets High fees
Good support in over 30 languages Withdrawal fees
Low minimum deposit

 

FXTM review south africa
 

FXTM

 

FXTM was founded in 2012 with their head office in Cyprus.  They also have offices in London, Germany, Poland, France, Spain, Italy, Turkey, China, Thailand, South Korea, Malaysia, India and Nigeria.

FXTM is an award-winning Forex broker that is licensed and well-regulated worldwide, from the UK, South Africa, Belize, Cyprus and Mauritius as examples

FXTM offers tight spreads, Forex trading in all currency pairs as well as a wide range of other financial products and derivatives.

 

Features

 

  • Allows hedging
  • Fast and easy account opening
  • Low min deposit
  • Great selection of educational tools
  • Low stock index CFD fees
  • Spreads as low as 0.1 pip for a standard account and 0 pips for ECN based trading accounts

 

Pros and Cons

 

Pros Cons
Low minimum deposit Inactivity and withdrawal fees
Fantastic Customer Service High CFD fees
Fast and easy account opening Limited product portfolio
Well regulated Broker
Very competitive Forex fees

 

FP Markets Review in south africa
 

FP Markets

 

Founded in 2005, FP Markets is an Australian CFD and Forex broker that is also regulated by the Australian ASIC and the Cypriot CySEC.

They offer 50 Forex currency pairs, gold, silver, CFDs, Indices, stocks and cryptocurrencies to trade with on a variety of platforms.

 

Features

 

  • Leverage is 1:500 when trading currency
  • Offer Direct Markets Access (DMA)
  • Additional regulations include ASIC & CySEC
  • Demo Account for beginning traders
  • 50 plus currency pairings to trade

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited product portfolio
Low trading fees High CFD fees
Fast execution of trades High minimum deposit
Low Forex fees High fee for international bank withdrawal
Good platform options

 

XM.com Review in south africa
 

XM

 

XM Global was established in 2017 and offer more than 1000 financial instruments which includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.

XM gives access to over 55 pairs for Forex trading.

XM is also regulated by the International Financial Services Commission.

They offer two Forex trading platforms which are accessible from both real and demo accounts; both MetaTrader 4 and MetaTrader 5, the most widely used platforms in trading.

They are a highly awarded and acclaimed firm with some of their latest awards being: Best FX Service Provider for 2020 awarded by City of Wealth Management Awards 2020; Best Customer Service Global 2019 awarded by Capital Finance International Magazine; Best Market Research and Education Global 2019 awarded by Capital Finance International Magazine; and Best FX Service Provider awarded by City of London Wealth Management Awards 2019.

 

Features

 

  • Allows scalping
  • Offers negative balance protection
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows Hedging

 

Pros and Cons

 

Pros Cons
Low withdrawal fees Inactivity fee
Easy and fast account opening Average Forex fees
No withdrawal fee
Great educational tools and resources

 

GO Markets Review in south africa
 

GO Markets

GO Markets is one of the leading and trusted Australian regulated brokers and has offices in Melbourne, London, Taipei and Hong Kong.

They were founded in 2006 and currently offers more than 350 tradeable CFD instruments including Forex, Shares, Indices and Commodities and Cryptocurrencies.

 

Features

 

  • Allows hedging
  • Allows scalping
  • Offers STP
  • Additional regulation by ASIC
  • Offers Negative Balance Protection

 

Pros and Cons

 

Pros Cons
Ultra-fast trade executions Only two account types available
Innovative technology Clients from many jurisdictions not accepted
Great day trading and analysis tools Not available in the US
Highly regulated broker Limited range of instruments

 

AvaTrade Review In south africa
 

AvaTrade

 

AvaTrade was founded in 2006 with its headquarters in Dublin, Ireland, while having satellite offices in Japan, Australia, Ireland, and the British Virgin Islands with sales offices also in Paris, Milan, Madrid, Mongolia, Beijing, Nigeria, Santiago, and South Africa.

They offer more than 250 financial instruments which include more than 60 Forex currency pairs, major stock indices, cryptocurrencies, commodities, bonds, individual shares and ETFs.

AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa.

 

Features

 

  • A range of automated trading platforms and EA compatibility
  • Client funds are held in segregated accounts for increased security
  • Desktop, tablet, mobile and web-based trading with MetaTrader 4, MetaTrader 5 and AvaTradeGO
  • Competitive spreads
  • Forex trading websites in more than 20 languages

 

Pros and Cons

 

Pros Cons
Easy and fast account opening Limited research tools
Great educational tools Poor support telephonically
No withdrawal fee Administration fee
Free deposit and withdrawal options Inactivity fee
Low trading fees Offers only CFD’s, Forex and Cryptocurrencies

 

Exness Review in South africa
 

Exness

 

The Exness Group was founded in St. Petersburg, Russia in 2008 and has a monthly Forex trading volume of more than $180 billion, as well as 15,000 new accounts opened each month, with more than 80,000 active Forex traders.

They offer access to more than 120 financial instruments to trade across which include Forex, Crypto, Stocks and Indices, with more than 120 currency pairs to choose from in Forex.

They also have licences from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles.

The Exness Group website is available in 23 different languages including English, Chinese, Russian, Vietnamese, Farsi, Hindi, Urdu, Tamil, Thai, Bengali, Indonesian, and Malay with 24/5 customer support in 13 languages.

 

Features

 

  • Very cool user friendly and modern website
  • Tight spreads from 0.1 pips
  • No hidden commissions or fees
  • Instant withdrawal of funds
  • Client funds kept in segregated accounts
  • Tight spreads
  • Copy trading system

 

Pros and Cons

 

Pros Cons
Customer support in many languages Inactivity and withdrawal fees
Commission free trading High CFD fees
Access to Forex ECN trading Not available in the US
120 Currency pairs to trade from
Offshore regulation

 

HotForex Review in south africa
 

HotForex

 

HotForex was founded in 2010 and has its headquarters in Cyprus with several global satellite offices in Dubai, South Africa and offshore entities in St Vincent and the Grenadines.

They have grown exponentially worldwide and have garnered many awards.  In 2015 the company was listed as on the Top 100 Companies by World Finance Magazine and the received the award for Business Excellence.

They offer 6 core trading accounts where traders can access 150+ trading instruments across Forex, Commodities, Indices, Shares, Bonds and Cryptocurrency CFDs.

Every one of their account types offer commission-free trading for Forex pairs.

 

Features

 

  • Known for great technology
  • Numerous industry awards garnered
  • Great range of markets
  • Also regulated by ASIC, CySEC, FCA
  • Offers Negative Balance Protection
  • Additional Civil Liability Insurance
  • Premium MetaTrader tools offered

 

Pros and Cons

 

Pros Cons
Fast, easy, fully digital account opening Only Forex and CFD products
Low minimum deposit Two of their entities are unregulated
Commission free accounts available Only 56 shares available
Low Forex fees
Competitive spreads

 

Read the 27 Best Forex Trading Brokers and Platforms in Angola here

 

IG Group Review in south africa
 

IG

 

IG is considered the world’s largest CFD and financial spread betting broker by revenue.

The IG Group is listed on the London Stock Exchange and is regulated by the FCA, ASIC, and the FSCA.  They have over 195,000 clients all over the world, with sales offices in 14 countries across five continents.

Founded in 1974, IG offers access to thousands of financial markets worldwide and have won awards such as Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017 (Investment and Wealth Management Awards),

 

Features

 

  • Thousands of markets on offer
  • Fantastic educational tools available
  • First-class web trading platform
  • Guaranteed stop losses
  • Excellent day trading conditions
  • Fully digital account opening

 

Pros and Cons

 

Pros Cons
No minimum deposit Poor phone support
No withdrawal fees Inactivity fees
Low CFD trading fees No copy trading platform
Low trading fees
Highly regulated

 

FXCM Review in South Africa
 

FXCM

 

FXCM is a UK-based broker that also has offices in the UK, Germany, Australia, France, Italy, Greece, Hong Kong, and South Africa with affiliated offices in Canada and Israel.

FXCM was founded in 1999, and it has grown to be one of the leading providers of online Forex trading and is known for fast trade executions, as well as advanced and innovative technology.

Users can trade on FXCM’s proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.

The broker also offers access to other platforms such as QuantConnect, MotiveWave, AlgoTerminal, Sierra Chart and others as well.

 

Features

 

  • A huge offering of platforms including their proprietary Trading Station
  • Wide range of tradeable markets, research and educational resources
  • Top Notch charting and technical analysis tools
  • Great technical research tools
  • High quality educational tools

 

Pros and Cons

 

Pros Cons
Low Stock and ETF fees Limited product portfolio
Fast and easy account opening Poor mobile platform
Low trading fees High AUD/USD trading fee
No withdrawal fee
Excellent charting and tech analysis tools

 

Plus500 Review in South Africa
 

Plus500

 

Plus500 is solid Forex broker that offers a wide range of financial markets with relatively low spreads and no commissions but are a no-frills operation.

Plus500 was founded in 2008 in Israel and now heads its operations in Australia with its main offices in Sydney.

It is regulated by several international financial authorities in addition to the FSCA, including the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Plus500 offers over 2000 instruments and has one of the highest rated CFD trading apps on Apple’s App Store and Google Play.

It is known to have Forex platforms that are both very easy to use and intuitive, while offering good advanced tools for day trading strategies.

 

Features

 

  • Offers access to over 2,000 trading instruments
  • Very low spreads and commissions
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Pros and Cons

 

Pros Cons
Easy to use platform Inactivity fee
No withdrawal fee Minimal research tools
Low trading fees Minimal educational resources
Highly regulated Limited product portfolio
Very competitive pricing Lack of platforms

 

Pepperstone Review in south africa
 

Pepperstone

Pepperstone offers over 57,000 trading clients and boast an average daily transaction size of $12.55 billion. They are an Australian Forex broker founded in 2010 and in 2015 they opened a London office as well.

Pepperstone is also regulated by other top-tier financial authorities; the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

 

Features

 

  • Offers a range of online trading platforms
  • Low min deposit
  • Top Tier regulation
  • Award winning customer support

 

Pros and Cons

 

Pros Cons
Low fees in spreads and comms Limited range of instruments
Good offering of trading platforms Limited risk management tools
Free deposit and withdrawal No stockbroking. Only Forex and CFDs
Low minimum deposit Basic news flow, no fundamental data

 

FxPro Review in south africa
 

FxPro

 

FxPro UK was founded in 2006 and is a subsidiary of FxPro Group Limited. They boast over 870,000 client accounts in 173 countries and are regulated by the FCA and CySEC, and FSB (FSCA).

They offer incredible execution speeds, with an average execution time of less than 11.06 milliseconds and it processes approximately 7 000 orders per second.

They are known to provide the best day trading time frame on the market.

They also boast over 70 international and UK awards in total to date which include:

  • Most Reliable Broker of the Year 2019, “International Investor” Magazine
  • Best FX provider of the Year 2019, Online Personal Wealth Awards
  • Best Tablet Application 2019, Online Personal Wealth Awards
  • Best European Value Broker of the Year 2019, Global Forex Awards
  • Best Global Forex Introducing Broker Programme 2019, Global Forex Awards
  • Best European Forex Trading Platform 2019, Global Forex Awards
  • Best MetaTrader Broker 2019, ForexBrokers com
  • Best in Class of Commissions & Fees, ForexBrokers com
  • 5-stars MetaTrader Broker 2019, ForexBrokers com

 

Features

 

  • No dealing desk and very fast execution of trade speeds
  • Company capital in excess of 1 million British Pounds
  • Incredibly fast execution speeds
  • Winner of Multiple awards
  • Good customer service with 24/7 Support

 

Pros and Cons

 

Pros Cons
Wide selection of market instruments No investor protection
Segregated accounts Doesn’t offer its services in all countries
Highly regulated No dealing desk
Range of account types
Little to zero commissions charged

 

ThinkMarkets Review in south africa 
 

ThinkMarkets

 

ThinkMarkets, an online Forex and CFD brokerage firm, was founded in 2010 and is based in London.

They also have offices in the Asia-Pacific, Middle East, North Africa, Europe and in South America with over 10,000 traders using their platforms.

ThinkMarkets keeps the funds of clients in segregated accounts with top-tier banks such as Barclays, National Australia Bank as well as the Commonwealth Bank of Australia.

They are heavily regulated and authorized by two of the strictest and most demanding regulatory and authorization entities within the UK and in Australia, namely the FCA and the ASIC as well as the FSCS (FSB) in South Africa, providing a good layer of protection.

 

Features

 

  • Segregates client funds
  • Highly regulated
  • Diverse technical research tools
  • Tightest possible spreads

 

Pros and Cons

 

Pros Cons
Low minimum deposit No fixed spread accounts
Advanced trading programs No web-based trading platform
Commission free accounts Commission charged for two account types
VPS service

 

eToro Review in south africa
 

eToro

 

eToro, founded in 2007 in Tel Aviv, Israel, started off as a broker only offering Forex trading and has since expanded its product offerings to include cryptocurrencies, commodities, stocks and market indices and now boast more than 10 million users in 140 countries worldwide.

eToro made its name on its social investing platform that allows users to copy the trades of other investors.

In fact, in the eToro social community, traders can become “leaders” and earn from leading other Forex traders that follow and copy their trades.

 

Features

 

  • Premier Social trading/Copy trading platform and community
  • Huge cryptocurrency offering
  • Robust charting
  • 10 million traders worldwide
  • Offers access to 15 cryptocurrencies
  • Free stock and ETF trading in Europe

 

Pros and Cons

 

Pros Cons
Fully digital account opening Withdrawing money is slow and costly
Low CFD fees High Forex fees
No deposit fee Only one account base currency used
Service is fast Withdrawal fee
Low minimum initial deposit  No streaming news

 

OctaFX Review pros and cons
 

OctaFx

 

OctaFX, established in 2011, is a part of Octa Markets which is based in Kingston and has a subsidiary in Cyprus by the name of Octa Markets Cyprus Ltd. They are based Jakarta, Indonesia with offices in St. Vincent and the Grenadines.

They are an (STP) ECN Forex broker that offer both the MetaTrader and cTrader platforms that give access to all major currency pairs and commodities with a leverage of 1:500.

In the past, OctaFx had focused primarily on the Asian market and won several awards for their work in that region but have grown significantly to more than 100 countries worldwide.

 

Features

 

  • First time deposit match of 50%
  • Unlimited demo account
  • Spread offerings among the most competitive in the Forex industry.
  • Great advanced technology
  • Extensive research and educational resources
  • Over 300,000+ traders worldwide

 

Pros and Cons

 

Pros Cons
No commission deposits or withdrawals Limited range of instruments
Free and easy deposit and withdrawal No Forex educational tools
Multiple platforms to choose from Doesn’t offer VPS
Enhanced licensing with the addition of CySEC regulation
Low Forex and stock index CFD fees

 

RoboForex Review pros and cons
 

RoboForex

 

RoboForex Group was founded in 2009. They are headquartered in Cyprus and serves around 800 000 traders, from 170 countries.

RoboForex offers 8 asset types and more than 12 000 financial instruments for trading and brings support in 18 languages.

Point of interest, RoboForex currently serves as an Official Sponsor of “Starikovich-Heskes” team at the Dakar and Official Sponsor of Muay Thai fighter Andrei Kulebin.

 

Features

 

  • Allows hedging
  • 5 Account currencies
  • Allows scalping
  • Tight spreads from 0 pips
  • Micro accounts with the minimum lot size of 0.01
  • Offers STP

 

Pros and Cons

 

Pros Cons
Fast order execution Not FCA regulated
Fully digital account opening No fix spread accounts
Affiliate program with 50% profit sharing
Used by over 10,000 traders
8 asset classes

 

Read the 27 Best Forex Trading Brokers and Platforms in Kenya here

 

In conclusion

 

The FSCA which is based in Johannesburg, South Africa, regulates the non-banking financial services segment of the South African market as it has done for more than 20 years (previously as the FSB).

Although investors can trade Forex and CFD with offshore brokers to bypass this regulation, it is highly recommended that South African traders use FSCA regulated Forex brokers as this protects investors against any disputes and malpractices by Forex brokers.

 

Frequently Asked Questions

 

Are there forex companies trading in South Africa?

Yes, forex companies are continually trying to establish a stable market among South Africans.

Who are the best FSB forex brokers in South Africa?

View the 17 Best FSB regulated Forex brokers in South Africa here

What are FSB Brokers?

Forex brokers regulated by the Financial Services Board in South Africa.

What is the function of the FSB?

The FSB is the regulatory body for all non-banking financial activities and companies in South Africa.

What trading instruments do FSB Brokers in South Africa offer?

Stocks, Shares, Indices, Binary Options, CDFs, ETFs, Forex and cryptocurrencies like Bitcoin and Ethereum.

 

 

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