11 Best Forex Brokers in South Africa


The forex market is the largest financial market in the world and there are millions of traders from around the world that participate in the exchange of currencies.

South Africa has an active population of forex traders who are always looking for the most competitive trading conditions and best trading solutions in the industry. While the process involved with looking for the best forex broker can be tedious, we have narrowed down the options significantly for South African traders.

In the sections below we will review some of the 11 best forex brokers in South Africa, and what makes their offering so attractive.
forex brokers

IFX Brokers


Established in South Africa, IFX Brokers is a FSCA-regulated forex and CFD provider that has been in operation since 2018. IFX Brokers was built on the core values surrounding commitment, transparency, and trust.

When trading with IFX Brokers, South African traders can expect access to a wide range of markets spread across several asset classes including forex, commodities, cryptocurrencies, and indices. The trading conditions that traders can expect are competitive, transparent, and catered to the trading needs of both beginners and professional traders.

Pros and Cons



MetaTrader 4 offered

Educational resources provided

A range of useful trading tools offered

A wide range of tradable financial instruments offered


best platforms to tarde forx



FXCM is reputable and one of the best forex brokers that accommodate South African traders, despite their trading experience or unique trading strategies. FXCM is unique because it allows traders a choice between reliable trading platforms.

The spreads that South African traders can expect when they trade with FXCM are competitive and there are no deposit fees or withdrawal fees.

Pros and Cons


Access to 40 forex pairs and forex baskets

High leverage ratio supported for South African traders

Competitive spreads and commission-free trading options offered

A choice between trading platforms

MetaTrader supported




High inactivity fee of 750 ZAR





Plus500 is one of the most popular online forex brokers in South Africa that not only offers some of the lowest spreads in the industry, but also a wide range of currency pairs that can be traded through a powerful proprietary trading platform, available across several devices.

Plus500 is one of the most trusted international brokers with a strong presence in South Africa, offering cost-effective and competitive trading conditions. Plus500 also supports a wide range of trading strategies that can be applied in various market conditions and across several financial markets.

Pros and Cons


Regulation through multiple entities, including the Financial Sector Conduct Authority

There is a proprietary trading platform offered

A wide range of financial instruments offered

Proprietary mobile trading apps

Economic calendar, educational content, and other tools provided

Demo accounts and Islamic accounts for Muslim traders 

Commission-free trading

Average maximum leverage



Forex signal trading not supported







Markets.com is a multi-faceted trading platform that offers its trading solutions to both beginner traders as well as professionals in South Africa. Markets.com is well-known as one of the best forex brokers in South Africa that offers the use of MetaTrader 4 and MetaTrader 5 through which instruments can be traded.

Markets.com is also known for its proprietary trading platforms Marketsi and MarketsX, with the former designed for long-term investing while the latter accommodates the trading of forex, stocks, and several other instruments.

Pros and Cons


Low trading fees

MetaTrader supported

The proprietary trading platform has a scanner and trading signals

Regulated by the FCA and listed on the London Stock Exchange

24/5 multilingual customer service

Some of the lowest spreads in the industry

Suited for beginner traders



Inactivity fee charged after three months of retail account inactivity


best forex brokers for south african traders



XM is another popular and reputable forex broker that has a strong presence in South Africa, known for its low minimum deposits, negative balance protection applied to retail investor accounts, multiple base currency options on accounts, and some of the lowest spreads in the industry. 

XM not only supports a variety of trading strategies that can be used across different market conditions but also offers variable raw spreads, a plethora of trading opportunities, educational materials, advanced trading tools, and more.

Pros and Cons


Negative balance protection

Competitive rollover fees

Low minimum deposit requirement

Choice in trading account types

Access to a wide range of financial instruments

Educational tools and economic calendar offered

Spreads from as low as 0 pips

Low commission fees



Restricted leverage for retail traders






While Oinvest is not a forex broker that is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, it is the perfect platform that is extremely popular amongst beginner traders in South Africa.

Oinvest offers a simplified and transparent fee structure, and it offers its proprietary platform for use. While Oinvest mainly offers access to major currencies and minors, it is suitable for beginners, but it can be frustrating to experienced traders.

Oinvest offers average spreads and a wide range of payment methods such as credit cards, debit cards, and a range of other options when traders deposit or withdraw funds.

Pros and Cons


User-friendly trading platform

Competitive rollover fees charged

Multiple trading tools offered

Range of educational tools



Limited regulation




Blackstone Futures


Blackstone Futures is a reputable South African forex broker that is headquartered in Johannesburg. Blackstone Futures is well-regulated by the Financial Sector Conduct Authority (FSCA) in providing South African forex traders with advanced, dynamic trading solutions and comprehensive conditions.

With Blackstone Futures, traders can trade 32 different forex pairs while benefiting from average spreads from 0.6 pips on EUR/USD, and the advantage is that traders can get transparent fee reports and ZAR can be used as the base currency for trading accounts.

In addition, South African traders are provided with a safe trading environment, maximum leverage up to 1:400 and all trading accounts have negative balance protection that is automatically applied.

Pros and Cons


Based in South Africa

Some of the lowest spreads offered

A High maximum leverage ratio is offered

Advanced forex trading platforms offered

Helpful educational and trading tools offered



There is a limited number of financial instruments offered





Khwezi Trade


Khwezi Trade is one of the most popular South African forex brokers that is headquartered in Cape Town. Khwezi Trade offers dedicated local support, and it is a broker that understands the needs of the modern South African Forex Trader who needs to add a competitive edge to their trading.

Khwezi Trade offers competitive spreads, access to 32 forex pairs which includes major, minor, and exotic currency pairs. While Khwezi trade does not offer proprietary trading platforms, it supports the use of MetaTrader 4, which offers traders an innovative web, desktop, and mobile trading platform.

Pros and Cons


Based in South Africa with FSCA regulation

Dedicated support in Afrikaans and Zulu, among other languages

Leverage of 1:200 offered



A high minimum deposit requirement of R2,000 needed to register

Limited currency pairs offered





HotForex is one of the best forex brokers that offers access to several South African markets, providing traders with a wide range of financial instruments that can be traded in the foreign exchange market, stock market, cryptocurrency market, and several others.

HotForex is well-known for the tight spreads that it offers retail traders, with sophisticated solutions for advanced traders and other professional investors.

HotForex offers flexible solutions, and it is regulated by the Financial Conduct Authority through its parent company, HF Markets, with the backing of several other reputable market regulators. Another added advantage with HotForex is the wide range of payment methods that traders can use including bank transfers, a debit/credit card, and a range of electronic payments.

Pros and Cons


Demo accounts offered on trading accounts

Economic calendar offered

Regulatory protection provided to South African traders

Competitive, transparent swap rates on all financial instruments

Reputable and forms part of HF Markets

Range of trading tools

Variable spread accounts offered



Fixed spread accounts not offered









Exness is known as one of the best forex brokers for South African traders because it offers accounts with ZAR as the base currency. Exness caters the best for professional traders as well as institutional entities. However, anyone from South Africa can register an account with Exness as many features make this broker stand out from the rest.

Exness has competitive pricing and other are no account or inactivity fees charged. The rollover rate and swap rates are not the lowest, but they are extremely competitive. Exness offers comprehensive educational material to South African residents who are starting in trading.

Pros and Cons


Forex spreads from 1 pip

Flexible leverage limits on forex trading

Supports MetaTrader

VPS for faster trading

Dedicated customer support



Neither the swap rates nor the rollover rate is transparent








FxPro is another great option for South African traders who want to focus on exotic currency pairs, not only minor or major pairs. FxPro offers 70 forex pairs that can be traded with a maximum leverage of 1:200.

With FxPro, traders can expect competitive trading costs combined with comprehensive trading solutions that include reliable execution speed, competitive raw spreads, and regulation through reputable regulatory agencies. FxPro also offers market insight that can be used to monitor market movements, allowing traders to make informed decisions.

Pros and Cons


Access to a wide range of instruments

Supports powerful trading platforms

Ultra-fast trade execution

Regulated in South Africa



Average spreads that are not the tightest





There is no cap on leverage in South Africa and depending on the forex broker, you can easily use leverage ratios of 1:400 and higher.

Yes, several South African forex brokers have a proven record for honesty, fair trading conditions, and integrity.

The Financial Sector Conduct Authority (FSCA) is the regulating authority in South Africa.

Forex trading tax can range from 18% to 45% depending on your annual income.

Yes, forex trading is legal in South Africa, and you can trade with any forex brokers that accommodate South African forex traders. However, traders are urged to avoid unregulated brokers.