11 Best FSCA Regulated Forex Brokers in South Africa
When forex traders evaluate brokers, regulation is one of the first and most important considerations that traders must evaluate and validate. The Financial Sector Conduct Authority (FSCA) is the market regulator and regulatory body for foreign exchange trading in South Africa, providing South African traders with regulatory protection.
Many international brokers can claim to have FSCA regulation and authorization, but very few truly have the necessary regulation and licensing to provide forex and CFD trading services in South Africa.
To see whether an online broker has the necessary regulation with FSCA, South African traders can visit the official FSCA website to consult the list of regulated brokerage firms and those who are in the process of obtaining their regulation.
By choosing a regulated broker, client funds can be protected more effectively because the financial regulator requires that the fund of South African retail traders be kept in segregated bank accounts, kept with top-tier financial institutions in the country, something that unregulated brokers cannot do.
To save South African traders some time on this tedious process, we have listed 11 of the best FSCA-regulated forex brokers in South Africa.
IFX Brokers
Features
IFX Brokers is a South African forex and CFD broker that caters for traders from around the world, including South African traders, regardless of whether they are beginners or professionals.
Beginner traders can expect some of the best educational materials and resources while professionals are granted useful and advanced trading tools, helping them add a competitive edge to their trading.
In addition to this, South African traders can rest assured that IFX Brokers offers a safe, transparent trading environment with strict regulation that protects all traders.
Pros and Cons
PROS |
Strict regulation |
High leverage up to 1:500 |
Supports MetaTrader 4 |
Educational resources offered |
IG
Features
IG is one of the most reputable and popular FSCA-regulated brokers in South Africa. IG Markets South Africa Limited is the trading arm for IG in South Africa, offering South African retail traders unlimited access to several financial markets by providing more than 17,000 financial instruments that can be traded.
Apart from regulation with FSCA, IG is also well regulated by the Financial Conduct Authority (FCA), CFTC, NFA, BaFin, and several others. South African traders can expect tailor-made trading solutions despite the level of their trading experience, their unique trading styles, trading strategies, or unique objectives.
IG is known for its tight spread, low and transparent trading costs, and choice in retail investor accounts that suit a wide range of different South African forex traders, whether they are high volume traders, casual, or active traders.
Pros and Cons
PROS |
IG Markets is regulated by multiple reputable entities including the Financial Sector Conduct Authority |
More than 17,000 financial instruments |
Variety of retail investor accounts offered |
Client funds kept in segregated accounts with top financial institutions |
Competitive trading conditions |
Tight spread and competitive commissions |
Longstanding history and good reputation |
CONS |
High minimum deposit requirement |
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HF Markets (HotForex)
Features
HotForex is a multi-regulated international broker and the trading arm of HF Markets, with the necessary regulation and authorisation through FCA & CySEC, DFSA, and FSCA in providing South African traders with some of the best trading conditions in the industry.
When trading with HotForex, South African traders can be assured of client fund safety, transparent trading costs, and negative balance protection that is automatically applied to their retail investor accounts.
Pros and Cons
PROS |
Multi-regulated |
Strong global presence |
Competitive trading conditions |
Numerous account types to choose from |
Islamic account option and demo account provided |
CONS |
Fixed spreads not offered |
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JP Markets
Features
JP Markets is one of the best South African Forex Brokers that uses ECN and STP execution to ensure that South African traders get the best possible spreads and pricing in the industry.
JP Markets offers traders in South Africa access to a wide range of financial markets and a range of tradable financial instruments. These can be traded at competitive spreads through powerful trading platforms. Traders are given peace of mind that their funds are kept safe, and that JP Markets offers a fair, safe trading environment.
Pros and Cons
PROS |
Well-regulated |
No deposit fees or withdrawal fees |
No inactivity fee |
Negative balance protection offered |
MetaTrader 4 supported |
CONS |
Lack of additional trading tools |
Spreads and commission charges are high |
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CM Trading
Features
CM Trading is one of the most trusted forex brokers in the trading industry that not only accommodates traders from South Africa but has respective regulations and authorisation with the FSCA to provide trading solutions in South Africa.
CM Trading facilitates forex and CFD trading across a wide range of financial markets including forex, indices, shares, metals, and more. CM Trading is award-winning and apart from its tight spread, also offers commission-free trading on currency pairs and other instruments.
With CM Trading, traders from South Africa can expect access to an advanced forex trading platform, mobile trading apps, and a choice between trading account types.
Pros and Cons
PROS |
Well-regulated |
Commission-free trading offered |
Daily Market analysis provided |
Variety of educational sources |
Hedging and scalping allowed |
CONS |
Fixed spread accounts not offered |
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Khwezi Trade
Features
Khwezi Trade is a proudly South African forex broker that facilitated the trade of a wide range of financial instruments across several asset classes including CFDs on Indices, currency trading, and several other complex instruments.
Khwezi Trade works according to a straight-through-processing (STP) execution model, ensuring that traders in South Africa can expect the best possible pricing.
In addition to this, Khwezi Trade has competitive spreads and offers a safe trading environment that is well-regulated and overseen by FSCA.
Pros and Cons
PROS |
Well-regulated |
MetaTrader 4 offered |
Trading tutorials provided |
Market analysis offered |
CONS |
Individual stock trading not offered |
Limited funding/withdrawal options |
Limited Forex pairs |
AvaTrade
Features
AvaTrade is one of the best Market Maker and STP forex brokers in the world, with strict regulation with the Bank of Ireland, FSCA, ASIC, and several others. AvaTrade offers more than 1,250 financial instruments that can be traded.
AvaTrade offers the use of third-party trading software as well as a proprietary platform that can be used. AvaTrade offers comprehensive online trading solutions, and it is one of the most trusted broker firms that offer forex trading to retail and professional traders from South Africa, despite their trading needs, trading strategies, or their objectives.
Several broker reviews praise AvaTrade as one of the most trusted market makers that ensures transparent trading costs, spreads, and the benefit of commission-free trading.
Pros and Cons
PROS |
Well-regulated |
One of the most trusted market makers in the industry |
A wide range of markets offered |
Multiple awards obtained |
Fixed and tight spreads |
Zero-commission trading |
Variety of trading platforms offered |
CONS |
Lack of account type options |
Variable spreads are not offered |
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Plus500
Features
Plus500 is another popular forex broker that accommodates retail and professional traders from South Africa, with respective regulations with FSCA and several other entities such as FCA, CySEC, MAS, FMA, and ASIC.
Plus500 is well-known as one of the best FSCA-regulated brokers for trading forex in South Africa because of its competitive trading conditions, critically acclaimed proprietary trading platform, mobile app, and wide range of risk management options for trading complex instruments in an online trading environment with changing market conditions and volatile price movements.
Plus500 supports the use of a variety of comfortable deposit methods that can be used including credit/debit card, wire transfer, and several others. Plus500 offers some of the lowest spreads and caters for all types of traders, from beginner forex traders to professional and even institutional investors and traders.
Pros and Cons
PROS |
Multi-regulated |
A wide range of markets offered |
Competitive trading conditions with some of the lowest spreads |
Adequate leverage offered |
Negative balance protection offered |
Average minimum deposit requirements |
24/7 award-winning customer service provided |
CONS |
MetaTrader 4 and/or MetaTrader 5 not offered |
Only one account option offered |
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FXCM
Features
Established in 1999, FXCM is one of the most trusted international forex brokers that accommodates forex traders from South Africa, with the necessary regulation to offer its trading solutions in the country.
FXCM is well-known for its tight variable spreads, flexible trading platforms, and competitive trading conditions. FXCM has a wide range of deposit and withdrawal options including bank wire transfers, bank transfers, credit/debit cards, and several others.
FXCM is also known for its transparent trade execution policy, negative balance protection, and a wide range of tradable instruments including currency pairs, CFDs on commodities, indices, and several others.
Pros and Cons
PROS |
Well-regulated by reputable regulatory entities |
Client funds kept in segregated accounts |
Commission-free trading offered to traders in South Africa |
Competitive variable spreads |
MetaTrader 4 NextGen offered |
Access to AutoChartist and PsyQuation premium |
CONS |
Fixed spread accounts not offered |
FXPRIMUS
Features
Established in 2009, FXPRIMUS is a reputable STP and ECN broker with offices in Cyprus, South Africa, and Vanuatu, with the necessary broker license, regulation, and authorisation to provide a wide range of markets to forex traders in these regions.
FXPRIMUS offers access to the foreign exchange market by offering a wide range of major pairs, minor pairs, and exotic pairs, in addition to offering access to several other markets. FXPRIMUS offers educational materials, trading tools, and in-depth analysis of market conditions to help traders direct their trading decisions and help them navigate complex instruments.
Pros and Cons
PROS |
Well-regulated |
Negative balance protection offered |
Commission-free trading on some accounts |
ECN Accounts offered with tight raw spreads |
VPS Service offered |
CONS |
VIP Account necessary to gain access to the best trading conditions |
Fixed spread accounts not offered |
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FXTM
Features
FXTM is a reputable and popular STP and ECN broker that has offices in the United Kingdom, South Africa, Cyprus, and Mauritius. FXTM caters to a wide range of traders from around the world, offering competitive tight and raw spreads, safe trading environments protected by top-tier regulators.
With FXTM, traders are given access to a wide range of complex instruments such as forex, commodities, cryptocurrencies, and more.
Pros and Cons
PROS |
Well-regulated |
Variety of financial instruments |
Variety of account types |
Commission-free trading offered |
Low minimum deposit |
CONS |
Inactivity fee charged |
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FREQUENTLY ASKED QUESTIONS
Who are the best FSCA-regulated forex brokers in South Africa?
There are several, but the 10 on this list are considered the best in South Africa.
Why must I do a broker comparison when choosing a forex broker?
Because different forex brokers offer different things that suit traders of varying experience levels.
What should you look out for when trading forex in South Africa?
Regulation, costs and fees, safety and security, account types, deposit/withdrawal methods, trading platform, customer service, and other components must be considered.
Can forex brokers in South Africa be trusted?
Yes, many reputable forex brokers in South Africa can be trusted.
Who regulated forex brokers in South Africa?
The Financial Sector Conduct Authority (FSCA) is the South African regulator.