10 Best Forex Brokers in South Africa (January 2023)

Do not invest more money than you can afford to lose.

If you are looking to trade Forex in South Africa, you are not alone! The country is home to the largest market in the continent. However, there are a lot of brokers out there and the space is highly competitive. So picking the one which is right for you can be demanding. What’s more, there are also certain dangers to trading Forex – there is no formal regulation over the South African markets and scams are also plentiful. Your best bet would be sticking with a company which is regulated in a foreign jurisdiction – here is a list of leading Forex brokers which operate in South Africa:

1. FBS

The first broker in our list, called FBS, is pretty difficult to beat when it comes to trading conditions. Most companies allow you to open a micro account for around $10, but this one has lowered its entry cost to just $1. And for this symbolic deposit, you receive access to a generous leverage and several exceptional platforms. FBS Trader in particular is worth checking out. This is a mobile platform which has some TA tools, as well as a cahsback on your spreads. The broker gives back 20% of what you spend with it on its mobile platform – a good incentive to use it!

2. OctaFX

Next in our list is OctaFX. The broker has a branch in Nigeria, which is the one clients from South Africa will also be dealing with. It offers you access to excellent trading conditions and several attractive promotions. For instance, if you deposit with OctaFX, you will be able to benefit from a 50% deposit bonus. This can help you open higher positions than you normally would be able to if you were to use just your own funds. The bonus can be withdrawn if you comply with certain turnover requirements but the profits you make from it can always be accessed. For more information on the promotions of the broker, we recommend heading to its website.

3. HFM

The next broker in our list, HFM has a branch in Johannesburg. The main advantage of the broker is that it is highly committed to its clients from South Africa in particular – so much so, that it opens accounts in the native currency, the ZAR. This means you do not have to worry about currency transfer fees eating into your deposits with each transaction. You also do not have to watch out for the Rand depreciating against any foreign currency, which would also cut into your deposit. These are two of the most commonly overlooked ways to save money on the FX market. HFM’s entry cost is quite low too- you can start trading with just 70 Rand.

4. FXCM

This broker has very attractive trading conditions, but what makes it really stand out is the trading competitions it regularly hosts. These are a good chance for traders to see just how good they are and win attractive prizes. The rules are simple – there is a certain timeframe, and whoever makes the most money by trading within it wins, as well as the nine runner-ups. The best part is that the competition involves MT4 demo accounts – you can participate without risking any of your money. Therefore, by entering into it, you will also have a chance to win something without investing a cent with the firm.

5. FP Markets

The next broker we would like to mention, FP markets, has access to a lot of tools for the Metatrader 4 platform. The software is rather old and support for it has been discontinued by the developers years ago. This is why traders and Forex brokers create tools which help bridge the gap between their beloved MT4 and its successor MT5. This is where FP Markets shines – it has access to many useful plug-ins to pick from, which will elevate your experience with the platform. In particular, the Autochartist plugin is worth singling out. It analyzes a set of markets you determine and gives you trading ideas based on that. This allows you to receive extremely relevant trading signals.

6. FXTM

It is relatively simple to see why so many South African traders pick FXTM as their broker of choice. The firm has great trading conditions, accessible at very low costs. It offers several attractive bonuses as well – for instance, there is a rather interesting referral program, which lets you receive up to $50 for each friend you introduce to the broker, provided they meet certain trading volumes. Other than that, the company’s promotions also include access to the trading tournaments we mentioned above. The prizes there, however are handed out in a different way. There are tiers, where traders place based on trading volume and each client from the tier wins an award.

7. XM

XM is renowned globally for its fair trading conditions. This is also true for South Africa as well – the broker offers an account with the Rand as a base currency. It demands the equivalent to $5 in ZAR to open such accounts, which is quite the low cost. An additional benefit to trading with XM is the fact it offers local bank transfers. In general, brokers rarely have accounts in South African banks, which means you have to use wire transfers to deposit with them. These are more expensive, however – they can rack up fees of up to $30. There is also a longer delay associated with them, with the processing time of each being up to 7 days. Instead, local wire transfers have much lower fees and some are even tax free. They are also usually processed within a single day too.

8. TMGM

If you are an experienced Forex trader, you can benefit from the Iress platform TMGM provides access to. This software is quite popular with institutional clients of brokers from the Pacific region. That is because being well-informed is an advantage when it comes to FX trading. Iress feeds its users with current information on market events from all over the world, and displays it in a digestible way. Of course, if you are interested in trading with Metatrader software and using EAs, you can do so with this broker as well. And whatever trading platform you decide to pick will give you access to the broker’s excellent trading conditions!

9. AvaTrade

Another international broker with an office in South Africa, AvaTrade has access to innovative means of trading CFDs. In particular, the broker has access to crypto as an asset class which can be traded. Even though this is popular in the country, most brokers which offer access to crypto are fraudulent, or not regulated at all. This is not the case with AvaTrade. If you are interested in CFDs on digital assets, your best bet would be trading them with a recognized company like this one. It also offers access to some sophisticated means of reducing the risks of trading crypto which stem from its high volatility, like the Stop Loss functionality.

10. IG

IG is a retail broker founded in 1974. It offers access to excellent services for its clients in South Africa, with almost 50 years of experience to back it up. What is unique about this broker is the fact it has extensive support for algorithmic trading and traders who would like to create their own bots. In particular, its platform Pro RealTime can offer you client-friendly tools to start from scratch. You can also test them out with the Backtest feature, prior to letting them trade on the real markets instead of you. This service comes at no additional cost with the broker. Of course, automated trading is also available via IG’s MT4 distribution.