South Africa is one of the most exciting places to be involved in the Forex trading market. It has a thriving economy and investment opportunities, not least for savvy traders looking for the best deals among the best Forex brokers in South Africa.
We will discuss all you need to know about finding the right broker and making informed decisions when choosing your own to ensure successful trading.
For those interested in trading the Foreign Exchange (or Forex) market, the potential for success is huge.
With a daily turnover of $7.5 trillion US Dollars worldwide, it is considered to be one of the largest markets around, dwarfing even integrated stock markets when compared.
What’s more, traders have full access to the market 24 hours a day from Monday to Friday since interbank activity allows for trading activities around the clock.
Trading on forex involves speculating in foreign currencies and making profits from their fluctuations.
Although this form of trading can be profitable, traders must take into account that laws and regulations protecting investors are weak or absent in South Africa – meaning extra caution should be taken when choosing the right Forex broker.
Thankfully though, there are excellent Forex brokers operating legally within South Africa who are authorized and regulated by the Central Bank of South Africa and the Financial Sector Conduct Authority (FSCA).
Best Forex Brokers in South Africa
AvaTrade is an online forex and CFD broker founded in 2006 with headquarters in Dublin, Ireland.
The company operates under several international regulations, such as the Central Bank of Ireland and MiFID in the European Union.
It holds a license from the ASIC (Australian Securities and Investments Commission) for its Australia-based operations.
With AvaTrade, traders have access to more than 250 markets around the globe, comprising forex pairs, indices, stocks, commodities like gold and oil; options such as put/call trading; plus cryptocurrency pairs like Bitcoin/USD.
2. FXTM (Forex Time)
ForexTime (FXTM) is a well-established international online forex broker founded in 2011 by Andrey Dashin, a highly regarded entrepreneur from Cyprus.
The broker is regulated by some of the most reputable financial authorities in the world, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the International Financial Services Commission (IFSC) of Belize.
FXTM provides an extensive variety of products and services which include forex, stocks, commodities, indices, cryptocurrencies, ETFs as well as different account types that aim to suit all sorts of trading styles and preferences.
The MetaTrader 4 trading platform offered by FXTM is user-friendly for traders at any level and provides fast execution with stable order performance.
Furthermore, investors on this platform can choose from several leverage levels ranging anywhere from 1:1 up to 1:1000 according to their personal preference or risk appetite.
FBS is an established international Forex and CFD broker with a decade of experience in the market.
They offer competitive spreads, fast order execution and no minimum deposit amount on their standard trading account while the ECN account has tight spreads but charges a minimal commission with a higher minimum deposit requirement.
FBS is regulated by the International Financial Services Commission (IFSC) and is an active member of the Financial Commission; an independent dispute resolution organisation.
The broker offers access to multiple trading platforms for desktop, mobile and web versions like MetaTrader 4 & 5 as well as the FBS Trader platform.
HotForex is an award-winning online trading broker that gives clients access to a world of financial markets, providing them with the tools and facilities needed to make informed decisions.
Founded in 2010, HotForex is located in the Republic of Mauritius and regulated by both the Financial Services Commission (FSC) of Mauritius and the Cyprus Securities and Exchange Commission (CySEC).
With a range of accounts available such as Standard, Micro, VIP, Zero Spread and Currenex accounts – each offering tailored leverage, spreads, commissions and minimum deposits – traders can take advantage of numerous features to optimise their trading experience.
5. Global Prime
Since 2011, Global Prime has become a renowned online broker in the foreign exchange market, providing world-class services and trading solutions to clients all over the world.
The company is highly regulated by the Australian Securities and Investment Commission (ASIC) to ensure its customers receive top-notch service and security.
Global Prime offers an immense range of products including major and minor currency pairs, global indices, commodities, futures, as well as cryptocurrencies.
As a testament to their exceptional quality assurance standards, the business has been awarded numerous accolades; it’s even become favoured among professional traders, hedge funds and institutions!
6. Blackstone Futures
Blackstone Futures is an international financial services firm dedicated to helping its clients reach their financial objectives.
With offices across the United States, Europe and Asia, Blackstone provides a broad spectrum of products and services encompassing asset management, corporate finance, alternative investments and financial advice.
Their asset management department caters to individuals through offerings like traditional investment options, portfolio administration and wealth management while also providing capital-raising opportunities for businesses through mergers & acquisitions.
FXCM is an industry-leading provider of online foreign exchange (forex) trading, Contracts for Difference (CFD) trading, and related services.
Established in 1999, the company strives to give traders from all countries unparalleled access to the world’s largest and most liquid market – the foreign currency exchange.
FXCM provides investors around the world with access to a variety of markets such as forex, indices, commodities and more while boasting competitive spreads and no commissions on trades.
The broker is regulated by the Financial Conduct Authority (FCA) in the United Kingdom under their stock listing on the New York Stock Exchange (NYSE).
To further enhance your trading experience, FXCM has developed innovative platforms such as its proprietary Trading Station platform that allows users access to real-time pricing information, sophisticated charting capabilities with technical analysis tools and much more.
JustMarkets is an online trading platform that provides investors with direct access to the global markets.
It is an ideal choice for both beginner and experienced traders, offering a wide range of features designed to help them make educated investments.
JustMarkets offers extensive tools, including real-time market data, charting and analytics tools, order execution capabilities, portfolio management, and automated trading options.
The platform allows users to trade a multitude of asset classes such as stocks, bonds, commodities futures, options and cryptocurrencies.
For those who are new to trading or need additional guidance in the markets; JustMarkets also provides comprehensive educational resources including advanced charting and indicators which can be used by all levels of traders for analyzing market trends.
9. CM Trading
CM Trading is an online Forex and CFD broker that was founded in 2011 with a focus on the safety of its client’s funds.
Being located in South Africa, they are regulated by the Financial Sector Conduct Authority, allowing traders to make sure their money is being handled safely and responsibly.
They provide access to a range of markets including Forex, indices, commodities and shares for traders at any level of experience.
CM Trading offer bonuses and promotions like deposit bonuses or free trades that help the customer get more out of trading.
Tickmill is an award-winning multinational electronic communications network (ECN) broker which was established in 2014.
Authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, Tickmill offers customers a wide selection of tradeable securities, from Forex to CFDs and Spot Metals.
The broker has earned its reputation for superior trading conditions such as some of the industry’s tightest spreads and ultrafast execution speeds.
Moreover, Tickmill boasts its own proprietary platform which contains a wealth of advanced features in a user-friendly format.
To cater to different types of traders, Tickmill provides several account options including Classic and Pro with a maximum leverage of up to 1:30 and 1:500 respectively.
Best Forex Brokers in South Africa: FAQs
Who Is the Best Forex Broker in South Africa?
IG is the best forex broker in South Africa in 2023. This is after conducting an exhaustive review of all forex brokers regulated by the South African Financial Sector Conduct Authority (FSCA) and that offer services to South African residents.
The comprehensive assessment was based on factors such as investor protection credentials, pricing structures, trading platform accessibility & usability, customer service quality and compliance with global regulatory requirements.
IG excels in each of these areas due to their extensive range of licenses from jurisdictions around the globe, providing clients a safe and secure experience when trading foreign exchange instruments.
Which Broker Is Best for ZAR Account 2023?
- HotForex / HF Markets
- Khwezi Trade
- Blackstone Futures
- IFX Brokers
- FP Markets
What Are the Top 3 Brokers in South Africa?
The top three brokers available in South Africa are AvaTrade, FXTM (Forex Time), and FBS.
AvaTrade is a leading international Forex broker that offers a wide range of trading platforms and tools to suit traders of all levels.
FXTM provides excellent customer service, tight spreads, flexible leverage options and various account types designed for both beginner and advanced traders alike.
FBS is an international broker with over 7 million clients worldwide offering high leverages along with reliable execution speeds.
All three brokers provide users with trustworthy services that span from no-deposit bonuses to dedicated customer support teams.
Who Is the Best Trader in SA?
Jabulani Ngcobo, Shaun Benjamin, Ref Wayne, George Van Der Riet, Louis Tshakoane, Nelisiwe Masango and Paballo Nkwe are widely recognised as some of the best traders in South Africa.
Known for their exceptional investment savvy and acumen, these traders have made a name for themselves in the industry by successfully executing profitable trades and making well-timed investments in various markets.
Perennial top performer Danielle Lester is also renowned among SA’s trading community as a highly successful investor with an impressive track record.
Who Is the King of Forex in South Africa?
Ref Wayne is regarded as the “King of Forex” in South Africa, a title earned through his remarkable success in trading foreign currencies.
Born in a small township on the outskirts of Johannesburg, Ref was introduced to financial markets at a young age amid limited career development opportunities.
With his innate talent and tireless dedication to mastering technical analysis, he quickly established himself as one of the top forex traders in the region.
His ability to anticipate price movements and successfully execute trades has enabled him to become highly profitable and consistently outperform other traders.