✔️ Forex Broker Name | 📊 Leverage | 📈 FSCA / FSP nr. | 💰 Minimum Deposit | 🚀 Open an Account |
Avatrade | 1 : 400 | FSCA No. 45984 | ZAR1600* | 👉 Click Here |
Hotforex | 1 : 1000 | FSCA No. 46632 | ZAR R80* | 👉 Click Here |
FBS | 1 : 3000 | FSCA No. 50885 | ZAR R16* | 👉 Click Here |
Tickmill | 1 : 500 | FSCA No. 49464 | ZAR R1600* | 👉 Click Here |
Exness | 1 : Unlimited | FSCA No. 51024 | ZAR R160* | 👉 Click Here |
XM | 1 : 888 | FSCA No. 49976 | ZAR R480* | 👉 Click Here |
IFX Brokers | 1 : 1000 | FSCA No. 48021 | ZAR R160* | 👉 Click Here |
GlobeX360 | 1:100 | FSCA No. 50130 | ZAR R380* | 👉 Click Here |
GV Markets | 1 : 500 | FSCA No. 49213 | ZAR R200* | 👉 Click Here |
Alpari | 1 : 400 | FSCA No. 50320 | ZAR R80 | 👉 Click Here |
ThinkMarkets | 1 : 777 | FSCA No. 49835 | ZAR R160* | 👉 Click Here |
Finding a list of up-to-date FSCA formerly FSB Registered and Regulated Forex Brokers in South Africa can be a difficult process, especially finding a list of trustworthy and vetted brokers who accepts South African traders and who allow these traders to trade in the (R) South African Rand.
Let’s get started… Updated for August 2022.*
👉 Click on any broker below to read more about their minimum deposit, leverages, spreads, account types, and more.
11 Best FSCA Regulated Forex Brokers in South Africa (2022)
- ✔️AvaTrade – Best Forex Broker in South Africa
- ✔️HotForex (HF Markets) – FSCA Regulated Forex Brokers in South Africa
- ✔️FBS – Serves clients from over 150 countries including South Africa
- Tickmill – FSCA Regulated Forex Broker Since 2019
- Exness – Low Spread Forex Broker with ZAR Trading Accounts
- XM – Low Minimum Deposit Forex Broker in South Africa
- IFX Brokers – Local Forex Broker based in South Africa
- Globex 360 – Award-Winning Trading Software Provider
- GV Markets – Boutique Forex Broker based in South Africa
- Alpari – High Leverage Forex Broker in SA
- ThinkMarkets – Licensed Forex Broker with local trading support
In this article, we will discuss each and every broker that made our comprehensive 30 Best list plus share tips and bonuses on trading on these platforms.
FSCA Overview
The Financial Sector Conduct Authority, or FSCA, is the market regulator in South Africa that oversees and regulates financial institutions in South Africa that offer derivatives trading in international financial markets.
The FSCA is responsible for the enhancement and support of the efficiency and integrity of financial markets, it also serves to protect investors by promoting and ensuring fair treatment by these financial institutions.
The FSCA formerly the FSB is a reputable and strict regulatory entity in South Africa that oversees the operations of the forex brokers who are indicated on this list. These brokers are reputable and well-established and not only are they well-regulated, but they ensure client safety to the highest degree possible.
AvaTrade
Overview
AvaTrade is one of the largest, most popular CFD and forex brokers in the industry that provides more than 1,250 tradable financial instruments that are spread across several asset classes.
AvaTrade may only provide one retail account type and one professional account, but these accounts come packed with a wide range of flexible, dynamic features that cater for beginners and professional traders alike.
AvaTrade also offers a plethora of trading opportunities, educational materials, trading tools, and flexible, innovative trading platforms that traders can use.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Multi-regulated and multi-award-winning broker | Spreads are not the tightest |
Fixed and tight spreads offered | Limited retail investor accounts offered |
Commission-free trading | Variable spreads are not provided |
Proprietary trading platform with other flexible trading platforms offered | |
Social trading opportunities provided | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | ASIC, BVI, CBI, FFAJ, FSA, FSCA |
Minimum deposit from | 1500 ZAR |
Average spread from | 0.9 pips |
Commissions from | 0 ZAR |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:400 |
Bonuses | Yes |
Customer Support | 24/5 |
HotForex (HF Markets)
Overview
Established in 2010, HF Markets is a well-regulated and globally recognised brokerage firm. HotForex is the trading arm of HF Markets and offers South African traders a safe, fair, and transparent trading environment where they can access hundreds of global financial markets.
There are more than 1.5 million registered clients with HF Markets, and the brokerage firm has won more than 25 industry awards since its inception. HotForex is trusted and provides comprehensive trading solutions that consist of trading tools, education, bonuses and promotions, powerful trading platforms, and a choice between dynamic and flexible retail trading accounts.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated by several entities through its parent company | Fixed spreads are not offered |
Member of an investor compensation fund | |
Commission-free trading offered | |
Negative balance protection applied to retail accounts | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | CySEC, FCA, DFSA, FSCA |
Minimum deposit from | 75 ZAR |
Average spread from | 0.0 pips |
Commissions from | 45 ZAR |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | Yes |
Customer Support | 24/5 |
FBS
Overview
According to research in South Africa, FBS was founded in 2009 as an international broker that serves clients from over 150 countries and shows its excellence by numerous prestigious awards and cutting-edge technologies on the Forex Market.
Pros and Cons
✔️Pros | ❌ Cons |
Commissions are covered by FBS | Limited options in terms of account opening to EU based traders compared to non-EU offerings |
Leverage up to 1:3000 | No service to clients from USA, UK, Japan, Israel, Canada |
Offers bonuses to new traders | |
A range of account types | |
Variety of educational material | |
Responsive customer support |
Features
Account Type | Minimum Deposit | Minimum Trade Size | Maximum Leverage | Spreads & Commissions |
---|---|---|---|---|
📒Cent | 💲 $1 | 🔹 0.01 lot | ℹ️ 1:1000 | 💠 From 1 pip |
📒Standard | 💲 $100 | 🔹 0.01 lot | ℹ️ 1:3000 | 💠 From 0.5 pips |
📒Zero Spread | 💲 $500 | 🔹 0.01 lot | ℹ️ 1:3000 | 💠 0 pips + $20/lot |
📒Micro | 💲 $5 | 🔹 0.01 lot | ℹ️ 1:3000 | 💠 Fixed, from 3 pips |
📒ECN | 💲 $1000 | 🔹 0.1 lot | ℹ️ 1:500 | 💠 From -1 pip + $6/lot |
Tickmill
Overview
Established in 2015, Tickmill is a well-established and award-winning broker that offers comprehensive trading solutions to both retail and institutional traders from around the world.
With Tickmill, South African traders can access more than 80 tradable instruments that are spread across different financial markets, including forex, commodities, shares, indices, bonds, CFDs, and more.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
A multi-regulated and reputable broker | Fixed spreads are not offered |
Negative balance protection applied to retail accounts | Limited educational material and resources |
Member of an investor compensation fund | Cryptocurrency trading not supported yet |
Commission-free trading offered | |
AutoChartist, VPS, and FIX API offered | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FCA, CySEC, FSA, FSCA |
Minimum deposit from | 1500 ZAR |
Average spread from | 0.0 pips |
Commissions from | 15 ZAR |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | Yes |
Customer Support | 24/5 |
Exness
Overview
Exness is a well-regulated and reputable broker that has the regulation and authorisation to offer comprehensive trading solutions and services to traders from around the world. Exness offers flexible account types, competitive trading conditions, and dedicated 24/5 customer support.
Exness offers a safe, fair, and transparent trading environment, low minimum deposit requirements, and some of the tightest spreads and lowest commission charges in the industry. With Exness, traders can gain access to several international financial markets through the powerful and innovative MetaTrader 4 and MetaTrader 5 on the web, mobile, and desktop applications.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated | Limited financial instruments offered |
High maximum leverage ratio offered | |
Dedicated customer support | |
Low minimum deposit and low commission charges | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FSA, CySEC, FCA, FSCA, CBCS, FSC |
Minimum deposit from | 15 ZAR |
Average spread from | 0.0 pips |
Commissions from | From 52 ZAR per lot side |
Deposit/Withdrawal Fees | Yes |
Maximum Leverage | 1:2000 |
Bonuses | None |
Customer Support | 24/5 |
XM
Overview
XM is known for its amazing platform that is great for both beginner traders as well as experienced traders as well.
XM has a reputation for being the next-generation broker for online forex trading since they offer features such as auto trading, they have no hidden fees or commissions and their order executions are blazingly fast with 99.35% taking place in under 1 second.
For the beginner trader, XM offers a lot of educational resources as well as a demo account with $100,00 0USD of virtual currency to learn with.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Great Educational tools | Limited product portfolio |
Easy and fast account opening | Inactivity fee after 90 days |
No withdrawal fees | Only average Forex fees |
Low minimum deposit | |
Pros and Cons
💰Min. Deposit | 5 USD |
⬆️Maximum Leverage | 1:888 |
⬇️Min. Spread | Zero pips |
⚖️Regulators | CySEC, Asic |
📈Trading Desk Type | Dealing Desk |
IFX Brokers
Overview
Established in 2018, IFX Brokers is an FSCA-regulated CFD and forex broker that offers South African traders access to a wide range of instruments that are spread across forex, commodities, cryptocurrencies, and indices.
IFX Broker is known for offering competitive trading conditions, a range of educational resources, a safe and fair environment, client fund security, and trading solutions that cater to both professional and beginner traders alike.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated | Spreads are not the tightest |
MetaTrader 4 offered | MetaTrader 5 not provided |
Educational resources provided | FIX API not offered |
A range of useful trading tools offered | |
A wide range of tradable financial instruments offered | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FSCA |
Minimum deposit from | 150 ZAR |
Average spread from | 0.5 pips |
Commissions from | None |
Deposit/Withdrawal Fees | Some fees may apply |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |
GlobeX360
Overview
Globex360° is a leading global online trading provider that offers the ability to trade Forex and CFDs, indices, precious metals, energy, and cryptocurrencies. GlobeX360° has a strong dedication to offering their clientele state-of-the-art software and quality assurance.
Pros and Cons
✔️ Pros | ❌ Cons |
Variety of trading instruments | Only provides MT4 trading platform |
Different types of trading accounts, according to traders’ experience | Does not accept clients from the US, Canada, and Belgium |
Regulated by FSCA, FIAMLA, POCA 2002 and POTA 2002 | The withdrawal process is very slow |
Does not provide negative balance protection |
Features
🔎 Broker | 🥇 Globex360 |
⚖️ Regulation | FSCA |
☪️ Islamic account | ✔️ Yes |
👍 Demo Account | ✔️ Yes |
📈 Maximum Leverage | 1:400 |
💰 Minimum Deposit | $25 USD / R390 ZAR |
💳 Deposit Options | Debit/Credit |
💳 Withdrawal Options | Debit/Credit |
💻 Platform Types | MT4 |
📈 Tradable assets | ✅ Forex |
✅ Indices | |
✅ Commodities | |
✅ Equities | |
✅ Cryptocurrencies | |
🚀 Open an Account | 👉 Click Here |
GV Markets
Overview
GV Markets is a South African-based CFD and forex broker that has been in operation since 2010. GV Markets consists of a dedicated development team that has more than 30 years of combined experience in financial environments.
GV Markets offers competitive trading conditions, a range of tradable instruments, and the popular MetaTrader 5 through which traders can execute trades, access advanced charting capabilities, perform technical analysis, fundamental analysis, and much more.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
FSCA-regulated broker based in South Africa | Limited funding options |
Commission-free trading offered | Withdrawal fee charged |
Trusted and flexible funding options offered | Limited retail account options |
MetaTrader 5 supported | Lack of education and research tools |
High maximum leverage ratio provided | |
Negative balance protection applied to accounts | |
Innovative affiliate program offered | |
Zero deposit fees | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FSCA |
Minimum deposit from | 100 ZAR |
Average spread from | 0.1 pips EUR/USD |
Commissions from | Commission-free trading |
Deposit/Withdrawal Fees | Withdrawal fees charged |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |
Alpari
Overview
Established in 1998, Alpari is a globally recognised broker that is well-established and well-regulated, with more than 2 million clients from over 150 countries worldwide. Alpari offers a range of forex and CFD instruments in addition to tight spreads, instant execution, and innovative trading technologies.
Alpari offers South African traders a safe, fair, and transparent trading environment. In addition, the broker has also won several international industry awards, further instilling trust in its brand and services.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Member of the Financial Commission | Fixed spreads not offered |
Offers MetaTrader 4 and 5 | Limited tradable instruments |
Trading signals provided through AutoChartist | Lack of comprehensive education |
PAMM Accounts offered | |
News provided through FxWirePro | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FSCA, FSA, FSCA |
Minimum deposit from | 75 ZAR |
Average spread from | 0.4 pips |
Commissions from | 22 ZAR per lot per sale |
Deposit/Withdrawal Fees | Yes |
Maximum Leverage | 1:1000 |
Bonuses | Yes |
Customer Support | 24/5 |
ThinkMarkets
Overview
Established in 2010, ThinkMarkets is a leading online CFD and forex broker that serves more than 180 worldwide countries. With ThinkMarkets, traders have a wide range of trading instruments that are spread across several asset classes including stocks, shares, indices, metals, and many more.
ThinkMarkets offers comprehensive trading solutions and competitive trading conditions that consist of flexible account types, commission-free trading options, trading guides, advanced trading tools, and informative analysis and news sources.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated and trusted | Fixed spreads are not offered |
Competitive trading conditions offered | |
Wide range of tradable instruments | |
Flexible and innovative trading platforms | |
Trading Central and AutoChartist offered | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | ASIC, FCA, FSCA |
Minimum deposit from | 0 ZAR (Standard Account) |
Average spread from | 0.1 pips |
Commissions from | 52 USD per side |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/7 |
Other notable Forex brokers with FSCA licensing:
Pepperstone
Overview
Established in 2010, Pepperstone is one of the largest trading brokers according to daily trading volumes, serving traders in over 65 worldwide countries and connecting them to domestic and international financial markets.
Pepperstone offers the trade of more than 80 financial instruments that are spread across forex, commodities, energies, bonds, ETFs, and many more through the popular, powerful MetaTrader 4, MetaTrader 5, and cTrader.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated and award-winning broker | Fixed spread accounts not provided |
Low spreads, competitive commissions, and fast trade execution speeds | |
Wide range of retail investor accounts to choose from | |
Decent selection of trading tools and educational materials | |
Social trading opportunities provided | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | ASIC, FCA, DFSA, FSCA |
Minimum deposit from | 3000 ZAR |
Average spread from | 1 pip |
Commissions from | 38 ZAR |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | Yes |
Customer Support | 24/5 |
Trade Nation
Overview
Trade Nation is a well-regulated online trading broker that provides traders with the opportunity to buy and sell different financial instruments. Trade Nation offers its proprietary trading platform and MetaTrader 4 through which traders can trade, develop trading strategies, carry out different analyses, and more.
Trade Nation offers traders with 24/5 dedicated customer support and a wide range of research and educational materials, resources, and tools to navigate various financial markets with ease.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated by several entities | Crypto trading is not supported |
Wide range of tradable markets | |
Flexible funding options | |
No minimum deposit required | |
Tight and fixed spreads without any hidden fees | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FCA, ASIC, SCB, FSCA |
Minimum deposit from | 15 ZAR |
Average spread from | 1 pip |
Commissions from | 0 ZAR |
Deposit/Withdrawal Fees | Some fees may apply |
Maximum Leverage | 1:200 |
Bonuses | None |
Customer Support | 24/5 |
FXTM
Overview
Established in 2011, FXTM is a well-regulated ECN and STP broker that offers more than 250 financial instruments that can be traded. FXTM is known for its competitive trading conditions and user-friendly trading platforms that can be used across mobile, desktop, and the web.
FXTM offers South African traders access to a range of educational materials, trading tools, and a choice between flexible and dynamic account types, each offering tailor-made conditions that suit every trader.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated broker | Inactivity fee charged on dormant accounts |
Tight spreads and reliable trade execution speeds | |
Over 250 financial instruments offered | |
Commission-free trading offered | |
Low minimum deposit requirement | |
Multilingual customer support | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | CySEC, FCA, FSC, FSCA |
Minimum deposit from | 150 ZAR |
Average spread from | 0.0 pips |
Commissions from | 30 ZAR |
Deposit/Withdrawal Fees | Yes |
Maximum Leverage | 1:2000 |
Bonuses | Yes |
Customer Support | 24/5 |
Khwezi Trade
Overview
Established in 2013, Khwezi Trade is a well-regulated South African online forex and CFD broker that offers a wide range of tradable instruments through the powerful, popular MetaTrader 4 that can be used through the web or downloaded to desktops and mobile devices.
Khwezi Trade offers straight-through-processing (STP) execution, helping to ensure that the orders of South African traders are executed with minimal slippage and at the best possible prices. Khwezi Trade is an award-winning broker with several industry awards behind its name, including the Best Broker in South Africa for 2019 and 2020, granted by the Global Brands Magazine.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Well-regulated broker | Limited account currency options |
MetaTrader 4 provided | Limited funding options |
Trading tutorials and market analysis provided | Individual stock trading not supported |
A dedicated account manager is provided | More premium accounts have the best trading conditions |
There is a choice between trading account types | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FSCA |
Minimum deposit from | 500 ZAR |
Average spread from | Not indicated |
Commissions from | 0 ZAR |
Deposit/Withdrawal Fees | Some fees may apply |
Maximum Leverage | 1:200 |
Bonuses | None |
Customer Support | 24/5 |
FxPro
Overview
Established in 2006, FxPro is a reputable United Kingdom-based NDD broker that is regulated and authorized by the FCA, CySEC, FSCA, and SCB to operate across 173 countries, serving more than 1.3 million clients.
FxPro offers more than 260 tradable instruments and because of its NDD model, traders can expect some of the best pricing through Quotix, the proprietary aggregator for FxPro that collates prices from more than 12 different liquidity providers.
FxPro has won more than 75 industry awards in the past 15 years and has built a good reputation for itself in the industry as a trusted broker that puts the interest of its client before its own.
Pros and Cons
✔️ Pros | ❌ Cons |
---|---|
Premium trader tools provided | Social trading is not supported |
NDD Execution model | There are no managed accounts offered |
Well-regulated in several areas | Spreads are not the tightest |
Offers a choice in trading platforms | Commissions higher than other brokers |
VPS provided through Beeksfx | |
Features
🔶 Feature | ℹ️ Information |
---|---|
Regulation | FCA, CySEC, FSCA, DFSA, SCB |
Minimum deposit from | 1500 ZAR |
Average spread from | 0.0 |
Commissions from | 67 ZAR |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |
Frequently Asked Questions
What is the FSCA?
The Financial Sector Conduct Authority (FSCA, formerly Financial Services Board or FSB) is the financial regulator in South Africa that oversees financial services providers including banks and non-bank entities such as insurers, forex brokers, and many others.
Are South African retail traders required to only use FSCA/FSB-regulated brokers?
No, South Africans are legally allowed to trade through any domestic or international forex broker. However, traders are urged to ensure they use an FSCA/FSB regulated broker to ensure that they are protected.
Do all FSCA-regulated forex brokers (formerly FSB) offer ZAR denominated trading accounts?
No, not all international forex brokers who have FSCA regulation (formerly known as FSB) will offer ZAR denominated accounts. Therefore, traders may be subjected to currency conversion fees when they use an FSCA-regulated international broker that offers trading accounts in currencies other than ZAR.
How can I file a complaint against an FSCA-regulated broker?
If you have had any issues with a forex broker regulated by the FSCA, (formerly FSB – Financial Services Board) you can file a complaint through the office of FAIS OMBUD, which has been established by the Financial Advisory and Intermediary Service. They resolve disputes between traders and financial service providers (FSPs).
Is forex trading legal in South Africa?
Yes, forex trading is legal if both traders and forex brokers abide by the financial laws in South Africa.
Can forex brokers in South Africa be trusted?
Yes, several local and international brokers are trusted and have a proven track record for integrity, honesty, fairness, and safe trading.
How can I check whether a broker is regulated by the FSCA?
You can visit the official FSCA website and see whether the forex broker is an approved OTC Derivatives and FSP with a corresponding license number.
Featured SA Shares Writer and Forex Analyst.
Discussion about this post