11 ☑️ Best FSCA / FSB Regulated Forex Brokers in South Africa

✔️ 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)

 

1. ✔️AvaTrade – Best Forex Broker in South Africa
2. ✔️HotForex (HF Markets) – FSCA Regulated Forex Brokers in South Africa
3. ✔️FBS – Serves clients from over 150 countries including South Africa
4. Tickmill – FSCA Regulated Forex Broker Since 2019
5. Exness – Low Spread Forex Broker with ZAR Trading Accounts
6. XM – Low Minimum Deposit Forex Broker in South Africa
7. IFX Brokers – Local Forex Broker based in South Africa
8. Globex 360 – Award-Winning Trading Software Provider
9. GV Markets – Boutique Forex Broker based in South Africa
10. Alpari – High Leverage Forex Broker in SA
11. 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.