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Trading Forex in South Africa

If you are a South African citizen or resident thinking of starting your first journey into forex trading, South Africa has plenty of opportunities to offer. Here are our essential tips when choosing a forex broker to trade within South Africa.

Trading forex is legal in South Africa, and you will find a variety of brokers offering retail forex accounts and CFD trading. All forex brokers based in South Africa need to be regulated by the FSCA. Some international brokers, however, may be happy to accept clients from South Africa even though they are based overseas. Check the regulatory status of any broker before signing up

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Forex Brokers South Africa

3.8
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Read Full Review
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Tickmill Review
3.3
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Read Full Review
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Risk Warning: Trading financial products on margin carries a high degree of risk and is not suitable for all investors. Losses can exceed the initial investment. Please ensure you fully understand the risks and take appropriate care to manage your risk.

4.2
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

Fees
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Read Full Review
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

Take Me Broker Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4.6
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
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Read Full Review
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

4.6
Pros
  • Transparent and competitive pricing
  • High-quality trading experience
  • Negative balance protection
  • Strong Charting package
  • Regulatory and operational strength
Cons
  • High fees for Stock CFDS
  • Limited product suite
  • High fee for international bank withdrawal
Fees
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Read Full Review
Pros
  • Transparent and competitive pricing
  • High-quality trading experience
  • Negative balance protection
  • Strong Charting package
  • Regulatory and operational strength
Cons
  • High fees for Stock CFDS
  • Limited product suite
  • High fee for international bank withdrawal
Take Me Broker Read Full Review

4.1
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Fees
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Markets & Products
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Read Full Review
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.2% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

3.6
Pros
  • Decent offering of forex pairs to trade
  • Commission-free trading
  • Zero deposit fees
  • Transparent fee structure that is clear and easy to find
Cons
  • Number of CFDs on offer could be improved
  • Limited research resources
  • High deposit minimums on best-value trading accounts
Fees
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Markets & Products
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Read Full Review
Pros
  • Decent offering of forex pairs to trade
  • Commission-free trading
  • Zero deposit fees
  • Transparent fee structure that is clear and easy to find
Cons
  • Number of CFDs on offer could be improved
  • Limited research resources
  • High deposit minimums on best-value trading accounts
Read Full Review

Trade.com broker platform review
4.3
Pros
  • Negative account balance protection
  • Good customer service
  • Live chat
Cons
  • High spreads on some pairs
  • More fees than other brokers
Fees
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Read Full Review
Pros
  • Negative account balance protection
  • Good customer service
  • Live chat
Cons
  • High spreads on some pairs
  • More fees than other brokers
Read Full Review

next markets broker platform review
4
Pros
  • Innovative trading platform
  • Wide range of trading instruments offered
  • Bank advisor recommendations
Cons
  • No MT4 platform
  • Only one account offered
  • Not many funding options offered
  • Not many reviews available
Fees
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Read Full Review
Pros
  • Innovative trading platform
  • Wide range of trading instruments offered
  • Bank advisor recommendations
Cons
  • No MT4 platform
  • Only one account offered
  • Not many funding options offered
  • Not many reviews available
Read Full Review

fxpro broker platform review
4.3
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Fees
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Read Full Review
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Read Full Review

Direktbroker-FX Broker Platform Review
4
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cmtrading broker platform review
4.5
Pros
  • Very few fees
  • There is also no commission charged on CFD shares beyond the spread fees
  • Offer free signal service
 
Cons
  • CM Trading is not regulated in Europe
  • Complains about customer service reply time
  • Doubtful accuracy of the signal service
  • Some complaints about deposits arriving swiftly
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Read Full Review
Pros
  • Very few fees
  • There is also no commission charged on CFD shares beyond the spread fees
  • Offer free signal service
 
Cons
  • CM Trading is not regulated in Europe
  • Complains about customer service reply time
  • Doubtful accuracy of the signal service
  • Some complaints about deposits arriving swiftly
Read Full Review

binaryrobot 365 review
3.3
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FXCM broker review
4
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Fees
Rating
Platforms
Rating
Markets & Products
Rating
Read Full Review
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

InvestLite Logo
4
Pros
  • Full trading transparency
  • Extra-tight spreads
  • 350+ CFDs on multiple assets
  • Free demo version
Cons
  • Minimum deposit of $250
  • Not available in US and Canada
  • Monthly inactivity fees
Fees
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Platforms
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Markets & Products
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Read Full Review
Pros
  • Full trading transparency
  • Extra-tight spreads
  • 350+ CFDs on multiple assets
  • Free demo version
Cons
  • Minimum deposit of $250
  • Not available in US and Canada
  • Monthly inactivity fees
Read Full Review

iTrader Broker Platform Review
4.4
Pros
  • ITRADER is an international online broker offering outstanding services and conditions that fit traders with different experiences and backgrounds.
  • Online CFD trading on Forex, commodity, stock, index markets brings unlimited trading opportunities right to a trader’s phone or laptop.
Cons
  • The more account remains dormant, the more a trader needs to pay.
  • No live chat.
Fees
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Platforms
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Markets & Products
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Read Full Review
Pros
  • ITRADER is an international online broker offering outstanding services and conditions that fit traders with different experiences and backgrounds.
  • Online CFD trading on Forex, commodity, stock, index markets brings unlimited trading opportunities right to a trader’s phone or laptop.
Cons
  • The more account remains dormant, the more a trader needs to pay.
  • No live chat.
Read Full Review

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What to look for when choosing a forex broker in South Africa

When researching forex brokers, South Africa has a wide range to choose from. Make sure that the broker is fully licensed and regulated, and that it provides a solid trading platform and responsive customer service. If you are a South African forex trader, you might want to look for a firm that is based in the country, or at least one that has an office in South Africa. In terms of the minimum amount to start trading, South African clients should check what deposit requirements are when depositing ZAR, if they wish to trade in their own currency.

Fees and commissions

South African forex brokers may work on a commission-free model, taking their profits only from the spreads, or they may charge a commission for each transaction. Check all the fees and costs involved before committing to a broker, including admin and inactivity fees, withdrawal charges, and other potential ‘hidden’ costs.

Regulation – are they safe?

Forex brokers in South Africa have to be regulated by the FSCA, and this applies whether the broker is based in the country or simply operating there. If your broker is international, it may also be regulated by other entities in other jurisdictions, such as the FCA, ASIC or CySEC. 

Forex trading platform

When it comes to forex trading platforms, South African forex brokers tend to offer a range of trading platforms such as MT4, MT5 or Trader, and mobile trading apps are also common. Many brokers will offer more than one type of platform, so consider using a forex trading demo account to check out the different platforms.

Customer service 

If you are resident in South Africa, choosing a local broker, or one that has a South African office, may help when it comes to customer service, especially if it has a local phone line you can call for support. Check to see if support is available in the language you feel most comfortable with.

FAQS 

 

Do forex traders pay tax in South Africa?

Yes, individuals do have to pay tax on any profits from forex trading in South Africa. If you are a forex trader who is resident in South Africa, you will have to declare any income from forex trading on your annual tax return.

How to become a forex trader in South Africa

Getting started is easy. Simply find an appropriate broker that is regulated by the FSCA, and sign up for an account. Most forex brokers also have an education section that can help you learn the basics of forex trading.

Is forex trading legal in South Africa?

Yes, forex trading is legal in South Africa. The FSCA regulates all forex trading, operating on behalf of both traders and brokers, to make sure that no illegal activities take place.