The Best Forex Brokers in South Africa – Reviews and Platforms

The Best Forex Broker in South Africa – Reviews and Platforms


Forex trading remains very popular in South Africa, with many new traders looking to find their ideal Forex broker to start trading with.

There are many Forex Trading Companies in South Africa to choose from, but sometimes it can be hard to know where to start. 

That’s why in this guide we have reviewed a selection of regulated Forex brokers in South Africa. 

We have looked at the key features of each broker and what they can offer account wise to you as a trader.

Hopefully this review will help you find the right South African broker for you.

Let’s begin with the selection!

(Here is the list of best forex brokers in South Africa)

Best Choice

$ 100 Deposit
  • Minimum Deposit:$100
  • Ratings:5 star
  • Demo Account:
  • *:*84% of retail CFD accounts lose money
$ 10 Deposit
  • Minimum Deposit:$10
  • Ratings:5 star
  • Demo Account:
  • *:*Capital at risk
$ 200 Deposit
  • Minimum Deposit:$100
  • Ratings:5 star
  • Demo Account:
  • *:*Capital at risk
Comparison Table Includes
  • Minimum Deposit:
  • Ratings:
  • Demo Account:
  • *:
  • Minimum Deposit:$100
  • Ratings:5 star
  • Demo Account:
  • *:*84% of retail CFD accounts lose money
  • Minimum Deposit:$10
  • Ratings:5 star
  • Demo Account:
  • *:*Capital at risk
  • Minimum Deposit:$100
  • Ratings:5 star
  • Demo Account:
  • *:*Capital at risk


$ 100 Deposit


$ 10 Deposit


$ 200 Deposit

When we put together our selection of Forex Trading Brokers in South Africa, we made sure that most brokers are fully trustworthy.

It is very important for your security.


Forex Brokers Regulation in South Africa

We would highly recommend that you choose a regulated broker that is monitored by an official authority.

In South Africa, the main regulation body is the Financial Services Conduct Authority of South Africa – (also known as the FSCA).

Other respected regulation authorities include CySEC or the FCA which are based in Cyprus and the United Kingdom.

Regulation is important because it means that the domain and the Forex broker must be registered to a regulated authority, for example CySEC. This allows for investor protection against fraudulent scams and unregulated forex brokers.

It also means that a Forex broker must follow strict trading compliance guidelines.

For example a regulated forex broker must let a trader withdraw their funds without a problem. A broker must also separate trader’s money is from the company’s operational funds in. Again this rule was put in place in order to prevent fraud and misuse of capital.

Regulation authorities have the power to monitor Forex trading brokers to make sure that rules are followed and that scams do not take place.

Let’s take a look at the first regulated broker.


One of the Best CFDs Providers in South Africa: Plus500

plus500 south africa


Key Company Findings:

  • Broker Regulations: CySEC (no. 250/14) and FCA for UK (no.509909)

  • Platforms: WebTrader, Desktop for Windows & Mobile Trading App

  • Broker Minimum Deposit: $100

  • Headquarters: Israel and registered office in London, UK

  • Support: 24/7 via LiveChat, Email or WhatsApp

  • Instruments Available: Forex, ETF’s, Shares, Options, Indices, Commodities, Crypto

  • Maximum Leverage: 1:300
  • Can South African traders deposit in ZAR? YES

Click here to open your first Plus500 trading account.

*‘72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.’

Plus500 is a FSCA (No.47546) regulated broker with a competitive minimum deposit.

The broker remains a popular choice for traders and is one of the top Forex Trading Companies in South Africa.

As well as the FSCA, Plus500 is regulated by 6 other regulatory bodies including ASIC, FCA and CySEC.

Currently the company headquarters are based in Israel and there have been expansion plans mentioned to open a staffed office in South Africa itself.

The minimum deposit required is $100 / 1500 ZAR, which is an attractive offer for traders who are in South Africa and wish to deposit funds in ZAR only.

Another great feature of Plus500 is that it offers a user-friendly and safe forex trading platform that was self-developed by the company. This platform is intuitive because it allows traders to access everything they would need, as everything is located across 1 screen.

Besides the desktop platform, Plus500 also offers an effective mobile trading App for iOS and Android phones. The mobile application also allows traders to open a demo account as well as a real account.

Best Forex Brokers South Africa: Vantage FX

vantage fx

  • Regulations: ASIC (no.428901), FCA (no.1383491) & CIMA (1383491)
  • Platforms:MT4, MT5, WebTrader, Mobile
  • Leverage:1:500
  • Minimum Deposit:$200
  • Headquarters: Sydney, Australia
  • Support: Yes, available 24/5
  • Instruments Available: 300+ (Forex, CFDs, Stocks, Indices, Commodities & Energies)
  • Can South African traders deposit in ZAR? No, only in AUD, EUR, USD, GBP, NZD, SGD, CAD, JPY & CAD

 Open a Free Trading Account

*Your capital might be at risk

 Vantage FX is a well-regulated and respected online broker, which was first founded in 2009 under the name of MXT Global. They soon rebranded the name to Vantage FX Pty Ltd – (Vantage FX).  The team behind Vantage FX had backgrounds in finance, forex and technology and wanted to create a platform that offered fast execution of orders with low trading costs.

Today the broker has millions of customer’s worldwide, and Vantage FX holds 3 regulation licences to make sure that all traders in each of their jurisdictions has access to a regulated platform. When we checked we were pleased to see that Vantage FX holds regulations from ASIC, CIMA and FCA.

For extra client safety, the broker is regularly audited, offers indemnity insurance, and keeps all client funds in segregated accounts with a custodian bank to make sure your money is protected. They also offer good customer support that’s available 24/5, and free of charge withdrawals.

Regarding platforms, the MT5 and MT4 are both offered. There’s also a great Vantage FX trading app available which gives you access to a range of investing tools so you can trade anytime. If you’d like to use social trading software, the broker has ZuluTrade and MYFXBOOK available.

South African residents can also get involved with the broker’s popular refer a friend promotion. Here you can receive a $150 bonus when you refer a friend to VantageFX, your friend will also receive a $100 welcome bonus. The money can be withdrawn at anytime. To qualify you need to sign up for a live trading account, fund it and then begin trading.

Once you’ve started trading, you’ll receive a unique referral link which you can share with your friends. If they also create a live account and begin trading, you’ll both receive the money to your trading accounts.

Another Vantage FX promotion is the Welcome 50% bonus, you just need to fund your account up to the value of $500, and the broker will give you an extra 50% of bonus equity. For instance, if you deposit $200, you’ll receive an extra $100 welcome bonus. This deal only applies to new users.

Trading account wise, the broker offers 3 main accounts: RAW ECN, Standard STP, & PRO ECN. An unlimited demo and Islamic accounts are also available, but the RAW ECN remains the most popular account.

The RAW ECN is popular because is offers razor-sharp spreads and low commissions of only $3.00 per standard lot. Spreads are tight, starting from 0.1 pips for the EUR/USD pair. The minimum deposit for this account it $500.

If you’re new to trading, and want a lower minimum deposit amount, then the Standard STP account may be better for you. This has been designed for beginners as there is zero commission and offers direct access to the market. Although the spreads are not as tight as the RAW ECN account, the minimum deposit is lower at $200.

If you’re a professional trader who requires high volumes, then the PRO ECN account would be best for you. This comes with a minimum deposit of $20,000.

Best Forex Brokers in South Africa: XM


  • Regulations: CySEC (no. 120/10), ASIC (no. 443670) & IFSC 000261/158
  • Platforms:Mobile, XM WebTrader, MT4, MT5
  • Leverage: 1:30 *This is the maximum leverage for clients registered under the EU regulated entity of the Group
  • Minimum Deposit:$5
  • Headquarters: Limassol, Cyprus
  • Support: Yes, available 24/5
  • Instruments Available: 1000+ (CFDs on, Forex, Indexes, Stocks & Commodities)
  • Can South African traders deposit in ZAR? Yes, ZAR is one of the base currencies

 Open a free XM Account

*Your capital might be at risk

XM is known in the market for offering an incredibly large asset range and for their very low minimum deposit requirement of $5. The broker also has a company philosophy that believes in client satisfaction and account transparency.

This is why XM is very upfront about their fees and trading conditions, and earns client loyalty through their award-winning customer support.

They have also won awards for their Research and Education offering, and this year they won the ‘2020 Best Forex Service Provider’ title from the City of Wealth Management Awards.

Regarding regulations, the XM Group holds 3 regulation licences from 3 major authorities including ASIC and CySEC.

Client funds are also segregated from the operational accounts of the company, and as part of regulation rules, XM must let verified customers withdraw their funds when they wish. So you can be reassured that XM is a secure trading broker, and not a scam site.

XM has a range of trading accounts available, but their most popular accounts are their Standard and Micro Accounts. Not only are these accounts both commission free, but they have low spreads starting from just 1 pip.

The major difference between the Micro and Standard accounts is that they have different contract lot sizes. For example, the Standard Account contract size is 1 Lot = 100,000, and the Micro Account contract size is 1 Lot = 1000.

Both the Micro and Standard Accounts are available as Islamic accounts, and they have the same low minimum deposit of just $5. This is one of the lowest minimum deposits we’ve come across in the market, which is good if you have a tighter investment budget.

The deposit can be paid via electronic wallet, credit/debit card, and bank transfer. Plus for South African residents it’s good to know that the broker accepts ZAR as one of their base currencies.

Withdrawals are also free to make, and XM aims to process all withdrawal requests within 1 working day.

XM offers the MetaTrader4 and MetaTrader5 as part of their trading platform range. Both platforms are available for desktop download and as an online WebTrader format. The MT5 and MT4 mobile apps can be installed on Android and iOS devices, so you can trade from wherever you may be.

The mobile app version comes with all the same functions as the desktop and WebTrader versions, you can also receive real-time price alerts on the app to stay on track with market changes.

If you’d like to test the XM platforms for free, make sure to sign up for the broker’s unlimited demo account. This is a great way to test the features and practice trading with $100,000 of virtual money.

The demo account comes access to all the financial assets that you would find on the live XM trading account. XM has a large range of more than 1000 financial assets, including 57 currency pairs, 8 commodities, and 1100+ stocks.

However, there are currently no cryptocurrency CFDs available, which is a shame if you want to trade Bitcoin as a CFD online. Still the size range of the assets makes up for this, and the forex currency pairs has a good mix of exotics and majors.

Should you have any questions about the platform or need assistance, the customer support team is available Monday to Friday via LiveChat, email or phone.

Best Forex Brokers in South Africa: Pepperstone


  • Regulations: FCA (no. 684312) & ASIC (no. 414530)
  • Trading Platform: Mobile, Web, MT4, MT5, cTrader
  • Leverage:1:500
  • Minimum Deposit:$200
  • Headquarters: London, United Kingdom & Melbourne, Australia
  • Support: Yes, available 24/5
  • Trading Instruments Available: 150+ (CFDs, Forex, ETFs, Indexes, Cryptocurrencies, Stocks & Commodities)
  • Can South African traders deposit in ZAR? No, only in AUD, USD, GBP, JPY, EUR, CAD, NZD, CHF, SGD, and HKD

 Open a Free Pepperstone Account

*Your capital might be at risk

Originally from Australia, Pepperstone is a very popular forex & CFD online forex broker. They were founded in 2010 by two Australian entrepreneurs who wanted to create a platform that combined technology and automated trading.

Now residents of South Africa can also start trading with an international broker that offers some of the most popular trading platforms, including MetaTrader and cTrader,

Pepperstone is also fully regulated and holds licences from the Financial Conduct Authority and Australia’s ASIC body. Although they don’t have offices in South Africa, provide 24/5 customer support which can be accessed via LiveChat, email, and phone.

Looking at the broker’s platforms, they offer the MetaTrader4, MetaTrader5, and cTrader as options. All are respected and user-friendly trading platforms that offer fast execution, access to Expert Advisors, and customisable interfaces.

Best of all the Pepperstone trading platforms are available for desktop use (Mac OS & Windows), for mobile devices (Android & iOS), and as an online WebTrader.

Regarding the trading app for mobiles, Pepperstone’s mobile app is a great way to manage your trades from any location. You can also make withdrawals and deposits directly on the app and access all the same charting tools that come on the desktop and WebTrader formats.

Besides selecting which trading platform you want to use, you’ll also need to decide which Pepperstone trading account you want to use. The broker has 2 very popular trading accounts- the Standard Account, and the Razor Account.

The Standard Account is designed for new traders as it has zero commission and fair spreads. For instance, for the Major pairs, the spreads start from 1.0 pips. The broker Razor Account is better if you’re a professional trader and you require very low spreads. Here the spreads for the Majors start from a very low 0.0 pips, but there is a small commission charged.

Both accounts though allow for the use of EA’s (Expert Advisors), and hedging. Besides these accounts, there’s a free demo account available, and the broker offers swap-free Islamic trading accounts to clients of the Muslim faith.

The minimum deposit for both the Razor and Standard is $200, which can be paid in one of the equivalent base currencies of  EUR, AUD, USD, GBP, JPY, CAD, NZD, CHF, SGD, and HKD.

Unfortunately, ZAR is not listed as a base currency, so you’ll have to pay a small conversion fee if you want to deposit in ZAR.

However, withdrawals and deposits are free to make via bank transfer, credit/debit card, and electronic wallet. Note though that some e-wallets may charge a small transaction charge that is separate to Pepperstone.

Regarding the broker’s instrument range, it may not be the largest when compared to other brokers, but they have a good size and range of assets. For example, we liked their CFD cryptocurrency range which includes Bitcoin, Ethereum, Dash, Litecoin and Bitcoin Cash. This is a solid selection of some of the most popular cryptos on the market.

Pepperstone’s stock assets also features some of the most important listed companies around, including Amazon, Tesla and Facebook. A very interesting mix for any CFD trader.

Forex Broker South Africa: BDSwiss

bdswiss south africa

Key Forex Broker Company Findings:

  • Regulations: CySEC and the FSC (no.C116016172)
  • Platforms: MT4 & MT5
  • Leverage: Up to 1:400 – for Basic Account, but up to 1:500 for other account types
  • Minimum Deposit: $200
  • Headquarters: Switzerland and Cyprus
  • Support: Yes, available 24/7
  • Instruments Available: 250+ assets including Cryptocurrencies, Forex, Indices, Shares, Commodities and Equities.
  • Can South African traders deposit in ZAR? NO, only USD & other European currencies


Click here to open your first BDSwiss trading account.

*Your capital might be at risk

BDSwiss was established back in 2012, and since then the company provides online trading services to over a million clients globally. The main company holding is based in Switzerland.

BDSwiss offers you access to a very professional Metatader4 / MT4 trading platform, which is also available as a mobile trading MT4 app. Traders can download the app for free for use on iOS and Android devices.

An app lets you access your account whenever you want, which is great for flexibility & for trading on the move.

Another strength of trading with BD Swiss is that they offer free education and Forex trading webinars. Access to the education tools is also given to demo account users. This is a great tool if you’re new to Forex trading and want to gain further trading knowledge.

To assist new clients, they also have dedicated account managers available to answer any platform or trading related questions.

BDSwiss also offers low spreads and is one of the main brokers to offer fair trading conditions. For example, besides low market spreads they also have zero commissions. This is good news for traders as the trading prices are more reflective of the actual prices on the market.

Besides Forex, BD Swiss also offers trading in Stocks, Commodities and Cryptocurrencies as well as other CFD instruments. This is a good option for any trader who wants a wide range of assets to trade in besides Forex.


Forex Trading Company South Africa: FXTM

fxtm south africa

Key Forex Broker Company Findings:

  • FXTM Minimum Deposit: $10
  • Minimum Trade: 0,01 lots (micro lot)
  • Leverage: up to 1:500
  • Assets: 300+ (all CFDs)
  • FXTM App: Yes
  • FXTM Demo Account: Yes
  • Platform: MT4, WebTrader, Mac Trading
  • Can South African traders deposit in ZAR? NO, only USD & other European currencies

ForexTime, know also as FXTM, is a regulated CFDs trading company. The broker is regulated by Cysec, FSCA and FCA.

What makes to broker unique, it’s the low minimum deposit of only $10 (about 145 ZAR).

This is possible because the company offers many different trading accounts to start trading with. Depending on the selected account, there is a different first deposit required.

All account have different spreads and commissions. For professional traders there are also spread zero account for instance.

The broker offers a demo account for all new traders with $100.000. This is virtual money which ca be used to test your own trading strategies.

Another great feature of FXTM is the self-developed App. The trading App works perfectly and it has a very modern layout.

Deposit and withdrawals are fast and don’t have high commissions.

A low point of the broker is the customer service which is not available 24/7. The support is only reachable from Monday to Friday from 8.00 to 18.00.


Best forex brokers South Africa: Conclusion

When it comes on selecting a broker from the listed Forex Trading Companies in South Africa above, it’s clear that there are many options to choose from. However, you must consider which platform would suit you and your requirements the best. 

For example, it may be important for you to be able to deposit funds in ZAR or via a local South African bank. 

Another factor that could help you decide is the educational or social trading tools that are offered by some Forex trading companies. This could be an important point especially if you’re trying to develop your Forex trading knowledge.

It really is a personal decision that you must make. Forex trading is full of chances and with such a good selection of Forex Trading Companies in South Africa to choose from, it’s likely that you’ll find one you like.

To be comfortable with trading, you must find the best Forex trading company that suits your lifestyle.

Should you have any further questions about a forex broker, we’d encourage you to reach out to the broker directly so all queries can be answered.

Open Free IQ Option Account

*Risk warning: Your capital might be at risk


 Here you can learn more about the four best forex brokers for beginners mentioned in the article.

Marco Sbalchiero

Author of this article and founder of

My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.

In my spare time I enjoy cooking and travelling.

Here you can learn more about our review methodology.



In South Africa, the best Forex Broker is Plus500. You can start trading with Plus500 with only $100. On the platform is possible to trade different currency pairs, commodities, stocks, indexes and cryptocurrencies. The interface is very user-friendly and it is not necessary to download any extra platform, but everything can be done on the self-developed Plus500 trading platform.

The broker is fully regulated to operate in South Africa. Another pro factor of this platform is that you can open a free demo account with $40.000 to train and learn to trade.

This is why it is considered one of the best south african forex brokers.

The best bank, or better forex broker in South Africa is Plus500. A description of this broker can be found just above.

I would like to mention a second forex broker: eToro. If you are a forex trader in South Africa you must have heard of eToro. The trading platform is one of the most famous in the world.

The broker became one of the best forex brokers in South Africa thanks to its Social Trading and Copy Trading features.

Copy trading is very used by many traders because they can copy the trades of other eToro users after reviewing their performance.

Social Trading allows you to share your opinions and analysis of the market with all the other traders. Think of it like Facebook but only for trading. This helps a lot of traders to learn more about trading, learn new strategies, and new investing techniques.