The Best Forex Brokers in South Africa – Reviews and Platforms

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

Here the list of best forex trading companies in South Africa.

Trading PlatformRatingMinimum DepositDemo AccountStart Trading
etoro $200 TRADE NOW
*75% of retail CFD accounts lose money
EToro review
plus500 $100 TRADE NOW
*80.6% of retail CFD accounts lose money
Plus500 review
iqoption $10 TRADE NOW
*Your capital is at risk
IQ Option review
bdswiss $200 TRADE NOW
*Your capital is at risk
BDSwiss review


Whilst there are many Forex Trading Companies in South Africa to choose from, we would highly recommend that traders choose a regulated broker that is monitored by the Financial Services Conduct Authority of South Africa – (also known as the FSCA), or other respected regulation authorities such as CySEC or the FCA which are based in Cyprus and the UK accordingly.

Regulation is important because it means that the domain and the Forex broker must be legitimate and registered to a regulated authority, for example CySEC. This allows for investor protection against fraud as well as making sure that the Forex broker adheres to trading compliance guidelines.

To avoid fraud and scams it’s important to ensure that a trader can withdraw their funds without a problem and that a trader’s money is separated from the broker’s operational funds in order to prevent fraud and misuse of capital. Regulation authorities have the power to monitor Forex trading companies to make sure this and other common scams do not take place, as well as checking that correct procedure is followed.

In this article we will be looking at a selection of regulated Forex brokers trading in South Africa in order to see the similarities between them as well as what they can offer account wise to any potential traders.

Another important thing to note is that all the following brokers below offer free demo accounts. A demo account is an good way to practice trading with virtual money as well as testing the account to see if you like the broker and the set up without risking real capital.

Let’s begin with going through the selection of Forex Trading Companies in South Africa so each trader can find the best Forex broker for them.

Plus500 in South Africa

plus500 south africa

Plus500 is a FSCA (No.47546) regulated broker with a competitive minimum deposit, Plus500 is a popular choice for traders amongst the selection of Forex Trading Companies in South Africa.

As well as the FSCA, Plus500 is regulated by 6 other regulatory organizations across the world such as 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 trading platform that was self-developed by the company. This platform is intuitive because it allows traders to access everything they would need in one place, as everything is on the same screen.

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

Key Forex Broker Company Findings:

  • Minimum Deposit: 100 USD
  • Maximum Leverage: 1:300
  • Can South African traders deposit in ZAR? YES

BDSwiss in South Africa

bdswiss south africa

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 its clients access to a very professional Metatader4 / MT4 trading platform with access also to a mobile platform version of the MT4 app. Traders can download the app for free for use on iOS and
Android devices in order to access their accounts whenever they want, which is great for flexibility and traders on the move.

One of the other main strengths of trading with BD Swiss is that they offer free education and Forex trading webinars to account users, also including the demo account users. This is a great tool for new Forex traders who want to learn and gain further trading knowledge. They also have dedicated account managers for any platform or trading related questions.

BD Swiss also offers low spreads and is one of the best brokers in the market known to provide low spreads. This is good news for traders as the trading prices are more realistic and reflective of the actual prices on the market.

Besides Forex, BD Swiss also offers trading in stocks, commodities and cryptocurrencies as well as other entities. This is a good option for any Forex trader who requires a wide range of assets to trade with.

Key Forex Broker Company Findings:

  • Minimum Deposit: 200 USD
  • Maximum Leverage: 1:400
  • Can South African traders deposit in ZAR? NO, only USD & other European currencies

IQ Option in South Africa

iq option south africa

IQ Option is a prominent Forex trading company with their headquarters based in Cyprus and they are regulated by CySEC.

They offer a simple trading platform which is a good choice for beginners as well as experienced traders. It should be noted too that they offer a customizable platform to fit an individuals needs in terms of what they want to see on the platform.

One main attraction of opening an account with IQ Option is that they are a very trader focused company, for traders they offer a wide range of trading products alongside Forex such as stocks, ETF, CFD’s, cryptocurrencies, FX options and commodities.

IQ Option also allows Binary Option trading for traders from South Africa, (it’s the only trading company with this product still available).

Accessibility is also a key feature of this trading company, as the minimum deposit required for IQ Option is just $10, which is a very low and competitive price. To sign up and open a Forex trading account with them is also free, as is the demo account. For the demo accounts they provide an account with $10,000 of virtual funds for users to practice trading with.

In terms of accessibility of withdrawing and depositing funds, for South African traders IQ Option allows local bank transfers as payment options.
South African banks such as Absa, Capitec Bank and First National Bank are all available as additional payment

Key Forex Broker Company Findings:

  • Minimum Deposit: 10 USD
  • Maximum Leverage: 1:500
  • Can South African traders deposit in ZAR? YES

EToro in South Africa

etoro south africa

eToro was founded in 2006 and is a leading Forex social broker, meaning that they focus on the more social aspects of trading by connecting users with a network of traders so that trading insights can be discussed and exchanged.

eToro has also gained popularity because unlike more traditional Forex trading companies, they offer the chance to do copy trading which allows users to copy the trades of traders.

For potential South African traders though, it is important to know that eToro does not accept deposits in ZAR, just USD. To convert funds to USD a conversion fee is charged and more information about the fees is listed on their website.

Regarding regulation, although they may not be regulated by the FSCA they are regulated by CySEC and the FCA in the UK, so they are officially regulated and not a fraudulent company.

One other attractive element of using eToro is that they offer flexible leverages from 1:30 up to 1:400. Yet compared to other brokers they still have a relatively high minimum deposit of $200 which may put off traders with limited funds.

Although eToro may have some more interesting points with regard to the copy trading and social aspects, the higher deposit threshold and deposit conversion funds could put potential traders off from using them. It is very much up to the personal decision of the trader.

Key EToro Findings:

  • eToro Minimum Deposit: 200 USD
  • eToro Maximum Leverage: 1:400
  • Can South African traders deposit in ZAR in Etoro? NO, just in USD


When it comes to selecting a broker from the listed Forex Trading Companies in South Africa above, it’s clear that there are many options to choose from and it is a personal decision of the trader of what broker suits them the best.

Some points such as being to either deposit funds in ZAR or USD conversion fees are all issues that may sway a trader towards one broker instead of another, especially when South African traders wish to deposit funds in the national currency and not USD.

Other important factors for novice Forex traders could be the educational webinars or social networking opportunities that are offered by some Forex trading companies in order to learn trading knowledge. It really is a personal decision for each user. Forex trading is full of chances and with such a good selection of Forex Trading Companies in South Africa such as eToro to choose from, every trader will find the best Forex trading company that suits them.

However whilst we would always recommend to go with the regulated Forex trading company that suits each individual trader the best, we would also encourage anyone with further questions to reach out to the broker directly so any further queries can be answered.

Here you can learn more about the four best forex brokers for beginners mentioned in the article such as their platform setup, regulations and trading conditions. And here about the best forex broker in Australia.