The Best Forex Brokers 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 trading 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 platform for you.

Let’s begin with the selection!

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

Trading Platform
etoro
Rating
Minimum Deposit $200
Demo Account
Start Trading TRADE NOW
*75% of retail CFD accounts lose money
plus500
Rating
Minimum Deposit $100
Demo Account
Start Trading TRADE NOW
*80.6% of retail CFD accounts lose money
iqoption
Rating
Minimum Deposit $10
Demo Account
Start Trading TRADE NOW
*Your capital is at risk
bdswiss
Rating
Minimum Deposit $200
Demo Account
Start Trading TRADE NOW
*Your capital is at risk
Trading Platform Rating Minimum Deposit Demo Account Start Trading
etoro $200 TRADE NOW
*75% of retail CFD accounts lose money
plus500 $100 TRADE NOW
*80.6% of retail CFD accounts lose money
iqoption $10 TRADE NOW
*Your capital is at risk
bdswiss $200 TRADE NOW
*Your capital is at risk

When we put together our selection of Forex Trading Companies in South Africa, we made sure that each broker is fully regulated.

Regulation is a very important, and we only ever list regulated brokers for your security.   

Trading Company 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 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 companies to make sure that rules are followed and that scams do not take place.

Let’s take a look at the first regulated broker Plus500:

 

Plus500 in South Africa

plus500 south africa

 

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.

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 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.

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.

They are a fully regulated broker and hold regulation licences from CySEC and the FSA (Seychelles Financial Services Authority).

They offer a self-developed trading platform which is a good choice for beginners as well as experienced traders. The platform is also fully customizable, so you can adjust the layout and adjust what assets are displayed. 

One attraction of opening an account with IQ Option is that they are a very trader focused company. For instance, they offer a wide range of instruments and assets that can be traded as CFD’s besides Forex. This includes Stocks, ETF’s, Cryptocurrencies, Commodities and FX Options.

IQ Option also allows Binary Option trading for traders from South Africa. In fact it’s one of the few trading companies where this product still available.

However, the main thing that this broker is known for is their low minimum deposit. With this broker, the IQ Option minimum deposit 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. The demo account comes with $10,000 of virtual funds for you 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 methods.

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 Israel back in 2006. The team behind it wanted to make trading accessible to all, which is why the platform is known for being a leading Forex social broker.

This means that meaning that they focus on the social aspects of trading by connecting users with a network of traders so that trading insights can be discussed. So if you want to learn from others, this is the ideal platform to use.

eToro has also gained popularity because unlike more traditional Forex trading companies, they offer unique social trading tools. For example they have the CopyTrader tool which lets you copy the trades of other professional traders.

For 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 small conversion fee will be charged. To see more information about the fees, please visit the broker’s website.

Regarding regulation, although they may not be regulated by the FSCA they are regulated by both CySEC and the FCA. So you can be assured that they’re officially regulated and not a fraudulent company.

For traders, eToro offers flexible leverages ranging from 1:30 up to 1:400. They also have a wide range of CFD instruments to trade, even if the range is not as big as Plus500. However, they have Forex, Crypto, Indexes, Commodities and Stocks all available.

You can open an account with the broker in a few simple steps and the minimum deposit is $200. We should point out that $200 is required just for the first ever deposit. For any further deposits made afterwards, the minimum depsoit starts from just $50.

So if you’re looking for a broker that offers copy trading and social aspects, eToro could be the broker for you. It is a great option if you’re looking to learn knowledge from others and develop quickly as a 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

 

Best forex brokers in 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 broker, we’d encourage you to reach out to the broker directly so all queries can be answered.

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