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Best Forex Brokers in South Africa

Broker of the month

  • Spreads: as low as 1.0 pips
  • Trading instruments: 150+
  • Platforms: MetaTrader 4 & MT5
  • Max. leverage: 1 : 1000

Risk warning: Trading Forex and CFDs entail risk and could result in the loss of your capital.

Super Tight Spreads

With spreads starting from as low as 1.0 pips on standard accounts with no commission paid, FXGT has one of the tightest spreads in the forex industry. On ECN accounts, the spreads start from 0.0 pips with a low-paid commission.

Local Regulation & ZAR Accounts

FXGT is in South Africa regulated and supervised by the financial regulator FSCA under license no. 49970. The company supports having a base account currency either in USD or ZAR.

Forex Leading Trading Platforms

FXGT provides access to industry-leading forex trading platforms – MT4 and MT5. The broker also has all year-round promotions and bonuses.*

(*Subject to different regions and T&C)

How do we select brokers featured on this page?

Finding the best forex broker is not an easy task. You have to be sure the broker is safe, reliable and offers good trading conditions. We made a review of over 700 forex brokers and came to the conclusion that these are one of the best forex and CFD brokers for South African traders.

Regulated by at least 1 financial regulatory body

Regulation is crucial for the safety of all traders. That's why all brokers featured on this page are regulated by at least 1 financial regulatory body.

Fair Broker's fees

The more you pay on broker's fees, the less money you can make. We know that and that's why we mention here only brokers that charge fair fees. (by industry standards).

Smooth deposits and withdrawals

Brokers displayed on this page guarantee deposit and withdrawals to be processed within 3 working days, tho on average they take around 1 day and e-wallet funding is usually instant.

Best South African Forex Brokers

We researched some of the best forex and CFD brokers that operate in South Africa and made a side by side comparison. Here it is.


Regulation: FSCA, FSA, VFSC

Spreads: as low as 1.0 pips

Max. leverage: 1:1000, Forex pairs: 50+

Min. deposit: 94 ZAR/$5 USD

FXGT is a forex broker that offers South African traders access to various markets with industry-standard spreads. The spreads on this broker site start from 1.0 pips on the standard account, 0.5 pips on the pro account, and 0.0 pips on the ECN account (commissions apply on the ECN account). MT4 and MT5 are both available for traders to use while trading. With a local FSCA license and a low minimum deposit of $5, this broker is appealing to South African traders.

Trading Forex and CFDs entail risk and could result in the loss of your capital.


Regulation: FSCA, CySEC, FCA

Spreads: as low as 0.3 pips

Max. leverage: 1:Unlimited, Forex pairs: 107

Min. deposit: 190 ZAR/10$

Exness is a Forex and CFDs broker with one of the tightest spreads in the industry. On standard accounts, they start from 0.3 pips and on professional accounts they start from 0.1 pips (A higher minimum deposit is required). The company features two popular trading platforms - MT4 & MT5 and allows speculation on 107 currency pairs, including 9 pairs with ZAR. The company is locally licensed by the South African financial regulator - FSCA.

Trading Forex and CFDs entail risk and could result in the loss of your capital.


Regulation: CMA, CySEC, ASIC

Spreads: as low as 1.0 pips

Max. leverage: 1:400, Forex pairs: 60+

Min. deposit: No minimum deposit

Pepperstone is a Forex and CFDs broker offering clients access to over 1,200 assets from the forex, commodities, indices, shares, and ETFs markets. Investors can trade on four platforms including TradingView, MT4, MT5 and cTrader. The spreads are low starting from 1.0 pips on the standard account with no commission paid. In South Africa, they are operating under the CMA license provided by the Kenyan regulatory authority.

Trading Forex and CFDs entail risk and could result in the loss of your capital.

Regulation: FSC, CySEC, ASIC, Spreads: as low as 0.6 pips

Max. leverage: 1:1000, Forex pairs: 55, Min. deposit: 94 ZAR/5$ traders can use for executing and analysing the markets one of the two famous trading platforms - the MT4 or MT5. On these platforms, South African traders can trade EUR/ZAR, USD/ZAR and 53 other available currency pairs. The broker supports a base currency in ZAR and offers to S.African traders a 30$ no-deposit starting bonus (T&Cs apply).

Your capital is at risk.

Regulation: FSCA, FSC, CySEC, ASIC, Spreads: as low as 0.7 pips

Max. leverage: 1:3000, Forex pairs: 28, Min. deposit: 1$

FBS offers standard, cent and pro accounts, each featuring different benefits. FBS has floating spreads that start from 0.7 pips, the typical spread on EUR/USD is only 0.9 pips. The broker features popular platforms MT4 and MT5 along with FBS Trader (mobile app).

Your capital is at risk.

Regulation: CIMA, ASIC, FCA, CySEC, NFA, Spreads: as low as 0.8 pips

Max. leverage: 1:400, Forex pairs: 80, Min. deposit: 100 $ features two popular forex retail platforms MT4 and MT5 on which South African traders can trade 80 forex pairs (including EUR/ZAR, GBP/ZAR, USD/ZAR, and ZAR/JPY) with up to 1:400 leverage. is a part of StoneX Group Inc. which is a publicly traded company on NASDAQ.

Your capital is at risk.

Regulation: FSCA, FSC, FCA, KNF, CySEC, Spreads: as low as 0.8 pips

Max. leverage: 1:500, Forex pairs: 57, Min. deposit: No minimum deposit

XTB clients can trade on the broker's in-house built platform called xStation 5. The company allows speculation on 57 forex pairs (including EUR/ZAR, GBP/ZAR and USD/ZAR). The XTB Group is regulated in South Africa by the FSCA, in Belize by the FSC, in the UK by the FCA, in Cyprus by the CySEC and in Poland by the KNF.

Your capital is at risk.

How to find the Best Forex Broker in South Africa

As a trader based in South Africa, you need to think about aspects that are important for you when choosing a forex broker. These can include tight spreads, a trading platform that suits you, a good amount of trading assets, regulation, a base account in ZAR, transparent operation as well as supported deposit and withdrawal methods.


Rebate programs, no-deposit and deposit bonuses and other marketing endeavours that forex brokers offer are not important. What really matters is broker's transparent operation, regulation and fair fees.

#A must


Regulation is a crucial element that you need to consider. A broker that is regulated by a reputably financial regulatory body is overseen and monitored and any misconduct against you, as a trader, is very unlikely as there are very high sanctions and fines in hundreds of thousands of dollars that just no broker wants to have to deal with.

In South Africa, we have the financial regulator FSCA (Financial Sector Conduct Authority) which is the FBSA spin-off. This regulator can provide to South African traders the best investor protection as it specifically represents South African's best interests.

In order to verify a broker is regulated by the FSCA, please visit the official website of the FSCA and use their search of authorized financial service providers - Here, enter the broker's name and if a result pop's up, click details and "products approved".

In other countries of the world, other regulatory bodies oversee the financial market. For instance, the most recognised and respected are in Europe the UK's FCA and in Cyprus the CySEC. In Australia, the same goes for the ASIC.

While these regulations do not directly provide any protection to traders from South Africa, brokers regulated by these regulators have often very good reputation abroad as well and it's definitely better to trade with such companies than to trade with ones that are not regulated at all or only by some weak regulatory body.

Some of the big and well-respected brokers regulated in Europe or Australia (Like or XTB) also accept South African traders under an entity that is, for instance, regulated in Belize by the IFSC, or on Seychelles regulated by the FSA. Unfortunately, these regulators are "weaker" in comparison to the ones in Europe or Australia.

That's why we believe, that for South African traders, the best option here, is to trade with a broker that is regulated by the local financial regulator (FSCA).

#The lower the better

Spreads and trading fees

The more you pay on trading fees, the less you can actually make. With this in mind, your decision of a broker should be based on how high fees the company you selected charges. Most brokers are mainly compensated for their services through the Bid/Ask spread.

1# Spreads

Spread is the difference between the ask and bid price. That means if you buy USD/ZAR at 15.1121 and you can sell it back to your broker at 15.1283 then the spread is in this case 0.0162 (equivalent to 0.11%). As you can see, for exotic pairs like the ZAR is, the spreads are relatively high. For minors and particularly for major pairs (like EUR/USD) the spreads are more competitive.

For that reason, some forex brokers state on their website, that the spreads can be, for instance, as low as 0,8 pips (so the bid (sell) price could be 1.21542 and the ask (buy) price 1.21550) which often applies only to some of the major currency pairs like EUR/USD. The best option for you is to scan broker's spreads on forex pairs you plan to trade the most often. Spreads can be found on websites of most brokers on the instrument page.

The screenshot was taken from the Plus500 platform

(Used for illustration purposes only)

2# Swaps also known as Overnight fees

Swaps are fees that are charged to your position if you stay in your trades when the market is already closed. Overnight funding fees can be usually seen again on the broker's instrument page or directly on their trading platform when you click on more information about your trade.

The screenshot was taken from the Plus500 platform

(Used for illustration purposes only)

3# Deposit and withdrawal fees

Deposit and withdrawal fees are not that common or when they apply, they are only for some specific withdrawal methods (such as bank transfer). With all this being said, make sure you know if your broker charges deposit and withdrawal methods prior to funding your account.

4# Inactivity fee

The inactivity fee is charged to forex trading accounts that have not been active for a significant time period. This time period is specified by a broker, tho the industry standard is at least 90 days. The inactivity fee differs from a company to a company drastically. It can range from 5 dollars to even a couple of hundreds of dollars hence I advise withdrawing all your funds if you plan on taking a break from trading.


Base account currency USD X ZAR

Most South African traders prefer having a trading account in South African Rand and for a good reason, after all, ZAR is rightfully positioned among the 20 most traded currencies in the world. Having a trading account in your local currency means that you will not have to pay fees for converting your money to USD or other major currency.

Forex brokers that support having a trading account in ZAR usually don't convert Rand to other currencies, which implies they have a local bank account located in S. Africa. If that's the case, all your deposits and withdrawals are made much faster than with any other currency.

Unfortunately, despite the popularity of forex trading in South Africa, the number of forex brokers featuring a base account in ZAR is very limited.

Although, it's a good advantage to have a base account in your local currency, remember that brokers convert your currency automatically if you trade forex pairs in which your base trading account currency is not quoted. That means if your trading account is in ZAR and you buy the currency pair EUR/USD, your South African Rand gets converted to EUR.

#Majors, minors, exotic

Forex pairs

The number of tradable forex pairs differs from a broker to broker. While all major pairs are available nearly everywhere, the same cannot be said about minor and exotic pairs. So remember if you want to trade, for instance, ZAR against other currencies, make sure your broker features such pairs on their platform.

#Double-edged Sword


Forex brokers give to South African traders often access to very high leverage which can range from 1:200 to even 1:3000. What this means is that when you trade, for instance, with R 1 500 and the leverage is 1:300, you gain the effect of R 450 000 capital. While you can make a lot of money with high leverage even if the price changes just slightly, it also means you can very fast lose all your invested capital.