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Best Banks That Allow Forex Trading in South Africa

South Africa is the leading forex market in Africa and one of the most advanced in the world. It has an advanced banking system that accepts deposits for forex trading quickly and easily. Remember, you need to fund an account to participate in this decentralized market for buying and selling currencies. 

As a trader, you are probably looking for the best bank with features that support trading forex. Don't fret, you've come to the right place. The list below in the article provides the leading banks for forex trading in South Africa.s,

Best Forex Brokers in South Africa

Regulation: FSCA, CySEC, FCA

Spreads: as low as 0.3 pips

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

Min. deposit: 170 ZAR/10 $

CFD Service. Your capital is at risk.

Regulation: FSC, ASIC, CySEC

Spreads: as low as 0.6 pips

Max. leverage: 1:1000, Forex pairs: 55

Min. deposit: 70 ZAR/5$

CFD Service. Your capital is at risk.

Regulation: FSCA, ASIC

Spreads: as low as 0.9 pips

Max. leverage: 1:400, Forex pairs: 55

Min. deposit: 100$

CFD Service. Your capital is at risk.

Banks That Allow Forex Trading in South Africa

The First National Bank (FNB)

Established in 1938 as the Eastern Province Bank, FNB is one of the oldest financial institutions in South Africa. It now trades as a First Bank limited subsidiary that allows investors to access the international market by facilitating the transfer of funds for international investment and saving. 

The ideal account for forex trading is global accounts. The account allows you to hold money in foreign currency until you settle on the best investment instrument. This simplifies the forex transfers and eases investment abroad and transactions with international forex brokers.

Here is the good news. South African adults get an annual foreign investment allowance of R10 Million maximum and R10 single discretionary allowance. The goal is to make forex services accessible to many traders.

Features of FNB Bank

  • Safe and secure electronic payment processing via SWIFT
  • Offers the best exchange rate at the time of payment processing
  • Allows users to hedge against exchange rates fluctuations 
  • Allow you to transfer funds internationally 24/7 
  • Using the FNB app or online banking platform qualifies you for a 50% discount on transaction charges. 
  • A standby support service offers guidance and assistance. 

To qualify for these services, you must: 

  • Be a resident in South Africa 
  • Above 18 years 
  • Be registered taxpayer 
  • Have an FNB cheque account without negative payments history - good standing 


Nedbank is not only one of the oldest banks in South Africa, but it has also grown to the top four banks. Did you know Nedbank started in the early 1800s? Yes, it is only one decade short of two centuries of existence. 

The bank offers a host of solutions ranging from corporate to retail and investment banking. It is also growing its insurance and wealth management segment. 

Nedbank has a specialized account for managing foreign account transactions. The customer foreign currency (CFC) account caters to users who make and receive payments in foreign currency. Therefore, if you want a bank that can help you deposit on an international brokerage bank, Nedbank has you covered. Moreover, it has a flexible account with a low opening balance requirement of R1500.

The banks offer unique and helpful features. Some of the notable include; 

  • Giving clients annual electronic tax certificate 
  • Does Not charge any monthly fee
  • It allows you to deposit and withdraw using email 

Opening this account requires you to be an adult above 18 years old. It is available for South Africans, including non-residents and foreign nations. To open the account, you simply need to fill in an application form on the bank's official site.

Standard Bank 

Standard Bank has a global reputation for offering online forex services. Customers can invest in various instruments, including over 150 forex pairs. Other instruments include exchange-traded funds (ETFs), CFDs, and FX spot. Choosing the bank means that you get competitive prices and good liquidity. 

The bank has excellent attributes that complement forex solutions to help you have a smooth experience. These features include:  

  • Guaranteed safety for transactions
  • Risk management features 
  • Well-curated expert insights


Absa bank was formerly a Barclays African subsidiary and is now part of the Absa group. It is one most prominent financial institutions in the content operating in over 12 countries, and is listed on the Johannesburg Stock exchange.


The bank’s services span corporate, retail banking, investment, and wealth management. Its unique BARX Africa trading platform makes it easy to transfer funds to forex brokerage firms and trade currencies. You can apply for an account online by email addressed to the international banking services division. 

The bank features which make it ideal for transaction forex exchange include 

  • Efficiency in foreign exchange transactions 
  • Instant trades 
  • Allowing control trading limits 
  • A full audit on tractions 
  • Live feed of news events

Mercantile Bank

With over 50 years of experience, Mercantile bank is reputable for offering personalized solutions and a skilled support team. A subsidiary of the Capitec group,  the bank focuses on Business and commercial banking. Besides local banking, it also deals with international banking. Moreover, Mercantile bank has a suite of forex trading products, including supporting debit and credit card payments services. The bank is also authorized to deal with foreign exchange enabling it to offer myriad services to people dealing with international payments. 

Some of the attributes that make it appealing to forex customers include: 

  • Offering favorable rates for offshore deals 
  • A foreign exchange contract to protect customers from extreme fluctuations. 
  • Offers foreign currency for the purchase 
  • Has a range of derivative products such as options, swaps, and futures contracts customized according to the customer's risk profile