Best Forex Brokers in South Africa for 2020

Online Trading » Best Forex Brokers in South Africa for 2020
Best Forex Brokers in South Africa for 2020 2020-06-21T17:23:15+02:00

Forex traders in South Africa prefer to trade via the best Forex brokers in South Africa. Forex brokers are companies that provide traders with a trading platform and access to buy and sell currencies. There are many brokers in South Africa, however, not every broker is the best broker. The best Forex brokers South Africa for 2020 are determined by their services and support. Some of these South African Forex brokers have offices in Cape Town, Durban or Johannesburg and residents can trade legally with them.

Top Forex Brokers in South Africa for 2020

Online Trading SA Brokers
Minimum Deposit
Financial Regulators
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cm online Trading
Rating-online-trading
Min.Deposit
R3000
Get 20% Bonus

FSCA Regulated.
In South Africa
Open Account

CM Trading Review
Markets SA
Rating-online-trading
Min.Deposit
R 1500
10% Bonus or Get up to $1,000 bonus
FSCA Regulated.
In South Africa
Open Account

Marketsx Bonus
Plus 500 Online Trading
Rating-online-trading
Min.Deposit
R1500
FSCA Regulated.
In South Africa

Plus500 Regulation Number #47546 in SA
Open Account

24 Options South Africa
Rating-online-trading
Min.Deposit
R2900
FSCA Regulated.
In South Africa
Open Account
24Option Review


These best brokers in South Africa accept clients from South Africa and offer local support and contact numbers, local bank deposits and withdrawals and local offices as mentioned above. As trading currencies in South Africa keep on rising, we recommend that you trade with regulated Forex brokers. While it is not required for Forex brokers to become authorised by the Financial Sector Conduct Authority (FSCA) to accepts South Africa residents as customers, we recommend it. FSCA is the financial regulatory body in South Africa. Other Forex brokers are regulated by the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) or Australian Securities and Investments Commission (ASIC).

The FSCA was established in 2018 by the Financial Sector Regulation Act 9 of 2017 (the FSR Act) as the successor to the Financial Services Board (FSB). The FSB had previously regulated South Africa from 1990 to 2018.

Best Forex Brokers in South Africa

Best Forex Brokers South Africa

All forex brokers offer the same basic service. However, the best Forex brokers in South Africa have different trading platforms, trading costs, assets and customer support, all in which make them differ from other brokers. These brokers also offer different trading experience. This list of the top Forex brokers accept new customers from South Africa. List of the best Forex brokers in South Africa.

  • AvaTrade – Top Forex Broker in SA
  • IG – Top-rated South African Forex Broker
  • Plus500 – Plus500AU is also authorised as a Financial Service Provider in South Africa
  • eToro – Best Copy Trading Platform
  • FXTM – Best Broker for Forex
  • CM Trading – Best Forex Broker South Africa
  • FXCM – Top Broker in South Africa
  • SAXO Bank – Best VIP Client Experience

How to Verify FSCA Authorisation

To check if a Forex broker is authorised by the FSCA, you must check its FSP registration number from the disclosure text at the bottom of the their website’s homepage. For example, here’s the key disclosure text from Plus500’s website,

Plus500AU Pty Ltd is an Authorised Financial Services Provider #47546 in South Africa. Remember that CFDs may not be suitable for everyone and ensure you understand the risks involved. Click here to see our full risk warning. South African clients warrant that they have obtained the necessary tax clearance certificates in line with their foreign investment allowances.

The final step is to search for the FSP number on the financial register available on the FSCA’s website to verify that the Forex broker is currently authorized in South Africa.

How To Choose the Best Forex Broker in South Africa

There are crucial things you need to follow when looking for a good Forex broker. Regulations, transaction costs, trading platforms, minimum deposit, customer service and deposit and withdrawal of funds are some of the factors you should consider when selecting the best Forex broker. Many South African Forex brokers offer demo accounts, before you choose a broker, open a demo account to check your trading strategy, test the platforms and trading conditions for yourself. You will be able to find the best Forex broker for you in South Africa with the right research and testing.

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