11 Best Forex Brokers in South Africa for November 2023 - Gatmash

There are many forex brokers that operate in South Africa, but only the forex brokers that are regulated by the Financial Sector Conduct Authority (FSCA) are legal& considered safe for South African traders.

Also note that there are several unregulated and illegal brokers that accept clients from South Africa. Most of these fake brokers do not have licenses from any Tier-1 or Tier-2 regulators.

Or they may have their licenses in the past which have been revoked, but they still go ahead to take money from the unsuspecting public. So you must be careful when depositing your funds with any forex broker.

Read our research below & how we rank these forex brokers.

Best Forex Brokers in South Africa

HFM (HotForex) – Overall Best Forex Broker in South Africa
Exness – Best Forex Brokerfor Lowest Spreads& Rand Account
AvaTrade – Best Forex Broker for Fixed Spreads
Tickmill – Best FSCA Regulated Forex Broker for Pro Traders
XM Global – Forex Broker with Standard Account
FxPro – Best Forex Broker with cTrader Platform
FXTM – Best Forex Broker for ECN Type Accounts
IC Markets – Best ASIC Regulated Broker with Low Overall Fees
Pepperstone – Forex Trading Account for Professionals (but not FSCA Licensed)
IFX Brokers– South African Forex Broker with Market Execution
Admiral Markets – FSCA & ODP Licensed Forex Broker

We reviewed various forex brokers accepting South African clients based on several factors including:FSCA regulation, fees on currencies (majors & minors), deposit & withdrawal options (including bank payments), range of instruments (all CFDs), availability across devices, Rand trading account, and customer support via phone, email.

1 HFM (HotForex) – Overall Best Forex Broker in South Africa

HFM Pros

HF Markets SA is regulated with FSCA in South Africa. They are regulated with Tier-1 regulation FCA.
Free demo account for learning in a virtual environment
The spreads with Premium account are low. The overall fees with Zero Account is very low, with $6 commission per lot roundturn on majors & $8 on other currency pairs.
HFM does not charge any Inactivity fees
ZAR base currency account is available for SA traders.
They have a local office & phone number listed in SA.
Wide range of CFD instruments are available
Dedicated website for SA traders.
MetaTrader platform available across multiple devices

HFM Cons

The spreads for some minor currency pairs with Micro & Premium accounts is higher than other forex brokers.
Customer support is not available 24/7
No ODP license

Regulation: 4.5/5

HF Markets, formerly known as HotForex is a Forex and CFD broker that is regulated with multiple regulators.

In South Africa, they have an offline office located at Katherine & West Suite 18 Second floor 114 West Street Sandton, Johannesburg 2031.

HF Market SA is licensed and regulated in South Africa by the Financial Sector Conduct Authority (FSCA) as a financial service provider: License number 46632.

Other regulatory bodies include:

Financial Conduct Authority (FCA) UK: License number 801701.
Capital Markets Authority (CMA) Kenya: License number no. 155
Financial Services Authority Seychelles (FSA): License number SD015.
Dubai Financial Services Authority (DFSA): License number F004885

HF Market Fess: 4.5/5

Spreads: HF Market charges variable spread on all their account types except the Zero account. The typical spread for major like GBP/USD is 1:9 pips, which is moderate. The spreads are very low with Zero account, but there is commission per lot for roundturn.

Commission: There is no commission when trading on HF market, except when you are trading on their Zero spread account, which has commission from $0.6 per Mini Lot (10,000 units). This is considered low.

Deposit Charges: HF Market does not charge deposit fees, except for wire transfer where deposit is free for transactions above $100. The local withdrawals & deposits via bank accounts in SA are free.

WithdrawalCharges: Free

Inactivity Fees: Zero

Payment Methods: 5/5

Deposit into HF Market for SA traders

Bank transfer via South African bank accounts through EFT takes about 10 minutes
Wire transfer takes about 2-7 working days, but this is not important for SA traders.
Credit/debit card takes about 10 minutes
Other e-Wallet methods of deposit take about 10 minutes to complete.

Deposit is free, however the payment processor may charge you fees that HF market does not cover.

Withdrawal from HF Market

Visa card and wire transfer takes about 2-10 working days
Withdrawal with e-wallets take about 10 minutes
Local bank transfer withdrawal takes up to 2 working days.

Trading Conditions: 5/5

HF market offers up to 50+ currency pairs, CFDs on 6 metals, 11 indices, 50+ CFD stocks, bonds, ETF, cryptocurrencies, and energies. HFM offers a maximum leverage of 1:1000.

HF Markets supports ZAR base currency for all account types, so you save on currency conversion fees. It features one wallet for multiple accounts, 1:1000 maximum leverage, 100% bonus offerings.

There are over 5 account types, over 15 funding methods, MetaTrader trading platforms and 25 video tutorials.

Platforms (Mobile, Web & Desktop): 5/5

Mobile platforms are the HFM proprietary app, HFM MT4 & MT5 mobile apps which are compatible with Android & iOS phones.

The MT4 &MT5 web terminals run on web browsers and are compatible with all web browsers

The MT4 &MT5 desktop platforms can be downloaded to Windows and MAC desktop systems

HF market also has a copy trading platform that runs on MT4. HFM copy trading is used to copy trading strategies from strategy providers.

Lastly, HF market offers a demo account that helps you learn how to trade with virtual funds.

Support: 5/5

Customer support is available 24/5 via live chat, email, and call. There is local phone no. & a local office in South Africa.

Overall: 4.6/5

HFM is a regulated with FSCA, and they have low trading fees with Zero Account. The overall trading conditions are good, and they are local in South Africa.

2. Exness – Best Forex Broker for Lowest Spreads & Rand Account

Exness Pros

Exness is regulated in South Africa with FSCA.
Exness has very low spreads with Pro accounts. On average for EURUSD is 0.7 pips during normal markets conditions.
Exness does not charge inactivity fee
Exness has a free demo account for practicing before real trade
ZAR base currency accounts are available.
Exness accepts local bank transfer for funding & withdrawals
Copy/social trading is available

Exness Cons

Customer support is very slow.
Unlimited leverage, which is a high risk
No ODP license

Regulation: 4.5/5

Exness is an online retail forex broker that was established in 2008, They have a physical local office in South Africa, located at Offices 307&308 Third Floor, North Wing, Granger Bay Court, V&A Waterfront Cape Town.

In South Africa, Exness is regulated by the Financial Sector Conduct Authority (FSCA) with FSP number 51024.

Exness is also regulated by the following regulators:

The Financial Conduct Authority (FCA) UK: License number 730729
Cyprus Securities and Exchange Commission (CySEC): License number 178/12
Central Bank of curacao and Sint Maarten: License number 0003LSI
Capital Markets Authority (CMA) Kenya: License number 162.
Financial Services Authority (FSA) Seychelles: License number SD025
Financial Services Commission (FSC) British Virgin Islands: License number SIBA/L/20/1133.
Financial Services Commission (FSC) Mauritius: License number GB20025294

Fees: 4.5/5

Spread: Exness charges floating spread on all their account types, except for the Zero spread account where spread on major currency pairs startfrom zero. The average spread for GBP/USD is 1.2 pips irrespective of the account type.

Commission: For GBP/USD pair commission is zero on standard and pro accounts and $3.5 on Raw Spread Account and $4.5 on Zero Account

Deposit/Withdrawal fee: Exness does not charge deposit and Withdrawal fees. They offer EFT transfer in SA. But if your account is not in ZAR, they currency conversion charges apply.

Exness does not charge Inactivity fee on dormant accounts

Payment Methods: 4.5/5

Deposit into Exness

Internet banking via EFT through SA bank accounts has a minimum deposit of $10 and a maximum deposit of $29,000. Deposit processing time may be instant but can take up to 7 working days.
e-Wallets have a minimum deposit of $10 and take about 30 minutes for the transaction to be successful.

Withdrawal from Exness

Internet banking has a minimum withdrawal of 20 ZAR, and maximum withdrawal of 250 000 ZAR. Withdrawal processing time takes between 5-7 working days.
e-wallet like Skrill and Neteller take up to 24 hours and have a minimum withdrawal amount of $10 and $4 respectively.

Trading Conditions: 4.5/5

Exness supports ZAR account base currency so you save on currency conversion fees. It also features free Virtual Private Server (VPS) hosting, and 5 different account types.

Exness offers up to 1200+ tradable instruments: 100+ currency pairs (major, minor and exotic), CFDs on 90+ stocks, 10 metals, cryptocurrencies, energies, and indices. The maximum leverage when trading with Exness is 1: unlimited.

Platforms (Mobile, Web, Desktop): 5/5

The Exness Trader app, MT4 & MT5 mobile apps are mobile platforms compatible with Android & iOS mobile phones

The MetaTrader 4 & 5 Web terminal runs on web browsers

The Exness Terminal is a desktop platform compatible with Windows, Linux, Mac, iOS, & Android

Exness also offers a demo account to help you learn or perfect your trading strategies before trading with real money.

Customer Support: 3.5/5

Customer support is available 24/7 via live chat, email, and call, but their customer support is very slow. Call and live chat are faster methods of reaching customer support as Exness takes about 24 hours to respond to emails.

Overall: 4.3/5

Exness is a multi regulated forex broker that is considered low risk. Their trading fees is also low with most account types, and the trading conditions are okay. But their customer support is not the best.

3. AvaTrade – Best Forex Broker for Fixed Spreads in South Africa

AvaTrade Pros

Tier-1 regulation from ASIC. Also regulated with FSCA.
Spread only trading accounts with low overall spreads.
No commission
Special app for trading options contracts

AvaTrade Cons

No ZAR account base currency
Customer service is not available 24/7
Inactivity fee
No ODP license

Regulation: 4.5/5

Avatrade is an online forex broker that was founded in 2006. In South Africa, Avatrade has a physical offline office that is located at 2nd Floor, Nelson Mandela Square Office towers West, Sandton, Johannesburg, 2196, South Africa.

Avatrade is regulated by the South African Financial Sector Conduct Authority (FSCA) as Ava Capital Markets Pty Ltd: license number FSCA No.45984. They are regulated in other jurisdictions by the following brokers:

Central Bank of Ireland: Reference No.: C53877
Polish Financial Supervision Authority
Australian Securities & Investments Commission: License number 406684
British Virgin Islands Financial Services Commission: License number SIBA/L/13/1049
Financial Services Agency (Japan): License number 1662
Financial Regulatory Services Authority (FRSA): License number 190018
Israel Securities Authority: License number 514666577
Cyprus Securities & Exchange Commission (CySEC) License No. 347/17

Fees: 4.5/5

Avatrade does not charge commissions and the fixed spread for GBP/USD is 1.5 pips and deposits and withdrawals are free.

However, there is an inactivity fee of 50 USD or EUR or GBP for 6 months of inactivity.

Payment methods: 4/5

You deposit and Withdraw funds on Avatrade using bank transfer, credit/debit card, wire transfer and e-wallet.

Deposit using credit/debit card is instant, e-Payment takes up to 24 hours, while wire transfer takes up to seven working days
Withdrawal with credit/debit card takes between 24 to 48 hours, while wire transfer can take up to 10 working days.

Trading Conditions: 4/5

AvaTrade does not support ZAR account base currency. It also features Zero commissions, tight spreads, 1:400 leverage, and instant execution

Avatrade offers CFDs on up to 30+ indices, 15+ crypto currencies, 16+ commodities, 50+ currency pairs, 600+ stocks, ETFs, Bonds, and FX Options. Avatrade offers a maximum leverage of 1:400.

Platforms (Mobile, Web, Mac Desktop): 4.5/5

The Mobile Platform features AvatradeGo, AVAOptions, and AvaTrade MT4 & MT5.

The Web Platform features the AvaTrade MT4 & MT5 web trader that can be accessed from any browser

The Desktop platform features the MT4 & MT5 Avatrade MacTrader which works on Mac desktops

Customer Support: 4/5

Avatrade customer service is available 24/5 via email, call, WhatsApp chat, and live chat.

Overall: 4/5

AvaTrade is good forex broker for traders looking to trade via fixed spread trading accounts.

Find out more information on AvaTrade

4. Tickmill – Best FSCA Regulated Forex Broker for Pro Traders

Tickmill Pros

Regulated with FSCA & Tier-1 FCA UK.
Low commission & spreads for Professional traders
They accept deposits & withdrawals via EFT for SA traders
MetaTrader 4 platform is available
Customer support is good during weekdays.
Free Demo account
ZAR Base Currency Trading accounts are available. You can select the account currency when opening your new account, but you cannot change the base currency of an existing account.

Tickmill Cons

Customer service is not available 24/7
Tickmill is not a licensed ODP

Regulation: 5/5

Tickmill is a CFD broker that was founded in 2014. In South Africa, Tickmill’s registered office is located at The Colosseum, 1st floor, Century Way, Office 10, Century City, 7441, Cape Town.

Tickmill is regulated by the South African Financial Sector Conduct Authority (FSCA) with the license number: FSP 49464.

Tickmill is also regulated by the following regulatory bodies:

Cyprus Securities and Exchange Commission (CySEC): License number; 278/15
Financial Conduct Authority (FCA) UK : license number; 717270
Labuan Financial Services Authority (Labuan FSA): License number MB/18/0028
Seychelles Financial Services Authority (FSA): License number SD008.
Financial Sector Conduct Authority (FSCA): License number FSP 49464.

Fees: 4.2/5

Classic account: spread starts from 1.6 pips, commission is free and maximum leverage is 1.500.

Pro account: spread starts from 0.0 pips, commission of 2 per side per 100,000 traded and maximum leverage is 1:500.

VIP Account: spread starts from 0.0 pips, commission is 1 per side per 100,000 traded, and maximum leverage is 1:500.

However, the typical spread for GBP/USD is 0.3 pips while for EURUSD, the typical spread is 0.3.

Deposits and withdrawalsare free and there is no inactivity charge when you don’t use your account.

Payment Methods: 4/5

Bank transfer takes about one working day for deposit and Withdrawal
Deposit is instant for visa and Skrill, and Neteller, but withdrawal for all three methods takes about one working day.

Trading Conditions: 4/5

Tickmill does not support ZAR account base currency. Available account base currencies are USD, EUR, and GBP. Tickmill features 3 account types and 1:500 leverage.

Tickmill has 4 account types including an Islamic account.

Tickmill offers 60+ Forex pairs, 20+ stocks indices, six commodities, five bonds 500+ stocks, and 10+ cryptocurrency

Platforms (Mobile, Web, Desktop): 4.5/6

The Mobile Platform features Tickmill’s MT4/5 mobile apps that work on android & iOS mobile devices

The Web Platform features the Tickmill MT4/5 WebTrader which can be accessed from any web browser.

The Desktop Platform Tickmill’s MT4/5 WebTrader for Mac desktops. Tickmill also offers demo account for practicing trading strategies and learning how to trade

Customer Support: 4.5/5

Customer support is available via phone, email, and live chat 24/5.

Aside from the registered address, they have another physical local office located at The Cube, 205 Rivonia Road, Morningside, Sandton, South Africa.

Overall: 4.2/5

Ticmill is a reputed forex broker that is regulated in South Africa as well. They are mostly used by Pro traders because of their commission based trading accounts that have low trading fees.

5. XM Global – Forex Broker for Standard Account

XM Pros

Zero commission & spread only trading accounts for beginner traders
Low spreads with Ultra Low account
XM CFD trading accounts require same $5 minimum deposit
Copy trading on the XM platform (newly introduced)
Customer service is available 24/7
Rand Account Currency option is available with all account types
Local deposit methods are available
Availability of demo account
Wide range of CFD trading instruments are available
Key Way Financial (Pty) Ltd. Is regulated with FSCA

XM Cons

Their FSCA regulated broker only acts as an intermediary & the product issuer is XM Global Limited.
No ODP license
Inactivity fee
No ECN type trading accounts

Regulations: 3.5/5

XM Global is a CFD broker that was established in 2009. They have a physical local office in South Africa, but they are not regulated with FSCA.

XM global is regulated by the following authorities:

Financial Services Commission (FSC) Belize as XM Global Limited: license number 000261/397
Cyprus Securities and Exchange Commission (CySEC): license number 120/10

Fees: 4/5

Spread: XM global charges spread that starts from 1 pip (for all major currency pairs) for their micro account and standard account, while for the XM ultra low account, spread starts from 0.6 pip for all major currency pairs. Average GBP/USD spread on XM is 1.9 pips

Commission: XM global charges commission on the shares account only. For every other account, commission is free.

Depositand withdrawal fees: Free

Inactivity Fee: $5 per month on dormant accounts

Payment Methods: 4.5/5

You can deposit and withdraw money using local bank transfer (in Rand), credit/debit card, bank wire and e-wallet.

Deposit and withdrawal takes within 24 hours for the transaction to be successful. However for a method like bank wire it can take up to 2-5 working days.

Trading Conditions: 4/5

XM Global supports Rand account base currency so you save on currency conversion fees.

XM also gives you a Personal Account Manager, free market research, free forex webinars, free video tutorials, 10 platforms, free daily technical analysis, 1:1000 leverage, and bonuses reaching $5,000.

XM global offers up to 1000+ tradable instruments: 50+ currency pairs, 30+ CFDs on crypto currency, 1000+ stick CFDs, 8 commodities, 20+ equity indices, three precious metals, energies, and 100 stocks. The maximum leverage for trading on XM global is 1:1000.

Platforms (Mobile, Web, Desktop): 4.5/5

Mobile Platform: the XM app is powered by MetaTrader so you get the features of MT4 or MT5. The platform works on android, iPhone and iPad devices.

Web Platform: the XM WebTrader is the web platform which you can logon to from any browser. You can choose to use MT4 or MT5 WebTrader

Desktop platform features MT4 and MT5 and runs on Mac or PC

Demo: You can learn how to trade and perfect your trading strategies using the XM global demo account.

Customer Support: 4.5/5

XM customer support is available 24/7 via live chat and email. They also have a help center page where you can find answers to some of your questions.

Overall: 4/5

XM is considered a moderate risk forex broker because of their lower regulations compared to other CFD brokers, but they are a large broker in terms of trading volume.

The spreads with Ultra Low account are quite low, and their customer support is also okay.

Find out more information on XM Global

6. FxPro– Best Forex Broker with cTrader Platform

FxPro Pros

Licensed with FSCA
ZAR base currency account is available
Multiple trading platforms are available for SA traders including cTrader
You can choose different account types.
You can deposit & withdraw funds from FxPro via EFT through bank transfer. There is no extra fees
Choice between fixed and variable spreads for major FX pairs
Choice between Market & Instant Execution

FxProCons

The spreads are not the lowest.
Customer service is not available 24/7
Inactivity Fee is charged
No ODP license

Regulation: 4.5/5

FxProLimited is a financial service provider that was established in 2006. In South Africa, FxPro is regulated by the Financial Sector Conduct Authority (FSCA) with the license number 45052.

Despite the fact that FxPro is regulated in South Africa, they do not have any physical local office in the country (not listed on their website).

Other regulatory bodies that regulate FxPro include:

Financial Conduct Authority (FCA) UK: License number 509956
Cyprus Securities and Exchange Commission (CySEC): licence number 078/07
Securities Commission of The Bahamas (SCB): license no. SIA-F184
Financial Services Commission Mauritius (FSCM): Licence no: GB21026568

Fees: 4/5

Standard account: Spread starts from 1.2 pips for currency pairs like GBP/USD and EUR/USD. The average spread GBP/USD and EUR/USD is 1.5 pips. No commission on the standard account

Pro account: For GBP/USD, USD/JPY and EUR/USD, spread starts from 0.6 pips, however the average spread is 1 pip. No commission on the Pro account

Raw account: Spread for GBP/USD, USD/JPY and EUR/USD starts from 0 pips. However, the average spread for these currency pairs is 0.2 pips. This account comes with a commission of Raw + 3.5$/side.

Elite Account: spread for EUR/USD, GBP/USD, USD/JPY starts from 0 pips. However the average spread is 0.2 pips. The Elite account comes with a commission of Raw + 3.5$/side.

FxProcTrader: On the FxProcTrader platform commissions are $35 per S1 million traded or $0.35 per mini lot.

Deposit and withdrawal: Free, however if you request a withdrawal without having traded, a fee between 2% and 2.6% is applicable

There is also a $15 inactivity fee for not using your account for a period of time.

Payment Methods: 4.5/5

Deposit: FxPro accepts deposit via bank wire transfer, e-wallet, and debit or credit card. South African traders can deposit via EFT through local bank accounts.

Withdrawal: You can withdraw money using bank wire, credit/debit card, e-wallet.

Trading Conditions: 4.5/5

FxPro supports ZAR account base currency and offers 1:200 leverage. FxPro also features free VPS servers for lower latency when trading.

FxPro offers 60+ Forex, CFDs on 20+ futures, 15+ indices, 2,000 + shares, 10+ metal, and 3 energies.

Platforms (Mobile, Web, Desktop): 5/5

Mobile Platform features FxPro MT4/5 mobile app, FxPro proprietary mobile app, and FxProcTrader app and work on android and iOS phones.

The Web Platform also lets you access FxPro MT4/5 and cTrader via any web browser. The Desktop Platform features MT4/5 desktop as well as the cTrader desktop platform for Windows.

FxPro also offers demo accounts for practicing and learning with virtual funds.

Customer Support: 4.5/5

Customer support is available via call, live chat, and email 24/5

Overall: 4.2/5

FxPro is a multi regulated CFD & forex broker that offers multiple trading account types on different platforms. Their fees is low on cTrader platform.

7. FXTM -Best Forex Broker for ECN Type Accounts

FXTM Pros

Regulated with FSCA
Advantage account has low overall trading fees.
Availability of demo account
Local deposit & withdrawal via EFT

FXTM Cons

No ZAR account
Inactivity fee
Customer service is not available 24/7
No ODP license

Regulations: 4.5/5

ForexTimeLtd also known as FXTM was established in 2011.

In South Africa, FXTM does not have a physical local office, but is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa as ForexTime Ltd, with license number FSP No. 46614.

ForexTime is regulated in other jurisdictions by the following regulatory bodies:

Financial Conduct Authority (FCA) UK as Exinity UK Ltd.: License No. 777911
Capital Markets Authority Kenya as Exinity Capital East Africa Ltd: License number No. 135
Cyprus Securities and Exchange Commission (CySEC) as ForexTime Ltd: License number CIF No 185/12
Financial Services Commission Mauritius (FSC) license number C113012295.

Fees: 4/5

Micro account: FXTM does not charge commission with the Micro account, and spread for this account starts from 1.5 pips. This account comes with a fixed leverage of 1:3 to 1:1000 for Forex and a fixed leverage of 1:500 for metals.

Advantage account: Spread on the FXTM advantage account starts from 0.0 pips. This account comes with an average Commission of $0.4-$2 and a maximum floating spread of 1:2000.

Advantage plus account: Spread starts fro. 1.5 pips, commission is free. This account comes with a maximum floating leverage of 1:2000.

Deposit fee: Free

Withdrawal Fee: FXTM charges withdrawal fee or commission on some methods of withdrawal like African local solutions, visa card, and bank wire.

credit/debit card: 3 USD / 2 EUR / 2 GBP
Bank wire: 30 EUR
Local African solutions: 1 USD

There is a 5 USD or EUR, or GBP inactivity fee after 6 months of account inactivity.

Payment methods: 4/5

Africa Local Solutions has a Minimum deposit of 20 ZAR, no minimum withdrawal. Deposit or withdrawal takes about 1-2 working days an

Bank wire takes 3-5 working days for deposit and 24 hrs for withdrawal. The minimum deposit using bank wire is $10

Deposit using MasterCard is instant, but withdrawal takes up to 24 hours. MasterCard has a minimum deposit of $5 and no minimum withdrawal amount.

Trading Conditions: 4/5

FXTM does not support ZAR account base currency as it only support USD, EUR, & GBP account base currencies. It features 3 account types, and a 1:1000 fixed leverage

FXTM offers you access to trade up to 1000+ tradable instruments: 60+ Forex pairs, CFDs on metals, stocks, stock CFDs, commodities and indices.

Platforms (Mobile,Web,Desktop): 4.5/5

Mobile platform: The FXTM mobile app is powered by MetaTrader so you get the same features and it works on Android and iOS phones.

FXTM Webtrader allows you trade on a web browser and has MT4 & MT5 variants.

Desktop platforms allow you download FXTM MT4 or MT5 to you desktop and it works on Mac and PC.

Demo: FXTM offers a demo account for you to learn and perfect your trading strategies for using a live account.

Support: 4.5/5

FXTM customer service is available 24 hours Monday to Friday via ca, email and live chat. Helplines are open on Saturday from 11am to 4pm and on Sundays 12 am to 8pm.

Overall: 4/5

FXTM is a regulated forex broker, and their ECN type Advantage account has the lowest overall charges for traders.

Find out more information on FXTM

#8. IC Markets – Best ASIC Regulated Broker with Low Overall Fees

IC Markets Pros

Tier-1 regulation from ASIC
No inactivity fee
Low Spreads
Customer service is available 24/7
cTrader is available
Demo account

IC Markets Cons

No ZAR account base currency
No ODP license

Regulations: 4/5

IC Markets global is a retail online broker that was founded in 2007. In South Africa, the IC market does not have a physical local office and is not regulated by the South African Financial Sector Conduct Authority (FSCA)

However, IC market is regulated in other jurisdictions by the following authorities:

Australian Securities and Investments Commission (ASIC)
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Authority (FSA) Seychelles. License No. SD018
Securities Commission Bahamas (SCB)

Fees: 4.5/5

GBP/USD average spread on IC Markets Standard Account is 0.83 pips, and on its Raw Spread Account it is 0.23 pips.

Commissions on IC Markets Standard Account is zero/free while commission on Raw Spread Account is $3.5 per lot per side.

Deposit and withdrawal is free on IC markets although your bank may charge you. There is no inactivity fee if you don’t use your account for a while.

Deposit and withdrawal fee: free

Payment Methods: 4/5

Bank wire takes about 3-5 working days
Deposit is instant with Visa, and MasterCard, withdrawal takes about 3-5 working days
Deposit and withdrawal is instant for e-wallet methods like Skrill, PayPal, and Neteller.

Trading Conditions: 4.5/5

IC Markets does not support ZAR account base currency. You can trade up to 60+ currency pairs, 25 indices, 20 CFDs on commodities, 2000+ stocks, 9 bonds, 21 cryptocurrencies, and 4 futures on IC market global. IC market offers a maximum leverage of 1:1000.

Platforms (Mobile, Web, Desktop): 4.5/5

The Mobile Platform features IC Market’s MT4, MT5& C-Trader mobile apps that work on android & iOS mobile devices including iPads.

The Web Platform features the AvaTrade MT4/5 web trader and C-Trader which can be accessed from any web browser.

The Desktop Platform features the ICMarket MT4/5 for Mac desktops and C-Trader for Windows desktops.

Customer Support: 4/5

IC market customer service is available 24/7 via live chat, emails and calls.

Overall: 4/5

IC Markets has low overall trading fees (spreads plus commission). But they are not locally regulated.

Find out more information on IC Markets

What is a Forex Broker?

A forex broker is a registered firm that provides the necessary technology/software (such as mobile apps), as well as conducive trading conditions (such as leverage) to connect you to the wider forex market.

You cannot yourself be a forex broker becaue of the huge financial requirements set by regulators, so you must pass through one in order to access the forex market.

Forex brokers could be either Market Makers or Electronic Communication Network (ECN) Brokersdepending on which business model they choose to follow.

Market Maker vs ECN Broker: The Market Maker strategy is to take the opposite side of your trades & trade against you. By doing this they provide liquidity when you need it, even for FX pairs that are not popular.

Market Makers are characterised by zero commissions across all their account types, and some of them also offer Fixed Spreads.

The Market Maker method of generating revenue is mainly through the bid/ask spread. They cannot offer you zero spread on popular FX pairs, since their income is from spreads.

ECN Brokers dont trade against you, rather they send all your orders to liquidity providers (such as banks & hedge funds) to get filled at the best possible price.

With ECN brokers you can get raw spreads as low as 0.0 pips especially for popular FXpairs like EUR/USD, and this is ideal for scalpers.

ECN Brokers are characterised by lower spreads and high commissions, since their revenue mainly comes from commissions.

Comparison ofECN vs Market Maker Forex Brokers

✔️ Broker	🏦 Business Model	📈 Lowest possible EUR/USD spread	💰 Commission
AvaTrade	Market Maker	0.9 pip (fixed)	None
XM	Market Maker	0.7 pip	None
Exness	ECN	0.0 pip	$3.5
IC Markets	ECN	0.0 pip	$3.5
Fxpro	ECN	0.3 pip	$3.5
FXTM	ECN	0.0 pip	$2

What is the Fees for Forex Trading in South Africa?

Commission

This is a flat fee paid each time you open a position, and paid again when you close the position. This means you pay commissions twice per transaction.

If your broker says $3 per side per standard lot, it means you actually pay $6 (double that) to open and close a trade involving a standard lot (meaning 100,000 units of CFDs).

However if you are not trading up to a standard lot of 100,000 units, you pay lesser commission.Example you pay $0.3 per side for a mini lot (meaning 10,000 units).

When most brokers dont charge commissions, the spread is always wider and viceversa. If a broker claims to charge zero commission and zero spread, be careful as it could be a scam.

Spreads

Spread is the difference betwqeen the bid/ask (or buy/sell) price quoted on the brokers website or trading platform.

If your broker gives you a bid/ask or buy/sell quote of EUR/USD = 1.07049/1.07058, then the spread is 1.07058 minus 1.07049 which equals 0.00009 or 0.9 pips.

If you bought 100,000 units of EUR/USD then automatically $9 (meaning 0.9 pips x 100,000 units) goes to your broker as his income.

Spreads are a major source of income for brokers as that little bid/ask price difference goes to them. This means you always buy from your broker for slightly higher, and sell for slightly lower.

See below table of average spreads on entry-level Standard Accounts of different brokers.

Broker	EUR/USD	USD/JPY	GBP/USD	USD/ZAR	EUR/GBP	USD/CAD
XM	1.6	1.8	1.9	12	1.8	2.0
Exness	1.0	1.1	1.9	194.4	1.6	2.1
AvaTrade	0.9	1.0	1.5	85	1.5	2.0
Tickmill	0.1	0.1	0.3	79.2	0.4	0.2
HFM	1.6	1.9	2.2	119	2.2	2.6
FxPro	1.52	1.37	1.68	188.97	1.57	1.73
FXTM	1.9	2.2	2.0	139.3	2.4	2.6
IC Markets	0.62	0.74	0.83	80.85	1.27	0.85
Industry Average	1.24	1.44	1.57	77.86	1.66	1.82

Beware of brokers who try to manipulate spreads by widening them even when there is no volatility in the market. Always compare spreads offered by other brokers to the acceptable industry average.

Swaps

Swaps are what you pay for keeping your CFD trade open through out the night. Swaps are made up of two things basically:

Interest rate differential
Margin interest.

Interest rate differentials are what you earn or pay when you pair currencies overnight. If Euro has 4.5% interest rate set by their central bank and United States has 5.5% interest rate, you earn or pay the differential of 1%, depending on if you are buying or selling EUR/USD.

Margin Interest has to do with the interest you pay on the loan/leverage offered you by the broker. So a combination of both interest rate differential & Margin Interest is what gives you swap figures.

Beware of forex brokers who offer swap free bonuses only to turnaround and widen the spreads to conpensate for spread lost.

Non-Trading Fees

Other fees like inactivity fees on dormant accounts, currency conversion fees, and subscription fees are what make up non-trading fees.

How to Choose a Forex Broker in South Africa?

a. FSCA Regulation

The forex broker needs to be regulated by the Financial Sector Conduct Authority (FSCA) in South Africa to ensure that your funds are safe. Otherwise you risk that your funds can be misused by the broker.

Simply get the brokers FSP number at the bottom of their website and go to the FSCA website to view authorized Financial Service providers (FSPs).

Let us take Exness with FSP number 51024 for example, once you input the FSP number on FSCA’s public search, the FSP name pops up. You can click on ‘Details’ to check more information on their license.

Also, note that when checking the details, you should check the Products approved for the broker. Below is the example screenshot from FSCA’s search of the products approved.

You will noticed that Exness is licensed only as ‘Intermediary other’ for Derivative & Forex Investments. So they cannot engage in market making activities.

Another point to check is the status of the Broker’s ODP licensing with FSCA. If it is ‘Approved’, then the broker can offer OTC derivatives as the provider. Here is the example of the licensing status of some of the brokers.

In this example, you will notice that the status of IFX Brokers’s ODP is approved. While the status of Exness, HFM & others is mostly ‘applied’.

You need to take this into consideration when choosing a forex broker as unautorized brokers cannot offer over the counter derivatives to South African traders.

b. User Reviews

You should go online to places like the app store and read what others have to say about the broker. Read what the users are saying about the app.

If you see a lot of negative reviews, check what the users are mostly complaining about.

For example, if the users are reporting issues with execution or widening of spreads, then these are major concerns, and you should avoid such a forex broker.

You can read the reviews of the broker’s app on their PlayStore app page. Read through the reviews & see what the other users are complaining about. If there are too many complaints of similar issues, then you should treat this as something the broker is not good at.

c. Trading & Non-Trading Fees

Tou need to understand the fee structure of your forex broker and the spreads they charge.

Major currencies like EUR/USD should have tight spreads so do a comparison to see what other brokers offer the lowest spreads. If a broker offers lower than 1 pip spread for EURUSD, then it is considered low. But if the spread is higher than 2 pips for major like EURUSD, then it is high.

Below is an example of the live spreads at Exness broker with their Pro Account on their MetaTrader 4 platform.

The Pro account has no extra commission charges, and the spreads are also quite low. For example, as you can see from above screenshot, the spreads for EUR/USD is 0.6 pips & 0.5 pips for GBP/USD.

This makes their cost quite low for forex trading. On average, this makes it $6 per 100,000 units (1 Standard Lot) for trading EUR/USD.

If you are choosing a commission based trading account, then check the roundturn commission per lot. Add the spreads charged if any, and that will be your overall trading fees.

For example, the below example is from HFM with their Zero Account. This account has a $6 commission per 100,000 units (roundturn meaning opening & closing). The spreads with this account as generally close to 0 pips.

This makes the overall costs simiilar to Exness’s Pro Account type.

Check for any other fees like funding charges, inactivity fees, currency conversion fees.

d. Platforms (across devices)

Brokers have web, desktop and mobile platforms. You should have the option of choosing so that when one platform is down you can trade with another platform.

The app should be available on Android & iOS. For beginners, you should choose a forex broker that offers MetaTrader platform.

Since most South African traders download app for trading on their mobile device, security is really important. Almost all of the best trading apps of brokershave security features as well including 2FA & fingerprint scan, which would ensure that important features like trades, withdrawals are not authorized without your approval.

Avoid any trading app that is not secure or well rated in App stores.

e. Customer Support

Check if the broker has a local phone number in South Africa where you can call for supprt. Test out the live chat support & also the email support. If your broker does not respond in a timely manner then it is a redflag.

If the broker has a local phone number for support in South Africa, you should prefer that broker over others.

You should be able to quickly find their phone on the broker’s contact page, like this example of AvaTrade.

Be sure help lines are in your desired language and that they are responsive. Also check if the broker has social media presence.

f. Trading Conditions

Check how much leverage the broker offers as you need leverage to open larger positions with small capital.

Also review how many currency pairs the broker supports so you can easily diversify, and hedge risk with other currency pair combinations.

Another important point to consider is whether your forex broker offers ZAR accounts as this will lower your costs. If the from broker does not accept payments in ZAR or trading in ZAR, then you will be charged currency conversion fees of 5-8% normally.

g. Available Withdrawal Methods

The preferred method for South African traders should be local bank transfers via EFT or any other payment gateway.

Tickmill, HFM, Exness, FxPro & most other regulated brokers accept payments via EFT. You can pay in ZAR, and add funds to your trading account. The withdrawals will also be in ZAR if your deposits are in ZAR.

The time taken for withdrawals vary from broker to broker. HFM for example, take 24-72 business hours to complete the withdrawals made in ZAR (even though their deposits are instant). The minimum amount which you can withdraw is R70.

Depending on which forex broker you are choosing, there could also be a extra ‘withdrawal fees’. Be wary of extra charges that your broker may try to apply during withdrawals.

You should prefer a regulated forex broker that offers free funding & withdrawals, with quick processing time.

Comparison of South African Forex Brokers

We have taken an unbiased approach to create this on best Forex brokers in South Africa taking all important factors into consideration.

Broker	Regulators	Average GBP/USD Spread	Minimum opening deposit	ZAR Account
HFM(formerly Hotforex)	FCA, DFSA, FSCA, FSA, CMA	1:9 pips.	Micro account:$5 Premium account:$200 PAMM (PREMIUM):$250	Yes
Exness	FSC BVI, FSc Mauritius, FSA CMA, CySEC, FCA, Central Bank of curacao and Sint Maarten, FSCA	1.2 pips	$10	Yes
Tickmill	FSCA, Labuan FSA, FSCA, CySEC FCA	0.3 pips	$100	No
FxPro	FSCM, SCB, FCA, FSCA	0.2 pips	Standard account: $100 Pro account:$1000 RAW+ account: $1000 Elite account: $30k in 2 months	Yes
XM Global	CySEC, FSC Belize, FSCA	1.9 pips	$5	Yes
FXTM	CySEC, CMA, FCA, FSCA	1.5 pips	Micro account:$10 Advantage account: $500 Advantage plus account:$500	No
AvaTrade	FRSA, FCA, FSA Japan, FSC (BVI), FSA (Polish), ASIC, CNI, FSCA	1.5 pips	$100	No
IC Markets	SCB, CySEC, ASIC, FSA	0.83 pips	$200	No

Frequently Asked Questions

Which are the Best Forex Brokers in South Africa?

Tickmill, FxPro, HFM, Avatrade, and Exness are the overall good forex brokers for traders based in South Africa.

These brokers are good on various metricsincluding their multiple regulations, competitive fees, variable deposit and withdrawal methods, trading platforms, and number of tradable instruments.

Which Forex Broker has the lowest fees in South Africa?

HFM& Exness have low overall fees for most major currency pairs.

HFM with their Zero account charge almost 0 pips spreads for majors, plus $6 roundturn commission per standard lot. Similarly, Exness have very low fees with their Pro account, with typical spread for EUR/USD on 0.7 pips.

Which Forex Brokers offer ZAR Accounts?

HFM, Exness, XM & FxPro have option to select ZAR as the base currency of your trading account. The advantage of ZAR account is that you can save money on currency conversions.

Which Forex Brokers allow trading on NASDAQ 100?

Exness, Tickmill, FxPro, HFM have trading available on NASDAQ. Note that when you are trading NASDAQ 100 or NAS100 via any of these brokers, you are speculating if the index will go up or down. You don’t own any underlying stock in that index.

Trading NASDAQ100 through CFD brokers is much riskier that owning NASDAQ ETF for example, because forex brokers offer leverage. You are trading on margin, which will amplify your risk, and you can lose much more than your position.

Is Forex Trading Legal in South Africa?

Yes, forex trading is legal & regulated in South Africa as long as you are trading with a FSCA regulated forex broker. Note that only the regulated forex brokers are safe.

Avoid any unregulated forex brokers that are not regulated with any Top-tier regulation.

How open account with a Forex Broker in South Africa?

Traders can open trading account by following these steps.

Find a FSCA regulated Forex Broker – Search for forex brokers that are regulated by FSCA, and then verify the broker on FSCA public register.
Open your Trading account – Go to the website of the broker & signup for Live account. For example on Exness you need to click ‘Open Account’ yellow button on the top of their website & then fill the form. You will be required to complete KYC for compliance.
Deposit Funds (via bank)– South African traders can deposit funds via EFT through forex brokers that are local.
Download App – Depending on your device, you can download the Android App or iOS app. If you trade via desktop, then you should download MT4 platform for Windows.
Place your Trades – Decide which instrument do you want to trade. For example, EUR/USD, then choose your order type (limit order for example).