Are you looking for the best Forex brokers that are regulated by South Africa's FSCA to make sure you are getting the very best trading conditions and your trading funds are safe?
You are in the right place!
In this post we go through the best Forex brokers that are regulated by the FSCA in South Africa.
These brokers all have different features and you will be able to find a broker to suit you depending on whether you need a broker with a small minimum deposit, a broker with a mobile trading platform or Metatrader or a broker that has top of the line customer support.
Compare Forex Brokers Fees:
Use our side-by-side comparison table to compare Forex broker accounts, spreads and fees.
Best FSCA Regulated Forex Brokers
Plus500
| Plus500 | Regulation | Min Deposit | Platform | Open an Account | |
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FSCA, ASIC, FCA + Others | $100 | Plus500 platform | Trade Now |
Pros:
- Easy to use trading platform.
- Smaller minimum deposit.
- Quick and easy to open an account.
- Fast and helpful customer support.
Cons:
- Some countries not accepted.
- Educational resources not as great as others.
Plus500 is a market maker broker that offers their own trading platform that is very easy to use.
This broker offers trading on pretty much every market you could think of. If you cannot find what you are looking for on another broker, then Plus500 is probably for you. After signing up you get access to everything from Forex through to options and even ETF trading.
Plus500 offers large leverage, very small spreads and no commission trading making it a very good options for many different types of trading strategies.
Your capital is at risk.
AvaTrade
| Avatrade | Regulation | Min Deposit | Platform | MetaTrader 5 | |
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FSCA, ASIC + Others | $100 | MT4, MT5 Ava Platforms | Trade Now |
Pros:
- They allow many different trading techniques.
- Many assets.
- 30 different languages.
- They offer Islamic accounts.
Cons:
- Minimum deposits sizes.
- Inactivity and overnight fees.
- US and Belgian customers are not accepted.
AvaTrade was established in 2006. They are highly reputable and are regulated by 7 jurisdictions.
This strong regulation allows AvaTrade to reach offer products to most parts of the world including the UK, Singapore, Australia,and the Middle East. Note: clients from the US or Belgium are not accepted.
AvaTrade offers a variety of assets and it is one of the best brokers for forex trading because it has 50 currency pairs that range from major, minor and exotic.
Along with being able to trade a huge range of Forex pairs you can also trade options, ETFs, bonds and commodities.
AvaTrade offers many different account types, and the availability will vary depending on the jurisdictions. The options are retail, professional, options, spread betting, and standard. A demo account, and Islamic accounts are also a possibility.
Another large bonus of AvaTrade is that they offer their services in 30 x different languages.
Your capital is at risk.
FP Markets
| FP Markets | Regulation | Min Deposit | Platform | Open an Account | |
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FSCA, ASIC, CySec. | $100 | MT4, MT5 and IRESS | Trade Now |
Pros:
- No withdrawal or deposit fees.
- Customer support through whatsapp messages.
- A demo account is offered.
Cons:
- Inactivity fee after three months.
- They do not have a very complete educational section.
FP Markets is also an Australian based broker that is regulated by ASIC.
This broker has been around a long time as it was founded in 2005. With FP Markets you have many different deposit and withdrawal options including all the major cards and Paypal.
FP markets offer a large range of education and market analysis and along with their MT5 charts, they also offer other trading platforms to suit your individual needs including IRESS.
Your capital is at risk.
FXCM
| FXCM | Regulation | Min Deposit | Platform | Open an Account | |
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FSCA, FCA, ASIC + others. | $300 | Trading Station, MT4 and NinjaTrader | Trade Now |
Pros:
- Very good education available.
- Easy to quickly open an account.
- Multiple account types available.
- Low spreads.
Cons:
- Not as many markets as others.
- Higher minimum deposit.
FXCM is a leading global broker that has been offering it's services since 1999.
FXCM has a huge range of trading services that include foreign exchange (FX) trading, CFD trading and spread betting. With FXCM you have access to multiple trading platforms, tools and premium resources to help you gain an edge over the markets.
One of the reasons so many choose to trade with FXCM is because of their extensive range of markets you can trade. You get access to everything from Forex, shares, cryptocurrencies, commodities and indices.
Your capital is at risk.
HotForex
| HotForex | Regulation | Min Deposit | Platform | Open an Account | |
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FSCA, FCA and others | $5 | MT4 and MT5 | Trade Now |
Pros:
- Offer both MT4 and Mt5 platforms.
- Very small $5 minimum deposit.
- Offer PAMM trading.
- A large range of education.
- Leverage up to 1: 1,000
Cons:
- List of countries not accepted as traders including US.
- No cTrader platform available.
HotForex is a broker that in known for their small trading costs and flexible leverage that goes right up to 1: 1,000.
With HotForex you get the use of MT4 and MT5 that are available on desktop and all mobile platforms such as iPhone, iPad and Android.
One of the reasons so many traders choose HotForex is because of their PAMM accounts. With these accounts you can either follow other profitable traders or create your own fund. If you create your own PAMM account, then you can start making extra profits as people start following your trades.
Another major reason that HotForex is so popular is because of their large range of bonuses. Unlike many brokers where you only get a deposit bonus, HotForex offer you different bonus structures to suit you. These range from credit bonus to account rescue bonuses.
You can try out HotForex and their bonuses below.
Your capital is at risk.
Who is FSCA?
The FSCA is the South African regulator of financial institutions.
The FSCA regulates financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.
Why Would You Want an FSCA Regulated Broker?
If you are a South African looking to trade the market, then trading with a broker that is regulated in your own country will give you the best trading conditions.
Using a broker that is regulated in your own country will make sure your trading capital is safe and that you are getting good trading conditions.
Trading with a FSCA registered Forex broker will give you peace of mind that not only is your capital safe, but if something does go wrong with your broker, then you have a complaint process in place to sort out any issues.
How You Can Check the FSCA Register
If you want to see if a broker is registered with the FSCA in South Africa, then you can find the register at this link here.
Following that link and using that register will allow you to search and make sure that the broker you are looking to trade with is correctly registered with the FSCA.
How to Make a Complaint to the FSCA
To make a complaint about a Forex broker that is regulated by the FSCA that you think has carried out misconduct, fill out the form on the FSCA website here.
The complaint form is easy to fill out and the FSCA can help you with any questions you have.
FAQ's
What is the FSCA?
The FSCA is the South African regulator of financial institutions. The FSCA regulated financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.
Where can I find the FSCA register?
If you want to see if a broker is registered with the FSCA you can find the register at this link here; https://www.fsca.co.za/Fais/Search_FSP.htm
How can I make a complaint to the FSCA?
To make a complaint about a Forex broker that is regulated by the FSCA that you think has carried out misconduct, fill out the form on the FSCA website here; https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=Complaints2
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