• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
      • Forex Signals
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course
Johnathon Fox
01/15/2021 | UPDATED ON: 02/17/2021

Best Forex Brokers for South African Traders 2021

Are you looking for the best Forex brokers in South Africa that will ensure your trading funds are safe and you are trading with a broker that has strong regulation?

You are in the right place!

In this post we go through the best brokers for South African traders that are regulated by the FSCA.

These brokers all have different features and you will be able to find a broker to suit you depending on whether you need a Metatrader broker, a broker with a small minimum deposit 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 Forex Brokers for South African Traders

Plus500

Plus500 Regulation Min Deposit Platform Open an Account
plus500 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.

Trade Now

 

Avatrade

Avatrade Regulation Min Deposit Platform MetaTrader 5
avatrade logo 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.

Trade Now

 

FP Markets

FP Markets Regulation Min Deposit Platform Open an Account
fp markets logo 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.

Trade Now

 

FXCM

FXCM Regulation Min Deposit Platform Open an Account
fxcm 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.

Trade Now

 

HotForex

HotForex Regulation Min Deposit Platform Open an Account
hotforex-logo 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.

Trade Now

 

Is Forex Trading Legal in the South Africa?

Yes, Forex trading is legal in the South Africa.

To guarantee your funds protection you should make sure you are trading with a South African regulated broker.

The regulator in South Africa is the FSCA and they regulate financial products, financial services, financial institutions and take care of all financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures.

Trading in South Africa with a FSCA regulated broker will ensure your funds are safe and you are with a reputable broker.

 

How to Start Trading in South Africa?

To start trading legally in South Africa you should find a broker that is tightly regulated in South Africa by the FSCA to ensure your funds are safely protected.

As we go through in our list above, the best five brokers that are regulated by the FSCA and you can start trading with today are;

#1: Plus500

#2: AvaTrade

#3: FP Markets

#4: FXCM

#5: HotForex

 

What to Look for in a South African Forex Broker

Correct Regulation

When looking to deposit and trade with a Forex broker it is incredibly important you make sure that the broker is strongly regulated. This will make sure you are getting the best trading conditions and your funds are safe. This will also ensure that if anything does go wrong with your broker that there is a complaint procedure in place to solve any issues.

Protection of Funds

If you are trading with a broker that either has no regulation or very thin regulation, then you funds are at risk.

The world's strongest regulators make brokers segregate client funds. This basically means that your funds are not pooled with the brokers. If anything happens to the broker, then your funds are not going to be at risk.

Negative Balance Protection

Negative balance protection can be incredibly important. In years gone past we have seen some huge market crashes and flashes. This has caused traders accounts to go well below what they first deposited and the broker coming after them for the extra money they have lost.

Having a broker with negative balance protection means that you cannot ever lose more than what you deposit.

 

How to Check if South African Broker is Regulated

If you want to see if a broker is regulated in South Africa, then you can check the FSCA register at their website here.

This register will help you make sure that the broker you want to trade with is in fact regulated and correctly registered with the FSCA.

 

FAQ's

Is Forex trading legal in South Africa?

Yes, Forex trading is legal in the South Africa. To guarantee your funds protection you should make sure you are trading with a South African regulated broker.

How do I check if Forex broker is regulated in the South Africa?

If you want to see if a broker is regulated in South Africa, then you can check the FSCA register at their website here; https://www.fsca.co.za/Fais/Search_FSP.htm

How do I start trading in South Africa?

To start trading legally in South Africa you should find a broker that is tightly regulated in South Africa by the FSCA to ensure your funds are safely protected.

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$10

T&Cs Apply
  • Benefit from Low Spreads
  • 500:1 Leverage
  • MT4 & Webtrader
5
Trade Now FreeBets Reviews
Reviews

About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
Previous Post: « Best Forex Brokers for UK Traders 2021
Next Post: Best Forex Brokers for Australian Traders 2021 »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$10

T&Cs Apply
  • Benefit from Low Spreads
  • 500:1 Leverage
  • MT4 & Webtrader
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!
X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

Finixio Ltd, 2 Ferdinand Place, London, NW1 8EE business@finixio.com

Copyright © Forex School Online - Finixio Ltd Company no. 11705811 - Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US