Struggling to choose the best forex brokers in South Africa?
Don’t. We’ve cherry picked only the top forex brokers in SA in this list.
All these brokers are regulated with multiple international regulatory bodies like FSA in the UK.
But, nothing beats the peace of mind of trading with forex brokers regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.
Looking for South African Forex brokers with no deposit bonus – we got you.
Top Forex Brokers in South Africa 2024
- Exness – Best forex broker with instant withdrawal
- ForexTime (FXTM) – Overall best forex broker in South Africa – FSCA regulated
- XM – Best South African forex broker with no deposit bonus
- HotForex – Best forex broker with ZAR account – 100% deposit bonus
- TickMill – Lowest spreads and commissions forex broker.
- ICMarkets – PayPal and Multi-platform Broker
Our forex broker review process is simple; we are residents of Africa and trade with these forex brokers on live accounts.
Best forex brokers in South Africa (SA)
ForexTime (FXTM) Review
 Open an Account | Quick info Founded: 2011 Regulator: CySEC – Cyprus, FSCA – South Africa, FCA – UK. Minimum deposit: $10 – Cent. $100 Standard. $500 ECN Leverage: Up to 1:2000 Average spread: 0 -1.5 ECN. From 1.3 – Standard Platforms: MT4, MT5, Web, Mobile |
| Why trade forex with ForexTime. – Super tight spreads – Multiple withdraw and deposit methods – Easy to open verify an account – Regulated broker – Accepts Mobile Money |
XM Review
 Open an account | Quick info Founded: 2009 Regulator: CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai Base currency: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR Minimum deposit: $5 on Standard and Micro and $50 on XM Ultra-Low Account Leverage: Up to 1:888 Average spreads: 1 pip (Standard and Micro) 0.6 – on XM Ultra-Low Account Platforms: MT4, MT5, Web, Mobile |
| Why trade forex with XM. – Multiple withdraw and deposit methods – Supports mobile money funding – Negative balance protection – Regulated in many countries |
HotForex Review
 Open an Account. | Quick info Founded: 2010 Regulator: FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa Account currency: USD, EUR, GBP Minimum deposit: $5 Leverage: Up to 1:1000 Average spreads: EURUSD – 1 pip, GBPUSD Commissions: $7 per lot round-turn on the Zero Spread account. Platforms: MT4, Web, Mobile |
| Why trade forex with HotForex. – Up to 100% trading bonus on deposits on some accounts – Multiple withdrawal and deposit methods – Tight spreads on the Zero spread account – Regulated in many countries – Negative balance protection |
TICKMILL Review
 Open an Account. | Quick info Founded: 2015 Regulator: FSA Seychelles, CySEC Cyprus, FCA United Kingdom Account currency: USD, EUR, GBP Minimum deposit: $5 Leverage: Up to 1:500 Average spreads: EURUSD – 1 pip, GBPUSD Commissions: $4 per lot round-turn – only on the Pro account. Platforms: MT4, Web, Mobile |
| Why trade forex with Tickmill. – Super tight spreads – Very low commissions – Multiple withdraw and deposit methods – Regulated broker |
Exness Review
 Open an Account | Quick info Founded: 2008 Regulator: FSA, Seychelles Minimum deposit: $1 Leverage: Up to 1:2000 Average spread: 0 (Zero and Raw spread) 0.3 – Standard Platforms: MT4, MT5, Web, Mobile |
| Why trade forex with Exness. – Super tight spreads – Instant automated Withdrawals and deposits 24/7 – Multiple withdraw and deposit methods – Negative balance protection – Regulated broker – Mpesa and Mobile money broker – Funding in local currency |
IC Markets Forex Broker Review
 Open an Account IC Markets Review | Quick info Founded: 2007 Regulator: ASIC Australia, FSA Seychelles, CySEC Cyprus Minimum deposit: $200 Leverage: Up to 1:500 Average spreads : 0 (cTrader and Raw spread) and from 1.0 – Standard Commissions : only on cTrader – $6.0 and Raw Spread – $7 per lot round-turn Platforms: MT4, MT5, cTrader, Web, Mobile |
| Why trade forex with IC Markets. – Super tight spreads – Multiple withdrawal and deposit methods – Supports PayPal deposits and withdrawal – Regulated broker |
That’s a quick look at the best forex brokers in South Africa.
We’ll keep adding to this list as we experiment with other brokers.
I will now show you which broker is best in what.
Which forex broker is the best in South Africa
FSB regulated forex brokers in South Africa
ForexTime (FXTM) and HotForex are regulated brokers in South Africa
South African forex brokers with bonus
XM and TickMill give $30 no deposit bonus
HotForex gives 100% deposit bonus
XM gives 20% deposit bonus upto $5,000
Forex brokers with zar accounts
HotForex provides a zar account
SA brokers with Nasdaq
XM, Exness, and HotForex have Nasdaq
Best bank for forex trading in South Africa
ABSA is the best bank for forex trading
Best trading platform in South Africa
MT4 is the best and most popular trading platform in South Africa.
You can find it with XM, ForexTime (FXTM), HotForex, ICMarkets, Exness.
The best FSCA regulated forex brokers in South Africa
The best forex brokers in South Africa with PayPal
ICMarkets allows funding an account with PayPal
Forex brokers in South Africa with a NO deposit bonus
Both Tickmill and XM give first-time clients a $30 no deposit bonus.
The beauty of this bonus is you can always withdraw the profits you make.
Forex brokers in South Africa with the best trading bonus
HotForex has the craziest bonuses to choose from. If you want to increase your trading equity by up to 100% of your deposit, then Hotforex is for you. XM also has some great bonuses and promotions.
SA Forex Broker compared side by side.
Use this table with reviews of the top forex brokers to compare all the FX brokers we have
SA Forex Broker Reviews
| Broker | Min Deposit | Demo | Trading Platforms | Bonus | Trading Costs |
| Exness | $1 | Yes | MT4, MT5, Web, Mobile | No | From 0.1 pip spread |
| Tickmill | $5 | Yes | MT4, Web, Mobile | $30 no deposit bonus | $4 per lot round-turn |
| IC Markets | $200 | Yes | MT4, MT5, cTrader, Web, Mobile | No | From 0.1 pip spread |
| HotForex | $5 | Yes | MT4, MT5, Web, Mobile | 100% deposit bonus | From 1 pip spread |
| XM | $5 | Yes | MT4, MT5, Web, Mobile | $30 no deposit bonus. 20-50% deposit bonus. | From 1 pip spread |
Final thoughts on the best forex brokers in South Africa.
There are hundreds of forex brokers out there.
Some great. Some not so great.
In the last decade, I’ve experimented with several of them.
But ForexTime, Exness, IC Markets, HotForex, Tickmill, and XM are the best forex brokers in South Africa.
Each broker has an advantage over the other.
Overall I am never afraid of the safety of my money with any of them.
In South Africa, you have the privilege of trading with an FSCA regulated broker like ForexTime and HotForex
And you trade withe a broker that allows ZAR accounts.
If you are just getting started with trading take advantage of the free demo accounts brokers give to hone your trading skills with virtual money without risking your money on a live account.
A critical step if your want to master the trader in you.
In this article, I have shown you my list of the best regulated forex trading brokers in South Africa.
Do you trade with any of these brokers?
Share your thoughts and comments with other traders in the comments section below.
