The Best Forex Brokers In South Africa 2020

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 2020

  1. Exness – Best forex broker with instant withdrawal
  2. ForexTime (FXTM) – Overall best forex broker in South Africa – FSCA regulated
  3. XM – Best South African forex broker with no deposit bonus
  4. HotForex – Best forex broker with ZAR account – 100% deposit bonus
  5. TickMill – Lowest spreads and commissions forex broker.
  6. 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)

https://youtu.be/BXaT9CLrUPg

ForexTime (FXTM) Review

fxtm logo

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

XM - forex brokers in Africa

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

HotForex- forex brokers in Africa

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 withdraw and deposit methods
– Tight spreads on the Zero spread account
– Regulated in many countries
– Negative balance protection

TICKMILL Review

Tickmill - forex brokers in Africa

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  
Tickmill-30-no-deposit-bonus_728X90_en

Exness Review

Exness logo - forex brokers in Africa

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

icmarkets logo - forex brokers in Africa

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 withdraw 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

XM and ForexTime (FXTM)

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

  1. ForexTime (FXTM)
  2. HotForex

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 bonusFrom 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.

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