Overview
South Africa is one of the busiest hubs of forex trading, with thousands of South African traders participating in the largest financial market in the world, the forex market. The best regulated forex brokers for South African traders are provided below.
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ThinkMarkets
Features
ThinkMarkets is a reputable forex broker that offers a wide range of financial instruments to beginner and experienced traders from South Africa and several other regions.
Traders have a choice in retail investor accounts with a competitive minimum deposit, a wide range of competitive trading conditions, negative balance protection, competitive spreads, access to proprietary trading platforms, and the use of a wide range of trading strategies across several markets.
Pros and Cons
| PROS | CONS |
| Well-regulated in South Africa | There may be restrictions on leverage for traders from South Africa |
| Flexible trading platforms offered | Fixed spreads not offered |
| VPS offered to eligible clients |
IG
Features
IG is one of the oldest forex brokers in the industry with multiple regulations and authorization through several entities. As a popular ECN, STP, and DMA broker, IG not only caters for beginner traders, experienced, and advanced traders but also offers a dynamic choice in retail investor accounts.
The minimum deposit offered is competitive and traders can expect tight spreads, access to a range of currency pairs and 17,000 other tradable instruments, powerful trading software, low and transparent trading costs, and access to mobile trading.
Pros and Cons
| PROS | CONS |
| Well-regulated broker | Limited online processors for account funding |
| Variety of trading platforms offered | |
| Tight spreads, low commissions, fast trade execution |
FXTM
Features
FXTM is one of the most popular South African forex brokers that offer an impressive portfolio of tradable financial instruments which are spread across a range of markets.
FXTM offers an innovative forex trading platform along with a mobile trading app, allowing traders to take control of their trading activities, no matter where they are in the world.
Pros and Cons
| PROS | CONS |
| Variety of flexible retail investor accounts | There may be restrictions in leverage |
| Commission-free trading offered | The best trading conditions are available only the Professional Account |
| Low minimum deposit requirement of $10 |
AvaTrade
Features
Despite a large number of reputable brokers in the industry, AvaTrade is one of the most popular options and the perfect broker for beginners and professional traders in South Africa.
AvaTrade offers a range of trading instruments that are spread across several asset classes through a popular trading platform. This includes a range of trading opportunities, social trading, copy trading, and more.
Pros and Cons
| PROS | CONS |
| Multi-regulated | Spreads are not the tightest |
| Powerful and flexible trading platforms | Variable spreads are not offered |
| Large selection of tradable instruments |
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Plus500
Features
Plus500 has been in the industry for more than 13 years and has become one of the best international brokers offering its services in South Africa. Plus500 is well-known for offering one of the best proprietary trading platforms along with a user-friendly mobile trading platform for both iOS and Android devices.
South African traders can also expect more than 2,000 trading instruments spread across several asset classes, a wide range of trading instruments, dedicated customer support, and a safe trading environment.
Pros and Cons
| PROS | CONS |
| Strict regulation through multiple entities | US clients are not accepted |
| Large range of financial instruments | Fixed spreads are not offered |
Exness
Features
Exness is a well-regulated broker that offers its services in South Africa to both beginner traders and professionals. With Exness, traders can expect comprehensive trading solutions, a range of trading instruments, and competitive minimum deposits, spreads, and commissions.
Pros and Cons
| PROS | CONS |
| Strict regulation | US clients not accepted |
| Negative balance protection offered | Accounts are not multi-currency |
XM
Features
XM is one of the best international forex brokers that allow traders from South Africa. With XM, traders are given access to several dynamic retail investor accounts which cater for all levels of traders despite their trading style, trading strategies, or trading needs and objectives.
Pros and Cons
| PROS | CONS |
| Reputable and well-regulated | US clients not accepted |
| An award-winning and reputable broker | Fixed spread accounts not offered |
