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Best Forex Brokers South Africa for 2019

Steven Hatzakis

The ForexBrokers.com annual review is among the most cited in the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Industry leaders trust us because our rigorous testing is totally independent and 100% unbiased.

Trading forex (currencies) in South Africa is popular among residents. While recommended, forex brokers are not required to become authorised by the Financial Sector Conduct Authority (FSCA) to accepts residents of South Africa as customers.

The Financial Sector Conduct Authority is the financial regulatory body in South Africa. Website: https://www.fsca.co.za. We recommend South Africa residents also follow the FSCA on Twitter, https://twitter.com/fsca_za.

Financial Sector Conduct Authority Logo

The FSCA was established in 2018 as the successor to the Financial Services Board (FSB). The FSB had previously regulated South Africa since 1990. For a historical breakdown, here's a link to the Financial Services Board webpage on Wikipedia.

Best Forex Brokers South Africa

To find the best forex broker in South Africa, we created a list of all brokers that list South Africa as a country they accept new customers from. We then ranked brokers by their Trust Score.

Here is our list of the best forex brokers in South Africa.

South Africa Forex Brokers Comparison

Forex BrokerAccepts ZA ResidentsAverage Spread EUR/USD - StandardMinimum Initial DepositTrust ScoreOverallOpen Account
IGYes0.750£250.0099 4.5 Stars Visit Site
SwissquoteYesN/A€500.0099 4 Stars N/A
Saxo BankYes0.900$2,000.0098 4.5 Stars N/A
FOREX.comYes0.770$250.0091 4 Stars Open Account
City IndexYes0.770 £100.0091 4 Stars N/A
Plus500Yes0.600€10090 3 Stars N/A
XTBYes0.900$250.0090 4 Stars N/A
Markets.comYes1.900$10090 3.5 Stars N/A
eToroYes3.00$20088 4 Stars N/A
easyMarketsYes1.800$100.0081 4 Stars N/A
PepperstoneYes1.160$200.0079 3.5 Stars N/A
LCGYes1.450$0.0079 4 Stars N/A
XM GroupYes1.600$5-10078 3.5 Stars N/A
ThinkMarketsYesN/A$250.0077 3.5 Stars N/A
Vantage FX Yes1.400$10074 3.5 Stars N/A
IC MarketsYes1.100$20072 4 Stars N/A
AlpariYes0.92$100.0069 3.5 Stars N/A
ForexTimeYes0.80$10069 3.5 Stars N/A
UFXYes3.00$10068 3.5 Stars N/A
iTraderYes0.700$25068 3 Stars N/A
InstaforexYesN/A$166 3 Stars N/A
FX ChoiceYesN/A$10054 2.5 Stars N/A

How to Verify FSCA Authorisation

To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from IG’s website,

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.

Next, look up the FSP number on the financial register available on the FSCA’s website to validate that the broker is currently authorized in South Africa.

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"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

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Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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