Best Forex Brokers in South Africa for 2024

Founded initially in 1990 as the Financial Services Board (FSB), the South African financial markets regulator was rebranded as the Financial Sector Conduct Authority (FSCA) in 2018. South Africa’s regulatory apparatus is known as a twin-peak regulatory system. One “peak” is the FSCA, which regulates financial market conduct. The other “peak” of this twin-peak system is the South African Reserve Bank (SARB). The SARB is responsible for the Prudential Authority (PA) which regulates financial conglomerates and cooperatives, insurance companies, and banks.

South Africa’s financial markets

Forex traders may recognize the South African rand (ZAR) as South Africa’s national currency.

Forex markets and South African forex brokers are affected by the monetary policy as regulated by the SARB, which issues and manages the South African rand.

The formation of South Africa’s Johannesburg Stock Exchange (JSE) dates all the way back to the era of the South African gold rush, in 1887.

Through its long history (its oldest currently listed company was added to the exchange in 1890), the JSE has remained South Africa’s primary stock market and securities exchange, offering a variety of securities, fixed-income products, and derivatives.

After extensive research and testing of all forex brokers that are regulated in South Africa (and that accept South African residents), I've found IG to be the best forex broker in South Africa in 2024. IG is regulated by the FSCA and holds a wide range of regulatory licenses from jurisdictions around the globe. In fact, IG holds more licenses than any of the 60+ forex brokers reviewed on ForexBrokers.com. Add to that the fact that IG is publicly traded and well capitalized, and you can see why we rank IG so highly as a trusted forex broker (with a Trust Score of 99).

South African residents can open domestic accounts that allow for trading locally in South African ZAR, as well as international accounts that grant access to global markets. Traders are free to fund either the domestic or the international account (or both) after meeting IG’s minimum deposit requirement of 4,000 South African Rand (or the equivalent in supported currencies). For IG, the international account is a regulatory requirement from the South African Reserve Bank, applicable to all brokers regulated by the FSCA in South Africa.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

Trust is paramount when a company is holding money on your behalf, whether it be a bank or broker. At a minimum, a regulated broker is accountable and must demonstrate a commitment to compliance.

Most importantly, it's crucial to use a broker that is properly regulated to reduce your chances of stumbling into a scam. And in the event that you are unable to resolve a complaint with your broker, your local national regulator or the regulator in the country where your broker is located may be able to assist in resolving your case, or, in the extraordinary event of a broker bankruptcy, help recover your funds. An unregulated broker has no such obligation to help you and no regulator will be able to assist you either.

Pro tip: The ForexBrokers.com Trust Score algorithm factors into consideration the number of licenses a broker has and where those licenses are from, as not all regulators are of the same level of trustworthiness. For example, in top-tier jurisdictions like the U.S. or U.K., regulators are more efficient and swift to enforce rules to help protect the public, compared to lower tiers, or even offshore jurisdictions where there is little to no protection afforded to consumers who invest with brokers claiming to be regulated in those countries.

Disclosure: ForexBrokers.com does not review any broker unless it holds at least one license in a Tier-1, Tier-2, Tier-3, or Tier-4 jurisdiction. Learn more about the different regulatory tiers by visiting our Trust Score page.

If want to get started trading forex in South Africa, your first step will be choosing a forex broker that is well-regulated and licensed to offer forex trading to residents of South Africa by the FSCA. Once you’ve chosen a regulated forex broker, you can use these next steps as a guide to start trading forex in South Africa:

1. Open a live account: After selecting a broker that is regulated with the FSCA, open a live account by completing the live account application form on the broker’s official website. Pro tip: Be sure to read your broker’s terms and conditions (these can vary from broker to broker).
2. Fund your account: Most brokers support a range of payment options, so you’ll need to pick the method that’s right for you (PayPal has become a popular deposit method among forex traders, learn more by reading our guide to PayPal for forex traders). Pro tip: Always start with an amount of risk capital that you can afford to lose.
3. Learn the trading software. Before placing any live trades it’s a good idea to learn how to use your broker’s trading software works. Whether you prefer web, desktop, or mobile, using a demo (or, virtual) account is a great way to test your skills before risking your live trading funds.
4. Enter the forex market. Once you’ve used a demo account to familiarize yourself with the broker’s trading platform, you can start trading with live funds. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.
5. Develop a trading plan. To achieve long-term success as a forex trader, it’s important to spend time developing a trading plan. Creating a trading strategy that will enable you to trade consistently while pursuing your trading goals and managing risks.

Unless you already have a significant portfolio and have taken massive risks (and gotten lucky) or have a highly detailed trading methodology, the odds of getting rich from forex trading are stacked against you; year after year, the majority of forex traders consistently lose money.

The best traders have a long-term plan or methodology, even if they are actively trading each day to manage the average risk/reward on each trade.

For the successful minority, most will realize the extra earnings as complementing their income, in the form of capital gains, while the largest wealth creation will be from traders who let their profits ride over the longer term, or had consistent winners and an overall sizeable portfolio to begin with.

Pro tip: It is extremely rare for someone to turn $2,000 into $2 million by trading forex, and such claims are often made by scammers or as a marketing tactic by influencers on social media. The exception is if someone has a history of returns (i.e., a track record) that can be audited, such as seen in the investment disclosures that hedge funds prepare for potential investors.

From among all forex brokers that accept clients in South Africa and that are regulated by the FSCA, IG is the best forex broker for beginners in 2024. IG offers a substantial variety of in-depth educational content and materials for new investors and traders, alongside trading platforms that are well-designed and user-friendly. IG even offers a standalone mobile app – IG Academy – that is exclusively dedicated to education. IG is also regulated in numerous top-tier jurisdictions, making it one of the most trusted forex brokers globally. Learn more about why IG is a great pick for beginner forex traders by reading our full-length review of IG.

Check out a gallery of screenshots from IG's educational offering, taken by our research team during our product testing.

The best forex trading apps deliver must-have features such as powerful trading tools, integrated research, and advanced charting capabilities along with a smooth user experience that makes it easy to manage orders and place trades. We’ve tested mobile trading apps for dozens of the top forex brokers in the industry, and our research has determined that these are the best forex trading apps from forex brokers that accept residents from South Africa brokers in 2024:

1. Saxo - SaxoTraderGO mobile app, MetaTrader mobile
2. IG - IG Trading app, MetaTrader mobile
3. Interactive Brokers - IMPACT app, IBKR mobile app
4. FOREX.com - FOREX.com mobile, MetaTrader mobile
5. OANDA - fxTrade mobile, MetaTrader mobile
6. Capital.com - Capital.com Trading app, Investmate, MetaTrader mobile
7. AvaTrade- AvaTradeGO and AvaOptions, MetaTrader mobile

In 2024, Tickmill is the most affordable low-cost broker in South Africa for forex trading. Tickmill’s PRO account requires just a $100 minimum deposit, and features the broker’s lowest spreads and commissions. Based on average spread data provided by Tickmill for August 2022, average spreads to trade the EUR/USD hovered at just over a tenth of a pip (at 0.11 pips). With the round-turn commission of 0.4 pips ($2 per side) the effective spread (or, all-in cost) at Tickmill is a staggering 0.51 pips – which is among the lowest in the industry. To learn more, read our full review of Tickmill.

Check out some screenshots from our review of Tickmill's commissions and fees, taken by our research team during our product testing.

To determine the brokers with the lowest trading costs, we factor in the broker’s average spreads along with any added commissions or fees to determine all-in trading costs (we call this the “effective spread”).

Forex Risk Disclaimer

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. Read more on forex trading risks.