Best Forex Brokers South Africa for 2022

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

Published January 10, 2022
Last modified August 17, 2022

The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

The trading of forex (currencies) in South Africa, already popular, became even more robust after the onset of the Covid-19 pandemic, as a potentially lucrative practice that could be pursued from home. Several international brokers reported jumps in business beginning in 2020.

While brokers are not required to become authorised by the nation's regulatory body, the Financial Sector Conduct Authority, carrying such authorisation is a mark in a broker's favor and a signal of legitimacy to forex traders. We recommend South Africa residents also follow the FSCA on Twitter, https://twitter.com/fsca_za.

The FSCA was established in 2018 as the successor to the Financial Services Board (FSB), the previous regulator. For a historical breakdown, see the Financial Services Board page on Wikipedia.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers South Africa

To find the best forex brokers in South Africa, we created a list of all brokers that accept new customers from South Africa and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers. This exacting analysis of more than 100 variables includes our proprietary Trust Score (more on Trust Score below).

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

IG

- Best overall broker, most trusted
AvaTrade - Great for beginners and copy trading
FXCM - Excellent trading platforms and tools
Plus500 - Trusted broker, great for beginners
Tickmill - Best overall broker for low costs
HFM - Quality research
Trade Nation - Easy-to-use platform

South Africa Forex Brokers Comparison

Compare South Africa authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Company	Accepts ZA Residents	Authorised or Regulated by the FSCA	Average Spread EUR/USD - Standard	Minimum Initial Deposit	Overall Rating	Visit Site
IG	check	check	0.828 (September 2021)	£250.00	starstarstarstarstar	Visit Site
AvaTrade	check	check	0.91 (Aug 2020)	$100	starstarstarstarstar_border
FXCM	check	check	1.4 (Q2 2020)	Starts from $50	starstarstarstarstar_border
Plus500	check	check	0.6 (as of Aug 2018)	€100	starstarstarstarstar_border
Tickmill	check	check	0.27 (September 2021)	$100	starstarstarstarstar_border
HFM	check	check	1.2 (August 2021)	$5	starstarstarstarstar_border
Trade Nation	check	check	0.6	$0	starstarstarstarstar_border
Saxo Bank	check		0.8 (August 2020)	$2,000	starstarstarstarstar
Interactive Brokers	check		0.6 (August 2022)	$0	starstarstarstarstar	Visit Site
FOREX.com	check		1.1 (US August 2021)	$100	starstarstarstarstar_border	Visit Site
OANDA	check		1.26 (5/22-5/27/22)	$0	starstarstarstarstar_border
Admiral Markets	check		0.8 (July 2021)	$100	starstarstarstarstar_border
IC Markets	check		0.62 (August 2021)	$200	starstarstarstarstar_border
Capital.com	check		0.6 (July 2021)	$20	starstarstarstarstar_border
XM Group	check		1.6 (Aug 2020)	$5	starstarstarstarstar_border
Pepperstone	check		0.77 (November 2021)	$200	starstarstarstarstar_border
FP Markets	check		1.2 (August 2022)	$100 AUD	starstarstarstarstar_border
HYCM (Henyep)	check		0.6 (Sept 2021)	$100	starstarstarstarstar_border
FlowBank	check		N/A	$0.00	starstarstarstarstar_border
Vantage	check		1.22 (August 2021)	$200	starstarstarstarstar_border
Moneta Markets	check		1.22 (August 2021)	$50	starstarstarstarstar_border
BlackBull Markets	check		0.845 (October, 2021)	$50	starstarstarstarstar_border
ACY Securities	check		1.2 (Sept 2021)	$50	starstarstarstarstar_border
Eightcap	check		N/A	$100	starstarstarstarstar_border
VT Markets	check		1.2 (September 2021)	$200	starstarstarstarstar_border
easyMarkets	check		0.9 (as of Mar 2020)	$100	starstarstarstarstar_border
LegacyFX	check		0	$500	starstarstarstar_borderstar_border

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.

What is the best forex broker in South Africa?

IG is the best forex broker in South Africa from amongst all brokers that are regulated in South Africa and accept South African residents. IG ranks highly across key categories, including its trust factor (using our proprietary Trust Score) and is the No. 1 pick in South Africa for 2022.

What are the advantages of using a regulated broker?

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 jurisdiction that we track (tier one through tier three). Learn more about Trust Score.

Can you get rich by trading forex?

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 traders consistently lose money.

The best traders have a longer-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.

Popular Forex Guides

2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

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.

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. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.