Sat, Oct 01, 2022

South Africa has been increasingly the center of investing activity and the point of interest for many trading experts. ForexExplore introduces a detailed section on today's Forex brokers in South Africa. Below is the detailed guide to online forex brokers regulated by The Financial Services Board (FSB) is an independent institution, established to oversee the South-African non-banking financial services industry, a reliable regulatory body for South Africa Forex brokers.  You can go over the South African Forex brokers reviews rating and comparison we have collected in this section and find the list of top ten Forex brokers in the region for foreign exchange online. 

We have composed the featured comparison page for our visitors to view the top ten Forex brokers list in South Africa. The final rating of each brokerage firm is based on hand-picked information including trading platforms, conditions, spreads, leverage, minimum deposit requirements, Forex trading strategies, regulatory authority in charge and more. Each South African Forex broker is rated based on many performance-based factors to eliminate and filter companies with weak conditions and known fraud activity online. In order to create such detailed and reliable list, we make sure to go over each and every broker and find out as much information about it as possible. Brokerage that offers good service, decent trading conditions and outstanding Forex trading platform receives high grade. Our visitors are welcome to take full advantage of this section and search through the list below to review and find the best Forex broker to fit your trading requirements. 

Top Online Forex Brokers in South Africa in 2022

South African Forex brokers reviews and comparison by our professional specialists in the industry allows us to create a list of top ten Forex brokers in South Africa for our clients and experienced traders searching for the Top 10 Forex Brokers in Asia to trade with and open demo or real account with. We make sure to list top Asian Forex broker's MT4 trading platform and other available platforms either web-based or download for traders who seek the Top 10 Firex Brokers in Asia list with Metatrader 4 online trading platform available.


Asian BrokerRatingDemoLeverageBonusPlatformsMin DepositPayments
LiteFinance 8yes1:50030% + 15%Metatrader 4, Metatrader 5, WebTerminal10 Skrill, Webmoney, Bitcoin, Advcash, Credit Card
XM8yes1:888$30 no depositMetaTrader 4, Metatrader 5, XM Webtrader5Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer
AvaTrade 7yes1:400100% AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions100Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney
FXCM5yes1:200-Trading Station II, MetaTrader 4, Active Trader, Forex System Selector 250Credit/Debit card, Online Check, Bank Wire, Paper Check
PrimeXBT4yes1:1000PrimeXBT, Turbo1Credit Cards
FP Markets3yes1:50010% credit bonusMetaTrader 4 (MT4), IRESS, Mobile trading200credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer
Freshforex3yes1:1000+5% to each cryptocurrency deposit; get 300% for each depositMetatrader 41WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking
Pepperstone3yes1:500100% Match BonusMetatrader 4, Metatrader 5, cTrader, cAlgo, cMirror200bPay, credit cards, Paypal
Anzo Capital2yes1:1000MetaTrader 4100Webmoney, Skrill, Neteller, Credit Cards
CityIndex2yes1:400-MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App100Credit/Debit Cards
MEX Exchange1yes1:500Metatrader 425Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer
Rekuten Securities1yes1:50MarketSpeed FX, Trading Station (inherited from FXCM)1wire transfer, checks, ATM (only for local residents)
Oinvest0yes1:200Samsung Galaxy, iPhoneMetatrader 4200Skrill, Neteller, Credit Cards
Trade3600yes1:1,00035%, $60 no deposit for real accountTrade360100credit cards, skrill, neteller, wire transfer
ForexMart0yes1:1,000$150 no deposit neededMetatrader 41credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin
1Market0yes1:400Webtrader, Metatrader 5250credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt
Tiger Brokers0Up to 4x (day trade), Up to 2x (next day)Tiger Trade0Bank Wire Transfer, FAST, DDA, PayNow
MarketBull0yes10001:1000100% match the depositMetatrader 41000Credit Cards, Neteller, Skrill, Bank Wire Transfer

How to Choose the right Forex Broker in South Africa

South Africa is one of the most active in Forex trading on the African Continent. Because of rather outgoing economic environment in South Africa, there is no trouble to invest in any financial markets with both local and off shore Brokers. Online trading is turning into one of the most popular investment and all you need to do is to find a good broker to trade with.

First thing you want to check is whether your broker is regulated. The local regulatory body is FSB. We strongly suggest to trade only with regulated brokers and avoid the ones without responsibilities! Keep in mind that regulation keeps scammers at bay.

In addition to regulation, you do want to find a broker with easy-to-use, professional trading platform full of tools and gadgets to get you going. One of the best yet is Metatrader 4. It has all you need and more for your forex trading experience. 

Keep an eye on spreads conditions and commissions, if any. Read the small print about extra fees and charges, especially when it comes to fixed and variable spreads. Various account types can hide lots of different trading conditions and this is something you need to compare and take under the account. 

Customer support is another thing you have to check. You want to work with a broker that offers round the clock support for both general and technical questions. Keep in mind that support might differ when you are not a client yet and when you have already deposited some money, for better or worse! 

Do Forex traders pay tax in SA?

Is Forex trading taxable in South Africa? Yes, it is. Any profits you make with Forex trading are taxable, just like your regular income, which means you have to file a Personal Income Tax form. The tax rate can range from 18% to 40% and it depends on the profits you've made.

General Regulation & South African Regulation

The FSCA is the market conduct regulator of financial institutions in South Africa, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures. The Financial Sector Conduct Authority (FSCA) is responsible for market conduct regulation and supervision in SA. FSCA aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers by promoting their fair treatment by financial institutions, as well as providing financial customers with financial education. The FSCA will further assist in maintaining financial stability.

Trading Platform & Software

MetaTrader 4 is the most popular trading platform for trading Forex financial instruments among traders worldwide including South Africa. Having an impressive functionality, the platform is suitable for traders of all skill levels. MetaTrader 4 is a flexible trading system that offers advanced tools of technical analysis, Trading Signals, a Market of trading robots, mobile and algorithmic trading and much more. Use all these features for success in your Forex trading!

In order to become a trader and start trading in Forex, you should choose a broker and download MetaTrader 4 for free. The broker provides access to the market, while the trading platform allows you to analyze quotes and perform trades. Before applying to a broker for a live account, you may first want to open a demo account in MetaTrader 4 and trade virtual money to better understand the basic concepts of Forex trading.

Technical analysis tools (various analytical objects and technical indicators) are used to forecast quote movement directions. The efficiency, accuracy and reliability of analytical algorithms and tools may vary due to market conditions. For example, trend indicators are most effective during strong price movements.

Trading operations in Forex are performed using market or pending orders. The orders are trade requests to perform a trade immediately or upon meeting a certain condition. These requests are sent to your South African Broker.

Mobile trading allows you to analyze markets and trade the same way as when working via the desktop version. The only difference is that trading is performed using a smartphone or tablet from anywhere in the world.

Algorithmic trading fully automates the analysis and trade orders, completely freeing traders from the routine work. Traders formalize their trading strategies turning them into trading robots that trade automatically!

By offering so many great opportunities, MetaTrader 4 has become the most popular Forex platform. Download the platform, open a demo account and try it!

Commisions & Spreads 

Most brokers with direct access to the market do not charge fees, but work with spreads. Currency pairs come with spreads, which is the difference between the buy and the sell price. For example:


EUR/USD 1.10498 1.10499 0.1
GBP/USD 1.28161 1.28165 0.4
GBP/JPY 140.056 140.063 0.7
USD/JPY 109.28 109.282 0.2
EUR/GBP 0.86214 0.8622 0.6
EUR/JPY 120.753 120.756 0.3
AUD/JPY 75.191 75.194 0.3
USD/CNH 6.9818 6.98201 2.1
AUD/USD 0.68805 0.68807 0.2
EUR/CHF 1.09962 1.09965 0.3

Your ultimate goal is to find a broker with competitive spreads on the currency pairs you are interested in trading. 

Account Types

Account types generally depend on your capital size and sometimes on the turnover you make.


In this electronic age you can trade Forex with as little as 50$ on a micro account. Some companies can even allow you to trade with 1$ as they do not have lot size positions, but unit size positions. Well, these are very rare, but 100-200$ initial deposit accounts are offered with most brokers.


If you have over a thousand USD you can try a mini and trade mini lots and if you prefer bigger trade sizes like 100k (standard lot) you would need 10k or more capital to trade with.


Of course, you can go further still and get VIP account where huge positions are traded, but you need to always remember that trading is a risky business and you should not risk what you cannot afford to lose.

Customer Service

Another thing to look out for is customer representatives. You are searching for professional, dedicated, multilingual customer service team working 24/5 to provide you with an exceptional level of support via email, phone, online chat, ticket posting and in some cases representative offices nearby. 

Who is the richest forex trader in SA?

Jabulani Ngcobo 

Jabulani Ngcobo was born in 1985 is currently one of the richest Forex traders in South Africa to date. Jabulani Ngcobo is a self-made millionaire and the author of Cashflow Naked, a biography and a lesson of financial education. Jabulani Ngcobo net worth is estimated at $2.4 billion. 

Why should you trade forex now? 

Over the past few years, the forex market has been somewhat stilted as volatility decreased and trading volumes declined. Covid-19 has resulted in the demand for currencies such as the US Dollar as investors seek a safe-haven currency as the world experiences a cosmic fall-out from the pandemic in the form of high unemployment and desperate government overborrowing.

As the Covid-19 pandemic continues, the impact on forex trading and financial markets in general will be huge, with emotions overriding rational investment decisions and fast-changing situations dramatically changing how traders analyze market dynamics.

Regular day traders who have had more time on their hands due to the pandemic lockdown and those dabbling part-time in forex trading who find themselves suddenly unemployed will be looking for opportunities to profit from the bear markets and currency fluctuations that this world has not seen for a very long time.

Forex trading is the most sensible option if you’re looking to profit from the erratic state of the world markets and capitalize on opportunities while the world currencies are in flux. To do this, you need to align yourself with the best forex broker in South Africa that offers a premier trading platform, high-quality analytics and extensive knowledge-based support.

Conclusion team has worked hard to create this advanced Top Forex Brokers in South Africa reviews and comparison list. We have completed the list top South African Forex broker’s rating for your convenience an hope that you find it useful and informative. Our hard work with Best 10 Forex Brokers in South Africa on this site and we promise to continue our research and informative insights on foreign exchange industry about the Top 10 Forex Brokers in South Africa.  

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