Forex trading in South Africa has grown exponentially, spurred on by greater access to online trading, more investment knowledge amongst retail traders, and a proliferation of both offshore and local online Forex brokers.

In this article, we discuss seven of the best Forex Brokers in South Africa, which provide local traders with access to a regulated environment, a wealth of trading resources, and competitive pricing.

1. AvaTrade

Overview

AvaTrade is one of the world's leading and most recognized forex brokers. AvatradeGO, the company's award-winning mobile trading software, is only one of many trading options it provides.

Additionally, it has a world-class array of trading tools, including Trading Central, as well as strong analytical and educational areas.

Pros and Cons

PROS

CONS

Broad range of tradable instruments

High EURUSD and inactivity fees

MetaTrader 4 and 5 available

Excellent educational resources

Features

Feature

Information

Regulation

Central Bank of Ireland, MiFID, ASiC, BVI

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission on Forex

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

First Deposit Bonus

Customer Support

24/5 - multilingual

2. Exness

Overview

In addition to currency pairs, commodities, energy, indices and equities, Exness offers CFD trading on a wide range of assets, allowing clients to have a taste of the global markets.

Customers of Exness are also able to take advantage of order execution that is quick, accurate, and tight spreads. Every Exness account comes with a free virtual private server (VPS), as well as support for the MT4 and MT5 trading platforms.

Pros and Cons

PROS

CONS

Well-regulated

Tight spreads

Over 130 currency pairs

Features

Feature

Information

Regulation

CySEC, FCA

Minimum deposit from

$1

Average spread from

1.3 pips

Commissions from

3 USD and 10 USD per 1 lot for CFDs

Deposit/Withdrawal Fees

None

Maximum Leverage

1:2000

Bonuses

Standard +10% Bonus Programme

Customer Support

24/5 - multilingual

3. Tickmill

Overview

Tickmill is a great option because of the wealth of resources it provides for new traders, the free use of premium tools, and the favourable trading circumstances it offers.

The broker's educational resources and platforms will also be appealing to both beginner and intermediate traders.

Pros and Cons

PROS

CONS

Competitive pricing

Well regulated

High leverage

Advanced trading software

STP model

Features

Feature

Information

Regulation

FSA

Minimum deposit from

$100

Average spread from

0.1 pips

Commissions from

‎2 per side per 100,000 traded

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

$30 Welcome Bonus

Customer Support

24/5

4. HotForex

Overview

Because of its global reach, feature-rich website, and wide range of trading tools, HotForex is a wonderful choice for traders. The forex and CFD trading basics are given in an easy-to-understand manner on the user-friendly interface.

Pros and Cons

Pros

No deposit or withdrawal fees

Competitive spreads

Cons

High commission charges on the Zero account

Features

Feature

Information

Regulation

CySEC, DFSA, FCA, FSA, FSCA

Minimum deposit from

$5

Average spread from

0,0 pips

Commissions from

USD 0.03 per 1K lot.

Deposit/Withdrawal Fees

None

Maximum Leverage

1:1000

Bonuses

100% Supercharged Bonus

Customer Support

24/5

5. Khwezi Trade

Overview

Khwezi Trade is a South African brokerage firm and a subsidiary of Khwezi Financial Services as a provider of financial services. The FSCA regulates Khwezi Trade to protect the safety of its customers' funds.

Khwezi Trade offers trading on a wide range of worldwide markets, including currency pairs, commodities, and indices.

Pros and Cons

Pros

Cons

ZAR Accounts are available

Individual stock trading not possible

FSCA regulations apply to this South African-based company

Provides a wide variety of trading tools

Trading costs are reasonable

Ensures compliance with OTC regulations

A vast variety of trading options are available

Features

Feature

Information

Regulation

FSCA

Minimum deposit from

ZAR500

Average spread from

0,6 pips

Commissions from

NA

Deposit/Withdrawal Fees

NA

Maximum Leverage

1:400

Bonuses

30%

Customer Support

24/5

You might also like: Forex Brokers in Namibia

6. Globex360

Overview

GlobeX360° may be described as a reputable broker that provides trading capabilities on a wide range of financial instruments to investors across the world. Trade with confidence with GlobeX360°, which has a solid track record and offers straightforward terms of trade.

Pros and Cons

Pros

Cons

Wide asset selection

Limited trading platforms

Wide variety of trading accounts

Slow withdrawals

Well-regulated broker

Negative balance protection not provided

Features

Feature

Information

Regulation

FSCA, FIAMLA, POCA 2002 and POTA 2002

Minimum deposit from

USD100

Average spread from

Variable

Commissions from

8 USD per lot

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

Yes

Customer Support

24/5

7. IFX Brokers

Overview

IFX Brokers is a regulated South African online Forex broker that provides a wide range of trading options. Only a few major investment banks and major hedge funds can compete with the broker’s low latency and quick execution rates.

Pros and Cons

Pros

High leverage available

MetaTrader 4 is supported.

Resources for learning are available

Cons

Features

Feature

Information

Regulation

FSA

Minimum deposit from

ZAR100

Average spread from

0.5 pips

Commissions from

NA

Deposit/Withdrawal Fees

NA

Maximum Leverage

1:500

Bonuses

NA

Customer Support

24/5

Forex trading in South Africa has grown exponentially, spurred on by greater access to online trading, more investment knowledge amongst retail traders, and a proliferation of both offshore and local online Forex brokers.

In this article, we discuss seven of the best Forex Brokers in South Africa, which provide local traders with access to a regulated environment, a wealth of trading resources, and competitive pricing.

1. AvaTrade

Overview

AvaTrade is one of the world's leading and most recognized forex brokers. AvatradeGO, the company's award-winning mobile trading software, is only one of many trading options it provides.

Additionally, it has a world-class array of trading tools, including Trading Central, as well as strong analytical and educational areas.

Pros and Cons

PROS

CONS

Broad range of tradable instruments

High EURUSD and inactivity fees

MetaTrader 4 and 5 available

Excellent educational resources

Features

Feature

Information

Regulation

Central Bank of Ireland, MiFID, ASiC, BVI

Minimum deposit from

$100

Average spread from

0.9 pips

Commissions from

No commission on Forex

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

First Deposit Bonus

Customer Support

24/5 - multilingual

2. Exness

Overview

In addition to currency pairs, commodities, energy, indices and equities, Exness offers CFD trading on a wide range of assets, allowing clients to have a taste of the global markets.

Customers of Exness are also able to take advantage of order execution that is quick, accurate, and tight spreads. Every Exness account comes with a free virtual private server (VPS), as well as support for the MT4 and MT5 trading platforms.

Pros and Cons

PROS

CONS

Well-regulated

Tight spreads

Over 130 currency pairs

Features

Feature

Information

Regulation

CySEC, FCA

Minimum deposit from

$1

Average spread from

1.3 pips

Commissions from

3 USD and 10 USD per 1 lot for CFDs

Deposit/Withdrawal Fees

None

Maximum Leverage

1:2000

Bonuses

Standard +10% Bonus Programme

Customer Support

24/5 - multilingual

3. Tickmill

Overview

Tickmill is a great option because of the wealth of resources it provides for new traders, the free use of premium tools, and the favourable trading circumstances it offers.

The broker's educational resources and platforms will also be appealing to both beginner and intermediate traders.

Pros and Cons

PROS

CONS

Competitive pricing

Well regulated

High leverage

Advanced trading software

STP model

Features

Feature

Information

Regulation

FSA

Minimum deposit from

$100

Average spread from

0.1 pips

Commissions from

‎2 per side per 100,000 traded

Deposit/Withdrawal Fees

None

Maximum Leverage

1:500

Bonuses

$30 Welcome Bonus

Customer Support

24/5

4. HotForex

Overview

Because of its global reach, feature-rich website, and wide range of trading tools, HotForex is a wonderful choice for traders. The forex and CFD trading basics are given in an easy-to-understand manner on the user-friendly interface.

Pros and Cons

Pros

No deposit or withdrawal fees

Competitive spreads

Cons

High commission charges on the Zero account

Features

Feature

Information

Regulation

CySEC, DFSA, FCA, FSA, FSCA

Minimum deposit from

$5

Average spread from

0,0 pips

Commissions from

USD 0.03 per 1K lot.

Deposit/Withdrawal Fees

None

Maximum Leverage

1:1000

Bonuses

100% Supercharged Bonus

Customer Support

24/5

5. Khwezi Trade

Overview

Khwezi Trade is a South African brokerage firm and a subsidiary of Khwezi Financial Services as a provider of financial services. The FSCA regulates Khwezi Trade to protect the safety of its customers' funds.

Khwezi Trade offers trading on a wide range of worldwide markets, including currency pairs, commodities, and indices.

Pros and Cons

Pros

Cons

ZAR Accounts are available

Individual stock trading not possible

FSCA regulations apply to this South African-based company

Provides a wide variety of trading tools

Trading costs are reasonable

Ensures compliance with OTC regulations

A vast variety of trading options are available

Features

Feature

Information

Regulation

FSCA

Minimum deposit from

ZAR500

Average spread from

0,6 pips

Commissions from

NA

Deposit/Withdrawal Fees

NA

Maximum Leverage

1:400

Bonuses

30%

Customer Support

24/5

You might also like: Forex Brokers in Namibia

6. Globex360

Overview

GlobeX360° may be described as a reputable broker that provides trading capabilities on a wide range of financial instruments to investors across the world. Trade with confidence with GlobeX360°, which has a solid track record and offers straightforward terms of trade.

Pros and Cons

Pros

Cons

Wide asset selection

Limited trading platforms

Wide variety of trading accounts

Slow withdrawals

Well-regulated broker

Negative balance protection not provided

Features

Feature

Information

Regulation

FSCA, FIAMLA, POCA 2002 and POTA 2002

Minimum deposit from

USD100

Average spread from

Variable

Commissions from

8 USD per lot

Deposit/Withdrawal Fees

None

Maximum Leverage

1:400

Bonuses

Yes

Customer Support

24/5

7. IFX Brokers

Overview

IFX Brokers is a regulated South African online Forex broker that provides a wide range of trading options. Only a few major investment banks and major hedge funds can compete with the broker’s low latency and quick execution rates.

Pros and Cons

Pros

High leverage available

MetaTrader 4 is supported.

Resources for learning are available

Cons

Features

Feature

Information

Regulation

FSA

Minimum deposit from

ZAR100

Average spread from

0.5 pips

Commissions from

NA

Deposit/Withdrawal Fees

NA

Maximum Leverage

1:500

Bonuses

NA

Customer Support

24/5