The Best Forex Brokers in South Africa
A list of the Top Forex Brokers in South Africa for 2025:
Description of the Best Forex Brokers in South Africa
1. Pepperstone
Pros:
Extensively regulated
No minimum deposit
Low fees and mostly free withdrawals
Good customer service
Cons:
No investor protection for clients outside UK, EU and EEA
Withdrawal fee for clients outside EU and Australia
CFDs only
Pepperstone is an Australian-based forex broker established in 2010. It is well-respected and well-regulated by ASIC, FCA, DFSA, CySEC, BaFIN, SCB and CMA.
The trading fees for Pepperstone are built into the spread, and if you qualify for an Active Trader account, you can get a rebate on part of each spread when you buy.
There are nine base currencies available on Pepperstone, but ZAR is not one of them so be aware of the currency conversion fees that might apply to deposits and withdrawals, although there are no account fees. Withdrawals are completed the same day.
Pepperstone has a proprietary platform (cTrader and TradingView) and provides access to MT4 and MT5 as well, where you can trade 61 forex pairs and more than 1,000 CFDs including ETF CFDs on either web, desktop or mobile.
Pepperstone has award-winning customer service available through phone, email and live chat 24/7.
Traders can take advantage of both third-party and in-house research, alongside a news feed and social sentiment. The education provided is via trading guides organized by experience level and comes in the form of articles and YouTube videos. A demo account is also available.
75.2% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
2. AvaTrade
Pros:
Worldwide regulated
Multiple platforms – MT4, MT5, etc.
Negative balance protection
20% welcome bonus
Educational content
Wide range of payment methods
Fixed spreads
Cons:
You can’t buy stocks
Quarterly and annual inactivity fees
Customer support is not available 24/7
No bonus for EU-based clients
No US clients accepted
Imitated crypto assets
AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.
It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.
Instruments include:
Metals
Commodities
Stocks
FX Options
Oil
ETFs
Options
Cryptocurrencies
CFDs
Indexes
Shares
Spread betting
Indices
Forex
Bonds
AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877)
Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel
You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.
Minimum deposit of $100, no withdrawal limit and no fees.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3. XTB
Pros:
Regulated by the FCA
Low forex fees
Fast withdrawal and deposit with no fee
Live chat customer service
Cons:
No US clients
Limited product portfolio
High fees for stock CFDs
XTB is a well-established broker that is well-regulated and respected.
The proprietary trading platform (xStation) is powerful and fast, and users can trade 49 forex pairs as well as CFDs and cryptocurrencies with xStation or MetaTrader 4. It is available on web, desktop and mobile.
Founded in 2002 with headquarters in London and Warsaw, XTB is regulated by FCA, CySEC, KNF, CNMV and IFSC.
Standard account trading fees are built into the spread so there is no commission, and Pro accounts charge a commission of $4 per lot.
There are no account or deposit fees to pay, but ZAR is not a base currency – traders can choose between USD, EUR, GBP, HUF or PLN.
In the Standard account, there is no commission, and the trading costs are built into the spread.
In the Pro account, spreads are much tighter but there is a $4 commission per lot.
There are no account or deposit fees, but ZAR is not a base currency so consider currency conversion costs. Withdrawals for amounts over $100 are free and usually take one business day.
The customer service team can be contacted via live chat, email and phone, and is available 24/5.
Research on XTB includes trading ideas, news flow, charting, market sentiment and a heatmap, as well as limited fundamental data.
The education on XTB is excellent, with high-quality ebooks, educational articles and a Trading Academy organized by user ability. There is also a demo account available.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4. Switch Markets
Pros:
Regulated by ASIC
Low minimum deposits
No deposit fee
No inactivity fee
Free VPS
Social trading
Tight spreads
Useful trading tools and research
Cons:
No US clients
Not FCA regulated
Founded in 2019, SwitchMarkets.com styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, SwitchMarkets.com has a lot to offer.
The parent company of SwitchMarkets.com (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.
With SwitchMarkets.com you can trade:
62 Forex pairs
8 metals
21 indices
86 share CFDs
4 cryptocurrencies
There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50.
For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free.
The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free.
There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools.
As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.
Switch Markets does not provide trading services to anyone residing in the USA, Yemen, Iran and North Korea nor any other countries where the offer of our products are prohibited or restricted by laws.
Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.
5. IG
Pros:
Highly regulated
MetaTrader 4 (MT4)
Over 10,000 instruments
Available in the UK and US
24/7 customer support
Cons:
High fees
No deposit compensation scheme for US accounts
No copy trading
Inactivity fees
IG is a great share trading platform for beginners thanks to its user-friendly interface and extensive educational resources.
Pros of IG include a wide range of trading instruments and markets, as well as the ability to access multiple account types and trading platforms. The platform also offers a demo account for beginners to practise trading strategies before investing real money.
However, IG isn’t the cheapest share trading platform, with relatively high trading fees and a minimum deposit requirement of £250 when paying by credit/debit card or PayPal.
In terms of additional fees, IG charges a commission fee for share trading, starting from £8 per trade. There’s also a custody fee of 0.25% per year for holdings of £250 or more.
Overall, IG is a solid choice for beginners looking for a user-friendly platform with extensive educational resources, but investors should be aware of its fees and minimum deposit requirements.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of IG retail investor accounts lose money when trading spread bets and CFDs with IG. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
6. Tickmill
Pros:
Low trading costs
No minimum deposit for some accounts
Variety of trading instruments
Advanced trading platforms
Cons:
Limited product portfolio
Inactivity fees
Geographical restrictions
Limited social trading features
Tickmill is a recognized brokerage platform offering comprehensive trading services to clients internationally.
With its diverse financial instruments and cutting-edge trading technology, Tickmill facilitates trading activities for investors worldwide, enabling them to access markets and opportunities beyond geographical borders with limitations.
Traders benefit from Tickmill's competitive pricing, efficient trade execution, and robust platform features, empowering them to engage in forex, CFD, and futures trading across different asset classes.
Tickmill is regulated by the Financial Conduct Authority (FCA), CySEC, and FSA. This regulatory compliance ensures the safety of client funds and the integrity of the trading environment, instilling trust and confidence among traders worldwide.
With its competitive offerings and commitment to regulatory compliance, Tickmill empowers traders worldwide to navigate the financial markets confidently and successfully.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.
What to Look For in a Forex Broker
A forex (foreign exchange) broker is a business that provides a platform for you as an investor to buy and sell currency.
Some forex brokers have a proprietary platform where you can make trades, while others use popular third-party platforms such as MetaTrader 4 and MetaTrader 5.
You need to choose a broker you can trust, as they will be handling your money. You want to know that your deposits and balances are safe and that you can simply and easily access your money.
The broker needs to provide an easy-to-use interface suitable for the trading you want to carry out, including tools and research that you can use to make decisions about which trades to place.
Whether you are a complete beginner or a professional trader, you will want a broker that offers a demo account where you can try new strategies without risking actual capital.
You’ll also want a good selection of educational tools, especially helpful if you are new to trading.
Forex brokers make their money by charging a commission on each trade, or through a higher spread cost.
There are sometimes account management charges (usually monthly), deposit or withdrawal fees, and some brokers charge an inactivity fee if you do not place a trade within a certain time frame.
How to Pick a Good Broker
Look at Regulatory Status
The regulation of forex brokers is done on a territory basis. There are several tiers of regulatory bodies that provide the industry standard of provision – in general, regulators like ASIC and FCA are the top tier and most trustworthy.
For South African forex traders, the regulatory body is the Financial Sector Conduct Authority (FSCA), and a broker regulated by this body will often be based in South Africa.
Research Trading Costs
There are costs involved with making trades on a forex platform, and some brokers are more transparent than others when it comes to providing details about the total cost.
Look at whether they charge a commission per trade, or if they make money through an inflated spread cost.
Find out if it will cost you anything to use the broker services too, such as paying to deposit your funds or being charged for a withdrawal. If you want to deposit ZAR, you might have to pay currency conversion fees.
Look at the Platforms Available
Brokers usually offer access to third-party trading platforms, and MetaTrader 4 and 5 (MT4/5) are popular options used around the world. Both MT4 and 5 are available for mobile, with apps available on iOS and Android devices.
Some brokers have created their own trading platforms designed to be used with their tools and that suit their strategies – these are usually based on the broker’s interface and design, and tend to be available as a web platform, desktop download and mobile app.
What Is Its Reputation?
The reputation of a broker is important – not only in terms of customer reviews but also in how well they have managed other people’s money in the past.
There are several ways you can ensure the reputation of the broker you are considering, over and above the regulatory bodies they are affiliated with, including:
Length of time they have been in operation – Generally, the longer they have been providing financial services, the safer they should be
Whether they are publicly traded on an exchange – Brokers (or their parent company) that are traded on a stock market must disclose financial information
Segregation of funds – Brokers should keep the funds that belong to investors in a separate account to ensure their safety even if the company is having liquidity issues
Reviews – Look for genuine consumer reviews to see how well the broker performs. Bear in mind that trading can be risky so customers may have lost money due to poor trading decisions, rather than the broker’s actions.
Is There Good Customer Service?
Whether you are a seasoned investor or brand new to trading, chances are you might need to contact the broker’s customer service team to get a question answered or find help for a technical issue.
Good customer service is as much about reliability and a prompt response as it is about accurate answers, so look out for the hours of operation and how you can get in contact.
As a rule, email tends to be the slowest method, and many brokers have a live chat service that offers a more immediate response.
If you are looking for phone service, then choose a broker with customer service numbers for South Africa, especially if there is a language barrier.
Most broker customer service teams tend to operate on normal trading days, but some are available 24/5 or even 24/7.
Expect Prompt Withdrawal Processing
If you want to get your profits into your bank account or back onto your credit card, then you need to know what to expect from the broker.
Some brokers charge a token fee for withdrawals, while others are free to some destinations (local bank account, for example).
Remember, in most cases, withdrawals can only be made to accounts in your name.
The usual withdrawal time for forex brokers in South Africa is one to three business days, so be prepared for a wait.
Look Into the Education and Research Materials Available
Research tools are useful when trading. Most brokers offer a range of different information sources that you can use to decide what trades to make.
These can include charting, trading ideas, analysis and even social or copy trading.
In terms of education, a good broker will offer demo accounts.
This type of account allows you to make trades and practice strategies with ‘fake’ money, so you are not risking your capital.
Demo accounts are also a great way to get used to the broker’s platform on your preferred device, so you understand the interface.
Most brokers offer educational materials like articles, how-to videos, tutorials and webinars.
However, some are better than others at introducing the world of forex trading to the complete beginner, whereas others offer more advanced learning for the experienced trader.
Research Trading Style Compatibility
Look at whether the broker allows you to trade in the way you prefer. Not all brokers are compatible with every trading style.
Some brokers do not allow scalping or hedging while others will limit the amount of leverage you can use when trading.
If you want to use the services of an expert advisor or some form of copy trading, make sure the broker you choose has the facility for that.
Can You Deposit in ZAR?
The base currency of the broker is an important factor, mostly in terms of cost but also for convenience.
Many brokers have several base currencies, but they tend to be the major international currencies like the US dollar, euro and GBP. The problem for traders in South Africa is that you might have to pay a currency conversion charge for your deposit if it is not in the same currency that the broker uses.
This does not have to be a deal-breaker though, as there are many multi-currency bank accounts and cards that you can use to minimize these costs by transferring the balances between different currencies before you make the deposit.
Final Thoughts
The brokers mentioned in this list are not the only ones available to traders in South Africa, but they are a good place to start.
Trading can be financially risky, so being confident in your broker will help you make the best decisions on the forex market.
Good luck with your future trading.