Best Forex Brokers in South Africa 2020

In this article, I will tell you about the best forex brokers in South Africa 2020. I have dealt with several criteria to select the best forex brokers in South Africa. These are license, platforms, minimum deposit, fees, spreads, leverage and the other important features.

Forex is really popular in South Africa. That’s why forex brokers are also trying to provide the best service here. And, I wanted to compile the list of best forex brokers in South Africa for you.

In Forex industry, there are many of Forex brokers. I brought together the best ones among the companies that accept investors from South Africa. Some of them is regulated by FSCA who is the South African regulator of Forex brokers.

All of these Forex brokers accept South African traders and offer local customer supports and phone numbers, local bank deposit and withdrawal options and offices. Some of the brokers I have listed have FSCA regulation, which provides more benefits to South African investors.

You will find the properties of the brokers in this list and which ones are more suitable for you. You can also read my reviews, where you can find more detailed information about the companies. This guide will help you to choose the best forex broker in South Africa.

Almost all Forex brokers offer similar trading experience. However, each broker has different trading costs, trading platforms, assets and customer support, each of which will affect your trading experience.

Since the best brokers will not be the same for all investors, I made detailed evaluations about each broker. So, you can decide which one is best for you more easily.

Best Forex Brokers in South Africa 2020

In this part of the article, you will find the best South African forex brokers. You can see regulations, fees (spreads and commissions), deposit and withdrawal methods, trading platforms and assets of all brokers.

You can click the button on the side to open an account with what you think is for you.

1. FxPro

fxpro review

Regulators: FCA, CySEC, FSB, SCB

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:500

Spreads: Low

FxPro is the best forex broker in South Africa. The broker is regulated by FCA, CySEC, FSB and SCB. It is a well-known forex broker among traders. It has offices London and Cyprus.

FxPro’s minimum deposit is $100. The broker recommends $500 for trading. The maximum leverage is 1:500. Offers various account types including MetaTrader 4, MetaTrader 5 and cTrader platforms. You can also choose the broker’s own FxPro Markets Platform.

In addition to these accounts, the broker offers swap-free Islamic account for Muslim traders. But, you need to apply for this with e-mail. FxPro requests you to document of your religious belief.

FxPro spreads are low, quite advantageous and competitive. FxPro EUR/USD spreads are from 0.5 pips and no commissions for MetaTrader accounts. cTrader account has 0.3 pips + $4.5 per lot commissions.

The withdrawal and deposit methods are fast and free. You can use the payment methods; bank wire transfer, credit/debit cards, PayPal, UnionPay, Neteller, Skrill. FxPro provides traders to deposit in ZAR but your trading will be in USD.

There is a wide range of trading assets. The trading assets that you sell and buy are forex currency pairs, metals, stock indices, cryptocurrencies.

The customer support is very good. It offers live chat and when you ask something they respond quickly. FxPro provides educational material and analysis for traders. And it helps for beginners to improve themselves. It does not have local office and phone number.

Also, you can learn about  the broker if you read my FxPro review.

2. XM Forex

xm forex

Regulators: ASIC, CySEC, IFSC

Cryptocurrencies: No

Minimum Deposit: $5

Maximum Leverage: 1:888

Spreads: Low

XM is one of the most known forex brokers. It is one of the best forex brokers in South Africa. It offers competitive trading conditions such as spreads, leverage and minimum deposit.

XM Forex is regulated by ASIC, CySEC and IFSC. Traders in South Africa have an intense interest in XM Forex. It is a very popular forex broker among forex traders.

XM Forex offers a wide range of instruments which are currency trading, CFDs on commodities, indices, energies, stocks and precious metals.

It provides MetaTrader 4 and MetaTrader 5 trading platforms. XM’s account types are Micro, Standard, Ultra Low and Share. It offers low spreads and zero commissions for some account types.

The minimum deposit for XM Forex is just $5. It is good for traders who want to try XM. Spreads are from 0.6 pips for EUR/USD pair.

The maximum leverage is 1:888 which is quite high. Leverage depends on the financial instrument that traded. ZAR is one of the base currencies. So, you can deposit with it.

The maximum number of positions open at the same time, and for all account types, is 200. If you want to deal in an amount higher than your account type’s maximum lots, you may break your trade into smaller sizes.

Sometimes, XM Forex offers special bonus campaign for investors from South Africa. So, you should follow the broker bonus campaign to take advantage of this offer.

There are variety of ways to deposit and withdraw options in XM Forex. Bank wire transfer, credit card, UnionPay, Neteller, Skrill, Qiwi Wallet, fasapay, Perfect Money and Web Money are the methods that offered by XM.

All withdrawal requests will be completed within 24 working hours. All client withdrawal requests shall be processed in the currency in which the deposit was originally made.

XM does not charge any fees for deposits and withdrawals. For deposits made through wire transfer, XM covers all transfer fees applied by banks, with the exception of $ 200 or equivalent deposits.

In my XM Forex review, I handled the all information about the broker.

3. Exness

exness

Regulators: FCA, CySEC

Cryptocurrencies: YES

Minimum Deposit: $1

Maximum Leverage: Unlimited

Spreads: Low

Exness is a well-regulated forex broker who is founded in 2008. It offers tight spreads and unlimited leverage. It offers MetaTrader 4 and MetaTrader 5 both. The brokers has partnership with Real Madrid football team.

Exness is regulated by CySEC in Cyprus and FCA in UK. South African forex traders can trade in Exness. But Exness does not have office in South Africa.

The minimum deposit for Exness is just $1. The broker offers unlimited leverage. It means that you can use any leverage you want. Only ECN account has 1:200 max. leverage.

There are 4 different account types. These are Cent, Mini, Classic and ECN accounts. You can also open a demo account with this broker. ECN account has $300 minimum deposit. The spreads are from 0.4 pips + $2,5 commission on EUR/USD for this account type.

The payment methods are rather limited in Exness. You can deposit or withdrawal via bank wire transfer, credit card, Skrill and Neteller. No other methods such as Bitcoin. There are no fees for withdrawals and deposits.

Trading instruments are forex currencies, metals such as gold and silver, cryptocurrencies in Exness forex broker. Customer support is really good. It offers 24/5 customer support in trading week. Live chat is available 24/7 English. When you ask something, it takes 10 seconds to get a response via live chat.

I gave the all details about the broker in my Exness review.

4. FXTM

fxtm forex broker review

Regulators: FCA, CySEC, FBS, IFSC

Cryptocurrencies: YES

Minimum Deposit: $5

Maximum Leverage: 1:1000

Spreads: Low

FXTM is one of the best forex brokers in South Africa. It is founded in 2011. FXTM brand is authorized and regulated in various jurisdictions. It is regulated by FCA, CySEC, FBS, FSCA and IFSC. The broker is very popular brokers among South African traders as it is licensed by FSCA regulator.

FXTM is also known as ForexTime. It offers a wide range of trading assets. It provides MetaTrader 4 and MetaTrader 5 trading platforms with mobile trading app compatible with Android and iOS.

There are 3 types of account. ECN account, ECN Zero Account and FXTM Pro account. Traders can choose to use MT 4 and MT5. FXTM allows traders to select trading accounts that suits their trading requirements.

The minimum deposit for FXTM is $10. Spreads are variable from 1.2 pips. Trading instruments are fx pairs, precious metals, CFDs, commodities, stocks, indices.

The deposit and withdrawal methods are wire transfer, Neteller, Skrill, Webmoney, credit card. The maximum leverage is 1:2000.

The websites provides various languages; English, Spanish, Arabic, Italian, French, Chinese and others. There are e-mail and phone support. The live chat is also available 24/5 + weekend hours.

If you want to take all information about the broker, you can see my FXTM review.

5. Pepperstone

Pepperstone forex broker

Regulators: FCA, ASIC

Cryptocurrencies: YES

Minimum Deposit: $200

Maximum Leverage: 1:500

Spreads: Low

Pepperstone is an Australian forex broker regulated by ASIC and FCA. It offers low spreads and great trading conditions. The execution speed is awesome and no fees required when deposit and withdrawal.

The minimum deposit for Pepperstone is $200. Spreads are from 0.8 pips for Razor account and $7 commissions per lot. There are alson Standard and Swap Free account types. Maximum leverage is 1:500.

Pepperstone provides different trading platforms such as MetaTrader 4, MetaTrader 5, cTrader, cAlgo and cMirror platforms. Also, the broker provides Smart Trader Tools. You can improve MT4 experience with these tools by Pepperstone.

Pepperstone customer service is good. It is available 24 hours a day. It supports English, Spanish, Polish, Chinese, Japanese, Korean and Arabic languages.

There are live chat and mail support. Pepperstone can assign an account manager if you need. The customer support can solve any problem that you face.

You can read all details about broker in my Pepperstone review.

6. Tickmill

Tickmill review

Regulators: CySEC, FCA, FSA

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:500

Spreads: Low

Tickmill is one of the fastest-growing forex brokers in the world. The broker offers good trading conditions as well. Tickmill has good potential to be the best forex broker in South Africa.

Tickmill forex is regulated by FCA, CySEC and FSA. You do not have any problem with the regulation. The broker has grown rapidly in a short period of time in Africa.

Tickmill offers four different account types. The maximum leverage is 1:500. Classic account requires $100 minimum deposit. When it comes to spreads, Tickmill offers 1.6 pips on EUR/USD with no commissions in this account type. The broker offers also Islamic account.

Trading products are fx pairs, precious metals, crude oil, stock indices, bonds and cryptocurrencies. +70 forex pairs are available.

Tickmill provides MetaTrader 4 trading platform. There is also a web trader. So, you can choose what type of platform you want. MT 4 of Tickmill has great features.

Payment methods are varied. There are many deposit and withdrawal options. You can choose Skrill, Neteller, Fasapay and UnionPay in addition to bank wire transfer and credit card options.

Thanks to the zero fees policy of Tickmill, you don’t have to pay any fees. So, that is the simple information about the broker.

If you want more details about Tickmill, you can read my Tickmill review and get the all information about it.

7. IC Markets

IC markets forex broker

Regulators: ASIC

Cryptocurrencies: YES

Minimum Deposit: $200

Maximum Leverage: 1:500

Spreads: Low

IC Markets is an Australian forex broker who offers competitive trading performance. The broker has high-quality customer service. There is a large number of investors from different countries including South Africa.

IC is a very popular forex broker among South African forex investors. The broker is founded in 2007 in Sydney – Australia. IC Markets is regulated by ASIC. It is one of the most reliable forex regulators.

IC Markets offers four trading accounts. These are Standart (MT4), True ECN (MT4), cTrader ECN and Islamic account.

All account types have a minimum deposit of $ 200. The maximum leverage is 1: 500, and spreads vary from accounts to accounts.

The standard account offers 1.1 pips on EUR/USD and no commission. True ECN account has 0.1 pips spreads and $3,5 per standard lot per side. cTrader ECN account offers 0.1 pips + commission of $3 per standard lot per side.

IC Market provides for investors MetaTrader 4, MetaTrader 5 and cTrader platforms. All trading platforms support mobile and desktop versions.

The broker offers a wide range of trading instruments including forex pairs, commodities, indices, bonds, cryptocurrencies, stocks and futures.

IC Markets forex broker offers good customer service. There are 57 different languages at e-mail support. Live chat supports many languages too. So, if you have some questions, you can take very quick answers.

8. HotForex

hotforex review 2018

Regulators: CySEC, FCA, BaFin, FSC, FSCA, FSA

Cryptocurrencies: YES

Minimum Deposit: $50

Maximum Leverage: 1:1000

Spreads: Low

HotForex is another best forex broker in South Africa. It is regulated by FSCA, CySEC, FCA, BaFin, FSC and FSA. The broker offers online trading since 2010. It has 10 years of experience and still growing.

It is a very popular forex broker among South African forex investors. Hotforex has a variety of account types. It provides Micro, Premium, Fixed, Zero and VIP account types. HotForex offers ZAR account for South African investors.

The minimum deposit for HotForex is $50 and maximum leverage is 1:1000 in Micro account. VIP account has 20.000 USD minimum deposit.

Spreads are as low as 0.1 pips on Zero account and there is also commission $4 per lot traded. Fixed account has fixed spread 1.8 pips on EUR/USD. Trading instruments are forex pairs, CFDs on Metals & Energies Spot & Futures and cryptocurrencies.

There is a wide range of payment methods. These are wire transfer, UnionPay, Credit card, Bitcoin, Skrill, Neteller, Fasapay, Webmoney. The broker doesn’t charge any fee when deposit and withdrawal.

HotForex offers MetaTrader 4 and MetaTrader 5 trading platforms which are the most popular trading platforms in forex industry. It is available on PC, Mac, iOS and Android. You can use the platform on web and your mobile device.

HotForex offers Welcome bonus. If you open an account with the broker. You can claim the bonus. But it may require a minimum deposit for it.

The broker’s customer support is good. You can contact with HotForex 24 hours a day except weekends. There are live chat and e-mail support. They respond quickly when you ask something.

9. Go Markets

go-markets

Regulators: ASIC

Cryptocurrencies: YES

Minimum Deposit: 200 AUD

Maximum Leverage: 1:500

Spreads: Low

Go Markets is another Australian forex broker who is regulated by ASIC. This broker also offers good trading conditions like any other.

Go Markets offers two account types. The standard account has 200 AUD minimum deposit. Spreads are from 1.0 pips. The maximum leverage is 1:500. Base currencies are AUD, USD, GBP, EUR, NZD, CAD, SGD, CHF, and HKD. Unfortunately, there is no ZAR.

Go Plus account requires 500 AUD minimum deposit. There are no spreads but it requires 3 AUD commissions per side. These trading conditions are really attractive. It will be good choice to open an account with Go Markets.

Traders can also diversify their existing portfolios with access to over 250+ instruments including Forex, Commodities, Indices, Cryptocurrency and more.

Go Markets offers two trading platforms. These are the most popular trading platform MetaTrader 4 and its new version MetaTrader 5.

The payment methods that Go Markets offer are fasapay, Neteller, bank wire transfer, Poli, BPay, credit card and Skrill.

Note that GO Markets does not charge any internal deposit fees using Visa/Mastercard, Skrill, Neteller and Bank Transfer.

Go Markets provides good client support. You can open an account easily. If you want more about the broker, you can read my Go Markets review.

10. eToro

Regulators: FCA, CySEC, ASIC

Cryptocurrencies: YES

Minimum Deposit: $200

Maximum Leverage: 1:500

Spreads: Low

eToro is an international forex broker founded in 2007. The broker is regulated by FCA, CySEC and ASIC. eToro is covered by Fa compensation scheme. FCA regulated forex brokers guaranteed by the Financial Services Compensation Scheme (FSCS) up to £50.000.

The minimum deposit offered by eToro is $200. The maximum leverage is 1:400 for forex pairs and 1:50 for indexes and commodities. Spreads are a little bit high in this broker.

eToro offers fixed spreads. These are 3 pips on EUR/USD pair. But, there is Social Trading in eToro. However, eToro does not charge extra for social trading service. To achieve this service, it may be normal for spreads to be high.

The payment methods are varied. These are Giropay, Neteller, PayPal, Skrill, WebMoney, UnionPay, Yandex on e-wallets and credit card, bank wire transfer.

The big downside of eToro is its high spreads. But, the other features are great. You can read all about the broker in my eToro review.

11. Dukascopy

dukascopy

Regulators: FINMA, FCMC, FCA, JFSA

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:300

Spreads: Low

Dukascopy forex broker is from Switzerland. It is founded in 2006 by Dr. Andre Duka. The broker regulated by FINMA, FCA and JFSA.

The minimum deposit is $100 and the maximum leverage is 1:300. The payment methods are wire transfer or credit/debit card to deposit or withdraw money. Many other brokers have e-wallet options like Neteller or Skrill.

Spreads are from 0.2 pips + $3,5 commission per lot. This offer is competitive. If you get higher funding, commissions will be also lower. For instance, for $ 5.000 net deposit or equity, the commission will be $3.3 per lot and $3 with $10.000 equity.

12. Swissquote

swissquote

Regulators: FCA, FINMA, DFSA, SFC

Cryptocurrencies: YES

Minimum Deposit: $1

Maximum Leverage: 1:400

Spreads: Medium

Swissquote is a forex broker and bank regulated by FCA, FINMA, DFSA, and SFC.

Swissquote Bank offers 3 different account types: Standard, Premium, and Prime. There is no minimum deposit requirement for the standard account type. However, the minimum deposit is $ 25,000 to open a Premium account and $ 100,000 to open a Prime account.

The deposit and withdrawal methods offered by Swissquote are very limited. The methods you can use to deposit and withdraw money are banking wire and credit/debit card. E-wallet systems like Neteller, Skrill, offered by many brokers are not available.

Frequently Asked Questions

In this section of the article, you can find the FAQ about the best forex brokers in South Africa. If you want to ask me about something you can comment. I will answer it as soon as possible.

Who Are the Best Forex Brokers in South Africa 2020?

There are many forex brokers in South Africa. The best forex brokers in South Africa are FxPro, XM Forex, FXTM, Exness, Pepperstone and HotForex. You can find all information about the brokers in my article.

What are the Features of Best Forex Brokers in South Africa?

These forex brokers are duly regulated. They offer good trading conditions and low spreads. They don’t charge fee when you deposit and withdrawal. The most important one is they are reliable.

Which Forex Broker is Best for Me?

There are many factors to choose a forex broker. If you are a newbie you need to know everything about the broker. The best forex is depending on what you expect.

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