Best Forex Brokers To Trade With in South Africa for 2021

Top Brokers

As with most countries in Africa, forex trading has seen a significant increase in popularity across South Africa over the past few years.

Forex trading is legal in South Africa and many retail brokers offer their services to the citizens of South Africa. However, in order to offer a full set of services a broker needs to be authorized and regulated by the Financial Sector Conduct Authority (FSCA) –

If you want to learn more about forex trading and how it works , click here to visit our Beginners Guide to Forex.

Featured Forex Brokers

We decided to do all the hard work for you and guide you through the all the noise of the financial betting market. Our team of expert analysts, has created a unique collection of forex broker reviews, based on various criteria and data points for you to choose from.



IC Markets


Forex Regulation in South Africa

The Financial Sector Conduct Authority (FSCA) is the regulatory body for all financial services and activities in South Africa. It was formed in 1990. Nevertheless, many retail brokers offer their services to the residents of  South Africa without having a license from the FSCA

However, it is advised to choose a regulated broker with a Tier 1 license like Cysec, FCA, FSCA or ASIC to make sure your funds are protected.

Top Brokers

Best Forex Brokers In South Africa

  • GlobeX360 – Best South African Broker for 2020
  • FP Markets – Best execution and lowest spreads, Multiple Licenses
  • CMTrading – Well Rounded Offering for new traders
  • XM – Best Forex Broker with multiple awards across the globe
  • IQOption – Regulated across many jurisdictions

Broker Comparison List In South Africa

 Dollar To Rand


One of the most popular instruments traded in South Africa, is the Dollar to Rand (USDZAR). Traders in Suth Africa prefer to trade the USDZAR pair as they are more familiar with the events that might affect its price. Not only that, most forex brokers in South Africa offer accounts denominated in US Dollar or South African Rands (ZAR) which makes things easier.



What is the Exchange rate of Dollar to Rand?


You can see the exchange rate in the graph below:

Best Forex Brokers and Trading Platforms with ZAR accounts


ZAR Forex trading accounts are useful for South African traders who would like to avoid losing money in currency conversion fees on deposits. Having a ZAR account means that all a traders deposits will be kept in local bank accounts, which makes deposits and withdrawals by bank transfer fast and convenient.  Although many South African traders do appreciate the excellent benefits a ZAR account has on offer, this type of account is not the solution for every type of trader. For example – South African Traders who keep lots of trading positions open at the same time may suffer losses in conversion fees. Traders must take note, some brokers may still charge a commission in USD (United States Dollar), even when trading with a ZAR account and it is essential for traders to check their brokers regulation, trading conditions and terms and conditions.


For traders who have a USD account, the conversion fees or the volatile ZAR/USD exchange rate can put a dent into a traders profit margin before they even get started. Most international brokers will give traders  a poor exchange rate from ZAR to USD.


ZAR accounts are also a good choice for traders who make use of bank transfers or credit cards to fund their accounts. Fund transfers are much quicker between local banks and deposits and withdrawals can generally be made within 24 hours.  Traders funds will also be kept in a South African bank and will be accessible if a chosen broker declares bankruptcy as with a USD account with an international broker, this is not the case.


In recent years, the South African Forex market has grown to be one of the leading markets in the world. Through the Brokers on this list, traders can open accounts in ZAR and use this currency for deposits and withdrawals. 


Best forex brokers with ZAR accounts:


FXCM South Africa

FXCM South Africa is operates within the FXCM group of companies and is an FSCA-regulated, high-quality Forex and CFDs trading service provider.  FXCM focuses on traders who are starting out in trading the financial markets and new traders can take advantage of trading tools and forex education on offers. FXCM also offers state-of-the-art trading tools, education and platforms for more experienced traders.


Min. Deposit USD 50
Max. Leverage 400:1
Min. Spread Variable pips
Regulators FCA, ASIC, FSCA
Trading Desk Type Market Maker


Trading Conditions


Number of FX Pairs 39
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes


FXCM also supports the most of the major trading platforms including MT4FXCM offers commission-free trading and has a standard demo account and a single live account on offer.


Deposit and Withdrawal Fees


FXCM does not charge an administration fee for deposits via credit card, debit card and bank transfer. No withdrawal fees for credit or debit card transfers are required but bank wire withdrawals may carry a charge.


FXCM is widely respected and excels in platform choice, quality of educational material, and customer support.




HotForex is listed as one of the Top 100 Companies by World Finance Magazine and is recognized for their integrity by their industry peers, and the financial industry as a whole.


As an STP broker regulated by multiple major international organizations HotForex has a reputation for achieving a stable, fair, secure and transparent trading environment.


Min. Deposit USD 5
Max. Leverage 500:1
Min. Spread 0.0 pips
Regulators CySEC, FCA, FSCA, DFSA, FSC
Trading Desk Type Market Maker


Trading Conditions


Number of FX Pairs 51
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes


 All HotForex accounts have variable spreads, and deposits and withdrawals at HotForex are free.


Deposit & Withdrawal Fees


Deposits with HotForex are handled on weekdays and conditions do apply.  HotForex covers the fees for transfers over the minimum amount of 250 USD and a minimum deposit of 50 USD is required.  Withdrawals are processed within 24 hours on weekday, and conditions apply.


Analysis Material


HotForex has an entire section devoted to market analysis and trading tools which include daily market news, trade analysis, and outlooks, with Trading calculators and economic calendars also on offer.


Customer Support is available 24/5 in over 27 languages. 


BlackStone Futures


BlackStone Futures was founded and established in 2009 and is a FSCA-regulated broker based in Johannesburg, South Africa. BlackStone Futures offer both ZAR and USD accounts. BlackStone Futures is a perfect start for beginner traders with excellent educational support.


Min. Deposit ZAR 1000
Max. Leverage 400:1
Min. Spread 0.6 pips
Regulators FSCA
Trading Desk Type STP


Trading Conditions


Number of FX Pairs 32
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts No


BlackStone Futures operates in South Africa with the trading name of Trade Nation Financial Pty Ltd, which is the South African subsidiary of FINSA Europe, an FCA and ASIC regulated broker based in London, UK. BlackStone Futures is advertised as proudly as an STP only broker, which allows for almost-instant execution on both its ZAR Account and USD Account.




  • Demo Accounts are on offer for both account types and both platforms and are not time limited and will disabled after 30 days of inactivity.


  • ZAR Account – Holds many benefits to trading including the significantly lower risk per point when compared to the USD Account. ZAR Account holders will also be unaffected by the exchange rate risk associated with USD Accounts, deposits and withdrawals.


  • USD Account – Is recommended for the more experienced of traders who are prepared to bear the exchange rate and trading risk associated with this account.


BlackStone Futures charges no commission on either account and as previously mentioned, BlackStone Futures offers a range of educational material across their site.  Customer support is available 7am-10pm Monday-Friday and 12pm-10pm on Saturday/Sunday; the trading desk is available 24/5.  BlackStone Futures offers both MT4 and CloudTrade as mobile apps.


Khwezi Trade


Khwezi Trade has category 2 FSCA regulation with headquarters based in Cape Town, South Africa. Khwezi Trade offers trading in Rand (ZAR) and holds client funds in segregated South African accounts in South Africa. Khwezi Trade offers good trading conditions, superior customer support, full MT4 support, coupled with a free deposit and withdrawal system.


Min. Deposit ZAR 2000
Max. Leverage 200:1
Min. Spread 0.6 pips
Regulators FSCA
Trading Desk Type STP


Trading Conditions


Number of FX Pairs 32
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts No


Khwezi Trade is a well-respected South African broker and its parent company, Khwezi Financial Services, has been regulated by the FSCA (FSP: 44816) since 2013.  Khwezi Trade’s trading conditions will vary depending on the account type and the account type depends on the minimum deposit.


Account Types


Khwezi Trade offers traders a single account which is split into four types depending on minimum deposit and services provided. Free trading signals and technical analysis is available on all accounts and delivered daily. A demo account is also on offer.


Demo Account


The Demo Account is a 100,000 ZAR demo account which stays open for 14 days, and traders can renew it should they wish to do so. Once traders have a demo account set up, they will have full access to Khwezi Trade’s customer support.


Real Account


Khwezi Trade offers traders four account types, dependent on a minimum deposit. Higher levels of minimum deposit lead to tighter spreads and more advantages.


  • Minimum Deposit R2,000: This is a Basic Account features an account manager but no personal training and wider spreads.
  • Minimum Deposit R15,000: This is a Standard Account that offers free training sessions, an account manager, and reduced spreads but no access to the Market Analysis Portal.
  • Minimum Deposit R30,000: This is a Premier Account with tight spreads, unlimited training, an access to an account manager at all times.
  • Minimum Deposit R50,000: This is the VIP Account and offers institutional spreads, access to the Market Analysis Portal and advanced personal training.


Khwezi Trade also runs monthly promotions and giveaways.  Spreads are floating on all account types, and at the VIP Account level they can be as tight as 0 pips. There are no deposit or withdrawal fees required and withdrawals are processed daily (weekdays only). No inactivity fees apply.


Khwezi Trade is well suited to beginner traders and Khwezi Trade sends daily analysis to all clients via email.




MarketsX is a premium trading platform operated by MarketsX offers traders fast, low-cost trading on over 2,200 financial instruments and provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets.

The MarketsX trading platform offers traders a multitude of features and trading tools as well as in-depth charting and asset comparison tools.


Min. Deposit ZAR 2500
Max. Leverage 300:1
Min. Spread 0.9 pips
Regulators CySEC, ASIC, FSCA
Trading Desk Type Market Maker


Trading Conditions


Number of FX Pairs 50+
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes


High security and privacy standards are at the top of’s priority list and the platform use encryption, strong firewalls, and Secure Sockets Layer (SSL) software to protect trader information during transmission. MarketsX trading servers are located in SAS 70 certified data centres, and all client funds are held in segregated trading accounts. is part of the Playtech Group, a global technology leader.


Trading Conditions


MarketsX offers traders a choice of over 2,200 instruments on the MarketsX platform.


Account-holders can trade CFDs on:


  • Over 50 global major, minor, and exotic FX pairs including GBP/USD and EUR/USD
  • Leading stocks such as Apple, Amazon, Facebook, and Tesla from US, UK, European, Australian and Asian markets
  • Over 25 major market indices
  • Top commodities, including precious metals like gold, silver and palladium; crude and Brent oil cash and futures, as well as natural gas and heating oil; and softs such as coffee, sugar, and soybeans
  • Six of the world’s biggest cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, and Dash
  • Dozens of regional and sectoral ETFs
  • US, UK and German government bonds


MarketsX offers unique trading Blends and traders can also take a position on four of the world’s biggest cryptocurrencies – Bitcoin, Ethereum, Ripple, and Litecoin – at once with the Crypto Blend.

MarketsX offers both retail and Professional trading accounts in English, Arabic, German, Danish, Spanish, French, Italian, Dutch, and Portuguese.


There are plenty of trading resources packed into the MarketsX platform coupled with a powerful suit of decision-supporting tools.




Oinvest is a South African market maker broker and which was founded in 2012 and is regulated by the FSCA. Oinvest offers tight spreads, high leverage and offers ZAR as a wallet currency.


Min. Deposit USD 250
Max. Leverage 500:1
Min. Spread 0.7 pips
Regulators FSCA
Trading Desk Type Market Maker


Trading Conditions


Number of FX Pairs 49
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes


Oinvest is the trading name of Basfour3773 (Proprietary) Limited and has been regulated by the FSCA (licence: 42020) since 2012 and is perfect for beginners with a comprehensive education section that includes videos, eBooks, articles and platform tutorials on offer.


Trading Conditions and Accounts


Oinvest only has a single account type on offer (three account tiers – Silver, Gold and Platinum) and the minimum deposit is 250 USD or ZAR equivalent. Trading conditions in each tier will vary depending on the level of activity and size of the investment.


In all three tiers about 50 currency pairs are available to trade, with spreads ranging from 0.7 pips in the Platinum tier for EUR/USD to 3.1 pips in the Silver tier for NZD/USD. Oinvest supports MetaTrader4 (MT4) and the associated web and mobile applications.


 Crucial Points to Consider When Choosing a Forex Broker


The Forex market is very competitive and finding a broker can seem impossible. Choosing which forex broker to trade with can be overwhelming if a trader doesn’t know what they should be looking for to start with.  In this section, traders will find some qualities that they should be looking for when picking a forex broker.


The first characteristic of a good broker is a high level of security. Checking the credibility of a forex broker isn’t hard to do – and crucial. There are regulatory agencies across the globe that separate the trustworthy from the deceitful.  Before a trader even considers putting money in a broker, they must make sure that the broker is a member of regulatory bodies.


No matter the currency, traders will always be subject to transaction costs.  Sometimes, traders may need to sacrifice low transaction for a more reliable broker.  Trustworthy FX brokers will allow traders to deposit funds and withdraw their earnings hassle-free.


When it comes to online forex trading, most trading activity happens through the brokers’ trading platform, which means that the trading platform of a traders chosen broker must be user-friendly and stable.  Traders should pick a broker that they could easily contact when problems arise and when dealing with account or technical support issues is just as important as their performance on executing trades.


Why are ZAR Accounts so Rare?


Forex brokers who offer ZAR accounts are very rare as most brokers only offer USD or EUR accounts. The main reason for this is due to a lack of ZAR liquidity providers. Forex brokers with ZAR accounts need access to large amounts of ZAR, or ZAR liquidity pools, to cover their clients’ trades. At present, there are not that many banks in South Africa willing to provide the necessary funding.  Another reason is that most internationally based brokers have their costs priced in USD. By converting large sums of USD to finance ZAR accounts Brokers would open themselves up to huge exchange rate risk


In Conclusion, Many brokers in South Africa will only offer traders USD or EUR accounts which is mainly due to a lack of ZAR liquidity providers as previously mentioned and international-based brokers have their costs priced in USD and do not want to take on the exchange rate risk associated with ZAR accounts. However – having a Forex broker with a ZAR Account is very important for many South African traders and having an account currency which is the same as their home currency has its perks.


All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas. 

Our reviews are a combination of data research and working along side with the brokers. All information povided by the brokers are double checked to guarantee 100% accuracy and that we remain unbiased.

Read more about our methodology and how we do our tests and reviews here.