Summary Table
⚖️Regulator Financial Sector Conduct Authority (FSCA)
💰Negative Balance Protection Yes
💰Compensation Scheme No
🎮Is it Safe to Trade? Yes
💱Leverage Allowed 1:400
🏆Recommended Broker GlobeX360

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.

Best Forex Brokers in South Africa

Through our thorough review process we chose the following brokers that stand out for their services in South Africa:

  • OctaFX – Best for Education, Copy Trading, and Local Support
  • Pepperstone – Best Overall and Most Trusted Forex Broker
  • BlackBull Markets – Best Web Trading Platform and Instrument Collection
  • Vantage – Great for Professional and New Traders
  • Avatrade – Best for Beginner Traders, Great Mobile App




- Best for Education, Copy Trading, and Local Support


Regulated By:




Min. Deposit:


Trading Instruments:




- Best Overall and Most Trusted Forex Broker


Regulated By:




Min. Deposit:


Trading Instruments:



BlackBull Markets

- Best Web Trading Platform and Instrument Collection


Regulated By:




Min. Deposit:


Trading Instruments:




- Great for Professional and New Traders


Regulated By:




Min. Deposit:


Trading Instruments:




- Best for Beginner Traders, Great Mobile App


Regulated By:




Min. Deposit:


Trading Instruments:


South Africa Forex Brokers Comparison 

Broker Name Accepts South Africa
Regulated by
OctaFX Yes No $25 Visit Site
Pepperstone Yes Yes $200 Visit Site
BlackBull Markets Yes No $200 Visit Site
Vantage Yes No $200 Visit Site
Avatrade Yes Yes $100 Visit Site
XM Yes Yes $5 Visit Site
IC Markets Yes No $200 Visit Site
XTB Yes No $5 Visit Site
ActivTrades Yes No $200 Visit Site
FP Markets Yes No $200 Visit Site

Who is the biggest forex broker in South Africa?

The discussion about the biggest forex brokers in South Africa can go on forever. This is because the issue is often quite subjective and has no one defined way of classifying brokers in the world. But in that same regard, one way of identifying a good broker is by looking at factors like:

  • For how long they have been in business
  • How many countries they are registered in
  • If they are recognized with awards in certain fields.

Any company that checks these boxes would be considered a good broker. However, the bottom line is finding a broker that fits your requirements. The biggest companies don’t always have to be the best. Based on those criteria we can identify that Avatrade is the biggest broker in South Africa.

Who is the best forex broker in South Africa?

As far as the top forex broker in South Africa is concerned, then Pepperstone takes the day.

It is registered in two-tier 1 jurisdictions making it a safe and reliable platform. This company not only offers add-ons to the Metatrader platforms but also avails of different trading tools and conditions that are ideal for most traders. There are several tradable forex markets for you to take advantage of.

Which forex broker has the best platform?

What are the hallmarks of a good broker company? For most people, the answer to this question is usually the trading platform. A good platform with all the necessary tools is all a trader wishes for at the end of the day. One company that has remained consistent over the years when it comes to providing the best platform both mobile and the website is Avatrade.

This company received an award for having the best mobile trading platform in 2021. Alongside the famous Metatrader, Avatrade’s propriety platforms; AVATrade Go, and Ava Trade Web Trader offers unique features for instance the AVA projects.

The company’s mobile platform, the AVA Options app is fully optimized for mobile use. The available trading platforms are perfectly suited for every type of trader whether you are just beginning or have been around the block for some time.

Top 3 forex brokers for beginners in South Africa?

For anyone starting out in the forex industry, it can be quite overwhelming for them to pick a good broker. The three key questions that every beginner must look for in a broker should be:

  • Are they regulated in South Africa?
  • How transparent is the company with fees? Are there any hidden fees?
  • How easy is it to navigate their platform?
  • Do they offer a ZAR account?


Here are the top 3 forex brokers for beginners:


  1. Globex360 – This company has established a significant online presence and is regulated in South Africa. The broker’s fee structure is transparent with no hidden fees.
  2. Pepperstone -This is another reputable company that is regulated by FSCA. It is one of the few companies that offer beginner trader accounts.
  3. XM – Generally, this broker is quite friendly to new traders thanks to the straightforward fee structure and easy-to-use platform. What’s more, you also get some educational materials that will help you pick up a few things along your forex journey.


Read More: Forex Market Hours in South Africa

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.

Who Is FSCA?

The FSCA or Financial Sector Conduct Authority was formed in 1990 and changed its name in 2018, is the sole regulator for all financial services and related activities in South Africa. One of its main goals is to protect the citizens of South Africa from fraud and financial crimes. You can read more about the FSCA here –

Although it is completely legal for South Africans to trade Forex with brokers that are not regulated by the FSCA, a lot of them prefer to trade with brokers that are regulated by their local regulatory body.

FSCA has an objective of improving the integrity and operations of financial markets, and encouraging just client treatment by all types of financial institutions. It also offers financial education and aids in maintaining financial stability. Brokers regulated by FSCA must follow all of the conditions and meet all the requirements, in order to be a highly-regarded brokerage company.

One of the most popular FSCA regulated forex brokers in South Africa is Globex360, an online trading provider in South Africa that was founded in 2017. Other brokers that are working in South Africa include Veracity Markets and CM Trading.

What are the Advantages Of FSCA Regulated Forex Brokers?

Getting this license is considered a major advantage for Forex brokers that want to penetrate the South African market. This is due to the fact that FSCA can provide protection and consultation to the local traders. Obtaining this license is considered a big milestone for brokers that want to dominate in the African Forex market. However, choosing the best-regulated broker to trade with can be difficult as there are so many options available for South African traders.

Another advantage of the FSCA and other financial entities in South Africa is their ability to co-operate with one another without any conflict arising. In Europe and offshore countries, the Financial Regulatory Agency and the National Bank rarely have an amicable relationship.

However, the FSCA and the SARB (South African Reserve Bank) have the ability to coexist, without any issue escalating. The third advantage is the capability of the FSCA to interfere and mediate any conflict that arises between a Forex broker and a client. The FSCA would conduct investigations on the matter and the “winner” of the dispute is found. This aids the client because in certain instances Forex brokers can ignore the complaint.

What Does The FSCA Do?

Similar to other brokers in any other country, Forex brokers in South Africa are regulated by a financial authority; this organization is the Financial Security Conduct Authority or the FSCA.

The FSCA plays an essential role in the general procedure of trading with different currency pairs, which means that the FSCA acts as a supervising body that is authorized to evaluate, monitor, and control all the events that take place in the Forex world. FSCA regulated Forex brokers are considered to be a secure and autonomous agency, which gives traders a sense of security. FSCA regulated Forex brokers make it clear that traders’ personal information and funds are fully regulated and protected with the highest quality of confidentiality.

The FSCA plays a role in various other responsibilities as well, and because of the high demand in their workload, they have about four-hundred employees that are based in their headquarters branch in Pretoria, South Africa.

The autonomy of the FSCA is one of its highly-regarded features, and the fact that they are not funded by the government gained them high respect in the financial world. FSCA regulated Forex brokers had to pay a fee to achieve the seal of approval from the financial authority figure since this permit is not easy to access; there are many high-demand procedures and investigations that are included in the approval process.

The current legal framework for the FSCA lies in the Financial Intelligence Act from 2004 and the Financial Advisory and Intermediary Services Act from 2004, which authorizes them to gain control of the Forex market when necessary.  In simple terms, the FSCA regulated Forex brokers in South Africa are licensed by a financial entity that supervises all financial assets in the Forex market, with the sole purpose of protecting every investor and their funds. The FSCA monitors and controls brokerage firms, through instruments such as penalties of different kinds and in necessary circumstances, bans.


The Financial Security Conduct Authority was formerly known as the Financial Services Board (FSB), and now it transformed into the FSCA. This change took place on April 1st of 2018. The Financial Sector Regulation Act of 2017 consists of a particular model for financial sector regulation, known as the Twin Peaks model. All of the aforementioned information means that the Financial Services Boards that regulated Forex companies are now Financial Security Conduct Authority (FSCA) regulated Forex brokers.

There are very particular duties that the FSCA handle regarding brokers and the Forex world; these tasks include the safety of financial clients, by means of just treatment and support, the endorsement of financial literacy, providing any necessary assistance in the stability and maintenance of the financial entities, the improvement of efficiency and goodwill in financial markets, and the endorsement of policy aims for renovating the financial sector with financial enclosure.

The South African government appears to be developing gradually and being implemented over the course of the year. There have been no issues with the financial firms at the moment, because of the unambiguous and deliberate objective. The FSCA is currently performing all kinds of different tasks: such as communications, regulatory actions, and any financial decisions. The FSCA has established a new Financial Sector Tribunal, where they are an open entity that can be approached without the approval of the FSCA.

How Can Traders Make Use Of The FSCA?

There are several methods by that a trader can operate the services of the FSCA, but only one method is most common for Forex traders. The most common method for Forex traders is checking the validity of a Forex brokerage firm in South Africa, which means that traders can access the regulatory agency’s records and track whether the broker is regulated by the agency.

In some circumstances, the brokerage firms may be listed, but they may not hold the license anymore. This means that it would be better to ensure with the regulator to guarantee that traders are not going to regret it.


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 alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.

2023 Review Methodology

For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

Chad Smith

Chad Smith

Director of Research & Analysis

Chad Smith is the Director of Research & Analysis here at

Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.

Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.