The Best Regulated Forex Brokers in South Africa

If you are a South African resident or citizen and interested in trading the forex market, it is highly advisable to open an account with a forex broker who is regulated by the Financial Services Board (FSB) which will give you the best level of confidence that your broker is under strict guidelines for operating in South Africa.

South African Forex Broker Rankings

The following table presents all forex brokers in our database who have the appropriate license from the FSB. Note that other well known brokers may be perfectly safe to trade with but do not hold a FSB license. It is up to you if you decide that you want to trade with a forex broker who is unregulated in your country.

Top 10 Forex Brokers in South Africa for 2023

Broker	Bonus	Deposit*	Leverage*	Regulation	Visit
XM 5/5	Bonus: 15% up to $500	Min. Deposit: $5	Max. Leverage: 1:1000	Regulation: CySEC ASIC DFSA	Visit XM XM review
AvaTrade 4.7/5	Bonus: 20% up to $10,000	Min. Deposit: $200	Max. Leverage: 1:400	Regulation: CBI CySec ASIC	Visit AvaTrade AvaTrade review
FBS 4.55/5	Bonus: 100% up to No limit	Min. Deposit: -	Max. Leverage: 1:1,000	Regulation: IFSC CySec	Visit FBS FBS review
HYCM 4.4/5	Bonus: 10% up to $5000	Min. Deposit: $100	Max. Leverage: 1:20 \| 1:500	Regulation: FCA CySec	Visit HYCM HYCM review
Alpari 4.25/5	Bonus:	Min. Deposit: $5	Max. Leverage: 1:400	Regulation: FSC	Visit Alpari Alpari review
FP Markets 4.1/5	Bonus:	Min. Deposit: $100	Max. Leverage: 1:500	Regulation: ASIC SVGFSA	Visit FP Markets FP Markets review
IG 3.95/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:200	Regulation: FCA BaFin FMA	Visit IG IG review
eToro 3.8/5	Bonus:	Min. Deposit: $100	Max. Leverage: 1:400	Regulation: CySEC FCA ASIC	Visit eToro eToro review
OctaFX 3.65/5	Bonus: 10%-100%	Min. Deposit: $20	Max. Leverage: 1:500	Regulation: CySEC MiFID ESMA	Visit OctaFX OctaFX review
XTB 3.5/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:500	Regulation: FCA CySEC CNMV	Visit XTB XTB review
FXTM 3.35/5	Bonus:	Min. Deposit: $50	Max. Leverage: 1:2000	Regulation: CySEC FCA FSC	Visit FXTM FXTM review
Interactive Brokers 3.2/5	Bonus:	Min. Deposit: $100	Max. Leverage: 1:30 \| 1:50	Regulation: FINRA FCA ESMA	Visit Interactive Brokers Interactive Brokers review
Saxo Bank 3.05/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:66	Regulation: FSMA FCA DFSA	Visit Saxo Bank Saxo Bank review
Forex.com 3/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:300	Regulation: CFTC FCA ASIC	Visit Forex.com Forex.com review
Markets.com 3/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:300	Regulation: CySEC FSC FSCA	Visit Markets.com Markets.com review
CMC Markets 3/5	Bonus:	Min. Deposit: -	Max. Leverage: 1:500	Regulation: FCA ESMA BaFin	Visit CMC Markets CMC Markets review
Vantage FX 3/5	Bonus: 50%	Min. Deposit: $200	Max. Leverage: 1:500	Regulation: ASIC FCA VFSC	Visit Vantage FX Vantage FX review
easyMarkets 3/5	Bonus: 50%	Min. Deposit: $25	Max. Leverage: 1:200 \| 1:400	Regulation: CySEC ASIC	Visit easyMarkets easyMarkets review
Pepperstone 3/5	Bonus:	Min. Deposit: $200	Max. Leverage: 1:500	Regulation: FCA ASIC DFSA	Visit Pepperstone Pepperstone review
Plus500 3/5	Bonus: $150	Min. Deposit: $500	Max. Leverage: 1:300	Regulation: CySEC FCA ASIC	Visit Plus500 Plus500 review
TD Ameritrade 3/5	Bonus:	Min. Deposit: $50	Max. Leverage: 1:2	Regulation: CFTC NFA FINRA	Visit TD Ameritrade TD Ameritrade review
FXCM 3/5	Bonus: $300	Min. Deposit: $5000	Max. Leverage: 1:30/1:400	Regulation: ESMA ASIC FSCA	Visit FXCM FXCM review
Darwinex 3/5	Bonus:	Min. Deposit: $500	Max. Leverage: 1:30	Regulation: FCA	Visit Darwinex Darwinex review
HotForex 3/5	Bonus: 50% up to $1000	Min. Deposit: $50	Max. Leverage: 1:30 - 1:1000	Regulation: FCA FSCA CySEC	Visit HotForex HotForex review
IC Markets 3/5	Bonus:	Min. Deposit: $200	Max. Leverage: 1:500	Regulation: ASIC CySEC FSA	Visit IC Markets IC Markets review
OANDA 3/5	Bonus: 50% up to $1000	Min. Deposit: $25	Max. Leverage: 1:200	Regulation: CFTC NFA IIROC	Visit OANDA OANDA review

The main downside is that if you have any trouble, you will need to get in touch with the body with whom your forex brokerage is regulated by.

Additional resource for South Africans

Award winning finance journalist and author, Maya Fisher-French has an excellent personal website where she discusses all money matters. You can visit her website at mayaonmoney.co.za