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 2022

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: - 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
  • FCA
  • ASIC
  • FSA
  • MAS
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


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