Best South Africa Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by John Bringans

April 19, 2024

The first step for every forex trader should be choosing a reliable, well-regulated forex broker. The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for South Africa-based forex traders. Read more to learn which forex broker is best for your needs.

travel_explore A little bit of South Africa trivia

Check out some general South Africa facts as well as some info about some of the country's most important financial bodies in the paragraph below, generated by ChatGPT (to learn more about how we ethically incorporate AI into our content, read our generative AI policy).

The population of South Africa is approximately 58 million people. The national currency of South Africa is the South African Rand (ZAR). The Central Bank of South Africa is the South African Reserve Bank (SARB). The primary responsibilities of SARB are to ensure price stability, maintain the soundness and integrity of the financial system, implement payment systems, promote a sound financial system, and promote sound financial practices. In addition to the SARB, there is also the Financial Sector Conduct Authority (FSCA) which is responsible for regulating the financial services industry. The FSCA is tasked with seeking to ensure the integrity of South Africa's financial system by promoting fair customer treatment within the industry, empowering customers, and monitoring ethical and legal standards.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers South Africa for 2024

  • IG
    - 9.9/10 Overall
  • AvaTrade - 8.7/10 Overall
  • Plus500 - 8.6/10 Overall
  • FP Markets - 8.3/10 Overall
  • Tickmill - 8.1/10 Overall
  • HFM - 7.9/10 Overall
IG
star 9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
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(Trading forex carries a high level of risk.)

AvaTrade
star 8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Plus500
star 8.6/10 Overall
Minimum Deposit€100
Tier-1 Licenses6
Tradeable Symbols (Total)5500 info

Plus500 is a highly-trusted broker that delivers share trading via the Plus500 Invest platform and a good selection of CFDs via the broker’s separate Plus500 CFD platform. Though Plus500 doesn’t offer MetaTrader, we found its proprietary trading platform to be intuitive and easy to use. Plus500 is still a great choice for less demanding traders. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
FP Markets
star 8.3/10 Overall
Minimum Deposit$100 AUD
Tier-1 Licenses2
Tradeable Symbols (Total)10000

FP Markets delivers excellent pricing and access to the full MetaTrader suite, as well as cTrader and its own copy trading platform. That being said, FP Markets' pricing is not as low on its IRESS platform, which is optimized for share dealing. FP Markets fares well across most key categories, though its research and education have room to improve. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Tickmill
star 8.1/10 Overall
Minimum Deposit$100
Tier-1 Licenses2
Tradeable Symbols (Total)725

Tickmill is an excellent multi-asset broker that offers truly low-cost forex trading; the broker's Pro and VIP accounts are among the least expensive in the industry. Tickmill offers the MetaTrader suite as well as third-party services like TradingView and Signal Centre, powered by Acuity Trading. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
HFM
star 7.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)500

HFM is a trusted broker that offers the full MetaTrader suite alongside third-party upgrades like Premium Trader Tools from FX Blue Labs and trading signals via the Autochartist plugin. HFM also offers its own copy trading platform, HFcopy, and its HFM app (though you'll need a Premium account to use the HFM app for trading. Read full review

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

What are the best South Africa forex brokers?

We’ve tested over 60 international forex brokers and created unbiased, data-driven broker ratings to show you the best forex brokers in the industry. To help you navigate the world of forex regulations and choose a broker that you can trust, our expert research team has built a proprietary database containing over 100 global regulatory licenses and jurisdictions; that research determines each broker's individual Trust Score. Check out our top picks for the best South Africa forex brokers:

Winner: IG

Year after year, IG has shown itself to be the best broker in the forex industry. Highly trusted and regulated in a staggering eight Tier-1 jurisdictions, IG holds a Trust Score rating of 99. Though IG does offer MetaTrader 4, IG’s proprietary web-based trading platform steals the show with its wide variety of rich features, market research, and powerful trading tools. Fans of social copy trading will appreciate IG’s seamless integration of trading signals into its web platform. IG has won countless Annual Awards from our sister site, ForexBrokers.com, and is a fantastic choice for forex traders of all experience levels.

IG Trading Platform Screenshots

IG Features

  • Overall rating - 9.9/10
  • Trust Score - 99
  • Tradeable symbols - 19537
  • Minimum deposit - £250.00

Runner Up: AvaTrade

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginner forex traders and great tools for social copy trading. AvaTrade's commissions and market research are close to the industry average, and traders gain access to AvaTrade's proprietary platforms as well as third-party favorites like MetaTrader 4 and MetaTrader 5.

AvaTrade Trading Platform Screenshots

AvaTrade Features

  • Overall rating - 8.7/10
  • Trust Score - 94
  • Tradeable symbols - 1260
  • Minimum deposit - $100

Podium Finisher: Plus500

Plus500 is a highly-trusted broker that holds six Tier-1 regulatory licenses from reputable jurisdictions around the globe and has a Trust Score rating of 99. Traders at Plus500 gain access to share trading via the Plus500 Invest platform, and CFD traders will find good selection of CFDs available via the broker’s separate Plus500 CFD platform. Though Plus500 does not provide access to the popular MetaTrader suite, we found its proprietary trading platform to be intuitive. While its educational content and range of research trails category leaders, Plus500 is still a great choice for less demanding traders.

Plus500 Trading Platform Screenshots

Plus500 Features

  • Overall rating - 8.6/10
  • Trust Score - 99
  • Tradeable symbols - 5500
  • Minimum deposit - €100

Compare trading costs for the best South Africa forex brokers

Based on our own data (our independent database contains over 4,000 data points), this table compares trading costs for the top South Africa forex brokers.

Company Accepts ZA Residents Minimum Deposit Average Spread EUR/USD - Standard Average Spread EUR/USD - Mini All-in Cost EUR/USD - Active Active Trader or VIP Discounts
IG logoIG check £250.00 0.98 info 0.98 info 0.82 info Yes
AvaTrade logoAvaTrade check $100 0.92 info 0.92 info 0.61 info Yes
Plus500 logoPlus500 check €100 1.5 info 1.5 info 1.5 info No
FP Markets logoFP Markets check $100 AUD 1.1 info 1.1 info 0.8 info Yes
Tickmill logoTickmill check $100 0.51 info 1.71 info 0.31 info No

Comparing trading platforms between South Africa forex brokers

Trading platforms grant access to the foreign exchange market and allow you to analyze market conditions, manage positions, and execute trades. Check out a side-by-side comparison of the trading platforms available at the best South Africa forex brokers, based on our independent product testing.

Company Accepts ZA Residents Desktop Platform (Windows) Web Platform Proprietary Platform MetaTrader 4 (MT4) MetaTrader 5 (MT5) ZuluTrade cTrader
IG logoIG check Yes Yes Yes Yes No No No
AvaTrade logoAvaTrade check Yes Yes Yes Yes Yes Yes No
Plus500 logoPlus500 check No Yes Yes No No No No
FP Markets logoFP Markets check Yes Yes Yes Yes Yes No Yes
Tickmill logoTickmill check Yes Yes No Yes Yes No No

Comparing investment options between South Africa forex brokers

We closely monitor the availability of investment products such as forex trading (CFD and spot), stocks (CFD and non-CFD), spread betting, ETFs, and social copy trading – among many others. These investment types are tracked as variables within our extensive independent database. Check out the offering of investments at the top South Africa forex brokers.

Company Accepts ZA Residents Forex Trading (Spot or CFDs) Spread Betting Social Trading / Copy Trading U.S. Stocks (CFD)
IG logoIG check Yes Yes No Yes
AvaTrade logoAvaTrade check Yes Yes Yes Yes
Plus500 logoPlus500 check Yes info No No Yes
FP Markets logoFP Markets check Yes No Yes Yes
Tickmill logoTickmill check Yes No Yes Yes

What is the best forex broker in South Africa?

IG is our pick for the best forex broker in South Africa. Founded in 1974, IG holds licenses across a number of notable global regulatory jurisdictions, and has earned an overall Trust Score rating of 99. IG's impressive offering of 19537 tradeable symbols opens up a wide variety of trading opportunities for its clients. If you are interested in opening an account, the minimum deposit to get started as a trader at IG is £250.00. We've tested and reviewed dozens of forex brokers and created unbiased, data-driven broker ratings to highlight the best forex brokers in the industry. Our overall rating for IG is 9.9/10. Read our data-driven broker reviews to learn more.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

Best South Africa Forex Brokers

Here are our picks for the best forex brokers that accept South Africa-based clients in 2024. The below table is sorted by the brokers' Overall Ratings.

Company Accepts ZA Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Read Review Visit Site
IG logoIG check 9.9 £250.00 0.98 info IG Review Visit Site
AvaTrade logoAvaTrade check 8.7 $100 0.92 info AvaTrade Review Read Review
Plus500 logoPlus500 check 8.6 €100 1.5 info Plus500 Review Read Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.1 info FP Markets Review Read Review
Tickmill logoTickmill check 8.1 $100 0.51 info Tickmill Review Read Review
HFM logoHFM check 7.9 $0 1.2 info HFM Review Read Review
Interactive Brokers logoInteractive Brokers check 9.9 $0 0.63 info Interactive Brokers Review Visit Site
FOREX.com logoFOREX.com check 9.4 $100 1.4 info FOREX.com Review Visit Site
Admirals logoAdmirals check 8.5 $100 0.8 info Admiral Markets Review Read Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

AI disclaimer

We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and 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 about foreign exchange risk.

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