Top 5 Best Forex Brokers In South Africa (2024)

If you're interested in trading forex in South Africa, it's important to choose a reputable and reliable broker. With so many options available, it can be overwhelming to make a decision. That's why we've compiled a list of the best forex brokers in South Africa for 2024, complete with key features and benefits to help you make an informed choice.

Best Forex Brokers South Africa

To find the best forex brokers in South Africa, we created a list of all brokers that accept new rationibus from South African traders and ranked them by their Overall ranking, calculated during our in-depth annual review of forex brokers.

Here is our list of the top 5 best forex brokers in South Africa:

1. XM– Best for Zar account with minimum deposit.
2. HFM – Low-cost forex broker with local regulation
3. deriv -Best broker for trading synthetic indices like Boom & Crash
4. Exness – Popular local broker with low fees and Zar account
5. FBS – Good Option for beginners

1. XM

XM Group is a popular forex broker in South Africa, offering a range of trading instruments including forex, stocks, commodities, and cryptocurrencies.

They are regulated by multiple authorities including the Financial Sector Conduct Authority (FSCA) and offer competitive spreads and low fees. XM Group also offers a range of educational resources and market analysis to help traders make informed decisions.

With a user-friendly interface and excellent customer support, XM Group is a top choice for forex trading in South Africa.

XM At A Glance

🔎Broker's Name	XIII Group
🏡 Headquarters	UK
📆 Year Founded	2009
⚖ Regulating Authorities	FCA, IFSC, CySec, ASIC
🧾propter Genera	Micro Account; Standard account; Ultra Low Account; Shares Account
🎁 Bonus	Yes, $30
💸 Fees	Minimum
💸 Spreads	spreads from 0.6 to 1.7 pips
💸 Commission	commission-free trading depending on the account selected
🏋🏾‍♀️ Maximum Leverage	1:1000
💳 Minimum Deposit	$5/ R70
💳 Deposit & Withdrawal Options	Chr Bank Locus serie Bank Credit / DATUM Cards Neteller Skrill, and more.
🖥 Vestibulum	MT4 et MT5
🧾 Zar Account	Yes
📊 Tradable assets offered	Forex, commodities, cryptocurrency, shares, indices, metals, energies, options, bonds, CFDs, and ETFs
🗣 Customer Support & Website Languages	Linguae C
🕑 Customer Service Hours	24/5
🚀 Open an Account	???? Clige hic

XM Pros & Cons

2. HFM (Formerly Hotforex)

HFM is an award-winning, well-regulated Forex, Indices, Stocks and commodities global broker headquartered in the UK. The broker boasts over 3,5 million accounts opened by happy clients and has won over 25 industry awards.

HotForex (HFM) is our recommended choice for a low-cost forex broker in South Africa. We consider them to be safe as they are regulated in South Africa with FSCA (FSP No 46632) since 2016 & with FCA in UK (HF Markets (UK) Limited with Reference number: 801701) since 2019. 

In terms of trading fees, HotForex has the lowest spread with their Zero account & there are no fees on deposits/withdrawals.

HFM At A Glance

🔎 Broker's Name	HFM (Formerly Hotforex)
⚖ Regulation	CySEC, FCA, DFSA, FSCA, FSA
📆 Year Founded	2010
💳 Minimum deposit	$5 USD/ R70
💹 Types of assets traded	Forex, Metals, Energies, Shares, Indices, Bonds, Commodities, DMA Stocks, ETFs
🎁 bonuses	Yes, Including Depositum Bonus No 50 $
Zar Account	Yes
💳 Payment methods	Skrill, Neteller, Debit Card, Wire Transfer, Credit Card, fasapay, Vload
🧾 Account Types	cent, Premium, quia, Nulla Expande, Copy Account, Islamic account
📈Are multiple accounts supported	✅Yes
♻ Is PAMM  & Copy trader supported?	✅ Yes

HFM Pros & Cons

3. deriv

Deriv is a very popular broker in South Africa. Most traders choose the broker because it is the only one with synthetica indices like boom and crash.

Deriv offers convenient funding methods like Zing pay, Dp2p, Payment agents, Cash etc. This makes it easy for South African traders to move funds in and out of their trading accounts.

On top of that Deriv offers a low minimum deposit requirement making it accessible to traders.

Deriv also offers a number of proprietary trading Apps that bring convenience to traders

Deriv At A Glance

🔎 Broker's Name	Deriv Formely (Binary.com)
🏡 Headquartered	USA
📆 Year Founded	1999
⚖ Regulating Authorities	Regulated through Malta Financial Services Authority (MFSA), Labuan Financial Services Authority (LFSA), Vanuatu Financial Services Commission (VFSC) and British Virgin Islands Financial Services Commission (BVIFSC)
minimum depositum	$5 / R70
🏋🏾‍♀️ Maximum Leverage	1:1 000.
💳 Deposit & Withdrawal Options	Bank wire transfer –Credit/debit cards – Both Visa and Mastercard – USD/GBP/EUR/AUD. E-wallets – Skrill, Neteller, PaySafe, Fasapay, WebMoney, Cryptocurrency, Bitcoin, Ethereum, Litecoin and Tether. Payment agents, Dp2p
📊 Tradable assets offered	Forex – Close to 50 FX currency pairs, including majors, minors and exotics Stock indices – Speculate on price movements across the largest US, Asian and European stock indices. Synthetic indices – Based on a secure random generator, synthetic indices replicate real-world market conditions and are available 24/7 delivering consistent volatility Commodities – Precious metals, such as gold and silver, plus energies like oil are available
🗣 Customer Service Hours	24/7
🚀 Open an account	???? Clige hic

Deriv Pros & Cons

4. Exness

Exness is an award-winning and well-regulated forex and CFD broker that was founded in 2008. It is headquartered in Cyprus and has offices in several other countries, including, South Africa, Seychelles, Russia, and China.

Exness is a popular broker, with over 10 million registered accounts worldwide including in South Africa.

The broker has low trading fees, offers a Zar account and processes withdrawals instantly.

Broker's Name	Exness
📅 Year Founded	2008
🏠 Headquarters	Limassol, Cyprus
⚖ Regulated By	SFSA (Seychelles), CBCS (Curaçao), FSC (BVI), FSCA (SA), CySEC (Cyprus), FCA (UK)
💳 Minimum Deposit	R180 ZAR / $10
📉 Zar Base Currency?	✔ Yes
🧾 Account Types	Standard Cent, Standard, Pro, Raw Spread, Zero.
🎮 Demo Trading Account	- Ita
💵Deposit & withdrawal methods	Credit/debit card, Skrill, Neteller, QIWI, Cryptocurrencies, Bank/Wire Transfer,
💰 Spreads	Spread depends on account type and instrument. Spreads are always floating. FTSE Spread 1.5 pts (var) GBPUSD Spread 2.1 (var) Oil Spread 0.05 (var) Stocks Spread 0.1% Var GBPUSD Spread 2.1 pips (var) EURUSD Spread 1.6 pips (var) EURGBP Spread 2 pips (var)
📉Instruments Offered	Forex (97), Metals, Stocks, Indices and Energies, Cryptocurrencies (35)
💰 Withdrawal fee	✔ Yes
💰 Instant withdrawal and deposits	✔ Yes. Depends on the payment system. This may vary based on the payment provider's processing
💸 Negative balance protection	✔ Yes
💻 In-house VPS hosting	✔ Yes, with $500+ deposits
☪ Islamic Account	✔ Yes
💵 Inactivity fee charged	Non ❌
📱 Platforms	MT4, MT5, Exness Terminal, MT4 Multiterminal, Exness Trader app
🚀 Open an Account	???? Clige hic

5. FBS

FBS is a popular Forex Broker and CFD trading platform founded back in 2009 by investors interested in trading research and technical analysis. At present, FBS is an international brand and has a presence in over 150 countries worldwide. 

 The broker brings transparent conditions for trading using popular instruments including Forex, Crypto, and Metals all connected by split-second execution through the ECN model.

FBS At A Glance

🔎Broker's Name	FBS
⚖ Regulation	CySEC, ASIC, IFSC, FSCA,
📆 Year Founded	2009
💳 Minimum deposit	$1 for the cent account, $5 Micro Account, $500 Zero Spread Account
💳 Maximum Leverage	1: 3000
💹 Ratio islamica?	✔Yes
🖥Types of assets traded	Forex, commodities, bonds, shares, indices, stocks, CFDs, metals, energies
🚀Supported lot sizes	0.01 - 500
💳 Payment methods	Neteller; Sticpay; Skrill; Pecunia perfectus
🧾Are multiple accounts supported	- Ita
📈 Is PAMM supported	No
♻ Is CopyTrader supported?	- Ita
🚀 Ratio aperta	???? Clige hic

FBS Broker Pros & Cons

How we chose the best Forex Brokers in South Africa

We looked at the following points when we compared these forex brokers.

praescriptum

Regulation matters because it ensures the safety of your funds & protects you in case of any bad practice like fraud or manipulation by the broker. The forex brokers we chose above are well-regulated and they have a good reputation.

Forex Broker’s Fees

Forex brokers charge fees through their spreads, commissions on trades (in some cases) & rollover (for overnight open positions). Some brokers also charge extra fees during deposits & withdrawals but don’t actually show it as their fees.

The brokers we chose above have the most competitive fees in the market. This will ensure that you will endure lower trading costs as a forex trader in South Africa.

& Depositum quod recedere Options

We chose the best South African forex brokers that have convenient funding methods. The brokers above make it easy for you to deposit and withdraw without any hassles.

minimum Noguldījumi

We chose the best brokers with low minimum deposits so that you can test them without depositing a lot of money. You can then deposit more as your confidence in the broker grows.

Frequently Asked Questions on The Best Forex Brokers In South Africa