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.
Madalali Bora wa Forex Afrika Kusini
To find the best forex brokers in South Africa, we created a list of all brokers that accept new akaunti 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:
- XM– Best for Zar account with minimum deposit.
- HFM – Low-cost forex broker with local regulation
- derivative -Best broker for trading synthetic indices like Boom & Crash
- Exness – Popular local broker with low fees and Zar account
- 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 Kwa Mtazamo
| 🔎Jina la Broker | Kikundi cha XM |
| 🏡 Headquarters | UK |
| 📆 Year Founded | 2009 |
| ⚖ Mamlaka za Kudhibiti | FCA, IFSC, CySec, ASIC |
| 🧾Akaunti Aina | Akaunti ndogo; Akaunti ya kawaida; Akaunti ya Chini kabisa; Akaunti ya Hisa |
| 🎁 Bonus | Ndiyo, $30 |
| 💸 Fees | Chini |
| 💸 Spreads | huenea kutoka 0.6 hadi 1.7 pips |
| 💸 Commission | biashara bila kamisheni kulingana na akaunti iliyochaguliwa |
| 🏋🏾♀️ Maximum Leverage | 1:1000 |
| 💳 Kiwango cha chini cha Amana | $5/R70 |
| 💳 Chaguo za Kuweka na Kutoa | Uhamisho wa waya wa Benki Uhamisho wa Benki ya Mitaa Kadi za Mkopo / Debit Neteller Skrill, na zaidi. |
| 🖥 Majukwaa | MT4 na MT5 |
| 🧾 Zar Account | Ndiyo |
| 📊 Tradable assets offered | Forex, bidhaa, cryptocurrency, hisa, fahirisi, metali, nishati, chaguzi, bondi, CFDs, na ETFs |
| 🗣 Customer Support & Website Languages | 23 Lugha |
| 🕑 Customer Service Hours | 24/5 |
| 🚀 Fungua Akaunti | ???? Bonyeza hapa |
XM Pros & Cons
✅Faida
- Mbalimbali ya mali ya biashara
- Kiwango cha chini cha amana
- zar base account
- dalali aliyedhibitiwa vizuri na anayeaminika
- Dependable support in various languages
- Kuenea kwa nguvu kunapatikana
❌Hasara
- a small number of tradeable cryptocurrencies
- Kuongezeka kwa kuenea kwenye akaunti ndogo na za Kawaida
- XM does not have a South African phone number for support.
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 (zamani Hotforex) |
| ⚖ Udhibiti | CySEC, FCA, DFSA, FSCA, FSA |
| 📆 Year Founded | 2010 |
| 💳 Kiwango cha chini cha amana | $5 USD/ R70 |
| 💹 Types of assets traded | Forex, Metali, Nishati, Hisa, Fahirisi, Dhamana, Bidhaa, Hisa za DMA, ETFs |
| 🎁 Bonuses | Yes, Including $ 50 Hakuna Bonus ya Amana |
| Zar Account | Ndiyo |
| 💳 Payment methods | Skrill, Neteller, Kadi ya Debit, Uhamisho wa Waya, Kadi ya Mkopo, fasapay, Vload |
| 🧾 Aina za Akaunti | Cent, premium, kwa, Kuenea kwa Sifuri, Nakili Akaunti, akaunti ya Kiislamu |
| 📈Je, akaunti nyingi zinaweza kutumika | ✅Ndiyo |
| ♻ Is PAMM & Copy trader supported? | ✅ Ndiyo |
HFM Pros & Cons
✅Faida
- Locally-regulated
- Kiwango cha chini cha amana
- Zar base account
- A variety of local funding methods
- Zero fees on deposits & withdrawals.
- Kuenea kwa chini
❌Hasara
- Wire transfer available at high fees
3. derivative
Deriv is a very popular broker in South Africa. Most traders choose the broker because it is the only one with fahirisi za syntetisk 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 Kwa Mtazamo
| 🔎 Broker's Name | Deriv Hapo awali (Binary.com) |
| 🏡 Headquartered | USA |
| 📆 Year Founded | 1999 |
| ⚖ Mamlaka za Kudhibiti | Imedhibitiwa kupitia Mamlaka ya Huduma za Kifedha ya Malta (MFSA), Mamlaka ya Huduma za Kifedha ya Labuan (LFSA), Tume ya Huduma za Kifedha ya Vanuatu (VFSC) na Tume ya Huduma za Kifedha ya Visiwa vya Virgin vya Uingereza (BVIFSC) |
| Kiwango cha chini cha amana | $5/R70 |
| 🏋🏾♀️ Maximum Leverage | 1:1 000. |
| 💳 Chaguo za Kuweka na Kutoa | Uhamisho wa kielektroniki wa benki -Kadi za mkopo/debit - Visa na Mastercard - USD/GBP/EUR/AUD. Pochi za kielektroniki - Skrill, Neteller, PaySafe, Fasapay, WebMoney, Cryptocurrency, Bitcoin, Ethereum, Litecoin na Tether. Mawakala wa malipo, Dp2p |
| 📊 Tradable assets offered | Forex - Karibu na jozi 50 za sarafu za FX, ikijumuisha majors, watoto na wageni Fahirisi za hisa - Kubashiri juu ya mwenendo wa bei katika fahirisi kubwa zaidi za hisa za Marekani, Asia na Ulaya. Fahirisi za syntetisk - Kulingana na jenereta salama bila mpangilio, fahirisi za sanisi huiga hali ya soko la ulimwengu halisi na zinapatikana 24/7 zikitoa tetemeko thabiti. Bidhaa - Metali za thamani, kama vile dhahabu na fedha, pamoja na nishati kama mafuta zinapatikana |
| 🗣 Saa za Huduma kwa Wateja | 24/7 |
| 🚀 Fungua akaunti | ???? Bonyeza hapa |
Deriv Faida na Hasara
✅Faida
- Wide range of trading assets including synthetic indices
- Kiwango cha chini cha amana
- Well developed platforms
- Dalali aliyedhibitiwa vizuri na anayeaminika
- Availability of 24/7 live chat, phone lines, WhatsApp, and help centre
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.
| Jina la Broker | Exness |
| 📅 Mwaka wa Kuanzishwa | 2008 |
| 🏠 Headquarters | Limassol, Kupro |
| ⚖ Regulated By | SFSA (Seychelles), CBCS (Curaçao), FSC (BVI), FSCA (SA), CySEC (Cyprus), FCA (UK) |
| 💳 Kiwango cha chini cha Amana | R180 ZAR / $10 |
| 📉 Zar Base Currency? | ✔ Ndiyo |
| 🧾 Aina za Akaunti | Standard Cent, Standard, Pro, Raw Spread, Zero. |
| 🎮 Demo Trading Account | ✔Ndiyo |
| 💵Njia za kuweka na kutoa pesa | Kadi ya mkopo/debit, Skrill, Neteller, QIWI, Cryptocurrencies, Bank/Wire Transfer, |
| 💰 Huenea | Kuenea kunategemea aina ya akaunti na chombo. Maeneo yanaelea kila wakati. FTSE Imeenea pts 1.5 (var) GBPUSD Spread 2.1 (var) Kuenea kwa Mafuta 0.05 (var) Hisa Zimeenea 0.1% Var GBPUSD Kueneza pips 2.1 (var) EURUSD Imeenea pips 1.6 (var) EURGBP Imeenea pips 2 (var) |
| 📉Instruments Offered | Forex (97), Vyuma, Hisa, Fahirisi na Nishati, Fedha za Crypto (35) |
| 💰 Withdrawal fee | ✔ Ndiyo |
| 💰 Instant withdrawal and deposits | ✔ Yes. Depends on the payment system. This may vary based on the payment provider's processing |
| 💸 Ulinzi hasi wa usawa | ✔ Ndiyo |
| 💻 In-house VPS hosting | ✔ Yes, with $500+ deposits |
| ☪ Akaunti ya Kiislamu | ✔ Ndiyo |
| 💵 Inactivity fee charged | ❌ Hapana |
| 📱 Majukwaa | MT4, MT5, Kituo cha Exness, MT4 Multiterminal, programu ya Exness Trader |
| 🚀 Fungua Akaunti | ???? Bonyeza hapa |
Exness Pros 👍
- Well-regulated in Africa Kusini, United Kingdom, Cyprus, Seychelles & Mauritius
- Uondoaji wa papo hapo
- Akaunti ya Zar inapatikana
- Accepts local deposit methods
- Upatikanaji wa anuwai ya mali za biashara
- Inaenea
- Wide range of trading instruments (130+ currency pairs)
- Msaada mzuri wa wateja
- programu ya simu
Exness Cons 👎
- Educational resources only in English
- Hakuna akaunti za sarafu nyingi zinazopatikana
- Hapana Mashindano or Bonuses
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
| 🔎Jina la Dalali | FBS |
| ⚖ Udhibiti | CySEC, ASIC, IFSC, FSCA, |
| 📆 Mwaka wa Kuanzishwa | 2009 |
| 💳 Kiwango cha chini cha amana | $1 kwa akaunti senti, $5 Micro Account, $500 Zero Spread Account |
| 💳 Maximum Leverage | 1: 3000 |
| 💹 Akaunti ya Kiislamu? | ✔Ndiyo |
| 🖥Types of assets traded | Forex, bidhaa, bondi, hisa, fahirisi, hisa, CFDs, metali, nishati |
| 🚀Supported lot sizes | 0.01 - 500 |
| 💳 Payment methods | Neteller; Stickpay; Skrill; Perfect Money |
| 🧾Are multiple accounts supported | ✔Ndiyo |
| 📈 PAMM inatumika | ❌Hapana |
| ♻ Je, CopyTrader inaungwa mkono? | ✔Ndiyo |
| 🚀 Open Akaunti | ???? Bonyeza hapa |
FBS Broker Pros & Cons
✅Faida
- Globally recognized with multiple industry awards
- Kiwango cha chini cha amana
- Zar base account
- Range of trading accounts
- Kuenea kwa nguvu kunapatikana
❌Hasara
- Mbinu ndogo za ufadhili
- Limited trading instruments
- No Zar account
How we chose the best Forex Brokers in South Africa
We looked at the following points when we compared these forex brokers.
Kanuni
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.
Chaguo za Amana na Uondoaji
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.
Deposits ndogo
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
XM is the best forex broker in South Africa. The broker is well-regulated, has a Zar base account and has low minimum deposits.
Deriv is the most popular broker in South Africa as most traders are looking for synthetic indices like v75.
HFM (zamani Hotforex) is the best MT4 broker in South Africa.
XM is a good broker for beginners in South Africa.
HFM is the broker with the lowest spreads in South Africa.
When choosing a forex broker in South Africa, you should look for factors such as regulation, trading platforms, trading conditions, customer support, and educational resources.
Forex brokers in South Africa offer a range of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and proprietary trading platforms.
Yes, forex brokers in South Africa are regulated by the Financial Sector Conduct Authority (FSCA).
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