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Best Forex Brokers in South Africa

10 Min/23 February 2021
Best Forex Brokers in South Africa

Price swings in the global currency markets continue to provide opportunities for South African forex traders to make profits. Successful forex trading is about more than getting a few trades right. Long-term success requires some planning and step one is choosing the right broker.

This review of the best forex brokers in South Africa offers a shortlist of safe candidates, one of which might be an ideal partner for you.

    #1 OctaFX

    Trader Rating
    What We Liked
    • Low minimum deposit requirement – start trading with $5
    • No commission on cash deposits and withdrawals
    • Super-tight spreads
    • Reliable execution – 97.5% of orders filled without slippage
    • Three great trading platforms to choose from – all ideal for beginners
    • Leverage up to 1:500

    OctaFX has found a particularly successful sweet-spot in the market. Out of the South African forex brokers that are available, OctaFX has the lowest minimum deposit requirement. You can start trading live markets with as little as $5.

    Trading in small size might not make you a fortune, but it’s a great way for beginners to learn about the financial markets and not blow up their account. It’s all too easy to lose money when trading. Staying in the game is as important as hitting home runs.

    You don’t get to be considered one of the best forex brokers in South Africa just by removing the barriers to trading. OctaFX has developed a forex trading platform that is well-regulated, supports different account types and offers the MT4, MT5 and cTrader trading dashboards.

    If you’re looking to enter into the forex markets but want to use the minimum amount of cash, heading to OctaFX to set up a demo account or micro account will tick that box.

    Broker Fees

    One of the neat features of OctaFX, and one which will appeal to beginners, in particular, is that it doesn’t charge separate commissions. All of the trade execution costs are included in the bid-offer spread and these are also super-tight. Pricing, in fact, goes down to five digits rather than the standard four digits seen at most other brokers, which all helps towards lower-cost trading.

    Trading Limit

    Leverage terms vary across the different trading accounts, but maximum leverage can be as high as 1:500.

    OctaFX provides access to a range of asset groups:

    Across all accounts, the minimum trading size is 0.01 lots, but those looking to scale up will be pleased to note that there is no maximum trade size.



    OctaFX is registered and regulated and governed by the Law of Saint-Vincent and the Grenadines. Any legal claims will be a subject of the court hearings. The company’s legal address is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.


    OctaFX offers clients the choice of three different trading dashboards. They are all well-established third-party platforms, which have been fine-tuned through years of operating in the forex markets.

    MetaTrader’s MT4 and MT5 platforms are available in desktop, webmaster and mobile app formats. There are many reasons these platforms are the most popular retail forex platforms in the world. They have razor-sharp graphics, come packed full of powerful trading tools and can be easily adapted to automated trading using the Expert Advisors (EA) functionality.

    The cTrader platform can also be used on desktop, web and mobiles devices. It too provides a range of tools to help traders identify and execute trading opportunities. Like the MT platforms, it can also be easily set up to trade algorithmic models.

    The platforms support a wide variety of trading strategies, including hedging and scalping.

    Customer Support

    If you’re new to trading and fitting it in with your day job, then you’ll be pleased to know that the OctaFX customer services team are available on a 24/7 basis. This means that if you’re working on developing your skills on the weekend, you can contact them if you have any issues.

    The best way to contact the support team is via live chat, but there are other options including email or Telegram, Instagram and Facebook.

    #2 FOREX.COM

    Trader Rating
    What We Liked
    • Strong and stable
    • Clear and competitive pricing
    • More than 80 currency markets available
    • Caters to all forex traders – from beginners to intermediate and advanced
    • Free demo account

    There are a lot of reasons to add to your shortlist of brokers. For starters, it’s particularly stable. is part of the StoneX Group, Inc range of financial companies with the parent company being a publicly-listed company on the Nasdaq stock exchange. This stability not only allows clients to feel safe, but means the firm has the capital to hand to invest in innovative new products.

    It’s been operating for more than 20 years and supports more than 200,000 customers. The trading platform on offer is the much-loved MetaTrader MT4, but importantly, offer free VPS hosting, which gets the most of that platform. The research and learning tools available are particularly useful for beginners.

    All in all, the package is one based on strength and reliability, with more than enough additional extras thrown in to confirm the firm as one of the best forex brokers in South Africa.

    Broker Fees has spent two decades investing in technology and building a deep network of liquidity partners. This access to the heart of the markets means it offers reliable and fast execution, and of course, tight spreads.

    If the market moves in your favour between the time you execute and get filled on a trade, automatically passes the savings on to you.

    Trading Limit

    In line with most forex brokers in South Africa, leverage terms extend up to 1:33.



    While doesn’t operate under license from FSCA, it takes regulatory compliance into account and, is in fact, regulated by seven different regulatory bodies across the world.


    There are two platforms on offer at The in-house Advanced Trading Platform has a range of features, which make trying it out really worthwhile. It is available in demo account format and as it comes with features you might not find on other platforms is worth trying out.

    As the MetaTrader MT4 platform is so popular in the forex trading community, also makes that available to its clients. One neat approach is that broker also provides the tools to get the most out of it. The free VPS hosting service is a neat addition and ensures clients can improve on their trade execution speed and reliability.

    Customer Support staff are on hand to assist you with queries 24 hours a day from 10am ET Sunday to 5pm Friday.

    #3 XTB

    Trader Rating
    What We Liked
    • Low-cost trading
    • A dynamic approach and range of innovative tech features
    • The Micro-lot trading account is ideal for those trading small amounts of cash
    • Top-tier proprietary platform – xStation 5. Only available at XTB

    XTB is a dynamic broker that offers its clients a lot of trade-based innovative ideas. If you’re looking to get into forex trading in South Africa, the good news is that XTB is also reliable. It has offices in more than 10 countries across the globe and is regulated by Tier-1 authorities.

    Opening an account is free and easy, and the trading platform on offer is one of the best provided by any of the South African brokers. The whole set up is geared to making trading easy, and profitable.

    There are a lot of good forex brokers in South Africa and XTB’s blend of old and new makes it an ideal candidate for any shortlist.

    Broker Fees

    XTB offers very competitive trading spreads. Standard terms include spreads that go as low as 0.1 pips, but the more you trade, the better trading terms you receive.

    Active traders can see the T&Cs on their account and includes a discount on fees of up to 30%.

    Trading Limit

    Maximum leverage for international clients is 1:500. Minimum trade size is 0.01 lots.



    XTB is regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and Belize International Financial Services Commission (IFSC).

    It operates accounts for more than 200,000 clients and has been trading for 15 years. This makes it a broker that can be regarded as safe.


    The XTB platform, xStation5, is a proprietary product meaning the only place you can use it is at XTB. As demo accounts are free and come with no-strings guarantees, it is worth visiting the site to try it out and see quite how the trading experience can be.

    The xStation5 platform can really take your trading to the next level, but is so well thought out that it’s ideal for beginners as well. It has an attractive layout, user-friendly functionality and is packed full of tools and indicators to help clients spot trading opportunities.

    The XTB platform accommodates scalping and hedging strategies and comes in desktop, tablet and mobile format.

    Customer Support

    Customer service can be contacted by live chat or phone.

    Email: [email protected]

    Account Opening: +357 257 25356

    Account Opening: +44 2036953085

    Office: +44 2036953085

    24/5 – Customer Service: +44 2036953086


    1. Identifying Your Needs

    There are a lot of good South African forex brokers. The trick is finding the one that fits you best. What might be ideal for one person might be only satisfactory for another.

    As the above three all offer free, no-strings demo accounts ,we recommend trying a demo account before going into live trading. It’s a risk-free way to learn more about the markets and about the broker you might use.

    Why Forex?

    The currency markets are popular with South African traders. The markets are so large that it’s hard for them to be manipulated and the high trade volumes keep costs down.

    Forex trading in South Africa can be based on technical or fundamental analysis — or a combination of both, but the main point is that there are a lot of trading opportunities in each currency pair.

    2. Regulation

    The financial regulatory body in South Africa is the Financial Sector Conduct Authority. South African brokers don’t need to be regulated by the FSCA to accept residents of South Africa as customers, but when choosing a broker, it’s vital to prioritise safety of funds.

    The above brokers are all in with a shout of being the best forex broker in South Africa. Part of the basis of that claim is that they all operate under license of a regulator and thereby protect their clients’ interests.

    Another factor to consider is that they have all been trading for a long enough period of time to give clients a degree of comfort.


    If you are new to forex trading, it’s worth accepting that there is a lot to learn about the currency markets. If you choose the right broker, they can help you on that journey, and therefore it’s worth putting some time into the question of broker selection.

    If you choose a SA forex broker that takes care of the basics, you will be able to add to your trading skillset as time allows. Consider safety of funds, quality of regulation, the firm’s track record and how good its trading platform is.

    Shopping around is easy to do as demo accounts take moments to set up. Once you start your hands-on testing of the different platforms, it will be easier to see which one has the right support package for you.