Top 8 Forex Brokers In South Africa

The ForexBrokers.com annual forex broker review (six years running) is the nigh cited in the industry. With over 50,000 words of enquiry across the site, we spend hundreds of hours testing forex brokers each yr. Here'south how nosotros test.

Trading forex (currencies) in South Africa is popular amid residents. While recommended, forex brokers are not required to go authorised by the Financial Sector Conduct Authority (FSCA) to accepts residents of South Africa as customers.

The Financial Sector Conduct Authority is the financial regulatory trunk in South Africa. Website: https://www.fsca.co.za. We recommend South Africa residents also follow the FSCA on Twitter, https://twitter.com/fsca_za.

The FSCA was established in 2018 every bit the successor to the Financial Services Board (FSB). The FSB had previously regulated Due south Africa since 1990. For a historical breakup, hither's a link to the Financial Services Board webpage on Wikipedia.

CFDs are complex instruments and come up with a loftier risk of losing coin speedily due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to accept the high risk of losing your coin.

Best Forex Brokers South Africa

To find the best forex brokers in Due south Africa, we created a list of all brokers that list South Africa as a land they have new customers from. We then ranked brokers by their Overall ranking.

Here is our list of the best forex brokers in Due south Africa.

IG - Best overall broker, most trusted
FXCM - Excellent trading platforms and tools
AvaTrade - Groovy for beginners and copy trading
Plus500 - Trusted broker, great for beginners
Tickmill - Best overall broker for low costs
HotForex - 4.0 Stars
Merchandise Nation - Like shooting fish in a barrel-to-apply platform

Southward Africa Forex Brokers Comparison

Compare South Africa authorised forex and CFDs brokers next using the forex broker comparison tool or the summary table below. This banker list is sorted past the house's ForexBrokers.com Overall ranking.

How to Verify FSCA Authorisation

To place if a forex banker is authorised by the FSCA, the beginning step is to identify the FSP registration number from the disclosure text at the lesser of the broker'due south homepage. For instance, here'southward the key disclosure text from IG's website,

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Express in the United kingdom of great britain and northern ireland (FCA Number 195355), a juristic representative of IG Markets Due south Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment assart.

Side by side, look up the FSP number on the financial register available on the FSCA'southward website to validate that the broker is currently authorized in Due south Africa.

More Forex Guides

All-time Forex Brokers
All-time Forex Brokers for Beginners
Best Forex Brokers for Copy Trading
Best MetaTrader Brokers
All-time Forex Trading Apps
Best Zero Spread Forex Brokers
Compare Forex Brokers

Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-calendar month time period resulting in over fifty,000 words of published research.

Each broker was graded on 113 unlike variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each banker based on factors such as licenses, regulation and corporate structure. Read more about Trust Score here.

Every bit function of our annual review process, all brokers had the opportunity to provide updates and fundamental milestones and complete an in-depth data contour, which we hand-checked for accurateness.

Ultimately, our rigorous data validation process yields an error rate of less than .i% each year, providing site visitors with quality data they can trust. Larn more than virtually 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 non express to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. Information technology should non be assumed that the methods, techniques, or indicators presented in these products volition be profitable, or that they will not result in losses.Larn more.