Best forex brokers in South Africa in 2024

Written by
Eszter Z.
Fact checked by
Adam N.
Updated
2w ago
Dive into our toplist of regulated and trusted brokers that we tested with real money. Every broker is available in South Africa.

Find below the strengths of the best forex brokers available in South Africa, updated for 2024:

  1. Saxo is the best forex broker in South Africa in 2024 - Massive number of currency pairs. Low withdrawal fee. High-quality charting.
  2. Fusion Markets - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
  3. Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  4. IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
  5. Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
  6. Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
  7. VT Markets - Low trading fees. Easy and fast account opening. Great email and live chat support.
  8. Vantage - Great variety of deposit/withdrawal options. No inactivity fee. Leverage can be set manually.
  9. GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
  10. Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.
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Overview of the best forex brokers in South Africa

Check out the key features of the best forex brokers and trading platforms in South Africa:

Broker
FX commission per lot
Minimum deposit
Saxo
No commission is charged
$0
Fusion Markets
$2.25 commission per lot per trade
$0
Global Prime
$3.50 commission per lot per trade
$0
IC Markets
$3.50 commission per lot per trade
$200
Pepperstone
$3.50 commission per lot per trade
$0
Tickmill
$2.00 commission per lot per trade
$100
VT Markets
$3.00 commission per lot per trade
$100
Vantage
$3.00 commission per lot per trade
$50
GO Markets
€2.00 commission per lot per trade
$0
Moneta Markets
$3.00 commission per lot per trade
$50
Best forex brokers and trading platforms in South Africa in 2024

Popularity of the best forex brokers in South Africa

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Fee comparison of the best forex brokers in South Africa

Check out the spreads charged by these online brokers for the most popular currency pairs.

Broker
EURUSD spread
GBPUSD spread
Saxo
0.8
1.2
Fusion Markets
0.0
0.0
Global Prime
0.1
0.2
IC Markets
0.0
0.0
Pepperstone
0.1
0.2
Tickmill
0.2
0.3
VT Markets
0.2
0.2
Vantage
0.1
0.3
GO Markets
0.2
0.4
Moneta Markets
0.2
0.2
Fees at the best forex brokers in South Africa in May 2024

Non-trading fees at the best online forex brokers in South Africa

Broker
Account fee
Inactivity fee
Saxo
Fusion Markets
Global Prime
IC Markets
Pepperstone
Tickmill
VT Markets
Vantage
GO Markets
Moneta Markets
Non-trading fees at the best forex brokers in South Africa in May 2024

Currency pair selection offered by the top online forex brokers in South Africa

Broker
Currency pairs (#)
Stock index CFDs (#)
Saxo
190
20
Fusion Markets
90
15
Global Prime
56
18
IC Markets
61
25
Pepperstone
97
23
Tickmill
62
32
VT Markets
40
26
Vantage
61
28
GO Markets
50
12
Moneta Markets
46
25
Currency pair numbers at the best forex brokers in South Africa in May 2024
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Forex broker fees in South Africa

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All currency trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the forex market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called the financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

If you don't know how forex trading works, take a look at our forex education articles.

Still unsure? Use our broker finder tool to pick the best broker tailored to your investment needs.

Forex trading is legal and regulated in South Africa. We only recommend regulated, safe, reliable brokers, so each of these top picks is a good choice to start trading. The South African foreign exchange market is regulated by the FSCA (Finance Service Conduct Authority), and the brokers we reviewed here are also regulated by at least one top-tier regulator, which is a good sign in terms of their safety. But if you are worried about scams, here are a few useful tips on what to look out for:

  • No information about the broker’s details on the website
  • Questionable or difficult to understand parts in the Terms and Conditions
  • The broker has no license or it is difficult to find out of it has one
  • There are no reviews or many negative reviews
  • Few methods of contacting customer support, slow response
  • The broker’s representatives are obtrusive, frequently write and call, asking you to deposit money to your account

And now, let's see the top forex brokers for South African residents one by one, starting with the winner, Saxo.

Recommended for investors and traders looking for a great trading platform and solid research

Visit broker

Saxo snapshot
Mobile app score 5.0 stars
Minimum deposit $0
Inactivity fee No
Currency pairs 190
Deposit methods Bank transfer, Credit/debit cards
Withdrawal fee $0
Read review For a detailed analysis of Saxo services, check out our review for 2024

Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform

Visit broker
74-89% of retail CFD accounts lose money

Fusion Markets snapshot
Mobile app score 3.3 stars
Minimum deposit $0
Inactivity fee No
Currency pairs 90
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku
Withdrawal fee $0
Read review For a detailed analysis of Fusion Markets services, check out our review for 2024

Recommended for forex and CFD traders who are familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Global Prime snapshot
Mobile app score 3.3 stars
Minimum deposit $0
Inactivity fee No
Currency pairs 56
Deposit methods Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, DragonPay, VNPay, PromptPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Rapyd, BinancePay, Jeton, Mifinity, FasaPay, Pagsmile
Withdrawal fee $0
Read review For a detailed analysis of Global Prime services, check out our review for 2024

Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options

Visit broker
70.64% of retail CFD accounts lose money

IC Markets snapshot
Mobile app score 3.3 stars
Minimum deposit $200
Inactivity fee No
Currency pairs 61
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna
Withdrawal fee $0
Read review For a detailed analysis of IC Markets services, check out our review for 2024

Recommended for forex traders looking for great account opening and customer service

Visit broker
75.2% of retail CFD accounts lose money

Pepperstone snapshot
Mobile app score 3.3 stars
Minimum deposit $0
Inactivity fee No
Currency pairs 97
Deposit methods Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay, MPESA+FaceID
Withdrawal fee $0
Read review For a detailed analysis of Pepperstone services, check out our review for 2024

Recommended for forex traders looking for low fees who are familiar with the MetaTrader 4 platform

Visit broker
70% of retail CFD accounts lose money

Tickmill snapshot
Mobile app score 3.3 stars
Minimum deposit $100
Inactivity fee No
Currency pairs 62
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal
Withdrawal fee $0
Read review For a detailed analysis of Tickmill services, check out our review for 2024

Recommended for forex traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

VT Markets snapshot
Mobile app score 4.1 stars
Minimum deposit $100
Inactivity fee No
Currency pairs 40
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, Fasapay, UnionPay, Perfect Money, Alipay
Withdrawal fee $0
Read review For a detailed analysis of VT Markets services, check out our review for 2024

Recommended for forex and CFD traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Vantage snapshot
Mobile app score 3.8 stars
Minimum deposit $50
Inactivity fee No
Currency pairs 61
Deposit methods Bank transfer, Credit/debit cards, Skrill, UnionPay, Neteller, Boletol, ApplePay, GooglePay, Advcash, Perfect Money, Sticpay, bitwallet
Withdrawal fee $0
Read review For a detailed analysis of Vantage services, check out our review for 2024

Recommended for forex traders who like the MetaTrader platform

Visit broker
62% of retail CFD accounts lose money

GO Markets snapshot
Mobile app score 3.3 stars
Minimum deposit $0
Inactivity fee No
Currency pairs 50
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Bpay, PayID, dotpay, checkout, Worldpay
Withdrawal fee $0
Read review For a detailed analysis of GO Markets services, check out our review for 2024

Recommended for forex and CFD traders familiar with the MetaTrader trading platforms

Visit broker
74-89% of retail CFD accounts lose money

Moneta Markets snapshot
Mobile app score 4.3 stars
Minimum deposit $50
Inactivity fee No
Currency pairs 46
Deposit methods Bank transfer, Credit/debit cards, Fasapay, JCB, SticPay
Withdrawal fee $0
Read review For a detailed analysis of Moneta Markets services, check out our review for 2024

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How did BrokerChooser select the best FX brokers in South Africa?

  • We checked whether the broker is regulated by a trusted regulator,
  • Compared fees (including spreads, withdrawal fee, commission),
  • Compared the number of currency pairs,
  • Checked order routing and research,
  • Opened an account and tested the platform (charting, features, usability, customer service).


Save hours of research!

Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.

BrokerChooser evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 600 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 60,000 data points overall.

FAQ

Is forex trading legal in South Africa?

Forex trading is fully legal in South Africa. The FSCA (Finance Service Conduct Authority) regulates forex trading. FSCA handles licences and can also sanction companies that violate guidelines. Brokers that want to accept traders and investors from South Africa need to be FSCA-licenced, including having an office in South Africa, and complying with the operating capital minimums. Retail investors trading forex in South Africa are not automatically entitled to negative balance protection (meaning protection in case the balance on their trading account dips into negative territory), so you better check if your broker offers it to South African customers.

Which forex broker can I use in South Africa?

The best forex brokers in South Africa:

  1. Saxo - Great trading platform. Outstanding research. Broad product portfolio. Interest paid on uninvested cash.
  2. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  3. Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  4. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
  5. Pepperstone - Fast and fully digital account opening. Seamless and free deposit and withdrawal. Great educational materials.
  6. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  7. VT Markets - Low trading fees. Easy and fast account opening. Great email and live chat support.
  8. Vantage - Low non-trading fees. Super fast account opening. Seamless deposit and withdrawal.
  9. GO Markets - Low forex fees. Fast account opening. Great educational tools.
  10. Moneta Markets - Low forex fees. Easy and quick account opening. Seamless deposit and withdrawal.

Save yourself hours of research and check out our broker recommendation tool that will give you a tailor-made list of the best forex brokers available to you.

Do forex traders pay taxes in South Africa?

Forex trading for the purposes of making a profit will be treated as revenue, and therefore will be taxed. The profit that you make will be added to your other incomes and taxed. However, all expenses incurred from forex trading would be deducted from the gross income of the trading to calculate the taxable profit. Eventually, the tax rate depends on how much you make and could range from 19% to 45%.

We recommend you consult a tax advisor for detailed guidance.

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Author of this article

Eszter Zalán
Eszter Zalán

Eszter is a former Editor and Financial Journalist for BrokerChooser. She wrote and edited BrokerChooser's content from 2021 onwards, bringing her more than a decade-long experience in journalism to the team. She has covered world affairs and several financial crises, and dove deep into SEO and coding to make BrokerChooser's content more accessible to users.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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