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Intro and winners
How did BrokerChooser select the best FX brokers in South Africa?
- We checked whether the broker is regulated by a trusted regulator,
- Compared forex fees (i.e. spreads and commission),
- Checked the number of currency pairs,
- Looked into minimum deposit requirements,
- Opened an account and tested the platform (charting, features, usability, customer service) with real money.
Top 5 forex brokers in South Africa in 2023:
- Fusion Markets is the best forex broker in South Africa in 2023. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low forex fees. Fast account opening. Great educational tools.
Check out the key features of the best forex brokers and trading platforms in South Africa:
| Broker | Info | Currency pairs | Forex fee class | |
|---|---|---|---|---|
| #1 | Fusion Markets | Australian forex broker | 85 | Low |
| #2 | IC Markets | Global forex broker | 61 | Low |
| #3 | Tickmill | Global forex broker | 62 | Low |
| #4 | Axi | Australian forex broker | 76 | Low |
| #5 | GO Markets | Global forex and CFD broker | 52 | Low |
For a tailored recommendation, check out our broker finder tool. Answer a few simple questions and get a list of the most relevant brokers.
Best forex brokers
Fee comparison of the best forex brokers in South Africa
See the spreads charged by these online brokers for the most popular currency pairs.
| Fusion Markets | IC Markets | Tickmill | Axi | GO Markets | |
|---|---|---|---|---|---|
| EURUSD spread | 0.0 | 0.0 | 0.2 | 0.1 | 0.3 |
| GBPUSD spread | 0.2 | 0.0 | 0.5 | 0.1 | 0.3 |
| AUDUSD spread | 0.0 | 0.0 | 0.1 | 0.4 | 0.3 |
| EURCHF spread | 0.6 | 0.0 | 0.9 | 0.4 | 0.3 |
| EURGBP spread | 0.3 | 0.0 | 0.4 | 0.4 | 0.3 |
Best forex brokers
Non-trading fees at the best online forex brokers in South Africa
| Fusion Markets | IC Markets | Tickmill | Axi | GO Markets | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Best forex brokers
Currency pair selection offered by the top online forex brokers in South Africa
| Fusion Markets | IC Markets | Tickmill | Axi | GO Markets | |
|---|---|---|---|---|---|
| Currency pairs (#) | 85 | 61 | 62 | 76 | 52 |
Best forex brokers
Our top scores for the best forex brokers in South Africa
Based on our assessment and hundreds of data points we analyzed, here is our scorecard for the best online broker for trading forex in South Africa:
| Fusion Markets | IC Markets | Tickmill | Axi | GO Markets | |
|---|---|---|---|---|---|
| Fees score | 4.7 stars | 4.6 stars | 4.3 stars | 4.3 stars | 4.3 stars |
| Markets and products score | 2.2 stars | 2.2 stars | 2.4 stars | 2.2 stars | 1.4 stars |
| Education score | 1.5 stars | 4.5 stars | 5.0 stars | 4.5 stars | 5.0 stars |
| Charting quality | Mid-range | Mid-range | Mid-range | Mid-range | Mid-range |
Here are a few things that are good to know before diving into forex trading and the financial markets:
What makes a top forex broker?
- First of all, fair forex fees.
- A good selection of currency pairs.
- A great forex trading platform with advanced charting.
- Educational tools to guide you through the basics of trading.
If you're a beginner, be careful with foreign currency trading as forex products are complex and risky, therefore not suitable for everyone.
Is forex trading legal in South Africa?
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
Best forex brokers
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And now, let's see the top forex brokers for South African residents one by one, starting with the winner, Fusion Markets.
#1 Best forex broker
Fusion Markets
Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 85 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2023 |
#2 Best forex broker
IC Markets
Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
| IC Markets snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 61 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2023 |
#3 Best forex broker
Tickmill
Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform
| Tickmill snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8 stars |
| 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 2023 |
#4 Best forex broker
Axi
Recommended for forex traders familiar with the metatrader 4 platform
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8 stars |
| Inactivity fee | Yes |
| Currency pairs | 76 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Axi services, check out our review for 2023 |
#5 Best forex broker
GO Markets
Recommended for forex traders who like the metatrader platform
| GO Markets snapshot | |
|---|---|
| Minimum deposit | $99 |
| Mobile app score | 3.8 stars |
| Inactivity fee | No |
| Currency pairs | 52 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Nuvei |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of GO Markets services, check out our review for 2023 |
Best forex brokers
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:
- 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.
- 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.
Best forex brokers
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:
- Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low forex fees. Fast account opening. Great educational tools.
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.
