Intro and winners
Find below the strengths of the best forex brokers available in South Africa, updated for 2025:
- Fusion Markets is the best forex broker in South Africa in 2025 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- Exness - Low forex fees. Easy account opening process. No deposit or withdrawal fees.
- Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
- Vantage - Great variety of deposit/withdrawal options. No inactivity fee. Leverage can be set manually.
- Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
- VT Markets - Low forex fees. Easy and fast account opening. Great email and live chat support.
- TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
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 |
|---|---|---|
| Fusion Markets | $2.25 commission per lot per trade | $0 |
| Exness | $3.50 commission per lot per trade | $10 |
| Global Prime | $3.50 commission per lot per trade | $0 |
| IC Markets | $3.50 commission per lot per trade | $200 |
| Vantage | $3.00 commission per lot per trade | $50 |
| Pepperstone | $3.50 commission per lot per trade | $0 |
| Axi | $3.50 commission per lot per trade | $0 |
| GO Markets | €2.00 commission per lot per trade | $0 |
| VT Markets | $3.00 commission per lot per trade | $100 |
| TMGM | $3.50 commission per lot per trade | $100 |
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 |
|---|---|---|
| Fusion Markets | 0.0 | 0.0 |
| Exness | 0.0 | 0.1 |
| Global Prime | 0.1 | 0.1 |
| IC Markets | 0.0 | 0.0 |
| Vantage | 0.1 | 0.3 |
| Pepperstone | 0.1 | 0.2 |
| Axi | 0.2 | 0.6 |
| GO Markets | 0.2 | 0.5 |
| VT Markets | 0.2 | 0.2 |
| TMGM | 0.1 | 0.1 |
Non-trading fees at the best online forex brokers in South Africa
| Broker | Account fee | Inactivity fee |
|---|---|---|
| Fusion Markets | ||
| Exness | ||
| Global Prime | ||
| IC Markets | ||
| Vantage | ||
| Pepperstone | ||
| Axi | ||
| GO Markets | ||
| VT Markets | ||
| TMGM |
Currency pair selection offered by the top online forex brokers in South Africa
| Broker | Currency pairs (#) | Stock index CFDs (#) |
|---|---|---|
| Fusion Markets | 90 | 15 |
| Exness | 72 | 12 |
| Global Prime | 57 | - |
| IC Markets | 61 | 25 |
| Vantage | 61 | 28 |
| Pepperstone | 97 | 23 |
| Axi | 86 | 15 |
| GO Markets | 50 | 12 |
| VT Markets | 40 | 26 |
| TMGM | 60 | 15 |
Brokers
Currency
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.
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
And now, let's see the top forex brokers for South African residents one by one, starting with the winner, Fusion Markets.
Recommended for forex traders looking for low fees and a chance to use the MetaTrader 4 platform
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74-89% of retail CFD accounts lose money
| Fusion Markets snapshot | |
|---|---|
| Mobile app score | 3.8 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 2025 |
Recommended for -
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74-89% of retail CFD accounts lose money
| Exness snapshot | |
|---|---|
| Mobile app score | 3.9 stars |
| Minimum deposit | $10 |
| Inactivity fee | No |
| Currency pairs | 72 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Exness services, check out our review for 2025 |
Recommended for forex and CFD traders who are familiar with the MetaTrader trading platforms
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74-89% of retail CFD accounts lose money
| Global Prime snapshot | |
|---|---|
| Mobile app score | 3.8 stars |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Currency pairs | 57 |
| Deposit methods | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, GATE8, Crypto, DragonPay, VNPay, Bpay, POLi, AstroPay, Interac, PayID, Perfect Money, XPay, Jetonbank, Mifinity, FasaPay, Pagsmile, QR Code (THB) |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Global Prime services, check out our review for 2025 |
Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options
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70.64% of retail CFD accounts lose money
| IC Markets snapshot | |
|---|---|
| Mobile app score | 3.8 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 2025 |
Recommended for forex and CFD traders familiar with the MetaTrader trading platforms
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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 2025 |
Recommended for forex traders looking for great account opening and customer service
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75.1% of retail CFD accounts lose money
| Pepperstone snapshot | |
|---|---|
| Mobile app score | 3.8 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 2025 |
Recommended for forex traders familiar with the MetaTrader 4 platform
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76.3% of retail CFD accounts lose money
| Axi snapshot | |
|---|---|
| Mobile app score | 3.8 stars |
| Minimum deposit | $0 |
| Inactivity fee | Yes |
| Currency pairs | 86 |
| Deposit methods | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Union Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of Axi services, check out our review for 2025 |
Recommended for forex traders who like the MetaTrader platform
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72% of retail CFD accounts lose money
| GO Markets snapshot | |
|---|---|
| Mobile app score | 3.8 stars |
| Minimum deposit | $0 |
| Inactivity fee | No |
| Currency pairs | 50 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of GO Markets services, check out our review for 2025 |
Recommended for forex traders familiar with the MetaTrader trading platforms
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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 2025 |
Recommended for forex traders who prefer the MetaTrader platform
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80.26% of retail CFD accounts lose money
| TMGM snapshot | |
|---|---|
| Mobile app score | 3.8 stars |
| Minimum deposit | $100 |
| Inactivity fee | Yes |
| Currency pairs | 60 |
| Deposit methods | Bank transfer, Credit/debit cards, Skrill, Neteller, fastpay, UND&PHP ewallet, MYR QR, Revolut, Wise, Asia Instant Pay |
| Withdrawal fee | $0 |
| Read review | For a detailed analysis of TMGM services, check out our review for 2025 |
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How did BrokerChooser select the best FX brokers in South Africa?
- Made sure that all the brokers on our toplist are overseen by a trusted regulator,
- Compared fees (with a special focus on spreads, withdrawal fee, commission),
- Examined the number of currency pairs available for trading,
- Checked order routing and research quality,
- Opened an account and tested the platform (charting, features, usability, customer service) with our own money.
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:
- Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- Exness - Low forex fees. Easy account opening process. No deposit or withdrawal fees.
- Global Prime - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- Vantage - Low non-trading fees. Super fast account opening. Seamless deposit and withdrawal.
- Pepperstone - Fast and fully digital account opening. Seamless and free deposit and withdrawal. Great educational materials.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
- GO Markets - Low forex and CFD fees. Fast account opening. Great educational tools.
- VT Markets - Low forex fees. Easy and fast account opening. Great email and live chat support.
- TMGM - Low forex fees. Easy and fast account opening. Free 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.
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.
