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Best forex brokers in South Africa in 2023

Fusion Markets Logo
1st place
Fusion Markets
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74-89% of retail CFD accounts lose money
IC Markets Logo
2nd place
IC Markets
Visit broker
74.32% of retail CFD accounts lose money
Tickmill Logo
3rd place
Tickmill
Visit broker
76% of retail CFD accounts lose money

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:

  1. 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.
  2. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  3. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  4. Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
  5. 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:

Best forex brokers and trading platforms in South Africa in 2023
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.

Fusion Markets Logo

#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

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

IC Markets Logo

#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

Visit broker
74.32% of retail CFD accounts lose money

Tickmill Logo

#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

Visit broker
76% of retail CFD accounts lose money

Axi Logo

#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

Visit broker
73.9% of retail CFD accounts lose money

GO Markets Logo

#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

Visit broker
62% of retail CFD accounts lose money

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:

  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.

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:

  1. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  2. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
  3. Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
  4. Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
  5. 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.

Author of this article

Eszter Zalan

Author of this article

Eszter is a Brussels-based content editor and writer with over fifteen years of experience in journalism. She thrives in researching complicated issues and explain their essence in a plain and clear language to guide you through the world of finance.

Eszter Zalan

Content Editor

Eszter is a Brussels-based content editor and writer with over fifteen years of experience in journalism. She thrives in researching complicated issues and explain their essence in a plain and clear language to guide you through the world of finance.

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

Visit Fusion Markets
74-89% of retail CFD accounts lose money
Visit IC Markets
74.32% of retail CFD accounts lose money
Visit Tickmill
76% of retail CFD accounts lose money
Visit Axi
73.9% of retail CFD accounts lose money
Visit GO Markets
62% of retail CFD accounts lose money

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