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Best forex brokers in South Africa in 2023

TOP
1
74-89% of retail CFD accounts lose money
TOP
2
74.32% of retail CFD accounts lose money
TOP
3
76% of retail CFD accounts lose money
TOP
4
73.9% of retail CFD accounts lose money
TOP
5
62% of retail CFD accounts lose money
TOP
6
74-85% of retail CFD accounts lose money
TOP
7
74-89% of retail CFD accounts lose money
TOP
8
68% of retail CFD accounts lose money
TOP
9
75.31% of retail CFD accounts lose money
TOP
10
74-89% of retail CFD accounts lose money
  1. Fusion Markets is the best forex broker in South Africa in 2023 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
  2. IC Markets - Low FX commission and tight spreads. Wide range of currencies. Low withdrawal fee.
  3. Tickmill - Low FX commission and tight spread. Rich selection of currency pairs. Low withdrawal fee.
  4. Axi - Low FX commission. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
  5. GO Markets - Low FX commission and tight spreads. Low withdrawal fee. Low minimum deposit.
  6. ActivTrades - Competitive FX spreads. Low withdrawal fee. No minimum deposit.
  7. Pepperstone - Low FX commission and tight spreads. Low withdrawal fee. excellent account opening.
  8. TMGM - Free withdrawal. Decent currency pair selection. Leverage can be set manually.
  9. FP Markets - Decent currency pair selection. Great mobile trading platform. Outstanding education tools.
  10. Vantage - Great variety of deposit/withdrawal options. No inactivity fee. Leverage can be set manually.

Best forex brokers
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
No minimum account balance
IC Markets
$3.50 commission per lot per trade
$200
$200 minimum deposit is required for MT4/MT5/CTrader accounts
Tickmill
$2.00 commission per lot per trade
$100
$100 minimum deposit
Axi
$3.50 commission per lot per trade
$0
No minimum account balance for Standard and Pro accounts
GO Markets
$3.00 commission per lot per trade
$107
There is no minimum deposit
ActivTrades
No commission is charged
$0
There is no minimum deposit
Pepperstone
$3.50 commission per lot per trade
$0
No minimum account balance required
TMGM
$3.50 commission per lot per trade
$100
$100 minimum deposit
FP Markets
$3.00 commission per lot per trade
$100
$100 minimum deposit for MetaTrader platforms; $1,000 minimum for the IRESS platform
Vantage
$3.00 commission per lot per trade
$50
$50 minimum deposit for STP and RAW ACN account. $10,000 minimum deposit for PRO ACN account.
Best forex brokers and trading platforms in South Africa in 2023

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.

Popularity

Best forex brokers
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
Spreads were captured on May 24, 2023
0.1
Spreads were captured on May 24, 2023
IC Markets
0.0
Spreads were captured on May 24, 2023
0.1
Spreads were captured on May 24, 2023
Tickmill
0.1
Spreads were captured on May 24, 2023
0.3
Spreads were captured on May 24, 2023
Axi
0.2
Spreads were captured on May 24, 2023
0.4
Spreads were captured on May 24, 2023
GO Markets
0.2
Spreads were captured on May 24, 2023
0.4
Spreads were captured on May 24, 2023
ActivTrades
0.8
Spreads were captured on May 24, 2023
1.0
Spreads were captured on May 24, 2023
Pepperstone
0.1
Spreads were captured on May 24, 2023
0.2
Spreads were captured on May 24, 2023
TMGM
0.1
Spreads were captured on May 24, 2023
0.3
Spreads were captured on May 24, 2023
FP Markets
0.1
Spreads were captured on May 24, 2023
0.2
Spreads were captured on May 24, 2023
Vantage
0.1
Spreads were captured on May 24, 2023
0.3
Spreads were captured on May 24, 2023
Fees at the best forex brokers in South Africa in June 2023

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

Broker
Account fee
Inactivity fee
Fusion Markets
No account fee
No inactivity fee
IC Markets
No account fee
No inactivity fee
Tickmill
No account fee
No inactivity fee
Axi
No account fee
$10 per month after one year of inactivity
GO Markets
No account fee.
No inactivity fee
ActivTrades
No account fee
If the account is not used for over 1 year and there is a remaining balance, a fee of £10 per month will be charged
Pepperstone
No account fee
No inactivity fee
TMGM
No account fee
$30 inactivity fee per month if your account balance falls below $500 or if it remains inactive for over six months
FP Markets
No account fee for MetaTrader 4/5 and IRESS investor account, but AUD 55 per month fee for IRESS trader account unless AUD 200 in commission per month or maintains AUD 50,000
No inactivity fee
Vantage
No account fee
No inactivity fee
Non-trading fees at the best forex brokers in South Africa in June 2023

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

Broker
Currency pairs (#)
Select...
Fusion Markets
90
IC Markets
61
Tickmill
62
Axi
76
GO Markets
49
ActivTrades
49
Pepperstone
62
TMGM
50
FP Markets
63
Vantage
300
Currency pair numbers at the best forex brokers in South Africa in June 2023
Which currency pair do you want to trade?

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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.

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.

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

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

Fusion Markets snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 90
Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, AstroPay, Neteller, dragonpay, Jeton, eZeeWallet, Sticpay, Perfect Money, fasapay, Binancepay,Interac, Pay Retailers, X-Pay, LuqaPay, PayOp, Zotapay, Payid, Mifinity
Withdrawal fee $0
Read review For a detailed analysis of Fusion Markets services, check out our review for 2023
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

Visit broker
74.32% of retail CFD accounts lose money

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, 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 2023
Tickmill Logo

#3 Best forex broker
Tickmill

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

Visit broker
76% of retail CFD accounts lose money

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
Axi Logo

#4 Best forex broker
Axi

Recommended for forex traders familiar with the metatrader 4 platform

Visit broker
73.9% of retail CFD accounts lose money

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
GO Markets Logo

#5 Best forex broker
GO Markets

Recommended for forex traders who like the metatrader platform

Visit broker
62% of retail CFD accounts lose money

GO Markets snapshot
Minimum deposit $107
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 49
Deposit methods Bank transfer, Credit/debit cards, Skrill, Neteller, DotPay, Nuvei, fasapay
Withdrawal fee $0
Read review For a detailed analysis of GO Markets services, check out our review for 2023
ActivTrades Logo

#6 Best forex broker
ActivTrades

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

Visit broker
74-85% of retail CFD accounts lose money

ActivTrades snapshot
Minimum deposit $0
Mobile app score 3.9 stars
Inactivity fee Yes
Currency pairs 49
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, AstroPay, Sofort
Withdrawal fee $0
Read review For a detailed analysis of ActivTrades services, check out our review for 2023
Pepperstone Logo

#7 Best forex broker
Pepperstone

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

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

Pepperstone snapshot
Minimum deposit $0
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 62
Deposit methods Bank transfer, Credit/debit cards, POLi, BPay, PayPal, Neteller, Skrill, Union Pay
Withdrawal fee $0
Read review For a detailed analysis of Pepperstone services, check out our review for 2023
TMGM Logo

#8 Best forex broker
TMGM

Recommended for forex traders who prefer the metatrader platform

Visit broker
68% of retail CFD accounts lose money

TMGM snapshot
Minimum deposit $100
Mobile app score 3.8 stars
Inactivity fee Yes
Currency pairs 50
Deposit methods Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker
Withdrawal fee $0
Read review For a detailed analysis of TMGM services, check out our review for 2023
FP Markets Logo

#9 Best forex broker
FP Markets

Recommended for forex and cfd traders familiar with the metatrader and iress trading platforms

Visit broker
75.31% of retail CFD accounts lose money

FP Markets snapshot
Minimum deposit $100
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 63
Deposit methods Bank transfer, Credit/debit cards, Neteller, Skrill, China Union Pay, BPay, PoliPay, Fasapay, Ngang Luong, PayTrust, PayPal, Interac, Dragonpay
Withdrawal fee $0
Read review For a detailed analysis of FP Markets services, check out our review for 2023
Vantage Logo

#10 Best forex broker
Vantage

Recommended for forex and cfd traders familiar with the metatrader trading platforms

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

Vantage snapshot
Minimum deposit $50
Mobile app score 3.8 stars
Inactivity fee No
Currency pairs 300
Deposit methods Bank transfer, Credit/debit cards, Apple Pay/Google Pay, SticPay, Fasapay, Bitwallet, Astropay, Perfect Money, Advcash, Cryptocurrency (Bitcoin, Tether)
Withdrawal fee $0
Read review For a detailed analysis of Vantage services, check out our review for 2023

Best forex brokers
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Best forex brokers
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.

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. Offers standard 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.
  6. ActivTrades - Low trading fees. Excellent account opening. Free deposit and withdrawal.
  7. Pepperstone - Fast and fully digital account opening. Great customer service. Seamless and free deposit and withdrawal.
  8. TMGM - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  9. FP Markets - Low forex fees. Easy/fast account opening and funding. Great education tools.
  10. Vantage - Low non-trading fees. Super fast 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.

Author of this article

Eszter Zalán

Author of this article

Eszter has been writing and editing BrokerChooser's content since 2021 bringing her more than a decade-long experience in journalism to the team. She has been covering world affairs and several financial crises, and recently has been diving deep into SEO and coding to make BrokerChooser's content more accessible to users.

Eszter Zalán

Editor, Financial Journalist

Eszter has been writing and editing BrokerChooser's content since 2021 bringing her more than a decade-long experience in journalism to the team. She has been covering world affairs and several financial crises, and recently has been diving 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

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
Visit ActivTrades
74-85% of retail CFD accounts lose money
Visit Pepperstone
74-89% of retail CFD accounts lose money
Visit TMGM
68% of retail CFD accounts lose money
Visit FP Markets
75.31% of retail CFD accounts lose money
Visit Vantage
74-89% of retail CFD accounts lose money

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