On Standard or Micro account, the total cost is between USD per Standard Lot. There is no extra commission per lot nor is there any inactivity charge. But if you are holding your trade over days, there is swap charge of −0.57 if you are Long. Don’t deposit your money at any forex broker till you have a proper trading strategy. The broker can either decide to take the risk on their books, and take the opposite side of these trades.

They are regulated with FSCA since 2015 under the company name ‘Ava Capital Markets Pty Ltd’. HotForex, or HF Markets claims to be a 100% STP forex broker in South Africa. They were founded in 2010 & have been regulated by FSCA as HF MARKETS SA (PTY) LTD since 2016. Tickmill was established in 2014, and we consider them to be a safe broker as they are regulated with luno exchange review multiple top-tier regulators i.e. So, you must verify if your broker is authorized by the FSCA to offer the products which they claim.

What is the best forex trading platform in South Africa?

Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. If you are unsure about the reliability of your Forex broker, you can check our list of brokers to avoid. If you believe you have been scammed by your broker, the first thing to do is contact the FSCA. You can contact the FSCA’s complaints department here, and they can advise you on the next steps to take.

Best Forex Brokers in South Africa

For our research, we use multiple metrics to check whether the broker is trusted or a scam. In our criteria, the most important factor is the regulation of broker with FSCA & other tier-1 regulators FCA & ASIC. Also depending on your account type, the minimum requirements to open the account would be different. In case of a STP broker, as soon as you place the trades, they send it to their liquidity providers & hedge against any directional risk.

For more detail and to see which brokers we recommend for new traders, check out our dedicated page on the best brokers for beginners. The FSCA also have mechanisms in place for dispute resolution and investor compensation in case of broker defaults or fraud. These standards ensure that traders have access to a fair and transparent trading environment and are protected against fraud or unethical practices by their brokers.

Founded in 2021, Banxso was founded in South Africa and is regulated by the FSCA, specializing in services for local clients. The broker offers trading in currencies, shares, commodities, indices, and futures. Founded in 2005, FP Markets offers trading in forex, commodities, stocks, ETFs, indices, and cryptocurrencies. FP Markets is regulated by CySEC, ASIC, and FSCA, and also has an unregulated entity registered in St. Vincent & the Grenadines. The broker offers the popular MetaTrader 4 and MetaTrader 5 platforms, cTrader, and iRESS (for the ASIC-regulated entity). Our tests showed that FBS offers competitive spreads for major forex pairs in the Standard Account.

How Did FXEmpire Select the Best Forex Brokers in South Africa?

She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over vantage fx eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world. Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications.

She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders. Market markers only make money from the spread – the difference between the buying and selling price of the currency pair. These brokers will be the counterparty to any trade, so they make money when clients lose trades. In South Africa, Forex brokers must be regulated by the Financial Sector Conduct Authority (FSCA), the regulatory body for non-banking financial services in the country.

Tickmill could enhance its offer by providing more local payment choices for South African traders, allowing for easier deposits and withdrawals. They might also increase their local customer support to deliver more personalized service to South African customers. Tickmill offers a straightforward pricing mechanism with minimal spreads and charges, making it an affordable solution for active traders.

1. Online derivatives providers (ODPs) must have a Financial Services Provider (FSP) license to serve South African residents.
2. Check out a gallery of screenshots from IG’s trading platforms, taken by our research team during our product testing.
3. FXTM is well-known for its robust instructional support and detailed market research, which is useful for traders wishing to improve their trading skills.
4. But the commission if you choose cTrader is $6 per lot, instead of $7/lot with MetaTrader Raw spread account.

IG offers a substantial variety of in-depth educational content and materials for new investors and traders, alongside trading platforms that are well-designed and user-friendly. IG even offers a standalone mobile app – IG Academy – that is exclusively dedicated to education. IG is also regulated in numerous top-tier jurisdictions, making it one of the most trusted forex brokers globally.

If you do register with forex broker who operates from aboard, you run the risk of that broker being a scam & running away with your money. For example, if you are signing up with HotForex, then you should visit their authorized website “hotforex.co.za” for SA traders. Scam brokers try to clone the websites of authorized brokers & mislead you to deposit funds in fake accounts.

In order to avoid slippage, you should choose you should choose instant execution. For example, Exinity Limited, which operates the brand FXTM is a licensed ODP as per FSCA ODP search page. Any good broker will be compliant with major Regulators & will not have complaints (in the past) against them. For more details, read our comprehensive Hotforex review that covers our 9 comparison metrics. It’s important to note that South Africa runs on South Africa Standard Time (SAST), which runs two hours ahead of UTC – though this can vary. Observes daylight savings, such as during British Summer Time (BST), SAST will run one hour ahead of UTC (UTC+1).