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Best Forex Brokers in South Africa for 2024

Toni Nasr, CFA, FRM| Updated February 6th, 2024

Finding the best Forex brokers in South Africa is undoubtedly a difficult task. At investing in the Web, we looked through various Forex brokers that accept South African users and evaluated all their features, such as available currency pairs, spreads, fees, trading platforms, and regulations.

Whether you’re new to the Forex market and want to get started, or you’re an experienced Forex trader looking for a new platform, this guide will help you compare the best Forex brokers in South Africa. Let us go right into it:

  1. Interactive Brokers: Best for a wide range of currency pair offerings and advanced tools.
  2. XTB: Best for high leverage and great customer service.
  3. FP Markets: Best for social trading and user-friendly platform.
  4. Plus500: Best for low Forex fees and free deposits and withdrawals.
    Disclaimer: 82% of retail CFD accounts lose money.

Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.

Best Forex Brokers in South Africa for 2024 compared

Broker IBKR XTB FP Markets Plus500
Number of currency pairs 100+ 45+ 60+ 60+
Maximum leverage 1:40

(depends on account type and currency pair)

1:500 1:30 (standard account)

1:500 (pro account)

1:300
Minimum deposit $0 $0 $100 $100
Spreads starting at

(pips)*

0.1 (subject to commission) 0.9 (standard account)

0 (pro account)

1 (standard account)

0 (pro account)

0.8
Deposit method Bank transfer Bank transfer, credit/debit card, Skrill. Bank transfer, credit/debit cards, Neteller, Skrill, and more. Bank transfer, credit/debit cards, PayPal, MoneyBookers.
Withdrawal fees 1 free withdrawal per month $20 on amounts below $100; Free above $100 $0 $0

*The above spreads are mentioned as presented on the broker’s website.

You can check below the spreads of those brokers on the most used currency pairs.

Spread comparison of the best Forex brokers in South Africa

Currency IBKR XTB FP Markets Plus500
EUR/USD 0.1 0.9 1.1 0.8
GBP/USD 1.5 1.4 2.1 1.3
AUD/USD 0.5 1.3 1.2 0.8
USD/JPY 100 140 150 100
USD/CAD 1.0 1.8 1.6 2.0
CAD/CHF 0.5 2.2 1.1 4.0
Gold (XAU/USD) 900 2,500 900 4,100
Silver (XAG/USD) 70 250 140 220

Spreads are in pips (equal to 0.0001)

The spread in forex trading is the difference between the ask price and the bid price on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers have the ability to increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.

Top Forex brokers in South Africa Reviewed

1# Interactive Brokers

interactive brokers logo
Visit Interactive BrokersBest Forex Brokers in South Africa for 2024 1

Interactive Brokers at a glance

Number of currency pairs100+
Maximum Leverage1:40 (depends on account type and currency pair)
Minimum Deposit$0
Forex feesSpreads starting 0.1 pip and tier pricing commission
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. They are at the top of our list of the best Forex brokers in South Africa for their wide range of currency pairs, great research tools and advanced trading platforms.

There are several account base currencies at Interactive Brokers without any minimum required amount, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:

Interactive Brokers spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.1
GBP/USD spread 1.5
AUD/USD spread 0.5
USD/JPY spread 100
USD/CAD spread 1
CAD/CHF spread 0.5
XAU/USD spread 900
XAG/USD spread 70

In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.

Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.

Interactive Brokers trading features

Trading platforms IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app).
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection No
Guaranteed stop loss No

We recommend you check out our comprehensive Interactive Brokers review.

2# XTB

XTB Review - XTB Logo
Visit XTBBest Forex Brokers in South Africa for 2024 1

76-85% of retail CFD accounts lose money.

XTB at a glance

Number of currency pairs48
Maximum Leverage1:500
Minimum Deposit$0
Forex Fees$0 for standard accounts, but spreads starting at 0.9 pips apply
RegulatorsCySEC, FCA, KNF, CNVM, and IFSC

XTB is a global CFD broker established in 2002 with more than 495,000 clients. Compared to other brokers, it is widely known for having an outstanding customer service team. Additionally, they provide high leverage on forex trading that can go as high as 1:500. Spreads are reasonably low, starting at 0.1 pips, and there are 48 currency pairs available for trading.

XTB spreads on major currencies

Currency pair Spreads in pips on standard account
EUR/USD spread 0.9
GBP/USD spread 1.4
AUD/USD spread 1.3
USD/JPY spread 140
USD/CAD spread 1.8
CAD/CHF spread 2.2
XAU/USD spread 2,500
XAG/USD spread 250

The spread depends on the type of account that you choose and the market that you trade on.

XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. You can fund your account via bank wire transfer, credit or debit card, or Skrill, and there is no minimum amount to open an account.

XTB trading features

Trading platforms XTB Web Trade Platform, xStation 5 desktop trading platform, xStation Mobile application.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection No
Guaranteed stop loss No

On the downside, XTB charges a $20 fee for withdrawals of less than $100, but they do not impose a fee on withdrawals over that amount. Additionally, they charge a $10 monthly fee after 12 months of inactivity.

Read our XTB review for further insights.

3# FP Markets

fp markets
Visit FP MarketsBest Forex Brokers in South Africa for 2024 1

FP Markets at a glance

Number of currency pairs60+
Maximum Leverage1:30 (standard account); 1:500 (pro account)
Minimum Deposit$100
Forex fees$0, but spreads starting 1 pip apply
RegulatorsCySEC, ASIC, FCA

FP Markets is another broker included in our list of the best forex brokers in South Africa. It is one of the few brokers that give you access to social trading, allowing you to find, follow and copy successful traders automatically. It was founded in 2016; they give you access to trade more than 60 currency pairs.

FP Markets spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 1.1
GBP/USD spread 2.1
AUD/USD spread 1.2
USD/JPY spread 150
USD/CAD spread 1.6
CAD/CHF spread 1.1
XAU/USD spread 900
XAG/USD spread 140

FP Markets has its own well-designed web trading platform and mobile application. In addition, you can trade using the online trading platform Iress, and the famous MetaTrader trading platforms MT4 and MT5. These trading platforms offer a wide range of indicators and drawing tools that assist you in analysing trends and market movements. You can open an account online, fund it by bank transfer, credit or debit cards, Neteller, Skrill, or several other online payment methods, and the minimum deposit is $100.

FP Markets trading features

Trading platforms MetaTrader4 (MT4), MetaTrader5 (MT5), Iress, FP Markets WebTrader and Mobile app.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

FP Markets does not charge any fees on deposits and withdrawals, but on the downside, they provide very few educational materials and research reports compared to other brokers.

4# Plus500

Best Forex Brokers in South Africa for 2024 4
Visit Plus500Best Forex Brokers in South Africa for 2024 1

82% of retail CFD accounts lose money.

Plus500 at a glance

Number of currency pairs60+
Maximum Leverage1:300
Minimum Deposit$100
Forex fees$0, but spreads starting 0.8 pips apply
RegulatorsCySEC, FMA, MAS, SFSA, FSCA, ASIC, FCA

Plus500 was founded in 2008, and is an ideal broker if you want to reduce your fees, as it provides tight spreads in addition to free deposits and withdrawals. They have their own well-designed web trading platform and a mobile application that gives you access to over 60 currency pairs.

Plus500 spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.8
GBP/USD spread 1.3
AUD/USD spread 0.8
USD/JPY spread 100
USD/CAD spread 2
CAD/CHF spread 4
XAU/USD spread 4,100
XAG/USD spread 220

Plus500 offers a wide range of indicators and drawing tools that assist you in analyzing trends and market movements. You can open an account online with a minimum deposit of $100, and you can fund it with credit or debit cards, PayPal, and MoneyBookers. Bank Transfers have a minimum deposit of $500.

Plus500 trading features

Trading platforms Plus500 Web Trader platform, Plus500 Mobile application.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss Yes

On the downside, Plus500 provides very little educational materials and research reports compared to other brokers. Additionally, if you don’t access your account for three consecutive months, a $10 monthly fee will be charged. This is a shorter timeframe than some other brokers, who typically impose this fee after one year of inactivity.

You can read our Plus500 review for further details.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Makes a Good Forex Broker?

Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:

  • Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
  • Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
  • Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.

The bottom line

It can be difficult to find the best Forex broker in South Africa, as there are several platforms that are available. In this review, we highlighted the key features of the top Forex brokers in South Africa, which are summarized below:

Best Forex Brokers in South Africa
#1 Interactive Brokers Best for a wide range of currency pair offerings and advanced tool
#2 XTB Best for high leverage and great customer service
#3 FP Markets Best for social trading and user-friendly platform
#4 Plus500 Best for low Forex fees and free deposits and withdrawals

To find out which broker could be ideal for you, you can always use our “Help Me Choose” tool. You can also look at our comparison table for a detailed breakdown of the key features of various global brokers. And for additional details about the products and services each broker provides, you can read our reviews.

We hope this article saves you some time while researching the best Forex brokers in South Africa. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might be helpful to test the features and practice.

Other FAQs

Is Forex trading legal in South Africa?

Forex trading is legal in South Africa, and the Financial Services Conduct Authority in South Africa supervises the financial markets.  South African traders are allowed to use international brokers to trade Forex and trade other financial instruments.

How to trade Forex in South Africa?

First, you have to open an account with a Forex broker in order to get access to the Forex market. Then, you need to analyse the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.

Can I trade Forex in South Africa with $10? And $100?

Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.

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