The forex market is a large, liquid, and volatile financial market that has participants from around the world. South Africa is the second-largest economy in Africa and has an active population of forex traders, from beginners right through to institutional traders.
While the process involved with choosing a forex broker is quite tedious, we have indicated some of the best forex brokers in South Africa that offer some of the best, most competitive trading conditions in the industry.
IFX Brokers
Features
IFX Brokers is a proudly South African forex broker that offers forex and CFD instruments that can be traded across several asset classes. IFX Brokers offers its clients a wide range of markets, competitive trading conditions that consist of variable spreads, decent leverage ratios, and commission-free trading.
IFX Brokers is well-regulated with the Financial Sector Conduct Authority (FSCA) in offering a safe, fair, and transparent trading environment for all traders where client funds are kept secure with top-tier banks.
Pros and Cons
| PROS | CONS |
| Well-regulated | MetaTrader 5 is not offered |
| MetaTrader 4 is supported | FIX API trading is not supported |
| Range of useful tools offered | Spreads are not the tightest |
| Commission-free trading | |
| Wide-range of tradable instruments |
Markets.com
Features
Markets.com is a multi-asset trading platform and forex broker that offers a wide range of flexible trading solutions to South African traders. Markets.com is known as one of the best brokers in South Africa that offers a wide range of tradable instruments that can be traded through MetaTrader 4 and MetaTrader 5.
Pros and Cons
| PROS | CONS |
| Low trading fees | Inactivity fees charged |
| Proprietary trading platform with scanner and trading signals | |
| Well-regulated | |
| 24/5 multilingual customer service | |
| Suited for beginner traders |
Blackstone Futures
Features
Blackstone Futures is a forex and CFD broker based in South Africa with strict regulation through FSCA in offering retail traders in South Africa advanced, flexible trading solutions. Blackstone Futures offers 32 different forex pairs that can be traded with spreads from as little as 0.6 pips on EUR/USD. In addition, traders can expect a safe, fair, and transparent trading environment and guaranteed safety of funds.
Pros and Cons
| PROS | CONS |
| South African-based broker with FSCA regulation | Limited tradable instruments |
| Low spreads | |
| High maximum leverage | |
| Advanced trading platforms offered | |
| Educational material and trading tools offered |
HotForex
Features
HotForex is a large and reputable forex broker that is the trading arm of HF Markets, providing the broker with a long list of regulations and authorisation to offer services in South Africa. With HotForex, traders can expect a wide range of tradable instruments, low trading fees, powerful trading platforms, educational material, and advanced trading tools and resources.
Pros and Cons
| PROS | CONS |
| Demo accounts offered | Fixed spreads not offered |
| Well-regulated | |
| Choice in account types | |
| Competitive trading conditions | |
| Tight spreads offered |
Khwezi Trade
Features
Khwezi Trade is another popular and reputable South African broker that is headquartered in Cape Town. Khwezi Trade caters specifically for both beginner and professional traders who want to add a competitive edge to their trading.
Pros and Cons
| PROS | CONS |
| South African broker with FSCA regulation | High minimum deposit requirement of R2 000 |
| Dedicated customer support in multiple languages | Limited tradable instruments offered |
| Decent leverage ratios offered |
Also Read – CMTrading: How to go from trader to super affiliate