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Best Forex Brokers South Africa 2022

June 27, 2022
Last modified June 29, 2022

South Africa is the southernmost country in Africa and is one of the largest, most important economies on the entire African continent.

Capital city? South Africa has three of those. Each of the country’s capital cities represents a different branch of the government; the legislative branch is based in Cape Town, the judicial branch is in Bloemfontein, and the executive branch is based in Pretoria. Its largest city, Johannesburg, is home to South Africa’s primary stock exchange, the Johannesburg Stock Exchange (JSE).

Here at BrokerNotes, we conducted extensive research and data collection on forex brokers, local regulatory agencies and stock exchanges, and South African monetary policy to create this guide to help you pick the best forex broker for trading in South Africa.

Choosing a regulated forex broker in South Africa

Whether you are an active trader with deep forex experience, or a beginner who is just getting their start in the forex world, choosing a well-regulated forex broker is crucial if you want to steer clear of forex scams. Not all regulatory licenses carry the same weight, however, and regulatory environments can vary widely from country to country.

Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker’s overall trust (the higher a broker’s Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.

South Africa’s regulatory apparatus is segmented into two different systems (known as a “Twin Peaks” system). The regulation of financial market conduct (the first “Peak”) falls under the authority of the Financial Conduct Authority (FCA).

South Africa’s central bank, the South African Reserve Bank (SARB), administers the Prudential Authority (PA) – the governing authority that is responsible for regulating banks, insurance companies, financial cooperatives, financial conglomerates, and some market infrastructures (this is the second “Peak”).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best forex brokers in South Africa

To help you find the best forex brokers, we curated a list of every broker that accepts new clients from South Africa. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best forex brokers in South Africa:

  • IG - 9.7/10 Overall
  • AvaTrade - 8.2/10 Overall
  • Plus500 - 8.2/10 Overall
  • Markets.com - 8.1/10 Overall
  • Tickmill - 7.8/10 Overall
  • HFM - 7.6/10 Overall
  • Trade Nation - 7.1/10 Overall
  • ThinkMarkets - 7.3/10 Overall
Overall Rating
9.74.5 / 10
Minimum Initial Deposit
£250.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.828 (September 2021)
All-in Cost EUR/USD - Active0.365 (May 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)32
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.5 / 10
Minimum Initial Deposit
$2,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (August 2020)
All-in Cost EUR/USD - Active0.6 (August 2020)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)40000
Forex Pairs (Total)182
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.2 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (From 09/25/21 - 10/02/21)
All-in Cost EUR/USD - Active0.6 (From 09/25/21 - 10/02/21)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)7400
Forex Pairs (Total)91
BitcoinNo
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)127
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.7 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.1 (US August 2021)
All-in Cost EUR/USD - Active1.1 (US August 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)139
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.2 / 10
Minimum Initial Deposit
€100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (as of Aug 2018)
All-in Cost EUR/USD - Active-1
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2008
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1896
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)110
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes


Overall Rating
8.1 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8 / 10
Minimum Initial Deposit
$200
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.62 (August 2021)
All-in Cost EUR/USD - Active0.62 (August 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)3583
Forex Pairs (Total)61
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.26 (5/22-5/27/22)
All-in Cost EUR/USD - Active1.26 (5/22-5/27/22)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1996
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses6
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)124
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)81
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


South Africa’s financial markets

Forex traders may recognize the South African rand (ZAR) as South Africa’s national currency.

Forex markets and South African forex brokers are affected by the monetary policy as regulated by the SARB, which issues and manages the South African rand.

The formation of South Africa’s Johannesburg Stock Exchange (JSE) dates all the way back to the era of the South African gold rush, in 1887.

Through its long history (its oldest currently listed company was added to the exchange in 1890), the JSE has remained South Africa’s primary stock market and securities exchange, offering a variety of securities, fixed-income products, and derivatives.

Which broker is best for a ZAR account?

IG is the best broker in 2022 for residents of South Africa. IG is regulated by the FSCA and provides South African traders with a suite of excellent trading platforms, extensive market research, and award-winning mobile apps. IG simply stands apart from its competitors across multiple categories.

South African residents can open domestic accounts that allow for trading locally in South African ZAR, as well as international accounts that grant access to global markets. Traders are free to fund either the domestic or the international account (or both) after meeting IG’s minimum deposit requirement of 4,000 South African Rand (or the equivalent in supported currencies). For IG, the international account is a regulatory requirement from the South African Reserve Bank, applicable to all brokers regulated by the FSCA in South Africa.

Which broker is good for beginners in South Africa?

IG – regulated in South Africa by the FSCA – is the best broker for beginners in 2022. IG’s sleek, easy-to-use mobile apps and web trading platforms make it a breeze for new traders to get the hang of forex trading. Beginners will also discover a wealth of content to help them learn about financial markets, such as educational courses, videos, articles, podcasts, and resources like IG Community.

Which broker has the lowest spread in South Africa?

Tickmill offers the lowest effective spreads (or, lowest trading costs) out of all other FSCA-regulated brokers in South Africa. (Note: the effective spread is based on average spread data plus any added commissions).

Tickmill’s lowest spreads are found on its Pro and VIP accounts, with effective spreads for the Pro account totaling just 0.47 pips after factoring in the round-turn commission equivalent of $2 per trade (using September 2021 data for the EUR/USD).

The effective spreads on Tickmill’s VIP account were even lower, coming in at 0.27 pips for the EUR/USD, after including the $1 per-trade commission (using the same September 2021 average spread data for the EUR/USD). If you are looking for low spreads when picking your forex broker in South Africa, Tickmill will be your best bet.

What time does the forex market open in South Africa?

In a nutshell, the forex markets open in South Africa at either 10:00 pm or 11:00 pm local time, on Sunday evening, depending on whether daylight savings time (DST) is in effect in other parts of the world (South Africa does not observe DST). That being said, forex market hours are a bit more complicated than that, so we’ve included an infographic, along with a more detailed explainer below:

Generally speaking, the global forex markets are open from 9 pm Coordinated Universal Time (UTC) on Sunday, until 9 pm UTC on Friday each week.

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. For example, when the U.K. observes daylight savings, such as during British Summer Time (BST), SAST will run one hour ahead of UTC (UTC+1).

It might be helpful to see how South Africa’s forex market schedule compares to other major financial centers across the world. We’ll use the week of March 27th, 2022 as an example.

Let’s take a look at forex market opening times:

  • Sunday, Mar 27, 2022 New York, USA (EDT) 16:00 (UTC-4) - Opens
  • Sunday, Mar 27, 2022 South Africa (SAST) 22:00 (UTC+2) - Opens
  • Sunday, Mar 27, 2022 London, UK (BST) 21:00 (UTC+1) - Opens

  • Monday, Mar 28, 2022 Wellington, NZ (NZDT) 09:00 (UTC+13) - Opens


What time does the forex market close in South Africa?

Global forex markets are open from 9 pm Coordinated Universal Time (UTC) on Sunday, until 9 pm UTC on Friday each week. The closing time for forex markets in South Africa will be as follows, compared to other major forex trading financial centers:

  • Friday, Apr 1, 2022 New York, USA (EDT) 16:00 (UTC-4) - Closes

  • Friday, Apr 1, 2022 South Africa (SAST) 22:00 (UTC+2) - Closes
  • Sunday, Mar 27, 2022 London, UK (BST) 21:00 (UTC+1) - Closes
  • Monday, Mar 28, 2022 Wellington, NZ (NZDT) 09:00 (UTC+13) - Closes

What are the forex trading time zones?

Time Zones and DST: When it comes to forex trading time zones and market hours, it’s important to know that South Africa runs on South Africa Standard Time (SAST), which runs two hours ahead of UTC/GMT. Though as we noted earlier, this can vary.

For example, when the UK observes daylight savings, such as during British Summer Time (BST), SAST will run one hour ahead of UTC/GMT (UTC+1, or GMT+1).

What are the key forex trading sessions?

The forex markets open each week starting in Australia and New Zealand on Monday morning (9am in Wellington, or UTC+13) when it is technically still 4pm on Sunday afternoon in New York (UTC-4). As the sun rises and then moves westward, other financial centers in the Asia-Pacific region – such as Japan and Hong Kong – follow. Europe and London are next, with New York opening last as the furthest-west market – that session ends at 4pm EST.

At that point, rollover occurs. Markets are usually thin (or even paused) for up to an hour. This 24-hour cycle repeats itself each day until Friday afternoon in New York, when markets close for the weekend. It all starts over again the following week.

Pro Tip: When veteran forex traders refer to the time of day within the forex daily schedule, you’ll usually hear them grouped into four trading “sessions.” Some of these sessions overlap each other as they transition from one to the next, as can been observed in the table below (which assumes DST is in effect):

  1. The Sydney Session (trading week starts in New Zealand and then Australia) 7am - 4pm AEDT (UTC+11)

  2. The Tokyo Session (also referred to as the Asian session) - 9am - 6pm JST (UTC+9)

  3. The London Session (includes Europe and Africa) - 8am - 5pm BST (UTC+1)

  4. The New York session (for the Americas) - 8am - 5pm* EDT (UTC-4) (Except on Friday when most forex markets close at 4pm EST to prevent rollover).

Weekend trading: As more brokers start to offer cryptocurrency trading on weekends, we are starting to see limited forex trading sessions available on Saturdays. However, markets remain thin (and potentially volatile) during those times, and as the full global markets remain closed over the weekend, those times are generally best avoided.

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About the Author

Steven Hatzakis

Steven is the Lead Writer and Director of Research at BrokerNotes since 2021, and at ForexBrokers.com since 2016. Steven has been gathering accolades and credentials in the finance industry for over 20 years. He’s served as a registered commodity futures representative for both domestic and internationally regulated brokerages, and he’s held a Series III license in the U.S. as a Commodity Trading Advisor (CTA) for over ten years. He’s published over 1,000 articles covering the forex industry, and he has been writing about Bitcoin and cryptocurrency for almost ten years. Steven continues to contribute to open-source technology, consumer education, and self-regulatory initiatives.


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