The post Best Forex Brokers in South Africa by Chris Davis appeared first on Benzinga. Visit Benzinga to get more great content like this.
Want to skip to the answer? Benzinga readers love FOREX.com and HYCM as the best forex brokers in South Africa.
Strong regulation and its relative economic power give South Africans confidence to trade forex. The rand has remained within the top 20 currencies since 2004. And it’s the African currency to achieve this ranking in the forex South Africa market.
Ready to trade forex in South Africa? Get started now with our guide to forex trading in South Africa.
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9 Best Forex Brokers in South Africa
South African residents can open up an account with each top forex broker below, so review what your trading requirements are and check out the various options before you choose a broker.
- Best for Leverage Trading With Many Instruments: IFC Markets
- Best for Top Tier Security: CMTrading
- Best for Non US Forex Trading: AvaTrade
- Best for High Volume Traders: FOREX.com
- Best for Beginners: eToro
- Best for Traders of all Experience Levels: JustMarkets
- Best for Most Trusted: IG
- Best for Low Forex and CFD Trading Fees: HYCM
- Best for Traders Who Rely on Technical Analysis: FXGT.com
1. Best for Leverage Trading With Many Instruments: IFC Markets
Standard Accounts: $1,000
Founded in 2006, IFC Markets is a popular forex and contracts for difference (CFD) broker that provides high-quality trading services to over 185,000 clients from more than 80 countries. The broker has oversight from the British Virgin Islands Financial Services Commission (BVI FSC) as well as the Labuan Financial Services Authority (LFSA) in Malaysia.
IFC Markets offers trading in over 600 financial instruments including forex stocks indices commodities cryptocurrency futures and synthetic assets through excellent trading platforms: MetaTrader 4 and MT5, and its own developed NetTradeX advanced platform. IFC Markets also gives clients unlimited trading opportunities via its unique GeWorko Portfolio Quoting Method that lets traders create their own synthetic instruments or choose from PCI Library synthetic instruments created by professionals.
Best For
- Traders who want to create their own trading instruments
- Intraday and mid-term traders
- Small volume traders
- Trading platforms variety
- The GeWorko Portfolio Quoting Method lets you create synthetic assets
- 15 years experience in the business
- Highly rated by clients with 8 recent international awards
- Insured by AIG Europe Ltd.
- Only regulated by 2 minor agencies
- Not available to traders in the U.S., Japan and Russia
IFC Markets supports nearly 200,000 clients in 80 countries (including South Africa). When you want to trade unique assets like forex and CFDs based on stocks, indices, oil, gold, etc, you can get started with IFC Markets at any time. The platform offers well over 600 trading instruments, and you also have the option to build as many synthetic instruments as you like. This means that you can grow your portfolio that much more quickly and use your creativity to invest more effectively and aggressively.
Floating spreads dip as low as 0.4 and fixed spreads can be as low as 1.8. Leverage is available up to 1:400. Plus, you can use the GeWorko Portfolio Quoting Method, which makes it that much easier for you to build those synthetic assets and collect data that will improve your decision-making.
Moreover, the platform is regulated by The British Virgin Islands Financial Services Commission (BVI FSC) and the Labuan Financial Services Authority (LFSA) in Malaysia, making IFC Markets safer for South African investors.
Pros
- High leverage options make it possible for you to turn small investments into big gains
- South African investors can rest assured that they are protected as the platform is double-regulated
Cons
- Unfortunately, synthetic trading instruments could be quite confusing for investors who are not fully versed in this type of trading
- Remember, though, that high leverage options could lead massive losses
2. Best for Top Tier Security: CMTrading
Founded in 2012, South Africa-based online broker CMTrading gives clients award-winning access to more than 150 tradable assets, including the foreign exchange market (forex), contracts for difference (CFDs), commodities, indices and cryptocurrencies.
In addition to the globally recognized MetaTrader 4 (MT4) trading platform, CMTrading also supports the Sirix Web Trader platform and a social trading platform called CopyKat. The broker provides a wide range of trading tools on its website as well as mobile trading apps for the Sirix and MT4 platforms. CMTrading offers extensive educational resources for less-experienced traders that include live seminars, webinars, e-books and training videos. While CMTrading services clients in more than 190 countries, the broker does not currently accept U.S.-based customers.
Best For
- New traders
- Experienced traders
- CFD traders
- Active traders
- Premium analytics
- Extensive educational resources
- Multiple trading platforms
- Research platform
- Social trading
- Not available to U.S. based traders
- High minimum deposit
CMTrading is your local international broker, serving traders throughout Africa. You can get up to 200:1 leverage on your CFD, currencies, forex, crypto or indices, with the platform offering over 150 assets.
You can download the mobile app or trade on the CMTrading website. Additionally, you get 24/7 support, 4 account types and fast transactions.
If you’re new to trading, there is a massive education section that will take you from a novice to an experienced and confident trader. When you’re ready, you can use MT4, Sirix, CopyKat, Expert Advisors (for automated trading) and a selection of additional trading apps.
Pros
- Multiple instruments available such as forex, indices, crypto, and more
- Fast account registration
- Demo account available
Cons
- High minimum deposit for new traders
- Lack of payment systems for deposits and withdrawals.
3. Best for Non US Forex Trading: AvaTrade
A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.
Best For
- Beginners
- Advanced traders
- Traders looking for a well-diversified portfolio
- Controlled by regulatory agencies of multiple countries
- Choice offered in terms of trading platforms
- Support available in 14 languages and trading platforms in 20 languages
- Practice/demo account available for trying out
- Breadth of trading assets
- Does not accept customers from the U.S. as it isn’t regulated in the U.S.
- Transferring funds to the account may take up to five days; withdrawals could take up to 10 days
AvaTrade is a broker with a large reach from Europe and South Africa to the Middle East, Australia, the Caribbean, Japan and much more. You can easily trade CFDs based on several assets like stocks, forex, indices, crypto, and much more.
AvaTrade is unique in that it works best for both beginners and advanced traders who want to volume trade. You can get service in 20 languages, and you will have more than enough variety to keep your portfolio both up-to-date and profitable.
Pros
- Due to the sheer range of languaes present in South Africa, AvaTrade’s customer support options are critical for success in this region
- South African traders can gain access to a range of assets they might not find elsewhere
Cons
- South African traders will find many assets in which they can trade, but they must remember that the platform offers many risky investments
- Even though AvaTrade is well regulated, it cannot prevent losses from happening
4. Best for High Volume Traders: FOREX.com
FOREX.com is a one-stop shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker.
Best For
- Beginner forex traders
- Active forex traders
- Impressive, easy-to-navigate platform
- Wide range of education and research tools
- Access to over 80 currencies to buy and sell
- Leverage available up to 50:1
- Cannot buy and sell other securities (like stocks and bonds)
FOREX.com is the leading U.S. forex broker based on client assets and is well-regulated by the NFA and CFTC in the United States. It is also regulated in the U.K., Japan, Australia, Singapore, Hong Kong, Canada, and the Cayman Islands.
Opening a trading account at FOREX.com requires just $250, and you can trade micro lots through this broker if you wish to deal in smaller trading sizes. The broker keeps client funds segregated from its own and it also offers an Islamic account option for clients.
FOREX.com has several desktop, web-based and mobile trading platforms that include the highly popular MetaTrader 4 and 5 platforms from MetaQuotes, as well as NinjaTrader. Traders can also access its proprietary Advanced Trading Platform for desktop computers and its Web Trading platform that lets you trade using an Internet browser.
FOREX.com has a rather low (though safe) maximum leverage ratio of just 50:1 for forex clients.
Pros
- Easy-to-navigate platform
- Metatrader 4 available
- 80+ currency pairs
- Leverage available up to 50:1
- Demo account available
Cons
- Other securities aren’t available
5. Best for Beginners: eToro
Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).
eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.
Best For
- International Forex/CFD Traders
- New cryptocurrency traders looking for an easy-to-use platform
- Traders who want to buy and sell cryptocurrencies on-the-go
- Simple platform that is easy to master
- CopyTrader feature that allows new traders to copy the same strategies used by professionals
- Virtual dummy account that gives you $100,000 to practice trades
- U.S. traders currently limited to cryptocurrencies
- Only 15 major coins available to trade
eToro is a social trading platform that provides forex products and more to retail clients for over 10 years. They have 10 million account holders worldwide, and this allows users to be a part of their own trading community.
eToro’s most popular trading features that set them apart from the competition are CopyTrader, CopyPortfolios, and the Social News Feed.
With CopyTrader and CopyPortfolio, you locate a successful trader and copy their strategy. You can copy up to 100 traders, and this feature is easy to acess and set up.
The Social News Feed gives you access to a Twitter-like feed to trader updates. Traders discuss the markets, their strategies, and are able to get alerts based on certain market factors.
Pros
- Offers social trading
- Easy to set up account
- Comprehensive educational resources
Cons
- High non-trading fees
- Lacking customer service support
6. Best for Traders of all Experience Levels: JustMarkets
JustMarkets, formerly Justforex, was founded in 2012. On JustMarkets, you can choose between four types of accounts. Offered services and instruments vary as of jurisdiction but you can get started for as little as $1 in two account types. The other two suggest a minimum deposit of $100. With over 170 trading instruments and availability in 200 countries, JustMarkets is a global platform with low fees that allows you to try forex trading without investing a large amount. It has 24/7 customer service in three different languages: English, Indonesian and Malaysian.
Best For
- Spread-based accounts are best for beginner traders
- Commission-based accounts are best for advanced traders with higher entry volume
- 170+ trading instruments
- High leverage up to 1:30 for retail clients and up to 1:300 for professional clients on justmarkets.eu
- MetaTrader 4/5 offered (MT5 only for EU)
- Low minimum deposits from $1 (For EU Min deposit 100)
- Copy trading (not applicable for EU)
- Competitive forex spreads
- Order execution from 0.01 seconds
- Up to 11 base currency options depending on license type
- Scalping, hedging, and forex robots EA allowed
- Not available in the U.S., U.K. or Japan
- Educational materials are limited
- No cTrader or TradingView
- No banking license
JustMarkets, formerly Justforex, was founded in 2012. JustMarkets provides a selection of four account options for customers to select. The availability of services and instruments is dependent on the jurisdiction. Of the four account types available, two require a minimum deposit of $100, and two allow for a starting deposit as low as $1.
JustMarkets is a global platform that offers low fees, over 170 trading instruments and is available in 200 countries. Retail traders can engage in forex trading without investing a large amount of funds. Additionally, they offer customer service that is available 24/7 in English, Indonesian, and Malaysian.
Pros
- High leverage of up to 1:3000 (up to 1:30 for retail clients and up to 1:300 for professional clients on justmarkets.eu)
- MetaTrader 4 for global clients and MT4/5 for EU clients
- Order execution from 0.01 seconds
- Up to 11 base currency options depending on license type
- Scalping, hedging, and forex robots EA allowed
Cons
- Not available in the U.S., U.K. or Japan and some EU countries
- Limited educational materials available
- No cTrader or TradingView
7. Best for Most Trusted: IG
IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.
Best For
- New forex traders who are still learning the ropes
- Traders who prefer a simple, clean interface
- Forex traders who trade primarily on a tablet
- Easy-to-navigate platform is easy for beginners to master
- Mobile and tablet platforms offer full functionality of the desktop version
- Margin rates are easy to understand and affordable
- Access to over 80 currency pairs
- U.S. traders can currently only trade forex
- Customer service options are lacking
- No 2-factor authentication on mobile
IG is a forex broker that provides access to over 80 currency pairs and offers full support for trading in the currency market.
IG Markets is considered one of the longest-standing Forex brokers globally. The trading platform is highly regulated and provides narrow spreads for a wide variety of instruments. The broker has an office located in SA, however, they do not provide trading accounts based on ZAR.
IG offers both intuitive mobile and desktop platforms for novice traders and a wide selection of indicators and charting tools for advanced traders. While IG could improve its customer service and fees, it is beneficial for novice forex traders and those who prefer a simplified interface.
Pros
- Easy-to-navigate platform is easy for beginners to use
- Access 80+ currency pairs
- Mobile and tablet platforms offer the full functionality of the desktop version
- Margin rates are easy to understand and affordable
Cons
- ZAR accounts not available
- Lack of customer support
- 2-factor authentication not available on mobile app
8. Best for Low Forex and CFD Trading Fees: HYCM
HYCM is 1 of the world’s leading forex brokers, offering investors access to over 69 unique currency pairs. However, forex isn’t the only thing the broker offers — HYCM also offers high rates of leverage, stock and ETF trading, commodity investing and much more. Getting started with HYCM is quick and easy, and most investors can open an account in as little as 10 minutes.
HYCM offers a varying fee structure, which allows investors to choose the spread option that’s best for them. A wide range of educational and investing tools are available, which can be equally beneficial to both experienced and novice traders. Though HYCM isn’t currently available in the United States, it can be a great choice for residents of the other 140 countries where it offers service.
Best For
- Investors who want a customizable fee schedule
- Traders comfortable using the MetaTrader platform
- Islamic traders who need swap-free accounts that don’t build interest
- Mobile app with a simple trading experience
- Wide range of currency pairs available
- Excellent selection of educational tools
- Not currently available to traders based in the U.S.
HYCM is a reputable forex broker that provides investors with access to more than 69 currency pairs. In addition to forex trading, HYCM provides various other services such as high leverage rates, stock and ETF trading, commodity investing, and more. Opening an account with HYCM is a quick and easy process, taking as little as 10 minutes for most investors.
HYCM provides investors with a flexible fee structure that enables them to select the spread option that suits their needs. Various educational and investing tools are accessible to traders of all levels, providing equal benefits to both experienced and novice traders. HYCM provides service to residents of 140 countries, making it a viable option for many.
Pros
- 60+ currency pairs
- Excellent trading tools
- Educational resources
Cons
- Only forex and CFD trading
- Inactivity fees
9. Best for Traders Who Rely on Technical Analysis: FXGT.com
FXGT.com is an online broker specializing in contract for difference (CFD) trading on forex, stocks, equity indices, cryptos, energies, precious metals, NFTs, DeFi tokens, GTi12 index, and synthetic crypto pairs, with a strong presence in Africa, Asia and the Middle East. The platform offers dynamic leverage based on volume up to 1:1000, depending on the asset class. Traders can choose from multiple account options with unique features like micro lots, raw spreads and zero swaps. They can benefit from bonuses, promotions and automated Virtual Private Server (VPS) trading on qualification.
In line with its vision to create a personalized trading environment that supports traders throughout their journey, FXGT.com boasts an enhanced MetaTrader 5 (MT5) trading toolkit, providing traders with a user-friendly and technologically advanced experience. FXGT.com recently integrated MetaTrader 4 (MT4) to their trading arsenal. FXGT.com is licensed by the South African Financial Services Conduct Authority (FSCA), the Seychelles Financial Services Authority (FSA), and Vanuatu Financial Services Commission (VFSC). To ensure the security and protection of funds, they maintain separate accounts for client deposits. Adequate risk management procedures and policies are in place, including anytime withdrawals for traders.
The platform provides round-the-clock, multilingual support ensuring speedy and consistent assistance regardless of time zone or language preferences. However, it doesn’t accept traders from top regions, including the US, UK and EU. Benzinga reviews FXGT.com, highlighting its pros, cons, core products or service offerings, pricing and how it compares with other platforms.
Best For
- Traders who rely on technical analysis to make trading decisions can also benefit from its powerful indicators and analytical tools, excellent graphic objects and comprehensive charting capability
- Experienced traders seeking a robust and feature-rich trading environment
- Active traders seeking real-time market data, advanced charting capabilities, ultra-fast execution or one-click trading
- Forex traders looking for competitive spreads, leverage options and access to a wide range of currency pairs
- Diverse range of tradable 10 asset classes
- Competitive spread and leverage
- Multiple account options
- MT5 and MT4 integration
- Accepts cryptocurrency deposits
- Low minimum deposit
- Multiple payment options
- Automated VPS trading
- Technical analysis and market research
- Swap-free trading accounts
- Negative balance protection
- Excellent customer support
- Exclusive MetaTrader trading toolkits
- Unavailable in core regions like the US, UK and EU
FXGT.com is a forex broker available to traders in South Africa that offers the ability to trade on various currencies and commodities markets. The company provides its clients with a variety of tools and resources, such as real-time news updates, charting software, and currency converters. Additionally, FXGT.com provides educational materials, including webinars and ebooks, to help traders better understand the markets and how to make successful trades.
FXGT.com is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, which ensures that traders get a safe and secure trading environment. The company also offers a variety of account types, including demo accounts and live accounts, with leverage ratios up to 1:500
Pros
- Access to CFDs based on several assets make diversification simple
- The platform is designed with the speed and tools active, professional traders will enjoy
- A high level of regulation in multiple countries (including South Africa) protects investors
Cons
- Lack of availability in the US, UK and EU may make it difficult for certain types of investors to participate and diversify their portfolios
How to Choose a Forex Broker in South Africa
When seeking a decent online forex broker to trade through from South Africa, the list of well-regulated forex brokers in South Africa shown above provides a good place to start. These include online brokers or banks with a South African presence in addition to well-regulated foreign brokers that accept South African clients, such as FOREX.com, for example.
If you prefer to do business in a language other than English, you might want to choose a broker with a website that translates into your preferred language. The broker should also have a customer service staff member fluent in that language.
Select a broker that has established a South African office and is regulated by the Financial Sector Conduct Authority (FSCA) because these brokers tend to act more responsibly toward locals since they can be sued in South Africa. Litigating against a foreign company can be a challenge, and it can easily involve extra time and cost to pursue justice if you feel that it’s necessary. Finding the best forex broker for your needs usually depends on your particular situation.
What to Look for in a Forex Broker
No matter where a forex broker is based, the best forex brokers will demonstrate the following traits:
- Well-regulated
- Will open an account for you
- Have a good reputation
- Offer the currency pairs and assets you want to trade
- Require an affordable minimum deposit
- Make prices with decent dealing spreads
- Have minimal order slippage
- Allow enough leverage for your preferred trading strategy to work
- Provide negative balance protection
- Segregate client accounts from its own
- Support the deposit and withdrawal procedures you wish to use
Keep in mind that the type of trading software a broker supports is vitally important as well. Many online brokers have their own proprietary trading platforms they let clients use, and some also support third-party platforms like the popular MetaTrader 4 and 5 platforms from MetaQuotes.
South Africa Forex Trading Strategies
When it comes to the forex market, failing to plan is planning to fail. The more strategies you master, the more likely you are to consistently profit. Start your journey with some vetted game plans.
Price Action
If you like reading and interpreting charts, you should enjoy trading off of price action. Predict the next move, strike while the iron is hot and take profits quickly. The price action trader is more concerned with a currency pair’s pattern of movement.
Large macroeconomic conditions and long-term trends don’t matter as much because these trades aren’t meant to be long — sometimes only a few seconds (if that).
Day Trading
Day trading is a specific kind of price action trading that closes all trades by the end of the day. Placing a time limit on the action protects a trader from big overnight moves. Although forex trades 24 hours a day, weekend moves can be somewhat surprising.
Day traders exercise many of the same techniques as price action traders and are opportunistic. This kind of trading is also usually higher frequency than position trading, range trading or trend trading.
Range Trading
Range traders may hold a trade for minutes, hours or days. This kind of trading tries to take advantage of larger patterns based on support and resistance levels.
Range trading works when a currency pair has no definite direction — it is moving within a range that can be predicted. Successful traders buy at the low points of the range and sell at the high points over and over.
Trend Trading
Trend trading usually takes place over the same time frame as range trading. The major difference is the behavior of the currency pair — it’s moving in a direction rather than within a range.
The successful trader will identify the trend (usually just up or down) and trade accordingly. You will usually ignore small pullbacks and wait for bigger profits as well.
Forex Trading Example in South Africa
Let’s say ZAR/USD is trading at 0.05780/0.05790, and you think the price will rise. The margin rate of this currency pair is 3.17% and you want to purchase R150,000.
You will only need $275.08 in your account — the broker will let you borrow the rest.
The ZAR/USD price moves up according to plan. After 3 hours, it’s trading at 0.06020/0.06040.
This is a move of 23 points (0.06020-0.05790), and your profit is (R150,000*0.06020)-(R150,000*0.05790) or $345.
Making Money with Forex in South Africa
There are many ways to make money in the forex market outside of the traditional “buy low, sell high” mantra (which works just fine as well). The more you know, the more likely you are to see opportunities as they come.
- Carry trading: You can make money on the directional movement of a currency pair, but you can also make movement on the interbank interest rate of a currency. When you hold a currency in forex, that’s just like holding it in a bank. You gain interest on your holdings. Carry traders try to profit from the difference in interest rates of various currencies.
- Binary options: Instead of taking profit or loss based on the real time movement of a currency pair, you can participate in all or nothing options. If a currency is at a certain price on a certain date, you win money. If it is lower than the pre-established price on that date, you lose your investment.
- Shorting: If you think the value of a currency will decrease in the future, you can borrow that currency and sell it at a high price to buy it back cheaper later. This is known as shorting a currency.
Get Started with Forex in South Africa
Anyone who knows how to trade forex will tell you the game is 90% preparation. Your infrastructure needs to be solid or even the best laid plans will fall flat. As the biggest financial market in the world, forex is a global competition that takes no prisoners. Here’s how you can get started.
- Connect online. You can connect to the world of forex and trade currencies across the world from anywhere in South Africa. Make sure you have a solid Internet connection with no built-in latency. Forex trades are all about timing, and you don’t need a delayed system reaction messing up a perfectly good strategy.
- Search for the best online forex broker. You can connect to forex brokers across the world. Take note of the regulatory bodies that govern your chosen brokers. South Africa has relatively strong protections, but those protections may not apply if the broker you choose is offshore.
- Open the account. Your broker will have a process for you to follow to open an account. Make sure you follow the directions closely. You must properly identify yourself and connect your bank account.
- Fund your account. You can begin your trading career using virtual (not real) money. When you want to start making money, you will need to fund your account. This should be a relatively simple process if you have connected your bank account. Certain brokers will also allow funding through a check, debit card or credit card.
- Download your trading platform. Most reputable brokers have proprietary trading platforms. This is the user interface you will use to make your investments into the forex market.
- Trade. Now that your infrastructure is set, you can begin trading in the forex market.
The South African national currency is the South African Rand (ZAR), which is further divided into 100 smaller denominations known as cents. Although the International Monetary Fund (IMF) does not consider the ZAR a common Central Bank reserve currency, according to data compiled by the Bank for International Settlements (BIS), the South African currency ranked as the 20th most-traded of 2016, accounting for one percent of overall forex market activity that year.
With respect to the South African financial sector regulation, South Africa has employed a so-called “Twin Peaks” regulatory system since 2017. Since that time, regulation of online forex and contract for difference (CFD) brokers has come under the responsibility of the Financial Sector Conduct Authority (FSCA), an entity that was created to take the place of the Financial Services Board (FSB).
Financial institutions need to be authorized by the FSCA before starting to operate in South Africa. The FSCA has been authorized to ensure that regulated entities obey relevant laws and fulfill capital adequacy requirements to support their financial soundness and protect traders and investors. Brokers with local licenses must keep all client funds segregated and in a recognized bank in South Africa.
When it comes to forex trading, South Africa is an increasingly popular locale for forex brokers due to its rapidly growing economy as one of the most developed countries in Africa, as well as strong demand for financial services and less strict regulation.
South Africa has a few locally-based online brokers licensed by the FSCA, such as BlackStone Futures and Khwezi Trade, although the more reputable international forex brokers who have opened offices in South Africa will typically offer a better service.
Remember that if you do want to trade via a foreign forex broker, it should be reputable and overseen by one or more regulators where its main operations are situated.
Open New Financial Doors in Foreign Exchange Trading
You can use forex to open new financial doors in South Africa. Many brokers offer stocks of educational content, and there are online courses to teach you more about foreign exchange investments. Start with our guide to learn to succeed in the forex market.
Frequently Asked Questions
Do forex traders pay tax in South Africa?
Yes, Forex traders in South Africa are required to pay taxes. They must pay a flat fee of 28% on taxable income through South African registered forex brokers.
Who is the rich forex trader in South Africa?
Sandile Shezi is one of South Africa’s best-known and most profitable forex traders.
Is forex going to be banned in South Africa?
Forex trading is permitted in South Africa, provided it adheres to laws against money laundering, and traders are obligated to report any profits to SARS (South African Revenue Service).
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