Forex Trading South Africa 2021

Forex tradingΒ is becoming immensely popular amongst currency enthusiasts seeking reliable, trustworthy Forex brokers in South Africa. Are you one of them? Opting to trade with the best Forex brokers based on accurate, non-bias broker reviews are key to your long-term trading success. We only review the top Forex brokers to ensure South African traders a safe and secure experience.

forex trading south africa, forex charts, green and red colour candlesticks with dark background

Our reviewing process consists of strict criteria that help beginners identify their regulated broker of choice. Becoming a profitable Forex trader does not come down to luck. Enhance your knowledge with our wide range of education, guides, tips and how-to articles designed for traders – by successful traders. Forex trading in South Africa requires you to do your research to give you the best odds of being profitable. Take the first step to maximise your returns!

Forex scams are common. Don’t fall victim to overnight brokers! Read our reviews before opening a trading account!

Our Forex Trading SA review site is a good place to start your Forex trading broker review process. Browse the top brokers below – honest, transparent and comprehensive reviews.

4.7 stars from 262 ratings
Blackstone Futures is a truly local FSCA regulated broker with offices in Rosebank Johannesburg. Enjoy same-day withdrawals.
Broker Disclosure
CFD service. your capital is at risk.
remember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.
4.6 stars from 201 ratings
easyMarkets provide fixed spreads without hidden fees on over 200 global markets. Trade on their award-winning easyMarkets platform.
Broker Disclosure
CFD service. your capital is at risk.
73% of retail investor accounts lose money when trading CFDs with this provider.
4.6 stars from 198 ratings
Trade Nation is a truly Multi-Regulated Forex and CFD broker with offices located globally. They offer 24/5 support from market open to close.
Broker Disclosure
CFD service. your capital is at risk.
57.1% of retail investor accounts lose money when trading CFDs with this provider

Top Forex Trading Brokers

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Blackstone Futures Broker Review
4.7 stars from 262 ratings

FSCA

up to 30%

ZAR 1000

1:400

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
remember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.
2.
easyMarkets Broker Review
4.6 stars from 201 ratings

ASIC, CySEC

up to 50%

USD 100

1:400

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
73% of retail investor accounts lose money when trading CFDs with this provider.
3.
Trade Nation Broker Review
4.6 stars from 198 ratings

FCA, FSCA, ASIC, SCB

Loyalty Program

USD 5

1:200

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
57.1% of retail investor accounts lose money when trading CFDs with this provider
4.
Plus500 CFD Provider Review
4.5 stars from 205 ratings

FSCA, ASIC, FMA

N/A

USD 100

up to 1:30

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
Rrmember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.
5.
AvaTrade Broker Review
4.1 stars from 132 ratings

FSCA, ASIC, B.V.I FSC, FSA

up to 40%

USD 100

1:400

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
71% of retail investor accounts lose money when trading CFDs with this provider.
6.
CM Trading Broker Review
3.6 stars from 77 ratings

FSCA

up to 100%

USD 250

1:200

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
remember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.
7.
HotForex Broker Review
3.6 stars from 99 ratings

FSCA, FCA, CySEC, FSC, DFSA

up to 100%

ZAR 70

1:1000

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
72.83% of retail investor accounts lose money when trading CFDs with this provider.
8.
XM Broker Review
3.5 stars from 88 ratings

ASIC, FCA, CySEC, IFSC

up to 100%

USD 5

1:888

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
69% of retail investor accounts lose money when trading CFDs with this provider.
9.
OctaFX Broker Review
3.4 stars from 108 ratings

CySEC

up to 50%

USD 5

1:500

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
remember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.
10.
eToro Broker Review
3.4 stars from 82 ratings

ASIC, FCA, CySEC

up to 40%

USD 200

1:400

Review Visit Site Visit Site
Broker Disclosure
CFD service. your capital is at risk.
62% of retail investor accounts lose money when trading CFDs with this provider.

Enjoy our latest up to date April 2021 Top Forex Trading Brokers in South Africa, tested on TradeFX. All brokers regulated, most even multi-regulated entities. This ensures client funds’ security and peace of mind! Whether you trade, CFDs on Indices, Equities, Commodities or Forex, we want to provide you with a broker that you can have a profitable and safe trading experience.

Top Forex Brokers List 2021

Yes, Give Me Access to a Risk-Free Demo Account!

Forex Trading in South Africa

TradeFX South Africa was designed for traders – by successful traders! We have taken into account all the factors and emotions that beginner traders encounter. Our goal is to answer these questions and help you make an educated decision when selecting your Forex broker of choice. Forex Trading South Africa can be a profitable journey and an opportunistic opportunity when trading with a regulated broker, with a local presence.

forex trading south africa, buy sell on red green charts

Do not try and go after no deposit bonuses, high leverage or unrealistic welcome bonuses! Low spreads, good support, low spreads, regulation and a fair trading environment should be your motivating factors. Do not follow the 95% of losing traders, be the 5% that succeed!

Education is key, there is no magic formula, EA, Roboto or signal service. If I was good at trading, had a successful EA, why would I sell my service or product? I would sit back and rake in the profits. Give it some thought and it will all make sense.

What We Aim to Achieve and Provide Our Readers

  1. Transparent broker comparisons helping you review the best brokers in South Africa.
  2. Assist you in choosing the broker that best suits your trading needs.
  3. Help build trust between you and the broker you decide to deposit and trade with.
  4. Avoid constantly having to switch brokers. (broker hopping)
  5. Set traders up with the best possible start to their trading journey.
  6. Provide consistent education, tips and trading material.
  7. Always be ethical in what we do.
  8. Set you up for success.
  9. Forex Economic Calendar
  10. FSCA FSP Search

Forex Trading SA

You asked and we answered. We have researched the most commonly asked questions, concerns and trust factors traders required to make an educated decision when choosing Forex brokers in South Africa.

We review and rate every broker using the following criteria:

Forex Broker Regulation

Regulatory entities have shown to be one of the deciding factors when choosing a broker. We have put this as the focal point of our reviews along with other trust factors. The FSCA is the entity that oversees financial services within SA. They have proven to be ethical and protect clients, taking action when needed against fraudulent companies. Other than the FSCA there are 3 common regulatory bodies to consider; FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus).

The latter has come under some scrutiny in the past.

Broker Type

A big deciding factor for most traders is the method of operation, although there might be more emphasis placed on this than needed. Brokers can be put into 3 main categories; ECN (Electronic Communication Network), STP (Straight Through Processing), MM (Market Maker) – Each has its pros and cons whilst all 3 can still provide fair trading conditions. Most brokers will not openly admit that they are Market Makers. Each broker will also be given a beginner rating.

Broker Support

Client support greatly affects the overall experience traders have with their broker. It is important that support is offered via different channels on and off the website. Since traders and brokers might be in different time zones, around the clock support while markets are open remains key.

Deposits and Withdrawals

In our researched opinion, this is a make or break factor. While deposits are mostly instant, withdrawals should be processed swiftly as well. Methods of deposit and withdrawals should be broad. Debit/Credit card and bank transfer is the norm. Additional options are well rewarded.

Broker Trading Conditions

The leverage, spreads, assets and account types are reviewed under this category. These are important factors that have a direct effect on profit/loss. This is considered the bread and butter of any trader’s account.

Trading Platform

Different brokers offer different trading platforms. It is uncommon to see a broker not offering the industry standard MetaTrader 4 (MT4). Other popular platforms are MetaTrader 5 (MT5), cTrader and broker designed proprietary platforms.

IB Affiliate Program

Traders that are happy with their broker often decide to promote or recommend them to their friends or family. We will highlight their offerings, tools and overall assistance to make the journey smooth. A broker that offers a refer a friend program, will be well noted.

Broker Summary

A wrap-up and our honest consultation based on the review criteria. A transparent broker review for you to make an educated decision on your broker of choice. We provide traders with a user-friendly way to navigate and filter between brokers. View what is important to you at a glance. Reviews that are informative, exciting to read and easy to learn and understand.

Is Forex Trading Safe?

A common question asked by beginner traders. You first need to understand what is Forex trading. Any form of trading or investing carries a level of risk. By choosing a reputable broker combined with adequate education, these risks can be minimised. It is worth mentioning that screen time (time spent trading and analysing charts) plays a major role in this.

The lack of the former mentioned is directly contributed to why the majority of traders lose money in the long term.

Avoiding the following can dramatically put the odds in your favour:

  • Uninformed misconception about the industry as a whole
  • Thinking Forex trading is an easy way to riches
  • Not putting in the time to educate yourself
  • Allowing your emotions to control your decisions
  • No trading plan
  • No risk management

We have spent weeks putting together all the knowledge we have gathered, with over 30 years of trading experience. Expand your knowledge by visiting our educational articles. We want you to feel absolutely confident before investing your hard-earned money. Let your winners run and cut your losses short. Forex trading in South Africa can be profitable.

Forex Trading for Beginners

Forex trading, in general, can be intimidating to beginners.Β The general terms and understanding need to be researched before traders can feel comfortable trading the financial markets. We break down the most commonly asked questions to assist you in your trading.

What is Forex Trading?

The concept behind Forex trading is fairly simple to understand. In a nutshell, you buy or sell a selected currency pair with the speculation that you can either buy it back for cheaper or sell it for a profit. Currency pairs are categorised as majors (EURUSD, USDJPY), minors (EURAUD, GBPJPY), exotics (USDZAR, USDNOK) – It is worth noting that minors and exotics normally have higher spreads due to lack of liquidity. Read our in-depth article on how does Forex trading work to get a better understanding.

How to Familiarise Yourself with the Trading Platform?

Do not use demo accounts to determine if you are profitable and ready to execute your live trading strategy. An EA or automated robot taking all human emotions and decision making can be an exception. A Forex trading demo account should only be used to learn the ins and outs of the trading platform. This includes proper trade entry and exiting procedures.

What are Pips in Forex Trading?

A pip is a widely used term in the Forex trading industry and something you will need to understand to calculate risk and reward in currency terms. A pip is the 4th digit after the decimal in a price quote, $0.0001 for USD related pairs. In simple terms 1/100th of 1% or 1 basis point. However this is not the same for JPY related crosses, where a pip is the second digit after the decimal place.

Pips can also be broken down into fractions, which are called pipettes. Read our full article on what is a Pip and how much are they worth.

How to Apply Risk Management?

This can make or break a traders’ account. Even with the best trading strategy, you can still be looking at a declining account balance if your risk management (risk to reward ratio) is not properly managed. No trader can expect to be right all, or even most of the time. This is where the risk to reward ratio comes into play. Some brokers offer exclusive risk management software.

MetaTrader 4 (MT4) – Explained

MT4 (MetaTrader 4) is the world’s most popular trading platform, mainly designed for Forex Trading. It provides huge flexibility and is EA, Robot and custom Indicator friendly. Although MetaQuotes launched MT5, the adoption has not gone as planned and is not as popular as everyone expected.

How to Design and Implement a Trading Strategy?

Not having a trading strategy is comparable to driving a car for the first time. You are not too sure what you are doing, what to expect or confident. We refer to it as going in blind. Every consistently profitable trader in history followed a well-developed strategy and you should be no different. Research, screen time and testing on a live account, with minimal acceptable risk, is the only way to get from point A to point B under true market conditions.

What is a Stop Loss and Take Profit?

A stop loss is your best friend. As the word implies it stops or limits your losses. A take profit locks in profits on a given trade, partially or in full. Both these are pending orders that need to be triggered by market price, either the bid or ask. This is dependent on your trade direction, buy or sell. Always use a stop loss and take profit!

Forex Traders Blog – Education

To keep things interesting and fresh we have added a Traders Blog. Our Traders Blog is a fun, informative and exciting section with topics you asked for! We say it as it is. The Good and the Bad – The Truth! Come back for weekly posts. Are you ready to start Forex trading? Follow these steps on how to start Forex trading. An easy to follow step-by-step guide to get you started!

Become A Better Trader! Access Our Latest Articles with Our Top Tutorials and Trading Tips.

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Blackstone Futures Broker Review
4.7 stars from 262 ratings

up to 30%

Blackstone Futures is a truly local FSCA regulated broker with offices in Rosebank Johannesburg. Enjoy same-day withdrawals.

Visit SiteVisit Site
Broker Disclosure
CFD service. your capital is at risk.
remember that CFDs are a leveraged product and can result in the loss of your entire capital. please ensure you fully understand the risks involved.

πŸ† Top 3 Brokers in
South Africa

Minimum
Deposit

ZAR 1000

Minimum
Deposit

USD 100

Minimum
Deposit

USD 5

πŸ† Top 3 Brokers in South Africa

Blackstone Futures Logo

Minimum
Deposit

ZAR 1000

Max. Leverage

1:400

easyMarkets Logo

Minimum
Deposit

USD 100

Max. Leverage

1:400

Trade Nation TN Logo

Minimum
Deposit

USD 5

Max. Leverage

1:200