Best Forex Brokers in South Africa for 2025

Company	Accepts ZA Residents	Authorised or Regulated by the FSCA	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
IG	check	check		£250.00	0.98 info

IG ranks as the best overall forex broker in South Africa for 2025. Regulated by the FSCA and multiple Tier-1 authorities globally, IG offers a blend of trust, technology, and trading experience. While the broker has shifted away from onboarding new clients through its FSCA-regulated entity, it continues to serve South African residents via its international operations. Despite this change, IG remains one of the most highly regulated brokers in the industry.

Trading platforms: IG provides access to a proprietary web-based trading platform and has a responsive design, advanced charting tools, and integrated news and research. More advanced traders can use MetaTrader 4 (MT4) or ProRealTime, both supported by IG, for algorithmic strategies and technical precision. Platform reliability, speed, and user experience consistently place IG among top brokers globally.

Mobile apps: The IG Trading app delivers full functionality on mobile, including charting, watchlists, order management, and integrated research. For education, the IG Academy app offers interactive courses and structured learning paths, making it ideal for traders of all experience levels.

Costs: IG’s spreads are competitive, with an average spread of 0.98 pips on EUR/USD for standard accounts. The minimum deposit requirement is £250 (or equivalent in ZAR), which provides access to a comprehensive suite of tools and global markets.

Company	Accepts ZA Residents	Authorised or Regulated by the FSCA	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
AvaTrade	check	check		$100	0.93 info

AvaTrade is a strong choice for beginners and those interested in social or copy trading. Fully regulated by the FSCA in South Africa, AvaTrade offers a user-friendly experience that balances simplicity with access to robust tools and educational content. The broker is well-suited to new traders seeking straightforward navigation and intuitive platforms.

Trading platforms: AvaTrade supports MetaTrader 4 and MetaTrader 5, along with its own AvaTrade WebTrader, which provides a clean interface and accessible layout. The broker also integrates with social trading platforms like Zulutrade and DupliTrade, enabling traders to copy the strategies of others or automate their own.

Mobile apps: The AvaTradeGO app offers a modern mobile trading experience. Features include market sentiment tools, watchlists, price alerts, and integrated support. For traders interested in options, the AvaOptions app allows forex options trading with interactive risk charts and strategy builders.

Costs: AvaTrade operates on a spread-only pricing model. The average spread on EUR/USD is around 0.93 pips, with no added commissions. A $100 minimum deposit may lower the entry barrier for South African traders.

Company	Accepts ZA Residents	Authorised or Regulated by the FSCA	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard
Plus500	check	check		€50 info	1.3 info

Plus500 is known for its easy-to-use proprietary trading platform and wide range of CFD instruments. Regulated by the FSCA, Plus500 is well positioned for South African traders who prioritize simplicity, fast execution, and access to multiple asset classes, including forex, indices, commodities, and crypto CFDs.

Trading platforms: The Plus500 WebTrader platform offers a streamlined and user-focused design. Features include customizable watchlists, advanced risk management tools, and in-platform charting and research. Unlike brokers that rely on third-party software like MetaTrader, Plus500’s proprietary platform is designed for straightforward trading with minimal complexity.

Mobile apps: The Plus500 mobile trading app mirrors the desktop experience and provides full account management and real-time price alerts. Built for usability, the app is well-suited for traders who prefer a simplified mobile interface without sacrificing essential functionality.

Costs: Plus500 charges no commissions and uses a spread-only model, with average spreads on EUR/USD around 1.3 pips. The minimum deposit is just €50, which is among the lowest in South Africa and may appeal to traders with smaller starting balances.

Founded initially in 1990 as the Financial Services Board (FSB), the South African financial markets regulator was rebranded as the Financial Sector Conduct Authority (FSCA) in 2018. South Africa’s regulatory apparatus is known as a twin-peak regulatory system. One “peak” is the FSCA, which regulates financial market conduct. The other “peak” of this twin-peak system is the South African Reserve Bank (SARB). The SARB is responsible for the Prudential Authority (PA) which regulates financial conglomerates and cooperatives, insurance companies, and banks.

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.

Yes, forex trading is legal in South Africa when you trade with a broker that is properly licensed by the Financial Sector Conduct Authority (FSCA). The Financial Advisory and Intermediary Act (FAIS) of 2002 and the subsequent Financial Sector Regulation Act (FSRA) of 2017 set the requirements for Financial Service Providers (FSPs) in South Africa that offer derivatives (such as forex trading).

Forex brokers must be licensed and authorized as FSPs with the FSCA in order to legally offer forex trading in South Africa to residents. I recommend choosing a broker regulated in South Africa to reduce your chances of falling victim to potential scam brokers. In some cases, forex brokers that hold similar licenses in other jurisdictions may be tolerated by the local regulator, even if the broker isn’t directly regulated by the FSCA.

To identify if a forex broker is authorised by the FSCA, the first step is to identify the FSP registration number from the disclosure text at the bottom of the broker's homepage. For example, here's the key disclosure text from IG's website.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance.

Next, look up the FSP number on the financial register available on the FSCA's website to validate that the broker is currently authorized in South Africa.

After extensive research and testing of all forex brokers that are regulated in South Africa (and that accept South African residents), I've found IG to be the best forex broker in South Africa in 2025. IG is regulated by the FSCA and holds a wide range of regulatory licenses from jurisdictions around the globe. In fact, IG holds more licenses than any of the 60+ forex brokers reviewed on ForexBrokers.com. Add to that the fact that IG is publicly traded and well capitalized, and you can see why we rank IG so highly as a trusted forex broker (with a Trust Score of 99).

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.

Note: While IG is still regulated in South Africa, the broker recently announced that it will no longer onboard clients to its FSCA-regulated entity, IG Markets South Africa Limited, and will serve clients from its other international entities. This means that if you are a South African resident, you will not be afforded FSCA-specific protections. That said, it's worth noting that IG is one of the most highly regulated brokers in the industry.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

Trust is paramount when a company is holding money on your behalf, whether it be a bank or broker. At a minimum, a regulated broker is accountable and must demonstrate a commitment to compliance.

Most importantly, it's crucial to use a broker that is properly regulated to reduce your chances of stumbling into a scam. And in the event that you are unable to resolve a complaint with your broker, your local national regulator or the regulator in the country where your broker is located may be able to assist in resolving your case, or, in the extraordinary event of a broker bankruptcy, help recover your funds. An unregulated broker has no such obligation to help you and no regulator will be able to assist you either.

Pro tip: The ForexBrokers.com Trust Score algorithm factors into consideration the number of licenses a broker has and where those licenses are from, as not all regulators are of the same level of trustworthiness. For example, in top-tier jurisdictions like the U.S. or U.K., regulators are more efficient and swift to enforce rules to help protect the public, compared to lower tiers, or even offshore jurisdictions where there is little to no protection afforded to consumers who invest with brokers claiming to be regulated in those countries.

Disclosure: ForexBrokers.com does not review any broker unless it holds at least one license in a Tier-1, Tier-2, Tier-3, or Tier-4 jurisdiction. Learn more about the different regulatory tiers by visiting our Trust Score page.

Learning forex trading takes time, patience, and reliable educational content. South African traders can access a variety of forex trading education resources, including free guides, demo accounts, and books written by industry experts.

Demo accounts: Most leading brokers, such as IG, AvaTrade, and Plus500, offer free demo accounts that simulate live market conditions. A demo trading account allows traders to learn how to use a trading platform, test strategies, and understand risk management before trading with real money.

Forex trading books: Classic books like Currency Trading for Dummies by Brian Dolan and Trading in the Zone by Mark Douglas are excellent for beginners. These titles explain core trading psychology, risk management, and strategy development.

For structured lessons, check out:

• Our Forex Trading for Beginners Guide
• Our Guide to Demo Accounts
• BabyPips School of Pipsology: A trusted, free resource for foundational forex education.

Combining these materials with regular demo trading practice helps build real-world experience in a low-risk environment.

If want to get started trading forex in South Africa, your first step will be choosing a forex broker that is well-regulated and licensed to offer forex trading to residents of South Africa by the FSCA. Once you’ve chosen a regulated forex broker, you can use these next steps as a guide to start trading forex in South Africa:

1. Open a live account: After selecting a broker that is regulated with the FSCA, open a live account by completing the live account application form on the broker’s official website. Pro tip: Be sure to read your broker’s terms and conditions (these can vary from broker to broker).
2. Fund your account: Most brokers support a range of payment options, so you’ll need to pick the method that’s right for you (PayPal has become a popular deposit method among forex traders, learn more by reading our guide to PayPal for forex traders). Pro tip: Always start with an amount of risk capital that you can afford to lose.
3. Learn the trading software. Before placing any live trades it’s a good idea to learn how to use your broker’s trading software works. Whether you prefer web, desktop, or mobile, using a demo (or, virtual) account is a great way to test your skills before risking your live trading funds.
4. Enter the forex market. Once you’ve used a demo account to familiarize yourself with the broker’s trading platform, you can start trading with live funds. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell.
5. Develop a trading plan. To achieve long-term success as a forex trader, it’s important to spend time developing a trading plan. Creating a trading strategy that will enable you to trade consistently while pursuing your trading goals and managing risks.

From among all forex brokers that accept clients in South Africa and that are regulated by the FSCA, IG is the best forex broker for beginners in 2025. IG offers a substantial variety of in-depth educational content and materials for new investors and traders, alongside trading platforms that are well-designed and user-friendly. IG even offers a standalone mobile app – IG Academy – that is exclusively dedicated to education. IG is also regulated in numerous top-tier jurisdictions, making it one of the most trusted forex brokers globally. Learn more about why IG is a great pick for beginner forex traders by reading our full-length review of IG.

The best forex trading apps deliver must-have features such as powerful trading tools, integrated research, and advanced charting capabilities along with a smooth user experience that makes it easy to manage orders and place trades. We’ve tested mobile trading apps for dozens of the top forex brokers in the industry, and our research has determined that these are the best forex trading apps from forex brokers that accept residents from South Africa brokers in 2025:

1. Saxo - SaxoTraderGO mobile app, MetaTrader mobile
2. IG - IG Trading app, MetaTrader mobile
3. Interactive Brokers - IMPACT app, IBKR mobile app
4. FOREX.com - FOREX.com mobile, MetaTrader mobile
5. OANDA - fxTrade mobile, MetaTrader mobile
6. Capital.com - Capital.com Trading app, Investmate, MetaTrader mobile
7. AvaTrade- AvaTradeGO and AvaOptions, MetaTrader mobile

In 2025, Tickmill is an affordable low-cost broker in South Africa for forex trading. Tickmill’s Raw (previously Pro) account requires just a $100 minimum deposit, and features the broker’s lowest spreads and commissions. Based on average spread data provided by Tickmill for October 2023, average spreads to trade the EUR/USD hovered at just over a tenth of a pip (at 0.11 pips). With the round-turn commission of 0.6 pips ($3 per side) the effective spread (or, all-in cost) at Tickmill is 0.71 pips – which is among the lowest in the industry. To learn more, read our full review of Tickmill.

To determine the brokers with the lowest trading costs, we factor in the broker’s average spreads along with any added commissions or fees to determine all-in trading costs (we call this the “effective spread”).