30 Best SA Forex Brokers for Beginners 

30 Best SA Forex Brokers for Beginners 


The following 30 Best SA Forex Brokers are suitable for beginners and they have revolutionized the way South African investors trade by providing easy access to popular online trading platforms and a vast selection of advanced trading tools and educational resources.





Markets.com was founded in 2008 and it is listed on FTSE 250. Products offered include a wide range of Shares, Bonds, Blends, Crypto, ETFs, Forex, Indices and Commodities, which are all CFD. 

Markets.com provides more than 67 currencies to trade with and 25 crypto coins. This broker is compatible with MetaTrader platforms and offers an Investment Strategy Builder tool.

Markets.com delivers a simplistic and user-friendly website and extends customer support 24/5, along with live chat assistance. 

Tools provided by Markets.com include trading signals and alerts, trend trackers, advanced charting, market news streams, analyst recommendations and hedging tools. 


Markets.com Pros and Cons

✔️Pros Cons
trade with over 2,200 CFD instruments Costly
Reliable support and educational resources Hedging is not allowed
Great selection of research tools Slow response on mobiles when closing trades





eToro is an award-winning leader in the Forex industry, with 338,815,724 trades opened since its inception. This broker has CopyTrading functionality and it is operating with official licenses from CySEC and FCA.

eToro facilitates the trading of Stocks, Cryptocurrencies, Forex, Commodities, and almost 2,000 tradeable CFD instruments.

eToro also accommodates Social Trading and provides a comprehensive library of educational content.


eToro Pros and Cons

✔️Pros Cons
CFD fees are low Withdrawals are delayed and pricey
Minimum deposit is affordable Only one base currency available
Deposits are free Non-trading fees are expensive
Customer-focused platforms $5 per withdrawal


Saxo Bank

Saxo Bank



Saxo Bank is a licensed financial services provider that offers its proprietary trading platforms, SaxoTraderGO (web) and SaxoTraderPRO (desktop), along with 40,000 tradeable instruments to investors globally who can afford the minimum deposit of $10,000.

SaxoBank’s trading platforms perform well in comparison to the popular trading platforms, such as MetaTrader 4 and 5, or cTrader. 

An impressive selection of advanced trading and research tools are provided as part of the package and clients are guaranteed reliable and responsive customer service.


Saxo Bank Pros and Cons

✔️Pros Cons
Compliant to strict regulations Minimum deposit is high
Withdrawals are free of charge Response times may seem delayed
Great variety of research content and news Not compatible with popular platforms





easyMarkets facilitates the trading of Shares, Indices, Forex, Metals, Commodities, Cryptocurrencies and Vanilla Options. This broker has over two decades of experience in the industry and is licensed and regulated by the FSA.

easymarkets is popular for its tight, fixed spreads and its unique selection of tools, such as dealCancellation, Freeze Rate and guaranteed Stop Losses.

easyMarkets has won several awards over the years and the platforms provided include MetaTrader 4 and the proprietary easyMarkets platform.


easyMarkets Pros and Cons

✔️Pros Cons
User-friendly US clients cannot access the server
Commission-free trading Not regulated by FCA
Deal cancellation available High spreads






IG was founded in 1974 and has evolved into a leader in the world of Forex, having accumulated nearly 240,000 clients and offering access to more than 17,000 global markets. This brokerage is regulated and licensed by the FSCA of South Africa, and the FCA of the UK.

IG offers demo accounts and several different trading account options. Accounts can be used with advanced tools, APIs and trading signals, that can all be used on MetaTrader 4.

The product offering at IG includes Indices, Shares, Commodities, Crypto and Forex pairs. IG exclusively offers 24/7 weekend trading, with user-friendly platforms and educational resources.


IG Pros and Cons

✔️Pros Cons
Amazing selection of research tools Stock CFD fees are high
17,000 assets to trade with Product offering is limited in most countries
Affordable prices and low costs Delayed customer support


CMC Markets

CMC Markets


CMC Markets was founded in 1989. This broker facilitates the CFD (Contract for Difference) trading of more than 300 Forex pairs, over 60 Indices, 15 Cryptocurrencies, nearly 10,000 Shares and ETFs, and close to 100 popular Commodities and 30 Treasuries.

For more experienced and curious traders who would like to diversify their portfolios, CMC Markets offers exciting trading opportunities with low spreads, advanced trading tools and an incredible variety of tradable instruments.

CMC Markets also provides a learning centre with trading guides, tutorials and articles to assist traders on their journey of becoming professionals, and traders can use demo accounts.

CMC has 13 international head offices offering support to traders and it is regulated by BaFin and the FCA.


CMC Markets Pros and Cons

✔️Pros Cons
Advanced platform with innovative tools Withdrawals may cause inconvenience
Excellent product offering Tax information cannot easily be requested
High-volume traders are discounted slow response times




Dukascopy is an award-winning Swiss Bank that was founded in 1998. It facilitates online trading, provides banking services to the public, and also offers wealth management services and management of client accounts.

Dukascopy is compatible with MetaTrader4 and all information relating to trading accounts, fees and products offered is fully disclosed on the website.

Dukascopy offers advanced trading tools and Automated trading features. New clients also have the option of using demo accounts to see if they like the platform.


Dukascopy Pros and Cons

✔️Pros Cons
More than 600 assets to choose from Negative reviews on customer support
Compliant with regulatory bodies High minimum deposit
Impressive research tools Not designed for low-volume traders


TD Ameritrade

TD Ameritrade

TD Ameritrade is a stockbroker that offers zero-commission trading in global markets with Stocks, Options, ETFs, Mutual Funds, Futures, Forex and Bonds. The service offering also includes managed portfolios and cash management.

TD Ameritrade provides an innovative trading platform known as thinkorswim, which can be downloaded on desktop and mobile, or used on the web. The platform enables traders to manage risks and to use advanced analysis and scanning tools, along with customizable dashboards.

TD Ameritrade is regulated by SEC, FINRA and CFTC.


TD Ameritrade Pros and Cons

✔️Pros Cons
Commission-free trading on EFT, stocks and options Customer support is unreliable
Great selection of investment products Platform is not user-friendly
Vast library of educational resources Technical issues with system


City Index

City Index


City Index is regulated by the FCA and its parent company is StoneX Financial Ltd. Traders have access to more than 12,000 markets and a variety of tradable instruments, including 21 Indices, over 4,500 Shares, 84 Currency pairs and nearly 30 Commodities.

City Index is a MetaTrader 4 and WebTrader broker, offering traders a range of advanced trading tools, trading signals and Expert Advisors.

Traders can also analyze charts in layers and customize the layout.


City Index Pros and Cons

✔️Pros Cons
Generous product offering High-volume trading is not discounted
The platform is easy to navigate Pricing structure is not disclosed
FCA regulated and trading under Gain Capital Holdings Inc. Not ideal for social traders






Forex.com provides access to more than 500 markets and facilitates the trading of Equities, indices, Forex and Commodities. The website is compatible with MetaTrader and active traders can earn rebates and expert support using the program. Forex.com is another member of the StoneX Group Inc.

Forex.com is also part of GAIN Global Markets Inc. and is monitored by NASDAQ, with client funds in segregated accounts at top financial institutions.

Forex.com has designed several trading courses for traders with different levels of trading experience and accounts can be opened within 5 minutes.


Forex.com Pros and Cons

✔️Pros Cons
Publicly traded under Gain Capital Holdings Inc. Fees on stock CFDs are high
Low trading fees Product offering may seem limited
Great selection of currency pairs to choose from Designed for experienced traders





XTB is an IFSC-regulated Forex broker that facilitates the trading of Forex, Indices, Commodities, Stock CFDs, ETF CFDs and Crypto, which can be traded in more than 1,500 global markets. There are nearly 250,000 traders using the XTB platform.

This broker has a proprietary platform, known as xStation5, that provides traders with advanced calculators, charts and statistics, and also offers comprehensive educational material to the public.

XTB’s customer support team can be reached telephonically, by email or by using live chat, and clients have given positive reviews on customer assistance. 


XTB Pros and Cons

✔️Pros Cons
User-friendly and xStation compatibility Spreads are not fixed
Educational offering includes Trading Academy US clients cannot access this site
Superior execution speeds Exotic pairs are limited





FXCM is an FSCA-regulated Forex broker with international offices, a reliable customer services team and over 20 years of experience. A minimum deposit of $50 is required to get started with trading and the broker is MetaTrader-compatible and also enables traders to use TradingStation.

The product offering at FXCM includes Forex pairs, Shares, indices, Commodities and Cryptocurrencies.

FXCM also provides an elaborate learning centre for new and experienced traders, which can be used along with a trading glossary and guides about trading strategies and Forex indicators.


FXCM Pros and Cons

✔️Pros Cons
FCA and ASIC regulated Banned by US authorities
Pricing is competitive Product offering is limited
Advanced research and analysis tools Platform needs development



Interactive Brokers


InteractiveBrokers has head offices in the US and is a well-regulated Forex broker, facilitating online trading with 105 Currency pairs, 7,400 CFDs, Stocks, Futures, Metals, Bonds, ETFs and Options. Traders from more than 30 countries can access InteractiveBrokers and they can trade on 120 global markets.

InteractiveBrokers offers 12 flexible accounts for different types of traders and users and does not only provide trading accounts. This broker is a financial services provider.

The proprietary Trader Workstation platform is provided to clients of InteractiveBrokers and the platform has API functionality and advanced trading tools.


InteractiveBrokers Pros and Cons

✔️Pros Cons
Great selection of products to choose from Only supports bank transfers for withdrawals and deposits
Compliant with strict regulations Designed for more experienced traders
Trades on more than 80 global exchanges Not ideal for low-volume traders






Oanda is a licensed Retail Foreign Exchange Dealer and offers low spreads, API functionality and access to the global markets.

Oanda facilitates the trading of Forex, Commodities, Indices, Bonds and Metals. 

Oanda is compatible with MetaTrader 4 and has received many positive customer reviews. It provides different accounts for individuals and corporate entities. and demo accounts can also be used.


Oanda Pros and Cons

✔️Pros Cons
Pricing structure competes well with other brokers Does not support crypto or single-stock CFD
Low minimum deposit of $1 Customer support is delayed
Web trading platform is well-developed Bank withdrawal fees are high


London Capital Group (LCG)

LCG_London Capital Group


LCG has executed a total trading volume of $20 trillion and facilitates the trading of Indices, Shares, Forex, Commodities, Spot Metals, ETFs and Cryptocurrencies. Traders can choose from more than 7,000 tradeable instruments across 9 asset classes. Oanda is regulated by the FCA.

LCG provides Islamic accounts, ECN accounts and CFD trading accounts. The platform is compatible with MetaTrader 4 and traders have Direct market Access with pips starting from 0.

The Oanda customer support team is available 24 hours a day, 7 days a week. LCG also provides a proprietary trading platform with advanced trading tools.


LCG Pros and Cons

✔️Pros Cons
Compliant with regulations from 3 jurisdictions ECN trading required $10,000+ trading capital
Great variety of educational resources and research tools No fixed spread accounts
Low minimum deposit of $1
More than 7,000 trading instruments to choose from




Swissquote was founded in 2000, operating from international offices and offering a multi-asset investment portfolio solution. There is a total of 3 million tradeable assets across 60 stock exchanges, including Stocks, ETFs, Swiss DOTS, Options and Futures, Cryptocurrencies, Bonds, Forex and IPOs trading.

IPO is a unique approach to trading where an Initial public Offering is announced for shares being sold by a company for the first time, and traders are given an opportunity to invest capital into a growing company.

Swissquote is also a Coinbase exchange and provides an innovative, customizable e-trading platform with a daily analysis of securities, a securities watchlist and relevant news updates.


Swissquote Pros and Cons

✔️Pros Cons
Credible and highly regulated Designed for experienced traders
Great selection of products High trading fees
Superior research and analysis tools Specific research tools need to be purchased




Pepperstone is a regulated Forex broker that facilitates the trading of Forex, Indices, CFD Commodities, Cryptocurrencies and Currency Indices. Trades are enabled with access to the MetaTrader 4 and 5 platforms, as well as cTrader and a range of advanced trading tools and Social trading features.

Pepperstone provides comprehensive educational material on trading and new traders can use trading guides, video tutorials and demo accounts to enjoy a risk-free trading experience.

Trading accounts support multiple base currencies, and Scalping and Hedging are allowed. Pepperstone offers zero-commission trading with low spreads and each account is designed based on the trader’s experience.


Pepperstone Pros and Cons

✔️Pros Cons
Regulated by FCA and ASIC Limited product offering
Low fees on forex and equity indices No data for research and technical analysis
Deposits and withdrawals are free No investor protection for non-EU citizens




Darwinex is an FCA-regulated Forex broker offering more than 300 (DMA) tradable assets with low spreads and ultra-fast execution speeds. More than 80 countries can access Darwinex and traders can use MetaTrader 4 and 5 and join a community of Social and Copy traders.

Darwinex creates a unique opportunity for novice and expert Copy Traders who would like to buy or sell strategies. Currently, there are more than 2,000 strategies available and over $55 million has been invested into Darwinex by its members.

Darwinex was founded in 2012 and has more than 3,000 loyal traders. The customer support team can be reached telephonically or by email.


Darwinex Pros and Cons

✔️Pros Cons
Large community of social and copy traders High minimum deposit of $500
Highly regulated No access for US clients
Supports MT4 and FixAPI Limited education content


KVB Kunlun

KVB Kunlun is an award-winning currency exchange brokerage and licensed financial institution that offers account management services and a Forex trading account that can be used on MetaTrader 4. 

KVB Kunlun is suited to more experienced investors seeking premium advisory and wealth management services. 

There is no dedicated section for educational resources and traders can only choose from a business account, a personal account, an eFX account for Forex trading, or a GCFX account.


KVB Kunlun Pros and Cons

✔️Pros Cons
Listed under an international group Penalty fees for inactivity
Compliant with strict regulations No fixed spreads
No US clients
Limited product offering


XM Group




XM Group is a highly regulated and licensed broker with a multilingual support staff team. The product offering includes more than 1,000 tradeable assets on 16 innovative platforms. 

XM traders can enjoy low spreads on over 55 Currency pairs, CFD Stocks in more than 600 international companies, and CFDs on Indices, Commodities, Metals and Energies.

XM Group has won many global awards and has nearly 4 million clients.


XM Group Pros and Cons

✔️Pros Cons
Good reputation and trading history No fixed spreads
More than 7 asset classes and 1000+ instruments Penalty fees for inactivity
High-quality educational resources and tools No access for US clients





Tickmill is an award-winning brokerage that is regulated by FCA, FSCA and FSA. Traders can choose from 4 flexible accounts, including an Islamic account and a demo account. 

Tickmill’s product offering includes Forex, Metals, Stocks, Indices, Oil and Bonds. A welcome bonus of $30 is offered and traders can use MetaTrader 4 and WebTrader.

Tickmill provides an exciting range of trading tools, such as Autochartistm Myfxbook and Pelican Trading, along with trading glossaries, webinars, e-Books, articles and analyses.


Tickmill Pros and Cons

✔️Pros Cons
Active traders are rewarded with low spreads Product offering is limited
Regulated by multiple jurisdictions Does not support crypto
Impressive variety of education resources No US clients


ETX Capital

ETX Capital


ETX Capital gives traders access to over 5,000 global markets in Forex, Indices, Commodities and Shares. This CFD broker is regulated and licensed by CySEC and has over 5 decades of experience in providing trading solutions. 

ETX Capital provides multi-lingual customer support and a section of the website has been dedicated to providing comprehensive educational material on trading, instruments and risk management.

Low spreads are guaranteed and all trading costs are disclosed on the website.


ETX Capital Pros and Cons

✔️Pros Cons
Compliant with regulations Limited instruments on offer
Tight spreads Not regulated by ASIC
Good reviews on customer service Does not support scalping



BDSwiss is a regulated financial services provider that was founded in 2012. More than 1.5 million clients have registered with this broker and over $84 billion is traded per month on average.

BDSwiss grants access to global exchange markets for citizens from 186 countries and have entered into nearly 18,000 partnerships.

BDSwiss is regulated by NFA, FSC, FSA, CySEC and BaFIN.


BDSwiss Pros and Cons

✔️Pros Cons
Multiple trading platforms available  No access for US and Canadian clients
Great product offering Cryptocurrency offering is limited
Highly regulated broker





Hotforex offers 5 flexible account types for every type of trader, along with 6 funding methods, 11 trading platforms, 18 trading tools and more than 1,200 tradable instruments. 

Hotforex is regulated by the FSCA, the FCA, CySEC, the FSA and the DFSA. 

Hotforex allows the leveraging of trading accounts by a maximum of 1:1000 and spreads start from 0.1 on the EURUSD. There are zero fees on deposits and there is also a zero commission account.

The product offering at Hotforex includes Forex, Metals, Indices, Energies, Shares, Commodities, Cryptocurrencies, Bonds, DMA Stocks and ETFs.


Hotforex Pros and Cons

✔️Pros Cons
Withdrawals and deposits are free Zero Account has high commission fees
Highly regulated and compliant Instruments on offer seem limited
Tight spreads on EURUSD Only supports MetaTrader



ADSS is a licensed international financial services provider, providing trading services to both retail and private clients. 

ADSS was founded in 2011 and it is regulated by the FCA and the SFC in Hong Kong.

ADSS offers zero commission trading with a maximum leverage of 1:500 and accounts can be used with multi-account managers (MAM), Expert Advisors (EA), training material, customizable charts and advanced trading tools. 

Traders have access to more than 60 Forex pairs and 2,200 CFDs, which can all be traded on the MetaTrader 4 platform. 


ADSS Pros and Cons

✔️Pros Cons
Regulated under 3 jurisdictions Does not support social trading
Low spreads  Limited educational resources
Beginner-friendly platform Minimum deposit of $100
Commission charged





HYCM offers a maximum leverage of 1:500 on trading accounts, with MetaTrader 4 compatibility and 3 types of accounts to choose from. 

The product offering includes Forex, Indices, Commodities, ETFs, Stocks, Cryptocurrencies and ETFs. HYCM is regulated by the FCA, CySECand FSA. 

More than 25,000 orders are processed daily on HYCM servers, with an average server execution speed of 12ms. 

HYCM Accounts enable investors to trade with low spreads, sufficient educational resources, innovative trading tools and affordable trading fees.  


HYCM Pros and Cons

✔️Pros Cons
CFD and Forex fees are low Penalty fees for inactivity
Comprehensive educational material Not available to traders in the US
Account creation is quick and easy





Plus500 is an authorized Financial Services Provider, licensed and regulated by FCA and CySEC. Traders have access to more than 2,000 instruments, with no commissions charged and tight spreads. 

Payment options are flexible, risk management tools can be used and traders have Negative Balance Protection.

More than 82 million positions have been opened on Plus500 and over $1,700 billion has been traded in total, with more than 430,000 active traders on the Plus500 servers.

The Plus500 website can be viewed in multiple languages and new clients can use demo accounts or create a live trading account, which will be redirected to the WebTrader platform.


Plus500 Pros and Cons

✔️Pros Cons
User-friendly platform Lack of research tools
Account creation is quick and easy  Lack of educational resources 
Reliable customer support No option to change leverage manually
Regulated broker



Axiory is a MetaTrader 4 and cTrader broker that offers advanced trading tools, such as Autochartist and Strike Indicator, and more experienced traders can also use Expert Advisors and custom indicators.

Axiory is a member of the Financial Commission and provides Negative Balance Protection, which prevents trading accounts from going into overdraft and protects traders from unplanned price movements and debt.

Traders can choose from 3 types of flexible accounts at Axiory, with a $50 minimum deposit on Axiory Max Accounts. All accounts can be used on cTrader or MT$, and each account type can be converted to an Islamic account.


Axiory Pros and Cons

✔️Pros Cons
Compatibility with MetaTrader4 and cTrader No fixed spread accounts
Multilingual customer support No tradeable crypto assets
Demo accounts offered Not available to US citizens
regulated by IFSC


Blackstone Futures

BlackStone Futures


Blackstone Futures offers traders a maximum trading leverage of 1:400, with low spreads and access to more than 750 liquid instruments. Clients can trade confidently knowing their funds are secure with this FSCA-regulated Forex broker.

Blackstone Futures guarantees Negative balance Protection, same-day withdrawals and access to MetaTrader 4 platforms and tools.

Traders can use a variety of educational resources and trading tools, and Blackstone Futures provides flexible payment options.


Blackstone Futures Pros and Cons

✔️Pros Cons
Regulated by FSCA Not accessible by US clients
Negative balance protection No crypto trading
No penalty fees for inactivity No Islamic accounts
Withdrawals and deposits are free





InstaForex caters to beginners, experienced investors, and partners and affiliates. This broker is licensed and regulated by the FSC and SIBA. InstaForex provides MT 4 and 5 platforms, trading bonuses, advanced research and analysis data and tools and demo accounts for beginners.

InstaForex is unique in the way it categorizes trading accounts, as the website is designed based on the trader’s experience level, making it easier for new traders to learn with tools and information that is relevant.

Investors have access to more advanced features, such as PAMM systems and ForexCopy. Tradeable instruments include Forex, Stocks, Indices, Metals, Oil, Gas, Futures and Crypto.


Instaforex Pros and Cons

✔️Pros Cons
More than 300 tradeable instruments No access to US citizens
Zero-commission accounts leverage is restricted for EU clients
Well-regulated broker customer support may be delayed at times



Research suggests that any of the 30 Best SA Forex Brokers for Beginners in this article will be accessible by South African citizens and that they will be able to use the platforms and tools provided by each broker. When choosing your broker as a South African citizen, make sure to check the server stability and transaction execution speeds, payment methods and banking fees, tools provided, educational resources, and regulations.