20 Best FSCA Regulated Brokers in South Africa

South Africa’s capital markets including Forex and CFDs are well regulated by the Financial Sector Conduct Authority (FSCA) previously called FSB, we have compiled this list of the 20 Best FSCA regulated brokers in South Africa that accept South African traders.

According to research in South Africa this list will give you some of the best Forex trading platforms where you can trade in Stocks, Shares, Indices, Binary Options, CFDs, ETFs, Forex and Cryptocurrencies such as Bitcoin or Ethereum.

The list below is in no particular order and is a comprehensive resource for you to use to compare brokers when Forex trading from South Africa.

 

A review about AvaTrade

 

AvaTrade

Having accumulated a client base of more than 200 000 traders since 2006, AvaTrade help traders complete more than 2 000 000 trades per month with their online platforms.

AvaTrade’s platforms are well designed but users have noted that the experience on the mobile platform has an edge over that of the desktop platform.

Educational and training material is exceptional which is in-line with AvaTrade’s focus of equipping traders with the best tools and knowledge about the Forex world.

You will find that signing up with AvaTrade is an effortless experience and the customer support team are great at resolving technical issues.

 

Features

  • Segregated accounts offering improved security
  • International websites with support for multiple languages
  • Technical analysis and live webinars included in educational tools
  • Great research tools including Autochartist and Economic indicators

 

Pros and Cons

Pros Cons
Fast and easy account opening Could expand on their research tools
Great educational tools Improvement needed for phone support
Withdrawals are free Penalties for inactivity
Low trading fees
Impressive spreads

 

A review about Tickmill

 

Tickmill

Tickmill was established in 2014 with its head office in London and other offices in Seychelles. Tickmill strives to give their clients a unique trading experience through constant innovation.

Traders are offered a great selection of trading instruments with fantastic research resources including market insights and video content.

Users can enjoy capable customer service with great response times.

 

Features

  • Well regulated
  • Great selection of instruments on offer
  • Competitive pricing for professional trading

 

Pros and Cons

Pros Cons
Good customer support Vanilla platform features
Great product offering Average fee structure
Quick and easy registration

 

A review about Alpari

 

Alpari

Alpari arrived on the Forex scene in 1998 and had a complete relaunch in 2014.

Based in Mauritius, Alpari is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius.

Alpari clients will be given access to great trading platforms like MetaTrader 4 and MetaTrader 5 which are accessible through web, desktop and mobile formats.

With access to hundreds of markets in Stocks, Metals, Cryptocurrencies, Indices and Forex, Alpari have reached an annual trading turnover in excess of $1.3 trillion per year.

Forex beginners keen on day trading will find that coupling Alpari’s demo account with the fantastic educational resources that are available, are a sure recipe for success.

 

Features

  • Leverage up to 1000:1
  • More than 60 choices available in currency pairs and crosses
  • Palatable minimum deposit
  • Compliant with industry regulations
  • Added benefit of Proprietary Binary Trader
  • Training opportunities at the Alpari Investment Academy
  • Trade signals, Economic calendars and Live news feed

 

Pros and Cons

Pros Cons
Useful Demo accounts and great Social Trading Educational resources require more content
Impressive copy trading Resource tools are limited
Wide variety of products offered Expensive transaction fees
Multilingual support Charges for withdrawals
Minimum deposit is low

 

A review about FXTM

 

FXTM

Established in 2012 and sporting a long list of accolades, FXTM is a Forex broker that is licensed and regulated in Mauritius, Belize, South Africa, the UK and Cyprus.

FXTM’s base of operations is in Cyprus but have an impressive global footprint with offices situated in France, Thailand, Nigeria, South Korea, Turkey, Poland, Germany, Italy, Malaysia, India, China and Spain.

A variety of financial products and derivatives await traders who can also enjoy tight spreads and trades across all currency pairs.

 

Features

  • Desktop platform allows for multi terminal access
  • Wide selection of trading tools
  • Availability of hedging
  • Great research and educational tools
  • Stock Index CFDs carry low fees
  • Comparatively lower spreads
  • Impressive research tools from third-party contributors

 

Pros and Cons

Pros Cons
Minimum deposit is low Fees for withdrawals and inactivity
Great customer support High fees for CFDs
Easy account creation process Limited scope on product offering
Well regulated
Forex fees are low

 

A review about FP Markets

 

FP Markets

FP Markets have been offering brokerage services from its base of operations in Australia since 2005 and offer services for Forex and CFDs.

Traders are given great selection at FP Markets and have a choice of CFDs, Gold, Stocks, Cryptocurrencies, Silver and numerous Currency Pairs all made accessible from the MetaTrader 4 and MetaTrader 5 platforms.

 

Features

  • Currency trading gives the opportunity to leverage up to 1:500
  • Traders have access to direct market
  • Demo account available
  • Multitude of currency pairs available
  • Research tools include Autochartist

 

Pros and Cons

Pros Cons
Fast account creation Limited product scope
Low trading fees High CFD fees
Quick trade processing High minimum deposit
Low Forex fees Costly fees for international bank withdrawals
Great platforms from which to choose

 

A review about XM

 

XM

With over 1000 tradeable instruments, XM has been providing Forex brokerage services since 2017.

You can choose from a selection of CFDs, Energies CFDs, Equity Indices CFDs, Forex Trading, Precious Metals and Stock CFDs.

XM also offers Forex traders more than 50 currency pairs with which to trade.

XM have enabled in excess of 70 000 traders to complete their Forex trades by using MetaTrader 4 and MetaTrader 5 with XM’s well-designed platforms.

 

Features

  • Comprehensive tools with Desktop, Mobile and Web platforms
  • Scalping enabled
  • Protection for negative balances
  • Low minimum deposit
  • Hedging available
  • Worldwide seminars and livestream education resources
  • Great research tools

 

Pros and Cons

Pros Cons
Low withdrawal fees Inactivity penalties
Easy and fast sign up Average Forex fees
Free withdrawals
Great educational and research tools

 

A review about GO Markets

 

GO Markets

Established in 2006, GO Markets is an Australian Forex broker offering a wide variety of instruments for trading including Indices, Shares, Forex, Commodities and Cryptocurrencies.

GO Markets have a prominent global presence and have offices based in Melbourne, Taipei, Hong Kong and London.

 

Features

  • Available for hedging
  • Available for scalping
  • Offers STP
  • Protection for negative balance
  • Great platforms
  • Free access to GO Markets Academy
  • Trading Central and Autochartist included in research tools

 

Pros and Cons

Pros Cons
Trade executed quickly Limited account types offered
Platforms are well-designed Regional limitations
Educational and research tools are great No services to US region
Highly regulated Limited products offered

 

A review about Exness

 

Exness

With over 80 000 customers, Exness have established their presence in the Forex world since they opened their doors in 2008.

Exness have succeeded in giving traders a great choice of instruments to trade as well as allowing flexibility to match your Forex trading needs.

You can look forward to great trading platforms which are available on desktop, web and mobile and are bolstered with amazing training and educational tools.

User registration is easy enough but there are regional restrictions in place and services may not be offered everywhere.

Customer tech support is amongst the best and are available over email and live chat.

 

Features

  • Trendy and well-designed website
  • Costs as advertised
  • Quick transaction processing
  • Increased security from funds in segregated accounts
  • Copy trading available
  • Unlimited trading strategies
  • Research tools are comprehensive
  • Live updates from many external sources

 

Pros and Cons

Pros Cons
Customer support in many languages Penalties for inactivity
Commission free Additional fees for withdrawals
Access to ECN trading High CFD fees
Attractive spreads

 

A review about HotForex

 

HotForex

HotForex have done a great job in ensuring that they are a brand that is associated with trust and integrity and have provided their traders with a consistently stable partnership.

Outstanding educational and research material is what traders can expect from the winner of the Business Excellence award.

They were established in 2010 and are headquartered in Cyprus. They also have branch offices in Dubai, South Africa and offshore entities in St Vincent and the Grenadines.

With an office in South Africa, HotForex provides fast and personalised support when you need it.

HotForex offers great platforms that are well-designed and user friendly and accessible through web, desktop and mobile.

Account creation is straightforward and customer technical support is effective at resolving queries at any time of the day.

 

Features

  • Platforms support MetaTrader 4 and MetaTrader 5
  • No commission trading with great spreads
  • Customer support equipped to support in many languages
  • Great trading tools including Trader’s Board and Autochartist

 

Pros and Cons

Pros Cons
Great selection of accounts offered Limited base currencies
Fantastic and personalised customer support Few instruments offered
Numerous currency pairs from which to choose
Commission free Forex trading
Competitive spreads
Low Min Deposit

 

A review about IG

 

IG

IG have a strong focus on putting the customer first and by doing so have built a phenomenal reputation since opening their doors in 1974.

A pleasant trading experience awaits traders thanks to IG’s great trading platforms which come fully equipped with comprehensive training and research material.

Getting an account with IG is simple but you will need to be patient because of their verification process.

Customer support is capable of quickly resolving your issues and normally have short turnaround times.

 

Features

  • Cutting edge trading platform
  • Great market analysis
  • Educational tools are superb
  • Great day trading conditions
  • Prestigious track record with great history
  • Two factor authentication gives additional security
  • Useful charting tools

 

Pros and Cons

Pros Cons
Good trading platforms Few products offered
Educational tools are good Long turnaround times on phone support
Low trading fees
No minimum deposit
Low fees for CFD trading
Well regulated

 

A review about FXCM

 

FXCM

Arriving on the scene in 1999 with the express intent to help the starter trader, FXCM have made great strides in being the preferred Forex broker amongst novice traders.

FXCM’s trading platforms are accessible via mobile, web and desktop which make ease of access an absolute breeze but there are glaring design improvements that need to be made.

Educational and training material is specifically compiled to appeal to novice traders and offer great tips and tricks to shorten the learning curve.

Creating an account is a short process but you may be left in limbo for a little while because of FXCM’s long verification process.

Users can rest easy knowing that they are in the capable hands of the customer support team who are ready to address your queries during working hours.

 

Features

  • Great technical analysis and charting tools supplied
  • Well established with rich history
  • Many trading platforms from which to choose
  • Great education tools incorporating live events as well
  • Provides platform for Social Trading
  • Great technical tools

 

Pros and Cons

Pros Cons
Educational and resource tools are good Limited products offered
Quick user registration Development needed for platforms
Forex fees are low
No withdrawal fees
Low stock and ETF fees

 

Plus500 Review South Africa

 

Plus500

Established in 2008, Plus500 have been making waves in the Forex world from down under (Australia) and have captured the hearts of many traders because of their cutting-edge innovation through technology.

Plus500 offer trading platforms that are second to none and you will quickly feel the quality of their design and functionality.

Their product scope is unfortunately limited to Forex and CFDs and, consequently, there isn’t much to get excited about in their educational and research tools on offer.

24/7 support is managed by a capable customer support team who are quick to resolve customer queries.

 

Features

  • Access to more than 2 000 tradeable instruments
  • Good commissions and spreads
  • Minimum deposit is comparatively lower
  • Protection for negative balance
  • Regulated well
  • Cutting edge trading platforms

 

Pros and Cons

Pros Cons
Great trading platform Limited offering in terms of research tools
24/7 Customer support No telephone support
Trading fees are low Mediocre educational tools
Highly regulated
No withdrawal fees

 

A review about Pepperstone

 

Pepperstone

Pepperstone was established in 2010 and have fast become a great choice for novice and experienced traders alike.

Pepperstone has over 57,000 trading clients and is regulated by other top-tier financial authorities: the UK’s FCA and the Australian Securities and Investments Commission ASIC.

You will have access to a multitude of training and educational material all of which is accessible through desktop, mobile and web platforms.

Creating an account is easy enough and hardly takes any time.

Customer tech support is quick to respond and capable of dealing with queries in a swift manner.

 

Features

  • Good selection of trading platforms available (cTrader, MT4 and MT5)
  • Support given in many languages
  • Great pricing model

 

Pros and Cons

Pros Cons
Forex fees are low Limited scope of products offered
Customer support is great Mediocre research content
Withdrawals and deposits are free Basic news flow
Low minimum deposit
Well-regulated and established firm
Good global footprint

 

A review about FxPro

 

FxPro

FxPro opened its doors in 2006 and has always had a strong client-centric approach. FxPro is well regulated and has a global footprint in more than 170 countries.

Many traders agree that the educational and training resources which are made available at FxPro are well organised and capable of providing a lot of assistance.

Creating an account is a completely digital process and should be painless.

Customer support is available 24 hours a day, 5 days a week via telephone, live chat and email and provide prompt, relevant responses.

 

Features

  • Fast trade execution
  • Great financial position of holding company
  • Decorated tenure with many accolades
  • Great customer service

 

Pros and Cons

Pros Cons
Good selection of instruments offered Lacking investor protection
Increased security through segregated accounts Regional limitations
Well regulated

 

A review about ThinkMarkets

 

ThinkMarkets

ThinkMarkets was founded in 2010 and is a London based broker with offices across the globe servicing a client base in excess of 10 000 traders.

ThinkMarkets decided to go the extra mile and bolster their platform offering with Trade Interceptor as well as the usual MetaTrader tools.

Traders can expect a diverse selection of research tools but may find that ThinkMarkets lacks the depth to be truly competitive with market leader capabilities.

Creating an account is a fully digital process and is quick and easy as is the interaction with customer support who respond quickly and effectively to resolve user queries.

 

Features

  • Client funds are segregated
  • Well regulated
  • Great selection of research tools
  • Great spreads

 

Pros and Cons

Pros Cons
Attractive minimum deposit Lacks fixed spread accounts
Trading programs are advanced Lacks web-based trading platform
Certain accounts are commission free
Offers VPS Service

 

A review about eToro

 

eToro

Having secured millions of customers with their “against the grain” approach, eToro have achieved a prominent presence in the Forex world as the frontrunners of social trading.

eToro offer a great number of products and are geared to provide great service to the novice and expert trader alike.

Many agree that eToro provide one of the best trading experiences in today’s market and this is all made possible thanks to their capable mobile and web platforms.

Traders will discover that the educational and research content, although vast, needs some improvement.

However, account creation is a quick, digital process and customer support provides great assistance in resolving user queries.

 

Features

  • Leader in copy and social trading
  • Good options for Cryptocurrency
  • Good charting tools
  • Support available in many languages

 

Pros and Cons

Pros Cons
Efficient sign-up Single base currency
Great platforms Forex fees are high
Useful trading tools Withdrawal process is complicated

 

A review about OctaFX

 

OctaFx

Established in 2011, OctaFx cemented their position in the Forex world by providing broker services that appeal to both the expert Forex trader as well as the novice.

Traders will experience great platforms on mobile and web, and customer support is great at resolving any of your queries.

Creating an account is a digital process that is hassle-free and will allow you to access their solid range of educational and research tools.

 

Features

  • Regulated well
  • Good tools for trading
  • Great selection of instruments on offer
  • Freedom to choose trading models
  • Multiple payment options

 

Pros and Cons

Pros Cons
Great selection of trading accounts Limited withdrawal choices
Good research tools Penalties for inactivity

 

A review about RoboForex

 

RoboForex

With their headquarters established in Cyprus in 2009, RoboForex Group provides Forex brokerage services to approximately 800 000 traders in 170 countries globally.

RoboForex Offers a massive number of financial instruments, eight asset types for trading and provides good multilingual support.

 

Features

  • Hedging allowed
  • Base currencies total 5
  • Scalping allowed
  • Great spreads
  • STP Offered

 

Pros and Cons

Pros Cons
Orders executed quickly Lacks FCA regulation
Account creation is fully digital Lacks fixed spread accounts
50% profit sharing with Affiliate program

 

A review about XTB

 

XTB

Established in 2002, XTB have earned their reputation in the Forex world as a trustworthy broker.

Creating an account is effortless and free and, once completed, will give access to great research and training resources as well as leverages up to 1:500.

Customer support is great with the only drawback being the slow response time via email.

 

Features

  • Well regulated
  • Fantastic platform with excellent usability
  • Great selection of instruments on offer
  • Terrific customer service

 

Pros and Cons

Pros Cons
Low Forex fees Improvements needed in email support
Flexibility to suit user needs Limited products offered
Quick and easy registration

 

A review about CM Trading

 

CM Trading

CM Trading is one of the trading companies under BLACKSTONE Marketing and is known as one of the leading Forex brokers in Africa.

CM Trading offers amazing trading platforms that are equipped with the latest in platform developments, namely, Sirix Web Trader, MetaTrader and the CopyKat System.

Traders can enjoy decent research tools to help achieve their trading strategies and also take advantage of a unique deposit structure to bank some additional capital.

 

Features

  • Well regulated
  • Guardian angel feature
  • Great value adds on many fronts
  • Social trading

 

Pros and Cons

Pros Cons
Well regulated Slow customer support
Early warning feature
Great platform features

 

In conclusion

It’s hard to deny that there is sometimes difficulty in understanding the need for all the red tape that exists in the Forex world and the temptation always exists to try and bypass them.

The FSCA which is based in Johannesburg, South Africa, regulates the non-banking financial services segment of the South African market as it has done for more than 20 years (previously as the FSB).

Although investors can trade Forex and CFD with offshore brokers to bypass this regulation, it is highly recommended that South African traders use FSCA regulated Forex brokers as this protects investors against any disputes and malpractices by Forex brokers.

 

Recommended Posts