All Share (J203) = 89 062
Rand / Dollar = 18.40
Rand / Pound = 23.20
Rand / Euro = 19.22
Gold (usd/oz) = 2 929.52
Platinum (usd/oz) = 975.98
Brent (usd/barrel) = 75.93
Trade +10,000 CFDs with Tight Raw Spreads. – Trade Now!

13 Best New Forex Brokers in South Africa

Best new forex brokers in South Africa

 

When It comes to New Forex Brokers in South Africa, we won’t be looking at those who started off in the past five years. With industry heavy weights like IG, Saxo Bank, Interactive Brokers and City Index having made their start as early as 1974, the term “New” is best suited to Brokers who made their start in the past 20 Years.

Here is an overview of the 13 Best New Forex Brokers and Trading Platforms in South Africa.

 

A review about Swissquote original
 

Swissquote

 

Swissquote is an online broker which was founded in 1999 and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland.  New traders with

Swissquote will need to make a minimum deposit of $1000 and a demo account is available.  Swissquote Ltd is authorised and regulated by the Financial Conduct Authority (FCA).

 

Swissquote is able to accommodate various levels of traders and offers a wide variety of instruments and trading currency to choose from.

  • Over 100 instruments
  • Over 150 currency pairs

 

Swissquote offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

 

Swissquote Trading benefits:

 

Swissquote Trading Accounts on Offer include:

  • Demo account
  • Mini account
  • Standard account

 

With Swissquote, the minimum and maximum trade requirements will vary depending on the trader and the instrument and the platform supports a wide range of languages including English, German, French, Italian, Spanish, Arabic, Russian, and Chinese.

 

A review about AvaTrade
 

AvaTrade

 

AvaTrade is an excellent partner for all types of trader, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

 

  Min. Deposit Max. Leverage Min. Spread Commission
Islamic USD 100 400:1 1.3 pips None
Professional USD 100 400:1 1.3 pips None
Retail USD 100 400:1 1.3 pips None

 

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

 

XM.com Review in south africa
 

XM Group

 

The XM Group provides the entire suite of MetaTrader platforms and over 1300 tradeable instruments, was Founded in 2009, and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it an average-risk for forex and CFDs trading.  XM is regulated by FCA (UK), ASIC (Australia) and CySEC.

XM Group’s research offering is above the industry standard, and pricing at XM Group varies by account type.

 

Feature XM Group
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 57
CFDs – Total Offered 1247
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD No

 

XM Group is a MetaTrader-only broker and offers the standard experience, including both MT4 and MT5, iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

 

Feature IC Markets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 63
CFDs – Total Offered 41
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

 

A Review of FxPro
 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker and has a head office located in the UK. Since 2007, FxPro has been regulated by CySEC and operates under the CIF license number 078/07.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro? 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

FXPro Trading benefits include: 

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

A review of XTB
 

XTB

 

XTB is an online broker which was founded in 2002 and offers Forex, CFDs, and Cryptocurrency trading.  XTB is a global broker with their head office situated in Poland.  XTB Ltd is authorised and regulated by the Financial Conduct Authority (FRN 522157)

XTB have won numerous industry awards over the 18 years that they have been operating as a financial broker and traders can choose to trade in a wide variety of instruments over 1,500 instruments and over 50 currency pairs in fact.  XTB offer traders the popular MT4 forex trading platform alongside the award-winning Xstation5.

XTB also offers traders mobile apps for Android and iOS and customer support in a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish.

 

A review about eToro
 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Standard  and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review of FP Markets
 

FP Markets

 

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.  FP Markets is regulated by the Australian Securities and Investments Commission (ASIC).  When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

FP Markets Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

A review about Axi
 

Axitrader

 

Axitrader is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.

Axi is authorised and regulated by the Australian Securities & Investments Commission (ASIC).  Axitrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

 

Axitrader Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Axitrader Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic .

 

Customer Support can be contacted via:

  • Live chat
  • Phone
  • Email

 

Toll free numbers are available in Australia, China, Germany, Hong Kong, Indonesia, Malaysia, New Zealand, Singapore, Spain, Thailand and the UK.

 

A review of Vantage FX
 

Vantage FX

 

Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk.  Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).

Vantage FX is regulated by ASIC (Australian Securities and Investment Commission).

Vantage FX offers three distinct account types, with the Pro ECN account requires a massive minimum deposit of $20,000. Most retail traders will find it more beneficial to choose between the Standard STP account, with a minimum deposit of $200, or the Raw ECN account with a minimum deposit of $500.

 

Feature Vantage FX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 38
CFDs – Total Offered 24
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.

 

Customer support is offered 24/5 via call, email, or live chat.

 

A review about EasyMarkets
 

EasyMarkets

 

EasyMarkets is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner and established forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy-to-use forex trading platform

 

Risk Management Tools on offer include: 

 

EasyMarket offers award winning customer service during market hours via live chat, email, fax or telephone.  EasyMarket customer service is available in four languages to include English, Polish, Chinese, and Arabic.

 

A review about Forex.com
 

Forex.com

 

Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.

 

Traders can trade in:

  • Over 4500 instruments
  • Over 80 currency pairs

 

Forex.com Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Forex.com Trading Accounts on offer include:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.

 

A review of Exness
 

Exness

 

Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

Exness offers traders 5 different trading accounts to choose from. Standard Accounts include the Standard and Standard Cent. Professional Accounts include Raw Spread, Pro and Zero. Demo accounts and Islamic swap-free accounts are also available.  Exness offers over 105 different instruments to trade, including over 103 currency pairs.

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

What to consider when comparing New South African Forex Brokers and Trading Platforms.

 

Regulation:

Regulation is perhaps the most critical aspect when it comes to choosing a Forex Broker. A Regulator is set in place in order to keep an investors money safe.

 

Trading Conditions:

An investors trading cost should be as low as possible and Forex Brokers should couple trading accounts with transparent documentation on the spreads and execution policy, and a list of all CFD assets available.

 

Education Material:

Educational Materials are especially important for beginner traders, and can prove extremely helpful in combination with a demo accountAdvanced strategy, webinars, and market research all contribute to the complete learning experience.

 

Trading Platforms:

Although most brokers offer the best trading experience, it may not always be the case. Traders will have their own software preference and should be able to use it at multiple brokers.

 

In Conclusion

South African Forex traders have a strong list of Forex Brokers to choose from. While the FSCA regulates many, most will also offer regulations from international regulators to boot. There are a multitude of Forex Brokers who are looking for FSCA licensed brokers, who are not stuck in the old ways of trade, but can stand their ground with the ‘beginner trader’ crowd. To find the Best Broker, traders should use an elimination system and take their time.

 

5/5 - (1 vote)

Written by:

Louis Schoeman

Edited by:

Skerdian Meta

Fact checked by:

Arslan Butt

Updated:

May 4, 2024

Written by:

Louis Schoeman

Featured SA Shares Writer and Forex Analyst.

I am an expert in brokerage safety, adept at spotting scam brokers in mere seconds. My guidance, rooted in my firsthand experience with brokers and an in-depth understanding of the regulatory framework, has safeguarded hundreds of users from fraudulent brokerage activities.

Edited by:

Skerdian Meta

Leading Analyst

Skerdian Meta FXL’s Heading Analyst is a professional Forex trader and market analyst and has been actively engaged in market analysis for the past 10 years. Before becoming our leading analyst, Skerdian served as a trader and market analyst at Saxo Bank’s local branch, Aksioner, the forex division and traded small investor’s funds for two years.

Fact checked by:

Arslan Butt

Commodities & Indices Analyst

Arslan Butt, a financial expert with an MBA in Behavioral Finance, leads commodities and indices analysis. His experience as a senior analyst and market knowledge (including day trading) fuel his insightful work on cryptocurrency and forex markets, published in respected outlets like ForexCrunch.

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