Best Forex Brokers in South Africa 🇿🇦

Choosing the right broker to trade with may seem like a simple task of going to the first company that calls you telling you that you’re going to be rich, but watch out.

There are many scams in the name of forex trading which is hard enough without having a scammy broker to deal with. Even with some of the licensed brokers you can encounter serious problems, like with the liquidation of JPMarkets, once my employer.

Because 80% of traders lose ALL their money withing the first 90 days of trading, most brokers operate as what is known as B-Book, where your losses are their gains. Most don’t care about you losing money at all and will do anything to get you to open a live trading account as soon as you can.

There are also terms and conditions that you need to pay attention to (especially around bonuses conditions and withdrawing this money that was gifted to you).

Your choice of which regulated broker to choose will be one of the most important decisions that you make when deciding to trade.

The FSCA is the regulatory body for South Africa that overseas forex brokers and you can contact them if you have any problems, like in the above case of JPMarkets, where traders complained to the regulator that they weren’t receiving their withdrawal requests, and felt like they were cheated in their trades.

In fact, you should search for any broker here first and find out their regulatory standings before trading with them.

Things to look out for with brokers are, do they allow you to hedge your positions, or are you only able to trade in one direction (long or short but not both at the same time), can you run EAs or robots on your trading account?

Finally, it would be good to know if the brokers have an IB program so that you could earn some extra cash from referring other traders to trade too.

These are the other brokers that have a license to operate in South Africa.