Forex Brokers In South Africa

Choosing the right broker is tricky and not for the faint-hearted. 

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 profits.

There are also terms and conditions that you need to pay attention to (especially around bonuses conditions around withdrawing this money that was gifted to you, you need to trade a certain volume to qualify to receive the amount of the deposit).

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.

While some of the brokers listed here are NOT regulated by the FSCA, it doesn’t mean that those brokers are scams. It simply means that they’re regulated in other jurisdictions but it will be harder to contact the regulator if anything goes wrong.

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.

Below you will find some of the brokers that I have traded with and my experiences in either trading with them or in promoting them on my website.

Fill in your details below and get immediate access to our preferred broker.

And Account Manager will contact you to get you started placing your first trade.

Blackstone Futures are an STP broker with no dealing desk

I’ve met the CEO to have a conversation, been to their old offices in Rivonia as well as their new one in Rosebank. I think that their level of service is fantastic and that they’re definitely going to be sticking around in South Africa for many years.

They have Rand as well as Dollar Accounts, deposits are done via Card or OZOW and withdrawals take 48h to appear in your bank account.

I trade a live account with them myself, and I think that they’re just great. I have had no problems thus far.

I highly recommend them

Global Prime has a unique offering

They educate traders on how the industry really operate with exactly the same transparency that I like to express. Thy have regular education sessions on their YouTube channel not just including market analyses, but also educating traders how the trading works from the broker’s perspective and how they make money.

In the last video I watched, they claimed to offer a price feed for a Latency Arbitrade strategy.

I plan to test this out over the next year. I’ll let you know the results of my trading activity and invite you to follow me if you would like.


HYCM is one of the most recognised names in the forex industry.

HYCM offers clients everything they need to make informed trading decisions.

HYCM has accumulated a large collection of awards since its inception, including World Finance’s Best Mobile Trading Platform, 2017 and Global Banking & Finance Review’s Best Forex Broker, UAE 2017.

They are recognised as an industry leader and have evolved into the online broker of choice for traders across the globe.

HYCM offers clients excellent trading conditions, great liquidity and low spreads, delivering a super-efficient service. With its strong focus on fast execution and low cost trading. 

Always a leader in embracing cutting-edge technology, HYCM strives to stay ahead of industry trends by adopting the latest technologies to cater for its clients evolving needs.

The company is part of the Henyep Capital Markets Group, an international conglomerate with businesses in financial services, property, education and charity.


QuickTrade is a new partner I’ve joined up with.

Finally, a local broker that is taking the idea of a multi-tiered affiliate system seriously. Now that I’ve replaced a reasonable salary with the income from being an IB, I can begin teaching others. And doing it via a three-tier system is sufficient incentive I think.

I’ve only just started the process with QuickTrade, so keep checking back here about my review of their services. 

It all starts with a live account, so if you’re keen on embarking on a live journey with me, then click here to start now.

RMDTrader – Specialising in Mirror Trading

RMDTrader is another FSCA regulated broker that’s very interesting to partner with.
They are regulated by the FSC (Mauritius) and FSCA (SA).
They focus on driving clients ’ success through education and by providing a sustainable & regulated trading environment.
You receive the best trading system for your desktop, laptop and mobile.
RMDTRADER utilises STP and Direct Market Access (DMA) to Tier 1 liquidity providers, through their ECN structure, without any dealing desk intervention.
Their Mirror Trade platform is here to diversify your approach by mirroring & learning from experts while winning.

I partnered with TigerWit

because they partnered with Liverpool FC, the EPL team that I support and follow religiously, but then my EA trader informed me that the uniquely profitable robot that he has developed is working a charm. 

And I’m thinking of applying this bot he has managed to successfully run into a Master Account that they have going on their platform, hoping that I can convince him of going with my idea of growing the business this way. (I know I sound vague at the moment, but please forgive me while I work everything out. 

But in the meantime, if you would like to trade with TigerWit, then please click here to open an account or click here to open a referral account and promote them to your traders.

ICMarkets was established in 2007 by a team of pro traders.

International Capital Markets is one of Australia’s largest Forex Broker and CFD providers with their head office located in Sydney.

IC Markets is one of the few True ECN brokers worldwide and their mission is to create the best and most transparent trading environment for retail and institutional clients alike.

Their motto is “by traders for traders” and IC Markets has consistently proven to offer superior spreads, execution and service

FXPrimus is now regulated in South Africa

In addition to occupying offices in Sandton, South Africa, they now go under the name Primus Africa (Pty) Ltd and are regulated by the FSCA with license number 46675. 

Your funds are insured, free of charge by Lloyd’s for up to 2.5 million euros and are available to ALL clients.

They also have an ECN type account with STP (Straight Through Processing) so unlike market makers, they don’t trade against you, and there’s no conflict of interest.

Recently they posted a video on how to open an account, so you may want to check that out if you’re very interested in signing up with them and would like a short tutorial.

They offer some of the tightest spreads around and seem to have an excellent reputation so if you’re an experienced trader and have had enough of the many market makers hunting for your stop-losses, then check them out.

AVATrade Opens An Office in Sandton

AVAtrade is another international broker that’s regulated by the FSCA (FSP Number 45984.) and now has a physical presence in the country with their offices in Sandton.

They’re an established broker and looking to grow their presence in the African market.

And like all good modern brokers do, they also offer a sub-IB program so that you can earn a passive income from referring other traders as well as other IBs.

Sign up as an affiliate here and earn some passive income from your referrals.

The Popular Broker CMTrading

CMTrading is regulated with the FSCA with number 38782.

They offer local deposits in South African Rands to fund your trading account. This makes it easier for us Saffers to start trading.

More importantly, getting your profits out is so easier as its a normal local EFT to your bank account and not a wire transfer where you have to wait a week so you’ll get it to spend it faster (just remember there are no shortcuts to a being a professional trader and you have to take the time and effort to educate yourself with what’s important.

I’ve recently written a short review, if you have any experience with them, I’d love to hear it. Click here and tell me what you think of them is also regulated by the FSCA is operated by Safecap Investments Limited (“Safecap”).

They’re a regulated investment services firm authorized by the Cyprus Securities and Exchange Commission (“CySEC”) under license no. 092/08 and by the Financial Services Conduct Authority (“FSCA”) in South Africa as a Financial Services Provider with license no. 43906.

ForexTime: A New Broker Regulated in South Africa

FXTM is now licensed by South Africa’s FSCA with FSP number 46614.

Like all good (excellent brokers), all of FXTM’s client funds are deposited in segregated accounts at top-tier banks such as Barclay’s and Credit Suisse.

FXTM are one of the few brokers that offers all traders an insane leverage of up to 1:1000 (don’t take them up on this, unless you know what you’re doing. High leverage is terrible if you don’t), tight spreads starting from 0.1 pips, and the ability to trade 100+ instruments.

They provide a great variety of optimised account types, desktop and mobile MT4/MT5 trading platforms, regularly hosts exciting demo and live contests, gives out trade-enhancing bonuses as well as useful free trading tools.

Union Standard Group (USGFX)

Union Standard Group (USGFX) is regulated by the Australian Securities and Investment Commission (ASIC) and holds an Australian Financial Services Licence (AFSL).

Currently, they’re the only brokers where a very unique EA that a business partner of mine has created works. And then, only sometimes too. This is the only place where I’ve written about this 

Their AFSL number is 302792.

As a regulated foreign exchange and CFD broker, USGFX adheres to strict capital requirements and implements internal procedures including risk management, regular staff training, and strict accounting and auditing processes.

Your funds are held in a segregated trust account with the Commonwealth Bank of Australia, separate from the company’s accounts and funds.

For total beginners, they have a $30 bonus for mini accounts, so deposit a minimum of $100 and get the $30 into your trading account. You need to trade a minimum of 20 standard lots to qualify to withdraw that bonus, so I hope that you are a savvy trader and can turn a profit with that little to get that money free.

They also have regular webinars, so if you need to learn, they have the training available for you.

They also have social trading with ZuluTrader and MyfxBook, so you can make money from the markets without knowing how to trade. Just hire someone else to do so for you.

Here’s some of the benefits of dealing with this broker.

  • Regulated by the Australian Securities & Investment Commission (so tough regulations)
  • Ultra-fast execution of orders with one-click trading
  • Optical fibre connections to interbank servers in New York, London & HK
  • Competitive spreads with low slippage and minimum requotes
  • Segregated Client Funds at the Commonwealth Bank
  • Negative Balance Protection
  • Withdrawals approved within 24 hrs
  • Choose leverage as high as 1:500
  • Structured forex education course – The TradersClub Coaching Program
  • Free access to Trading Central’s award-winning technical analysis.
  • Trade on the world’s most popular trading platform – MT4
  • 24-hour client support by professional and friendly staff
  • Your own dedicated personal Account Manager

FXGiants is the Sister Brand to IronFx

FXGiants is an international online trading broker, giving access to retail and institutional investors, to over 200 tradable instruments from 6 asset classes.

You can trade Bitcoin, with bitcoins or any other instrument among the variety of products they offer, with leverage up to 1:500.

Mt Cook

Mt Cook is a boutique brokerage that offers superior trading conditions for qualifying traders (or those who are following a particular copy trading or PAMM strategy from a money manager on their platform).

You need a minimum of $2,000 to trade a live account if you’re a trader or you need to know of a managed account that you can join to trade with less money.

Trade for Free with XM

XM is offering a R347, no deposit bonus to try out their services. Many brokers are now offering this risk free way to give you a taste of their services. You probably won’t get rich from this free account, you’ll need a decent size account of at least $500 if you want to start making some real money but if you haven’t ever traded before or you want to see what their service is like, sign up with XM.

XM’s traders are some of the most loyal, with regular webinars to attend, multiple account types, as well as a zero account (0 pip spread for selected currency pairs), they do all they can to keep their traders trading successfully and continuously.

For IBs they have also overhauled their website to offer real-time statistics, and payments every week. Check out the advantages here, The news section is filled with real life seminars all around the world for potential traders and give you every opportunity to build a business this way.

BDSwiss Offers 24/7 Bitcoin Trading

BDSwiss Holding PLC is authorised and licensed by CYSEC (EU) (License No. 199/13) and I’m beginning to be involved with this broker in a deeper way these days.

BDSwiss offers a number of financial products, platforms, and account types so that everyone, from the novice trader to the market veteran, can find the tools, support, and education they need to trade the Financial Markets.

To begin with, BDSwiss offers some of the lowest spreads and highest leverage ratios in the markets. 

BDSwiss’ most attractive feature is their adamant support and abundance of educational resources. They go above and beyond to help their traders succeed. 

 If you are looking for the optimal trading experience, BDSwiss is your go-to broker!

TD Markets

TD Markets is regulated South Africa by the FSCA with an FSP number of 49128. They’re the preferred broker of Global Forex Institute, the agency that many South Africans are choosing to learn from.

They have some interesting free funding or free training with GFI, if you FICA your account and train with them.

They also supply Direct Market Access and an interesting leverage structure to limit your risk so its easier for beginners not to blow their accounts like most of us do.

Blackwell Global

Blackwell Global is a global brokerage, aiming to be the most trusted financial service provider.

They’re regulated by the FCA, one of the most stringent regulatory around. They claim to be committed to transparency, integrity and service excellence.

They use, Infinitum which is a sophisticated software tool designed specifically to reduce clients and partners administrative workload. This bespoke back-office system provides easy access to your individual profile and trading history, personalising your trading experience.Visit the SiteOpen An Account

ZuluTrade & AAAFx

Founded in 2007, ZuluTrade is the world’s first and leading online and mobile Social Trading Platform.

Created in response to the non-existence of a web-based platform that could audit Traders globally and at the same time; enable Traders to share their knowledge with people interested in their strategies.

The ZuluTrade Platform bridged the gap between valuable information in money markets and trade execution by converting the advice of some of the most professional and talented Traders globally, to a service which can rapidly execute trades.

An additional advantage of the ZuluTrade Social Trading Platform is that it provides the ability and ease of driving selected Trades to broker accounts of the interested parties.

In 2017, ZuluTrade has joined forces with Formax Group. Both ZuluTrade and Formax share a vision to become the world‘s largest one-stop financial community that can meet investment requirements by offering customer-focused solutions while also building the largest Social Trading Community in the globe!

Advantages of ZuluTrade:

  • More than 50 Brokers to choose, serving 120 countries
  • 1.5 Million USERS and 30k Traders to follow. A wide variety of available strategies, suitable for a variety of Followers (investors) needs
  • Proprietary platform based on our own advanced technology
  • Unique Auto-trading and risk management features available; such as ZuluRanking and ZuluGuard
  • Automator tool allows a new User to Follow Traders while applying their own rules
  • Unique understanding, insights, and experience in Forex Market, Cryptos, and CFDs
  • Expert Advisors (EAs) and Trading Scripts are supported
  • Seamless UI and UX, ZuluTrade is also available in App stores for Android and ios

AAAfx is the preferred broker to use with ZuluTrade

AAAFx, founded in 2008 is a Forex broker incorporated with the ZuluTrade Forex signals programs and systems. Its main headquarters is situated in Athens, Greece and it is EU regulated and licensed.

AAAFX provides a huge range of currency pairs and engages in metal and oil trading activities.

Client funds are segregated from the company’s operational funds. Segregated client accounts are held across major financial institutions.

Swiss Markets

Swiss Markets is part of the BDSwiss Holding PLC group which was founded in 2012.

Their brand was established in 2016 with the aim to create a competitive environment within which its clients could enjoy secure, transparent and reliable STP trading.

They go above and beyond to provide their clients with the highest possible quality of service and some of the most innovative trading platforms available in the market!

They are a forward-thinking Forex/CFD brokerage and follow a strict client-centric approach, putting traders first.

Swiss Markets is a true STP broker, meaning that all clients’ orders are immediately passed on to liquidity providers.

It should be noted that providing favorable trading conditions, facilitates their clients’ day-to-day transactions but in no case guarantees profits or risk-free investments.

Swiss Markets’ main priority is to assist its traders in every possible respect, giving them all the resources and tools they need to optimize their trading experience.

Open An STP Account

GBE Brokers

GBE brokers Ltd is a fully regulated European online-broker both for private and institutional traders focused on FX and CFD trading.

They’re regulated and licensed under the Cyprus Securities and Exchange Commission (CYSEC). (CIF license number 240/14). They’re one of the brokers recommended by Forex Varsity, who are one of the better trading education providers with offices in some of the major city centres in South Africa.

Their ECN-trading-servers are located in Equinix LD4 Data center and are directly connected to liquidity providers via fibre optic cable to provide worldwide best execution speed on a Metatrader 4 platform!

GBE brokers Ltd provides same account for: currency trading and trading in a wide range of CFD-products in the fields of indices, commodities and metals (gold, silver, platinum).

You can easily use their trading platforms, the commonly MT4 is also available on Apple Mac and they have mobile apps too.

Test their demo and live platforms now – they claim to keep their promises!

InstaForex Offers A No Deposit Bonus of $25

Third Time Lucky and Instaforex, Asia’s favourite broker also offers a no deposit bonus. Be wary of these promotions as some very onerous terms and conditions apply.

I would only recommend it, if you’re absolutely desperate to start trading forex and you have no capital of your own to trade with. Who knows, you may get lucky and turn that measly amount into some serious wealth.

Otherwise you’d be better off either taking their 250% bonus when you deposit your real money.No Deposit Bonus


ThinkForex is regulated by the Australian Securities and Investments Commissions (ASIC) in Australia under license number 424700.

ThinkForex is also regulated as TF Global Markets (UK) Limited by the Financial Conduct Authority (FCA) in the United Kingdom, with FCA Number 629628.

ThinkForex is a non-dealing desk broker.

However, ThinkForex is the counterparty to your trades, which means they employ the market maker business model.

They may choose to hedge your trades with a prime brokerage, or leave your positions unhedged.

RoboForex – professional services on Forex markets

RoboForex is a rapidly expanding broker. They have been operating since 2009 and is regulated by the IFSC, license No. IFSC/60/271/TS.

From the moment of its foundation, RoboForex has always been focused on providing best trading conditions using innovative technologies and many years of experience.

RoboForex is an international broker, which offers 8 asset types and more than 12,000 instruments for trading. We’re very proud of a variety of services we provide our clients and partners with, which are of the same quality for all, regardless their experience and amount of their investments.

These are the brokers that I’ve tried out,

I’ll add in some more as I get to try them out and see how they operate.

I believe more will be coming into the local market now as the number of South African’s that are now trading forex is increasing every day. If you are trading, I would love to know about it and be in touch with you. Perhaps share some ideas on trading and support each other in this journey. 

Please get in touch via my contact page.

Please take care with the brokers you eventually do choose and happy trading.

Risk warning: Losses could exceed deposits.

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