Comparing 10 Regulated FX & CFD Brokers in South Africa
For traders in South Africa, selecting an FX and CFD broker means navigating a landscape rich with both excellent local and international options. The primary consideration is regulation by the Financial Sector Conduct Authority (FSCA), which ensures robust consumer protection, fund safety, and the availability of ZAR-based accounts. However, many traders also look to top-tier global brokers for unique features like high leverage and ultra-low costs.
This guide provides an in-depth, updated analysis of the top 10 brokers serving the South African market in 2025. By evaluating each provider on their verified regulatory status, trading costs, platform technology, and unique advantages, this review will equip you with the essential information to choose a trading partner that perfectly aligns with your strategy.
Top 10 FX & CFD Brokers in South Africa
Here is a detailed breakdown of the leading brokers, assessing their core offerings, strengths, and potential drawbacks for South African traders.
1. INFINOX
|
INFINOX Broker Details
|
|
|
Regulators
|
FSC, SCB, FCA
|
|
Min Deposit
|
$1 (~R18)
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, IX Social, IX SYNC
|
|
Trustpilot Rating
|
4.7 out of ~1,200+ reviews
|
|
Number of CFD Instruments
|
900+
|
|
Leverage
|
Up to 1:1000 (International)
|
|
Spread EUR/USD
|
From 0.2 pips (ECN), 0.9 pips (STP)
|
|
Forex Commission per Lot
|
0 on STP Account
110 ZAR round turn on ECN Account
|
|
Deposit/Withdrawal Methods
|
Visa, Mastercard, Skrill, Neteller, Bank Wire
|
INFINOX stands as the best CFD broker in South Africa for traders seeking the ultimate combination of ultra-low costs, high leverage, and innovative technology. Its multi-jurisdictional regulation under respected bodies like the UK's FCA provides a robust framework for client fund safety, including segregated accounts. The broker’s key advantage lies in its versatile account structure: a zero-commission STP account for ultimate cost simplicity and a raw-spread ECN account for high-volume traders.
Furthermore, INFINOX excels with its proprietary IX Social platform, a powerful copy trading solution that allows traders to follow and learn from experienced market participants. This commitment to value and cutting-edge features makes it a superior choice in the South African market.
Key Pros
- Offers a true zero-commission trading account, providing exceptional value.
- Advanced proprietary social and copy trading platform (IX Social).
- High leverage options available for maximum trading flexibility.
- Strong global regulatory oversight ensures high safety standards.
Key Cons
- Does not offer ZAR as a base account currency, which may involve conversion costs for deposits and withdrawals.
2. Exness
|
Exness Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 51024), FCA, CySEC
|
|
Min Deposit
|
$10 (~R180)
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Go App
|
|
Trustpilot Rating
|
4.6 out of ~3,500+ reviews
|
|
Number of CFD Instruments
|
200+
|
|
Leverage
|
Unlimited (for eligible clients), standard up to 1:2000
|
|
Spread EUR/USD
|
From 0.0 pips (Pro Account)
|
|
Forex Commission per Lot
|
~$7 USD round turn (Pro Account)
|
|
Deposit/Withdrawal Methods
|
ZAR Bank Transfer, Visa, Mastercard, Skrill, Neteller, Crypto
|
Exness is the top FSCA-regulated broker for traders seeking unique and powerful features. Its standout offering is the option for unlimited leverage for eligible, experienced clients, a feature unmatched in the industry. With a local office in Cape Town and full support for ZAR accounts, Exness is deeply committed to the South African market. Its massive trading volumes and multi-regulatory oversight make it a highly reliable and innovative local choice.
Key Pros
- Fully FSCA-regulated with a local South African office.
- Unique offering of unlimited leverage for qualified traders.
- Supports ZAR base accounts with local deposit and withdrawal options.
Key Cons
- The range of tradable instruments is more limited compared to larger brokers.
3. AvaTrade
|
AvaTrade Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 45984), CBI (Ireland), ASIC
|
|
Min Deposit
|
R1,500
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, AvaOptions, WebTrader, AvaTradeGo
|
|
Trustpilot Rating
|
4.7 out of ~10,600+ reviews
|
|
Number of CFD Instruments
|
1,250+
|
|
Leverage
|
Up to 1:400 (FSCA Retail)
|
|
Spread EUR/USD
|
Fixed from 0.9 pips
|
|
Forex Commission per Lot
|
$0
|
|
Deposit/Withdrawal Methods
|
Visa, Mastercard, Skrill, Neteller, Bank Wire
|
AvaTrade is a highly reputable FSCA-licensed broker with a local office in Johannesburg. It is well-regarded for its multi-platform offering and its focus on fixed spreads, which provides cost certainty during volatile periods. AvaTrade also offers unique tools like AvaProtect™, a risk management feature that allows traders to insure specific trades against losses, making it popular with both new and risk-conscious traders.
Key Pros
- FSCA-regulated with a local office in Johannesburg.
- Offers fixed spreads for predictable trading costs.
- Excellent educational resources and innovative risk management tools.
Key Cons
- Fixed spreads are generally wider than the variable spreads of ECN brokers.
4. IG
|
IG Markets Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 41393), FCA, ASIC
|
|
Min Deposit
|
R4,000
|
|
Trading Platforms
|
Proprietary Platform, MetaTrader 4, ProRealTime, L2 Dealer
|
|
Trustpilot Rating
|
4.0 out of ~8,100+ reviews
|
|
Number of CFD Instruments
|
19,000+
|
|
Leverage
|
Up to 1:200 (FSCA Retail)
|
|
Spread EUR/USD
|
From 0.6 pips
|
|
Forex Commission per Lot
|
$0
|
|
Deposit/Withdrawal Methods
|
Visa, Mastercard, PayPal, Bank Transfer
|
IG Markets is a global leader in online trading and a top-tier FSCA-regulated broker in South Africa. Its biggest strength is the unparalleled selection of over 19,000 tradable instruments, the largest available to local traders. Its proprietary trading platform is renowned for its advanced research tools and powerful charting. This combination of deep market access and local regulation makes IG a prime choice for serious, diversified traders.
Key Pros
- Fully FSCA-regulated with a local Johannesburg office.
- Massive range of tradable instruments across all asset classes.
- Award-winning proprietary platform with advanced research tools.
Key Cons
- Higher minimum deposit compared to other brokers.
5. HFM
|
HFM Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 46632), FCA, CySEC
|
|
Min Deposit
|
R100
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, HFM App
|
|
Trustpilot Rating
|
4.1 out of ~2,300+ reviews
|
|
Number of CFD Instruments
|
1,000+
|
|
Leverage
|
Up to 1:2000 (FSCA Retail)
|
|
Spread EUR/USD
|
From 0.1 pips (Zero Account)
|
|
Forex Commission per Lot
|
Varies by account and asset
|
|
Deposit/Withdrawal Methods
|
ZAR Bank Transfer, Visa, Mastercard, Skrill
|
HFM is a long-established FSCA-regulated broker with a strong physical presence in South Africa. It offers a wide range of flexible account types designed to cater to different trading styles, from micro-lots for beginners to zero-spread accounts for active traders. Its very high leverage offering (up to 1:2000) and support for ZAR accounts make it a highly versatile and popular option.
Key Pros
- FSCA-regulated with local customer support.
- Offers very high leverage and ZAR-based accounts.
- Wide variety of account types to suit different needs.
Key Cons
- Commission structure can be complex depending on the account type.
6. XTB
|
XTB Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 49977), FCA, KNF, CySEC
|
|
Min Deposit
|
$0
|
|
Trading Platforms
|
xStation 5
|
|
Trustpilot Rating
|
4.1 out of ~900+ reviews
|
|
Number of CFD Instruments
|
6,100+
|
|
Leverage
|
Up to 1:500 (FSCA Retail)
|
|
Spread EUR/USD
|
From 0.35 pips (market spread)
|
|
Forex Commission per Lot
|
€0
|
|
Deposit/Withdrawal Methods
|
Bank Transfer, Skrill, PayPal, Credit/Debit Card
|
XTB is a publicly-traded European broker that is also fully licensed by the FSCA. It is known for its award-winning proprietary platform, xStation 5, which is praised for its intuitive design and integrated tools. XTB offers a commission-free trading model with competitive spreads and a strong focus on client education, making it a compelling choice for traders who value a superior platform experience.
Key Pros
- Fully FSCA-regulated.
- Award-winning, user-friendly xStation 5 platform.
- Transparent pricing with zero commission and tight spreads.
Key Cons
- Does not offer the popular MetaTrader platforms.
7. FP Markets
|
FP Markets Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 50926), ASIC, CySEC
|
|
Min Deposit
|
R1,500
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, cTrader, IRESS
|
|
Trustpilot Rating
|
4.9 out of ~9,100+ reviews
|
|
Number of CFD Instruments
|
10,000+
|
|
Leverage
|
Up to 1:500 (FSCA Retail)
|
|
Spread EUR/USD
|
From 0.0 pips (Raw Account)
|
|
Forex Commission per Lot
|
~$6 USD round turn (Raw Account)
|
|
Deposit/Withdrawal Methods
|
ZAR Bank Transfer, Visa, Mastercard, Skrill, Neteller
|
FP Markets holds an FSCA license and boasts the highest Trustpilot rating among its peers, reflecting exceptional customer satisfaction. It offers a well-rounded service with support for ZAR accounts, competitive raw spreads, and a diverse suite of platforms, including the institutional-grade IRESS platform for direct market access to equities.
Key Pros
- FSCA-regulated with ZAR account support.
- Industry-leading Trustpilot score reflecting excellent customer service.
- Wide variety of platforms to suit different trading styles.
Key Cons
- The IRESS platform may carry additional data fees.
8. IC Markets
|
IC Markets Broker Details
|
|
|
Regulators
|
ASIC, CySEC, SCB
|
|
Min Deposit
|
$200 (~R3,600)
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, cTrader
|
|
Trustpilot Rating
|
4.8 out of ~33,600+ reviews
|
|
Number of CFD Instruments
|
2,250+
|
|
Leverage
|
Up to 1:1000 (International)
|
|
Spread EUR/USD
|
From 0.0 pips (Raw Account)
|
|
Forex Commission per Lot
|
~$7 USD round turn (Raw Account)
|
|
Deposit/Withdrawal Methods
|
Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer
|
IC Markets is globally renowned for its institutional-grade trading environment, bringing professional "True ECN" conditions to retail traders. While not FSCA-regulated, it is a popular choice in South Africa for its ultra-low costs, offering some of the tightest spreads and lowest commissions in the world. Its infrastructure is built for speed, making it ideal for algorithmic traders and scalpers.
Key Pros
- Globally recognised for its extremely low spreads and commissions.
- Robust infrastructure ideal for algorithmic and high-volume trading.
- Excellent selection of advanced trading platforms.
Key Cons
- Not regulated by the FSCA.
9. Tickmill
|
Tickmill Broker Details
|
|
|
Regulators
|
FSCA (South Africa, FSP 49464), FCA, CySEC
|
|
Min Deposit
|
R1,800
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, Tickmill Mobile App
|
|
Trustpilot Rating
|
4.4 out of ~2,400+ reviews
|
|
Number of CFD Instruments
|
500+
|
|
Leverage
|
Up to 1:500 (FSCA Retail)
|
|
Spread EUR/USD
|
From 0.0 pips (Pro/VIP Account)
|
|
Forex Commission per Lot
|
~$4-6 USD round turn
|
|
Deposit/Withdrawal Methods
|
ZAR Bank Transfer, Visa, Mastercard, Skrill, Neteller
|
Tickmill is an FSCA-regulated broker that focuses squarely on providing a low-cost, high-performance trading experience. It is a leader in low commissions, with rates on its Pro and VIP accounts being among the most competitive available. Combined with raw spreads from 0.0 pips and fast execution, Tickmill is an excellent choice for cost-conscious, professional traders.
Key Pros
- Fully FSCA-regulated with ZAR account support.
- Industry-leading low commission rates.
- Fast execution and a focus on professional trading conditions.
Key Cons
- The range of tradable instruments is more limited.
10. Pepperstone
|
Pepperstone Broker Details
|
|
|
Regulators
|
FCA, ASIC, CySEC, BaFin
|
|
Min Deposit
|
$0 (Recommended R3,500)
|
|
Trading Platforms
|
MetaTrader 4, MetaTrader 5, cTrader, TradingView
|
|
Trustpilot Rating
|
4.5 out of ~3,100+ reviews
|
|
Number of CFD Instruments
|
1,200+
|
|
Leverage
|
Up to 1:200 (International clients in SA)
|
|
Spread EUR/USD
|
From 0.0 pips (Razor Account)
|
|
Forex Commission per Lot
|
~$7 USD round turn (Razor Account)
|
|
Deposit/Withdrawal Methods
|
Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer
|
Pepperstone is a top-tier global broker renowned for its high-speed execution and exceptionally low-cost trading environment. While not FSCA-regulated, its Razor account offers raw spreads from 0.0 pips, making it a favorite among scalpers and algorithmic traders. With support for a wide range of advanced platforms, including cTrader and TradingView, it is ideal for technically-focused traders.
Key Pros
- Extremely fast execution speeds and access to deep liquidity.
- Excellent selection of advanced trading platforms including TradingView.
- Very competitive raw spreads starting from 0.0 pips.
Key Cons
- Not regulated by the FSCA.
How to Choose the Best Forex Broker for Your Needs
Selecting the right broker is a personal decision that depends on a trader's strategy, experience level, and financial goals. Industry experts suggest evaluating brokers based on a few core principles.
- Prioritise Regulation and ZAR Accounts: The safety of funds is non-negotiable. For maximum local protection and to avoid currency conversion fees, traders should prioritise FSCA-regulated brokers that offer ZAR base accounts. Alternatively, a globally regulated broker like INFINOX, with oversight from top-tier bodies like the FCA, demonstrates a strong commitment to high safety standards while often providing access to more competitive features like higher leverage.
- Analyse the Full Cost of Trading: It is important to look beyond advertised spreads. Traders should consider commissions, overnight swap fees, and any potential inactivity charges. A zero-commission account, such as the INFINOX STP account, can offer significant value and simplicity, while an ECN account may be more cost-effective for high-volume trading.
- Assess the Trading Style: A trader's approach is paramount. For example, a scalper needs lightning-fast execution and razor-thin spreads, while a swing trader may value robust charting tools and lower swap fees. For those new to the markets, a broker with a strong social trading platform like IX Social might be a perfect fit.
- Evaluate Platforms and Tools: The trading platform is the trader's gateway to the markets. It is crucial to test a broker’s platform through a demo account to ensure it is stable, intuitive, and equipped with the necessary tools. INFINOX provides both the industry-standard MT4/MT5 and its innovative IX Social and IX SYNC platforms to cater to diverse needs.
Ultimately, the best broker is one that aligns with a trader's journey. By offering a blend of competitive costs, advanced technology, and unwavering support, INFINOX positions itself as a trusted partner in the financial markets.
Broker Comparison Table (2025)
|
Feature
|
INFINOX
|
Exness
|
AvaTrade
|
IG Markets
|
HFM
|
XTB
|
FP Markets
|
IC Markets
|
Tickmill
|
Pepperstone
|
|
FSCA Regulated
|
No
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
Yes
|
No
|
|
ZAR Account
|
No
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
Yes
|
No
|
|
Typical EUR/USD Spread
|
From 0.2 pips
|
From 0.0 pips
|
Fixed 0.9 pips
|
From 0.6 pips
|
From 0.1 pips
|
From 0.35 pips
|
From 0.0 pips
|
From 0.0 pips
|
From 0.0 pips
|
From 0.0 pips
|
|
Commissions (ECN/Raw)
|
$0 on STP
|
~$7 USD R/T
|
$0
|
$0
|
Varies
|
$0
|
~$6 USD R/T
|
~$7 USD R/T
|
~$4-6 R/T
|
~$7 USD R/T
|
|
Platforms
|
MT4/5, IX Social
|
MT4/5, Prop.
|
MT4/5, Prop.
|
Prop., MT4
|
MT4/5, App
|
xStation 5
|
MT4/5, IRESS
|
MT4/5, cTrader
|
MT4/5
|
MT4/5, cTrader, TV
|
|
Unique Feature
|
High Leverage & Low Cost
|
Unlimited Leverage
|
Fixed Spreads
|
19k+ Markets
|
High Leverage
|
xStation 5
|
Highest Trust
|
Low ECN Cost
|
Lowest Commission
|
Fast Execution
|
|
Trustpilot Rating
|
4.7 / 5.0
|
4.6 / 5.0
|
4.7 / 5.0
|
4.0 / 5.0
|
4.1 / 5.0
|
4.1 / 5.0
|
4.9 / 5.0
|
4.8 / 5.0
|
4.4 / 5.0
|
4.5 / 5.0
|
