Alison Heyerdahl
Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content

Alison Heyerdahl is the Head of Content at FxScouts, a Chartered Market Technician (CMT), and an experienced trader, as well as a financial writer with extensive expertise in Forex trading, broker analysis, and market research. She has reviewed 100+ brokers, publishes weekly YouTube trading videos, and co-hosts the “Let’s Talk Forex” podcast.

Learn more about Alison Heyerdahl
Author
Author
Chris Cammack
Partner Manager and Financial Writer

Chris Cammack is the Partner Manager and a financial writer at FxScouts. Chris builds and maintains our relationships with our partners to provide our users with the best Forex trading experience.

Learn more about Chris Cammack
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Compare brokers to find the right fit

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.


Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics.

Select Brokers to Compare

How We Score and Rank Forex Brokers

At FxScouts, our Broker Score and Trust Rating are designed to provide traders with an objective, data-driven evaluation of forex brokers. We continuously refine our methodology to reflect market changes, ensuring transparency and accuracy in our rankings.

Our independent review process analyzes 200+ data points across seven key categories, incorporating:

  • Regulation & Trustworthiness – Regulatory status, security measures, and broker reputation
  • Trading Costs & Fees – Spreads, commissions, and hidden charges
  • Platforms & Execution – Trading tools, execution speed, and user experience
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit & Withdrawal – Processing times, local banking support, and transaction costs
  • Education & Research – Quality of learning resources for beginners and experienced traders
  • Customer Support – Response times, multilingual service, and problem resolution


To ensure fairness and transparency, we independently verify broker claims and integrate real-user feedback, regulator data, and live trading tests. The radar chart to the left illustrates the weight of each category in our final scoring system.

Why Our Reviews Set the Standard

Every broker we recommend meets strict trust and safety criteria and is tested for reliability, transparency, and overall trading experience.

Most Compared Brokers in South Africa in May 2026

We’re revealing the most requested broker comparisons to simplify your search. These are the matchups constantly on the minds of South African investors, and with good reason. They excel in the areas that matter most to us:

  • FSCA Regulation: Safety and security are non-negotiable.
  • Transparent Fees: We want to keep our hard-earned profits!
  • Diverse Assets: Stocks, forex, crypto – these brokers offer the variety you’re looking for.
  • User-Friendly Platforms: Whether you’re a pro or starting out, finding the right platform is crucial.

Let’s cut through the noise! Compare these in-demand brokers and discover the best fit for your investment journey

FP Markets
AvaTrade
Yes
FSCA Regulated
Yes
500:1
Leverage
400:1
MT4, MT5
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.9 pips
USD 100
Min. Deposit
ZAR 1900
Full Comparison
AvaTrade
XM
Yes
FSCA Regulated
No
400:1
Leverage
1000:1
MT4, MT5
Platforms
MT4, MT5
0.9 pips
Min. Spread
0.6 pips
ZAR 1900
Min. Deposit
USD 5
Full Comparison
Pepperstone
XM
No
FSCA Regulated
No
400:1
Leverage
1000:1
MT4, MT5
Platforms
MT4, MT5
0.0 pips
Min. Spread
0.6 pips
USD 0
Min. Deposit
USD 5
Full Comparison

Top Overall Brokers by Broker Score

Unbiased Expertise

Independent, in-depth reviews and comparisons of all FSCA-regulated Forex brokers, empowering you to make informed choices.

How we review
Educational Resources

Comprehensive guides for all levels, from the basics of Forex to advanced strategies tailored for your experience.

2026 Forex Brokers
Transparent Information

A focus on facts, accuracy, and up-to-date data to give you the insights you need to succeed in your Forex journey.

Our commitment
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Listen to Alison and Chris discuss what to look for in a Forex broker. They cover the importance of finding a well-regulated broker, a user-friendly platform, and keeping your trading costs low. They also recommend looking for a broker with good educational resources, a demo account, and good customer support.

Best Brokers in South Africa for 2026

To identify the best Forex brokers for South African traders, we compiled a comprehensive list of all well-regulated brokers. We then ranked them based on their overall score, considering key factors such as trading conditions, platform quality, education, and customer support.

Swipe to scroll

Overall Rating
Our overall rating evaluates brokers on platform quality, fees, service, regulation, and instruments. Higher scores reflect better performance and reliability.
Official Site
Click to visit the broker’s official website for more information and to open an account.
FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
Onboarding Entity
The legal company that holds your account after signup. It may be different from the broker’s brand name or local FSCA-licensed entity.
ZAR Account
Licenced by
Displays the financial regulators licensing the broker, shown by national flags, ensuring compliance with financial standards for safer trading.
Best For
This category highlights a broker's strongest feature based on trading conditions, platform experience, regulation, and user feedback.
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
Compare
Select two brokers using the checkboxes to compare their features, fees, platforms, and more side by side.
4.60
/ 5
Read Review
Visit Broker
N/A of retail CFD accounts lose money
Yes
50926
FP Markets (Pty) Ltd, South Africa
No
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityFinancial Services Commission
Capital Markets Authority

Best for ECN Trading

USD 100
USD 6
Next Business Day
4.59
/ 5
Read Review
Visit Broker
76% of retail CFD accounts lose money
Yes
45984
AvaTrade Markets Ltd, BVI
Yes
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority

Best for Beginners

ZAR 1900
USD 9
Two Plus Business Days
4.61
/ 5
Read Review
Visit Broker
80% of retail CFD accounts lose money
No
Pepperstone Markets Kenya Limited
No
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für Finanzdienstleistungsaufsicht
Capital Markets Authority

Best for Algorithmic Trading

USD 0
USD 10
Same Day
4.32
/ 5
Read Review
Visit Broker
N/A of retail CFD accounts lose money
Yes
51024
Exness SC Ltd, Seychelles
Yes
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission

Best Overall Broker

USD 3
USD 7
Two Plus Business Days
4.49
/ 5
Read Review
Visit Broker
78% of retail CFD accounts lose money
No
49970
XTB International Limited, Belize
No
CySEC Regulated BrokersFCA Regulated BrokersInternational Financial Services CommissionKomisja Nadzoru Finansowego

Most user-friendly proprietary platform

USD 0
USD 7
Next Business Day
4.45
/ 5
Read Review
Visit Broker
75.18% of retail CFD accounts lose money
No
49977
XM Global Limited, Belize
Yes
CySEC Regulated BrokersASIC Regulated Forex BrokersInternational Financial Services CommissionFSCA Regulated Forex Brokers
Dubai Financial Services Authority

Best for Educational Resources

USD 5
USD 6
Next Business Day
4.56
/ 5
Read Review
Visit Broker
70.81% of retail CFD accounts lose money
No
IC Markets Ltd, Bahamas or Raw Trading Ltd, Seychelles
No
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority

Best for Scalping

USD 200
USD 8
Same Day
4.69
/ 5
Read Review
Visit Broker
68% of retail CFD accounts lose money
Yes
41393
IG International Limited. Bermuda
Yes
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersMonetary Authority of Singapore
Dubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationSwiss Financial Market Supervisory AuthorityFinancial Markets Authority of New ZealandBundesanstalt für FinanzdienstleistungsaufsichtBermuda Monetary Authority

Best for Professional Traders

USD 0
USD 6
Same Day
4.39
/ 5
Read Review
Visit Broker
N/A of retail CFD accounts lose money
Yes
51008
ACY Securities SA Pty Ltd, South Africa
No
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the Grenadines

Best for Trading Tools

USD 50
USD 10
Next Business Day
4.58
/ 5
Read Review
Visit Broker
74% of retail CFD accounts lose money
Yes
49464
Tickmill Seychelles Ltd.
Yes
CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersThe Seychelles Financial Services Authority
Dubai Financial Services Authority

Best for Low Spreads

USD 100
USD 6
Next Business Day
FP Markets
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
50926
ZAR Account
No
Licenced by
regulatorregulatorregulatorregulator
regulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 100
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
1
Visit Broker
Compare now
AvaTrade
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
45984
ZAR Account
Yes
Licenced by
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
ZAR 1900
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 9
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
2
Visit Broker
Compare now
Pepperstone
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
No
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
ZAR Account
No
Licenced by
regulatorregulatorregulatorregulator
regulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 0
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
0
Visit Broker
Compare now
Exness
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
51024
ZAR Account
Yes
Licenced by
regulatorregulatorregulatorregulator
regulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 3
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
2
Visit Broker
Compare now
XTB
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
No
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
49970
ZAR Account
No
Licenced by
regulatorregulatorregulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 0
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
1
Visit Broker
Compare now
XM
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
No
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
49977
ZAR Account
Yes
Licenced by
regulatorregulatorregulatorregulator
regulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 5
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
1
Visit Broker
Compare now
IC Markets
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
No
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
ZAR Account
No
Licenced by
regulatorregulatorregulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 200
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 8
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
0
Visit Broker
Compare now
IG
4.7
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
41393
ZAR Account
Yes
Licenced by
regulatorregulatorregulatorregulator
regulatorregulatorregulatorregulatorregulatorregulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 0
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
0
Visit Broker
Compare now
ACY Securities
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
51008
ZAR Account
No
Licenced by
regulatorregulatorregulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 50
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
1
Visit Broker
Compare now
Tickmill
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

FSCA Regulated
Indicates whether the broker is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, ensuring compliance with local financial laws and offering trader protection.
Yes
FSP number
The FSCA licence number for the broker’s South African Financial Services Provider entity. Use it to verify local authorisation.
49464
ZAR Account
Yes
Licenced by
regulatorregulatorregulatorregulator
regulator
Min. Deposit
The smallest amount needed to open a live account with this broker. The real amount you need may be higher depending on the account type, base currency, and payment method.
USD 100
Cost of Trading
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
Typical Withdrawal
Broker-level withdrawal time field, typically shown in days where available.
1
Visit Broker
Compare now
FxScouts Podcast

Let's Talk Forex with Alison & Chris

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Alison and Chris cover a range of topics, including how to choose a Forex broker, safety and regulation, how to reduce your risk, trading psychology, trading platforms, and trading strategies, among others.

The FxScouts podcast helps beginner Forex traders get the best start to their trading careers.

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