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Top 10 Regulated FX & CFD Brokers in South Africa (2025 Comparison)

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 regulated broker South Africa forex and CFD trading platform.

 

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 regulated broker South Africa forex and CFD trading platform.

 

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 regulated broker South Africa forex and CFD trading platform.

 

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 regulated broker South Africa CFD trading platform.

 

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 Markets regulated broker South Africa forex and CFD trading platform. 

 

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 regulated broker South Africa forex and CFD trading platform. 

 

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 regulated broker South Africa CFD and forex trading platform..  

 

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 regulated broker South Africa forex and CFD trading platform. 

 

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 regulated broker South Africa forex and CFD trading platform.

 

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 regulated broker South Africa ECN forex trading platform. 

 

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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



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