How To Trade Forex in South Africa - South African Brokers
By Stelian Olar, Updated on: Feb 23 2024.
Looking to trade forex in South Africa?
Maybe you’re trying to learn how to start forex trading in South Africa.
Or, you just want to know which forex broker is the best in South Africa?
With the market’s growth in recent years, you now have more forex broker options than ever but, identifying the best brokers in South Africa can be challenging. In this comprehensive guide, we evaluate your top options to help you find the right forex brokers in South Africa for your trading needs.
We analyzed over 50 forex brokers available to South African traders across multiple factors: regulation, trading costs, trading platforms quality, funding options, and more. Our list includes the top 10 best forex brokers in South Africa that accept South African clients as well as locally regulated forex brokers by the Financial Sector Conduct Authority (FSCA).
Whether you’re a beginner looking for an easy-to-use platform, or an experienced trader seeking advanced tools and ultra-low spreads, you’ll find suitable South African brokers here. We also provide tips on how to evaluate FX brokers, avoid scams and the worst forex brokers in South Africa, and how to trade forex in South Africa as a South African resident.
Key factors we considered when we looked for the best forex brokers in South Africa include:
- Regulation – FSCA, FCA or other respected bodies
- Trading fees and spreads
- Platform quality and features
- Funding and withdrawal options
- Client support and education
The best brokers in South Africa that we recommend are:
- FP Markets – Great pricing optimized for MetaTrader
- Pepperstone – Overall best broker, trusted and well-regulated
- AvaTrade – Best forex broker for beginners in South Africa and social trading
- FXCM – Powerful platforms and research tools
- Plus500 – User-friendly CFD trading
- IG – Leading low-cost broker
Join us as we explore South Africa’s top forex trading brokers in detail. Let our unbiased guidance match you with the ideal forex broker for your needs and trading style. If you’re ready to start trading currencies on the forex market, this guide has you covered.
Forex trading is legal in South Africa, provided you use a properly regulated broker. The Financial Sector Conduct Authority (FSCA) is the regulatory body that oversees financial services and sets licensing requirements for forex brokers in South Africa.
Under the Financial Advisory and Intermediary Services Act (FAIS), passed in 2002, entities that offer financial advice or intermediary services like forex trading must register with the FSCA. The more recent Financial Sector Regulation Act (FSRA) of 2017 further strengthened oversight of the forex market.
By law, forex brokers are required to hold an FSCA license to operate in South Africa. We recommend trading only with local brokers that are directly regulated by the FSCA because they must comply with strict conduct rules designed to protect forex traders.
Sometimes overseas brokers with similar licenses in other countries may also accept South African clients but, it’s safest to use a broker under direct FSCA regulation as it helps avoid interactions with potentially scam brokers that lack proper oversight.
Wherever you reside, it’s wise to research a broker’s regulation status before you open an account. Visit the FSCA website to verify regulated brokers in South Africa or check our scam education section for tips on how to spot and avoid suspicious brokers.
Yes, forex trading profits are taxable income in South Africa. Even if you earn profits in an offshore forex account, you must report them and pay applicable income taxes.
South Africa uses a residence-based tax system which means that all residents pay tax on their worldwide income, regardless of where it was generated. The key factor is your residence status when earning the income.
So, how does forex trading work in South Africa in terms of taxes?
See below…
Residence-based tax system
As the South African Revenue Service (SARS) states:
– residents are generally taxed on global income, subject to certain exclusions,
– non-residents only pay tax on income sourced within South Africa.
When you earn forex trading profits as a South African resident, you owe taxes in your annual tax return. Use a registered tax practitioner to handle reporting appropriately and keep detailed records of your forex income and costs.
Taxes on forex profits fall under income tax for both individual and corporate traders:
– If forex is your only income, it’s taxed at personal income tax rates.
– For businesses, forex profits get added to total taxable income.
Get guidance on forex tax rules from SARS directly or a qualified accountant. Pay close attention to tax implications when trading forex as a South African resident. Proper reporting ensures you remain compliant as you trade forex and grow your income.
The amount of tax traders pay in South Africa in 2024 depends on several factors, including:
Profit or Loss:
Profits: Traders pay income tax on their net taxable income, which is their total income minus allowable deductions, including losses from Forex trading. This means the tax rate depends on the trader’s marginal tax bracket. Tax brackets in South Africa range from 0% to 45% as of January 2024. So, someone in the lowest bracket (0-R95,750) wouldn’t owe any tax, while someone in the highest bracket (over R1,493,773) would pay 45% on their income exceeding that threshold.
Losses: If a trader has net losses from Forex trading, they can offset them against their other taxable income to reduce their overall tax liability.
Type of Trading:
Traditional Forex trading: Profits are considered ordinary income and taxed at the trader’s marginal tax rate.
Cryptocurrency trading:
– Capital gains: If the trader holds a cryptocurrency for more than 12 months before selling it, any profit is taxed as a capital gain at a flat rate of 18%.
– Income: If the trader trades cryptocurrency frequently or with the intention of generating income, the profits may be taxed as ordinary income at the marginal tax rate.
Tax Rates for Each Bracket in South Africa (2024)
|
Taxable Income (Rand) |
Marginal Tax Rate (%) |
Tax Payable (Rand) |
|
Up to R95,750 |
0% |
0 |
|
R95,751 – R226,000 |
18% |
(18% of taxable income) |
|
R226,001 – R353,100 |
26% |
R40,680 + (26% of taxable income above R226,000) |
|
R353,101 – R488,700 |
31% |
R73,726 + (31% of taxable income above R353,100) |
|
R488,701 – R641,400 |
36% |
R115,762 + (36% of taxable income above R488,700) |
|
R641,401 – R817,600 |
39% |
R170,734 + (39% of taxable income above R641,400) |
|
R817,601 – R1,731,600 |
41% |
R239,452 + (41% of taxable income above R817,600) |
|
Above R1,731,600 |
45% |
R614,192 + (45% of taxable income above R1,731,600) |
Tax Thresholds by Age in South Africa (2024)
|
Age Group |
Tax Threshold (Rand) |
|
Under 65 |
R95,750 |
|
65 to 74 |
R148,217 |
|
75 and over |
R165,689 |
Note: The tax threshold is the income level below which you do not pay tax.
South African forex traders must declare all trading profits on their annual income tax returns. Any related expenses are deducted to determine your taxable income from forex.
Failure to report forex profits accurately can lead to interest and penalties like with any other undeclared income. Profits may need conversion to ZAR if earned in other currencies.
For individuals, your total forex profit gets added to other taxable income and taxed based on the applicable income bracket for the tax year. See the SARS tax tables above for current personal income tax rates.
If you trade forex through a registered company or corporation, the net profit is subject to corporate income tax (CIT). Current CIT rates are between 15% and 28% based on taxable income levels.
Consult a qualified accountant to ensure you calculate forex taxes correctly and keep organized records from all your trading accounts so you can accurately track profits, costs, and taxable income for reporting purposes.
Entering the world of forex trading in South Africa in 2024 can be exciting, but it’s crucial to approach it with knowledge and caution.
Here’s a roadmap to get you started safely and the right way:
Educate Yourself: Understand the forex basics and start by grasping the fundamentals of currency pairs, bid/ask spreads, leverage, margin, and market movements. Resources include online Forex courses in South Africa, ebooks, and educational websites by reputable brokers. Explore technical analysis (price charts and indicators) and fundamental analysis (economic data and news) to inform your trading decisions.
Choose a style that suits your personality and risk tolerance.
Understand the Risks: Forex trading involves inherent risks, including market volatility, leverage amplification of losses, and potential scams.
Choose Regulated Forex Brokers in South Africa: Ensure your chosen broker is licensed by the Financial Sector Conduct Authority (FSCA), South Africa’s regulatory body for forex trading.
Compare Features: Consider factors like spreads, commissions, minimum deposit, leverage options, trading platforms, and customer support before making your choice. Read reviews and compare offerings from multiple trading brokers in south Africa.
Practice with a Demo Account: Most reputable brokers offer free demo trading accounts with virtual funds. This allows you to experiment with the platform, test your trading strategies, and gain experience without risking real money.
Develop a Trading Plan: Define your trading goals, risk tolerance, and position sizing strategy. Choose specific entry and exit points for trades based on your chosen analysis methods.
Start Small and Gradually Increase: Begin with small trade sizes and gradually increase them as you gain confidence and focus on consistent profitability over quick gains.
Most South African forex brokers allow minimum deposits of R100-R500 however, there’s no single answer to how much money you need to start trading forex in South Africa, as it depends on several factors.
A 2020 study by IG South Africa found that the average forex trader in South Africa deposits R17,000 initially.
Recommended starting capital:
– Hobby/learning: R1,000-R5,000 can be a good starting point for practicing without significant financial risk.
– Part-time income: Consider R10,000-R50,000 with careful risk management and realistic profit expectations.
– Full-time income: Aim for R100,000 or more, depending on your desired lifestyle and trading strategy.
Different brokers have varying minimum deposit requirements. Some brokers, like Pepperstone, offers no minimum account opening balance, while others may require deposits of $500 or more.
Starting Forex Trading Costs in South Africa:
|
Cost Category |
Estimated Range |
Additional Notes |
|
Minimum Deposit |
$100 – $500 |
Varies depending on chosen broker |
|
Trading Capital |
1-2% of total savings |
Recommended starting amount for risk management |
|
Educational Resources |
Free – $500 |
Optional courses, mentorships, books, etc. |
|
Trading Tools |
Free – $100/month |
Free options are included with most brokers, but some advanced tools incur fees |
The cost of starting Forex trading in South Africa can vary significantly depending on several factors.
No, you don’t need a license to trade Forex in South Africa as an individual investor in 2024. However, there are some important things to keep in mind:
You must use a licensed broker:
While you don’t need a license yourself, all Forex brokers operating in South Africa must be licensed by the Financial Sector Conduct Authority (FSCA). This ensures they meet certain standards and regulations to protect your interests.
Tax implications
Profits from Forex trading are considered taxable income in South Africa. You’ll need to declare them on your annual tax return.
It’s impossible to accurately predict how much a beginner Forex trader can make in South Africa. Profits from Forex trading are highly dependent on several factors beyond your control, including:
Market conditions
Fluctuations in exchange rates and economic factors can significantly impact trading outcomes.
Strategy and skill
Having a well-defined trading strategy and the skills to execute it effectively are crucial for success.
Risk management
Proper risk management practices, like using stop-loss orders and limiting position sizes, help mitigate potential losses.
Time and effort
Successful trading requires dedication, consistent learning, and continuous analysis of the market.
Furthermore, many beginner Forex traders unfortunately incur losses due to inexperience, lack of knowledge, and improper risk management.
What Is the Best Forex Broker in South Africa in 2024
After extensive research, we’ve concluded that Pepperstone stands out as one of the best brokers in South Africa in 2024. Pepperstone is the best broker in South Africa due to its tight spreads, low fees, excellent trading platforms, and responsive customer services.
Pepperstone South Africa stats breakdown:
|
Category |
Stat |
Details |
|
Spreads |
Major pairs |
As low as 0.0 pips on EUR/USD |
|
Minor pairs |
From 1.2 pips |
|
|
Exotics |
From 2.0 pips |
|
|
Commissions |
Standard Account |
$7 per round turn per million USD traded |
|
Razor Account |
No commissions, raw spreads (minimum USD 100 per million traded) |
|
|
Trading Costs |
Standard Account |
Spread + Commission |
|
Razor Account |
Raw spread only |
|
|
Fees |
Account |
None |
|
Deposit |
Free for most methods |
|
|
Withdrawal |
Free for most methods |
|
|
Inactivity |
None |
|
|
Leverage |
Retail Clients |
Up to 1:30 leverage on major pairs |
|
Professional Clients |
Up to 1:500 leverage available |
|
|
Available Instruments |
Forex |
Over 60+ currency pairs |
|
CFDs |
Indices, commodities, cryptocurrencies, shares |
|
|
Trading Platforms |
MetaTrader 4, MetaTrader 5, cTrader, TradingView |
Pepperstone is an Australian broker founded in 2010 and regulated by top-tier authorities like ASIC, FCA, and CySEC. This strong oversight provides confidence in their credibility and trustworthiness.
For pricing, Pepperstone really shines. Their Razor account offers ultra-competitive spreads starting at 0 pips on many major pairs. Active traders can benefit from low commissions of just $3.50 per 100k traded. This pricing edge makes Pepperstone stand out.
Standard Account:
|
Category |
Detail |
|
Spreads |
Starting from 1.0 pips on EUR/USD |
|
Commissions |
No commissions |
|
Trading Costs |
Spread + Commission |
|
Leverage |
Up to 1:30 on major pairs |
|
Trading Platforms |
MT4, MT5, cTrader, TradingView |
|
Minimum Deposit |
ZAR 2000 |
Razor Account:
|
Category |
Detail |
|
Spreads |
Raw spreads, starting from 0.0 pips |
|
Commissions |
$7 per round turn per million USD traded |
|
Trading Costs |
Raw spread only |
|
Leverage |
Up to 1:500 |
|
Trading Platforms |
MT4, MT5, cTrader |
|
Minimum Deposit |
USD 200 |
Pepperstone also provides an extensive range of powerful trading platforms including popular options like:
- MetaTrader 4 (MT4) – the best trading platform in South Africa
- MetaTrader 5 (MT5)
- cTrader
- TradingView
For copy and social trading, platforms like ZuluTrade, Mirror Trader, and myFxbook integrate cleanly.
Over 70 forex currency pairs are available to trade alongside CFDs on indices, commodities, shares, and cryptocurrencies which suits most trading strategies.
For deposit and withdrawal methods, Pepperstone supports card payments, wire transfers, PayPal, and other secure payment methods. South African clients can also get customer service in languages like English, Afrikaans, and Zulu.
Overall, Pepperstone provides South African traders with an award-winning trading solution featuring competitive spreads, stellar platforms, a wide range of tradable instruments, local customer support, and more. For both novice and experienced traders alike, Pepperstone delivers a top-notch trading platform worthy of consideration – the reason why it’s among the top brokers in South Africa.
If someone ask you:
What is the best forex broker in South Africa?
Now you know the answer.
Local South African Brokers
Choosing the right forex broker with a local South African office can be advantageous for several reasons, including faster customer support, access to ZAR-based accounts, and potentially tailored services for South African residents. Here are some of the top forex brokers in South Africa with local offices:
AvaTrade
- Regulation and Local Presence: Regulated by FSCA and has a local office in Johannesburg (2nd Floor, Nelson Mandela Square Office towers West, Sandton, Johannesburg, 2196, South Africa). Offers ZAR accounts and local payment options.
- Trading Instruments: The widest range of instruments, including forex, CFDs on stocks, cryptocurrencies, commodities, and indices.
- Account Types and Leverage: Fixed and variable spread accounts with leverage up to 1:400. Offers Islamic accounts.
- Spreads and Fees: Fixed spreads are generally wider than the best online brokers in South Africa (EUR/USD spread is 0.9 pips), variable spreads are competitive and have lower commissions than Exness.
- Trading Platforms: WebTrader, AvaTradeGO, MT4, MT5, DupliTrade (copy trading), ZuluTrade (social trading).
- Education and Research: Extensive library of educational resources (articles, videos, webinars) and dedicated research team.
Exness
- Regulation and Local Presence: Has a local office in Offices 307&308 Third Floor, North Wing, Granger Bay Court, V&A Waterfront, Cape Town. Offers ZAR accounts but limited local payment options.
- Trading Instruments: Primarily focuses on forex, but also offers some CFDs on metals and energies.
- Account Types and Leverage: Several account types with variable spreads and leverage up to 1:2000.
- Spreads and Fees: Tight variable spreads from 0.0 pips on EUR/USD, but high minimum commission per trade.
- Trading Platforms: WebTrader, MT4, MT5 and Exness Trade App.
- Education and Research: A good range of educational resources, including video tutorials and market analysis.
FXCM
- Regulation and Local Presence: Regulated by FSCA, offers ZAR-denominated trading accounts and has a local representative on the 6th Floor, Katherine & West Building, 114 West St, Sandton, 2196, South Africa.
- Trading Instruments: Primarily focuses on forex and CFDs on metals and energies. Limited stock and index CFDs.
- Account Types and Leverage: Standard and active trader accounts with variable spreads and leverage up to 1:400.
- Spreads and Fees: Competitive variable spreads (EUR/USD average spread of 1.3 pips), and zero commission trading.
- Trading Platforms: Trading Station, TradingView Pro, MT4, Capitalise AI and ZuluTrade.
- Education and Research: A good range of educational resources, including video tutorials and market analysis.
Regulated Forex Brokers in South Africa
The 3 best South African regulated forex brokers:
- Plus500 – best brokers for forex in South Africa with social trading and copy trade features
- FxPro – best brokers in South Africa for professional traders
- IronFX – best forex brokers in South Africa for a wide range of financial instruments
Plus500
Plus500 is regulated by the FSCA under license number 47546 and is a popular choice for South African traders due to its user-friendly platform and diverse instrument offerings. However, it’s essential to weigh its advantages and limitations before considering it as one of the best brokers for forex in South Africa.
|
Feature |
Description |
|
Regulation |
FSCA, CySEC, FCA, ASIC, FMA, MAS, DFSA, FSA, ISA |
|
Platform |
Proprietary platform |
|
Instruments |
CFDs on forex, stocks, commodities, indices |
|
Spreads |
From 0.8 pips |
|
Leverage |
Up to 1:30 for majors, 1:20 for minors |
|
Minimum Deposit |
$100 (around R1,700) |
|
Funding Methods |
Bank transfer, credit/debit cards, e-wallets |
|
Pros |
User-friendly platform, wide range of instruments, no commissions |
|
Cons |
CFD-only instruments, limited educational resources |
|
Best For |
Copy Trading and social trading |
FxPro
FxPro is a well-established, globally recognized forex broker with a strong presence in South Africa. It holds the FSCA license (FSP45343), making it a legitimate option for South African-regulated forex brokers. Here’s a breakdown of its key features and trading conditions:
|
Feature |
Description |
|
Regulation |
FSCA, CySEC, FCA, SCB |
|
Platform |
MetaTrader 4, MT5, cTrader and FxPro trading platform |
|
Instruments |
Forex, CFDs on indices, commodities, stocks |
|
Spreads |
From 1.2 pips on MT4 and MT5, 0.2 pips on cTrader |
|
Leverage |
Up to 1:30 for majors, 1:20 for minors |
|
Minimum Deposit |
R5,000 |
|
Funding Methods |
Bank transfer, credit/debit cards, e-wallets |
|
Pros |
NDD execution, tight spreads, deep liquidity, advanced tools |
|
Cons |
Higher minimum deposit, limited educational resources, no CFDs on South African stocks |
|
Best For |
Experienced traders seeking tight spreads, deep liquidity, and advanced tools |
IronFX
IronFX is another FSCA-regulated (FSP46694) broker catering to South African traders. It boasts a wider range of instruments compared to FxPro and offers various account types and features, making it a potential contender for best brokers for forex in South Africa.
|
Feature |
Description |
|
Regulation |
FSCA, CySEC, FCA |
|
Platform |
WebTrader, MetaTrader4 |
|
Instruments |
Forex, CFDs on stocks, commodities, indices, cryptocurrencies |
|
Spreads |
From 0.7 pips |
|
Leverage |
Up to 1:30 for majors, 1:20 for minors |
|
Minimum Deposit |
$250 (around R4,300) |
|
Funding Methods |
Bank transfer, credit/debit cards, e-wallets |
|
Pros |
Wide range of instruments, multiple account types, competitive spreads, bonus offers |
|
Cons |
Less transparent pricing, limited educational resources |
|
Best For |
Traders seeking a wide range of instruments, multiple account types, and competitive spreads |
Best Forex Brokers for Beginners in South Africa
If you’re a rookie trader looking to get started in forex, IG stands out as one of the best forex brokers for beginners in South Africa.
IG invests heavily in education for new traders. Their deep library of training resources covers everything from forex basics to advanced technical analysis, while their dedicated IG Academy mobile app focused solely on learning how to do forex trading in South Africa.
In addition to great educational content, IG also provides user-friendly trading platforms. The web and mobile apps are intuitive for new users but still pack advanced features. This combination of learning and technology makes trading accessible for those who have just started trading.
IG holds licenses from multiple top-tier regulators worldwide including the FSCA, demonstrating their trustworthiness. For South Africans seeking an ideal entry point, IG has the regulation, education, and platforms to set novice traders up for success.
Unregulated Forex Brokers in South Africa
Here are some examples of unregulated forex brokers in South Africa with Tier-1 regulations in other jurisdictions but lacking FSCA authorization in South Africa.
Interactive Brokers
Interactive Brokers (IBKR) is renowned for its advanced platform and low fees, regulated in the US (SEC) and UK (FCA). The main advantages include an advanced platform with powerful tools, low commissions, margin lending, research resources, and an extensive range of instruments (stocks, options, futures, ETFs, forex).
|
Feature |
Details |
|
Tier-1 Regulations |
US (SEC), UK (FCA) |
|
Minimum Deposit |
USD 10,000 for US margin accounts, GBP 2,000 for UK margin accounts |
|
Available Instruments |
Stocks, options, futures, ETFs, forex, bonds, and more |
|
Spreads |
Variable, generally competitive |
|
Commissions |
Per-contract fees for options and futures, tiered commissions for stocks and ETFs |
|
Platforms |
Trader Workstation (desktop), IBKR Mobile App |
|
Other Fees |
Inactivity fees, platform usage fees for certain features |
|
Deposit and Withdrawal Methods |
Bank wire transfers, ACH transfers (US), credit cards |
Saxo Bank
Saxo Bank offers a comprehensive platform and excellent research tools, regulated in Denmark (Finanstilsynet). Their main advantages include excellent research tools and analysis, personalized investment strategies, mobile trading app, and a wide range of tradable instruments like CFDs, forex, options, bonds, and structured products.
|
Feature |
Details |
|
Tier-1 Regulations |
Denmark (Finanstilsynet) |
|
Minimum Deposit |
EUR 1,000 |
|
Available Instruments |
CFDs on stocks, indices, commodities, forex, options, bonds, and structured products |
|
Spreads |
Variable, generally wider than IBKR |
|
Commissions |
None, CFD spreads include embedded commissions |
|
Platforms |
SaxoTraderGO (web and mobile), SaxoTrader Pro (desktop) |
|
Other Fees |
Account inactivity fees, margin lending fees |
|
Deposit and Withdrawal Methods |
Bank wire transfers, credit cards, e-wallets (depending on region) |
CMC Markets
CMC Markets is known for its educational resources and user-friendly platform, regulated in the UK (FCA) and Singapore (MAS). Their main advantages include a user-friendly platform with educational resources, risk management tools, and competitive spreads.
|
Feature |
Details |
|
Tier-1 Regulations |
UK (FCA), Singapore (MAS) |
|
Minimum Deposit |
GBP 500 |
|
Available Instruments |
CFDs on stocks, indices, commodities, forex |
|
Spreads |
Variable, generally competitive for major pairs |
|
Commissions |
None, CFD spreads include embedded commissions |
|
Platforms |
NextGen (web and mobile), MetaTrader 4 & 5 |
|
Other Fees |
Account inactivity fees, margin lending fees |
|
Deposit and Withdrawal Methods |
Bank wire transfers, credit cards, e-wallets (depending on region) |
Cheap Forex Brokers in South Africa
When it comes to cheap forex brokers in South Africa, FP Markets stands out as the most affordable forex broker available to South African traders in 2024. FP Markets requires just a $100 minimum deposit to open their Standard and Raw trading accounts. This account offers some of the tightest spreads and commissions in the industry.
FP Markets Broker Offering
Based on recent data, average spreads on EUR/USD trades are around 0.1 pips, with a low commission of 0.6 pips round-turn, and the all-in cost to trade is approximately 0.7 pips.
FP Markets sources top-tier liquidity from leading financial institutions which enables them to offer super tight spreads as low as 0 pips on the RAW ECN account and 1 pip on their Standard account.
For South African traders seeking affordable pricing, FP Markets should be a top consideration. Their combination of low spreads, commissions, and minimum deposits makes them a cost-effective choice.
Be sure to compare their pricing models in detail to determine the best value based on your trade sizes and monthly volume. Taking advantage of ultra-low costs can mean more profitability on your forex trades. While FP Markets shines in affordability, comparing pricing models with other broker offerings is crucial.
Worst Forex Brokers in South Africa to Avoid
While South Africa boasts a solid roster of reputable forex brokers, some worst forex brokers in South Africa to avoid lurk-like shadows. Be wary of the following 5 forex brokers displaying red flags:
HFX
HFX offers no transparency into spreads and lacks regulation by the FSCA or other authorities. They are listed as fraudulent by regulators despite still operating so it’s better to stick to legit trading platforms in South Africa with clear credentials.
UFX Markets
UFX Markets is plagued by negative reviews from cheated clients, withdrawal issues, fake reviews, and absent customer service, UFX reeks of trouble.
Discount FX
Discount FX claims CySEC regulation but relies on its parent company’s license, and lacks BaFin authorization despite German offices – compliance concerns abound. Choose legit trading platforms in South Africa with transparent regulatory standing.
Trader-24
Trade-24 is an outright scam that steals balances and freezes accounts, all while falsely claiming IFSC regulation. Avoid them like the plague.
NetoTrade
NetoTrade lacks any regulation authorization yet still illegally accepts clients despite regulators have warned against them. Don’t deposit any funds with NetoTrade.
The Best Forex Traders in South Africa 2024
South Africa is home to some incredibly successful forex traders who have achieved multi-millionaire status through their skills and dedication. Let’s look at some of the best forex traders in South Africa:
- One of the most renowned is Ref Wayne, who was able to turn an initial investment of R15,000 into over R500 million in career earnings. Ref Wayne now runs the Ref Wayne Foundation to help underprivileged youth and authored the book “The Art of Trading” which teaches his forex strategies.
- Jabulani Ngcobo is another self-made trader worth over R40 billion. Despite challenges growing up, Ngcobo gained financial education early on and ultimately authored the book “Cashflow Naked” detailing his path.
- George Van Der Riet and protégé Sandile Shezi co-founded the Global Forex Institute, a major forex education company. Both originally from modest means, their trades led to 9-figure fortunes. Shezi became a billionaire before the age 25!
- Louis Tshakoane Jr. created Undercover Millionaire’s Currency and is among the top forex traders in South Africa.
- Reabetswe Shongwe co-founded GFI with Shezi but also runs her own initiative, Women in Forex and Entrepreneurship (WIFE), empowering females financially through forex and business ownership. She is disrupting gender norms.
Still navigating the landscape of South African forex brokers? Let Pepperstone, an FSCA-regulated leader, simplify your choice and stop searching, and start trading today. No FOMO!