Best Forex Brokers in South Africa for 2024

African countries, including South Africa, are seeing an ever-increasing demand for trading. According to estimations, South Africa has more than 190,000 active forex traders and over $2.1 billion in trading volume. So, if you happen to be in search of the best Forex brokers in South Africa, stay with us to find out more. The team of expert analysts at BestBrokers has singled out several licensed forex trading brokers adapted to various trading needs. You are welcome to explore our top list, with all of the brokers available in South Africa. We have tested each of the platforms by creating live trading accounts and placing real trades.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2Pepperstone

Rating: 4.7 ⭐

75.5% of retail investor accounts lose money

3BlackBull Markets

Rating: 4.6 ⭐

4Markets.com

Rating: 4.5 ⭐

74.2% of retail investor accounts lose money

5Global Prime

Rating: 4.4 ⭐

74-89% of retail CFD accounts lose money

6eToro

Rating: 4.2 ⭐

51% of retail investor accounts lose money

7Plus500

Rating: 4.1 ⭐

80% of retail investor accounts lose money

8FxPro

Rating: 3.7 ⭐

74% of retail investor accounts lose money

9FBS

Rating: 3.6 ⭐

72.12% of retail investor accounts lose money

10Swissquote

Rating: 3.5 ⭐

61% of retail investor accounts lose money

South African Forex Brokers Ranked by Trustpilot Score

South African Forex Brokers Ranked by Spread Commission

South African Forex Brokers Ranked by Commission per Lot

Important Note: To provide their services to forex traders in South Africa, brokers must be licensed by the Financial Sector Conduct Authority (FSCA). Carrying the seal of approval by the financial monetary authority indicates legitimacy and trustworthiness. The official website of the FSCA is https://www.fsca.co.za/Pages/Default.aspx. We recommend forex traders also look up FSCA’s account on LinkedIn, at https://www.linkedin.com/company/fscasouthafrica/.

Besides the legality of forex trading in South Africa and the regulatory authority of the industry, this publication aims to cover other important aspects, including player protections, taxes, maximum allowable leverage, and the most popular trading platforms.

Top 10 FX Brokers in South Africa

1. 

   1. Fusion Markets

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   TRADE NOW 74-89% of retail CFD accounts lose money

   Fusion Markets Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	ASIC, FSA (Seychelles), VFSC (Vanuatu)
   Min Deposit	$0
   Trading Platforms	MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
   Trustpilot Rating	4.9 out of 1,662 reviews
   Number of Forex Pairs to Trade	90+
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:5 Cryptocurrencies: 1:2 (ASIC), 1:10 (FSA, VFSC)
   Spread	EURUSD: 0.07 USDJPY: 0.13 EURGBP: 0.23 GBPUSD: 1.01
   Forex Commission per Lot per Trade	$0 Classic Account, $4.50 round turn on Zero Account
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
   Withdrawal Methods	Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

   Key Pros

   • Offers some of the lowest spreads
   • ASIC clients enjoy a negative balance protection
   • Supports popular trading platforms
   • Offers two copy trading platforms
   • Supports fiat and crypto payment solutions

   Key Cons

   • Does not offer investor protection
   • Traders outside Australia have no negative balance protection
   • Cannot set up an account in a minor currency
2. 

   2. Global Prime

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   TRADE NOW 74-89% of retail CFD accounts lose money

   Global Prime Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	ASIC (No. 385620), VFSC (No. 40256)
   Min Deposit	$0
   Trading Platforms	MT4 Desktop, MT4 Webtrader, MT4 Android
   Trustpilot Rating	4.4 out of 142 reviews
   Number of Forex Pairs to Trade	56
   Leverage	Forex & Metals: 500:1 Index CFDs: 100:1 Cryptocurrencies: Up to 2:1 (Retail); Up to 5:1 (Pro and VFSC)
   Spread	EURUSD: 0.13 USDJPY: 0.28 EURGBP: 0.28 GBPUSD: 1.11
   Forex Commission per Lot per Trade	$0 Standard Accounts; $7 round turn on Raw Accounts
   Deposit Methods	Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto
   Withdrawal Methods	Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies

   Key Pros

   • Overseen by a top-tier financial regulator (ASIC)
   • No fees on deposits and withdrawals
   • Low fees for FX trading
   • Streamlined sign-up process
   • A broad range of currency pairs

   Key Cons

   • Could use more trading platforms
   • A limited range of educational resources
   • Does not offer Islamic or cent accounts
3. 

   3. FBS

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   TRADE NOW 72.12% of retail investor accounts lose money

   FBS Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	CySEC (No. 331/17), FSC (No. 000102/6), ASIC (No. 426359)
   Min Deposit	Standard accounts: $100 Cent accounts: $10
   Trading Platforms	MT5 Desktop, MT5 WebTrader
   Trustpilot Rating	3.6 out of 546 reviews
   Number of Forex Pairs to Trade	28
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: 1:2
   Spread	EURUSD: 0.7 USDJPY: 1.3 EURGBP: 2.7 GBPUSD: 1.2
   Forex Commission per Lot per Trade	$0
   Deposit Methods	Visa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix
   Withdrawal Methods	Visa, Mastercard, Maestro, Perfect Money, Neteller, Sticpay, EFT, Bank Transfer, Skrill, AstroPay, Pix, Fasapay

   Key Pros

   • Leverage of up to 1:3000 on FX majors (non-EU)
   • Excellent learning content
   • Novice FX traders can set up cent accounts
   • Market execution speed averages 0.3 seconds
   • Great Guidebook for FX trading

   Key Cons

   • Facilitates trading via MT5 only
   • Below-average range of tradable products
   • Lacks FCA authorization
4. 

   4. Pepperstone

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   TRADE NOW 75.5% of retail investor accounts lose money

   Pepperstone Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA
   Min Deposit	$0
   Trading Platforms	TradingView, MT5, MT4, cTrader
   Trustpilot Rating	4.7 out of 2,533 reviews
   Number of Forex Pairs to Trade	90+
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: 1:2
   Spread	EURUSD: 1.00 (min) USDJPY: 1.0 EURGBP: 1.2 GBPUSD: 1.00 (min)
   Forex Commission per Lot per Trade	$0 (Standard Account), $7 round-turn (Razor Account)
   Deposit Methods	Visa, Mastercard, PayPal, Bank Transfer
   Withdrawal Methods	Visa, Mastercard, PayPal, Bank Transfer

   Key Pros

   • Winner of multiple industry awards
   • Commission-free FX trades via standard accounts
   • Over 1,200 instruments across all major asset classes
   • Competitive spreads on FX trades via Razor accounts
   • Seamless withdrawals within 1 to 3 workdays

   Key Cons

   • A somewhat limited range of deposit and withdrawal options
   • High swap rates on overnight positions
5. 

   5. eToro

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   TRADE NOW 51% of retail investor accounts lose money

   eToro Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN
   Min Deposit	$50 or $100 based on country ($10 for the UK)
   Trading Platforms	eToro Investing, eToro App, TradingView, eToro CopyTrader
   Trustpilot Rating	4.2 out of 24,180 reviews
   Number of Forex Pairs to Trade	55
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: Up to 1:2 (European and Australian Retail traders) Up to 1:5 (Pro and FSA traders)
   Spread	EURUSD: 1.0 USDJPY: 1.0 EURGBP: 1.5 GBPUSD: 2.0
   Forex Commission per Lot per Trade	$0
   Deposit Methods	eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24
   Withdrawal Methods	PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

   Key Pros

   • Offers trading with over 5,000 instruments
   • Ideal for social and copy trading
   • No commissions on forex trades
   • Effortless registration process
   • Offers negative balance protection

   Key Cons

   • Withdrawals are subject to additional processing fees ($5)
   • USD is the only base account currency
   • Charges inactivity fees on dormant accounts
6. 

   6. Plus500

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   TRADE NOW 80% of retail investor accounts lose money

   Plus500 Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	FSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727)
   Min Deposit	$100
   Trading Platforms	Proprietary desktop and mobile platforms
   Trustpilot Rating	4.1 out of 13,613 reviews
   Number of Forex Pairs to Trade	60+
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: 1:2
   Spread	EURUSD: 1.2 USDJPY: 1.5 EURGBP: 1.5 GBPUSD: 1.5
   Forex Commission per Lot per Trade	$0
   Deposit Methods	Mastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY
   Withdrawal Methods	PayPal, Bank Transfer, Visa, Mastercard, Skrill

   Key Pros

   • Trades publicly on the London Stock Exchange
   • Commission-free FX trading with tight spreads
   • Great selection of analytical tools and educational materials
   • Easy and quick account opening
   • Provides real-time FX quotes

   Key Cons

   • Charges administrative fees on inactive accounts
   • The platform could use more customization features
7. 

   7. BlackBull Markets

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   BlackBull Markets Broker Details
   Supports English	Yes
   South African Currency (ZAR)	Yes
   Regulators	SFSA (No. SD045), FMA (No. FSP403326), FSA
   Min Deposit	$0 (Standard) $2,000 (Prime) $20,000 (Institutional)
   Trading Platforms	MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade
   Trustpilot Rating	4.6 out of 458 reviews
   Number of Forex Pairs to Trade	70+
   Leverage	Forex & Metals: 1:500 Index CFDs: 1:500 Cryptocurrencies: 1:500
   Spread	EURUSD: 0.1 USDJPY: 0.2 EURGBP: 0.7 GBPUSD: 0.4
   Forex Commission per Lot per Trade	$0 Standard; $6 per lot Prime; $4 per lot Institutional
   Deposit Methods	Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar
   Withdrawal Methods	Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin

   Key Pros

   • Uses proprietary copy-trading platform
   • Swap-free trading via ECN Standard and Prime accounts
   • Multi-platform support
   • Provides a 24/7 customer support service
   • Great Education Hub for traders looking to hone their skills

   Key Cons

   • High commissions per lot on Prime and Institutional accounts
   • Charges a $5 fee on withdrawals
8. 

   8. FxPro

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   TRADE NOW 74% of retail investor accounts lose money

   FxPro Broker Details
   Supports English	Yes
   South African Currency (ZAR)	Yes
   Regulators	FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052)
   Min Deposit	$100
   Trading Platforms	MT4, MT5, cTrader, FxPro Edge (proprietary)
   Trustpilot Rating	3.7 out of 235 reviews
   Number of Forex Pairs to Trade	70+
   Leverage	Forex & Metals: 30:1 Index CFDs: 20:1 Cryptocurrencies: 2:1
   Spread	EURUSD: 0.25 USDJPY: 0.38 EURGBP: 0.1 (MT4) 1.3 (MT5) GBPUSD: 0.37
   Forex Commission per Lot per Trade	$0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts
   Deposit Methods	Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay
   Withdrawal Methods	Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller

   Key Pros

   • Over 2,100 CFDs across six asset classes
   • Zero fees on deposits and withdrawals
   • Floating spreads with no commissions on MT4 FX trades
   • Winner of over 100 industry awards
   • Fills orders within less than 13 milliseconds

   Key Cons

   • FX spreads are slightly higher than industry averages
   • Charges maintenance fees after six months of inactivity
9. 

   9. Swissquote

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   TRADE NOW 61% of retail investor accounts lose money

   Swissquote Broker Details
   Supports English	Yes
   South African Currency (ZAR)	No
   Regulators	FCA, MFSA, FINMA, DFSA, MAS, CySEC
   Min Deposit	$1,000
   Trading Platforms	CFXD, MetaTrader 4, MetaTrader5
   Trustpilot Rating	3.5 out of 2445 reviews
   Number of Forex Pairs to Trade	80+
   Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: 1:2
   Spread	EURUSD: 1.7 USDJPY: 1.6 EURGBP: 1.7 GBPUSD: 2.0
   Forex Commission per Lot per Trade	$/€0 on Premium and Prime Accounts; $/€2.5 per side per lot for Elite Accounts
   Deposit Methods	Visa, Mastercard, Bank Transfer, Online Banking
   Withdrawal Methods	Visa, Mastercard, Bank Transfer, Online Banking

   Key Pros

   • Publicly traded reputable brand
   • Broker with extensive experience in trading
   • Offers competitively low spreads
   • Supports various trading platforms
   • Forex traders can choose from over 80 currency pairs

   Key Cons

   • Traders must pay an inactivity fee
   • Desktop trading platform looks a bit outdated
   • Trading fees tend to be higher
10. 

    10. Markets.com

    READ REVIEW

    TRADE NOW 74.2% of retail investor accounts lose money

    Markets.com Broker Details
    Supports English	Yes
    South African Currency (ZAR)	Yes
    Regulators	ASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023)
    Min Deposit	$100
    Trading Platforms	MetaTrader 4, MetaTrader 5, WebTrader, Mobile App
    Trustpilot Rating	4.5 out of 1,157 reviews
    Number of Forex Pairs to Trade	54
    Leverage	Forex & Metals: 1:30 Index CFDs: 1:20 Cryptocurrencies: 1:2
    Spread	EURUSD: 0.6 USDJPY: 0.7 EURGBP: 0.9 GBPUSD: 0.9
    Forex Commission per Lot per Trade	$0
    Deposit Methods	Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer
    Withdrawal Methods	Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer

    Key Pros

    • Offers tight spreads and low fees for FX traders
    • Traders can choose from over 50 currency pairs
    • Supports a wide range of payment methods
    • Mobile trading available through dedicated app
    • Supports popular trading platforms

    Key Cons

    • Offers only CFD and FX products
    • Charges inactivity fee
    • No dedicated platform for copy trading

Is Forex Trading Legal in South Africa?

Forex trading has risen in popularity as an easily accessible and potentially lucrative hobby. It is legal in South Africa and forex brokers are required to obtain a license from the Financial Sector Conduct Authority (FSCA) to operate legally within the country. Forex traders can register accounts at brokers licensed by international regulators too, but adhering to the local rules and regulations is always advisable.

Financial Service Providers in South Africa operate under the Financial Advisory and Intermediary Act (FAIS) of 2002 and the Financial Sector Regulation Act of 2017.

FSCA Regulation Info

Founded in 2018, the FSCA assumed the regulatory functions of its predecessor, the Financial Services Board. The latter was established in 1990 to serve as the country’s financial regulatory agency for the non-banking services sector. Today, South Africa’s financial market is monitored by the FSCA, whereas financial cooperatives, insurance companies, and banks fall under the regulatory authority of the Prudential Authority, operating under the South African Reserve Bank (SARB). As stated on the official website of the FSCA, South Africa has a “Twin Peaks” regulatory model implemented via the Financial Sector Regulation Act.

The SARB regulates the country’s monetary policy and manages foreign exchange reserves, which, in turn, affects Forex markets. South African traders can open domestic accounts to trade locally in South African ZAR and international accounts to gain access to global markets.

The FSCA is committed to upholding a transparent, efficient, and resilient financial system that creates favorable conditions for South Africa’s sustainable economic growth. Besides its licensing functions, the FSCA is tasked with drafting the regulations for the OTC Forex market, monitoring brokers’ conduct and compliance with the law, and taking enforcement action in cases of regulatory breaches.

How Can I Verify FSCA Authorization?

Forex traders can verify if an entity holds authorization to operate from South Africa’s financial regulatory body by looking for the disclosure text found typically at the footer of brokers’ homepages. Legal and trustworthy forex brokers do not fail to provide such information, along with the licensing number.

For example, Ava Trade is a financial services provider operating legally in South Africa. The entity has listed its licenses from the regulatory authorities in the jurisdictions where it operates. The one for South Africa states the following: Ava Capital Markets Pty is regulated by the South African Financial Sector Conduct Authority (FSCA No 45984).

FSCA Authorization can be checked also by navigating to FSCA’s register of Authorized Financial Service Providers, https://www.fsca.co.za/Fais/Search_FSP.htm. The register returns the required information upon entering the FSP number, partial name, or postal code in the designated boxes.

Are My Funds Safe with Forex Brokers in South Africa?

Forex traders are advised to register accounts only at properly regulated brokers to reduce their chances of falling victim to forex scams and secure their investments. Thus, they make sure that they trade in a fair and transparent environment and that all customer protections are in place.

Authorized forex brokers in South Africa must comply with a set of regulatory criteria, ensuring a completely safe trading experience. First and foremost, they must be registered as Financial Service Providers with the FSCA. Furthermore, brokers must maintain a minimum operational capital ensuring they can meet their financial obligations. It is also important to note that customer funds are held in segregated accounts, separate from brokers’ funds to reduce the risk of misuse.

With regard to risk management, brokers are obliged to support tools and systems to manage risk, including leverage limits. Brokers are also obliged to regularly report matters associated with financial affairs, customer complaints, and risk profiles. They must adhere to certain codes of conduct requiring them to treat their customers fairly, execute orders promptly, and protect their funds. Last but not least, forex traders residing in South Africa can file complaints to the FSCA through a complaints resolution process.

Do South African Brokers Provide Negative Balance Protection?

Negative balance protection normally applies to holders of retail accounts. This protection mechanism ensures customers do not lose more money than the balance of their accounts even during unfavorable market conditions.

Providers of leveraged products catering to countries within the European Securities and Markets Authority (ESMA) and the United Kingdom are obliged to provide negative balance protection to retail traders. Thus, if their account balance falls below zero, the broker will be required to restore it as soon as possible at no additional cost. Professional traders must waive this protection mechanism.

Traders based in South Africa can check if their selected forex broker provides negative balance protection. If it is available, they can rest assured their accounts are protected from extreme volatility during announcements, market openings, and unexpected global events.

Do You Pay Tax on Forex Trading in South Africa?

While the world of forex trading brings multiple investment opportunities, it also comes with its set of regulatory and compliance issues. Forex traders based in South Africa must be aware of the associated tax implications.

Trading earnings, much like other financial gains, are subject to taxes. Forex traders in South Africa must comply with the tax laws set forth by the South African Revenue Service (SARS). South African traders can either register as self-employed traders or as business owners, based on their trading plans.

Traders who earn less than R79,000 per year are exempt from taxes. Those who earn above this threshold are subject to a tax system ranging between 18% and 45%.

It is also important to note that traders who incur losses during the tax year can deduct them from their taxable income to reduce their overall tax liability. Therefore, keeping records of one’s trading activity, including profits and losses, is important and can be quite helpful to make sure one pays the correct amount of tax.

How Does the Available Leverage of FSCA-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?

Leverage allows forex traders to place large trades with little capital in their accounts by borrowing funds from brokers. While leverage enhances their buying power, it also substantially magnifies the risk they are exposing themselves to.

Many international brokers must offer a maximum leverage of 1:30 to comply with the relevant regulatory requirements. Brokers regulated by the Financial Conduct Authority (FCA) in the United Kingdom must cap the leverage for forex trading to 1:30. The same rule applies to brokers operating in EU countries, which are under the regulation of the European Securities and Markets Authority (ESMA). Similarly, Australia’s financial regulatory authority, the Australian Securities and Investments Commission (ASIC) also introduced limitations of 1:30 in 2021.

The FSCA does not impose limitations on the leverage retail customers can use. However, they should be careful and choose a level of leverage that agrees with their risk tolerance and account balance.

What Do You Need to be Designated as a Professional Trader in South Africa?

If professional trading is what you are interested in, forex brokers catering to traders based in South Africa enable their retail customers to upgrade their accounts.

South African traders can upgrade their retail trading accounts to professional ones. This move, however, entails both certain benefits and shortcomings. On the plus side, professional traders gain access to a wider spectrum of options unavailable to retail customers. They are eligible to receive cash rebates and have access to a greater portfolio of products. On the minus side, however, professional traders must waive negative balance protection, and leverage caps, as well as get used to more sophisticated language.

Forex traders must meet several eligibility criteria to qualify for professional accounts. Most forex brokers require relevant experience in the financial sector for at least a year, a trading portfolio exceeding €500,000, and usually more than 10 leveraged transactions of significant size over the last four quarters. If traders meet at least two of these three main requirements, they usually qualify for professional trading accounts.

What Trading Platforms Are Available to South African Traders?

Much like in the rest of the world, some of the most popular trading platforms in South Africa are MetaTrader4, MetaTrader 5, and cTrader.

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MetaTrader4, also known as MT4, is among the best trading platforms giving traders access to the Forex market. Developed by MetaQuotes in 2005, the platform gained popularity due to the functionality for end users to write their trading scripts and the options to automate trading. The MT4 is extremely user-friendly, making it equally suitable for inexperienced and advanced traders. It facilitates forex trading across a variety of devices, including desktop computers and mobile phones running on Android, iOS, and Windows. The platform is ideal for traders using technical analysis as it offers various analysis and charting tools.

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MetaTrader5, also known as MT5, was released five years later, as a successor of MetaTrader4. The platform performs flawlessly across all classes of financial instruments including shares, cryptocurrencies, forex, and metals. Among the platform’s features are automated trading, superior analysis tools, trading flexibility across devices, and exceptional support.

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CTrader is yet another comprehensive trading platform solution available at Forex and CFD brokers. The platform is equipped with a complete range of features that meet the requirements of different types of traders. Many traders prefer the platform due to its rich charting tools, advanced order types, and fast execution. The cTrader Copy feature enables traders to share their trading strategies with others.

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Below you can find some useful references with links to organisations that monitor the forex market in South Africa.

1. FSCA (The Financial Sector Conduct Authority): Homepage of South Africa’s financial regulator.
2. FSCA Authorization Check: Here, one can use an FSP number, name, or postal code to verify the licensing status of a given entity.
3. FSCA Complaint Form: This is where you can submit a complaint to the FSCA when necessary.
4. The Prudential Authority, which operates under the umbrella of the South African Reserve Bank, and oversees financial cooperatives, insurance companies, and banks.