One of the most important components that forex traders must evaluate when they choose a forex broker relates to the regulation, licensing, and authorisation. The Financial Sector Conduct Authority (FSCA) is the market regulator in South Africa that oversees forex trading, ensuring that brokers offer fair, safe, transparent trading environments.
While there are several different forex brokers with FSCA regulation, the following are the best in the industry.
IFX Brokers
Features
IFX Brokers is a South African CFD and forex facilitator that provides unique and comprehensive services to traders from around the world. IFX Brokers caters for both beginner traders as well as professionals, offering comprehensive educational materials as well as advanced trading tools.
IFX Brokers offers a safe, fair, and transparent trading environment where client funds are kept safe in segregated accounts with top-tier banks.
Pros and Cons
| PROS | CONS |
| Well-regulated by FSCA | Live chat function not offered |
| High leverage ratio offered | FIX API not supported |
| MetaTrader 4 offered | Spreads are not the tightest |
| Education and trading tools offered |
IG
Features
IG is one of the largest, most reputable names in forex trading, with regulations and authorisation through multiple entities including FSCA, FCA, CFTC, NFA, BaFin, and many others. IG Markets South Africa Limited offers South African traders more than 17,000 tradable instruments that are spread across several asset classes.
South African traders are provided with tailor-made solutions according to their unique trading styles, strategies, and experience levels. IG is known for its tight spreads, low and transparent fees, and a choice in dynamic trading accounts.
Pros and Cons
| PROS | CONS |
| Well-regulated by several entities | A high minimum deposit required |
| More than 17,000 tradable instruments | |
| A choice between different trading accounts | |
| Tight spreads and competitive commissions |
READ MORE: Comprehensive Forex Broker Reviews on ForexRecommend
AvaTrade
Features
AvaTrade is one of the most popular forex brokers in the world, offering some of the most competitive trading conditions to South African traders. AvaTrade is well-regulated by several reputable entities including FSCA, ASIC, and others.
AvaTrade offers South African traders more than 1,250 financial instruments that can be traded through several powerful, reliable trading platforms.
Pros and Cons
| PROS | CONS |
| Well-regulated by several entities | Only one retail and one professional account option offered |
| A wide range of markets offered | Variable spreads are not offered |
| Fixed and tight spreads | |
| Commission-free trading | |
| Choice in trading platforms |
FXPRIMUS
Features
FXPRIMUS is a well-regulated and well-established forex broker that has been in operation since 2009, offering retail traders competitive trading conditions, and a safe, transparent trading environment.
FXPRIMUS offers a wide range of tradable instruments, educational tools, advanced trading tools, and in-depth analyses of market conditions.
Pros and Cons
| PROS | CONS |
| FSCA-regulated broker | VIP Account has the best trading conditions |
| Negative balance protection offered | Fixed spreads are not offered |
| Commission-free trading | |
| ECN Accounts offered | |
| VPS Service for eligible clients |
Blackstone Futures
Features
Blackstone Futures is a well-regulated broker that provides South African traders a wide range of tradable instruments that can be traded through MetaTrader 4 on mobile, web, and desktop including futures, spot forex, and contracts for difference (CFDs) on indices, commodities, and equities.
Pros and Cons
| PROS | CONS |
| Well-regulated by the FSCA | The spreads are not the tightest |
| Intuitive trading platforms across several devices | Limited funding options |
| 24/5 dedicated customer support | Limited number of trading accounts offered |
| Wide range of trading tools offered |
