The forex market in South Africa is full of opportunity but also full of traps. While many traders chase growth, some SA brokers are simply chasing victims.
TRU experts reviewed more than 50+ South African brokers, using and testing their trading features and resources to filter through the noise of the brokerage market. In this TRU Insight, you’ll explore the top 10 regulated and best forex brokers in South Africa.
No fluff, no hype. Just verified, regulated forex brokers you can trust.
What Is a Forex Broker and Why It Matters for SA Traders?
In a virtual space where any service provider can claim authority and credibility, it’s easy to fall for forex brokers posing as legit. Many South African traders have learned this the hard way. They trust names with slick branding but no license, only to lose their capital to scams.
So, what is a forex broker?
A forex broker is your gateway to the global currency market. But the ones worth trusting do more than just provide access. They operate under strict financial regulation, ultimately safeguarding your funds, executing trades transparently, and preventing money laundering.
In short, a regulated forex broker should act less like a salesman and more like an accountable partner.
10 Regulated Forex Brokers in South Africa in 2025
Finding legit forex brokers in South Africa shouldn’t feel like decoding a scam maze. We get it: you want a clean, verified list without guesswork.
So, we did the digging. The SA brokers below are all FSCA-regulated, with licenses to prove it. Trust isn’t claimed—it’s verified. That’s why we’ve linked credible sources, license numbers, and all the facts you’ll need to assess each one.
1. Exness
| Legal Name | FSCA License Number |
| Exness ZA (Pty) Ltd. FSP | 51024 |
Among top-tier forex brokers, Exness stands out for being FSCA-authorized under its South African entity, though it’s currently not an approved Over-the-Counter Derivative provider (ODP). This means SA clients should trade cautiously until full licensing is confirmed.
Backed by multiple international licenses (including FCA and CySEC), it remains one of the most recognized regulated forex brokers in global broker reviews, especially for those comparing SA brokers under strict regulatory standards.
2. Tickmill
| Legal Name | FSCA License Number |
| Tickmill South Africa (Pty) Ltd. | 49464 |
Tickmill stands out among forex brokers by being fully licensed under top tier regulators such as the FSCA, FCA, and CySEC. These licenses ensure strong compliance and trader protection, making Tickmill a trusted name among SA brokers.
As an approved ODP in South Africa, Tickmill is classified as one of the most regulated forex brokers in the region. The No Dealing Desk (NDD) model removes any conflict of interest, a major plus in many expert broker reviews.
3. FxPro
| Legal Name | FSCA License Number |
| FxPro Financial Services Ltd. FSP | 45052 |
FxPro stands out with licenses from the FCA and SCB, ensuring client funds are protected and trading is transparent. For South African traders looking for trusted SA brokers, FxPro ranks well in broker reviews.
Read more: How to Identify FXPro Legitimate and Clone Firms in 2025
4. HFM
| Legal Name | FSCA License Number |
| HF Markets SA (Pty) Ltd. FSP | 46632 |
The FSCA regulates HFM and other respected bodies like the FCA and DFSA, making it a trusted choice among SA brokers.
However, some regulations come from offshore entities, so traders should be aware of the slightly higher risk. Still, many broker reviews praise HFM as one of the top regulated forex brokers in South Africa.
5. FBS
| Legal Name | FSCA License Number |
| Trade Stone SA (Pty) Ltd FSP | 50885 |
FBS is an internationally recognized forex broker regulated by top-tier authorities like ASIC and CySEC. In South Africa, it is licensed by the Financial Sector Conduct Authority (FSCA) as Trade Stone SA (Pty) Ltd.
However, South African traders operate under its Belize entity—FBS Markets Inc. This means there’s no FSCA protection or negative balance protection, and funds are not held in local banks.
While it is still among the regulated forex brokers, this setup may raise concerns for risk-averse SA brokers. It’s ideal to weigh these pros and cons when checking broker reviews and choosing the platform that fits your trading safety needs.
6. AvaTrade
| Legal Name | FSCA License Number |
| Ava Capital Markets Pty Ltd FSP | 45984 |
As one of the more established SA brokers, AvaTrade offers strong regulatory backing, segregated client funds at ABSA Bank, and negative balance protection, making it a reliable choice for traders looking for regulated forex brokers.
However, it’s important to note that while AvaTrade is FSCA-authorized, it is not currently listed as an authorized ODP, which may be a consideration for more compliance-focused traders doing in-depth broker reviews.
7. FXTM (ForexTime)
| Legal Name | FSCA License Number |
| ForexTime Ltd FSP | 46614 |
FXTM is among the few brokers in South Africa licensed by the FSCA and officially approved as an ODP. This means they are legally authorized to offer CFDs and other derivative products, making them a standout choice for traders looking for regulated forex brokers.
8. IG Markets
| Legal Name | FSCA License Number |
| IG Markets South Africa Ltd. FSP | 41393 |
Among forex brokers, IG Markets holds one of the strongest regulatory profiles. It is licensed by the FSCA in South Africa, FCA in the UK, and ASIC in Australia.
As a publicly listed company with transparent financials, IG markets earns consistent praise in expert broker reviews for its safety and global credibility.
9. FP Markets
| Legal Name | FSCA License Number |
| FP Markets (Pty) Ltd. FSP | 50926 |
FP Markets stands out among forex brokers for its multi-jurisdictional regulation. This makes it a trusted choice for both beginners and seasoned traders. As one of the regulated forex brokers, it is licensed by ASIC (Australia), CySEC (Cyprus), FSCA (SA brokers, FSA (Seychelles) and SVG.
10. CM Trading
| Legal Name | FSCA License Number |
| Blackstone Marketing SA (Pty) Ltd | 43080 |
Among forex brokers operating in South Africa, CM Trading stands out as one of the few SA brokers regulated by the FSCA. However, it’s important to note that CM Trading is regulated only in South Africa, so global oversight is limited.
Still, it maintains client fund segregation and receives strong broker reviews for its safety and support services.
Why Is Regulatory Compliance for Forex Brokers?
For forex brokers, flashing a license isn’t just for flex—it’s proof they play by the rules. And in a market swarming with fake SA brokers and sketchy broker reviews, this is considered a big flex.
A financial regulator ensures that a broker follows financial laws, protects your funds, ensures fair trade, and upholds accountability. But don’t be fooled because some brokers flaunt offshore licenses that mean nothing in South Africa.
So, before you trust a platform, ask not just if it’s regulated, but where. Because in forex, regulation isn’t optional—it’s your first line of defense.
What Is the Financial Sector Conduct Authority (FSCA)?
Think of FSCA as South Africa’s financial watchdog, the regulator that checks brokers, banks, and other financial service providers.
For SA brokers, being licensed by the FSCA means credibility. For traders, it means safety. The FSCA investigates shady operations, issues warnings, and penalizes brokers who bend the rules. If a broker’s not listed on their site, it’s a red flag. No matter how good the broker reviews look.
In short: real regulated forex brokers in South Africa answer to the FSCA. The fake ones avoid it.
Why Financial Literacy Matters When Choosing Real Forex Brokers
Financial literacy is your strongest shield in the forex market. Knowing how to analyze, question, and verify helps you distinguish between trusted forex brokers and potential scams.
This becomes significantly important in regions like South Africa, where unregulated options still exist.
This is where TradeGeek by TradersUnited comes in. With free lifetime access to modules on forex trading, you’ll gain real market insight and the confidence to choose regulated forex brokers wisely.
Frequently Asked Questions
Are there many forex brokers scammers in South Africa?
Forex trading South Africa is growing rapidly, but it comes with risks: 90% of novice traders lose money. Victims often fall to scam forex brokers who take advantage of inexperienced traders.
Investors should also be aware that while the government regulates the market to some extent, direct investor protection is limited. That’s why you need vigilance when selecting trusted brokers.
Consider iTradeFXLive, which was fined R1 million by the FSCA in 2024 for operating without a license. It’s just one example of how unregulated forex brokers lure traders with hype, fake reviews, and zero legal standing.
Related: iTradeFXLive 2025 Review: A Fraud-Accused Forex Company
Is Forex Trading Legal in South Africa?
Yes, forex trading is legal as the FSCA regulates and licenses local forex brokers to protect traders. All SA brokers must meet strict requirements such as segregated client accounts, leverage limits 30:1, and robust anti-money laundering procedures.
These makes regulated South African forex brokers among the safest options, as confirmed by thorough broker reviews from the trading community.
How do you check if a South African Regulator regulates the Forex Broker?
Verifying the regulation status of forex brokers is crucial for every trader, especially in South Africa.
The FSCA offers a simple online search tool where traders can confirm if an SA broker is licensed by checking the broker’s FSP number, which must be displayed on their website.
While the FSCA provides local protection and requires brokers to have a local presence, the most trusted brokers often hold multiple licenses from tier-1 regulators like the UK’s FCA, Australia’s ASIC, or Cyprus’s CySEC.
Brokers regulated solely by smaller authorities such as Seychelles or Belize may carry higher risk, making it essential to rely on regulated forex brokers backed by reputable oversight, as confirmed by thorough broker reviews.
Should Regulatory Compliance Be the Ultimate Truth Teller
Regulation is your first defense when choosing forex brokers, especially in South Africa, where many scammers are prominent. Dealing with regulated forex brokers under trusted authorities like the FSCA helps protect your funds and ensures transparency.
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