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Forex Brokers South Africa at 24 Forex

Trusted Forex brokers

Forex trading is becoming increasingly popular in South Africa, with many traders seeking opportunities to profit from the global currency markets. One of the leading forex trading brands in South Africa is 24 Forex, which offers a range of tools and features to help traders succeed in the markets.

Forex Brokers in South Africa

Expert option logo


Demo account Yes
Minimum deposit $10
Minimum Deposit: $10
Quotex began providing services to traders in 2014 and currently executes in more than 30 million deals monthly . The brand currently boasts 9 million customer accounts.
Deriv logo


Demo account Yes
Minimum deposit $10
Minimum Deposit: $10
Deriv is an offshore broker offering both binary options and standard forex and CFD trading


Demo account Yes
Minimum deposit $ 150
Minimum deposit: $ 150
Exness is FSCA & FCA regulated, which are 2 Top Tier regulators, so we consider them to be safe.
IQ Option logo

IQ Option

Demo account Yes
Minimum deposit $10
Minimum Deposit: $10
IQ Option was first introduced to the binary options traders across the world back in 2013.
Hycm Logo


Demo account Yes
Minimum deposit $100
Minimum deposit: $100
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider
Easy Markets logo

Easy Markets

Demo account Yes
Minimum deposit $150
Minimum Deposit: $150
Easy Markets is an award-winning forex and CFDs trading platform launched in 2001 as the world’s first web-based trading platform.

At 24 Forex, traders can access a wide range of trading instruments, including major currency pairs, commodities, and indices. This allows traders to diversify their portfolios and take advantage of a range of market opportunities. The platform is user-friendly and intuitive, making it easy for traders of all levels of experience to use.

Forex Trading South Africa

Forex Trading Education from 24 Forex

One of the standout features of 24 Forex is its commitment to education. The platform offers a range of educational materials, including webinars, video tutorials, and trading guides, to help traders learn the fundamentals of forex  and improve their skills. This is especially useful for new traders who are just starting out in the forex markets.

24 Forex also offers excellent customer support, with a dedicated team of experts available 24/7 to help traders with any questions or issues they may have. The platform offers multiple channels of support, including email, phone, and live chat, making it easy for traders to get the help they need when they need it.

forex trading in south africa

In addition to its features and tools, 24 Forex also offers competitive pricing and low spreads. This allows traders to maximize their profits and minimize their costs, which is essential for long-term success in the markets.

Overall, 24 Forex is a top choice for forex traders in South Africa who are looking for a reliable and feature-rich trading platform. With its user-friendly interface, extensive range of trading instruments, and commitment to education and customer support, 24 Forex is an excellent option for both new and experienced traders.

Is forex trading legal in South Africa?

Yes, forex sa is legal in South Africa. The South African Reserve Bank (SARB) regulates the forex market in South Africa, and the Financial Sector Conduct Authority (FSCA) is responsible for overseeing forex brokers and ensuring they comply with regulatory requirements.

To operate legally in South Africa, forex brokers must be licensed by the FSCA and adhere to strict regulations, including minimum capital requirements, segregation of client funds, and transparent pricing and trading conditions.

Individuals who wish to trade forex in South Africa must also comply with regulatory requirements, such as providing personal information and documentation, and adhering to prescribed limits on leverage.

What are the advantages of using a regulated broker?

  1. Protection of Funds: Regulated forex brokers are required to adhere to strict regulatory standards, including keeping client funds segregated from their own funds, which helps to protect clients’ funds in the event of the broker’s insolvency.
  2. Transparency and Fairness: Regulated forex brokers are required to provide transparent pricing and trading conditions, which helps to ensure that traders are not subject to unfair trading practices.
  3. Compliance with Regulations: Regulated forex brokers are required to comply with regulatory requirements, including capital adequacy, risk management, and anti-money laundering measures, which helps to promote a safe and secure trading environment.
  4. Access to Legal Recourse: If a trader has a complaint or dispute with a regulated forex broker, they can seek legal recourse through the relevant regulatory authority or court system.
  5. Peace of Mind: Using a regulated forex broker can give traders peace of mind that their trading activities are being conducted in a safe and secure environment, which can help to reduce stress and anxiety associated with trading.
Learn forex trading south Africa

Can you get rich by trading forex?

It is possible to make a significant amount of money through forex sa, but it’s important to note that it’s not a guaranteed way to get rich quickly. Forex sa involves significant risks, and success in trading depends on various factors, including market conditions, trading strategy, risk management, and discipline.

While some traders have made substantial profits in forex, others have lost money, and the majority of traders are not consistently profitable. Making money in forex  requires skill, knowledge, and experience, as well as the ability to manage risks effectively.

It’s important to approach forex trading with a realistic mindset, acknowledging the risks involved and not expecting to get rich overnight. Traders who are successful in  trading forex tend to have a long-term perspective and focus on developing their skills and knowledge, rather than chasing short-term gains.

In summary, trading can be a potentially lucrative activity, but it’s not a guaranteed way to get rich quick, and success requires hard work, discipline, and a long-term perspective.

learn forex trading south africa

Forex trading steps

Forex can be a complex activity, but here are some general steps to get started with trading in South Africa:

  1. Learn the basics: It’s important to understand the fundamentals of trading  before diving in. Start with learning the basic terminology, trading strategies, and risk management principles.
  2. Choose a broker: Look for a reputable forex broker that is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa. Ensure that the broker offers a user-friendly trading platform, competitive spreads, and a variety of trading instruments.
  3. Open a demo account: Most brokers offer a free demo account that allows you to practice trading with virtual money. Use this opportunity to get familiar with the trading platform and test out different trading strategies without risking real money.
  4. Fund your trading account: Once you feel comfortable with trading on the demo account, you can fund your live trading account with a minimum amount required by the broker. Most brokers offer various deposit methods, such as bank transfers, credit cards, and e-wallets.
  5. Start trading: After funding your account, you can start trading. Choose the currency pairs that you want to trade, and use technical and fundamental analysis to make trading decisions. Remember to follow your risk management plan and stick to your trading strategy.
  6. Monitor your trades: Keep an eye on your open trades and use stop-loss and take-profit orders to manage your risk and profits. Adjust your trading strategy as necessary based on market conditions.
  7. Evaluate your performance: Regularly evaluate your trading performance and analyze your trades to identify areas for improvement. Keep a trading journal to track your progress and make adjustments to your strategy over time.

General steps to open a trading forex account in South Africa:

  1. Research and choose a reputable forex broker that is licensed by the Financial Sector Conduct Authority (FSCA) in South Africa. Look for a broker that offers a user-friendly trading platform, competitive spreads, and a variety of trading instruments.
  2. Visit the broker’s website and click on the “Open Account” or “Register” button.
  3. Fill out the registration form with your personal information, such as your name, email address, and phone number.
  4. Provide the required documentation, which typically includes a copy of your ID or passport, and a recent utility bill or bank statement as proof of address.
  5. Choose the type of trading account you want to open, such as a standard account, a mini account, or a demo account.
  6. Fund your trading account with the minimum deposit required by the broker. Most brokers offer various deposit methods, such as bank transfers, credit cards, and e-wallets.
  7. Verify your identity and trading account by providing additional documentation if required by the broker.
  8. Download and install the trading platform provided by the broker.
  9. Log in to the trading platform using the credentials provided by the broker.
  10. Start trading by selecting the currency pairs you want to trade, using technical and fundamental analysis to make trading decisions, and following your risk management plan.

Types of Forex trading in South Africa

  1. Spot trading: This is the most basic type of trading forex, where traders buy and sell currency pairs at the current market price. Spot trading forex involves immediate delivery of the currency, typically within two business days.
  2. Futures trading: This type of trading forex involves buying and selling currency pairs at a specified future date and price. Futures forex trading allows traders to hedge against currency risk and speculate on future price movements.
  3. Options trading: This type of trading Forex gives traders the right, but not the obligation, to buy or sell a currency pair at a specified price and date. Options trading forex provides traders with a greater degree of flexibility and risk management.
  4. Spread betting: This is a type of trading forex where traders speculate on the price movement of a currency pair without actually owning the underlying asset. Spread betting allows traders to profit from both rising and falling markets.
  5. Social trading: This is a type of trading forex that allows traders to copy the trades of other successful traders. Social trading platforms allow traders to connect with other traders and share trading strategies.
  6. Algorithmic trading: This type of trading forex involves using computer algorithms to execute trades automatically based on predefined rules and criteria. Algorithmic trading is used by both institutional and individual traders to execute trades quickly and efficiently.
Forex trading

How to verify FSCA authorization

To verify whether a forex broker is authorized by the Financial Sector Conduct Authority (FSCA) in South Africa, you can follow these steps:

  1. Go to the FSCA website ( and click on the “Search for a Licensee” button at the top of the page.
  2. Enter the name of the forex broker or its FSP (Financial Services Provider) number in the search field and click on “Search.”
  3. If the forex broker is authorized by the FSCA, its details will appear in the search results. This will include the name of the company, its FSP number, and the date on which it was authorized by the FSCA.
  4. You can also check the FSCA’s list of authorized forex brokers, which is available on its website. The list is regularly updated and provides information on the licensed status of forex brokers in South Africa.

Trading Forex faqs in south africa

What is trading Forex?

Forex (foreign exchange) trading involves the buying and selling of currencies. Traders speculate on the price movements of currency pairs, trying to profit from fluctuations in exchange rates.

How do I start trading Forex in South Africa?

To start trading Forex in South Africa, you need to find a reputable Forex broker that is licensed by the FSCA. You will also need to provide some personal information and fund your trading account.

What are the risks of trading forex?

trading forex is a high-risk activity, and traders can lose money if they do not have a solid understanding of the market and the risks involved. The high leverage offered by Forex brokers can also amplify losses.

What is the best time to trade Forex in South Africa?

The Forex market is open 24 hours a day, five days a week. The best time to trade Forex in South Africa depends on the currency pairs you are trading and your trading strategy.

What are the most popular currency pairs in trading Forex?

The most popular currency pairs in trading are the EUR/USD, USD/JPY, GBP/USD, USD/CHF, and AUD/USD.

What is a pip in trading Forex?

A pip is the smallest unit of measurement in  trading , representing the fourth decimal place in currency pairs. For example, if the EUR/USD exchange rate moves from 1.1234 to 1.1235, it has increased by one pip.

Can I make a living from trading forex in South Africa?

It is possible to make a living from trading in South Africa, but it requires a lot of skill, knowledge, and discipline. Most traders start out by trading part-time while they build their skills and experience.

What is Forex scalping?

Forex scalping is a trading strategy that involves making multiple trades throughout the day, trying to profit from small price movements. It is a high-risk strategy that requires fast decision-making and a lot of discipline.

How can I improve my trading forex skills?

To improve your trading skills, you should read educational materials, practice on a demo account, learn from experienced traders, and develop a solid trading plan. It is also important to keep a trading journal to track your progress and identify areas for improvement.