Choosing the best forex brokers is not easy; a broker can be the best for one trader but not for another, depending on their trading style.
But some fundamentals just make a broker, “The Best Broker,” like trade execution speed, trading fee, deposit & withdrawal fee, spreads, and more.
I have been trading since 2020 and have used more than 30 brokers on different trading strategies. In this article, I will give you the top 5 forex brokers that stand out as the best in South Africa and are FSP-regulated.
What To Look For When Choosing A Forex Broker
The two most important things that I always look for when choosing a forex broker are regulation and customer support.
Here are things to look for in a forex broker: Regulated broker (FSP, FCA), Live Customer Support (24/7, or 24/5), No Withdrawal or Deposit Fee, Low Trading Fees, Multiple Trading Platforms, and Low Minimum Deposit.
Top 5 Best Forex Brokers In South Africa
The 5 best forex brokers in South Africa are ThinkMarkets, Exness, Tickmill, HFM, and FxPro.
Brokers | Rating | Regulators | Min Deposit | TradingView Integration |
|---|---|---|---|---|
 | ★ 4.9/5 | FSCA, FCA, ASIC, FSA Seychelles | $15 | |
 | ★ 4.7/5 | FSCA, FCA, CySEC, FSA Seychelles, CBCS, FSC BVI | $10 | |
 | ★ 4.6/5 | FSCA, FCA, CySEC, FSA Seychelles, Labuan FSA | $25 | |
 | ★ 4.2/5 | FSCA, FCA, CySEC, DFSA, FSC Mauritius, FSA Seychelles, SFSA | $5 | |
 | ★ 4.2/5 | FSCA, FCA, CySEC, SCB | $10 |
🥇ThinkMarket
ThinkMarkets is a multi-regulated broker, but has less exposure in South Africa. Founded in 2010, it offers low spreads, fast trade execution, and a wide range of trading platforms.
Why Choose ThinkMarkets?
- Regulated by FSCA, FCA, and ASIC.
- Access to forex, indices, commodities, cryptocurrencies, and stocks.
- Trade directly from TradingView.
- Low spreads.
- Has offers a free backtesting tool.
- Has a standard account, a Zero Spreads account.
🥈Exness
Exness is one of the largest forex brokers in the world, with over 500,000 active traders globally. It’s popular among South Africans for its low-cost trading environment, instant deposits & withdrawals, and transparency.
Why Choose Exness?
- Regulated by FSCA, FCA, CySEC
- Supports instant withdrawals via local banks and e-wallets
- Wide range of instruments: forex, metals, crypto, indices, and stocks
🥉TickMill
Tickmill has built a reputation as a broker for serious traders, offering some of the lowest trading costs in the industry. Established in 2015, it has expanded globally.
Why Choose Tickmill?
- Regulated by FSCA, FCA, CySEC, and more
- Commission-based accounts with spreads from 0.0 pips
- Negative balance protection for all traders
- Free access to trading tools like AutoChartist
- Transparent fee structure, no hidden costs
4️⃣HFM
HFM, formerly known as HotForex, is one of the popular forex broker in South Africa. It’s very beginner-friendly, thanks to its low minimum deposit, user-friendly platforms, and a variety of account types.
Why Choose HFM?
- Regulated by FSCA, FCA, CySEC, and other global authorities
- Low entry requirement with $5 minimum deposit
- Offers Micro accounts for new traders
- Supports MT4, MT5, and its HFM app
- Strong customer support in South Africa
5️⃣FxPro
FxPro has been operating since 2006 and is one of the most established forex brokers globally. In South Africa, it’s known for offering multiple trading platforms (MT4, MT5, cTrader, and TradingView), making it perfect for advanced traders who value flexibility.
Why Choose FxPro?
- Regulated by FSCA, FCA, and CySEC
- Execution-only model with no dealing desk intervention
- Multiple platforms for different trading styles
- Tight spreads on cTrader accounts
- Over 20 years of industry experience
Conclusion
Finding the right forex broker is a bit like finding the right pair of shoes; what fits one trader might not fit another.
That’s why I use two forex brokers, ThinkMarkets for my big capital and steady growth, then Exness for flipping accounts.
FAQs
Exness is the best choice for beginners because it’s simple, affordable, and easy to use. With a low $10 minimum deposit, anyone can start trading without needing a big investment.
Exness has an almost instant withdrawal system, allowing traders to cash out profits in minutes through local banks and e-wallets
ThinkMarkets is one of the best choices for traders who want low spreads and fast execution. On its ECN accounts, spreads can go as low as 0.0 pips, making it ideal for scalpers and active traders.
ThinkMarket is the best, love trading with TradingView