Best FSB / FSCA regulated Forex Brokers in South Africa 2022

We researched 30+ FSCA regulated forex brokers in South Africa, here are the best of them that offer CFD & Forex trading at lowest fees.

By Rahul Sharma (Editorial Staff) — 

Best FSCA regulated forex brokers in South Africa for 2022
South Africa’s capital markets which includes forex, CFDs are well regulated. The regulatory body for the financial markets in South Africa is Financial Sector Conduct Authority (FSCA), which was formerly known as Financial Services Board (FSB).

Although it is not mandatory for investors to trade forex & CFD through FSCA regulated brokers, and you can opt to trade with foreign regulated brokers.

But it is advised for South African traders to trade with FSCA regulated forex brokers as this provides a safety for investors by ensuring the safety of funds and protection against any disputes and malpractices by brokers.

The regulation ensures that the investor’s money is not misused in any form by the broker & the provider has to comply with the policies set by the regulator.

List of 8 Best FSB / FSCA regulated forex brokers in South Africa for 2022

  1. Tickmill – Best FSCA regulated broker in South Africa
  2. Hotforex – Low spread FSCA Regulated broker
  3. Exness – Lost cost FSCA regulated broker
  4. FXTM – FSCA regulated Forex Broker with ECN accounts
  5. Avatrade – Fixed spread FSCA regulated broker
  6. Plus500 – Good CFD trading platform
  7. BlackStone Futures – Good Local Regulated broker
  8. FxPro – Regulated Forex Broker with Low Fees & cTrader

To help you find the best regulated forex brokers, we researched all the forex & CFD brokers authorized by FSCA, and then compared their overall trading fees, platforms, number of years since FSCA authorization date, complaints against the broker, their response to customer issues, and some more factors!

Now let’s compare & review all our selected best FSCA forex brokers, one by one..

Best FSCA regulated Forex Brokers

Here is our detailed research on the features: spread, platforms, funding/withdrawals, available trading instruments, support & more on the selected FSCA regulated forex brokers.

1. Tickmill – Overall Best FSCA regulated forex broker

Tickmill Logo

Overall Rating 9.1/10

Visit Tickmill

  • FSP Number: 49464 with FSP Name: “Tickmill South Africa (Pty) Ltd”
  • Minimum deposit: $100
  • EUR/USD Spread: On average 1.6 pips with Classic account. 0.1 pips + 4 USD/lot with Pro account.

Rated #1 FSCA Regulated Forex Broker

Tickmill is a reputed forex broker that is well regulated globally & has also been authorized by FSCA recently with FSP No. 49464.

Tickmill offers competitive trading fees compared to most other brokers. Their Classic account is spread only account, with spread from 1.6 pips. They also have a Pro account that Raw spread from 0 pips, and $4 commission per Standard Lot. The minimum deposit with both accounts is $100.

Tickmill also does not charge any commissions on deposits or withdrawals. And they accept multiple payment methods including Bank Wire, credit/debit card, Skrill etc.

They are a Metatrader 4 only broker, and their platform is available on PC, Webtrader & mobile apps for Android & iOS. 62 Forex pairs, CFDs on 17 Indices, 2 Metal CFDs & 4 CFDs on Bonds are available for trading on their platform.

Tickmill Pros

  • Authorized by FSCA since 09/10/2019, so considered safe for forex & CFD traders in South Africa.
  • Wide number of currency pairs available for forex trading.
  • Multiple account types with clear fees structure.
  • Zero deposit or withdrawal commission.
  • MT4 trading platform is available.

Tickmill Cons

  • Limited trading instruments other than Forex.
  • Tickmill Does not offer ZAR accounts
  • No Metatrader 5 platform or cTrader (only MT4). This may be a con for some traders that prefer MT5, but we don’t find this to be a big concern.

also read our detailed Tickmill review

2. HotForex – FSCA regulated forex broker with Low spread

Hotforex Logo

Overall Rating 9.1/10

Visit Hotforex

  • FSP Number: 46632 with FSP Name: “HF MARKETS SA (PTY) LTD”
  • Minimum deposit: $5
  • EUR/USD Spread: On average 1.2 pips with Premium account

Rated #1 FSCA Regulated Forex Broker

HotForex is a FSCA authorized Financial Service Provider since 09/02/2016. They are rated best in our research because of their competitive trading fees, easy to use Metatrader platforms & good support.

HotForex has various accounts, for beginner & professional traders. They have Premium account with average spread of 1.2 pips for EUR/USD, with no extra fees. And they have Zero account for high volume traders an average spread of 0.4 pips + $6 per standard lot for EUR/USD.

The minimum deposit required to open a live trading account at HotForex is $5 (ZAR 70), with their Micro account. Plus, the deposit & withdrawals at HotForex are commission free (no fees on funding & withdrawals). Their support is also very quick, available 24/5 via chat, and 24/7 via emails.

MT4 & MT5 platforms are available for all traders. Their options of trading instruments are very wide including – 49 forex pairs, CFDs on metals, indices, 56 shares, 7 commodities & 7 Crypto pairs.

HotForex Pros

  • Regulated FSP authorized by FSCA since 2016. So trading with them can be considered safe.
  • Their account minimum deposit is $5 with their Micro account. In general, it is low with all their account types.
  • They offer 6 different account types for various types of traders.
  • Quick & responsive support. Live chat, phone & email support are available.
  • Local Bank Transfer & EFT is available for funding & withdrawals.
  • ZAR Base currency trading account is available. You can also open account with USD as your account currency.C

HotForex Cons

  • High Commission with Zero Account. Their commission is R110 for other pairs & R80 for majors, this is a bit higher than broker with similar ECN Type accounts.
  • Average Swap Fees on majors & other CFDs. Their Swap fees for overnight positions are moderate i.e. not the lowest.

also read our Hotforex review

3. Exness – Low Cost FSCA regulated Forex broker

Exness Logo

Overall Rating 9.0/10

Visit Exness

  • FSP Number: 51024 with FSP Name: “Vlerizo (Pty) Ltd”
  • Minimum deposit: $1
  • EUR/USD Spread: On average 1 pips with Standard account

Rated #3 FSCA Regulated Forex Broker

Exness is an authorized FSP with FSCA since 11/12/2020.

Exness is a reputed Forex & CFD broker that is regulated with multiple top-tier regulations. Their average spread & overall fees with Standard account is very competitive, and low compared to other brokers.

Exness offers ZAR account, and USD, EUR base currency options also. They don’t charge any extra fees on deposits or withdrawals. They have option to deposit & withdraw funds in ZAR via Internet Banking tranfer, and there is no extra fees with this method.

MT4 & MT trading platforms are offered by Exness. They offer large number of instruments including 107 currency pairs & CFDs on 100+ instruments

But Exness does not have good customer support. Their live chat support is okay, but for queries sent to their support email it normally takes a few days to get a response. You may have to wait for some time to get a response from their support for issues that take time.

Exness Pros

  • Authorized by FSCA on 11/12/2020.
  • 107 currency pairs available for trading, which is the highest among brokers that we have compared.
  • Very Low average spread with most instruments with Pro Account. The spread is low with Standard Accounts.
  • No extra fees on deposit or withdrawal, and Internet Banking Transfer in ZAR is available for Instant Funding & withdrawals within hours.
  • MT4 & MT trading platforms are offered.
  • ZAR Base currency option is available.

Exness Cons

  • No South African phone number is available for support on their website. Their email support is very slow in responding to queries.
  • $7 Commission Roundturn with Raw Spread Account.

also read our Exness review for detailed comparison

4. FXTM – FSCA regulated broker with ECN account

FXTM South Africa

Overall Rating 8.0/10

Visit FXTM

  • FSP Number: 46614 with FSP Name: “ForexTime Ltd”
  • Minimum deposit: $50
  • EUR/USD Spread: 1.9 pips with Micro account

Rated #4 FSCA Regulated Forex Broker

ForexTime has been authorized by FSCA since 05/07/2016. They offer Micro account & ECN type Advantage account.

FXTM is a market maker for their Micro account, but they also offer ECN type Advanatage account which has spread from 0 pips & low commission based on volume. The minimum deposit at FXTM is $50 for their Micro account & $500 for their Advantage account.

The overall fees at FXTM with Micro account is high compared to other brokers. On average their spread is 1.9 pips with Micro account, which is quite high. But the overall fees (spreads + commission) with their Advantage account is very low, but it is not the lowest, as Tickmill has bit more competitive commission of $4/lot, while FXTM has $4.88/lot commission.


  • Regulated with FSCA since 2016.
  • Advantage account has very low spreads.
  • Metatrader platforms are available.
  • Local Bank transfer in ZAR is available for Funding & Withdrawals


  • High Inactivity fees & fees on some withdrawal methods.
  • High spread with Micro account.
  • No local phone number for support in South Africa.

read our ForexTime review

5. Avatrade – Fixed Spread FSCA regulated forex broker

Avatrade Logo

Overall Rating 8.9/10

Visit Avatrade

  • FSP Number: 45984 with FSP Name: “AVA CAPITAL MARKETS (PTY) LTD”
  • Minimum deposit: $100
  • EUR/USD Spread: 0.9 pips

Rated #5 FSCA Regulated Forex Broker

Avatrade is regulated with FSCA since 10/11/2015. They are a well regulated broker globally & offer really competitive fixed spread trading account. We recommend them if you are looking to trade with a fixed spread broker.

Avatrade offers standard fixed spread account. Their EURUSD average spread is 0.9, for GBP/USD it is 1.6 pips. Overall for major pairs, their fees is quite fair without any extra commission other than their spread.

The account minimum is $100. Their leverage is limited to 30:1 for retail traders & 400:1 for Professional traders.

Avatrade offers MT4 & MT5 platforms. Their trading instruments available include 55 currency pairs, CFDs on 624 stocks, 17 commodities, 20 Indices, 5 ETFs & 14 cryptocurrencies.

AvaTrade does offer deposit & withdrawals via Bank Transfers in ZAR. But they don’t have ZAR Account base currency option available for Account.

Avatrade Pros

  • Regulated with FSCA since 2015.
  • Fixed spread accounts.
  • Metatrader platforms available.
  • Local phone number for support during business hours.

Avatrade Cons

  • High Inactivity fees.
  • Their support is not available for 24 hours in day.

read our Avatrade review

6. Plus500 – Good CFD Trading Platform

Plus500 Logo

Overall Rating 8.9/10

Visit Plus500

CFD Trading platform. Your capital is at risk.

  • FSP Number: 47546 PLUS500AU (Pty) Ltd is an Authorized Financial Services Provider in South Africa
  • Minimum deposit: R1500
  • EUR/USD Spread: Variable

Rated #6 FSCA Regulated CFD Trading platform

Plus500AU Pty Ltd (ACN 153301681) with FSP no. #486026 is an Authorised Financial Services Provider in SA. They are a reputed CFD trading platform that are publicly listed, and also regulated by multiple Top-tier regulatory authorities.

Plus500 offers competitive fees for majors, and their spread is variable. They don’t charge any commission other than their spread, and no fees on deposit or withdrawals.

The minimum deposit is R1500 (you can create ZAR account). The max. leverage is 1:300. They also offer negative balance protection & guaranteed stop loss feature. With Plus500, you can trade CFDs on multiple financial instruments including 60+ Forex pairs, 28 Indices, 22 Commodities & 100+ stocks/shares. Overall their trading conditions are good in comparison with most of the other CFD trading platforms.

Plus500 offer their own proprietary trading platform, they don’t support Metatrader. This is a negative if you prefer trading on MT4 or MT5. Their mobile trading platform app is easy to use.

Plus500 Pros

  • Well regulated CFD trading platform.
  • ZAR Account are available.
  • Spread on major currency pairs is competitive.
  • Wide range of CFD trading instruments available on their platform.
  • Negative balance protection & guaranteed stop loss.
  • No extra charges on deposits or withdrawals.

Plus500 Cons

  • No Metatrader platform.
  • Live chat is only available for logged in users. And their education section is limited.

read our Plus500 review

Guide to FSCA regulation for forex brokers

What is FSCA (formerly FSB)?

FSCA (Financial Sector Conduct Authority) is a market conduct regulator for financial institutions in South Africa that provide financial products and financial services, this includes Banks, insurers and other non banking Financial Institutions.

FSCA was formed on April 1, 2018 after Financial Sector Regulation (FSR) Act of 2017 came into effect. The act applied Twin Peaks model to the financial sector dividing the responsibilities of financial market regulator in two i.e.: Prudent Authority (PA) and Market Conduct Authority (FSCA). This system was based on other developed markets like: Australia, Netherlands, Belgium, New Zealand and the United Kingdom.

Existing non-banking financial market regulator FSB (Financial Service Board) was given the role of Market Conduct Authority giving it right of oversight on both banking & non-banking financial institutions providing financial products & services that are licensed in terms of financial sector laws of RSA including Banks, Insurers & Capital Markets. FSB was renamed to FSCA to assume the Market Conduct Authority’s role, and Reserve Bank was given the duty of Prudent Authority.

In South Africa, all CFDs including Forex Trading are treated as derivatives & non banking financial products and are regulated by FSCA, and all providers are required to be registered under FSCA’s Financial Provider (FSP) List.

The Forex & CFD Brokers authorized by FSCA, are required to have a local office, and have 1 local director. The regulated brokers must also comply with all the FSCA’s guidelines, this ensures the safety of South African investors in case of any bad activity by the regulated broker.

Ever since FSB was restructured from a super-regulator of non banking financial sector and replaced by FSCA in 2018, the additional responsibilities of FSCA has been providing quality finance education to customers, maintaining financial stability of its customers, spreading of information regarding changes in regulation and overseeing the development of South African financial markets.

This ensures fair treatment of customers and maintains high efficiency and integrity of the financial markets.

For brokers, getting regulated by FSCA gives additional benefits. License from FSCA gives credibility to the brokers, hence ensuring bigger market share. Additionally, getting regulated makes it easier to use local bank account for transactions in local currency with ease.

Why should you trade with FSCA (FSB) Regulated forex brokers?

Though trading through offshore or foreign brokers is not restricted currently for traders in South Africa, but still it is advised to trade CFDs or forex via forex brokers regulated by FSCA only.

The reason being that in case the regulated broker commits any fraud or goes bankrupt, the investor’s fund could be restored through the help of local authorities, which would be very difficult or even near to impossible in case the broker is not registered in SA.

Regulation in financial markets is necessary in order to reduce the risk on the trading activities for the participants, consequently reducing the potential losses due to bad trading environment & malpractices by the brokers.

The regulatory body in South Africa is FSCA, which has the responsibility of regulating the financial markets by providing protection to the citizens and the economy from any potential money laundering or fraudulent schemes.

Here are some important considerations:
1. FSCA keeps check on the financial trading activities including: CFDs & Derivatives market to see there are no irregularities or misrepresentation and ensure its smooth functioning so that the financial markets are not adversely affected. FSCA ensures this by regulating the Forex Brokers & Derivatives/CFD Brokers.

2. Additionally, any kind of misconduct by the brokers could be dealt with as per local laws which the investor would be familiar with. FSCA doesn’t issue license to brokers who either do not meet the regulatory requirements or have some shady history.

Hence, FSCA ensures that the investors’ funds are handled with proper care by its regulated brokers. This will safeguard your money from any malpractice or fraudulent procedure, ensure right and fair treatment from brokers and also provide a sense of security from the perspective of legal actions in case of any mistreatment.

3. Apart from regulating the financial markets and protecting it from frauds and misconduct, FSCA also imparts financial education in order to increase awareness amongst investors and brokers with regards to financial regulations and news.

So it is advised for investors to trade forex or CFDs via FSCA regulated forex brokers and one should always check the authenticity of claims of the brokers about their license by verifying it from FSCA’s public search website.

How to verify whether the forex broker is FSCA regulated?

To verify if your broker is regulated by FSCA in South Africa, you should follow these steps:

Step #1: The first step is to find the broker’s FSP number:
The forex brokers that are regulated by FSCA will generally list this information along with their FSP number on their website, either on their homepage, footer of their website or they will have a dedicated page on their website mentioning all of their regulations.

For example: Tickmill South Africa (Pty) Ltd is regulated by FSCA, and they publicly list their FSP number on their website’s footer & regulations page.

Tickmill FSCA regulation

Similarly, other regulated CFD brokers like HotForex SA, FXTM & Exness show their FSCA regulation & the exact license number on their website.

If you are not able to find the FSP number yourself, it is best to ask your broker’s support team via an email or connect with the Live chat on broker’s website & ask for their FSP number & company name in SA. Any regulated broker would share this information with you.

Note: Some brokers might display fake FSP Number on their website, or might just use the FSP no. of another broker. Such a broker would claim to be regulated, but is actually not. So, you should always verify the FSP number on FSCA’s public search, as explained in the next step.

Step #2: Verify the FSP number on FSCA’s public Search
Once you have the broker’s FSP number, the next step is to verify it. FSCA have a public directory for “Search Authorised and Applied FSPs

On this page, type in the broker’s FSP number under “Search For FSP No” or the company name under “Search For FSP Name”. And then click ‘submit’ button.

FSCA FSP search

On the next page you will see the results. If the broker is authorized by FSCA, then you will see a page that looks something like below (with company name & ‘Authorized’ status). Click the ‘details’ button on the right.

FSP search results page

On this page, scroll down to the “Products Approved” section. Check if the broker is authorized to offer ‘Derivative instruments’ under CATEGORY I or not. Also, check all the products for which broker is authorized.

FSCA products approved by broker

That’s it. So, before opening account with any forex broker & depositing funds, make sure that you verify if the broker is authorized by FSCA to offer the products in SA which it is claiming to.

Also, you must note that some brokers claim that they are a Regulated Financial Service provider in SA even though they are not. They use the FSP No. of other actually authorized providers on their website to claim that they are regulated.

You should protect yourself against such Clone Scam brokers by doing your due diligence & verifying that their FSP No. listed on the website does actually belong to that broker, and your are signing up with actual website of the authorized broker.

If you have any doubts then you should contact FSCA to verify the authenticity of the Broker’s license No.

Comparison Table of FSCA Regulated Forex Brokers

Here is the comparison table of the FSCA regulated forex brokers in South Africa for 2022. See comparison of FSP number, average spread & minimum deposit.

FSCA Forex Broker FSCA FSP No. Average Spread (EUR/USD) Leverage Minimum Deposit Visit Website
Tickmill South Africa 49464 1.6 pips with Classic account. 0.1 pips + $4/lot with Pro account. 1:500 $100 Visit Broker
Hotforex 46632 1.2 pips with Premium Account up to 1:1000 $5 (~R76) Visit Broker
Exness 51024 1 pips with Standard Account 1:2000 $1 Visit Broker
Avatrade 45984 0.8 pips 1:1000 $100 Visit Broker
FXTM 46614 2.2 pips with Standard accounts 1:1000 $10 Visit Broker
Plus500 47546 Variable 1:300 R1500 Visit Broker
FXCM South Africa 46534 1.4 pips 1:400 $50 Visit Broker
FxPro South Africa 45052 1.56 pips (MT4 Market Execution Account) 1:30 $100 Visit Broker

Frequently Asked Questions

Which is the best FSCA (FSB) regulated forex broker?

According to our research, Hotforex is the overall best FSCA regulated forex broker for South African traders, based on its offering & these 5 key factors:

  1. It is regulated with FSCA as “HF Markets SA (PTY) Ltd” & has a local office in Johannesburg.
  2. Their spread & trading fees is very competitive, on average 1.2 pips with Premium account for EUR/USD.
  3. They offer popular trading platforms MT4 & MT5.
  4. They offer very good support via live chat & email.
  5. The funding & withdrawals are free of any charges.

For more details, read our comprehensive Hotforex review that covers our 9 comparison metrics.

How to Verify if a forex broker is regulated with FSCA?

If a forex broker is an authorized Financial Service provider regulated by FSCA, then they will have a registered FSP number.

  1. Step 1: You can check the regulation information of any forex broker by visiting their website. Almost on every broker’s website, the regulation information is provided in the footer section or a separate page is dedicated to the regulation details.

    For ex: One of the FSCA regulated broker in our comparison i.e. Hotforex gives information about its regulation on the footer section where they have mentioned their company name “HF Markets SA (PTY) Ltd”.

    You should always look for a Financial Service Provider (FSP) License Number. If the appropriate information is not available on the website, you should ask for the same from the broker. Normally, if the broker is regulated, they will share their FSP number with you.

  2. Step 2: Once you have the FSP Number, it can then be verified from FSCA’s website, on its Financial Advisory and Intermediary Services (FAIS) search register here:

    You just need to enter the FSP number in the above search page. This will show you the regulation status. Look out for the “Authorized” status.

  3. Step 3: Click on “details” button for more the information on that broker’s regulation. At the bottom of the information page, you will see the “Products Approved” section. Check from there if your broker is regulated for offering “Derivative instruments”.

Which FSCA (FSB) forex broker has the lowest fees?

The important consideration here is trading fees without any hidden charges. Plus, other things to consider are the trading instrument, and do you need broker with fixed spread or are you okay with variable spread.

According to us, 3 brokers – Hotforex, Plus500 (CFD platform) & Tickmill offer competitive variable spread with their platforms. None of them any extra fees while making deposits or withdrawals, but all 3 charge some fees if you don’t access your account for few months.

In terms of FSCA regulated forex brokers with fixed spread, Avatrade is the best choice.

Which FSCA (FSB) regulated brokers offer ZAR Trading accounts?

HotForex, Exness & Plus500 offer ZAR trading accounts, and there are other brokers too. You can see this list of forex brokers with ZAR accounts if you mostly trader Rand currency pairs & need local deposits/withdrawals without exchange rate losses.

Tickmill is the #1 FSCA regulated FX Broker