Brokers not authorised by the FSCA in South Africa

Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.

Key facts (48 of 104 counts · 104 brokers onboarding South African residents)

48of 104

qualify for this ranking

46% of 104

22of 48

scored on all six axes

46% of 48

66of 104

publish a price

63% of 104

72of 104

publish a leverage figure for this country

69% of 104

Top 3 (of 3 ranked)

1Fusion Markets4.13highest score of the three · cheapest priced of the three · offshore (vfsc/seychelles) for sa client 2Forex.com4.06offshore; not on fsca register as a fore 3AMarkets4.01unregulated locally; offshore only · withdrawal in 24 h

Brokers not authorised by the FSCA in South Africa (48 of 104)

OrderBy slice score, formula v1.0.

Shown48 of 104 brokers in this ranking · all 48

#	Broker	Round turn, USDZA	Min deposit, USDZA	Leverage	Withdrawal, hZA	Score	Execution	Founded	Funding
1	Fusion Markets	4.5	0	500ZA	1	4.13	ECN/raw + standard	2017	6 methods
2	Land-FX	3.35	10	2000ZA	1	4.1	ECN/raw + standard	2008	7 methods · local
3	Forex.com	7	100 group	50ZA	—	4.06	ECN/raw + standard	2001	3 methods
4	AMarkets	7	100 group	3000ZA	24	4.01	ECN/raw + standard	2007	3 methods
5	Grand Capital	5	10	500ZA	0.25	4	ECN/raw + standard	2006	3 methods
6	Pepperstone	7	—	400ZA	24	3.97	ECN/raw + standard	2010	5 methods · local
7	ActivTrades	5	0 group	200ZA	—	3.97	Standard	2001	4 methods
8	Traders Trust	6	50	3000ZA	24	3.96	ECN/raw + standard	2009	5 methods
9	IC Markets	7.5	200	500ZA	24	3.92	ECN/raw + standard	2007	9 methods · local
10	BlackBull Markets	6	0	500ZA	72	3.92	ECN/raw + standard	2014	6 methods · local
11	Global Prime	7	0 group	500ZA	2	3.91	ECN/raw + standard	2010	6 methods
12	XTB	5	0	500ZA	72	3.83	Standard	2002	2 methods
13	Orbex	8	100	500ZA	24	3.82	ECN/raw + standard	2010	5 methods
14	GO Markets	6	200	500ZA	48	3.8	ECN/raw + standard	2006	4 methods
15	FXChoice	7	100	200ZA	24	3.8	ECN/raw + standard	2010	3 methods
16	Blueberry Markets	7	100 group	500ZA	48	3.75	ECN/raw + standard	2016	7 methods
17	Alpari	5.5	30	3000ZA	—	3.73	Standard	1998	5 methods
18	Dukascopy	8	100	200ZA	—	3.71	ECN/raw + standard	2004	3 methods
19	Equiti	8	500	500ZA	—	3.7	ECN/raw + standard	2003	3 methods
20	Amana Capital	7	50 group	100ZA	48	3.69	ECN/raw + standard	2010	2 methods
21	LiteFinance	18	50	1000ZA	24	3.67	Standard	2005	3 methods
22	FXOpen	1.5	1 group	500ZA	24	3.67	ECN/raw	2005	6 methods
23	CMC Markets	5	0 group	200 groupZA	—	3.63	ECN/raw + standard	1989	—
24	Milton Prime	—	300 group	500ZA	1	3.61	—	2015	4 methods · local
25	HYCM	5	100 group	500ZA	—	3.59	ECN/raw	1998	5 methods
26	ForexMart	10	15	500ZA	7	3.59	Standard	2015	6 methods · local
27	Windsor Brokers	8	50 group	1000ZA	24	3.58	ECN/raw + standard	1988	3 methods
28	Errante	—	50 group	1000ZA	24	3.58	ECN/raw + standard	2019	5 methods
29	NAGA	11	250	1000ZA	24	3.58	Standard	2015	4 methods · local
30	Fullerton Markets	7	—	500ZA	—	3.52	ECN/raw + standard	2015	2 methods
31	Swissquote	16	1000	100ZA	24	3.5	ECN/raw + standard	1996	2 methods
32	Skilling	8.5	100	500ZA	—	3.43	ECN/raw + standard	2016	6 methods
33	MultiBank Group	15	50 group	500ZA	—	3.35	Standard	2005	5 methods
34	TMGM	7	100 group	1000ZA	96	3.3	ECN/raw + standard	2013	6 methods
35	InstaForex	—	1 group	1000ZA	7	3.28	—	2007	3 methods
36	Eightcap	7	100 group	500ZA	120	3.22	ECN/raw + standard	2015	4 methods
37	BDSwiss	10	10 group	2000 groupZA	24	3.21	ECN/raw + standard	2012	4 methods · local
38	Saxo Bank	—	0 group	—	24	3.21	—	1992	—
39	ADSS	12	100 group	500ZA	120	3.02	ECN/raw + standard	2010	2 methods
40	T4Trade	—	50 group	1000ZA	—	2.99	—	2021	5 methods
41	eToro	—	50 group	30ZA	120	2.92	—	2007	5 methods
42	OANDA	—	—	—stated, not verified	—	2.81	ECN/raw	1996	—
43	Fortrade	20	—	—stated, not verified	120	2.48	Standard	2013	4 methods
44	Interactive Brokers	—	0	—stated, not verified	—	—	—	1978	1 methods
45	Axiory	—	10 group	400ZA	240	—	—	2011	6 methods
46	Doo Prime	—	5 group	1000ZA	—	—	—	—	4 methods · local
47	Hantec Markets	—	10 group	500ZA	—	—	ECN/raw	2009	2 methods
48	FIBO Group	—	50	1000ZA	—	—	—	1998	5 methods

Ten are shown; the button opens the rest.

"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.

— the broker does not publish this figure; it is not read as a zero and it is not scored.

IC Markets publishes a retail leverage of 1:500 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

Identical for every row, so it is stated once: Who onboards Local · FSCA · Swap-free fee none, no limit · ZAR account Yes.

1. Fusion Markets — highest score of the three · cheapest priced of the three · offshore (vfsc/seychelles) for sa client (score 4.13)

Round turn: 4.5 USD
Withdrawal: under an hour
ZAR account: No ZAR base-currency account; accounts in USD, AUD, EUR, GBP, JPY, CHF, CAD, NZD, SGD, HKD, so ZAR deposits incur conversion.
Leverage: 500ZA
Licence: FSCA SD096
Accepts residents: no
Onboarding entity: South African retail clients are onboarded under the offshore arms Gleneagle Securities Pty Limited (Vanuatu VFSC) and/or Fusion Markets International Ltd (Seychelles FSA), not a local FSCA entity.
Founded: 2017
Register: https://fusionmarkets.com/About-us/Regulations · 09.07.2026
Group leverage: uncleargroup
Instruments: 250+ instruments: 90+ forex pairs, metals, commodities, indices, share CFDs and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Bank wire, Visa/Mastercard, Skrill, Neteller, PayPal and crypto (BTC/USDT); no verified ZAR instant-EFT local rail at review.
Not served: Afghanistan, Congo, Iran, Iraq, Japan, Myanmar, New Zealand, North Korea, Russian Federation, Spain, Somalia, Sudan, Syria, Ukraine, Yemen, United States

Reviews25%90
Round-turn cost20%100
Safety10
Payouts15%99
Track record10%45
Platforms70

Why it ranks here

Round turn 4.5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.13.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of Fusion Markets

2. Forex.com — offshore; not on fsca register as a fore (score 4.06)

Round turn: 7 USD
ZAR account: USD, EUR, GBP, others; no ZAR base verified at review.
Leverage: 50ZA
Accepts residents: through an offshore entity
Onboarding entity: GAIN Global Markets Inc
Founded: 2001
Register: https://forexbrokers.com · 09.07.2026
Group leverage: unclear
Instruments: FX, indices, commodities, shares, crypto (5,500+ instruments).
Platforms: MT5MT4Web
Funding: Cards, bank wire, e-wallets; dedicated ZAR rails not verified at review.
Not served: Afghanistan, Albania, Angola, Bahamas, Barbados, Belarus, Belgium, Botswana, Burundi, Cambodia, Central African Republic, Chad, Comoros, Cuba, Democratic Republic of Congo, Equatorial Guinea, Eritrea, Ethiopia, France, Ghana, Guinea Bissau, Guinea, Haiti, Hong Kong, Iceland, Iran, Iraq, Israel, Ivory Coast, Jamaica, Lebanon, Liberia, Libya, Mauritius, Mongolia, Myanmar, New Zealand, Nicaragua, Nigeria, North Korea, Pakistan, Panama, Republic of Congo, Serbia, Sierra Leone, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tajikistan, Trinidad and Tobago, Tunisia, Turkmenistan, Uganda, Uzbekistan, Venezuela, Western Sahara, Yemen, Zimbabwe

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis track record 100 of 100. total score 4.06.

Watch for

Min deposit 200 USD, double the South Africa median of 50; withdrawal time not published.

Full review of Forex.com

3. AMarkets — unregulated locally; offshore only · withdrawal in 24 h (score 4.01)

Why it ranks here

Round turn 7 USD against the slice median 7 USD. strongest axis track record 95 of 100. total score 4.01.

Watch for

Onboards South African residents through an offshore entity: no FSCA licence, no FSCA complaints route, no ZAR account.

Full review of AMarkets

What the data shows(4 distributions · 104 brokers)

Swap-free availability (104 brokers)

Offered30Not offered14

Admin fee after the free period (48 of 104 swap-free)

Never16After 3–30 days9not published5

Who onboards South African residents (104 brokers)

Local FSCA entity20Offshore entity24

ZAR account (104 brokers)

Yes16No23not published5

Swap-free round turn, USD (66 of 104 priced · median 7)

7<5

455-10

810-15

515-20

120+

Retail leverage in South Africa (72 of 104 · 1 group excluded)

48<1000

151000-2000

42000-3000

43000-4000

14000+

Full list(48 of 104)

1Fusion Markets4.13
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
2Land-FX4.1
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3.35
Min deposit, USD
10
Leverage
2000ZA
ZAR
Yes
3Forex.com4.06
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
50ZA
ZAR
Yes
4AMarkets4.01
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
3000ZA
ZAR
Yes
5Grand Capital4
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10
Leverage
500ZA
ZAR
Yes
6Pepperstone3.97
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Leverage
400ZA
ZAR
Yes
7ActivTrades3.97
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
0 group
Leverage
200ZA
ZAR
Yes
8Traders Trust3.96
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
3000ZA
ZAR
Yes
9IC Markets3.92
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
200
Leverage
500ZA
ZAR
Yes
10BlackBull Markets3.92
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
11Global Prime3.91
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
500ZA
ZAR
Yes
12XTB3.83
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
13Orbex3.82
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
14GO Markets3.8
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
200
Leverage
500ZA
ZAR
Yes
15FXChoice3.8
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
200ZA
ZAR
Yes
16Blueberry Markets3.75
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
17Alpari3.73
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5.5
Min deposit, USD
30
Leverage
3000ZA
ZAR
Yes
18Dukascopy3.71
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200ZA
ZAR
Yes
19Equiti3.7
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
500
Leverage
500ZA
ZAR
Yes
20Amana Capital3.69
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50 group
Leverage
100ZA
ZAR
Yes
21LiteFinance3.67
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50
Leverage
1000ZA
ZAR
Yes
22FXOpen3.67
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
1.5
Min deposit, USD
1 group
Leverage
500ZA
ZAR
Yes
23CMC Markets3.63
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
0 group
Leverage
200 groupZA
ZAR
Yes
24Milton Prime3.61
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
300 group
Leverage
500ZA
ZAR
Yes
25HYCM3.59
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
26ForexMart3.59
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
15
Leverage
500ZA
ZAR
Yes
27Windsor Brokers3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
28Errante3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
29NAGA3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
11
Min deposit, USD
250
Leverage
1000ZA
ZAR
Yes
30Fullerton Markets3.52
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Leverage
500ZA
ZAR
Yes
31Swissquote3.5
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
16
Min deposit, USD
1000
Leverage
100ZA
ZAR
Yes
32Skilling3.43
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8.5
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
33MultiBank Group3.35
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
15
Min deposit, USD
50 group
Leverage
500ZA
ZAR
Yes
34TMGM3.3
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
1000ZA
ZAR
Yes
35InstaForex3.28
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
1 group
Leverage
1000ZA
ZAR
Yes
36Eightcap3.22
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
37BDSwiss3.21
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
10 group
Leverage
2000 groupZA
ZAR
Yes
38Saxo Bank3.21
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
0 group
ZAR
Yes
39ADSS3.02
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
12
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
40T4Trade2.99
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
41eToro2.92
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
50 group
Leverage
30ZA
ZAR
Yes
42OANDA2.81
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
43Fortrade2.48
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
20
ZAR
Yes

How to read this ranking

Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
Check which company would onboard you.
The same brand can take a resident of South Africa through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
Read the cost beside the deposit.
The median round turn across this country is 7.0 USD and the median minimum deposit 50.0 USD; a low deposit beside a wide spread takes the difference back on every trade.

Neighbouring slices(6 rankings · 6 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in South Africa?: 48 of 104 brokers measured for this country qualify.
Which broker leads it, and on what basis?: Fusion Markets leads it with a score of 4.13. The order is computed score, highest first; unscored brokers follow.
What does a trade typically cost here?: The median round turn - spread plus commission for one standard lot, in and out - is 7.0 USD across the brokers that publish both parts.
Why do some rows show a dash instead of a figure?: Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.

How this slice is scored

Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology

Verified · What changed · Sources(48 of 104 broker records)

Verified01.10.2026

data re-captured 28.09.2026

Risk warning and affiliate disclosure

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.