57 Worst Forex Brokers in South Africa - ☑️ (Updated July* 2024) (2024)

TheTop 57 Worst and Fake Forex Brokers in South Africa revealed. We have rated and reviewed the worst Forex Brokers in South Africa to be avoided!

This is a complete listing of The57 Worst and Fake Forex Brokers in South Africa.In this in-depth list and write-up you will learn:

• A Full Forex Scammer List and a Legit Forex Brokers List
• Blackisted Forex Brokers – Who to Avoid
• Fake Forex Brokers List – South Africa
• How to Spot a Forex Scammer

and much, much more!

57 Worst Forex Brokers in South Africa (2024) – A Comparison

Scam Broker – A Definition

A Scam Broker is a Forex Broker with one or many red flags. This includes the lack of regulation, multiple customer complaints, or offers of client compensation that are too good to be true.

10 Worst Fake Forex Brokers in South Africa (2024)

1. UFX Markets – Overall, Worst Forex Broker in South Africa
2. Tradorax – Extremely Low Trust Score
3. Trade 24 – Scam Forex Broker
4. PanaMoney – Blacklisted Broker
5. NoaFX – Suspicious Regulatory License
6. NetoTrade – Multiple Customer Complaints
7. MaxCFD – Broker Under Investigation
8. HFX – Flagged for Fraud
9. Option FX – Worst Trading Experience
10. BexPlus – No Trust Score

UFX Markets

UFX Markets has a multitude of negative customer reviews and complaints across multiple platforms. The Company is well-known for posting false-positive reviews and it has been blacklisted by Forex Peace Army. UFX Markets is said to adopt common tactics to cheat its traders and fund withdrawals are not processed. Furthermore, customer support is not available and huge capital loss has been noted.

UFX Markets Alternative: ActivTrades

Overall, ActivTradesis considered alow-risk and can be summarized as trustworthy and reliable.ActivTradesis regulated by the top-tierFCA and SCB.ActivTrades has an overall rating of 4.6/5witha 95% customer satisfaction rating.

Tradorax

Tradoraxcarries some serious complaints and has received 4 guilty votes in the FPA Traders Court which has led to it being declared a scam.Tradorax is known to freeze accounts and block users from withdrawing their funds.

Tradorax Alternative: ACY Securities

Overall, ACY Securitiescan be summarised as a trustworthy broker that provides trading facilities on shares, forex,commodities, and more to a global market.ACY Securitieshas a reputable reputation and offers clients user-friendly trading conditions, quality education materials, and research tools.

Trade-24

Trade-24has taken “Scam” to a whole new level when it comes toForex Brokers. Regular funds freezing, the impossibility of withdrawing funds, and stealing account balances.Trade-24 states on its website that it was operating under a license from IFSC but this is untrue.

Trade-24 Alternative – Admiral Markets

Overall, Admiral Marketscan be summarised as a trustworthy broker that provides not only CFDs but also trading facilities on shares, forex,commodities, and more to a global market.Admiral Markets has a reputable reputation and offers user-friendly trading conditions quality education material and research tools.

Panamoney

High-Yield Investment Programs which promise traders high returns which seem too good to be true – turn out they are. The Financial Industry Regulatory Authority (FINRA) issued a warning back in 2010 against the schemes, calling the operators con artists.

Panamoneystarted by paying out returns but later closed down and just vanished from the scene. Multiple People had huge amounts of funds still in their accounts which could no longer be accessed and the website was also shut down.Panamoney has also been known for deducting amounts from accounts and forfeiting all profits for false ‘early fund withdrawal’ requests which were never actually made by users.Investorshave been known to lose as much as $160,000 on the platform.

PanaMoney Alternative – Alpari

Overall, Alparican be summarised as a credible and trusted broker that is very competitive in terms of its tradingfees(against major currency pairs). The spread is also very low and is considered a low-risk trading environment.

NoaFX

WithNoaFX, traders will start off just fine by trading and accumulating a balance in their account but the problems and red flags start the moment they want to withdraw funds. Traders will have to send hundreds of emails to get a response from the company – if lucky, and even these responses are generic. Users have waited for up to months and have made several communications but all attempts are in vain! Countless Tradershave never gotten their investments back.

NoaFX Alternative – AvaTrade

Overall, Avatrade can be summarised as a safe and trustworthybrokerwith a user-friendlycopy trading platform. Avatrade is licensed by the FSCA. Avatrade offers 0% commission on trades and has an overalltrust rating score of 94 out of 99.

NetoTrade

NetoTrade is at the top of the list when it comes to receiving warnings from various regulatory bodies. The National Securities Market Commission in Spain has issued a warning against the use of this company as it does not carry a valid license. TheForex Peace Army has confirmed that this Broker is indeed a scam and there is3 Traders Court Guilty Verdictson FPA.

NetoTrader Aletrnative – Axi

Overall, Axi can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. Axi is regulated by two tier-1 regulators (highest trust) and one tier-2 regulator (medium trust). It has a trust score of 92 out of 100.

MaxCFD

MaxCFD has been given Scam status by theForex Peace Armyfollowing a warning by theAustralian regulatory body. Traders are advised to withdraw any money that they may have invested in their website as the company is involved in manyfraudulent practicesincluding depositing bonuses in user accounts without permission. Said bonuses will come with terms and conditions which ultimately freeze or counterfeit the whole account balance.

MaxCFD Aletrnative – Axiory

Overall, Axiorycan be summarised as adependableandrewardingbroker that is very competitive in terms of itstradingfees(againstmajor currency pairs). Thespread is also very low and is considered average risk. with an overall trust score of9/10.

HFX

HFX is a case of a confirmed scam and has been acknowledged as such by Forex Peace Army.HFXis also listed byFinancial Services Authorityas an unauthorized firm involved in fraudulent practices andtradersare suggested to be extra cautious or prevent any trading with them.

HFX Alternative – BDSwiss

Overall,BDSwisscan be considered low risk as it is a well-regulated market maker/STP broker. BDSwiss has more than 1.5 million registered accounts with 55+ million trades executed per year with atrust score of 91 out of 100. BDSwiss offers low spread trading on multiple instruments including forex, indices,commodities, shares, and 26+ cryptocurrencies pairs.

Option.fm

Option.fmhas a long-standing history of stealing investors’ money and blocking their withdrawals. Traders can find numerous cases of scams detailed by victims onForex Peace Armyand the company has also been related to multiple others scams.

Option.fm Alternative – BlueBerry Markets

Overall, Blueberry Markets can be summarised as a trustworthy globally recognized broker that provides full access to facilities on shares, forex, and commodities, all in user-friendly trading conditions. Blueberry Markets has a good reputation and offers quality education material and research tools.

PorterFinance

PorterFinanceis a part of theGreymountain Management groupwhich has attracted multiple Court Verdicts fromForex Peace Army and all associated companies of theGreymountain grouphas been labeled as scams byFPA. TheAustralian Securities and Exchange Commission has warned investors from dealing with this company.

PorterFinance Alternative – Capital.com

Overall,Capital.com is considered a low-risk, trustworthy broker with a wide range of trading instruments and an economical social trading environment. Capital.com is regulated by the top tiers of FCA and CySECand has lowspreadsand competitive tradingfees against major currency pairs.

Bexplus

Bexplusfeatures competitive market indicators like 1:100leverageand nospreads, as well as initial bonuses, quick transaction methods, and a simplistic website butBexplusrequires very heavy commitments from its customers in the form of $800 in minimum trading volume. TheSVGFSAlicensing is completely ineffective and should be discarded right away.

Bexplus Alternative – CharterPrime

Overall, CharterPrimeis a global financial and foreign exchange brokerage group that believes in “making business personal”.CharterPrimeprides itself on creating custom solutions by investing time, capital, and resources into solidifying business with longevity and value for all.

ALB

Although thebroker manages to impress with the transparency of displaying legal documentation, the conditions on offer to its traders are quite lackluster even on the CFDlevel. The deposits are non-existent and the spreads simply don’t make it worth a trader’s time to trade on this platform. If you’re looking forForexoptions, better go for a Forex broker instead. Thebrokeris legit in a legal sense, but not legit in a profit sense.

ALB Alternative – CityIndex

Overall,City Index is considered a low-risk, trustworthy broker with a wide range of trading instruments and an economical social trading environment. City Index is regulated by the top tiers of FCA and ASIC and has low spreads and competitive trading fees against major currency pairs.

TradInvestor

TradInvestoris not the best choice for anytrader. Thescambecomes apparent by the lack of license, but paired up with terrible trading conditions alongside withdrawal and deposit issues, fraudulent activities are apparent.

TradInvestor Alternative – CMC Markets

CMC Markets can be summarised as a trustworthy broker with a reputable reputation that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, indices, and user-friendly trading conditions to a global market.

RFXT

With some impressive and tempting trading conditions, as well as seemingly soundregulation, theRFXT brokermight seem a creditworthy company that a trader can trust – but this is only in order to manipulate customers into its platform and then endanger their financial stability. The company is regulated byAustralia’s, Cyprus’, and Lebanon’s financial regulating bodies, but these licenses don’t mean much, and the company can effectively conduct its brokerage services and expect no legal oversight from these countries whatsoever.

RFXT Alternative – CMTrading

Overall, CM Tradingcan be considered asafeandcrediblebroker that offers competitivefeesandspreads(againstmajor currency pairs). CM Trading has atrust score of 91%out of 99% and can be considered a low-risk trading option.

MRG FX

MRG FX boasts flashy trading conditions but it seems that they use this to lure in as many customers as possible while not really thinking about the implications. The website is unprofessional and amateurish and finding crucial information takes a lot of time and research.

MRG FX Alternative – EasyMarkets

Overall, easyMarkets isconsidered low-risk, with an overall Trust Score of 89 out of 100. easyMarkets is licensed by zero tier-1 regulators (high trust) and two medium trust tier-2 regulators (ASICandCySEC). easyMarkets offers 3trading accounts.

MYteamFX

MYteamFX is definitely not the best broker choice regardless. The broker has clearly been untruthful about both their CySECandFSC licenses.Traders need to deposit the maximum of $10,000 but even then, it pales in comparison to already existing options. Thebrokerageis not worth it and definitely not trustworthy.

MYteamFX Alternative – EightCap

Overall, EightCap can be summarised as a trustworthy, award-winning broker with an established and reputable reputation. EightCap provides personalized service, automated trading, exclusive education, popular trading platforms, and unique trading tools to a global market.

AM Broker

With flashy numbers and a well-groomed website coupled with somesuspicious regulatory claims, it isn’t advised that traders have any financial connection with AM Broker. Tradersmay be overwhelmed by the lucrative leverages and bonus rates, or lower spreads, but traders should be aware that this is what scammers do.

AM Broker Alternative – eToro

Overall,eTorocan be summarised as acredible and trustworthy broker and is considered low-riskwith competitivetradingfeesandspreads. eToro has an overall trust scoreof 91 out of 99.eToro offers a world-class social trading platform with immediate order execution.

EagleFX

EagleFX is definitely not worth it as it has massive issues with regulatory compliance and its way of offering services to US clients is outright illegal. The overall conclusion is thatEagleFXis definitely a scam and trading with them is not recommended.

EagleFX Alternative – Exness

Overall, Exnessis regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out of 100 and is considered low-risk. Exness offers 4 retail trading accounts.

CFD

CFD Worldis not recommended even though they hold aCySEC license. Even if they aren’t 100% fraudulent, their trading conditions don’t make them enticing in any way.

CFD Alternative – ExpertOption

Overall, ExpertOption is considered a low-risk and can be summarised as trustworthy and reliable. ExpertOption is an FMRC-authorized broker that holds a license from one of the world’s reputable regulatory bodies VFSC.ExpertOption is listed #116 of 981 forForex Broker in South Africa. It is not one of the best-rated South African Forex brokers, with a ratingof 7.0/10.

HWFX

In terms of trading conditions and overall trader benefits,HFFXfails to rival even the smallest and newestForex brokerageson the EU market. Simply considering thefeestraders have to pay just for registering on the company’s platform makesHWFX one of the least affordable options and with conditions like these, plus wide spreads and low leverage, there is very little chance traders can walk away from the broker in a yearly profit margin. Not recommend.

HWFX Alternative – FBS

Overall,FBScan be summarised as a trustworthy and credible broker that is very competitive in terms of its tradingfees, (againstmajor currency pairs). The spread is also very low and is considered low-risk.

Dicount FX

When it comes toDicount FXit is very difficult to distinguish it from being a scam or being legit. The CySEC license does provide some kind of lawful background but looking at the issues when it comes to withdrawals and the BaFin license, theDicount FXscam still manages to emerge one way or another.

Dicount FX Alternative – Forex.com

Overall, Forex.comcan be summarised as a trustworthy broker with a reputable, well-established reputation that providesContracts for Difference(CFDs), trading facilities on forex, user-friendly trading conditions, education materials, and research tools for a global market.

Doo Prime

Doo Prime is indeed a scamregardless of their affiliation with a Holdings Group in Hong Kong as they have blatantly lied about their awards and don’t hold a legitimate license in the country where they are registered in.

Doo Prime Alternative – ForexChief

Overall, ForexChief is a multi-asset online broker that offers 60+ instruments on the MetaTrader 4 and MetaTrader 5 trading platforms. ForexChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities.

TNFX

TNFXis one of the most obvious scam brokerages and traders must make sure to stay away from the brokerage as far as possible, as they’re so obviously trying to scam specifically beginners.

TNFX Alternative – FP Markets

Overall, FP Markets is considered a low-riskand can be summarized astrustworthy and reliable. FP Markets is fully licensed and regulated by theSecurities Commission of the Bahamas (SCB). FP Markets is currentlyranked #13 out of 992.

Vestle

Tradersdo not need to go into too deep a dive into the history of this company, or into their services, in order to figure out that the company is a fraud and a lie, created in order to lure innocent traders into depositing their cash and then blocking them from ever getting anything out.

Vestle Alternative – FXCM

Overall, FXCM isconsidered a low-risk and can be summarised as trustworthy and reliable. In terms of trading conditions, FXCM offers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of 99.

SinoSoft FX

When it comes toSinoSoft FXnot even the information on the website can be trusted, let aloneSinoSoft FX itself. The broker’s website is chock and blocked with misleading and false information and traders should keep their funds away from the broker.SinoSoft FXdoes not carry a license and is operating without any authorization.SinoSoft FXcannot be trusted.

SinoSoft FX Alternative – FXPrimus

Overall, FXPrimus can be summarised as a trustworthy broker that provides tailor-made account types and market-leading trading platforms to a global market. FXPrimus is regulated by two tier-2 regulators (medium trust) and one tier-3 regulator. FXPrimus has a trust score of 70 out of 100.

Coinfinex

Coinfinex is not a broker with which an investor should trade. There are multiple reasons that make this broker a scam and are leading some sort of fraudulent scheme.

Coinfinex alternative – FXPro

Overall, FxPro is considered a low-risk, safe and trustworthy broker with an overall Trust Score of 89 out of 99. With 1:200 maximumleverage, 0.01 micro lot trading, 2100+ instruments, and a minimum deposit of $100 / R 1600 ZAR

Euro Forex Invest

Euro Forex Invest is a broker that continues to deceive unsuspecting traders. No trusted information can be gathered about this broker which is a clear indication that it should be avoided.

Euro Forex Invest Alternative – FXTM

Overall, FXTMcan be summarised as a credible and trusted broker that is very competitive in terms of its trading fees (againstmajor currency pairs). The spread is also very low and is considered a low-risk trading environment. FXTM is considered safe because it is regulated by the top FCA.

Forex Birds

Forex Birds claim to be a trusted provider but it is not safe to trade with Forex Birds as it is an offshore unregulated broker. The Spanish regulator CNMV (National Securities Market Commission)has issued awarning against Forex Birds stating that they are not in any way regulated or authorized to provide the investment services.

Forex Birds Alternative – Go Markets

Overall, GO Marketscan be seen as a reputable and worthwhilebrokerthat is very competitive in terms of itstradingfees(againstmajor currency pairs). Thespread is also very low and is considered average risk.

Blackstone 500

Blackstone 500 comes out of the block with a scam report from the FCA. Blackstone 500 is an Unauthorised firm that is flagged as a company that freezes user accounts before clearing out the cash.

Blackstone 500 Alternative – HFM

Overall,HFMformerly known as HotForex can be summarised as a trustworthy and safe broker with 24/5 educational support. HFM is regulated by Tier 1 and Tier 2 Trading Bodies. HFM has a high trust score of 90 out of 99.

Capoinvest

Capoinvest claims FCA registration but is in fact an unregulated service provider. Capoinvest is flagged as an abusive financial intermediary.

Capoinvest Alternative – HYCM

Overall, HYCM can be summarized as a trustworthy broker that offers excellent customer support, a wide selection of market instruments, and technologically advanced programs to assist traders with maximizing funds and developing trading skills.

Royal GTX

Royal GTX does not provide any regulatory information, the company behind its name or contact details. According to the terms and conditions from the website, Royal GTX falls under the regulation of Estonian Governing Authorities but there is no information to back this claim.

Royal GTX Alternative – IC Markets

Overall, IC Marketsis considered a low-risk and can besummarised astrustworthy and reliable. IC Markets is regulated by the top-tierASICand is very competitive in terms of its tradingfees, (againstmajor currency pairs), withspreadsthat are very low.

TraderKing

TraderKing is an offshore broker that provides very poor if no requirements to the company’s operation. Moreover, theUK’s Financial Conduct Authorityhaswarned Traders against TraderKing.

TraderKing Alternative – IG

Overall, IG Group can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.

FxFixed

FxFixed is not regulated plus owned and operated by Unigreen Korlatolt Felelossegu Tarsasag located in Budapest, Hungary. However, no mention is found of FxFixed in the register of the Hungarian regulator as well as some other major regulators’ registers. Furthermore, FxFixed has no contact information available.

FxFixed Alternative – InstaForex

Overall, InstaForex is considered alow-risk and can be summarized as trustworthy and reliable. InstaForex is regulated by the top-tierCySECand FSC.

LionsFX

When searching for this broker you are bombarded by several different versions of it, which right off the bat is a major red flag. No trusted information about this so-called provider could be found.

LionsFX Alternative – Interactive Brokers

Overall, InteractiveBrokershas a reputable reputation and offers traders user-friendly trading conditions. Interactive Brokers offers quality education material and research tools,Contracts for Difference(CFDs), and trading facilities on shares, forex,commodities, cryptocurrencies, ETFs, options, and indices to a global market.

SmartFX

SmartFX is not a secure Forex broker and it does not hold a license from any regulatory authority. SmartFX is flagged for fraudulent practices.

SmartFX Alternative – IQ Option

Overall, IQ Optioncan be summarised as a trustworthy broker with a good reputation that provides user-friendly trading conditions, quality educational materials, and research tools. IQ Option isregulated by top-tier entities and is very competitive in terms of its tradingfees, withspreadsthat are very low.

GoldenSkyCapital

GoldenSkyCapital, as it is an offshore company owned byGolden Point LTD, a company incorporated under the laws of the Marshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.

GoldenSkyCapital Alternative – IronFX

Overall, IronFX can be summarised as a reliable and credible broker that is very competitive in terms of its tradingfees, (againstmajor currency pairs). The spread is also very low and is considered low-risk.

Swissquotes

Swissquotes is an unregulated clone firm. Swissquotes has beenblacklistedby the UK’s Financial Conduct Authority for being a clone firm of the FCA-regulated entity Swissquote Ltd.

Swissquotes Alternative – JustForex

Overall, JustForex can be summarised as a trustworthy broker that offers 0% deposit and withdrawal fees, low spreads,and a sign-up bonus of $30 / ZAR R460 offered to first-time traders. An account can be opened with a minimum deposit amount of $1 USD / R16 ZAR.

CobraCFD

CobraCFD is an offshore company owned and operated by Cobracfd LtdandKings Power Ltd.registered in Trust Company Complex, theMarshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.

CobraCFD Alternative – Khwezi Trade

Overall, Khwezi Trade can be summarised as a trustworthy, proudly South African broker with a good reputation that provides user-friendly trading conditions to its clients. A Khwezi Trade Live trading account can be opened with a minimum deposit amount of R500 ZAR.

PrimeXBT

PrimeXBT is a Bitcoin-based platform, offering over 30+ assets including Crypto, Forex, Commodities, and Stock Indices. However, PrimeXBT is an unregulated service provider and should therefore not be trusted.

PrimeXBT Alternative – NordFX

Overall, NordFX can be summarised as a credible and trustworthy broker and is considered low-risk with competitive tradingfeesandspreads. NordFX has an overall trust score of 91 out of 99. NordFX offersleverage1:1000 and customer support 24/5.

TradersWay

TradersWay is not a secure Forex broker choice and it does not hold a license from any trusted Forex authority.

TradersWay Alternative – Oanda

Overall, Oanda can be summarised as a safe andcredible broker. Oanda is considered low-riskwith atrust score of 91 out of 99. Oanda offers zero commissions and one-click trading.It offers 24/5 customer support.

Binomo

Binomo is a service provider that works with clients all over the world. However, Binomo is an offshore broker and the highest consideration should be taken before signing up with this broker.

Binomom Alternative – Octa

Overall,OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out of 99.OctaFXis very competitive in terms of its tradingfees, with lowspreadsrounding off its offerings.

EssenceFX

EssenceFX is an offshore broker owned by Essence Markets Limited regulated by the Vanuatu Financial Services Commission and incorporated in the Republic of Vanuatu. Vanuatu is a hotspot for shady business dealings.

EssenceFX Alternative – OlympTrade

Overall,Olymp Tradeis very competitive in terms of its tradingfeesandspreads. Theirspreadsare low compared to otherregulated brokers, and there are no hidden tradingfees.Olymp Tradeis headquartered in St. Vincent & the Grenadines.

CapitalTradeFX

Capital TradeFX is owned by Capital TradeFX Ltd., which is an offshore company licensed inSt. Vincent and the Grenadine. St. Vincent and the Grenadines are notorious for their practically absent requirements and regulations.

CapitalTradeFX Alternative – Plus500

Overall, Plus500 is a trusted tier 1 regulated CFD provider that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 and can be considered a low-risk and can be summarised as trustworthy and reliable.

FX Premium

FX Premium is a Forex service provider that is owned by FX PREMIUM Group Ltd., anoffshore company registered in Vanuatu. FX Premiumclaims to be registered with a Vanuatu Financial Services Commission (VFSC) license but no supporting documentation can be found.

FX Premium Alternative – RoboForex

Overall, RoboForex can be summarised as a credible and trustworthy broker with advanced trading tools for pro-traders. Roboforex offers 24/7 support with a trust score of 88 out of 99.

Capital 88

Capital88 is a brokerage firm owned by Capital88 Ltd., which is an offshore company registered in theMarshall Islands. The Marshall Islands is notorious for its practically absent requirements and regulations.

Capital 88 Alternative – SuperForex

Overall, SuperForex can be summarised as a trustworthy broker with a low spread offering and a user-friendly trading app. Superforex has high trust and a trust score of 91 out of 99.

TopTradePro

TopTradePro has been suspected as a scam broker. The company is registered in the Marshall Islands, an offshore zone.

TopTradePro Alternative – Swissquote

Overall, Swissquote can be summarised as a credible and trustworthy broker and is considered low-risk with competitive tradingfeesandspreads. Swissquote has an overall trust score of70 out of 99. With Swissquote, you can trade over 1.7 million structured investments andleverageproducts listed on Euwax.

Go Capital FX

Go Capital FX is owned byLancelot Equity Ltd., which is an offshore company registered inDominica. Dominica is notorious for its practically absent requirements and regulations.