A local licence or an offshore one: the difference

A broker can take clients in South Africa in two ways: through a company licensed by the FSCA here, or through a company licensed somewhere else. Both happen, and the second is not the same as being unregulated.

What changes is where you stand if something goes wrong. A locally licensed entity is answerable to the FSCA and to the complaint route that comes with it; an offshore entity is answerable to its own regulator, in its own jurisdiction, under its own compensation rules - which may be generous, limited, or absent.

The ten below hold a local licence. The brokers that do not are not hidden: they have their own page, because the question a reader asks is usually about one named firm.

Licensed in South Africa, or not (103 of 103)

55Local licence

48Offshore

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 (55 of 103 counts · 100 brokers onboarding South African residents)

55of 103

qualify for this ranking

53% of 103

30of 55

scored on all six axes

55% of 55

80of 103

publish a price

78% of 103

72of 103

publish a leverage figure for this country

70% of 103

Top 3 (of 3 ranked)

1OctaFX4.55highest score of the three · locally licensed · withdrawal in 3 h 2Capital.com4.48locally licensed · withdrawal in 24 h 3HFM4.46locally licensed · withdrawal in 24 h

A local licence or an offshore one: the difference (55 of 103)

By slice score, formula v1.0. · 55 of 100 brokers in this ranking · all 55

#	Broker	Round turn, USDZA	Min deposit, USDZA	Leverage	Withdrawal, hZA	Score	Execution	Founded	Funding
1	CFI	—	0	500ZA	24	4.69	ECN/raw + standard	1998	3 methods · local
2	Finvasia	4	50 group	1000 groupZA	—	4.62	ECN/raw	2007	5 methods · local
3	OctaFX	9	25	1000ZA	3	4.55	ECN/raw + standard	2011	3 methods · local
4	Capital.com	6	20	30 groupZA	24	4.48	Standard	2016	3 methods · local
5	FP Markets	6.5	100	500ZA	72	4.46	ECN/raw + standard	2005	3 methods
6	HFM	6	0 group	2000ZA	24	4.46	ECN/raw + standard	2010	3 methods · local
7	Exinity	4	—	—stated, not verified	24	4.38	ECN/raw + standard	2020	2 methods · local
8	ACY Securities	6	50 group	500 groupZA	24	4.37	ECN/raw + standard	2011	5 methods · local
9	FXGT	6	10	5000ZA	24	4.36	ECN/raw + standard	2019	6 methods · local
10	Admirals	6	25	500ZA	24	4.36	ECN/raw + standard	2001	4 methods · local
11	Mitrade	8.5	20	200ZA	24	4.32	Standard	2011	4 methods
12	ThinkMarkets	7	50	500ZA	4	4.28	ECN/raw + standard	2010	5 methods · local
13	IG Markets SA	7.5	50	30ZA	72	4.28	Standard	1974	2 methods · local
14	AvaTrade	9	100	400ZA	24	4.27	Standard	2006	5 methods · local
15	Tickmill	6	100	1000ZA	24	4.27	ECN/raw + standard	2014	4 methods · local
16	FXCM	7	4	400ZA	72	4.26	ECN/raw + standard	1999	2 methods · local
17	CMTrading	8	300	200ZA	24	4.24	ECN/raw + standard	2012	4 methods · local
18	STARTRADER	4	50	1000ZA	24	4.23	ECN/raw + standard	2019	4 methods
19	Headway	3	1	—stated, not verified	0.5	4.2	ECN/raw + standard	2023	4 methods · local
20	JustMarkets	3	10 group	3000ZA	48	4.18	ECN/raw + standard	2012	3 methods · local
21	CAPEX	6.5	100	300ZA	24	4.15	ECN/raw + standard	2016	3 methods · local
22	IG Markets	13.6	50	20ZA	72	4.13	ECN/raw + standard	1974	3 methods · local
23	Markets.com	6	100	300ZA	168	4.13	Standard	2008	5 methods · local
24	Moneta Markets	7	50	1000ZA	24	4.02	ECN/raw + standard	2019	5 methods
25	Scope Markets	9	10 group	1000 groupZA	48	4	ECN/raw + standard	—	4 methods · local
26	Ultima Markets	5	50 group	2000ZA	120	4	ECN/raw + standard	2016	5 methods
27	Trade Nation	5	0 group	200ZA	120	3.98	Standard	2014	3 methods · local
28	FxPro	7	100	200ZA	3	3.98	ECN/raw + standard	2006	3 methods · local
29	Khwezi Trade	4	50 group	400ZA	72	3.96	ECN/raw + standard	2013	1 methods · local
30	Plus500	8	10	30ZA	72	3.95	Standard	2008	5 methods · local
31	Scope Markets SA	9	100	1000ZA	120	3.92	Standard	2014	4 methods · local
32	Sasfin Securities	—	—	—stated, not verified	—	3.85	—	2007	2 methods · local
33	ATFX	12	500 group	400ZA	24	3.82	Standard	2017	3 methods · local
34	Tradu	5.9	50 group	30ZA	120	3.8	ECN/raw + standard	2023	3 methods · local
35	IronFX	18	100	500ZA	240	3.76	ECN/raw + standard	2010	6 methods · local
36	Trive South Africa	10	0	—stated, not verified	168	3.68	ECN/raw + standard	2022	4 methods · local
37	Unum Capital	11	—	—stated, not verified	—	3.64	Standard	1999	2 methods · local
38	FXTM	16	10	2000ZA	24	3.6	Standard	2011	5 methods · local
39	Standard Bank Online Share Trading (OST / SBG Securities)	—	—	—stated, not verified	120	3.59	—	1999	3 methods
40	Satrix	—	—	—stated, not verified	—	3.45	—	2000	3 methods · local
41	EasyEquities	—	—	—stated, not verified	120	3.31	—	2014	4 methods
42	FNB Share Investing	—	—	—stated, not verified	—	3.17	—	—	2 methods · local
43	Shyft (Standard Bank Shyft)	—	—	—stated, not verified	—	3.13	—	2017	3 methods · local
44	ZuluTrade	—	100	500 groupZA	—	—	—	2007	4 methods · local
45	10X Investments	—	1000 ZAR	—stated, not verified	—	—	—	2007	2 methods · local
46	Absa Stockbrokers & Portfolio Management	—	—	—stated, not verified	—	—	—	1973	2 methods · local
47	Anchor Capital	—	—	—stated, not verified	—	—	—	1983	3 methods · local
48	GT247.com	—	0	25ZA	—	—	—	1998	2 methods · local
49	Investec Online / Clarity	—	25 ZAR	—stated, not verified	—	—	—	1974	2 methods · local
50	Nedbank Online Share Trading	—	0	—stated, not verified	—	—	—	2001	2 methods · local
51	PSG Online (PSG Wealth)	—	—	—stated, not verified	24	—	—	1998	2 methods
52	Purple Group	—	—	—stated, not verified	—	—	—	2011	3 methods · local
53	Sanlam iTrade	—	5000 ZAR	—stated, not verified	—	—	—	2000	2 methods · local
54	Momentum Securities	—	—	—stated, not verified	—	—	—	1938	3 methods · local
55	Rand Swiss	—	—	—stated, not verified	0	—	—	2014	2 methods · local

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.

Plus500 publishes a retail leverage of 1:30 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

The ten above illustrate the term. FSCA-regulated brokers in South Africa lists every broker that qualifies, with the figure each one publishes.

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

1. OctaFX — highest score of the three · locally licensed · withdrawal in 3 h (score 4.55)

Round turn: 9 USD
Withdrawal: 1-3 hours on business days
ZAR account: USD, EUR
Leverage: 1000ZA
Licence: FSCA 51913
Accepts residents: yes
Onboarding entity: Orinoco Capital Pty Ltd
Founded: 2011
Group leverage: uncleargroup
Instruments: Forex, crypto, stocks
Platforms: MT5cTraderWebTradingView
Funding: EFT, OZOW, local bank
Not served: United States, Canada, United Kingdom, European Union, Israel, Japan, New Zealand, North Korea, Iran, Myanmar, Philippines, Singapore

Reviews25%90
Round-turn cost20%80
Safety
Payouts15%98
Track record10%75
Platforms65

Why it ranks here

Round turn 9 USD against the slice median 7 USD. strongest axis payouts 98 of 100. total score 4.55.

Watch for

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

Full review of OctaFX

2. Capital.com — locally licensed · withdrawal in 24 h (score 4.48)

Round turn: 6 USD
Withdrawal: 24 hours
ZAR account: USD-denominated; local ZAR account availability not verified at review.
Leverage: 30 groupZA
Accepts residents: yes
Onboarding entity: South African clients are now onboarded by the new local entity Capital Com South Africa (Pty) Ltd, which received FSCA approval in June 2026 (previously SA was served offshore/restricted).
Founded: 2016
Register: https://capital.com/en-int/press · 09.07.2026
Group leverage: unclear
Instruments: CFD-only broker; the SA entity advertises 5,000+ CFD markets across equities, commodities, indices, FX and crypto.
Platforms: MT5MT4Web
Funding: Cards, bank transfer and e-wallets; ZAR instant-EFT support not verified at review.
Not served: Afghanistan, American Samoa, Belgium, Bahamas, Barbados, Belarus, Burkina Faso, United States of America, Cameroon, Canada, China, Congo, Democratic Republic of the Congo, Cuba, Eritrea, Gibraltar, Guam, Haiti, India, Indonesia, Iran, Iraq, Israel, Japan, Artsakh (Nagorno-Karabakh), Kosovo, North Korea, Libya, Malaysia, Mali, Marshall Islands, Federated States of Micronesia, Myanmar, New Zealand, Northern Mariana Islands, Palestine, Palau, Philippines, Puerto Rico, Russia, Sahrawi Arab Democratic Republic, Samoa, Senegal, Somalia, South Sudan, Sudan, Syria, Turkey, United States Minor Outlying Islands, Vanuatu, Venezuela, Virgin Islands, US, Yemen

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis safety 100 of 100. total score 4.48.

Watch for

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

Full review of Capital.com

3. HFM — locally licensed · withdrawal in 24 h (score 4.46)

Round turn: 6 USD
Withdrawal: same business day
ZAR account: ZAR trading accounts offered; also USD.
Leverage: 2000ZA
Licence: 46632
Accepts residents: yes
Onboarding entity: SA clients served under LOCAL FSCA-licensed entity HF Markets SA (Pty) Ltd.
Founded: 2010
Register: https://fxscouts.co.za · 09.07.2026
Group leverage: uncleargroup
Instruments: 1000+ CFDs: FX, metals, indices, shares, commodities, crypto.
Platforms: MT5WebMobile
Funding: Fast free deposits/withdrawals via local ZAR banks; cards, e-wallets.
Not served: United States, Canada, Sudan, Syria, Iran, North Korea

Why it ranks here

Round turn 6 USD against the slice median 7 USD. strongest axis round-turn cost 95 of 100. total score 4.46.

Watch for

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

Full review of HFM

What the data shows(55 of 103 distributions · 100 brokers)

Swap-free availability (55 of 103 brokers)

Offered30Not offered14

Admin fee after the free period (55 of 103 swap-free)

Never16After 3–30 days9not published5

Who onboards South African residents (55 of 103 brokers)

Local FSCA entity20Offshore entity24

ZAR account (55 of 103 brokers)

Yes16No23not published5

Who grants the leverage figure (79 of 103)

14Local entity

29Offshore entity

36Not stated

Full list(55 of 103)

1CFI4.69
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
2Finvasia4.62
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
50 group
Leverage
1000 groupZA
ZAR
Yes
3OctaFX4.55
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25
Leverage
1000ZA
ZAR
Yes
4Capital.com4.48
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
20
Leverage
30 groupZA
ZAR
Yes
5FP Markets4.46
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6.5
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
6HFM4.46
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000ZA
ZAR
Yes
7Exinity4.38
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4
ZAR
Yes
8ACY Securities4.37
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500 groupZA
ZAR
Yes
9FXGT4.36
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
5000ZA
ZAR
Yes
10Admirals4.36
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
25
Leverage
500ZA
ZAR
Yes
11Mitrade4.32
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8.5
Min deposit, USD
20
Leverage
200ZA
ZAR
Yes
12ThinkMarkets4.28
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
500ZA
ZAR
Yes
13IG Markets SA4.28
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50
Leverage
30ZA
ZAR
Yes
14AvaTrade4.27
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
400ZA
ZAR
Yes
15Tickmill4.27
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
1000ZA
ZAR
Yes
16FXCM4.26
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
4
Leverage
400ZA
ZAR
Yes
17CMTrading4.24
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
300
Leverage
200ZA
ZAR
Yes
18STARTRADER4.23
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
50
Leverage
1000ZA
ZAR
Yes
19Headway4.2
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1
ZAR
Yes
20JustMarkets4.18
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
10 group
Leverage
3000ZA
ZAR
Yes
21CAPEX4.15
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6.5
Min deposit, USD
100
Leverage
300ZA
ZAR
Yes
22IG Markets4.13
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
13.6
Min deposit, USD
50
Leverage
20ZA
ZAR
Yes
23Markets.com4.13
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100
Leverage
300ZA
ZAR
Yes
24Moneta Markets4.02
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
1000ZA
ZAR
Yes
25Scope Markets4
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10 group
Leverage
1000 groupZA
ZAR
Yes
26Ultima Markets4
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
50 group
Leverage
2000ZA
ZAR
Yes
27Trade Nation3.98
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
0 group
Leverage
200ZA
ZAR
Yes
28FxPro3.98
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
200ZA
ZAR
Yes
29Khwezi Trade3.96
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
50 group
Leverage
400ZA
ZAR
Yes
30Plus5003.95
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
10
Leverage
30ZA
ZAR
Yes
31Scope Markets SA3.92
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100
Leverage
1000ZA
ZAR
Yes
32Sasfin Securities3.85
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
33ATFX3.82
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
12
Min deposit, USD
500 group
Leverage
400ZA
ZAR
Yes
34Tradu3.8
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5.9
Min deposit, USD
50 group
Leverage
30ZA
ZAR
Yes
35IronFX3.76
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
36Trive South Africa3.68
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
0
ZAR
Yes
37Unum Capital3.64
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
11
ZAR
Yes
38FXTM3.6
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
16
Min deposit, USD
10
Leverage
2000ZA
ZAR
Yes
39Standard Bank Online Share Trading (OST / SBG Securities)3.59
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
40Satrix3.45
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
41EasyEquities3.31
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
42FNB Share Investing3.17
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes
43Shyft (Standard Bank Shyft)3.13
Onboards
Local · FSCA
Swap-free
none, no limit
ZAR
Yes

How to read the ten below

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 · 5 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in South Africa?: 55 of 103 brokers measured for this country qualify.
Which broker leads it, and on what basis?: OctaFX leads it with a score of 4.55. 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.
Why are only ten brokers shown here?: This page explains the term; the ten illustrate it. The full ranking lists 55 of 103 and is one click away.

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(55 of 103 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.