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

45of 103

qualify for this ranking

44% of 103

37of 45

scored on all six axes

82% of 45

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)

1Grand Capital4.14highest score of the three · unregulated in south africa; not an fsca · withdrawal in 0.25 h 2Fusion Markets4.13cheapest priced of the three · offshore (vfsc/seychelles) for sa client · withdrawal in 1 h 3IC Markets4.12offshore for sa clients (seychelles fsa · withdrawal in 24 h

Brokers not authorised by the FSCA in South Africa (45 of 103)

By slice score, formula v1.0. · 45 of 100 brokers in this ranking · all 45

#	Broker	Round turn, USDZA	Min deposit, USDZA	Leverage	Withdrawal, hZA	Score	Execution	Founded	Funding
1	Grand Capital	5	10	500ZA	0.25	4.14	ECN/raw + standard	2006	3 methods
2	Fusion Markets	4.5	0	500ZA	1	4.13	ECN/raw + standard	2017	6 methods
3	IC Markets	7.5	200	500ZA	24	4.12	ECN/raw + standard	2007	9 methods · local
4	Land-FX	3.35	10	2000ZA	1	4.1	ECN/raw + standard	2008	7 methods · local
5	Forex.com	7	100 group	50ZA	—	4.06	ECN/raw + standard	2001	3 methods
6	ActivTrades	4.2	0 group	200ZA	24	4.03	ECN/raw + standard	2001	4 methods
7	Global Prime	7	0 group	500ZA	2	4.03	ECN/raw + standard	2010	6 methods
8	AMarkets	7	100 group	3000ZA	24	4.01	ECN/raw + standard	2007	3 methods
9	Pepperstone	7	200	400ZA	24	3.97	ECN/raw + standard	2010	5 methods · local
10	Traders Trust	6	50	3000ZA	24	3.96	ECN/raw + standard	2009	5 methods
11	BlackBull Markets	6	0	500ZA	72	3.92	ECN/raw + standard	2014	6 methods · local
12	Hantec Markets	3	10 group	500ZA	48	3.9	ECN/raw + standard	2009	2 methods
13	FIBO Group	6	50	1000ZA	48	3.88	ECN/raw + standard	1998	5 methods
14	GO Markets	6	200	500ZA	48	3.84	ECN/raw + standard	2006	4 methods
15	XTB	1	0	500ZA	72	3.83	ECN/raw + standard	2002	2 methods
16	Orbex	8	100	500ZA	24	3.82	ECN/raw + standard	2010	5 methods
17	FXChoice	7	100	200ZA	24	3.8	ECN/raw + standard	2010	3 methods
18	Dukascopy	8	100	200ZA	48	3.77	ECN/raw + standard	2004	3 methods
19	Blueberry Markets	7	100 group	500ZA	48	3.75	ECN/raw + standard	2016	7 methods
20	Doo Prime	7	5 group	1000ZA	24	3.73	ECN/raw + standard	2014	4 methods · local
21	Alpari	3.5	30	3000ZA	24	3.71	ECN/raw + standard	1998	5 methods
22	HYCM	5	100 group	500ZA	24	3.71	ECN/raw + standard	1998	5 methods
23	Amana Capital	7	50 group	100ZA	48	3.69	ECN/raw + standard	2010	2 methods
24	MultiBank Group	15	50 group	500ZA	48	3.68	ECN/raw + standard	2005	5 methods
25	LiteFinance	18	50	1000ZA	24	3.67	Standard	2005	3 methods
26	FXOpen	1.5	1 group	500ZA	24	3.67	ECN/raw + standard	2005	6 methods
27	Milton Prime	—	300 group	500ZA	1	3.61	—	2015	4 methods · local
28	ForexMart	10	15	500ZA	7	3.59	Standard	2015	6 methods · local
29	Skilling	8.5	100	500ZA	24	3.58	ECN/raw + standard	2016	6 methods
30	Windsor Brokers	8	50 group	1000ZA	24	3.58	ECN/raw + standard	1988	3 methods
31	Errante	—	50 group	1000ZA	24	3.58	ECN/raw + standard	2019	5 methods
32	Fullerton Markets	7	—	500ZA	72	3.58	ECN/raw + standard	2015	2 methods
33	Interactive Brokers	5	0	—stated, not verified	48	3.54	ECN/raw + standard	1978	1 methods
34	Swissquote	16	1000	100ZA	24	3.5	ECN/raw + standard	1996	2 methods
35	Equiti	8	500	500ZA	24	3.38	ECN/raw + standard	2003	3 methods
36	TMGM	7	100 group	1000ZA	96	3.35	ECN/raw + standard	2013	6 methods
37	NAGA	11	250	1000ZA	24	3.3	Standard	2015	4 methods · local
38	InstaForex	—	1 group	1000ZA	7	3.28	ECN/raw + standard	2007	3 methods
39	Eightcap	7	100 group	500ZA	120	3.22	ECN/raw + standard	2015	4 methods
40	BDSwiss	10	10 group	2000 groupZA	24	3.21	ECN/raw + standard	2012	4 methods · local
41	T4Trade	18	50 group	1000ZA	24	3.21	Standard	2021	5 methods
42	eToro	10	50 group	30ZA	120	3.19	Standard	2007	5 methods
43	Axiory	2	10 group	400ZA	240	3.04	ECN/raw + standard	2011	6 methods
44	ADSS	12	100 group	500ZA	120	3.02	ECN/raw + standard	2010	2 methods
45	Fortrade	20	100 group	—stated, not verified	120	2.48	Standard	2013	4 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. Grand Capital — highest score of the three · unregulated in south africa; not an fsca · withdrawal in 0.25 h (score 4.14)

Round turn: 5 USD
Withdrawal: from 15 minutes
ZAR account: No verified ZAR account; USD base.
Leverage: 500ZA
Accepts residents: through an offshore entity
Onboarding entity: Grand Capital Ltd
Founded: 2006
Register: https://grandcapital.net · 09.07.2026
Group leverage: uncleargroup
Instruments: 500+ assets: FX, crypto, stocks, indices, metals, commodities.
Platforms: MT5cTraderWebTradingView
Funding: Cards, bank wire, crypto; South Africa-specific rails not verified at review.
Not served: United States, Seychelles, Saint Vincent and the Grenadines, Japan, Spain, Italy, France, Germany, Portugal, Denmark, Estonia, Slovenia, Greece, Malaysia, Russian Federation

Reviews25%85
Round-turn cost20%100
Safety0
Payouts15%
Track record10%
Platforms50

Why it ranks here

Round turn 5 USD against the slice median 7 USD. strongest axis round-turn cost 100 of 100. total score 4.14.

Watch for

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

Full review of Grand Capital

2. Fusion Markets — cheapest priced of the three · offshore (vfsc/seychelles) for sa client · withdrawal in 1 h (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: through an offshore entity
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: unclear
Instruments: 250+ instruments: 90+ forex pairs, metals, commodities, indices, share CFDs and crypto CFDs.
Platforms: MT5MT4Web
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

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

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

Full review of Fusion Markets

3. IC Markets — offshore for sa clients (seychelles fsa · withdrawal in 24 h (score 4.12)

Round turn: 7.5 USD
Withdrawal: within 1 working day (and typically 3-5 business days for bank transfers to be credited)
ZAR account: IC Markets does NOT offer a ZAR base-currency account for South Africans. Accounts are USD-denominated (among other majors), so ZAR deposits are converted to USD by the client's bank/payment provider - a ~2-3% conversion cost typically applies on funding and withdrawal. As of the review.
Leverage: 500ZA
Licence: SD018
Accepts residents: through an offshore entity
Onboarding entity: South African clients are onboarded under the OFFSHORE entity Raw Trading Ltd (Seychelles) - the 'IC Markets Global' brand - or IC Markets Ltd (Bahamas); NOT the ASIC (Australia) or CySEC (EU) entities. Confirm the exact entity on the client agreement at signup.
Founded: 2007
Register: https://icmarkets.com/company/regulation · 08.07.2026
Group leverage: offshoregroup
Instruments: 61 forex pairs; 25 index CFDs (from 0.4 points, commission-free, 24/5); commodities (energy, agriculture, metals); cryptocurrency CFDs (leverage up to 1:200); 2,500+ share CFDs across ASX, NYSE, NASDAQ, Tokyo and European exchanges.
Platforms: MT5WebMobile
Funding: Methods for SA clients: bank/wire transfer, credit/debit card (Visa/Mastercard), Skrill, Neteller, PayPal, UnionPay, BPAY, FasaPay, POLi. No direct ZAR Instant-EFT (Ozow/Capitec Pay) rail confirmed - SA-specific local EFT support should be checked in the live client portal. Card/e-wallet deposits usually instant; wires 1-3 business days.
Not served: United States of America, Canada, New Zealand, Iran, North Korea (Democratic People's Republic of Korea)

Why it ranks here

Round turn 7.5 USD against the slice median 7 USD. strongest axis track record 95 of 100. total score 4.12.

Watch for

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

Full review of IC Markets

What the data shows(45 of 103 distributions · 100 brokers)

Swap-free availability (45 of 103 brokers)

Offered30Not offered14

Admin fee after the free period (45 of 103 swap-free)

Never16After 3–30 days9not published5

Who onboards South African residents (45 of 103 brokers)

Local FSCA entity20Offshore entity24

ZAR account (45 of 103 brokers)

Yes16No23not published5

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

55Local licence

48Offshore

Retail leverage in South Africa (79 of 103 · median 1:500)

53<1k

162k

53k

44k

1>4k

Full list(45 of 103)

1Grand Capital4.14
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10
Leverage
500ZA
ZAR
Yes
2Fusion Markets4.13
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4.5
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
3IC Markets4.12
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
200
Leverage
500ZA
ZAR
Yes
4Land-FX4.1
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3.35
Min deposit, USD
10
Leverage
2000ZA
ZAR
Yes
5Forex.com4.06
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
50ZA
ZAR
Yes
6ActivTrades4.03
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
4.2
Min deposit, USD
0 group
Leverage
200ZA
ZAR
Yes
7Global Prime4.03
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
500ZA
ZAR
Yes
8AMarkets4.01
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
3000ZA
ZAR
Yes
9Pepperstone3.97
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
200
Leverage
400ZA
ZAR
Yes
10Traders Trust3.96
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
3000ZA
ZAR
Yes
11BlackBull Markets3.92
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
12Hantec Markets3.9
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
10 group
Leverage
500ZA
ZAR
Yes
13FIBO Group3.88
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
1000ZA
ZAR
Yes
14GO Markets3.84
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
200
Leverage
500ZA
ZAR
Yes
15XTB3.83
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
1
Min deposit, USD
0
Leverage
500ZA
ZAR
Yes
16Orbex3.82
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
17FXChoice3.8
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
200ZA
ZAR
Yes
18Dukascopy3.77
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200ZA
ZAR
Yes
19Blueberry Markets3.75
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
20Doo Prime3.73
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
5 group
Leverage
1000ZA
ZAR
Yes
21Alpari3.71
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
30
Leverage
3000ZA
ZAR
Yes
22HYCM3.71
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
23Amana Capital3.69
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50 group
Leverage
100ZA
ZAR
Yes
24MultiBank Group3.68
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
15
Min deposit, USD
50 group
Leverage
500ZA
ZAR
Yes
25LiteFinance3.67
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50
Leverage
1000ZA
ZAR
Yes
26FXOpen3.67
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
1.5
Min deposit, USD
1 group
Leverage
500ZA
ZAR
Yes
27Milton Prime3.61
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
300 group
Leverage
500ZA
ZAR
Yes
28ForexMart3.59
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
15
Leverage
500ZA
ZAR
Yes
29Skilling3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8.5
Min deposit, USD
100
Leverage
500ZA
ZAR
Yes
30Windsor Brokers3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
31Errante3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
32Fullerton Markets3.58
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Leverage
500ZA
ZAR
Yes
33Interactive Brokers3.54
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
0
ZAR
Yes
34Swissquote3.5
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
16
Min deposit, USD
1000
Leverage
100ZA
ZAR
Yes
35Equiti3.38
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
500
Leverage
500ZA
ZAR
Yes
36TMGM3.35
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
1000ZA
ZAR
Yes
37NAGA3.3
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
11
Min deposit, USD
250
Leverage
1000ZA
ZAR
Yes
38InstaForex3.28
Onboards
Local · FSCA
Swap-free
none, no limit
Min deposit, USD
1 group
Leverage
1000ZA
ZAR
Yes
39Eightcap3.22
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
40BDSwiss3.21
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
10 group
Leverage
2000 groupZA
ZAR
Yes
41T4Trade3.21
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
50 group
Leverage
1000ZA
ZAR
Yes
42eToro3.19
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
10
Min deposit, USD
50 group
Leverage
30ZA
ZAR
Yes
43Axiory3.04
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
2
Min deposit, USD
10 group
Leverage
400ZA
ZAR
Yes
44ADSS3.02
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
12
Min deposit, USD
100 group
Leverage
500ZA
ZAR
Yes
45Fortrade2.48
Onboards
Local · FSCA
Swap-free
none, no limit
Round turn, USD
20
Min deposit, USD
100 group
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?: 45 of 103 brokers measured for this country qualify.
Which broker leads it, and on what basis?: Grand Capital leads it with a score of 4.14. 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(45 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.