Choosing the right broker is tricky. There are many scams going around and forex trading is hard enough without having a scammy broker to deal with.

You can even have problems with the licensed brokers as there are terms and conditions that you need to pay attention to (especially around bonuses and conditions around withdrawing).

Your choice of a regulated broker will be one of the most important ones that you make when deciding to trade.

The FSCA is the regulatory body for South Africa that overseas forex brokers and you can contact them if you have any problems.

In fact, you should search for any broker here first and find out their details first before trading with them.

Some of the brokers listed here are NOT regulated by the FSCA, it doesn’t mean that those brokers are scams, just that they’re regulated in other jurisdictions and it will be harder to contact the regulator if anything goes wrong.

Things to look out for with brokers are, do they allow you to hedge your positions, or are you only able to trade in one direction (long or short but not both at the same time), can you run EAs or robots on your trading account?

Finally, it would be good to know if the brokers have an IB program so that you could earn some extra cash from referring other traders to trade too.

Below you will find some of the brokers that I have dealt with.