Open Your FxPro Account – Which Account Type Fits Your Trading Strategy
Compare FxPro's FSCA-licensed accounts for South Africa: Standard vs Raw+ vs cTrader. See spreads, platforms, ZAR funding, and which suits scalping or swing trading.
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Your Quick Registration Guide for FxPro in South Africa
First things first – opening an account here is straightforward if you have your FICA documents ready. You'll need a valid SA ID or passport plus a proof of address (utility bill or bank statement under 3 months old). The minimum deposit is about R1,600 (or USD 100 equivalent), and you can choose to open in ZAR, USD, EUR, or GBP.
Standard registration flow: fill in personal details, verify your email, upload documents via the secure portal, then fund. Most accounts are approved within one business day, often same day if your docs are clear.
KYC document requirements
| Document type | Accepted formats | Notes |
|---|---|---|
| Proof of identity | SA ID (front & back) or passport | Must be valid, not expired |
| Proof of address | Utility bill (electricity/water), bank statement, or municipal rates | Dated within last 3 months, must match registered address |
| Source of funds (if asked) | Payslip, tax return, bank statement showing salary | Only for deposits above certain thresholds |
Account Types: Match the Platform to Your Strategy
This is where your real choice matters. FxPro offers five account types, but the three you'll likely look at are Standard, Raw+, and cTrader. The Elite and VIP accounts are invite-only or require much higher deposits – not relevant for most of us starting out.
| Account type | Platform | Spread model | Commission | Best suited for |
|---|---|---|---|---|
| Standard | MT4, MT5 | Variable spreads from ~1.2 pips on EUR/USD | None | Swing traders, beginners, lower frequency |
| Raw+ | MT4, MT5 | Raw spreads from 0.0 pips on EUR/USD | $3.5 per lot per side | Scalpers, day traders who pay commission but want tighter spreads |
| cTrader | cTrader | Direct market spreads, similar to Raw+ | $3 per lot per side (cTrader standard) | Traders who prefer cTrader's interface, order types, and depth of market |
| Elite/VIP | MT4/MT5 | Tight spreads, may include rebates | Negotiable/dedicated support | High-volume (rarely needed for most retail) |
Practical take from a strategy perspectiveIf you scalp or day-trade major pairs like EUR/USD or GBP/USD, the Raw+ or cTrader account will save you more in spread cost than the commission eats – especially in liquid hours (the London–New York overlap, roughly 15:00–18:00 SAST). For swing traders who hold positions overnight, the Standard account with no commission is cleaner; you don't pay a fixed cost per round turn, and the slightly wider spread matters less over a multi-day move.
Funding Your Account in ZAR: Local Payment Methods
One of the biggest practical wins with FxPro is native ZAR funding. You can deposit in rands without converting to USD, avoiding the ~2–3% conversion fee SA banks usually charge. Here's what's available:
| Payment method | Min deposit | Processing time | Fees | Withdrawal time |
|---|---|---|---|---|
| Instant EFT (Ozow, Capitec Pay, SiD) | R1,600 | Instant (usually <5 min) | Free | 1–2 business days |
| Local bank transfer (FNB, Absa, Standard, Nedbank, Capitec) | R1,600 | 1–2 hours (via EFT), 1 day (manual) | Free or nominal bank fee | 1–2 business days |
| Visa/Mastercard credit/debit | R1,600 | 2–5 business days to clear | Possibly 0–2% bank fee | 2–5 business days |
| E-wallets (Skrill, Neteller) | Varies | Instant | May incur a small fee | 1–2 business days |
Regulatory Reality: What Does FSCA Licence Mean for You?
South Africa regulates retail forex and CFD trading through the FSCA. Any broker serving residents must hold an FSP licence, and if it acts as market-maker for CFDs, an ODP authorisation too. FxPro's local entity, FxPro Financial Services (SA), has held FSP number 45052 since 2015. That's a genuine, verifiable licence – you can check it on the FSCA register at fsca.co.za.
However, there's a nuance that deserves honest mention: recent broker reviews flag that some SA clients have been onboarded through an offshore entity (FxPro Markets Direct Costa Rica Latam SRL). That means those accounts would not fall under the FSCA's investor protection or compensation scheme. The broker's own website and account opening process should show you which legal entity you're contracting with. If it says "FxPro Financial Services (SA)", you're covered locally. If it names the Costa Rican entity, you're effectively an offshore client.
Tax and Exchange Control: What South African Traders Need to Know
SARS treats frequent forex trading as ordinary income, not capital gains. That means your profits are taxed at your marginal rate (anywhere from 18% to 45% depending on your total income bracket). You'll generally need to:
- Register for provisional tax (IRP6 returns due end-Aug and end-Feb)
- File annual ITR12, declaring all trading profits
- Deduct legitimate expenses (internet, platform fees, data subscriptions, etc.)
Exchange control limits (SARB)
| Allowance type | Amount per calendar year | Requirement |
|---|---|---|
| Single Discretionary Allowance (SDA) | R1 million (will rise to R2m from April 2026) | No prior approval needed |
| Foreign Investment Allowance (FIA) | Up to R10 million | SARS tax-clearance certificate (AIT) required |
| Combined for funding offshore broker accounts | SDA + FIA up to R11m | Above that needs special SARB approval |
The Honest Downsides: What to Watch Out For
No broker is perfect, and being transparent helps you decide. Here are the real trade-offs:
Where It Stands: Pick It If / Pass It If
Pick it if
You want a genuine FSCA-licensed broker with a local entity, ZAR bank accounts for cheap funding, and a choice of trading platforms (MT4, MT5, cTrader) that fit different execution styles. The Raw+ and cTrader accounts are well-suited for scalping and day trading thanks to raw spreads from 0.0 pips. The broker's no-dealing-desk execution and 18-year track record add confidence. It's a solid option for any South African trader who values regulatory clarity and wants to trade forex, indices, metals, or energy CFDs in a professional environment.
Pass it if
You require unconditional local protection on every single account and cannot tolerate the risk that your account might be serviced by an offshore entity. In that case, look for a broker that explicitly guarantees all SA accounts are under the FSCA-licensed entity (you can verify by checking the FSP number on the FSCA register). Also, if you need same-day withdrawals or a large deposit bonus as a decision factor, this isn't the right fit. Otherwise, for a balanced, internationally-regulated broker with a local footprint, FxPro holds its ground well.
