JustMarkets Review for South African Traders

If you trade one standard lot (100,000 units) of AUD/USD on the Standard account, a spread of about 1.0 pip means your cost is roughly $10. On the Raw Spread account, the spread starts at 0.0 pips, but you pay a commission. The true cost of any trade is the spread plus the commission, and that is what this review focuses on.

JustMarkets has been around since 2012, first as JustForex, and rebranded in 2022. They are part of the Just Global Markets group. For a South African trader, the key question is whether this track record translates into a safe and cost-effective trading environment.

We are an independent review site. We do not take money from brokers to write nice things. Our job is to break down the real numbers and the real regulations so you can make an informed choice. We're going to look at costs, accounts, and the legal landscape for trading here.

The Legal Picture in South Africa

Retail forex and CFD trading is legal and regulated in South Africa. The Financial Sector Conduct Authority (FSCA) is the conduct regulator. Any broker serving South African retail clients must be an authorised Financial Services Provider (FSP) under the FAIS Act. If a broker acts as a market-maker issuing CFDs, they must also hold an OTC Derivative Provider (ODP) authorisation under the Financial Markets Act.

You can verify any broker's FSP status for free on the FSCA register. Just check that the FSP number on the register matches the one on the broker's website. JustMarkets does not hold an FSCA licence itself, so you would be dealing with its international entity. This is a common setup for global brokers, but it means you should understand what protections apply to you.

Where Your Money Goes

South Africa has exchange controls managed by the South African Reserve Bank (SARB). You can send up to R1 million per calendar year offshore under the Single Discretionary Allowance without needing approval. This is set to rise to R2 million from April 2026. There is also a Foreign Investment Allowance of up to R10 million per year, which requires a SARS tax-clearance certificate.

These allowances cover funding a foreign broker account. If you want to send more than the combined limit, you need special approval from SARB. Local banks will ask you to tick a box, and the money goes out.

Many international brokers, including JustMarkets, let you hold a ZAR base account. This avoids the 2-3% conversion fee that banks charge when you fund or withdraw in US dollars.

Funding and Withdrawal Realities

South African traders have good payment options. The dominant local method is Instant EFT via open-banking gateways like Ozow, Capitec Pay, and SiD. Deposits are usually instant and often free. Withdrawals typically take 1-2 business days.

Local banks include FNB, Absa, Standard Bank, Nedbank, and Capitec. All of them work with Instant EFT providers. If you use a ZAR base account, you avoid the conversion spread your bank would otherwise charge on a USD transaction.

FICA rules require you to verify your identity and address. Have your payslips or tax returns ready. It saves time later.

Comparing JustMarkets Accounts

The cost of trading is not just the spread. It is the total cost to open and close a position. JustMarkets offers four main account types: Standard, Cent, Pro, and Raw Spread. They differ in minimum deposit, spreads, and commission structure.

The Standard account has no commission, but the spread is wider. The Raw Spread account has a near-zero spread, but you pay a fixed commission per lot. For a quick example: on Standard, a 1.0 pip spread on one standard lot is about $10. On Raw Spread, the cost is the commission. If the commission is $7 per side, that is $14 for a round-turn, which is more expensive for that one trade.

Spreads are dynamic. They widen during news events and narrow during liquid sessions. The 1.0 pip figure is a starting point, not a promise. Raw Spread accounts often have a tighter average spread, but you pay for it. For a new trader making a few small trades a week, the Standard account is cheaper. For someone scalping the London-New York overlap, Raw Spread may win on cost.

Trading instruments available at JustMarkets

JustMarkets offers the usual range of instruments for an international broker: FX, metals, energies, indices, crypto CFDs, and stocks. All of these are available on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), plus their mobile app.

The most liquid time for South African traders is the London-New York overlap, roughly 15:00 to 18:00 SAST. Outside those hours, especially early morning or at weekend rollovers, spreads widen and swaps accumulate.

For crypto CFDs, the spreads are wider, and the leverage is often capped lower than for FX. If you are new, focus on major FX pairs and gold.

The Tax Side That Gets Ignored

SARS taxes South African residents on worldwide income. This includes profits from offshore brokers. For frequent or active traders, the profit is usually taxed as income at your marginal rate, which ranges from 18% to 45%. It is not classified as capital gains.

Active traders typically register for provisional tax and file the annual ITR12. You pay via IRP6 returns at the end of August and end of February, with a possible third top-up payment. Trading-related expenses are deductible against your trading income. Keep receipts.

JustMarkets advertises a USD 30 no-deposit bonus and a 50% deposit bonus. Bonuses are often treated as income by SARS, and they have terms and conditions. Per-geo availability is not always verified, so check with the broker before relying on it.

Limitations Worth Knowing

JustMarkets operates globally from international entities. It does not hold an FSCA licence for South Africa. This is not a scam indicator, but it changes your risk profile. If you have a dispute, you cannot go to the FSCA Ombud. Your recourse is with the broker's own support and, potentially, the regulator in the entity's home country.

South Africa has no ESMA-style cap on retail leverage, so brokers offer high ratios, and offshore entities offer even higher ones. With 1:500 leverage, a 0.2% adverse move against you wipes out your entire margin. It is a powerful tool, but it cuts both ways.

If you have R10,000 in your account, you should not be controlling positions worth R500,000. Extreme leverage will amplify any small move into a margin call.

Choosing Between Brokers

JustMarkets is an international broker with a long history, competitive costs, and a ZAR base account. But it does not have FSCA protection itself. If the local regulatory environment is your top priority, you may want to consider a broker that holds an FSCA licence directly.

The two biggest factors are the total cost per trade (spread plus commission) and the regulatory protection. A broker holding FCA, CySEC, or ASIC licences offers client fund segregation and access to an ombudsman service.

JustMarkets fits for cost-conscious retail traders who want a long track record and do not require local FSCA protection. The platform is standard MT4/MT5, the funding is local, and the costs are transparent.

JustMarkets vs The World

The broker is a global player, but it is not the only one. When you compare it to the most tightly regulated brokers, the main difference is not cost, but legal cushion. A broker under CySEC or FCA rules must follow strict client segregation and has to contribute to a compensation scheme. If the firm collapses, you have a path to get some money back.

Make a quick checklist: Verify the broker's entity on the FSCA register. Check the FSCA warnings list for impostor firms impersonating the brand. Read the terms on withdrawals and bonuses. And decide how much leverage you actually need.

Practical Steps to Start

If you decide to open an account with JustMarkets, do it in order. Start with the Standard account and a small deposit.

• Verify the broker is not on the FSCA warnings list.
• Open the Standard account and deposit a small amount via Instant EFT.
• Confirm the ZAR base currency is selected to avoid conversion fees.
• Place a few small trades on AUD/USD or gold during the London-New York overlap.
• Test the withdrawal process with a small amount in the first week.

This sequence tests the two most important things: the execution and the withdrawal. If either fails, you want to find out with a small amount of money, not your whole budget.