How to Open an ONSAFX Account: A Step-by-Step Guide

OnsaFX, operated by OnsaFX (Pty) Ltd, is a South Africa-based CFD broker authorized by the Financial Sector Conduct Authority (FSCA) under FSP No. 53192. The company was registered in 2023 under registration number 2023/648987/07 and is headquartered at 26 Baker Street, Rosebank, Johannesburg, South Africa. As an authorized Financial Services Provider holding a Category I FAIS licence, ONSAFX provides advice and intermediary services on an execution-only basis for shares, derivatives, warrants, certificates, and other instruments. The broker offers access to more than 450 instruments across forex, spot metals, indices, shares, commodities, futures, and cryptocurrencies through the MetaTrader 5 (MT5) platform. Below is a walkthrough of the account-opening process.

Step 1: Choose Your Account Type

ONSAFX offers several account tiers: the Basic account, for traders looking for an accessible entry point with straightforward conditions; the Advanced account, with spreads from 0.5 pips floating or 0.10 pips fixed; and the Elite account, with the most competitive pricing, from 0.0 pips floating or 0.01 pips fixed. There's also a VIP Education account with a personal education specialist and daily analysis. Minimum deposits start from $100, with leverage up to 1:500 depending on account type.

Step 2: Complete the Online Registration Form

Go to the official registration page  and click "Open Account." You'll provide your full name, email address, phone number, and country of residence, then select your account type and base currency. ONSAFX states the registration and verification process typically takes only a few minutes.

Step 3: Complete Identity Verification (KYC)

After registering, you'll complete Know Your Customer (KYC) verification, a standard regulatory requirement. You'll need to upload proof of identity (passport or national ID) and proof of residence (a utility bill or bank statement no older than three months). For international accounts, South African exchange control rules may require a tax clearance certificate, since international transactions fall under the Exchange Control Regulations of 1961 (Currency and Exchanges Act, 1933), which restricts foreign investment allowances. Clear, fully legible documents with all four corners visible help avoid delays.

Step 4: Download and Set Up MetaTrader 5

ONSAFX operates exclusively on MT5, available for Windows, macOS, Android, and iOS, plus the browser-based WebTrader, which needs no installation. Once verified, log in at your client portal, using the credentials from your OnsaFX welcome email to connect to the correct trading server and access your live or demo account.

Step 5: Fund Your Account

After verification, deposit funds through the client portal using ONSAFX's supported methods, which typically include bank transfers, card payments, and other regional options. Withdrawals generally follow the same method used for deposit, in line with AML requirements, and full verification is usually needed before withdrawals are approved.

Step 6: Start Trading

Once funded, you can trade forex, metals, indices, shares, and other CFDs via MT5. Advanced traders can also use tools like TradeCopier, PAMM/MAM account management, and REST API access for algorithmic strategies in Python, C++, Perl, or VB.NET.

Support and Contact Information

ONSAFX offers 24/5 localized client support by phone  (Mon–Fri, 08:00–18:00 SAST) or email. The registered address is 26 Baker Street, Rosebank, Johannesburg, South Africa.

A Final Note

Before opening an account, review ONSAFX's Risk Disclosure Statement, Client Agreement, and other legal documents on the broker's Regulation page. Independent tax advice is also recommended, especially for international clients subject to South African exchange control rules.